I&M Bank Ltd’s Post

💳 Did You Know? The first universal credit card, the Diners Club Card, was introduced way back in 1950, revolutionizing the way people made purchases. From its humble beginnings as a card accepted at just 27 restaurants, it has paved the way for the modern financial system we know today. Fast forward to 2024, and there are now over 1 billion credit cards in circulation worldwide, enabling seamless transactions across the globe. 💡 Fun Fact: The concept of “buy now, pay later” has evolved dramatically, with credit cards being a cornerstone of global commerce and digital payments. 🌟 Question for You: How often do you use your credit card for daily transactions? Are you a points collector, or do you prefer alternative payment methods like UPI or digital wallets? Let’s discuss the role of credit cards in our financial lives! #FinanceFacts #CreditCards #BankingInnovation #DidYouKnow

In 1950, Frank X. McNamara forgot his wallet 👜 while dining with friends, a moment of embarrassment that inspired a groundbreaking idea. He created the Diners Club Card allowing people to pay for meals without cash. This small innovation, initially used in restaurants, sparked the cashless payment revolution, paving the way for credit cards like Visa and MasterCard. Today billions rely on this invention for convenience in daily transactions reshaping how the world handles money. 🌍🚀 #CreditCardHistory #CashlessRevolution #FintechInnovation #ImarkDigital #FactFriday  

In our latest blog post, we delve into the concerning issue highlighted by the Consumer Financial Protection Bureau regarding Walmart's banking app and its impact on delivery drivers. It has been reported that drivers utilizing Walmart's Spark platform are facing significant financial burdens, as they are unable to access their earnings promptly without incurring large 'junk fees' imposed by the app. This situation raises vital questions about fair compensation and the practices of gig economy platforms. We encourage you to read the full article to understand the implications of these fees and to explore the broader context of earnings access for gig workers. To learn more about this critical issue, please click here: [Walmart Banking App Forced Delivery Drivers To Pay Millions In 'Junk Fees': CFPB](https://ift.tt/c1Fylj4)

In February 1950, Diners Club revolutionized the world of payments, laying the foundation for the modern credit card industry.    Prior to then, most charge cards were restricted to use at a single store or chain. The Diners Club card was good ‘wherever you go’ -- across a whopping 28 restaurants and two hotels. They had created the first payment acceptance network, secure and trusted rails for financial transactions. Within 15 years, the card was widely accepted in 130 countries and inspired a wave of competitors like Visa and Mastercard.    Today, Gen and a global consortium of 30+ organizations are doing for trusted data what Diners Club did for payments.    We’re excited to be a founding member of the Global Acceptance Network (GAN), the Internet’s long-awaited trust layer. GAN is developing not only the tooling to enable the secure, privacy-preserving, and cross-silo exchange of verifiable data, but also the governance to ensure that all interactions are safe and trusted.    And we’d love you have you join the movement.    #GANFounder  #GlobalAcceptanceNetwork

6 red flags for #PayFacs when signing with Acquirer 🚩 Instant Onboarding of the PayFac ⇒ Visa and Mastercard forbid any instant boarding of PayFac, the acquirer must onboard the requirer on a dedicated portal and wait for the authorisation/exemption from both schemes 🚩 No Financial requirements ⇒ If your #acquirer has no or limited financial requirements to onboard you, run away. Something is missing somewhere. 🚩 Limitation on the type of accepted cards ⇒ A Payfac can accept any cards from #VISA and #Mastercard wherever they come from. 🚩 No to limited information before signing on monitoring and underwriting requirements, type of merchants refused. ⇒ PayFac are fully liable for who they onboard, Acquirers can be limited by their risk approach 🚩 Expensive pricing or extravagant pricing on initial onboarding ⇒ Schemes invoice only 5k USD each, the rest is the acquirer’s cost/margin to onboard you 🚩 Limited automation possibilities when it comes to risk management or limited product solution ⇒ Shows that the acquirer does not have a real packaged solution for Payment Facilitation

🍁🦃 Happy Thanksgiving from Corepay! 🦃🍁 This Thanksgiving, we're feeling especially thankful for: 1️⃣ Credit cards that swipe on the first try. 2️⃣ Receipt printers that don't jam halfway through a turkey-sized transaction. 3️⃣ Customers who don't ask, "What’s this $1 authorization charge?" (We love you, but it's for verification!) 4️⃣ Merchants who call tech support after trying to restart the terminal. 😅 5️⃣ And, of course, the real MVP: all the high-risk merchants who have partnered with us and our industry-leading solutions that have taken their businesses to the next level. So, as you feast on turkey and pie, know that we’re here making sure your Black Friday shopping is smooth as gravy. 🍗🥧 P.S. If your Thanksgiving dinner starts processing delays (aka Aunt Karen telling long-winded stories), we recommend the universal reboot: pie. Lots of pie. #Thanksgiving #ThankfulForPayments #SwipeRightForTurkey

Isn't it just lovely when you realize that credit cards are the ultimate champions of our shopping adventures? According to the latest Payway index, they dominate the payment scene, racking up a whopping 58% of all transactions—because who doesn’t love to overspend on groceries and entertainment? And if you thought cash was king, think again! Contactless payments have taken a jaw-dropping leap with a 2,700% increase. Seems like the only thing people are more committed to than their Netflix subscriptions is swiping that card without breaking a sweat. Curious to dive deeper into this mind-blowing trend? Check out the full scoop here: https://ift.tt/639GyY7. Enjoy!

Latin America’s 50 Largest Credit and Debit Card Issuers — 2023 Credit, debit and prepaid consumer and commercial cards in circulation with global brands—Visa, Mastercard, Maestro, Discover, Diners Club and American Express—from the top 50 issuers grew to 924.9 million at year-end 2023, up 2.9% from 898.7 million cards in circulation from issuers that ranked in the top 50 at year-end 2022. Learn how to access the full chart and article here https://lnkd.in/dsU6quRE Nilson Report articles are based on interviews with company senior executives. No sponsored content. No advertising.

👏 The Mastercard Payment Passkey Service debuts in Latin America. 📌 In partnership with Sympla and Yuno, Mastercard's solution will be available as of January 2025 and plans to optimise online checkout for shoppers. #ThePaypers #PaymentsIndustry #PaymentPasskey #LatinAmerica

The 50 Largest Payment Card Issuers in Asia–Pacific The Asia–Pacific (APAC) region’s top 50 issuers of UnionPay, Visa, Mastercard, Maestro, JCB, Diners Club and American Express as well as domestic-only credit, debit and prepaid cards are included in charts on pages 12 and 13. Those 50 issued 7.12 billion consumer and commercial general purpose payment cards that generated purchase volume of $11.232 trillion in 2023. Only subscribers can access the full chart here https://lnkd.in/dcRhYDyY Nilson Report articles are based on interviews with company senior executives. No sponsored content. No advertising.