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Mastercard faces £14 billion anti-competitive card fees claim
A £14 billion legal claim has been filed against Mastercard on behalf of UK consumers seeking damages for anti-competitive card fees. In 2014, the European Court of Justice ruled that regulators were right to condemn the cost of its interchange fees – the fees retailers pay banks to process card payments – according to the [...]
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Walmart Pay exceeding retailers expectations
At last week’s CONNECT Mobile Innovation Summit in Chicago, Walmart Services SVP Daniel Eckert revealed that Walmart Pay, the retailer’s proprietary mobile payment app, already boasts 20 million active users in the two months since its June launch across its 4,600 US stores. The success seems to be attributed to the retailers focussing on creating [...]
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Card payments worldwide set to increase 55% to 417 billion
According to Global Payment Cards Data and Forecasts to 2021, the total number of card payments worldwide increased by 15% in 2015 to 270 billion, almost double the 8% rise in card numbers. The research indicates that consumers around the world are increasingly turning to cards to make purchases. In Thailand, for example, a central [...]
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JCB to offer Apple Pay in Japan
JCB announced that Apple Pay will launch in Japan in October to make mobile payments with iPhone 7, iPhone 7 Plus and Apple Watch Series 2. JCB has been a pioneer in the Japanese payment industry, as part of this initiative, JCB introduced the contactless payment solution QUICPay in 2005, playing a leading role for [...]
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What are the options for retail banks to prepare for their future?
Disruption, innovation, Uberisation, disintermediation, Fintechisation, regulation… all of these words are nowadays perceived as challenges for the retail banks and their business. Media and experts are fond of predicting that all services still part of the current core business of banks will be provided by new players from outside the banking sector. This transformation will [...]
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