Technology

Inner Fence, which makes the Credit Card Terminal application for Apple Inc.’s iPhone, on Sept. 1 announced it is shipping the Credit Card Reader, which attaches to an iPhone’s dock connector.

Visa Inc. hopes to prove to banks that a contactless payment chip in a mobile phone is a much more compelling product to consumers than the same chip in a plastic card.

VeriFone Systems Inc. plans to use its acquisition of Way Systems Inc. to attract more merchant interest in its mobile-payment systems. But the deal also eliminates a competitor, analysts say.

Consumer confidence in the economy in August stabilized after declining for three consecutive months, although the number percentage of consumers rating their personal finances as poor rose, according to new survey data Discover Financial Services released Sept. 1.

The average charge-off rate on U.S. consumer credit cards in July fell to a 16-month low, while delinquency rates also were better as credit card-portfolio health continued to improve, Fitch Ratings reported Sept. 1.

Consumer confidence improved slightly in August, reversing directions after declining in both June and July, The Conference Board Inc., a New York-based research organization, reported Tuesday.

Consumer spending rose in July at the strongest pace in four months, supported by a slight gain in incomes that offered hope consumers will be able to keep contributing to a modest economic recovery.

The average credit card borrower debt during the second quarter ended June 30 dropped for the fifth consecutive quarter, to $4,951, down 4.1% from $5,165 the previous quarter, according to a TransUnion analysis of credit card trends. Each quarter TransUnion looks more than 200 variables in consumes credit report; many involve credit card stats like 60,90, 120 days past due, percentage of active credit cards, new trade lines that are new credit card accounts and average balance of new credit cards.

To boost its mobile-payment strategy, VeriFone Systems Inc. announced Wednesday it has acquired the assets of Way Systems Inc., a point-of-sale terminal and gateway services provider for mobile merchants. The purchase price included a $6 million upfront payment and an earn-out payable in one year of up to an additional $3 million if certain performance targets are met.

The banking industry's loan losses could stay elevated for years, recent federal data suggests, even after appearing to peak in late 2009.