Technology

Consumers are starting to spend again, which is helping Total System Services Inc., or TSYS, grow its payment card processing services after a tough year during which it lost several clients.

Total consumer debt, including mortgages, auto loans, credit cards and personal loans, in November declined to $10.6 trillion from its peak of $11.5 trillion in October 2008, according to Equifax Inc.’s monthly Consumer Credit Trends Report released this week. Some 54 million American households owe issuers more than $800 billion in card debt.

Rep. Randy Neugebauer, the chairman of the House Financial Services Oversight Subcommittee, said it is time for the government to admit its foreclosure-prevention efforts are a failure and should be shut down.

MasterCard Worldwide and Spanish telecommunication company Telefonica SA are starting a joint venture to develop mobile payments services in 12 Latin American countries, the companies announced Jan. 25.

Citigroup Inc. has upgraded its WorldLink Payment Services technology to allow faster settlement of payments made in China’s currency, the renminbi, the New York-based banking company announced Jan. 25.

Despite consumer interest in alternative online payment products, credit cards still dominate the online-payments space. And they likely will continue to do so until merchants promote a broader array of alternative payment methods, according to Javelin Strategy and Research.

Processor Total System Services Inc., or TSYS, this afternoon reported fourth quarter net income of $51.6 million, down 18% from $62.9 million during the same period last year, Revenue was up 1.7%, to $440 million from $432.5 million.

More than a year after it snapped back from the financial crisis, American Express Co. is ramping up investments for growth.

Visa Europe and Wireless Dynamics Inc. are teaming up to offer a mobile contactless-payment service for Apple Inc. iPhone users in the United Kingdom, the card association announced Jan. 25.

The Shazam electronic funds network has made a “strategic investment” in Adaptive Payments, a payment-authentication company that has developed technology that uses any mobile or landline phone to help verify Internet PIN-debit transactions conducted at participating merchant websites.