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Canada nears agreement on lower credit card fees
Joe Oliver, the Canadian Finance Minister, is said to be pressing credit card companies and banks to accept lower credit card fees paid by retailers, which the government claims are among the highest in the world, according to two people familiar with the talks. The government, which flagged the issue in its 2014 budget, wants MasterCard and Visa to [...]
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Mobile commerce worth $516 billion by 2017
Mobile commerce will drive an estimated $516 billion in sales over the next three years, accounting for more than 70% of all mobile Internet revenue. That is the prediction of a new report from research firm Digi-Capital, which says that all mobile Internet revenue will top $700 billion annually by 2017. The absolute top driver in this [...]
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Citi claims first blood for US digital wallet launch
Citigroup has claimed to be the first global bank to introduce its own branded digital wallet in the US. However, questions are being asked as to how many of Citi’s millions of payment card holders will care as digital wallet services proliferate. The new Citi Wallet is based on MasterCard’s MasterPass platform, which the network [...]
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UK contactless payments hit new highs
Worldpay has hit more than 100 million contactless payments, marking a major milestone for UK businesses as increasing numbers of consumers continue to reject cash in favour of cards. With organisations such as Transport for London going cashless and the much- anticipated iPhone 6 enabling contactless payments, consumer confidence in Near Field Communications (NFC) technology [...]
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Retailers welcome ruling on card fees
UK retailers have today welcomed an historic court ruling to end card fees retailers pay banks to process card payments (known as interchange fees). Today’s judgement by the European Court of Justice comprehensively and decisively supports retailers’ decade-long campaign for a reduction in card fees, which cost, the retailers argue, “UK businesses £1 billion a [...]
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