Visa and Mastercard have reportedly paused intermediated commercial card payments in India following an order by the country’s financial market regulator. The Reserve Bank of India (RBI) directed the firms to halt domestic transactions for business payment solution providers (BPSPs), Reuters reported Wednesday (Feb. 14). “Visa...
State by state, limit by limit, the age of credit card surcharges may be drawing to an end. And while much depends on various legal outcomes, it is, ultimately, consumer sentiment that may push the practice of surcharging to the wayside. As reported here on...
New York state has begun requiring merchants to provide greater transparency about credit card fees. A state law that went into effect Sunday (Feb. 11) limits credit card surcharges to the amount charged to the business by the card company. In addition, the law requires businesses to...
The changing credit card landscape could mean trouble for department stores. Retailers like Macy’s and Nordstrom are dealing with a pair of card-related threats to their bottom lines, The Wall Street Journal reported Wednesday (Feb. 7). The first is a proposal by the Consumer Financial...
With extensive financial resources, widespread branch networks, and robust financial infrastructure, national banks wield considerable influence and dominance, particularly in the credit card industry. However, credit unions and community banks are growing in popularity. An increasing segment of consumers now favors these smaller financial institutions...
When choosing a credit card, consumers typically take into account a series of features, such as the interest rate, the possibility of getting reward points from a loyalty program and the level of security provided. While these are all crucial factors in the choice, as...
Adapting to the evolving preferences of the increasingly influential young consumer demographic has ushered in a transformative era for financial institutions (FIs), challenging the conventional approaches to fostering loyalty. Take credit card rewards for example. Among consumers, the younger demographic stands out as the most...
Generation Z has emerged as a pivotal demographic for financial institutions (FIs), even as they challenge traditional loyalty strategies. The generation, whose adult members are 18 to 25 years old, is dissatisfied with many existing reward structures and instead tends to prefer more innovative, personalized...
America’s credit card companies ended December with delinquencies and charge-off rates essentially unchanged from November. And as a Monday (Jan. 29) Seeking Alpha report notes, the average rates of charge-offs and delinquencies has hovered above prepandemic levels for last past several months. Delinquencies happen when...
