Venezuela's Armed Forces Bank slams Mastercard for halting card service
Thursday, 5 September 2019 A Venezuelan bank run by the troubled country's military on Wednesday slammed Mastercard for cutting off service to the bank's credit cards following U.S. sanctions against the government of President Nicolas Maduro.
US Senator Dick Durbin is requesting the Fed probe card networks and issuers, such as Mastercard and Visa. The senator wants an investigation over potentially anticompetitive fees. Durbin's letter hi-lighted that merchants are paying excessive debit card fees during the pandemic. The companies have planned major fee changes for US-based merchants. The Feds are requesting a competition-based investigating into Visa, Mastercard, and major issuers.
As many as 20 major EU banks are set to announce details for a new payments initiative in the very near future. This announcement came from Electronic Payments International. Business Insider reports the system is referred to as the Pan European Payment System Initiative (PEPSI). It will process card payments in addition to making fund transfers and mobile payments without using Mastercard's or Visa's network.
Compared with April of 2020, US retail and food services sales jumped in May by an estimated 17.7%. The data show improved US retail sales after plummeting across categories in March and April as the coronavirus pandemic set in. But according to Business Insider, the pandemic is still damaging retail's performance. Recent releases from Mastercard and Visa that show their performances in key metrics are beginning to lag.
Venezuelans are steadily losing access to cheap basic services from water to cooking gas that have helped them survive economic crisis, forcing many to find creative solutions and adding pressure during the coronavirus quarantine. Gavino Garay reports.
Venezuela's President Nicolas Maduro had ordered the EU envoy to leave after Brussels hit 11 more Venezuelan officials with sanctions for "undermining democracy and the rule of law". But the decision has now been reversed. View on euronews
Credit: euronews (in English) Duration: 01:38Published