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As part of its public relations in the fight against the European Commission’s decision on interchange, MasterCard has repeatedly referred to Australia as a case against regulatory interference. It has claimed that the outcome of a forced reduction in interchange was highly damaging to the market – higher cardholder charges, reduced card features and benefits, [...]

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Payments News -

The Reserve Bank of Australia released the preliminary results of its review of the changes introduced into the Australian payments market. The review, released in April 2008, forms the following conclusions about interchange reform. ‘While the changes over recent years have improved the competitive environment, the Board’s view is that further changes to improve competition [...]

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A managed decline of cheques for payment has emerged as one of the main priorities in the UK National Payments Plan, released on May 14 2008 by the Payments Council. The Payments Council is the organisation that sets strategy for UK payments. It was created in March 2007 to lead the future development of co-operative [...]

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Payments News -

Discover Financial Services announced in April 2008 that it has signed an agreement with Citi to acquire Diners Club International, the world’s oldest premium card brand, for $165 million in an all cash transaction. Under the terms of the agreement, Discover will acquire the Diners Club International network with more than $30 billion per year [...]

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UK bank-owned electronic payments and transactions company Vocalink is searching for external funding. At present it is in discussions with undisclosed investors about a possible minority stake sale. ‘It’s a significant sum and it will be a significant investor,” says Vocalink’s chief commercial officer Martin Wilson. He hopes the deal will conclude this year. ‘But [...]

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