Technology

Mobile-payments startup Square Inc.’s $100 million venture-capital avalanche announced June 29 could mean that the company’s transaction volume is gaining significant momentum despite its lack of profits, one analyst contends.

WASHINGTON -- The Federal Reserve Board on Wednesday suggested raising the debit interchange fee cap to 26 cents per transaction – more than double its initial proposal of 12 cents.

Cards have accounted for nearly all the loss allowance reductions at B of A and JPMorgan Chase over the last five quarters, and loan performance continues to improve.

WASHINGTON — On the eve of the much-anticipated release of a final rule on debit card swipe fees, the lobbying group for retailers made a final plea that the Federal Reserve Board maintain its initial proposal of 12 cents per transaction.

In a move that could help stave off defection among its multinational customers seeking global commercial card capabilities, U.S. Bancorp on June 28 said its subsidiary Elavon Financial Services Ltd. soon will begin issuing commercial cards in Europe through a new processing agreement it inked with Total System Services Inc., or TSYS.

Citing “shortcomings” with the technology, Australia’s ANZ Banking Group Ltd. has halted development of a microSD iPhone case designed to turn a smartphone into a payment device.

Lenders’ tighter credit card underwriting rules to control risk during the recession put pressure on consumers seeking new credit lines, but the restrictions also are driving criminals who prey on new accounts to find new hunting grounds.

In an exclusive deal for MasterCard Worldwide, Indigo Books & Music Inc.’s plans to deploy terminals that accept the card brand’s PayPass contactless payments in all its stores marks the first such development for a retailer of its kind.

Jet Airways Ltd., India’s largest private airline by passengers carried, has begun offering a mobile-ticketing service for booking seats on its flights, a sign of continued expansion of mobile commerce in India.

Fifth Third Bancorp is working with health care software company Emdeon Inc. to strengthen the bank’s RevLink Solutions platform, which health care providers use for handling payment transactions and remittance information.