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Local credit card firm to open service in Japan

SEOUL, April 17 (Yonhap) -- South Korea's leading credit card company, Shinhan Card Co., will launch a new service that allows its customers to use their domestic-only cards in Japan without additional cost, a measure that eventually would lessen dependence on global payment firms like Visa Inc. and MasterCard Inc. and save on commission, finance industry officials said Thursday.

Local credit card firm to open service in Japan

SEOUL, April 17 (Yonhap) -- South Korea's leading credit card company, Shinhan Card Co., will launch a new service that allows its customers to use their domestic-only cards in Japan without additional cost, a measure that eventually would lessen dependence on global payment firms like Visa Inc. and MasterCard Inc. and save on commission, finance industry officials said Thursday.

Hackers steal South Korean credit card data to aid forgeries

SEOUL (Reuters) - Hackers stole the personal information of about 200,000 South Korean credit card users, using some to make fake cards and rack up fraudulent charges of about 120 million won ($115,400), an official of the country's financial regulator said on Friday. The Financial Supervisory Service (FSS) said in a statement several suspects had late last year hacked into a server of a firm managing card payment processing terminals, and extracted data such as numbers, expiry dates and passwords for a point-amassing loyalty card.

Big credit card issuers defeat collusion lawsuit

By Jonathan Stempel NEW YORK (Reuters) - Consumers suffered a setback on Thursday as three big credit card issuers won the dismissal of U.S. lawsuits accusing them of colluding to require that disputes be settled in arbitration rather than class action lawsuits. U.S. District Judge William Pauley in Manhattan said cardholders failed to show that American Express Co, Citigroup Inc and Discover Financial Services violated the Sherman antitrust law in adopting mandatory arbitration clauses in their cardholder agreements.

Wal-Mart sues Visa for $5 billion over card swipe fees

By Phil Wahba (Reuters) - Wal-Mart Stores Inc this week sued Visa Inc for $5 billion, accusing the credit and debit card network of excessively high card swipe fees, several months after the retailer opted out of a class action settlement between merchants and Visa and MasterCard Inc. Visa declined to comment on the suit, filed Tuesday in the U.S. District Court for the Western District of Arkansas, where Wal-Mart is headquartered.

Wal-Mart sues Visa over fees it charges retailer when shoppers use credit and debit cards

NEW YORK, N.Y. - Wal-Mart Stores Inc. is suing Visa Inc. over fees that it charges the world's largest retailer when customers use a credit or debit card. Wal-Mart said Visa conspired with banks to illegally fix and inflate fees that retailers pay on card transactions, and that the fees cost U.S. retailers and shoppers more than $350 billion between 2004 and November 2012. Wal-Mart's complaint was filed Tuesday with the U.S. District Court for the Western District of Arkansas. San Francisco-based Visa declined to comment on the suit.

Faced with threat of sanctions against its banks, Russia to create own payment system

MOSCOW - Russia's President Vladimir Putin said Thursday that Russia will set up its own payment system to rival Visa and MasterCard after the companies pulled their services from several banks in the wake of the sanctions imposed on the country. Last week, the United States and the European Union imposed travel bans and asset freezes on two dozen Russians who are believed to be Putin's close allies, following the country's annexation of Crimea.

Faced with threat of sanctions against its banks, Russia to create own payment system

MOSCOW - Russia's President Vladimir Putin said Thursday that Russia will set up its own payment system to rival Visa and MasterCard after the companies pulled their services from several banks in the wake of the sanctions imposed on the country. Last week, the United States and the European Union imposed travel bans and asset freezes on two dozen Russians who are believed to be Putin's close allies, following the country's annexation of Crimea.

California DMV probing possible breach of credit card system

LOS ANGELES (Reuters) - The California Department of Motor Vehicles is investigating a possible security breach of its credit card processing services, but its internal computer system does not appear to have been accessed, a spokesman said on Saturday. The disclosure by the Department of Motor Vehicles (DMV) in the nation's most populous state comes at a time of heightened concern about data breaches following revelations of a massive theft of payment card records from Target Corp.

Sanctions-hit SMP says Visa, MasterCard stop providing services

MOSCOW (Reuters) - Visa Inc and MasterCard Inc have stopped, without notification, providing services for payment transactions for clients at Russia's SMP bank, whose main shareholders were hit by U.S. sanctions, the bank said on Friday. Washington imposed additional sanctions on Thursday against 20 Russians for involvement in the Ukraine crisis, including Boris Rotenberg and his older brother Arkady, who received large contracts for the Sochi Winter Olympics. They are co-owners of SMP Bank.
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