- About Us
- Contact Us
The Financial Times recently reported the dispute in the courts between the UK supermarket chain Sainsbury’s and MasterCard. The Competition and Appeal Tribunal concluded that MasterCard had broken EU and UK competition laws on interchange fees, and MasterCard will have to pay the grocery chain £ 68.5 million in damages.
Sainsbury’s argued that MasterCard’s default interchange fees, charged on a per transaction basis – were anti-competitive and excessive and, according to the ruling, the card fees had harmful effects for Sainsbury’s business. As the supermarket chain is required to accept cards from all issuers, it’s impossible not to deal with card companies such as MasterCard, which currently has 2.3 billion cardholders worldwide.
The decision against MasterCard paves the way for a series of court cases from other retailers who have also been affected by interchange fees. It may lead to card companies being forced to change their policies about this issue. There will undoubtedly need to be a strengthening of the regulatory environment and a far greater transparency of charging structures.
Alternative payment technologies
Moreover, this “economic empire” of business card providers could trigger an increased demand for alternative payment technologies and MasterCard’s lawsuit loss could spur us to move towards a cashless/chequeless and even a cardless society that solely uses mobile devices for financial transactions.
Credit and debit cards have reigned over virtual payments, and with the launch of mobile payment methods such as Apple Pay, Samsung Pay, and Android Pay, along with apps, a range of options where cash and cards are becoming unnecessary has been created. All of these changes are not something about to happen, they are already happening.
So, are you prepared for the way we will make payments in the future?
Earlier this month, the Senate voted in Donald Trump’s controversial $1.4 trillion tax reform bill by the narrow margin of
To say that there’s been a backlash against globalisation in recent years would be an understatement. From demonstrations in France
“May you live in interesting times” goes the Chinese expression. In fact, it’s actually more of a subtle barb to
Earlier this month, the Slovenian Prime Minister, Miro Cerar, stated that he “want[s] to position Slovenia as the most recognised
In the UK, they’re known as Generation Y, in Germany Generation Maybe, and China has labelled them as the generation
Rodney Sutton, head of manufacturing at Kreston Reeves, recently shared his thoughts on the UK manufacturing industry following the referendum
The adoption of international accounting standards has brought many benefits to the private and public sectors. This being said, there
Remote working is becoming a way of life for many professionals and the ability to work in a variety of
A common global language for business affairs, IFRS Standards are required by more than 120 jurisdictions in the world. Recently,
Automated technologies and artificial intelligence in our society will challenge many professions in the future. Some of them may be
Crowdfunding is still relatively new but should still be considered as a viable source of equity. Nowadays, it is providing
A legal amendment to the Finance Bill recently accepted by the UK government may pave the way for big changes
In the business world, there are bumps on the road and financial setbacks. In this situation, it is easy to
Day by day, technology is becoming an essential part of our lives, as the way we manage our financial life,
A new generation is coming to challenge the market. The Millennials make up a quarter of the US population and
Managing change is one of the biggest challenges for businesses as it requires a huge effort from managers and organisations
Sustainability reports are released by companies and organisations of all types, sizes, and sectors, from all over the world. A
Accounting is an indispensable tool for entrepreneurs to manage their business. The data provided by competent
Thinking about the risks involved in business has become an essential part of an enterprise’s strategy. Risk management enables organisations
When a business does not achieve its expected results, it may be time to think about implementing change. In these
The Financial Times recently reported the dispute in the courts between the UK supermarket chain Sainsbury’s and MasterCard. The Competition
For many, the accounting profession may not seem the most attractive in the world. But with technology and innovation at our hands, this is about to change.
By following these five steps, communication has everything it needs to flow better, regardless of where your business is located and where the people you
The need to go global is something that has emerged over the past decade and promises to challenge business for the next coming years.
Recently a considerable change in the SME market was announced through business news on the internet. The Big Four have
There are five topics that we must remember when dealing with working personal relationships in international business…
Slowly, one of the last socialist countries in the world is preparing to make changes to its economy, but how will this be done?
Developing countries attract the attention of investors by offering good opportunities and new markets, making them attractive for anyone thinking of expanding their
Through a mobile app, a small business can promote its brand, products, and services, expand its sales channels, interact with the target audience and get
Last month, experts at the Milken Institute Global Conference in Los Angeles looked at certain megatrends and predicted several economic scenarios for 2040 to
Your browser (Internet Explorer) is out of date.
It is no longer supported by Microsoft and therefore may not display all features of this and other websites. Learn how to update your browser here