This week in money

MasterCard teams up with Samsung Pay

MasterCard cardholders from select banks in the UAE can now use the Samsung Pay service to make payments in a quick and secure way. Samsung’s mobile payments service gives users a contactless way to pay using their compatible Samsung Galaxy devices. Samsung Pay is available on selected Samsung Galaxy devices and banks offering the service include Mashreq, Emirates NBD, Abu Dhabi Commercial Bank, RAKBank and Standard Chartered.

Oman Insurance launches new investment product

Oman Insurance Company’s single premium insurance plan, Invest Protect, invests through a portfolio of low-cost index building blocks including exchange-traded funds (ETFs) that are managed by BlackRock. The insurer has also partnered with the international commercial bank Commerzbank to provide a downside protection facility that ensures the unit price of the investment will always be at least 80 per cent of the highest historical unit price. The five-year policy comes with life cover and clients can withdraw their funds at any time, although early withdrawals are subject to charges.

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“This is becoming even more critical now, because we don’t think the Congress will move on anything dealing with pay equity, nor will the president.”

Susan Lee, Maryland state senator, on the equal pay fight for women in the US

3.3m

Credit card firms in the United Kingdom will have to do more to help struggling customers repay their debts, including the suspension of cards under proposals by Britain’s Financial Conduct Authority (FCA). The proposals follow a review by the FCA into Britain’s credit card market where 3.3 million people are in persistent debt, meaning they have paid more in interest than they have repaid of their borrowing.

PayPal teams up with Visa for Asia-Pacific business

PayPal Holdings and Visa said they are extending into the Asia-Pacific region, a partnership that currently covers only the US, in a move aimed at boosting transactions via digital payments for both companies. The collaboration will allow users of PayPal and Visa cards to choose either mode of payment, the companies said.

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