U.S. President Joe Biden presented a proposal to significantly reduce the overdraft fees that banks charge consumers, calling these current fees an “exploitation” of the country’s most vulnerable families.

Under the proposed new rules, fees will be reduced by preventing banks from applying hidden fees that inflate the fees consumers have to pay.

Biden noted that for a long time some banks have imposed exorbitant overdraft fees, sometimes as high as $30 or more, especially hitting the most vulnerable Americans as banks increase their profits.

 The president regards this practice as exploitation and seeks to address it with the proposed new regulations.

According to the U.S. Bureau of Consumer Financial Protection (CFPB), overdraft fees could be reduced from the $26 most consumers currently pay to $3.

It is estimated that these measures could save the average American family about $150 a year, which would total about $3.5 billion a year for all consumers in the country.

K. Tovar

Source: Bancaynegocios

(Reference image source: X, @NoaGresiva)

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La entrada Biden proposed that the overdraft fees be reduced. apareció primero en Bitfinance.

In an unexpected twist, Binance Card holders in Latin America were surprised this week with the announcement of the final closure of the cryptocurrency card in collaboration with Mastercard.

Although none of the parties involved has revealed the reasons behind this decision, Binance announced the interruption of the replacement of physical and virtual cards, which will result in the withdrawal of its product from the markets in Argentina, Colombia and Brazil. This measure not only affects Latin America, but also reaches users in Bahrain, in the Middle East region.

Exclusive information from Bloomberg revealed that this move is part of the outcome of the association between Mastercard and Binance for the issuance of cards linked to cryptocurrencies. “The co-branded Mastercard card pilot programs with Binance will be discontinued,” Seth Eisen, the company’s senior vice president of communications, said in a statement to Decrypt.

The expected date for the cessation of operations is September 22, and it is clarified that this will not affect the other cryptographic card programs supported by Mastercard. The cards will cease to be operational as of said date.

Binance is not alone in this scenario, as Visa has also made the decision to distance itself from Binance due to the regulatory issues surrounding the exchange. According to information from Bloomberg, Visa has chosen to stop its association with Binance in the field of cards. Although attempts were made to obtain statements from Visa, the cryptocurrency platform has not received a response.

This news comes at a time of turbulence for Binance, which is under scrutiny from financial regulators around the world. This year, the exchange and its CEO, Changpeng Zhao, have faced two lawsuits filed by US authorities, accusing them of failing to register properly and violating federal securities and derivatives regulations.

The Binance Card program was first launched in 2020 in collaboration with Visa. This card allowed users to transact with cryptocurrencies and earn rewards in the form of cashback. Subsequently, Binance entered into an alliance with Mastercard to launch a similar card program, with the aim of encouraging broader adoption of cryptocurrencies.

K. Tovar

Source: Diariobitcoin

(Reference image source: Kanchanara, Unsplash)

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La entrada Binance begins to move away from card operators apareció primero en Bitfinance.

Bancamiga Móvil begins its journey throughout the country to bank more Venezuelans. From May 18 to Tuesday 23, Bancamiga will be present at the Petare Metro station, in Plaza El Cristo (roundhouse) and in the Giorgio building (Centro Prestigio Giorgio), headquarters of the Sucre mayor’s office, in Boleíta Sur . In his schedule, he is also scheduled to visit El Hatillo starting on May 24, reported a statement from the institution.

At the mobile agency, people will have the opportunity to learn about and purchase the products and services offered by the bank, including opening accounts with minimum requirements, changing cards, the Mastercard International Debit Card, the MasterKids card, and payment POS financing plans, in partnership with Soluciones Integrales Tecnológicas, SITCA.

In these operations, people have the possibility of opening accounts with minimal precautions: copy of the identity card and RIF, add the information.

Bancamiga reaches more corners of Venezuela

The executive president of Bancamiga, Ariel José Martínez, said that with this new initiative to get closer to Venezuelans, Bancamiga Banco Universal will go to any corner of the country.

“Bancamiga Móvil will visit schools and will be at sporting, cultural and musical events. Also in the upcoming openings of our agencies in Barrio Obrero (San Cristóbal), Mérida, Unare (Anzoátegui) and in Mercabar Barquisimeto (Lara)”.

The initiative and innovation that Bancamiga Móvil represents is a response to the needs of Venezuelans and adds 19 MRW non-banking correspondents, two associated ticket offices and one external ticket office to its 37 agencies.

The institution invites you ​​not miss the opportunity to visit the mobile unit and discover the products and services that Bancamiga offers!

With information from Bancamiga

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La entrada Bancamiga Móvil begins its journey banking more Venezuelans apareció primero en Bitfinance.

The Visa payment processor recently announced that it will no longer continue with the agreement it had with the FTX exchange regarding the launch of a physical card with an emphasis on Latin America, due to its current situation.

The collapse of FTX caused the company itself to enter bankruptcy, which generated a wave of inconvenience for the world of cryptocurrencies.

FTX is facing investigations by the Bahamas securities regulator for possible misconduct. In the United States, the main regulatory bodies are also investigating the case that has affected millions of users.

“The situation with FTX is unfortunate and we are closely monitoring developments. We have terminated our global agreements with FTX and their US debit card program is being terminated by their issuer,” a company spokesperson said.

When it was announced in October, it was said that the company planned to make Latin America its first destination in the expansion, with a start-up before the end of 2022. Europe and Asia were also target markets for the exchange, which it hopes to expand steadily. to countries in those regions between this and next year.

K. Tovar

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Source: Diariobitcoin

La entrada Visa will no longer have a card with FTX apareció primero en Bitfinance.

The mobile payment platform of the American company Apple Pay is officially available in Peru and Argentina and will be competing directly with different locally developed virtual wallets such as MercadoLibre’s MercadoPago, Ualá, Modo and different cards that offer cryptocurrency withdrawal services.

On the official page of Apple in Latin America it is indicated that the service will be launched “soon”. However, the financial entities of both countries confirmed its operation, in addition to being added to the list of countries compatible with the Apple application.

They also pointed out that several clients have made reports confirming the registration of their cards. The compatible financial entities in Argentina are Banco de Galicia S.A., Banco Macro S.A., Banco Patagonia S.A., BBVA, Brubank, Industrial & Commercial Bank of China (ICBC). While in Peru, the following stand out: Banco de Credito del Perú (BCP), Banco BBVA Perú, Banco Internacional del Perú – Interbank, Rappi Bank Perú, Scotiabank Perú S.A.A.

Chile on the waiting list for Apple Pay

Last September the Bank of Chile announced the service of the Apple Play platform, but a few days later it revoked the information because the North American company had not yet completed the deployment of the mobile payment platform.

At this time it is not known when this wallet will be launched in Chile, despite the interest that many citizens may express, because only “the BCI has compatibility with Wallet to add the card”, therefore, it is required that the financial entities “Banco de Chile and Banco Itaú update their respective applications or give some sign of compatibility.

M. Rodríguez

Source: pisapapeles.net

La entrada Apple Pay is already available in Peru and Argentina apareció primero en Bitfinance.

American Express announced the suspension of its services in Russia, thus joining the measures already applied by the Visa and MasterCard platforms.

“In light of Russia’s continued and unwarranted attack on the people of Ukraine, American Express is suspending all operations in Russia,” the company said in a statement.

This implies that those cards that were issued outside of Russia cannot be used in that country or to withdraw cash at ATMs or use them in stores. Those that were issued in the country cannot be used outside of it.

The decision by the three platforms comes a week after the United States and the European Union (EU), along with other Western partners, agreed to remove “certain” Russian banks from the international Swift system, accentuating Russia’s disconnection from the system international financial.

The measure had already been accepted and applied by these three platforms, who blocked the Russian financial institutions that were sanctioned.

K. Tovar

Source: Descifrado

La entrada American Express suspends its services in Russia apareció primero en Bitfinance.

The cryptocurrency trading platform, Coinbase, and the financial services multinational, Mastercard, are developing a commercial alliance with the purpose of making it easier for users to purchase non-fungible tokens (NTF) and pay them with cards, once the platform launches its new development called Coinbase NFT.

The information was recently published on the official blog of the Exchange, further stating that with this new association they also intend to classify NFTs as “digital goods”, a move that will allow “a broader group of consumers to buy NFTs.”

Coinbase believes that the alliance will facilitate and improve the experience of its customers and are working on how to extend that possibility to the rest of the ecosystem through the “scale and global network of Mastercard”.

NFT accessible to all

As you may remember, Coinbase announced, last October, that it was developing its own platform for trading NTFs, obtaining more than a million registrations from interested users in the first 48 hours. The company stated that its main goal was to expand the use of cryptocurrencies and make access to NFTs easy.

Currently, people interested in acquiring NFTs must have a cryptocurrency wallet. For crypto users, the process is simple; however, for most people it is not very simple or intuitive, which is why Mastercard representatives consider that “it should be much easier. That will ensure that NFTs can be for everyone.”

The financial services company believes that “buying digital products should be as simple as buying a t-shirt or coffee pods on an e-commerce site. […] As an important step in this mission, we are pleased to announce that we are partnering with Coinbase to enable people to use their Mastercard cards to make purchases in Coinbase’s upcoming NFT marketplace.”

M. Rodríguez

Source: dailybicoin.com

La entrada Alliance between Coinbase and Mastercard will allow to buy NFT apareció primero en Bitfinance.

Through a collaboration between MasterCard and Belo, a prepaid card will be launched which will allow users to have their funds available in cryptocurrencies in physical or virtual stores.

In the same way, the possibility of consuming all the assets they have and dispose of in the order they wish will be offered.

Until now, the startup born in 2021 only allowed depositing and withdrawing Argentine pesos from a bank account, with the possibility of making changes without commissions with bitcoin, ether, or stable currencies linked to the dollar.

Manuel Beaudroit, CEO of Belo commented that he was very excited about the launch of the new card as it was a requirement that his community had been requesting of them.

“After working for several years in the industry, we realized that the problem of the massification of crypto was being addressed in the wrong way, wanting to push users to experiences that are not human, that are not natural”, said the executive.

K. Tovar

Source: Cointelegraph

La entrada Belo and MasterCard launch cryptocurrency card apareció primero en Bitfinance.