Businesses in Canada may be eligible to claim hundreds of dollars in credit card processing fees following a multimillion-dollar class action settlement with Visa and Mastercard. Merchants can now apply for rebates on so-called swipe fees charged on credit card transactions dating back two decades, the Canadian Federation of Independent Business (CFIB) said Monday. The…
Canadian Merchants Eligible to Claim Rebates After Settlement With Visa, Mastercard
World’s High-Flying Graduates Targeted by UK Government in New Visa Scheme
A new visa scheme to attract the best graduates from the world’s top universities to the UK has been launched by the British government. Starting today, hopeful applicants with a bachelor’s or master’s will, if successful, be given a 2-year work visa, while PhD-holders can apply for a 3-year visa. Graduates can also apply without…
Russian Parallel Payment System Bypasses Sanctions
Domestic credit and debit transactions in the Russian Federation have been largely unaffected by Western sanctions and the voluntary withdrawal of card companies from the country, due to an alternative system for managing domestic payments that was developed in the late 2010s. In the aftermath of President Vladimir Putin’s 2014 annexation of Crimea and the…
Russian Banks May Issue Cards With China’s UnionPay as Visa, Mastercard Cut Links
March 6, 2022
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LONDON—Credit cards issued by Russian banks using the Visa and Mastercard payment systems will stop functioning overseas after March 9, Russia’s central bank said on Sunday, adding that some local lenders would look to use China’s UnionPay system instead. Russian-issued Mastercard and Visa cards would be accepted within Russia until their expiry, the bank said,…
Visa, Mastercard Abruptly Suspend All Operations in Russia
Two of the biggest payment processing firms in the world on March 5 announced they were suspending operations in Russia. Mastercard and Visa said Russian banks would be cut off from their networks and their cards would not work at Russian merchants or ATMs. “We don’t take this decision lightly. Mastercard has operated in Russia…
Visa, Mastercard Block Multiple Russian Financial Institutions From Payment Networks in Compliance With Western Sanctions
March 1, 2022
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U.S. payment card firms Visa and Mastercard have blocked multiple Russian financial institutions from their network in compliance with Western sanctions, the companies announced in separate statements on Monday and Tuesday. Visa said it has watched the “tragic scenes in Ukraine with deep sadness and disbelief” and “is taking prompt action to ensure compliance with applicable sanctions,…
Ukraine Lifts Visa Requirement for Foreign Nationals Seeking to Join Its Fight Against Russia
Ukrainian President Volodymyr Zelensky has temporarily lifted a visa requirement for foreign nationals who wish to join Ukraine’s “International Defence Legion” to fight against Russia. Zelensky signed a decree late Monday, which will take effect on Tuesday and remain in effect as long as martial law persists. Foreigners—with the exception of Russian citizens–won’t need a…
Visa, Amazon Reach Global Agreement
Visa and Amazon have reached a global agreement that allows all customers to use their cards on the store after the online retail giant announced in November that it would stop accepting Visa credit cards issued in the United Kingdom, citing high fee charges. “We’ve recently reached a global agreement with Visa that allows all customers…
Olympics Row: Visa vs. China’s e-CNY
Commentary At the Beijing Winter Olympics, China is rolling out its digital currency, the e-CNY, for the first time to foreigners. Nobody should want to attend the Games given the genocide. But if you were forced to go, then you would have the option of prepaying a credit card with digital Chinese yuan loaded for…
Visa Profit Beats Quarterly Estimates on Higher Travel, Online Spending
NEW YORK—Visa Inc. beat Wall Street’s quarterly estimates on Thursday as more international travel and e-commerce drove an increase spending volumes. While travel spending has stalled since late December due to the Omicron variant of the coronavirus, Visa executives said they believe the recovery will resume and net revenue will grow in the second fiscal…
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