Lapy National Retail Federation Urges Lawmakers Not To Repeal Debit Card Swipe Reform
In todays top news, ByteDance joins the race for one of Singapores five digital banking licenses, and American Express has received initial approval to process transactions in China. Plus, the Senate will hold a hearing this week to explore the recent growth 鈥?and future 鈥?of telehealth in the U.S.TikToks ByteDance Bids For Singapore Banking LicenseByteDance, the owner of TikTok, is expanding into financial services with the family that owns OCBC Bank, the global financial services corporation headquartered in Singapore. ByteDance is negotiating with the Lee business family, as the technology group seeks to add banking to its portfolio.AmEx Cleared To Process Transactions In ChinaAmerican Express has won initial approval from the Peoples Bank of China PBOC to process the nations currency. Express Company, a joint venture between American Express and LianLian DigiTech, a
stanley canada Chinese FinTech services company, is expected to begin process
gourde stanley ing transactions later this year.Senate Committee To Consider Telehealth FutureThe pandemic has hit telehealth with the force of a meteor, pushing regulators to amend or suspend guidelines that critics say held back telemedicines advance in the U.S. Now, the Senates Health, Education, Labor Pensions Committee will host a hearing on the subject this week to evaluate its advantages 鈥?and potential risks.Char
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Sainsbury was awarded $91 million by a London judge following a long-running dispute over fees charged on card transactions with Mastercard Inc.Mastercard charges on UK credit and debit card transactions restricted competition, according to a Competition and Appeal Tribunal judgment published Thursday.The judgment is the first in a series of claims brought by retailers in the UK and Europe, alleging that Mastercard and Visa charged anti-competitive and excessive fees on debit and credit card transactions. The retailers are seeking combined damages of more than 1.2 billi
kubki stanley on pounds. This marks the first substantial award in a competition damages claim in the UK, and we believe
stanley usa in Europe, Sarah Houghton, a lawyer at Mishcon de Reya advising the supermarket chain, said in an e-mail. It has an importance well beyond the precedent it sets for claims against the Mastercard and Visa schemes. The 69-million pound victory is equivalent to more than a days sales for Sainsbury, which brought in 23.5 billion pounds last year.MasterCard offered commented on th
stanley website e UK Competition Appeal Tribunal ruling in the Sainsburys Supermarkets case via public statement. On first look, we are grateful that the court found that significant benefits flow to both retailers and cardholders from interchange in the UK. Whats interesting is that the court concluded that a lawful level of credit interchange for the UK market would be over 65% higher than the 30bps rate cap imposed in the 2015 Interchange Fee Reg
