Visa launches new fraud prevention program Visa will enforce a new fraud prevention and dispute management program starting October 1. The initiative, known as Vamp, consolidates five older programs and aims to make merchants and their banks more accountable. It follows a testing phase that began in April. Under the new rules, merchants and acquirers will face fees and possible fines if fraud or disputes exceed Visa’s thresholds. Larger retailers may be less affected due to special arrangements, while smaller businesses could feel greater pressure. Visa expects the program to reduce global fraud losses by up to $2.5 billion. The program also targets “friendly fraud,” where consumers exploit chargebacks for profit. Such disputes reached $11 billion last year, rising nearly 50% since 2019, according to Datos Insights. Acquiring banks will gradually take on more responsibilities under Vamp. Visa’s move comes amid rising digital attacks, including credential “enumerations” that caused $1.1 billion in losses last year. Rival Mastercard is pushing tokenization to protect transactions by 2030. Both card networks aim to balance fraud prevention with smooth, low-friction payments.
Mastercard debuts on-demand authorization decisioning tool Mastercard has unveiled a new solution called On-Demand Decisioning (ODD), aimed at giving financial institutions more control over authorization decisions. The company describes it as a first-of-its-kind tool that lets issuers set decisioning criteria directly on the Mastercard network. The launch was announced on Sept. 9 and will be available globally starting Oct. 1. According to Mastercard, ODD allows institutions to automate and enforce their own business logic for transactions. This can result in instant approvals or declines, tailored to their customer needs. The tool is positioned as a way to improve both agility and personalization in decision-making. The solution debuted at Mastercard’s RiskX cybersecurity summit in Rome. There, institutions saw use cases such as prioritizing approvals for high-value cardholders and reducing declines caused by card reissuance. Porto Bank noted ODD improved its authorization strategy without implementation effort or added operational risk. Mastercard says ODD reflects its broader strategy of enhancing fraud prevention and decisioning capabilities. The company argues that flexibility and reliability are critical in digital payments, and this tool will help issuers meet those expectations. Industry experts call it a “game-changer” for balancing security with customer experience.
Revolut gains UAE Central Bank approval for market entry UK-based neobank Revolut has received preliminary approval from the Central Bank of the United Arab Emirates. The licenses cover stored value and retail payment services, allowing the company to offer wallets and payment tools. This marks the beginning of Revolut’s planned expansion into the region. The company said the UAE is a priority growth market due to its strong economy, digital adoption, and role as a global financial hub. Revolut plans to expand its local team in the coming months. The goal is to introduce flexible and transparent financial tools tailored to the market. Ambarin Musa, Revolut’s CEO for the Gulf region, called the approval a key milestone. She emphasized the company’s mission to set new global standards in financial services. The launch in the UAE is positioned as a major step in that vision. Revolut currently serves markets in the US, Europe, Asia-Pacific, and Latin America. Its services include accounts, transfers, crypto and stock trading, and budgeting tools. The Middle East expansion comes alongside plans for a Paris HQ, a potential stablecoin, and a $1 billion funding round.
PayPal expands PYUSD stablecoin to eight more blockchains PayPal has expanded its PayPal USD (PYUSD) stablecoin to eight new blockchains, including Tron, Avalanche, Aptos, Abstract, Ink, Sei, and Stable. Existing versions on Berachain and Flow will be upgraded to the PYUSD0 standard. The company also confirmed support for the Stellar network. The expansion is powered by LayerZero and the Stargate Hydra bridge, enabling issuance, burning, and cross-chain transfers of PYUSD0. Developers said the new version remains fully interchangeable with the original PYUSD. This ensures users can freely move assets across multiple chains. PYUSD now operates beyond Ethereum, Solana, and Arbitrum, giving it wider coverage, though it still trails market leaders. According to CoinGecko, USDT spans 12 blockchains with a $171.2 billion market cap, while USDC runs on 25 blockchains with $74.3 billion. By comparison, PYUSD ranks 11th with about $1.3 billion in capitalization. The stablecoin market is rapidly growing, projected by the U.S. Treasury to reach $2 trillion by 2028. PayPal’s move aligns with this momentum and the U.S. GENIUS Act passed in July, which set the first comprehensive stablecoin regulations. LayerZero CEO Bryan Pellegrino called stablecoins “crypto’s killer app,” highlighting their borderless, always-on utility.
Swift partners with Global Banks to launch blockchain registry Swift has announced plans to integrate blockchain into its global payments infrastructure, covering more than 200 countries. The project, unveiled at the Sibos conference in Frankfurt, involves over 30 major banks and fintech firm Consensys. Its first stage will be the development of a prototype enabling real-time, 24/7 cross-border payments. The blockchain registry will serve as a secure ledger between financial institutions, recording, verifying, and ordering transactions. It will also support smart contracts while remaining interoperable with both traditional and blockchain networks. Swift stressed the system will only work with regulated tokenized assets. Major participants include Bank of America, JPMorgan, Deutsche Bank, HSBC, Santander, BNP Paribas, Standard Chartered, Wells Fargo, and ANZ. Industry leaders described the initiative as a breakthrough for cross-border finance. They highlighted transparency, interoperability, and instant settlement as key benefits. After the prototype phase, Swift will conduct testing with coalition members. The initiative aims to build a foundation for multi-currency instant payments and ensure compatibility across private and public blockchains. Swift sees this as part of its broader strategy to modernize payments while driving digital transformation.
Visa pilots instant cross-border payments using USDC and EURC Visa has launched a pilot of its Visa Direct service, allowing banks and money transfer providers to use USDC and EURC stablecoins as pre-funded assets for cross-border settlements. The initiative aims to accelerate international transactions and reduce capital reserve costs. Chris Newkirk, Visa’s President of Commercial Solutions, said that the current system relies too heavily on outdated infrastructure. Using stablecoins enables instant fund movement at any time and provides businesses with greater flexibility in managing payments. The project targets banks and fintech firms seeking more efficient liquidity management. By funding accounts with stablecoins instead of holding fiat reserves across jurisdictions, participants can cut expenses and exposure to currency fluctuations. Visa stated that pre-funding in stablecoins improves predictability, even during weekends and holidays. The company’s stablecoin settlement volume has surpassed $225 million, with wider deployment of Visa Direct planned for 2026, aligning with SWIFT’s move toward blockchain-based real-time payments.
India to add biometric authentication to UPI payments India will introduce biometric authentication, including facial recognition and fingerprints, to its Unified Payments Interface (UPI) starting Oct. 8. The system will use data from the national Aadhaar identification database. This replaces the current PIN-based verification method for payments. The National Payments Corporation of India (NPCI), which operates UPI, will demonstrate the feature at the Global Fintech Festival in Mumbai. The aim is to make transactions faster and more secure. NPCI has not provided an official statement on the rollout yet. UPI, launched in 2016, now handles over 600 million daily transactions. The addition of biometrics is expected to accelerate digital payment adoption across India. It will also reduce reliance on traditional PIN-based authentication. Biometric payments are becoming more popular worldwide. Facial recognition and fingerprint approvals improve security and convenience for users. India’s move aligns with global trends toward digital, contactless transactions.
Mastercard launches merchant cloud to streamline commerce Mastercard has unveiled its new Merchant Cloud platform designed to help businesses simplify payments and accelerate growth. The platform offers tokenization, guest checkout, fraud prevention, and identity verification tools. It also enables seamless onboarding and provides partners with access to Mastercard’s payment network and insights. Merchant Cloud integrates gateway services that enhance omni-channel payment experiences and optimize transaction routing. It allows merchants to manage operations across multiple channels while maintaining security and efficiency. The platform is built to support both digital and agent-driven commerce through a unified infrastructure. AI plays a central role in the new platform, helping businesses improve authorization rates and personalize customer experiences. Mastercard’s Payment Optimization Platform (POP) uses data intelligence to enhance approval accuracy. The company says these AI-driven tools will create more reliable and frictionless transactions for merchants. With Merchant Cloud, Mastercard aims to give businesses the flexibility to choose services that best suit their growth needs. The platform’s open architecture supports scalability, data-driven decisions, and continuous innovation. Mastercard’s initiative reflects its focus on empowering merchants in an increasingly digital payments landscape.