Technology

MasterCard Worldwide is making headway in the use of its PayPass service by embedding the contactless chips in wristbands distributed at festivals and other events.

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.

JPMorgan Chase & Co. on June 17 will roll out a second EMV card, expanding its target audience for the higher-technology card to a broader consumer base from elite international business travelers.

The average consumer credit card default rate for most large issuers declined again in May, likely bringing the charge-off rate close to 7%, suggest preliminary data from Moody’s Investors Service.

Heartland Payment Systems Inc.’s merchant clients could save up to $2,000 annually as a result of pending limits on debit card interchange fees, an executive at the processing company said June 16.

Intuit Inc. is among various vendors that could feel a shock from the emergence of Near Field Communication-powered mobile-payment schemes such as Google Wallet and Isis designed to eclipse banks’ existing, more-pedestrian offerings, such as online and mobile bank-account management.

Citigroup Inc. on June 15 clarified the timeline and updated the number of accounts breached in a recent hacker attack that put an estimated 1% of its North American Citi-branded credit card base at risk.

Lawyers for Minnesota’s TCF Bank will tell a federal appeals court in St. Louis this morning that the Fed’s proposed cap on debit fees amounts to an unconstitutional “taking” of its assets, in a last-ditch effort by banks and credit unions to block the Fed’s final rule.

A member of the Senate Banking Committee is calling for an investigation into a data breach at Citigroup.

Visa and MasterCard have developed services for merchants to determine which cards cost more to accept — rekindling the debate over whether small banks will suffer under the Durbin amendment.