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US trade official called RBI’s ban on Mastercard ‘draconian’: Reports

The ban had reportedly triggered a series of emails between US officials in Washington and in India in which they had discussed the next steps with Mastercard.
Reserve Bank of India had restricted Mastercard from acquiring new customers from July 22, 2021.(Reuters)
Reserve Bank of India had restricted Mastercard from acquiring new customers from July 22, 2021.(Reuters)
Published on Sep 19, 2021 06:06 PM IST
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Byhindustantimes.com, Hindustan Times, New Delhi

American Express may partially resume operation in India from today: Report

The RBI has been taking strict actions against financial entities like Mastercard and American Express over non-compliance to regulatory guidelines in the country.
American Express logo as seen in this illustration. (File Photo / REUTERS)
American Express logo as seen in this illustration. (File Photo / REUTERS)
Published on Aug 07, 2021 05:46 AM IST
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Written by Joydeep Bose | Edited by Amit Chaturvedi, Hindustan Times, New Delhi

Banks to stop issuing new cards on Mastercard network from July 22 after RBI ban

  • The Reserve Bank of India (RBI) pulled the plug on Mastercard over non-compliance with directions on ‘Storage of Payment System Data’.
Mastercard is the third major payment system operator to face restrictions for non-compliance with RBI's local data storage rules.(Reuters)
Mastercard is the third major payment system operator to face restrictions for non-compliance with RBI's local data storage rules.(Reuters)
Published on Jul 21, 2021 09:37 PM IST
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Byhindustantimes.com | Edited by Kunal Gaurav, Hindustan Times, New Delhi

After RBI action on Mastercard, RBL Bank switches to Visa

The Reserve Bank of India had on Wednesday barred Mastercard from issuing new cards to domestic customers from July 22 for violating data storage rules. The RBI said its decision will not impact existing Mastercard customers.
Mastercard has so far not reacted to RBI action.
Mastercard has so far not reacted to RBI action.
Published on Jul 15, 2021 10:41 AM IST
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Byhindustantimes.com | Written by Amit Chaturvedi, Hindustan Times, New Delhi

Mastercard barred from adding clients

  • The multinational card network will not be allowed to on-board new credit, debit or prepaid card customers in India beginning July 22, an RBI press release said, adding the order will not affect existing Mastercard customers.
Mastercard will not be allowed to on-board customers in India from July 22.(AP File Photo)
Mastercard will not be allowed to on-board customers in India from July 22.(AP File Photo)
Published on Jul 14, 2021 11:39 PM IST
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ByGopika Gopakumar, Mumbai

RBI restricts Mastercard from acquiring new customers from July 22

  • Mastercard has become the third major payment system operator to face restrictions over non-compliance with RBI's direction on Storage of Payment System Data.
According to the RBI, the restrictions will not impact existing customers of Mastercard.(AP)
According to the RBI, the restrictions will not impact existing customers of Mastercard.(AP)
Published on Jul 14, 2021 07:02 PM IST
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Byhindustantimes.com | Edited by Kunal Gaurav, Hindustan Times, New Delhi

Mastercard to allow some cryptocurrencies in digital asset boom

Mastercard has already partnered with some of the biggest cryptocurrency firms, including Wirex and BitPay.
The MasterCard Inc. logo on a smartphone (Bloomberg File Photo)
The MasterCard Inc. logo on a smartphone (Bloomberg File Photo)
Updated on Feb 11, 2021 06:10 AM IST
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Bloomberg |

Pine labs raises about $100 million, valuation hits a stellar $2 billion

The Noida-based company became India’s first unicorn of 2020 with a reported valuation of $1.6 billion in January when it raised money from Mastercard.
The Noida-based company became India’s first unicorn of 2020 with a reported valuation of $1.6 billion in January when it raised money from Mastercard.(Reuters/ Representative image)
The Noida-based company became India’s first unicorn of 2020 with a reported valuation of $1.6 billion in January when it raised money from Mastercard.(Reuters/ Representative image)
Published on Dec 22, 2020 12:05 AM IST
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Livemint, Bengaluru | ByTarush Bhalla

Visa, Mastercard won’t allow charges for services on Pornhub

They reacted following an investigation by opinion columnist Nicholas Kristof of The New York Times that also alleged the site depicts revenge pornography and video taken without the consent of participants.
Visa said it was suspending use of its cards on Pornhub Thursday even though its own investigation was incomplete.(AP)
Visa said it was suspending use of its cards on Pornhub Thursday even though its own investigation was incomplete.(AP)
Updated on Dec 11, 2020 10:48 PM IST
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New York | ByAssociated Press | Posted by Kunal Gaurav

Mastercard loses $18.6 billion class action court ruling

The Supreme Court ruled in favour of a group behind a proposed British suit that would be the largest case of its kind. The group, representing some 46 million consumers, is pursuing a case against Mastercard over swipe fees, which courts have declared unfair
Mastercard Inc. faces the prospect of a 14 billion-pound UK lawsuit after losing another battle at the country’s highest court over a potential class action(AFP)
Mastercard Inc. faces the prospect of a 14 billion-pound UK lawsuit after losing another battle at the country’s highest court over a potential class action(AFP)
Published on Dec 11, 2020 05:00 PM IST
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ByBloomberg | Posted by Ayshee Bhaduri

Data Protection Bill: JPC summons Visa, Mastercard officials

Led by BJP MP Meenaskhi Lekhi, the panel will also summon Paypal, another popular payment gateway, and Cyble, a cyber threat intelligence firm.
The draft data protection law, which will serve as a key legal basis for the right to privacy in India, requires companies to keep a copy of all personal data of Indian users in India.(AP Photo | Representational image)
The draft data protection law, which will serve as a key legal basis for the right to privacy in India, requires companies to keep a copy of all personal data of Indian users in India.(AP Photo | Representational image)
Updated on Nov 18, 2020 06:47 AM IST
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Hindustan Times, New Delhi | BySaubhadra Chatterji

E-commerce expenditure records17% hike on utilities, 8.3% dip on travel

A study released by digital payments company, Wibmo, revealed that while 55% of the spend on e-commerce sites were on essentials before the lockdown, it shot up to 72.5% during the lockdown. Shopping, too, saw a hike and went from 10% of total e-commerce spends to 12.2%.
Games and entertainment, which accounted for 12% of all spending on e-commerce sites earlier, went down to 9.4% during the lockdown. Travel-related transactions saw a huge dip.(REUTERS PHOTO.)
Games and entertainment, which accounted for 12% of all spending on e-commerce sites earlier, went down to 9.4% during the lockdown. Travel-related transactions saw a huge dip.(REUTERS PHOTO.)
Updated on Apr 08, 2020 05:40 PM IST
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Hindustan Times, New Delhi | ByAmrita Madhukalya

‘India’s policy environment is very conducive’: Outgoing Mastercard CEO Ajaypal Singh Banga

Cutting yourself off from global experience has repercussions, says the India-born business leader
India-born chief executive officer (CEO) of finance giant Mastercard, Ajaypal Singh Banga(Twitter)
India-born chief executive officer (CEO) of finance giant Mastercard, Ajaypal Singh Banga(Twitter)
Updated on Feb 28, 2020 12:59 PM IST
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Hindustan Times, New Delhi | ByPadma Rao Sundarji and Rajeev Jayaswal

Microsoft CEO Satya Nadella named Fortune’s ‘Businessperson of the Year 2019’

Fortune’s annual list features 20 business leaders “who tackled audacious goals, overcame impossible odds, found creative solutions”.
Satya Nadella took over as Microsoft CEO from Steve Ballmer in 2014.(AP Photo)
Satya Nadella took over as Microsoft CEO from Steve Ballmer in 2014.(AP Photo)
Updated on Nov 20, 2019 11:23 PM IST
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San Francisco | ByIndo Asian News Service

Mastercard ambassador MS Dhoni launches ‘Team Cashless India’ to push digital payments

To garner support for the Team Cashless India campaign, MS Dhoni will interact with merchants and encourage them to ‘bat’ for a cashless India by accepting digital payments.
Indian cricketer Mahendra Singh Dhoni with Co-President for Asia Pacific launch the 'Team Cashless India', a nationwide initiative to accelerate and adoption of digital payment.(PTI Photo)
Indian cricketer Mahendra Singh Dhoni with Co-President for Asia Pacific launch the 'Team Cashless India', a nationwide initiative to accelerate and adoption of digital payment.(PTI Photo)
Updated on Oct 16, 2019 06:06 PM IST
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New Delhi | ByPress Trust of India

Visa, Mastercard shun Facebook’s Libra digital currency plan

Facebook has faced substantial criticism since the summer when it unveiled plans to create a separate, private currency system to allow users to make cross-border payments more easily.
Both Visa and Mastercard had made it clear from the onset that their interest in Libra was at least partly out of curiosity.(AP File Photo)
Both Visa and Mastercard had made it clear from the onset that their interest in Libra was at least partly out of curiosity.(AP File Photo)
Updated on Oct 12, 2019 06:57 AM IST
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New York | ByAssociated Press

PM Modi meets business leaders, assures of ‘continued political stability’

While overwhelmingly optimistic about their outlook for India, the business executives had sought further action on ease of doing business and innovations, Guruprasad Mohapatra, secretary of department for promotion of industry and internal trade, told reporters.
Prime Minister Narendra Modi stressed continued political stability and predictability of policies in India at a round table with the CEOs and top executives of top American companies(AP)
Prime Minister Narendra Modi stressed continued political stability and predictability of policies in India at a round table with the CEOs and top executives of top American companies(AP)
Updated on Sep 27, 2019 12:18 AM IST
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New York | ByHT Correspondent

Erase payment data from foreign servers in 24 hrs, says RBI

The RBI had, on April 6, 2018, asked payment system operators to store data related to payments in India. These regulations were expected to affect companies like Mastercard, American Express, Amazon, Facebook, Microsoft, Visa and PayPal who will be forced to store data locally.
The RBI clarified that there is no bar on overseas processing of strictly domestic transactions; however in such cases, this data shall be stored only in India after the processing.(FILEPHOTO)
The RBI clarified that there is no bar on overseas processing of strictly domestic transactions; however in such cases, this data shall be stored only in India after the processing.(FILEPHOTO)
Updated on Jun 27, 2019 07:26 AM IST
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Hindustan Times, Mumbai | ByShayan Ghosh

Union finance minister Arun Jaitley says Mastercard, Visa losing out to UPI, RuPay in India

RuPay process payments between banks and merchants for purchases made with credit or debit cards, while UPI instantly transfers funds between two bank accounts linked to mobile phones.
Union finance minister Arun Jaitley said on Thursday that Mastercard and Visa were losing market share to domestic payments networks.(REUTERS)
Union finance minister Arun Jaitley said on Thursday that Mastercard and Visa were losing market share to domestic payments networks.(REUTERS)
Updated on Nov 08, 2018 07:17 PM IST
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New Delhi | ByReuters

Trump hosts Nooyi, Ajay Banga, other corporate honchos for dinner at private golf course

The White House had said in a statement that the dinner is an “opportunity for the President to hear how the economy is doing from their perspective and what their priorities and thoughts are for the year ahead.”
US President Donald Trump (C) speaks, flanked by First Lady Melania Trump (2nd L), Boeing CEO Dennis Muilenburg (L), CEO of PepsiCo Indra Nooyi (3rd L) and his Special Advisor and daughter Ivanka Trump (R), during a dinner with business leaders in Bedminster, New Jersey, on August 7, 2018.(AFP Photo)
US President Donald Trump (C) speaks, flanked by First Lady Melania Trump (2nd L), Boeing CEO Dennis Muilenburg (L), CEO of PepsiCo Indra Nooyi (3rd L) and his Special Advisor and daughter Ivanka Trump (R), during a dinner with business leaders in Bedminster, New Jersey, on August 7, 2018.(AFP Photo)
Updated on Aug 08, 2018 12:48 PM IST
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Press Trust of India, New York | ByPress Trust of India

Cryptocurrency is junk: Mastercard CEO Ajay Banga explains why

Ajay Banga voiced concern that 95% of all illegal transactions on the dark web, including child prostitution, drugs, credit card and social security fraud, are paid for using cryptocurrency.
Ajay S Banga , President and CEO Master Card (above) was speaking at the ‘New India Lecture’ organized earlier this week at the Indian Consulate under the aegis of Consul General Ambassador Sandeep Chakravorty(Ramesh Pathania/Mint)
Ajay S Banga , President and CEO Master Card (above) was speaking at the ‘New India Lecture’ organized earlier this week at the Indian Consulate under the aegis of Consul General Ambassador Sandeep Chakravorty(Ramesh Pathania/Mint)
Updated on Jul 26, 2018 01:47 PM IST
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Press Trust of India, New York | ByPress Trust of India

Indian-origin man in US indicted in multi-million dollar cryptocurrency scam

Sohrab Sharma is among the three co-founders of a start-up called Centra Tech indicted with conspiring to defraud investors.
Cables running into cryptocurrency miners are seen at the HydroMiner cryptocurrency farming operation in Austria April 25, 2018.(Reuters File Photo)
Cables running into cryptocurrency miners are seen at the HydroMiner cryptocurrency farming operation in Austria April 25, 2018.(Reuters File Photo)
Updated on May 15, 2018 03:54 PM IST
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Press Trust of India, New York | ByPress Trust of India

Financial literacy builds confidence in women entrepreneurs, says Shamina Singh

Shamina Singh, president, Mastercard Centre for Inclusive Growth speaks about the second edition of the Mastercard Index of Women Entrepreneurs (MIWE).
Shamina Singh, president, Mastercard Centre for Inclusive Growth poses for a picture.(Shankar Narayan/HT PHOTO)
Shamina Singh, president, Mastercard Centre for Inclusive Growth poses for a picture.(Shankar Narayan/HT PHOTO)
Updated on Apr 14, 2018 04:10 PM IST
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Hindustan Times, Pune | ByJui Dharwadkar, Pune
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