Market share losses force Visa and Mastercard to lower fees 08 November 2023 4:49AM Latest news George Lekakis Exponential market share gains in online payments processing made by domestic debit scheme Eftpos appear to have induced price responses from Visa and Mastercard. read more
CBA slashes its credit card suite 18 May 2023 4:28AM Latest news George Lekakis Commonwealth Bank is preparing to slash the size of its credit card product suite, with plans to put five products in run-off early next month. read more
Briefs: Former CALC boss joins AFCA board, Harmoney's Australian business overtakes NZ, and more 28 April 2023 5:57AM Latest news Banking Day staff Former chief executive of the Consumer Action Law Centre, Gerard Brody, has joined the board of the Australian Financial Complaints Authority. read more
Mastercard launches digital identity pilot 30 March 2023 5:37AM Latest news John Kavanagh Mastercard is using its accreditation under the Trusted Digital Identity Framework to conduct an age verification pilot with Service New South Wales and alcohol delivery company Tipple. read more
Court orders publication ban on Mastercard evidence in ACCC debit card case 17 November 2022 6:12AM Latest news George Lekakis Mastercard has filed a formal statement of defence in the Federal Court action brought against it by the Australian Competition and Consumer Commission for alleged anti-competitive conduct in the debi.. read more
ACCC sues Mastercard for ‘misuse of market power’ 31 May 2022 6:37AM Latest news George Lekakis Mastercard is facing a drawn out legal battle over alleged anti-competitive pricing activity in the card payments market after the Australian Competition and Consumer Commission launched an civil acti.. read more
ABA says benefits of merchant routing are ‘inflated’ 13 April 2022 6:14AM Latest news George Lekakis The industry debate between banks and small business groups over merchant fees is set to escalate after the Australian Banking Association accused independent research firm - CMSPI - of “inflating” th.. read more
Australia prioritised for Mastercard BNPL rollout 30 September 2021 6:23AM Latest news John Kavanagh Mastercard has selected Australia, along with the US and the UK, for the initial rollout of its new payment offering, Mastercard Installments – a buy now pay later program for online and instore payme.. read more
Latitude dumps loyalty programs 21 September 2021 5:53AM Latest news George Lekakis Latitude Financial faces a public backlash after a controversial decision to abandon the rewards programs attached to several of its Visa and Mastercard products. read more
Citi buyout will test NAB’s 'exclusive alliance' with Visa 10 August 2021 6:13AM Latest news George Lekakis National Australia Bank is set to stir strategic tensions with global card schemes Visa and Mastercard after revealing it would pay $1.2 billion to buy Citi Australia’s consumer banking assets. read more
Banks’ credit card balances dive 20 per cent 04 June 2021 5:08AM Latest news John Kavanagh The decline in credit card activity, which has prompted one commentator to describe the credit cards as a “legacy product”, has taken on serious proportions, with banks’ credit card balance falling by.. read more
Briefs: ANZ banker head of internal audit, humm upgrades merchant acceptance, PayPal speeds up pay 04 June 2021 5:04AM Latest news Banking Day staff ANZ has promoted its head of resources, energy and infrastructure, Paul Orton, to the role of group general manager internal audit. read more
LCR failings come back to bite the banks in payments merger review 03 May 2021 6:31AM Latest news John Kavanagh The Australian Competition and Consumer Commission has released 23 submissions to its review of the proposed amalgamation of BPAY, eftpos and NPPA, with the majority of them opposed to the merger. read more
Nimble launches virtual Mastercard 29 April 2021 6:13AM Latest news George Lekakis Nimble has taken another step to overhauling its lending business after launching a virtual Mastercard that gives cardholders access to fixed credit of up to $10,000. read more
CBA and Mastercard open a new theatre in interchange war with RBA 18 March 2021 6:07AM Latest news George Lekakis There’s a big picture story behind the push by CBA and Mastercard into buy now, pay later that goes beyond crushing Afterpay. read more
Eftpos expedites QR code rollout 25 February 2021 5:50AM Latest news George Lekakis Eftpos Australia will begin piloting a new Quick Response (QR) code payments platform in June, with a view to launching a national multi-channel transaction network next year. read more
BNPL providers link with payment networks 22 February 2021 6:14AM Latest news John Kavanagh Buy now pay later providers humm and Sezzle have announced partnerships with big payment platforms, as they and other BNPL companies look for ways to offer easier access to their services. read more
Mastercard tees up digital wallets for Sydney’s Opal fare system 09 December 2020 6:30AM Latest news George Lekakis Transport for NSW is deepening its payments partnership with Mastercard after announcing a trial of a digital Opal card for public transport users across the state. read more
Briefs: Flexigroup bundll’s Mastercard, CML and COG make up, Heritage deferrals down 20 November 2020 4:36AM Latest news Banking Day staff Flexigroup has contracted with Mastercard to offer the consumer finance company’s “buy now pay later anywhere” product bundll globally. read more
Ezypay adopts Mastercard tokenisation 20 August 2020 6:43AM Latest news George Lekakis Subscription payments provider Ezypay has announced it will adopt Mastercard’s new digital enablement platform to service its business client base. read more