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UnionPay Expands Duty Free Rewards Program
UnionPay International, a Shanghai-based subsidiary of China UnionPay, has launched a rewards program with duty free businesses at airports around the world.
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Citigroup Inc. is in final talks to sell its Japanese credit-card unit to Sumitomo Mitsui Trust Holdings Inc. for at least 40 billion yen ($335 million), people familiar with the matter said. more »
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American Express Co., the lender that cut ties with one of its biggest retailer partners last month, agreed to a multiyear venture with Charles Schwab Corp. to create two co-branded credit cards. more »
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The Purchase, N.Y. card network named Brian Lang to this role, where he will be responsible for growing the unit's business by introducing new technology and product offerings. Lang will succeed Betty DeVita, who will become chief commercial officer of MasterCard Labs in New York. more »
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The Consumer Financial Protection Bureau announced Tuesday that it's seeking public comment ahead of a second study on the credit card market that could pave the way for new regulations or enforcement actions. more »
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It's not always fun to be the butt of a joke, but in the financial services industry, it's often unavoidable. Some companies are embracing this role to turn the mockery into marketing. more »
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MasterCard CEO Ajay Banga
Citigroup Inc. reached a deal to issue most of its global consumer credit and debit cards on MasterCard Inc.'s network. more »
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Opponents of Visa Inc.'s and MasterCard Inc.'s $5.7 billion settlement with merchants over fees want access to documents that may have been disclosed to a lawyer facing federal charges in a fraud scheme unrelated to the credit-card litigation. more »
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Change is coming to the credit card industry following the government's recent antitrust victory against American Express, but the next few weeks could determine how deep the changes are — and who wins and loses. more »
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American Express Co., the lender that lost one of its biggest retailer partnerships and suffered a defeat in an antitrust lawsuit this month, is raising interest rates on a swath of credit cards for the first time in more than five years. more »
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When it comes to mobile banking technology firm Digital Insight's new replacement for passwords, the "eyes" have it. more »
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BBVA Compass is planning to issue a new credit card in partnership with American Express and the National Basketball Association. more »
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"Amex is nothing if not resourceful," said Kenneth Chenault, chairman and CEO of American Express.
American Express will certainly suffer when its 16-year cobranding deal with Costco ends in 2016, but its executives will spend the next year building up the card brand's digital payment products to create enough opportunities to ease the company's short-term pain and guarantee its long-term health. more »
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