Page 3 - Mastercard

Mastercard ban: RBL Bank restarts credit card issuances with rival Visa

Two months after getting hit by the regulatory ban on Mastercard, private sector lender RBL Bank on Wednesday restarted credit card issuances on rival Visa's payment network. The Reserve Bank of India had banned Mastercard from issuing any new cards on July 14 this year for not complying with data localisation requirements. The move had hit a slew of lenders, including RBL Bank, which was fully dependent on the American payment company for its credit card business. RBL Bank said it signed up with Visa on July 14 itself, and the technology integration was achieved in record time to restart new issuances. Its head for retail business thanked Visa and technology partner Fiserv, and exuded confidence of meeting its target of issuing 12-14 lakh credit cards in FY22. Visa's head of business development for India Sujai Raina said the company aims to enable digital payments and help customers avail credit offerings from issuers with ease. Credit cards contribute 37.5 per cent of the retai

HDFC Bank aims to issue 300,000 credit cards per month from next quarter

HDFC Bank is looking at winning back the market share by number of cards in the next one year, a senior official said on Monday. The largest private sector lender by assets was allowed to issue new credit cards by the RBI last week, over eight months after being banned from doing so due to concerns over repeated technological outages. Parag Rao, its group head for payments and consumer finance, digital banking and IT told reporters that the bank has set some milestones for itself as it seeks to re-enter the market. The first is to achieve monthly new credit card sales to 3 lakh, the number right before the ban in November 2020, Rao said, adding that the same will be achieved in three months. Two quarters after that, it aims to take the monthly new card sales to 5 lakh a month, Rao said, adding that in three to four quarters from now, it plans to regain the market share by number of cards. Rao added that during the ban, the bank lost its market share by number of cards but was able

No material impact on card issuers: Nomura on RBI restrictions

The RBI had earlier restricted American Express and Diners Club

Action taken against HDFC Bank, Mastercard to ensure compliance: RBI's Das

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Mastercard submits new audit to India after ban over data handling

The Reserve Bank of India (RBI) on July 14 sent panic-waves through Indian banking partners by announcing a ban, effective from July 22, to prevent the U.S. giant from issuing new cards.

Mastercard profit beats estimates on consumer spending, travel boost

Mastercard saw improved strength in travel between the Unites States and Latin America, as well as an increase in travel within Europe, Miebach said on a conference call.

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RBI's move to ban Mastercard from issuing new cards may hit 5 private banks

Bajaj Finserv and SBI Cards also impacted

Mastercard ban: These 7 lenders are going to be hit hard by RBI's decision

Among credit card issuers including co-branded partners, RBL Bank, YES Bank and Bajaj Finserv lending will be most impacted, says Nomura

RBL Bank enters into agreement with Visa for issuing credit cards

The bank is expecting to start issuing credit cards on the Visa payment network post the technology integration, which is expected to take 8 to 10 weeks

Mastercard ban to hit Citi and RBL's customer acquisition the most

In India, there were over 900 million debit cards as on May 31, 2021, of which over 400 million were issued by Mastercard

RBI bars Mastercard from onboarding new customers in India from July 22

The ban is only on adding new domestic customers to its network; no impact on its existing customers

Top headlines: RBI setback to Mastercard; Infosys Q1 net profit rises 23%

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RBI restricts Mastercard from onboarding new domestic customers

The company has been found to be non-compliant with the directions on Storage of Payment System Data. However, these curbs will not impact existing customers

Razorpay, Mastercard launch MandateHQ for recurring payments

To help banks comply with RBI directive and provide convenience to banks' customers, Razorpay and Mastercard have partnered to launch MandateHQ, new recurring payment interface, after RBI's new rules

Richard Verma appointed as Mastercard's Head of Global Public Policy

Former US Ambassador to India Richard Verma has been appointed as General Counsel and Head of Global Public Policy of Mastercard, according to an announcement by the financial services corporation

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Mastercard to invest about Rs 733 crore in Airtel Africa's mobile money biz

Sources privy to the development said Mastercard would get about 3.75 per cent stake in the company

Mastercard battles return of $19 billion UK class action on 'overcharging'

A London court will this week re-consider allowing an historic $19 billion class action against Mastercard to proceed, which could entitle adults in Britain to about 300 pounds each if successful