The Week in Review

The Week in Review

Friday May 3, 2019 –

Here are the new and noteworthy stories we have been following this week.

Visa and Mastercard to cut foreign card fees in EU

Visa and Mastercard will reduce interchange fees by an average of 40% for transactions made in the EU with non-EU issued credit and debit cards.

Cubic to Bring Contactless Transit Cards to Apple Wallet – Starting in Chicago Later this Year

Cubic is working with Apple to enable transit cards in Apple Wallet so passengers can use their iPhone / Watch to pay for mass transit, starting with the Ventra card in Chicago.

Visa invests in Bankable

Visa has made a strategic partnership deal and investment in Bankable to allow its members to obtain access to Bankable’s platform to help them deploy digital banking and real-time payment services.

Mastercard Incorporated Reports First-Quarter 2019 Financial Results

For Q1, Mastercard reported $3.9 billion in net revenue (up 9%), adjusted net income of $1.9 billion and double-digit gains in Gross Dollar Volume.

SecureKey launching online identification service backed by Canada’s big banks

SecureKey is launching an online identity verification service with the support of major Canadian banks and telecommunications companies.

Facebook Building Cryptocurrency-Based Payments System

Facebook is recruiting financial firms, payments networks, and online merchants as it seeks to build a cryptocurrency-based payments system leveraging its social network. raises record $230m in first-round funding

Payments company, has raised $230 million (which is Europe’s largest ever early-stage funding for a fintech company) at a valuation of about $2 billion.

Parthenon Capital brings together NXGEN International & Payscape to create Industry Leader in FinTech

NXGEN and Payscape have announced their merger to enhance functionality and scale allowing the combined entity to process $10+ billion in volume across 75 countries.

UK Government to set up cash strategy group

The UK Government is setting up a ‘Joint Authorities Cash Strategy Group’ to take a comprehensive look at the cash / cashless debate and cash access for all population segments.