Technology

Michigan State University FCU said yesterday it renewed its contract with Card Services for CUs to process its 86,000 credit and 116,000 signature debit accounts.

U.S. consumer credit card charge-off and delinquency rates fell once again in October as recession-related credit card losses continued to abate, according to new data Moody’s Investors Service released Nov. 22.

Omnego Inc. has launched a mobile wallet application that converts physical loyalty cards including stores’ coupons, rewards and other merchant updates into digital formats usable on mobile devices such as smart phones, the Toronto-based mobile technology company recently announced.

Consumers in the northern part of the state of Haryana in India soon may begin paying their electricity bills online, according to Uttar Haryana Bijli Vitran Nigam, a state-owned power utility.

Two major retail chains in Australia recently announced deals to accept contactless cards by the end of this year.

Bank of America Corp. is building on its mobile payments strategy with plans to issue contactless stickers to its credit and debit card customers next year.

With the U.S. unemployment rate stuck at 9.6%, and the economy growing at an anemic 2% annual rate in the third quarter ended Sept. 30, Caine & Weiner, an international provider of accounts receivable management solutions, surveyed businesses in every major industry to determine the impact on cash flow.

The man who developed the concept for what is now the most popular social-networking website has created a mobile-payments application that relies on facial recognition to confirm a user’s identity at the point of sale.

Bank of America Corp. is planning to issue contactless payment stickers to at least some of its card customers, a source familiar with the plans said.

PIN-debit payments initiated online slowly, but steadily, are gaining traction in the marketplace as several companies have introduced products intended to bring more security to online transactions.