Kate Fitzgerald

The payment card industry is generally on track to increase its profits this year if card purchase volume continues its post-recession growth — but the fortunes of the four largest card networks may vary significantly.

The Federal Reserve Board's proposed debit card interchange rules would slash issuers' revenue by $11.8 billion, a report says.

As credit card portfolio health continues to improve and consumer spending gradually picks up, receivables are poised to grow next year for the first time since the financial crisis.

PARIS — Economic fears that stalled investments in mobile payments technology are fading, but the potential for new entrants to disrupt the market still has some players on edge.

PARIS–Mobile payments are set to expand dramatically within the next two years, payments industry executives concurred during a roundtable discussion here Dec. 7 at the Cartes & IDentification conference.

The Seattle merchant plans to roll out the technology to all its company-owned U.S. stores by early next year, Cliff Burrows, the president of Starbucks' U.S. operations, said Wednesday during the company's investors conference in New York.

Retailers gained more leeway in controlling their payments under the recent debit interchange regulation, but whether they can put this into practice without irking their customers is a separate issue.

Fifth Third Bancorp has agreed to pay $9.5 million in a proposed settlement with customers who claim they were improperly charged debit card overdraft fees caused by the bank's policy of manipulating the sequence of posted transactions.

Less than one-fourth of consumers have signed up for debit card overdraft coverage from banks, and 70% say they want to continue to exercise choice in their debit-overdraft options, according to a report from Consumers Union.

Citing fewer defaults and a reduction in overall outstanding receivables, Target Corp.'s credit card unit more than doubled profit in its fiscal third quarter.

Discover Financial Services is still struggling to reach "the last mile" of full U.S. merchant acceptance as many retail locations fall short in promoting the brand at the point of sale, the company said.

Annual interest rates on national merchants' private-label credit cards are on the rise, according to a study published by Rep. Anthony Weiner, D.-N.Y.

U.S. consumers' average credit card debt fell by 7% through the first 10 months of the year, while their average credit scores in recent months stabilized, according to data from Credit Karma Inc.

Citigroup Inc. has introduced a one-time-use debit card to reduce corporations' cost of providing flu shots or other vaccinations to employees.

Starbucks Corp. customers loaded more than $1.5 billion on to the company's loyalty cards in its fiscal year, up 20% from last year. Nearly one in five of its customers uses a loyalty card to pay for transactions, Starbucks said.

JPMorgan Chase & Co. said it will phase out debit rewards programs as it braces for changes stemming from pending Federal Reserve rules.

Advanta Corp. expects to repay its investors 64.4% to 100% of the value of their retail notes as part of its proposed liquidation plan, the bankrupt small-business card issuer said.

First National Bank of Omaha, which for many years has kept a relatively low profile as one of the nation's largest privately held credit card issuers, this year is churning with activity from an unprecedented growth streak.

American Express Co. is offering more perks to travelers with its new Blue Sky Preferred credit card.

Visa Inc. on Oct. 27 reported net income of $774 million for the fiscal fourth quarter ended Sept. 30, up 50.6% from $514 million during the same period a year earlier. Net operating revenue rose 12.8%, to $2.12 billion from $1.88 billion, the company said. Currency fluctuations boosted revenues during the quarter by 1%.