Mastercard

America’s largest lenders made an epic mistake a decade ago when they cashed out of Visa and Mastercard through initial public offerings, says Chenault, who will step down in February as CEO of American Express.

Mastercard Inc. will hire 470 people as the world’s second-largest payments network expands its technology hub in New York City.

With the wide-scale adoption of mobile phones, and the use of NFC and QR codes for payments, the card brands most likely see a threat to their business model and, in a defensive move against potential disruptors, are wisely embracing the spirit of mobile, writes Jeremy Gumbley, CTO at Creditcall.

Jeanne Tisinger spent three decades working at the CIA, where her most recent position was deputy director overseeing the agency’s physical and cybersecurity and information technology spanning more than 100 countries.

The chairman of the House Financial Services Committee says he won’t seek reelection next year; CME Group hopes to launch a contract by yearend.

Blockchain is a bigger opportunity for business transactions than consumer transactions, according to Mastercard president and CEO Ajay Banga, who is poring over the technology to build use cases for corporate users.

Some credit unions are beginning to offer payment services via wearable technologies, but many say it will take further declines in the pricing of those items before they are widely accepted by consumers or financial institutions.

The move creates more room for developers to work on new payment types and build additional use cases.

The heat will now be on card networks to reassure consumers of card security through other methods, during the ongoing barrage of data breaches that could undermine consumers’ confidence in cards.

In a surprise move, the Supreme Court will decide whether Amex may bar merchants from steering customers to less expensive card networks. The card issuer will have to prove the consumer gain from its practices outweighs the merchant pain.