MasterCard news and archive

Gap is launching a new credit card to booster loyalty, but who wants it?

Gap Inc is launching a new credit card partnership with Mastercard. It's a chic navy card, minimalist with degradé colour and a simple Gap logo. But the question is: who wants to take out a store credit card in 2022? The news comes as Gap only last year announced Barclays as its official card issuer. The fashion conglomerate, which also operates...

Report

American Express, Visa and Mastercard suspend operations in Russia

Visa, Mastercard and American Express have all suspended operations in Russia following the country’s invasion of Ukraine. In a statement, Stephen J. Squeri, chairman and chief executive at American Express, said: “In light of Russia’s ongoing, unjustified attack on the people of Ukraine, we are suspending all operations in Russia. “As a result,...

Business

American Express, Visa and Mastercard suspend operations in Russia

Business

Mastercard allegedly overcharged 46 million people in the UK

Mastercard is at the centre of a 14 billion pound class action suit for overcharging more than 46 million people over 16 years, according to court filed allegations. The case is currently awaiting certification by the Competition Appeal Tribunal after the UK supreme court objected to proceeding last December. If found guilty, Mastercard would...

Retail

California retailers to cope with new Covid-19 restrictions. Again

As a stay-at-home order sweeps Southern California, retailers will bear the brunt of the restrictions as Covid-19 cases soar. The state, which counts a population of nearly 40 million people, has some of the toughest restrictions in the U.S. According to Reuters, California has been under a stay-at-home order for all but essential services since...

BusinessFeatured

Mastercard pilots digital payments to garment workers

Mastercard is teaming up with global apparel companies, Marks and Spencer, Levi Strauss and Co., and VF Corporation, to pilot a scheme to pay garment workers digitally, to ensure that workers receive their wages “securely and consistently”. The new hybrid digital payment initiative, in connection with global nonprofit Business for Social...

Fashion

Rodarte debuts exclusive artist collaboration with Mastercard for Fred Segal

Designer-sister duo Kate and Laura Mulleavy, the creative directors behind Rodarte, presented an‘80s-themed capsule collection in partnership with MADE, a fashion discovery platform through IMG, and Mastercard. For the limited-edition collection, which is available exclusively at Fred Segal, fashion label worked with artist and painter Mari...

Retail

Visa & Mastercard to cut fees on payments made with foreign credit cards in Europe

The European Commission has accepted an offer by Visa and Mastercard to significantly reduce the fee European retailers need to pay to the cardholder’s bank when a tourist or online shopper makes a payment using a credit card issued outside the bloc. Known as Inter-regional interchange fees or inter-regional MIFs, these fees will now be reduced...

Business

Mastercard invests in Jumia

Investors are now setting their sights on Africa as a growing retail scene. Mastercard has announced its plans to invest in Africa online retailer Jumia. The credit card company will be joined by other investors including Pernod Ricard, MTN Group and Rocket Internet. Mastercard and Jumia first worked together in 2016 with the launch of...

RetailFeatured

Holiday sales grew 5.1 percent, according to Mastercard

Americans were busy shopping this holiday season. Holiday sales grew by 5.1 percent in the United States this year, amounting to over 850 billion dollars in sales across industries, research from Mastercard SpendingPulse found. This year has marked the strongest growth in the U.S. in six years. Though the report was provided by MasterCard, it...

Retail

Retail sales grew 4.9 percent over holiday season

Mastercard is reporting that Christmas sales increased 4.9 percent, setting a new record for dollars spent and marking the largest year-over-year increase since 2011, as consumer confidence continues to grow. The Mastercard SpendingPulse data covers holiday shopping from November 1 through to December 24 in the US, covering retail sales across...

RetailFeatured

Mastercard to launch 'selfie pay' in the UK

As consumers continue to embrace 'next generation of payments' whilst shopping online, Mastercard aims to launch its new facial recognition payment services, also known as 'selfie pay' in the UK. "As more choices are made available to them, the conversation has evolved and consumers seem to be fully embracing the next generation of payments"...