Fintech

PIN-based authorizations should be made compulsory for all debit and credit smart card transactions at the point of sale instead of allowing cardholder signatures to authorize transactions, a Reserve Bank of India committee is recommending.

The Federal Reserve Board’s decision to cut debit card interchange effective Oct. 1 will provide a “kick start” for growth at Global Cash Access Holdings Inc., but other events, including contracts with new casinos opening up, also with help drive revenues over the next 12 to 18 months, the company’s top executive told analysts Aug. 9 during a conference call to discuss second-quarter earnings.

University Federal Credit Union plans to open branches that resemble modern airline terminals.

Capital One Financial Corp. has taken the second step that had seemed inevitable.

Mirroring its explanation for the previous quarter’s reduction in year-over-year revenue, Global Cash Access Holdings Inc. on Aug. 9 cited continued weakness in the gaming sector and consumer revolving credit and the loss of Harrah’s Entertainment’s casino business, the company’s largest customer, late last year as the chief attributing factors behind the company’s reduction in second-quarter income.

WASHINGTON – Post Durbin, the focus must be on building relationships to enhance profitability, and financial institutions will drive that online as much as in-branch, at least one analyst is stressing.

Instead of dipping its toe into the mobile-payments pool, Heartland Payment Systems Inc. intends to make a splash with a retail application that can enable a merchant’s employees to complete sales transactions anywhere in or out of the store.

Visa Inc. has introduced a series of incentives to spur the U.S. to adopt chip cards–a change once considered as likely as the country switching to the metric system.

The recession continues to have a firm grip on U.S. credit cardholders as fewer Baby Boomers own premium cards and consumers of all ages are more likely to carry decreased balances or no balances at all, a new survey report indicates.

Online retailers looking to reduce their number of declined transactions from different countries have a new tool available in their payments-processing kit.