Long before the war in Ukraine, India’s Prime Minister Narendra Modi decided that international card networks could be used as instruments of statecraft — and that he should channel the rising economic power of his country’s 1.4 billion people to resist the dominance of Visa Inc., Mastercard Inc. and American Express Co. “Everyone cannot go to the border for the […]
Russian bank working to issue China’s UnionPay, domestic MIR cards after Visa, Mastercard exit
Following the suspension of operations in Russia by payment giants Visa and Mastercard, Russia’s state-owned Sberbank announced on Sunday that it is working on issuing payment cards using China’s UnionPay and Russia’s domestic Mir payment systems, Russian media reported. Sberbank also said in the statement that the suspension of Visa […]
Visa, Mastercard suspend operations in Russia
Credit card and Payment giants Mastercard and Visa announced that they were suspending operations in Russia and that their cards issued by Russian banks will no longer work outside the country. “Effective immediately, Visa will work with its clients and partners within Russia to cease all Visa transactions over the […]
Vodafone joins Visa, Mastercard, PayPal, leaves Facebook’s Libra organisation
Britain’s Vodafone Group PLC has left the entity that manages the Facebook Inc led effort to launch Libra, a global digital currency, Libra Association said on Tuesday. The association has seen an exodus of its backers including financial companies PayPal Holdings Inc, Visa and Mastercard Inc amid regulatory scrutiny. Facebook […]