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Morning Briefing

Morning Briefing

New York's subway system will accept payments by NFC-enabled devices or contactless cards by 2018 as part of a proposal to redevelop 30 stations put forward by governor Andrew Cuomo.

"The governor's proposal accelerates the process of bringing mobile payment methods to subways and buses, allowing riders to pay their fares by waving a cellphone, a bank card or another payment device over contactless readers," the Metropolitan Transportation Authority said.

In India, public sector lender Corporation Bank has said that it will acquire a 1.06 per cent stake in the National Payments Corporation of India (NPCI), the government body that runs RuPay, the domestic cards scheme. The deal values the payments system at $70 million.

Italian banks Banco Popolare and Banca Popolare di Milano are reported to be in advanced talks about a merger, as the country's banking sector continues to struggle with non-performing loans.

Also in the news...

Provident Financial grows number of credit card customers by 10%

Japan's Mitsubishi UFJ invests $744 million in Philippine bank
BoE in move to stop bankers wiping slate clean when changing banks

America is way behind the rest of the world in credit card security

India: E-payments surpass paper clearances

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