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Mastercard Brings Hammer Down on Pot Purchases

Company says it's banning cannabis transactions on its debit cards, as cannabis isn't legal federally

(Newser) - Looking to pick up some pot at the dispensary? Don't pull out your Mastercard. On Wednesday, the payment processing company announced it had informed financial institutions that it would not be allowing marijuana purchases on its debit cards, in what Reuters describes as "a blow to an industry...

McDonald's Is Closing Its 850 Restaurants in Russia

After calls for a boycott, company decides to pause operations

(Newser) - Update: McDonald's, facing pressure including calls on social media for a boycott, says it is temporarily shutting down its operations in Russia. The company "has decided to temporarily close all our restaurants in Russia and pause all operations in the market," CEO Chris Kempczinski said in a...

Mastercard Users, Say Goodbye to the Magnetic Stripe

Card issuer is doing away with them entirely by 2033

(Newser) - The magnetic strip will soon be a thing of the past for Mastercard users. The card company plans to do away with the strips on all of the credit and debit cards it issues by 2029, and the cards will have been completely phased out by 2033. New cards will...

Credit Card Company, Canada Respond to Pornhub Claims

The move comes after a scathing 'New York Times' column

(Newser) - Looks like Mastercard isn't just letting the Pornhub allegations slide. Days after New York Times columnist Nicholas Kristof leveled accusations against the adult website—citing its alleged revenge pornography, child abuse, and footage of women being asphyxiated—Mastercard says it is investigating, Reuters reports. "If the claims are...

The Apple Card Is Here
The Apple Card Is Here

The Apple Card Is Here

Apple's credit card debuts

(Newser) - Hundreds of thousands of people signed up to be the first to hear when Apple would release its first credit card. Five months later that card is out, but it's not yet available to all. A limited number of those people were randomly selected by the company to get...

Mastercard Drops Its Name From Its Logo

New logo will feature just those two interlocking circles

(Newser) - What's in a name? For Mastercard, not enough to keep it in the logo. The company is removing the word Mastercard from the pair of interlocking red and yellow circles where it has resided for more than 50 years, the AP reports. Mastercard Inc. joins a small stable of...

The 5 Most Frivolous Lawsuits of 2016

You better believe 'monkey selfie' made the list

(Newser) - These are the five silliest and most frivolous lawsuits of 2016, and if you disagree, you can sue. The Institute for Legal Reform picked its annual 10 most ridiculous lawsuits by having 5,000 people rank the most popular stories on Faces of Lawsuit Abuse . Here are the top five:

MasterCard Sued for $18.6B on Behalf of 46M People

The lawsuit alleges it charged excessive fees

(Newser) - Approximately 46 million people in Britain could one day be $400 richer thanks to a massive $18.6 billion lawsuit filed Thursday against MasterCard, CNN reports. It's one of Britain's first class action lawsuits. Walter Merricks, the former head of Britain's Financial Ombudsman Service who filed the...

For MasterCard Users, Selfies Are the New Passwords

'Consumers hate passwords'

(Newser) - We're all taking selfies all the time anyway, so we might as well put them to good use. The Verge reports MasterCard is rolling out "selfie pay" in 14 countries. If additional authentication is needed after online shoppers enter their credit card info, MasterCard users will be able...

New iPhone May Be an E-Wallet
 New iPhone 
 May Be an E-Wallet

New iPhone May Be an E-Wallet

Apple reportedly teaming up with credit card companies for iPhone 6

(Newser) - For detractors who complain that their iPhones just don't do enough, Apple may be upping the ante. Rumors are swirling that when the iPhone 6 is unveiled on Sept. 9 , it's not only going to play music, surf the Internet, and make phone calls—it will also function...

Things You Can't Buy With a Credit Card (Like Pot)

MarketWatch rounds up 10 examples where plastic is forbidden

(Newser) - Don't give up on cash just yet: There are plenty of items that remain difficult or impossible to get with your credit card, MarketWatch reports. Ten reasons you may want to keep going to the ATM:
  • Neither Visa, MasterCard, nor American Express will let you buy marijuana with plastic,

WikiLeaks: We Need a Million Bucks, Stat

They blame Visa/Mastercard for financial woes

(Newser) - WikiLeaks needs "a minimum" of a million euros ASAP in order to "effectively continue its mission," it announced in a news release today. The anti-secrecy organization has seen its cash reserves plummet from around $983,600 in December 2010 to less than $120,000 at the end...

It Might Cost a Little More to Use Your Credit Card
It Might Cost a Little More
to Use Your Credit Card
$6B settlement

It Might Cost a Little More to Use Your Credit Card

Merchants win right to add surcharge in huge case

(Newser) - Retailers scored a big win versus credit card companies yesterday, settling a seven-year-long lawsuit for $6 billion, plus fees relief that could reach $1.2 billion, reports the Wall Street Journal . Visa, MasterCard, and several large banks agreed to the deal, which will give merchants the option of charging customers...

Visa Dumps Processor After 1.5M Numbers Breached

Customer names, Social Security numbers reportedly safe

(Newser) - Visa has made credit card processor Global Payments persona non grata after some 1.5 million numbers were breached in a massive hack announced Friday , and the New York Times notes that the figure could be as high as 3 million. Global Payments has been removed from Visa's list...

'Massive' Data Breach May Have Hit MasterCard, Visa

10M cards may be affected

(Newser) - MasterCard is investigating a feared security breach linked to a credit-card processor in the US, it says; Visa has reportedly launched a similar investigation. While the companies are mum about the extent of the problem, financial insiders tell Krebs on Security it's "massive," potentially involving 10 million...

To Get New Credit Card: Pay Off Expired Debt?

Feds have fined debt collector for deceptive practices

(Newser) - Americans burdened with old debt and low credit ratings are getting an unlikely offer in the mail: a new credit card. But the fine print explains that accepting the card means reviving debts that had expired by law, the Wall Street Journal reports. For one New York deli owner, the...

Mastercard, Visa to Use Purchases in Ad Targeting?

Companies also hope to mine your DNA

(Newser) - What you buy in the real world could eventually determine the ads you see online. Visa and MasterCard are studying ways of tracking consumer purchases in order to target online advertising—a plan that could take a heavy toll on online anonymity, the Wall Street Journal reports. One example offered...

Julian Assange Says WikiLeaks to Stop Leaking Secrets Thanks to Credit Card Fight
 WikiLeaks to Stop Leaking 

WikiLeaks to Stop Leaking

Because it's strapped for cash, Julian Assange says

(Newser) - WikiLeaks won’t be releasing any more secrets in the near future, Julian Assange announced today; the credit card companies have brought it down. In a statement, WikiLeaks said it was making the move in response to the “blockade” against donations established by banks and credit card companies . “...

WikiLeaks Spoofs MasterCard
 WikiLeaks Spoofs MasterCard 

WikiLeaks Spoofs MasterCard

Assange and Co. rail against banking blockade

(Newser) - WikiLeaks is fighting back against MasterCard and the banks that have cut it off with an Internet ad spoofing those ubiquitous MasterCard “priceless” ads. (Side note: Those pretty much have to be the most parodied ads of all time at this point, right?) The ad outlines all the costs...

Hackers Shut Down MasterCard Site—Again

'Anonymous' team protests moves against WikiLeaks

(Newser) - LulzSec may have disbanded, but hackers are still angry over WikiLeaks’ banking troubles. They’ve once again taken down the website of MasterCard—one of several financial firms that have “blockaded” Julian Assange’s group. Tweeted one hacker: “ DOWN!!!, thats what you get when you mess...

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