Latest news with #Visa
an hour ago
- Business
JFTC OKs Visa Worldwide's Biz Improvement Plan
Tokyo, July 23 (Jiji Press)--The Japan Fair Trade Commission has approved a business improvement plan submitted by Visa Worldwide Pte Ltd., which undertakes Visa card operations in Japan and other parts of the Asia-Pacific region. Through its investigation into a suspected violation of the antimonopoly law by Visa Worldwide, the JFTC concluded that swiftly executing proposed measures by the Singapore-based firm would restore the competitive environment under the so-called commitment procedures, the Japanese antimonopoly watchdog said in a press release Tuesday. In credit card transactions, sales data are transmitted from acquirers, or companies that enables retailers to accept payments by card, to card issuers through settlement service networks. An acquirer should pay a certain rate of fees to an issuer unless they are the same. The JFTC conducted an on-site inspection of Visa Worldwide's Japanese operation in July last year and has since found that the credit card operator notified acquirers in February 2018 of a plan to apply preferential rates to such fees only when they exclusively use the Visa Worldwide network and implemented the plan in November 2021. Some acquirers have actually come to take the advantage, according to people familiar with the matter. The commission, which took an administrative step against an international credit card brand for the first time ever, believes that Visa Worldwide's practice amounts to a transaction with a restraint condition prohibited by the law. However, it decided to refrain from imposing a severer sanction on the firm. [Copyright The Jiji Press, Ltd.]
Asahi Shimbun
an hour ago
- Business
- Asahi Shimbun
FTC acts on Visa over suspected fee abuse to sway credit card firms
The Japan Fair Trade Commission in Tokyo's Chiyoda Ward has issued its first administrative action involving the credit card industry following a probe of Visa Worldwide Pte Ltd.'s Japanese subsidiary in July 2024. (Asahi Shimbun file photo) The Fair Trade Commission has obliged a Visa group company to adhere to its corrective action plan over suspicions that it effectively forced credit card companies to use the group's credit authorization system. Visa Worldwide Pte Ltd.'s Singapore headquarters submitted its voluntary plan following the FTC's investigation in accordance with the 'commitment procedure' based on the Anti-Monopoly Law, commission officials announced July 22. It was the FTC's first administrative action against the credit card industry. The commission approved the company's plan. Visa Worldwide will be required to report to the FTC on how the plan is implemented for five years. Visa is the largest international credit card network. Visa Worldwide, based in Singapore, operates the group's business in Asia, including Japan. Visa, which does not issue credit cards on its own, provides systems necessary for credit card transactions. It receives license fees from credit card companies that issue cards to consumers as well as from those that process payments made to retailers, restaurants and other businesses. The FTC investigation focused on Visa Worldwide's actions regarding the group's credit authorization system. When consumers pay with their credit card, credit card companies that manage affiliated outlets use this system for a fee to check the spending limit or possible fraudulent use with cardholders' credit card companies. According to the FTC, when Visa Worldwide changed its terms in November 2021 it rendered credit card companies that manage affiliated outlets ineligible for a discount in a type of commission charged for payments in certain industries unless they use Visa's credit authorization system. After the company announced the change in February 2018, the FTC said almost all credit card companies that had used a rival credit authorization system switched to Visa's system. The watchdog also shared that Visa received about 10 billion yen ($68 million) annually in fees charged to these companies for using its credit authorization system. The FTC conducted an onsite investigation of Visa's Japanese subsidiary last July on suspicion that the updated terms restricted free transactions of credit card companies and excluded companies that provide a rival credit authorization system. It concluded that Visa Worldwide's action constituted a suspected violation of the Anti-Monopoly Law that prohibits unfair trade practices such as 'trading on restrictive terms.' According to the Japan Consumer Credit Association, the country made about 116 trillion yen in payments via credit cards in 2024. A survey by the private research company Ipsos found that the Visa brand accounted for about 50 percent of that amount.
Zawya
2 hours ago
- Business
- Zawya
Central Hotels & Resorts sees 25% spike in leisure stays as Dubai staycations boom
Dubai, UAE: As Dubai cements its position as a year-round destination not just for international tourists but also for domestic explorers, Central Hotels & Resorts, one of the fastest-growing hospitality management companies in the UAE, is reaping the benefits of a new hospitality landscape defined by leisure, locality, and lifestyle. The homegrown hotel group has recorded a 25 per cent increase in bookings from UAE residents in recent months, driven by the rise of staycations and summer getaways among families, couples, and millennial groups opting for curated experiences closer to home. This growth mirrors wider trends in the UAE travel industry. According to Visa's 2025 UAE Travel Pulse, domestic travel spending rose by 68 per cent year-on-year, with Dubai accounting for nearly 70 per cent of all in-country bookings and travel spend. Similarly, STR's latest report confirms that Dubai welcomed 18.7 million overnight visitors in 2024, achieving an average occupancy rate of 78.2 per cent and a RevPAR of AED 421—impressive figures that reflect the city's strategic positioning as a leisure powerhouse. For Central Hotels & Resorts, this shift is more than just a seasonal trend. It represents a fundamental evolution in guest expectations and travel behaviour. 'Dubai's residents are falling in love with their own city all over again,' said Abdulla Ahmad Ali Al Abdulla Al Ansari, Chief Operating Officer and Group General Manager of Central Hotels & Resorts. 'We are seeing a strong and sustained increase in domestic leisure travel, particularly from Emirati families and long-time residents who are discovering the charm of a short escape without the stress of airports or long-haul planning. In fact, family travel now contributes to nearly 30 per cent of our domestic revenue, and demand for interconnecting rooms and suites has risen by more than 40 per cent this summer compared to the same period last year.' 'This shift has led us to refine our offering with an even greater focus on convenience, connectivity, and comfort. Our city and beachfront properties, such as Royal Central Hotel The Palm, Canal Central Hotel Business Bay, and C Central Resort The Palm, are ideal for guests seeking immersive experiences, whether it's lounging poolside with the kids, enjoying curated dining menus with regional flair, or simply waking up to uninterrupted views of the Arabian Gulf or Dubai Canal. We've introduced 'Kids Go Free' promotions, enhanced family packages, and added thoughtful touches like flexible check-in/out timings and upgraded leisure facilities that turn a weekend into a real holiday,' added Al Ansari. Located in some of Dubai's most sought-after neighbourhoods, Central Hotels & Resorts benefits from strategic locations that offer guests both the escape of a resort and the connectivity of a city stay. Whether it's a last-minute summer weekend or a curated staycation around long weekends and school holidays, the group is positioning itself as the go-to choice for discerning domestic travellers who value both service and setting. This domestic shift has also helped balance seasonality. With international travel often peaking in the winter months, Central's summer performance is increasingly buoyed by UAE residents seeking familiar luxury in a fresh way. 'We expect domestic leisure travel to account for 35 per cent of our total occupancy this summer, up from 28 per cent last year, helping us maintain strong performance even during what was once considered the low season,' said Al Ansari. As Dubai continues to lead the region's tourism recovery with bold initiatives and new attractions, Central Hotels & Resorts is doubling down on its promise to offer personalised, value-driven hospitality for every type of traveller, and particularly for the growing number of UAE residents who no longer need to leave the country to feel like they're on holiday. -Ends- About Central Hotels & Resorts: Launched in 2015, Central Hotels and Resorts – headquartered in Dubai, one of the fastest-growing Hospitality Management companies in the UAE was established to cater, to both leisure and business travellers looking to experience the best of Arabian hospitality in the heart of the city. With the competitive industry comes our continuous expansions, focused on making our service, facilities, and standards distinctive in the Gulf Region. Product diversification and innovation, sound fundamental values, commitment to excellence, quality service and expansion in key destinations are the hallmarks behind Central Hotels' amazing growth. Spread across the Middle East, the group is now poised to conquer other markets. Created and based in Dubai, Central Hotels offers a full spectrum of choice in terms of hotel categories, a comprehensive selection of accommodations, and services to suit all budgets and clientele. For more information, visit
Time of India
2 hours ago
- General
- Time of India
SSC CHSL exam 2025 correction window date postponed: Check details here
The Staff Selection Commission (SSC) has officially postponed the opening of the correction window for the Combined Higher Secondary (10+2) Level examination. Initially scheduled to begin on July 23, the correction facility will now be made active from July 25 to 26, 2025. Tired of too many ads? go ad free now Candidates can check the official notice as issued on the website, . According to the revised notification, candidates will be permitted to edit and re-submit their application forms twice during this correction window. However, a uniform correction fee structure has been introduced: ₹200 will be charged for the first correction and re-submission ₹500 will be charged for the second correction and re-submission The correction charges are applicable to all candidates, regardless of their category or gender. These fees must be paid online via BHIM UPI, Net Banking, or Debit Cards (Visa, Mastercard, Maestro, RuPay). SSC CHSL exam 2025 : Steps to make corrections Candidates can follow the steps mentioned here to make corrections in the SSC CHSL exam form 2025: Visit the official SSC website at Log in using your credentials via the login link. Access your application form. Review the submitted information and make necessary corrections. Pay the applicable correction fee through the available online payment options. Submit the corrected form and download the confirmation page. Retain a printout for future reference. SSC CHSL exam 2025: What this means for students With lakhs of aspirants appearing for SSC CHSL each year, the correction window serves as a crucial opportunity to fix inadvertent mistakes, ranging from typographical errors to incorrect category declarations, which could otherwise lead to rejection or disqualification at a later stage. Candidates are strongly advised to review their entries meticulously before submitting the final corrected version. Candidates can click on the link provided to download the official notice regarding postponement of SSC CHSL application edit window. For the latest updates and official notices, applicants are encouraged to regularly visit the SSC website.
Mint
4 hours ago
- Business
- Mint
Forex markup on credit cards: What it means and how to avoid it
If you travel abroad often or shop internationally, you've likely noticed charges on your credit card statements after purchasing overseas. These extra charges are forex markup fees, and they are not errors. If you know about these charges, and how they affect your international spending, you can make better choices while abroad. Forex markup fees, also called foreign transaction fees, are a percentage based fee charged on every purchase made in a foreign currency or through an international bank. A forex markup fee covers the costs charged by banks and card networks (Visa/Mastercard) when changing currencies from other foreign units into your home currency. Bank fee: It usually ranges from 2% to 3.5% in value of transaction. It usually ranges from 2% to 3.5% in value of transaction. Network costs: Often built into the exchange rate, but Visa and Mastercard typically add a 1% conversion fee. Often built into the exchange rate, but Visa and Mastercard typically add a 1% conversion fee. GST: 18% goods and services tax on all fees. From time to time, Dynamic Currency Conversion (or DCC) might offer you the choice to pay in your resident home currency. This option seems convenient when converting to your local currency at the terminal point of sale however, in general: There is typically a DCC markup of 1-3 percent on top of the bank/network fees. DCC is always more expensive because the issuer banks typically have a favourable exchange rate. Tip: In order to avoid avoidable markup, always decline DCC and pay in local currency. This surcharge will quietly inflate your bill. Your total could increase (even by a little) if you choose a local currency option, even if offered by the merchant. It is up to you as the cardholder to make an effort to check the statement, and assess all the costs. Credit cards Joining fees Federal Bank Scapia Credit Card ₹ 0 Ixigo AU Credit Card ₹ 0 RBL Bank World Safari Credit Card ₹ 3000 IDFC FIRST Mayura Credit Card ₹ 5999 Axis Bank Burgundy Private Credit Card ₹ 50000 AU Zenith+ Credit Card ₹ 4999 YES Bank Marquee Credit Card ₹ 9999 (Source: PaisaBazaar) (Note: Please visit the bank's official website to learn more about the fees & charges of the credit card of your choice) Choose cards with zero forex: Certain premium programs offer 0% forex markup on flat fees saving you as much as 3.5% on each purchase. Avoid DCC opportunities: Allow your own supplier to take care of the conversion and do your payment in the local currency. Check any fees that may apply: Check the fees on your bill against the credit card's terms. Look at the prepaid forex cards for cash: While there may be fees for ATM withdrawals, they also "lock" currency rates. Although there is a markup applied, credit cards are still handy when: Emergencies: They are convenient and do not require cash. They are convenient and do not require cash. Online reservations: There are certain websites that will only accept credit cards; not forex debit/ prepaid cards. There are certain websites that will only accept credit cards; not forex debit/ prepaid cards. Rewards & perks: Leverage additional benefits such as rewards points redemption, travel insurance, lounge access. In conclusion, although forex markup costs seem negligible per transaction, they do add up quickly, especially when traveling or shopping online where USD subscriptions are available. You can also select a minimal markup card, decline DCC, and use prepaid FX cards when necessary if you know your total costs. For all personal finance updates, visit here. Disclaimer: Mint has a tie-up with fin-techs for providing credit, you will need to share your information if you apply. These tie-ups do not influence our editorial content. This article only intends to educate and spread awareness about credit needs like loans, credit cards and credit score. Mint does not promote or encourage taking credit as it comes with a set of risks such as high interest rates, hidden charges, etc. We advise investors to discuss with certified experts before taking any credit.
