In brief

16 July 2021

Indian private sector lender RBL Bank has entered into a partnership with Visa to issue credit cards. The move comes after India’s central bank blocked Mastercard from adding new customers.

In a regulatory filing, RBL Bank said: “RBL Bank has entered into an agreement with Visa yesterday to issue credit cards enabled on the Visa payment network.

“RBL Bank expects to start issuance of credit cards on the Visa payment network post the technology integration which is expected to take 8 to 10 weeks.”

The lender issues around 100,000 credit cards every month.

Meanwhile, RBL Bank anticipates a short-term impact on future card issuances until the technical integration with Visa is complete or there is further clarity on the issuance of Mastercard offerings.

RBL Bank is India’s fifth-largest credit card issuer with a market share of around 5%.

13 July 2021

Digital lender Bank Norwegian has expanded its collaboration with TietoEVRY to expand its credit card services in Germany and Spain.

TietoEVRY already offers Software-as-a-Service card services for the bank in Norway, Sweden, Finland and Denmark.

The partnership with TietoEVRY Card Issuing and Financial Crime Prevention will bring the same set of card and fraud prevention services to Germany and Spain, where the bank intends to go live in the final quarter of this year.

Gunnar Koren, head of financial crime prevention at TietoEVRY, said: “This is an important agreement, as insight and data from new countries will further improve our services and contribute to preventing financial fraud.”

Founded in 2007, Bank Norwegian is a fully digital bank for retail customers. It has 1.7 million customers in Norway, Sweden, Denmark and Finland.

12 July 2021

US technology giant Apple has made its all-in-one gift card available in Canada and Australia, following its roll-out in the US last year.

Apple previously provided two separate gift cards: the iTunes card for purchases on the App Store, iTunes Store and iCloud storage, and the Apple Store card for purchases at retail or online stores.

The company has now combined these two cards into a single offering that can be used to purchase products and accessories from the Apple store, apps, games, music, movies, TV shows and iCloud, among others.

Available in digital and physical versions, the Apple Gift Card can be sent by post or email to recipients.

12 July 2021

Standard Chartered UAE has collaborated with Visa to launch a Multi-Currency Account (MCA), which will be linked to the Visa Multi-Currency Debit Card.

The new offering will offer customers access to 14 currency accounts, allowing them to transact in multiple currencies.

The MCA will be integrated into Standard Chartered’s i-banking and mobile banking platforms. MCA functionality will also be enabled on the bank’s current and savings products, which cover both Islamic and conventional banking.

The feature allows cardholders to make retail transactions in foreign currency, and overseas cash withdrawals at no additional charge.

Visa’s group general manager for the GCC, Saeeda Jaffar, said: “The SCB Visa Multi-currency Debit card is a perfect example of innovation meeting market needs and ultimately creating tangible value for our consumers.”

9 July 2021

Luxury Card has announced a partnership with holistic wellness facility Remedy Place to offer Luxury Card members discounts on annual memberships, and savings on consultations and certain treatments.

Remedy Place was founded by Dr Jonathan Leary, “a visionary in the health and wellness space”, Luxury Card said in a release.

“The flagship location is open on Sunset Boulevard in West Hollywood, California. A second location will be opening in Century City later in 2021 and an East Coast location is anticipated to follow in New York City,” the release said.

Additional facilities are planned for other major cities in the US and worldwide.

“We are so pleased to announce our partnership with Remedy Place and to pass on special savings to our cardmembers,” said Marina Kissam, vice-president of customer experience at Luxury Card.

9 July 2021

Visa has partnered with the International Bank of Somalia (IBS Bank) to launch the first Visa-branded card payment service in the country.

Visa’s collaboration with IBS Bank will enable cashless payments for both international and domestic transactions.

IBS Bank CEO Mahat Mohamed Ahmed said: “For Visa to come to Somalia, it means that we are on the right path of growth and progress. We’ll continue to make partnerships and bring convenient and innovative financial solutions to the people.”

Eva Ngigi-Sarwari, Visa country manager for Kenya, Somalia and Eritrea, said the new cards can be a secure alternative to physical cash during the ongoing Covid-19 pandemic.

Ngigi added: “The Visa card also offers access to a global market, giving access to over 61 million merchant locations in over 200 countries.”

8 July 2021

American Express has expanded its digital receipts function to provide US cardmembers with additional purchase details on Amazon orders.

The digital receipts feature was originally launched in February to help cardholders identify purchases and minimise transaction-related disputes. It was launched after an Amex-commissioned report indicated that US customers are more likely to shop online this year.

The additional information includes merchant name and logo, order number, date of order, items purchased, cost and merchant details; this data is made available at cardmembers’ online accounts and the Amex mobile app.

The latest expansion will allow Amex cardholders to view the items purchased, the Amazon order number and other delivery details.

The company rolled out the feature in partnership with Verifi and its Order Insight solution.

8 July 2021

Fintech business Collateral has unveiled its new crypto payment solution, the Collateral Pay Debit Card.

Users can register for the new card, which immediately collateralises cryptocurrency for a fiat currency loan, later in July.

The card enables holders to transact at points of sale across the world without having to spend cryptocurrency, meaning they will not lose any gains made on the crypto.

When a transaction is initiated, the Collateral Pay Debit Card integrates with the Collateral Pay Wallet where the cryptocurrency is held.

The crypto is collateralised against a fiat payment made to the retailer. The retailer is paid in fiat currency and the cardholder can pay back the fiat debt at their convenience with no time constraints, Collateral Pay said.

7 July 2021

Cryptocurrency start-up BlockFi has launched the Rewards Visa Signature Credit Card in the US.

The latest offering enables cardholders to earn 1.5% back in bitcoin for every purchase made, with the reward increasing to 2% on every dollar spent over $50,000 annually.

In an introductory offer, cardholders will also be eligible to receive a 3.5% bitcoin rewards rate for the first 90 days, capped at $100 in bitcoin.

When redeemed, rewards are added to a customer’s BlockFi Interest Account and earn crypto interest. The card has no annual fee and can be used anywhere Visa is accepted.

Terry Angelos, SVP and global head of fintech at Visa, said: “Crypto rewards programs are a compelling way to engage consumers in the crypto economy.”

6 July 2021

Shinhan Card has teamed up with Weverse Company to launch private-label credit cards (PLCCs) for pop music enthusiasts in South Korea.

The new offering will feature famous boy band BTS and other celebrities. The Weverse mobile app and web platform was developed by South Korean entertainment firm Hybe, which also manages BTS.

The private-label store credit card will give customers exclusive access to benefits and rewards at the Weverse shop, an online Korean pop merchandise retailer run by Weverse Company.

Shinhan Card said: “It is very meaningful to develop credit cards designed exclusively for K-pop fans. Through the latest PLCC partnership contract with Weverse Company, Shinhan Card will offer differentiated products and services in terms of card design and benefits for a greater customer experience and satisfaction.”