Mastercard | Common News Update

Dec122020 by adminNo Comments

Mastercard faces £14bn class action after UK Supreme Court ruling

Business

A £14bn damages claim on behalf of tens of millions of British consumers can proceed against Mastercard following a landmark ruling by the UK's highest court.If the mass action brought by former financial ombudsman Walter Merricks is successful, it could see more than 46 million people pocket £300 each. Mr Merricks alleges the card giant's breaches of competition law, found by the European Commission in 2007, have led to people paying higher prices on goods from businesses that accepted Mastercard. Image: The UK Supreme Court ruling has opened the way for the case to proceed His case was thrown out in July 2017 by a specialist tribunal, which ruled the claim was "not suitable to be brought in collective proceedings".But it was revived...

Feb262020 by adminNo Comments

Mastercard CEO says it’s important to know when it’s time to step aside

Finance

Mastercard President and CEO Ajay Banga told CNBC Tuesday that he has led the company for more than a decade and that it is time to pass the baton.He will transition out of the roles next year, ceding the chief executive seat on Jan. 1 and the president title months later to current Chief Product Officer Michael Miebach."When I joined I told everybody that I'd give it a 10-year crack. This is the 11th year and so it's fine," said Banga, joined by Miebach, in a "Mad Money" interview with Jim Cramer. "Knowing when to step aside is as important as knowing when to drive."Banga endorsed the incoming CEO for his understanding of the payments industry, geographies and the company culture. Under Banga's tutelage since the summer of 2010, Mastercard stock rose from about $ 20 per share to $ 302.89 ...

Feb182020 by adminNo Comments

HDFC Bank, Mastercard, SAP Concor join hands to manage spending in corporate sector

Finance

NEW DELHI: HDFC Bank, Mastercard and SAP Concur have joined hands for spending management services for the corporate sector. HDFC Bank will offer a corporate credit card for business travellers, providing a one-stop solution for payment and expense management during business trips, said a release on Tuesday. "The corporate credit card will enable seamless integration of all business-related spend into SAP Concur offerings, enhancing employee experience, increasing visibility, saving money, and improving corporate efficiency," it said. The card is supported by Mastercard. SAP Concur is a travel, expense, and invoice management solutions provider. Parag Rao, country head (payments business and marketing) of HDFC Bank, said, "Corporates can gain greater insights and control, while ensuring re...

Oct112019 by adminNo Comments

Visa, Mastercard shun Facebook’s Libra digital currency plan

Technology

Visa and Mastercard on Friday announced their departure from Facebook's Libra project, a potentially fatal blow to the social network's plan for a worldwide digital currency. Along with the two payment giants, several other large companies have said they're exiting Libra. Payment processing company Stripe is stepping back, as well as online auction company eBay. PayPal was the first of Libra's big partners to leave, announcing last week it would no longer be involved. Facebook has faced substantial criticism over its plans to create a separate, private currency system to allow cross-border payments. The Libra Association, based in Switzerland, was supposed to give the currency project a comfortable arm's length distance from Facebook, which wouldn't own Libra. Despite those efforts, finan...