Visa allows crypto withdrawals using debit cards in 145 countries
Visa is increasing cryptocurrency adoption by offering another way to exchange cryptocurrencies for fiat currencies without using a centralized exchange. Visa has partnered with Web3 infrastructure provider Transak to implement cryptocurrency withdrawals and payments through its Visa Direct solution. The new integration allows users to withdraw cryptocurrencies like Bitcoin from a wallet like MetaMask directly to a Visa debit card. With the integration available now, you can exchange cryptocurrency for fiat and pay with 130 million merchants that accept Visa. [coin telegraph]
Both Visa and Mastercard are adopting blockchain
Blockchain technologies and digital currencies may at first seem like a threat to traditional financial institutions like Visa and Mastercard. However, these debit and credit card network operators, with a combined market share of more than 70%, are exploring blockchain for fast cross-border payments and cryptocurrencies for card payments and rewards. Visa and Mastercard are aware of the risk of stagnation following the increased adoption of blockchain technology. They also want to share the revenue from cash flows to and from blockchain networks. [Techopedia]
Many consumers who have credit know that it is a bad idea.
According to a Quicken survey, Americans know that carrying a balance on a credit card is a bad idea, but 45% of them do it anyway. Consumers of all ages and financial backgrounds are racking up credit card debt and struggling to live beyond their means, and this behavior is only getting worse. About 77% said they had a credit card. Most Americans (81%) say it is important to pay off credit cards and 64% say it is not a good idea to carry a credit card balance. However, 45% usually carry over from one month to the next. More than 52% of Gen Z and Millennial Americans say their credit card balances have increased steadily over the past three to five years, while nearly half (48%) of middle-class Americans half and more than a third (35) have accepted it. . . %), in the highest income bracket among those earning more than $200,000. [The fox matters]
The US Federal Reserve is keeping interest rates stable, but soon announced a rate cut.
The Federal Reserve held interest rates steady on Wednesday but suggested rates could fall in the coming months if inflation continues to cool. Authorities have kept the key interest rate between 5.25% and 5.5%, the highest rate in two decades since July. Federal Reserve Chairman Jerome Powell told reporters on Wednesday that interest rates were unlikely to continue rising and that he and his colleagues had begun to consider cutting them. [NPR]
Mastercard is tackling generative AI with a model it claims can increase fraud detection by 300%
Mastercard says it has developed its own generative artificial intelligence model to help thousands of banks in its network detect and eliminate fraudulent transactions. Decision Intelligence Pro, a new advanced artificial intelligence model, will allow banks to better evaluate suspicious transactions on their network in real time and determine whether they are legitimate, the company said. [CNBC]
Visa sues for 'vanilla' gift card fraud.
Consumers sued Visa on Tuesday after the card payments network reduced the chances of thieves stealing their "vanilla" prepaid gift cards. According to the complaint, non-reloadable debit cards are sold at CVS, Target, Walgreens and other grocery stores and retailers in thin cardboard sleeves that thieves can open and close without being noticed after storing the information. Account. Thieves can then control when the money is loaded and make purchases using the stolen account information. [Reuters]
Dillard's, Citi and Mastercard announce new credit card offers
Dillard's, Citi and Mastercard have reached new agreements to offer a credit card program to Dillard's customers. Citi will acquire Dillard's existing credit card accounts. At the same time, Mastercard will act as the exclusive payment network for the joint cards offered under the new program. Citi's Dillard's credit card program includes a new co-branded Mastercard and a private label credit card. The new co-branded Mastercard will replace the existing co-branded card. Additionally, Citi will provide customer service capabilities. [International Electronic Payments]
Buy now, pay later in Mexico through Amazon, Fintech Kueski
Amazon is partnering with Mexican financial technology company Kueski, which focuses on instant purchasing options and personal loans, to offer biweekly installment payments in Latin America's second-largest economy. This partnership marks the first time that Amazon Mexico allows users without a credit card to shop twice a week in 12 installments. Kueski is responsible for financing purchases and determines the credit granted to each user. [Bloomberg]
CFPB digital asset portfolio proposal and oversight: Republicans want it revamped
Last year, the CFPB proposed a rule to monitor nonbank entities that offer payment services. This includes digital asset wallets and service providers. Yesterday, three top Republicans on the House Financial Services Committee sent a letter to the CFPB on the issue. They want me to revise the rule and reopen the comment period, which ended on January 8. Regulators say the CFPB proposal underestimates the costs of compliance and the impact on competition, which could harm consumers. When the CFPB first announced the proposed rule, it specifically named BigTech and “other large technology companies, digital payment apps, and wallets” as targets. In the detailed statement it is stated that there are 17 large institutions. An annual threshold of five million transactions has been proposed to be considered significant. [General Ledger Data]
What are credit card surcharges and where are they legal?
As credit card usage has increased, so have surcharges. These fees have long gone unnoticed by consumers, but as the number of customers paying by credit card has increased and the cost of doing business has increased in recent years, surcharges have become more common to help to merchants. pay your expenses. Although it is now legal in almost all states to add surcharges to the purchase price, businesses and retailers must follow the rules for collecting these fees. Additionally, each credit card brand has its own rules that merchants must follow. Policies include, but are not limited to: clear disclosure of fees prior to the transaction; additional payments must be indicated on the invoice; 4% limit for additional payments; and no additional charge for debit cards. [chance]