Fintech

The announcement last week by several telecommunication companies of plans to create a joint venture to fast-track mobile-payments processing potentially has broad implications for the mobile-payments market in Europe. But the companies have worked together before with little resulting success.

Not all state legislatures and regulators have been content to let the federal government push through new debit interchange rules established by the Durbin amendment.

As both the Credit Union National Association and the National Association of Federal Credit Unions now focus lobbying efforts on impacting the final Fed rule on debit interchange (see story), federation President Fred Becker urged credit unions to have plans firmly in place to make up for the potential loss in revenue.

One week following the defeat of a bill to delay the Durbin Amendment-and perhaps just days before the Fed comes out with its final rule on debit interchange (see story), a number of credit union CEOs say they are still not ready to pull the trigger on plans to make up for lost revenue that is likely headed their way.

Despite various warnings, many young adults feel empowered by credit card and student loan debt, suggests a recent national study by a team of sociology researchers examining the connection between debt and self-esteem.

MANSFIELD, Ohio-The $7.8-million GROhio Community CU expects to generate 75 basis points ROA this year after assessments, and it is crediting much of that to collaboration.

SAN ANSELMO, Calif.-Credit unions are spending approximately $150 per new-account acquisition, according to one new study, which found CUs increased their membership base as well as their deposits volume during the 12 months ending March 2011.

Despite efforts by major card companies to promote the speed and excitement of using mobile phones to pay, it likely will take more than glitzy marketing to convince consumers to use such services, according to a Federal Reserve strategist.

China UnionPay customers now may use their cards in Peru under an agreement the card company signed last week with Lima-based Interbank Ltd., a spokesperson from the card company tells PaymentsSource.

Ukash, a United Kingdom-based firm that sells prepaid vouchers for online shopping, is expanding the product’s functionality and giving users the option to transfer unused funds to an account accessible with a MasterCard-branded prepaid debit smart card.