Axis Bank will provide to its corporate clients the MasterCard Purchase Control solution,
MasterCard announced. The solution provides clients with three main applications to integrate virtual account number requests into existing procurement processes and permit purchasing card spend by selected employees. The third application offers "limited-use numbers" for vendor and supplier payments and reconciliation. This is the first time such a solution is available in India, according to a MasterCard release. MasterCard called Axis Bank "India's third-largest private-sector bank."
U.S. card fraud in 2012 rose 14.5 percent year over year to $5.33 billion
for all general purpose and private label, signature and PIN payment cards, according to payment industry newsletter The Nilson Report
. U.S. card fraud accounted for 47 percent of the 2012 total of $11.3 billion in global card fraud losses. Nilson attributed the high U.S. fraud share to several factors including low cash use and the absence of chip-and-PIN cards and terminals. "The U.S. is the only region where counterfeit card fraud continues to grow consistently," according to the report. The United States also had a high level of counterfeit "card-not-present" transactions as it "leads the world in online sales," according to the report.
Citi Berhad in Malaysia launched two new commercial payment options,
the company announced. Targeting corporations with annual revenue of 15.97 million to 799 million Malaysian ringgit (US$5 million to $250 million), the bank unveiled the Citibank Business Signature Card, which allows the company or the employee to make payments, and the Citibank Travel Account, a centralized account for that consolidates all travel expenses. Each card offers a 0.8 percent cash rebate on all spend.
AirPlus is "in the process" of bringing its Mobile AIDA one-time-use virtual card solution to the United States,
officials this week told BTN
. AirPlus president and CEO Ron DiLeo said
the company plans to make the v-card solution, which is powered by MasterCard,
available in the United States in about six months. "It will change the
way business is done, especially in the meetings and events space," DiLeo
said. The company is waiting on certain U.S.-specific regulation approvals,
said Volker Huber, AirPlus president of the Americas, Asia/Pacific and global
sales. AirPlus officially launched Mobile AIDA
in June, but only to AirPlus
clients in some European countries.