India's payment gateway RuPay is eating into the market share of Visa and MasterCard partly as result of the Indian government's financial inclusion scheme Jan Dhan Yojana, according to the Hindustan Times. Around 190 million, or one in three of the debit cards in use in India, are now RuPay cards.
The financial inclusion scheme was launched in August 2014 and more than 175 million accounts, which come with a RuPay debit card, have been opened so far.
UnionPay spreads to Thailand
Meanwhile, Chinese payment card network UnionPay International has signed an agreement with the Thai Bankers Association for UnionPay to become the standard chip card for local banks in the Thai banking industry. The agreement sees Thailand becoming the first country outside China to adopt UnionPay as its standard chip card.
Chinese slowdown sees Asian lenders' loan books rapidly deteriorate
India's Economic Times reports that lenders across Asia are seeing their loan books deteriorate rapidly as China's slowing economy dampens trade and hits companies with significant bank loans.
All but six of 23 major non-Chinese lenders in the region reported an increase in bad loans in the first half of 2015, in a strong indication of how China's slowdown is hitting banks' balance sheets, according to SNL Financial data compiled for Reuters.
Wells Fargo building car loan branches to boost less risky lending
In the US, Wells Fargo is building more branches devoted exclusively to car loans and financing for car dealers in an attempt to increase its vehicle lending business without bad credit risk, the bank's head of car lending told Reuters.
As previously reported by Lafferty News, the vehicle lending business in the US is heating up to such an extent that there is a genuine risk of a subprime bubble. Data from the New York Federal Reserve shows that American consumers have $1 trillion of automobile loans outstanding, up from about $700 billion in the first quarter of 2010.
Target pays out to Visa and issuers
Also in the US, giant retailer Target has arrived at a settlement with Visa over the massive 2013 data breach that compromised the private data of millions of shoppers. The retailer will pay up to $67 million to Visa and its card issuers, according to the LA Times.
And Promontory Financial Group, the bank consultancy firm, has agreed to pay $15 million and abstain from certain consulting work for six months in a settlement with New York's banking regulator after it had been accused of softening a report it carried out for Standard Chartered on the bank's role in moving money from companies that faced US sanctions. Promontory made no admission of wrongdoing.
Nationwide says bank surcharge will cost it £300 million
In the UK, the chief executive of the Nationwide Building Society, Graham Beale, has said Chancellor George Osborne's decision to impose a tax surcharge on banks will cost Nationwide £300 million over the next five years. "That is the equivalent of the capital to support an extra £10 billion of lending," he said.
Meanwhile, analysts at the Bank of England are of the opinion that Twitter could help predict a bank run, early signs of unemployment data and market movements, City AM and a number of other outlets reported this morning.
Last month, the European Central Bank said that Twitter could be used to tell the direction in which stock markets were moving.
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