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SBI Card launches contactless multi-purpose card in partnership with Delhi Metro

SBI Card launches contactless multi-purpose card in partnership with Delhi Metro

Finance
NEW DELHI: SBI Card on Friday launched a contactless multi-purpose card in partnership with Delhi Metro that can function as a credit card as well as a metro smart card. The unique combo credit card 'Delhi Metro SBI Card' is thoughtfully designed for regular commuters on the Delhi Metro, SBI Card said in a release. The Delhi Metro SBI Card is a multi-purpose card which functions as a credit card as well as a metro smart card, offering the convenience and safety associated with both in one card, the pure-play credit card company said. Customers can apply for the combo card through the sales team present at metro stations as well as online through e-apply platform on SBI Card website at an annual fee of Rs 499, SBI Card said. The card offers benefits such as 2,000 bonus reward points and Rs ...

JPMorgan Chase takes on Square and PayPal with smartphone card reader, faster deposits for merchants

Finance
JPMorgan's Business Complete Banking serviceSource: JP MorganJPMorgan Chase is making a play to sell more services to millions of American small business owners, pushing into an area pioneered by fintech firms including Square, PayPal and First Data, CNBC has learned.The bank is rolling out a checking account that is paired with a new fintech-inspired service called QuickAccept, according to JPMorgan executives. QuickAccept lets businesses take card payments within minutes, either through a mobile app or a contactless card reader, and users will see sales hit their Chase accounts on the same day.That fast funding is offered free, unlike competitors including Square, which typically take a day or more and charge a 1.5% fee to make instant transfers."Our competition either doesn't have same-...
BA fine for losing customers’ credit card details dropped by £163m

BA fine for losing customers’ credit card details dropped by £163m

Technology
British Airways is to be fined £20m after losing the personal and financial details of more than 400,000 customers in a cyber attack.The fine is considerably lower than the £183m fine which the Information Commissioner's Office (ICO) had initially notified the company of last year. According to the ICO, the regulator took into account "representations from BA and the economic impact of COVID-19 on their business before setting a final penalty".It comes as the company's chief executive told MPs back in September that the business was "fighting for its survival" as a consequence of the pandemic.The ICO said it took into account the economic impact of its initial fine as part of its regulatory action policy, which is currently under review. ...

SBI Card restructures dues, offers loan option

Finance
(This story originally appeared in on Sep 12, 2020)MUMBAI: SBI Card is restructuring credit card dues for those who availed moratorium by converting it into loans where the interest is up to 70% lower. The company is also promising users that, should the Supreme Court grant any interest relief during the moratorium period, the benefit will be adjusted against subsequent instalments on the loan. Speaking to TOI, SBI Card MD & CEO Ashwini Kumar Tewari said, given that interest on credit card balances that are revolved is over 40%, the outstanding will keep growing if cardholders delay payments. “According to our Q1 numbers, in the month of May, we had Rs 7,083 crore under moratorium, which came down to Rs 1,500. A large chunk of this has been repaid, while those who have not repaid have...