Fintech

Visa Europe and Monitise PLC have formed a partnership to develop mobile-payment services for Visa’s member financial institutions within Europe, the companies announced Feb. 3.

MasterCard Inc. this morning reported fourth quarter net income of $415 million, up 41.6% from $294 million during the same period the previous year. Net revenues rose 10.8%, to $1.44 billion from $1.3 billion, driven by an 18.7% increase in cross-border volumes and other factors, MasterCard said in its Feb. 3 earnings release.

Payments processor ProPay Inc. is testing a mobile application that enables consumers to pay brick-and-mortar merchants using their smartphones instead of handing over a card.

Most consumers in the United Kingdom have fraud concerns when using their credit or debit card to make purchases over the phone, new research released Jan. 28 suggests.

Commuters on the 14-mile-long rail line connecting Lindenwood, N.J., and Philadelphia would be able to use any contactless-payment card to access trains following a pilot Cubic Corp. announced Feb. 2.

LANCASTER, Penn. – United People’s FCU, a 25-year-old credit union chartered to serve employees of St. Joseph Hospital, was granted a trade, industry or profession-wide charter to serve all health care employees in Lancaster County, NCUA reported yesterday.

ALEXANDRIA, Va. – Framingham Municipal FCU was approved to expand its field of membership to serve almost 700,000 residents in 30 communities west of Boston.

Citing continued growth in international volume and processed transactions globally, Visa Inc. on Feb. 2 reported fiscal first quarter increases in Visa card spending both domestically and internationally.

Despite their exemption from the Federal Reserve Board’s proposed cap on debit card fees, small banks and credit unions are hesitant to spend big money on payments technology until more details are available, according to vendor Jack Henry & Associates Inc.

First Data Corp. plans to support the Federal Reserve Board’s proposed new debit interchange rules with a two-tiered pricing structure for debit-interchange rates on its Star PIN-debit network and expects slow but steady revenue growth ahead, company executives told analysts Feb. 2.