Business World

Visa, Mastercard suspend operations in Russia over its invasion of Ukraine

U.S. payments firms Visa Inc and Mastercard Inc on Saturday said they were suspending operations in Russia over the invasion of Ukraine, and that they would work with clients and partners to cease all transactions there. Within days, all transactions initiated with Visa cards issued in Russia will no longer work outside of the country […]

Business Tech

Mastercard to stop issuing cards with magnetic strips

MasterCard will stop issuing cards with a magnetic strip. By 2033, none of its debit or credit cards will have a strip, with banks in many regions including Europe able to issue the strip-less cards from 2024. Mastercard says chip-and-pin and new biometric cards that use fingerprints, offer greater security. The firm claims to be […]

Business India World

India indefinitely bans MasterCard from issuing news cards over data storage violations

India’s central bank banned Mastercard indefinitely from issuing new debit or credit cards to domestic customers. The Reserve Bank of India has accused the company of violating data storage laws. The bank said Mastercard had not complied with rules requiring foreign card networks to store data on Indian payments exclusively in India. Mastercard will be […]