Technology

PayPal's building its move into physical stores brick by brick, and its processing partnership with TSYS is one of its largest moves to date, threatening to grab payments business away from card-issuing banks.

TSYS has agreed to process PayPal payments made through the eBay subsidiary's partnership with Discover.

The average balance on third-party collection accounts fell in the second quarter ended June 30 to $1,409 per account, down from $1,433 in the first quarter, according to the New York Federal Reserve Bank's Quarterly Report on Household Debt and Credit.

Danish mobile point of sale provider Wallmob is introducing a new tablet stand to a payments market where technology is heavily influenced by the card companies that dominate the region.

Convenience for the receiver will ultimately drive mass adoption of P2P payments and give financial institutions that deploy this service a competitive advantage.

BitPay Inc., a Bitcoin payment gateway for online merchants, has created a simplified interface for consumers and added several plugins to encourage more merchants to accept the virtual currency without writing new code.

Facebook shocked the payments industry during its IPO when it revealed it already got 15% of its revenue from payments. The social network has also proven a fertile ground to other companies that have figured out how to incorporate Facebook's platform into their own offerings.

MasterCard's biometric security venture with the South African Social Security Agency has helped the agency distribute more than 10 million active MasterCard debit cards throughout the country.

Vodafone and ICICI Bank are offering the M-Pesa mobile money service in New Delhi and Mumbai, according to reports.

Taulia, which sells business-to-business payments technology, has raised $18 million in new funding.