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Foreign Travel Gets Dearer: TCS on Credit Card Transactions Explained

BankBazaar

Don’t leave without knowing the new TCS rule applicable on Credit Cards, forex cards, debit card transactions, and currency purchases. There is some unfortunate news for travellers who use international Credit Cards while abroad. The only exception was Credit Cards. attracted a TCS.

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Mobile Payments On Smartphones Soar In Japan

PYMNTS

Liu noted COVID-19 has fueled the push towards cashless payments as consumers avoid the use of cash and plastic cards. Last month, PYMNTS reported Japan’s history of mobile payments progress dates back to 2004 when the DotCoMo mobile wallet was introduced, one of the world’s first mobile commerce innovations.

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Chase, AFP Applaud B2B’s Shrinking Check Use

PYMNTS

According to Vijay Ramnathan, Comdata senior vice president of product management and strategy, “there is paper in the beginning, paper in the end” in the B2B world, leading to an 18 percent error rate in B2B payments, he told Karen Webster.

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BEC Scam Storms The Sports Field (Literally)

PYMNTS

In a smattering of individual instances of fraud: In Canada, SaskEnergy said that it fired an employee amid allegations that the unnamed worker had misappropriated a fuel card, racking up $30,000 in charges between 2004 and 2019. The employee had been given the fuel card as part of their job, which included driving a corporate vehicle.

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What #Banking Trend Will Have the Greatest Impact on Your Bank?

Jeff For Banks

And then what happened in 2004-06 happened again. But bankers should be preparing for a devaluation of the collateral used by their borrowers to determine how best to manage this emerging situation. In 2019, the major credit card companies charged over $14 billion each year in late fees with an average charge of around $35.

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Fintech Hall of Fame: The Top Digital Innovations in Financial Services

Fintech Labs Insights

Innovations from 1995 to 2014 (with launch dates) Note: Ranking as of Jan 2014 Wells Fargo is first in the world to offer Web-statement access (launched May 1995) Security First Network Bank launches first full-service Internet bank brand (Oct 1995, disbanded 2002) PayPal launches first online optimized payment system (Nov 1999, bought by eBay in 2003) (..)

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A Decline in Personal Savings

TrustBank

From 1990-2004, US home ownership rose 7.45% to 69.2% Revolving Credit (Credit Cards & Personal Lines of Credit): While home ownership grew, revolving credit exploded. It expanded by 262% from 1990-2004 and by over 369% through 2008. While access to credit grew, the costs associated with managing it were high.

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