Retail Council of Canada says it has been the main advocate for a regulated solution to the credit card fee problem and welcomes this opportunity to shine a light on the multi-billion dollar costs imposed on all Canadians, including merchants, by Visa and MasterCard. Simply put, credit card interchange fees are far too high, with…
Visa, now in its 20th year of sponsorship of the Toronto International Film Festival (TIFF), will roll out the red carpet for a lineup of innovative payment experiences showcasing the future of commerce. Until September 18th, VISA will provide festival-goers with the opportunity to experience the first-of-its-kind Connected Screen powered by Ingenico Group, which is…
As a July 1st, China UnionPay cards are now accepted at more than 2,000 well-known educational institutions outside China including the US, Canada, Australia, the UK, New Zealand and Singapore. According to public data, the number of Chinese students studying abroad has exceeded 500,000 for the first time in 2015, with a year-on-year growth of…
Walmart Canada is gearing up for a war with Visa as the retail behemoth is now informing customers it will cease accepting Visa cards starting mid-July. Walmart Canada says Visa fees are “unacceptably high.” Walmart Canada says it pays over $100 million in fees annually to accept credit cards. WALMART NOTICE: Following an evaluation of…
While the stress in the U.S. energy sector should not materially impact the credit profiles of large consumer lenders with national footprints, Canada is a different story. Visa and MasterCard data reveal there was a downturn in credit card spending in the first quarter. Fitch Ratings says it expects the cost of credit to rise…
Global Payments has inked a multi-year renewal agreement with Unified Purchasing Group of Canada (UPGC), to support the payment technology needs of YUM! brands. YUM! brands include: KFC, Pizza Hut and Taco Bell – across Canada. YUM! and UPGC have been Global Payments clients and partners for more than 12 years. In recognition of Global…
Canada has adopted ISO 20022, a major step in the modernization of Canada’s payment system. The announcement comes as demand for ISO 20022 is widespread among Canadian businesses. ISO 20022 is a global standard for electronic payment messages that will help businesses and financial institutions facilitate the move away from paper by creating the ability…
Seattle-based Remitly, the largest independent digital money transmitter in the US, has closed a $38.5 million Series C funding round. Stripes Group led this round and was joined by Vulcan Capital, both new investors in Remitly. Existing Remitly investors also contributed to the round including DFJ, DN Capital, Bezos Expeditions and Trilogy Equity Partners, among…
Globally, Asia-Pacific dominated the global market in 2014, but it is changing with the Lion’s share of growth to come out of the Middle East Africa (MEA) market going forward. According to anew report from P&S Market Research, the growing population in developing countries, such as China and India is a major driving force, which…
Interac/Acxsys has unveiled enhanced innovative capabilities that are setting the standard for secure debit payments and accelerating the growth of digital payments in Canada. A key development is the Interac Token Service Provider (TSP), which is among the first for a domestic debit network globally. This proprietary token generation and management service enables financial institutions,…
Next week MasterCard will become the only payment network in Canada to be offered by all major financial institutions. Desjardins, a Visa issuer, is adding two MasterCards for the first time. On January 18, 2016, Desjardins will begin issuing MasterCard credit cards. Desjardins currently has a portfolio of over 5.5 million Visa cards. Desjardins’s association…
American Express (AXP) international gross dollar volume (GDV) for the third quarter (3Q/15) rose 5.0% year-on-year (YOY) on a currency adjusted basis (FX). The gain was primarily driven by the Japan, Asia Pacific & Australia (JAPA) region which soared 14.0% YOY.