Technology

Life Insurance Corp. of India Ltd. policyholders soon will be able to use their mobile phones to pay their insurance premiums, a spokesperson for the government-owned insurer tells PaymentsSource.

The percentage of U.S. homeowners with so-called "underwater mortgages" dropped in the second quarter as more homes entered the foreclosure process - even as price declined slowed, according to Zillow.com, a real estate Web site.

U.S. credit card borrowers shed $4.5 billion in debt in June, continuing the pattern of reducing overall outstanding receivables that began in the fall of 2008, according to a Federal Reserve G.19 report on consumer credit released Friday.

The mobile banking and payments company ClairMail Inc. said it had strong revenue growth in the second quarter.

PayPal Inc. has updated its mobile payment application for Android phones.

Online Resources Corp.'s newest chief executive said the online banking and bill-pay vendor will become a more focused company under his leadership.

U.S. credit card borrowers shed $4.5 billion in debt in June, continuing the pattern of reducing overall outstanding receivables that began in the fall of 2008, according to a Federal Reserve G.19 report on consumer credit released Aug. 6.

The Royal Bank of Scotland Group PLC on Aug. 6 agreed to sell a majority stake in its lucrative processing business, RBS WorldPay, to two private equity firms for more than $3 billion.

ILoveVelvet, a New York-based payment-technology company, says its new Velvet Suite products can enable merchants to use Apple Inc.’s iPhone and iPad devices as retail point-of-sale terminals.

ACH Federal will provide Web-based and customized automated clearinghouse processing services for Manhattan Beach, Calif.-based Beach Business Bank, the Chattanooga, Tenn.-based electronic payments provider announced on Aug. 3.