NEW YORK - Chemical Banking Corp. has agreed to perform merchant banking and processing for Cellular Payphones Inc.'s portable creditcard programs.

The agreement allows the subsidiary of Cellular Telecommunications and Technologies Inc. to roll out its portablephone authorization program in a number of New York hotels, including Marriott, Hyatt, Hilton, and Loews.

Separately, Cellular Payphones signed a deal with Dollar Rent a Car to provide phones to renters.

Customers can use their credit cards to access the cellular system. Chemical made no public comment on the processing deal, which was announced by Cellular Payphones.

The company is putting mobile phones in New York City taxicabs under a strategic marketing alliance with MasterCard International. This month, the phones will be equipped to allow customers to pay fares using their credit cards.

In July, mobile phones were installed in an initial 200 cabs, and the company has contracts for more than 2,000.

November Launch Seen

Joseph Maguliulo, president of Cellular Payphones, said he expected the card-swipe system to go on line by mid-November.

Mr. Maguliulo said there would be a communication link between the mobile phone and taxi meter, which will get an authorization and then print a report. Cellular Payphones is targeting New York's 12,000 licensed taxis and 35,000 limousines for the service.

Because of the marketing alliance, Cellular Payphones gives MasterCard's logo top billing in its advertising of the remote phones, but other cards will be accepted, said Scott Carter, MasterCard's director of small-ticket markets.

Cellular also plans to introduce these services in Boston, Chicago, and other major cities.

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