Visa news and archive

Visa names Genaro Rivas UK’s rising star in circular fashion

Payment technology business Visa has named London-based Peruvian designer Genaro Rivas as the overall winner of its ‘Recycle the Runway’ competition, part of its Young Creators series spotlighting emerging circular fashion talent in the UK. Rivas was chosen by a judging panel, including experts from the London College of Fashion, UAL, British...

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Business

Cos partners with Visa and United Repair Centre on circular initiative

Fashion retailer Cos has become one of the first partners of Visa’s new Recommerce Behavioural Insights Lab, an initiative running experiments to understand how consumers can be helped in engaging with a more circular economy. The financial services firm hopes to partner with leading brands on the cause in order to aid in bridging the gap...

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Business

American Express, Visa and Mastercard suspend operations in Russia

Visa, Mastercard and American Express have all suspended operations in Russia following the country’s invasion of Ukraine. In a statement, Stephen J. Squeri, chairman and chief executive at American Express, said: “In light of Russia’s ongoing, unjustified attack on the people of Ukraine, we are suspending all operations in Russia. “As a result,...

Retail

Amazon will not ban Visa from its UK payment options

Fashion brands and retailers selling on Amazon will be pleased the online giant has scrapped plans to ban Visa cards from its UK payment options. In an ongoing dispute between the credit card company and retailer, Visa was to be frozen out until an agreement was reached. “The expected change regarding the use of Visa credit cards on Amazon.co.uk...

Retail

UK consumer spending sees first rise in clothing and footwear in two years

Consumer spending on clothing and footwear rose in 3.6 percent in July, the first increase in three years, according to Visa and HIS Markit’s monthly consumer spending index. Household expenditure rose +2.4 percent on the year in July, after -6.5 percent decline in June. E-commerce spending soared at record pace, up 16.2 percent as consumers...

Retail

Visa and Mastercard face paying back billions to retailers for unfair competition

When it comes to how much a retailer must pay a credit card company per transaction is complicated. The card issuer, credit card company and processor all benefit from a per transaction fee and retailers pay different rates based on how the card is processed. However complicated the process is, the UK Supreme Court, Britain’s highest court, has...

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Retail

Visa & Mastercard to cut fees on payments made with foreign credit cards in Europe

The European Commission has accepted an offer by Visa and Mastercard to significantly reduce the fee European retailers need to pay to the cardholder’s bank when a tourist or online shopper makes a payment using a credit card issued outside the bloc. Known as Inter-regional interchange fees or inter-regional MIFs, these fees will now be reduced...

Featured

Retail

UK consumer spending falls at fastest rate in eight months

Consumer spending dropped by 1 percent in December 2018, with the run-up to Christmas hitting the sector particularly hard, new data shows. Visa’s UK Consumer Spending Index, compiled by IHS Markit, revealed that overall expenditure continued to decline at the end of last year - with December’s -1.0 percent year-on-year reduction the fastest...