Pay Matters

Now banks are increasingly looking to new technology, such as mobile phone and ecommerce payments, to grow businesses in developing countries where people do not regularly use credit and debit cards.

“We need to figure out ways in which we can grow our business in a way that aligns with what Durbin’s rules are,” former Citigroup credit cards chief Paul Galant, who now runs a new payments group for the bank, told Reuters in an interview.