Fintech

Driven by lower provision for credit losses, partially offset by lower net revenue, JPMorgan Chase & Co.’s Card Services unit generated net income of $1.34 billion for the first quarter ended March 30; it reported a $303 million loss during the same period last year, the New York-based issuer reported April 13.

Perhaps the most critical thing bankers have learned from the breach at Epsilon, the email marketing unit of Alliance Data Systems Corp. of Plano, Texas, is that there is no such thing as "low-value" information anymore. All stolen information is worth its virtual weight in gold.

JPMorgan Chase & Co. announced April 14 it will issue contact smart credit cards to U.S. customers in June, making it the second bank to bet that this technology, commonplace in Europe, will finally take hold in the States.

ATM Maker Diebold Inc. has agreed to consolidate operations in a new $100 million headquarters at a to-be-determined location in the economically depressed Akron/Canton, Ohio, region.

American Express Co. is positioning its undisclosed investment in mobile-payments company Payfone Inc. as the next step in adding additional functionality to the card brand’s new Serve digital wallet product.

Independent sales organizations and agents should hire lawyers to help draw up contracts and navigate the revenue split from merchant transactions, as such legal advice can help ward off unpleasant surprises, observers agree.

Visa Inc. last week completed a trial of mobile contactless payments in Australia in collaboration with Melbourne-based ANZ Banking Group Ltd., Vipin Kalra, Visa country manager for Australia, tells PaymentsSource.

The Reserve Bank of India is clamping down on foreign airlines operating in India by mandating they stop using overseas banks to settle card transactions used to buy airline tickets in India.

WASHINGTON – Sen. Richard Durbin, author of the controversial rule to set caps on debit fees, yesterday denounced assertions by banks and credit unions that having card giants MasterCard and Visa set prices for debit is preferable to having the Federal Reserve set price limits on the increasingly popular form of payment.

WASHINGTON – Sen. Richard Durbin, author of the controversial rule to set caps on debit fees, yesterday denounced assertions by banks and credit unions that having card giants MasterCard and Visa set prices for debit is preferable to having the Federal Reserve set price limits on the increasingly popular form of payment.