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India lends support to Ajay Banga's nomination for World Bank President

India on Thursday extended support to the candidature of Ajay Banga as World Bank President, saying his nomination comes at a time when the multilateral lending agency is considering next-generation reforms. "Congratulations to Mr Ajay Banga on being nominated to lead @WorldBank. India supports Mr Banga's nomination and looks forward to his leadership of the @WorldBank," the finance ministry said in a series of tweets. Last month, the US President Joe Biden announced that the US is nominating Ajay Banga to lead the World Bank, saying the Indian-American business leader is uniquely equipped to lead the global institution at "this critical moment in history." If confirmed by the World Bank Board of Directors, Banga would be the first-ever Indian-American and Sikh-American to head either of the two top international financial institutions: International Monetary Fund and the World Bank. "Mr Banga brings with him unique and wide-ranging expertise in #financial and #technological sector

Who is Ajay Banga, nominated by Joe Biden to be next World Bank president?

Announcing Banga's nomination, Biden said that Banga is "uniquely equipped to lead" the World Bank

Card spending slows, hurting revenue growth amid inflation, says Mastercard

Net revenue for the fourth quarter jumped 12% to $5.82 billion, in line with the $5.8 billion average of analyst estimates compiled by Bloomberg

BHIM dilemma: Transaction value high, but volumes way lower than rivals

From accounting for a quarter of all UPI transactions, app now has a share of just 0.76%

Visa, Mastercard may be allowed a share of India's online payments

Growing from nothing in 2016, the smartphone-based UPI - a public utility - handled nearly Rs 13 trillion ($160 billion) in December

Mastercard, Polygon join hands to launch web3-focused artist incubator

Mastercard partnered with Polygon to launch a web3-focused incubator to help artists connect with fans through a new medium, at the Consumer Electronic Show (CES) 2023

Shell profit doubles to $9.5 billion, prompting windfall tax calls

The strong earnings were likely to intensify calls in Britain and the European Union to impose further windfall taxes on energy companies as governments struggle with soaring gas and power bills.

System ready for tokenisation, says RBI deputy governor T Rabi Sankar

Roughly 350 million tokens have been created so far, Rabi Sankar said in the post-monetary policy press conference.

Industry prepared for potential disruptions as tokenisation nears

industry insiders say, the success rate of token-based transactions is higher, but inadequate testing of certain use-cases may result in some transactions not going through

Players ready for migration as card-on-file tokenisation deadline nears

Tokenisation is the replacement of an actual or clear card number with an alternative code called the "token"

American Express India appoints Sanjay Khanna as chief executive officer

In his new role, Sanjay Khanna will be leading several business development initiatives for American Express, while steering collaboration across its diverse businesses in India

Pension funds pressure credit card companies to categorise gun sales

Payment processor Visa Inc said it plans to start separately categorizing sales at gun shops. It's a major win for gun control advocates who say it will help better track suspicious surges of gun sales that could be a prelude to a mass shooting. But gun rights advocates have argued that step would unfairly segregate legal gun sales when most sales do not lead to mass shootings. Visa late Saturday said it would adopt the International Organization for Standardization's new merchant code for gun sales, which was announced on Friday. Until Friday, gun store sales were considered general merchandise. Visa's adoption is significant as the largest payment network, and will likely add pressure for Mastercard and American Express to adopt the code as well. Gun control advocates had gotten significant wins on this front in recent weeks. New York City officials and pension funds had pressured the ISO and banks to adopt this code. Two of the country's largest public pension funds, in Califor

Mastercard acquires BCCI title sponsorship rights for all home matches

Mastercard endeavours to enhance its strong international base of sponsorship assets across passion points with uniquely Indian ones

Mastercard warns of inflation pinch after solid quarter for card issuers

Consumers across the globe have been showing signs of cracking in face of decades-high price pressures, with purchases at retailers including Walmart shifting away from big-ticket items to essentials

Mastercard Q2 profit jumps to $2.3 bn on rebound in cross-border spending

Mastercard Inc sailed past market estimates for quarterly profit on Thursday as a surge in cross-border spending sparked by this year's travel boom more than offset higher costs.

Mastercard enables 200,000 merchants for card-on-file tokenisation

Mastercard said it worked with 45,000 merchants, 34 issuing banks, 10 acquiring banks, and 30-plus token requestors (including all major payment aggregators) to create 90 million tokens

Pine Labs acquiring fintech infrastructure start-up Setu for $70-75 mn

Pine Labs, backed by investors such as Sequoia Capital, PayPal, and Mastercard, competes with fintech companies such as BharatPe, Mswipe, Paytm, and Razorpay

RBI lifts restrictions on Mastercard over onboarding new customers

The central bank had barred the US-based payment gateway from onboarding new customers until it complies with Storage of Payment System Data norms

With month to go for card-on-file tokenisation, firms set up solutions

Merchants and other entities that have stored card details of customers will have to purge the data and apply tokenisation

Edge launches Mastercard, enables users to spend with Bitcoin, Dogecoin

Edge Mastercard users sell their Bitcoin to the card when adding funds in the app, while merchants receive funds in USD