Visa can fine banks $25,000 for surcharge of Wildberries

The violation is requested to be investigated and findings are to be reported by August 31 of this year

MOSCOW, August 20. /TASS/. Visa warned acquiring banks working with the Russian online retailer Wildberries about the $25,000 fine in case of charging an extra fee when making purchases using Visa cards, the international payment system said in its letter available with TASS.

“We have received a complaint stating that Wildberries is adding a surcharge to the transaction if a Visa card is used to pay the merchant. As you know, if your merchant is adding a surcharge for using a Visa card this is a compliance violation of the Surcharges requirements under Visa Core Rules and Visa Product and Service Rules, Surcharges,” Visa said.

The violation is requested to be investigated and findings are to be reported by August 31 of this year.

“Visa will apply the Non-Compliance Assessment (“NCA”) of USD 25,000″ if the non-compliant practice is not cured by August 31, 2021. The assessment will “escalate monthly, until this matter is resolved,” the international payment system said.

Mastercard is in “working dialog” with partner banks concerning the situation with Wildberries as regards goods prices, the company’s press service told TASS.

“We are in the normal working dialog with partners, act in line with our rules and procedures and do not comment on details of relations with clients,” Mastercard said in a comment.

Foreign payment systems are applying pressure on Russian banks over previously introduced discounts for using domestic payment systems, Russian online retailer Wildberries said earlier on Friday. Since August 16, Wildberries reduced its prices in line with the cost of sale relating to the payment system tariffs that were already bundled into the overall price, and suggested that buyers can select the payment system more convenient and beneficial for them. Discounts are offered when paying by Mir cards, through the Faster Payment System and SberPay.

News Related

OTHER NEWS

Need for increase in mineral exploration activities in eastern states, says Centre

The Centre has urged Odisha and its neighbouring states to explore untapped mineral resources in order to cater to rising demand and reduce import bills. The mines departments and state ... Read more »

Mumbai Flyover Collapse: 14 workers injured after girder of under-construction flyover collapses in Mumbai's BKC

At least 14 workers were injured after a girder of an under-construction flyover at MTNL junction in suburban Bandra Kurla Complex (BKC) here collapsed early on Friday, civic officials said. ... Read more »

Dismal summer for retail as sales fall for fourth month in a row

Retail sales fell unexpectedly last month partly thanks to shoppers spending more money eating out than in supermarkets, official figures show. The 0.9% decline in sales volumes in August followed ... Read more »

Coronavirus Update: India adds 34,403 COVID-19 cases; recovery rate at 97.65%

Representative Image India saw a single-day rise of 34,403 new COVID-19 infections while the active cases have further declined to 3,39,056, according to Union health ministry data updated on Friday. ... Read more »

Ola says it sold Rs 1,100 crore of electric scooters in two-day sale

Ather, Ola and now Simple One are pushing the envelope when it comes to revolutionary innovation Ola Electric, a unit of the ride-hailing start-up Ola, sold scooters worth over Rs.1,100 ... Read more »

World's first NFT film ‘Zero Contact' digital copies to be auctioned off

Photo by: Vuele Digital/YouTube NFT is all the rage right now and various items are being created to be sold as non-fungible tokens. These units of data stored on a ... Read more »

US medical experts to vote on Pfizer COVID-19 boosters

The decision on whether to authorize a vaccine for younger children is eagerly anticipated by millions of Americans, particularly parents whose children started school in recent weeks amid a wave ... Read more »

Five things to watch out for in the GST Council Meeting today

The GST Council‘s 45th meeting is slated to take place later in the day in Lucknow. This council meeting is the first in-person meeting since the COVID-19 pandemic broke out in the ... Read more »

Indian rupee inches 6 paise higher to 73.46 against US dollar in early trade

The Indian rupee inched higher by 6 paise to 73.46 against the US dollar in opening trade on Friday, tracking a firm trend in domestic equities. Forex traders said the ... Read more »

These banks and housing finance companies offer the cheapest home loans

India’s largest bank SBI, too, has announced a festival bonanza for new as well as balance transfer borrowers.  Borrowers with high credit scores will now get an interest rate of ... Read more »

Swiggy, Zomato may take a hit if GST council approves proposal to levy tax on deliveries

Representative Image At its upcoming meeting on September 17, the GST Council is expected to discuss a proposal to treat online food delivery platforms such as Swiggy and Zomato as aggregators and ... Read more »

'Happy' SpaceX tourist crew spend first day whizzing around Earth

A SpaceX rocket ship blasted off from Florida on Wednesday carrying a billionaire e-commerce executive and three less-wealthy private citizens he chose to join him in the first all-civilian crew ... Read more »

How to leverage your property to raise a loan at low rates

Lenders usually do not place any restrictions on the end usage of a loan against property (LAP), except for speculative purposes. This allows you to leverage your property and raise bigger loan amounts ... Read more »

Gold Price Today: Strong dollar, gains in equities weigh on gold prices; see what experts say

Gold traded lacklustre while silver was up with mild gains in early trade in the domestic futures trade on September 17 in light of weak global cues. In the previous ... Read more »

International exodus casts shadow as virus-hit IPL resumes in UAE

IPL Auction 2021: Image courtesy: BCCI, IPL Indian Premier League hostilities will resume on Sunday within the United Arab Emirates in entrance of spectators, however with no host of prime ... Read more »

IMF chief Kristalina Georgieva denies altering World Bank report to appease China

IMF chief Kristalina Georgieva disputed an independent investigation which found that in her previous job at the World Bank, she pressed staff to alter a report to avoid angering China. ... Read more »

Transport Ministry in talks with one foreign firm for Delhi-Jaipur electric highway: Nitin Gadkari

Nitin Gadkari declines all allegations of Scania gifting him a bus. Union Road Transport and Highways Minister Nitin Gadkari has said that his ministry is in talks with a foreign ... Read more »

Banking stocks push the market higher as Govt approves guarantee of Rs 30,600 crore for Bad Bank

The Indian stock market – the Nifty and Sensex – have hit fresh record high this Friday morning largely led by banking stocks. Bank Nifty in the morning session added ... Read more »

Explained: All about what the new title insurance covers

Soon, you will be able to buy a title insurance policy from a general insurance company to protect yourself against faulty titles against your house. For instance, if legal disputes ... Read more »

CK Hutchison to merge Indonesian wireless business with Ooredoo's PT Indosat in US$6.1 billion deal

CK Hutchison, a conglomerate controlled by Hong Kong’s richest man Li Ka-shing, has agreed to merge its Indonesian wireless telecommunications business with the local operations of Qatar’s Ooredoo to sharpen ... Read more »

ARSS Infra Standalone June 2021 Net Sales at Rs 59.45 crore, up 44% Y-o-Y

Reported Standalone quarterly numbers for ARSS Infrastructure Projects are: Net Sales at Rs 59.45 crore in June 2021 up 44% from Rs. 41.28 crore in June 2020. Quarterly Net Loss ... Read more »

GST Council Meeting 2021 LIVE Updates: Council may discuss extension of compensation to states

GST Council Meeting LIVE Updates: Finance Minister Nirmala Sitharaman will chair the 45th meeting of the Goods and Service Tax Council in Lucknow today. The meeting, expected to begin at 11 ... Read more »

PM Modi gave dignified life to those deprived of their rights for decades: Amit Shah

The Home Minister concluded with the assurance that the PM Modi government’s priority is clear –‘National Welfare’. Union Home Minister Amit Shah on Friday greeted Prime Minister Narendra Modi on his ... Read more »

Opto Circuits Standalone June 2021 Net Sales at Rs 0.09 crore, down 98.81% Y-o-Y

Reported Standalone quarterly numbers for Opto Circuits India are: Net Sales at Rs 0.09 crore in June 2021 down 98.81% from Rs. 7.58 crore in June 2020. Quarterly Net Loss ... Read more »

Sensex scales 59,000 from 50,000 in 8 months. Can it touch 60,000 by September-end?

The recovery from the biggest decline in the S&P BSE Sensex in March last year and the subsequent rally to successive new milestones have mesmerised traders and investors as the ... Read more »

Gammon India Standalone June 2021 Net Sales at Rs 7.26 crore, up 7.56% Y-o-Y

Reported Standalone quarterly numbers for Gammon India are: Net Sales at Rs 7.26 crore in June 2021 up 7.56% from Rs. 6.75 crore in June 2020. Quarterly Net Loss at ... Read more »

ARSS Infra Consolidated June 2021 Net Sales at Rs 59.45 crore, up 44% Y-o-Y

Reported Consolidated quarterly numbers for ARSS Infrastructure Projects are: Net Sales at Rs 59.45 crore in June 2021 up 44% from Rs. 41.28 crore in June 2020. Quarterly Net Loss ... Read more »

Tim Cook, Elon Musk among TIME Magazine's 100 most influential techies of 2021

San Francisco: Technology leaders such as Apple CEO Tim Cook and Tesla’s Elon Musk are among the list of the 100 Most Influential People of 2021, according to TIME Magazine’s ... Read more »

HDFC Mutual fund's first global scheme will invest in 23 countries: Should you invest in it?

HDFC Mutual Fund (HDFC MF) rolling out a new Developed World Indexes Fund of Funds (HDWI FoFs). It will invest in a combination of an international exchange traded fund (ETF) ... Read more »

HSBC Mutual fund makes a second attempt at launching a mid-cap scheme: Should you invest?

Mid and small-cap funds have been the flavour of the season over the past year or so. And HSBC mutual fund doesn’t want to be left out. It has launched ... Read more »

GST council meeting today: Kerala, Maharashtra to oppose move to bring petrol, diesel under GST

The 45th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, to be held on September 17. (File image: Reuters) Kerala and Maharashtra governments will oppose any move to bring ... Read more »

BJP eyeing major push to COVID-19 vaccination on PM Modi birthday

Prime Minister Narendra Modi will chair a high-level open debate on “Enhancing Maritime Security – A Case for International Cooperation” via video conferencing. The BJP is set to launch a ... Read more »

Jaishankar meets his counterparts from Iran, Armenia and Uzbekistan at SCO

After the meeting, S Jaishankar said India does not subscribe to any clash of civilisations theory. (Image: Reuters) External Affairs Minister S Jaishankar on Friday met with his counterparts from ... Read more »

US OKs new use for Eli Lilly's COVID-19 treatment

Eli Lilly has partnered with Cipla, Lupin, Sun Pharma to manufacture and distribute Baricitinib in India Alaska’s state epidemiologist says Alaska is experiencing “one of the sharpest surges” in COVID-19 ... Read more »

Cryptocurrency prices today on September 17: Bitcoin, Ethereum trade in the red

Cardano (Representative image) Most major cryptocurrencies are trading in the red, with Bitcoin seeing a slight drop. The total global cryptocurrency market-capitalisation has fallen 0.66 percent in the past 24 ... Read more »

BJP eying major push to COVID-19 vaccination on PM Modi's birthday

Prime Minister Narendra Modi will chair a high-level open debate on “Enhancing Maritime Security – A Case for International Cooperation” via video conferencing. The BJP is set to launch a ... Read more »

Buy USDINR; target of: 73.90 : ICICI Direct

Kerala had set up India’s first lottery department in 1967. ICICI Direct’s currency report on USDINR US dollar increased by 0.35% yesterday amid a surge in US treasury yields and ... Read more »

DAILY VOICE | Concerns over potential interest rate hikes may impact mid & small-caps more: Siddharth Khemka of Motilal Oswal

Siddharth Khemka, Head – Retail Research, Motilal Oswal Financial Services feels all the parameters are pointing towards expensive valuations and hence consistent delivery on earnings expectations becomes crucial going ahead. ... Read more »

Kerala Lottery Result: 'Nirmal NR-242' lottery winners to be announced at 3 pm

Kerala had set up India’s first lottery department in 1967. Kerala Lottery Result: The Kerala State Lottery Department to announce winners of the ‘Nirmal NR-242’ lottery at 3 pm on September 17. ... Read more »

BOK provides less money ahead of Chuseok

SEOUL, Sept. 17 (Yonhap) — The Bank of Korea (BOK) said Friday it has injected a smaller amount of bank notes into circulation this year than a year earlier ahead ... Read more »