Cards

MasterCard Worldwide has moved forward in its efforts to become a bigger player in Chinese payments industry under a new agreement with China UnionPay, the country’s national bank card association.

WASHINGTON–It was a compromise that pleased no one, including the Federal Reserve Board officials who voted for it.

DES MOINES – The Members Group has hired Shazia Manus, the CEO of $275 million Greater Iowa CU, as new president.

DENVER – Westerra CU said it signed with CO-OP Financial Services for credit card transaction processing.

WALL STREET – Visa and MasterCard shares soared yesterday after the Federal Reserve lifted the air of uncertainty over the debit card market and passed new rules that will mean more revenues for the two card networks.

WASHINGTON — The Federal Reserve Board on Wednesday suggested raising the debit interchange fee cap to 21 cents per transaction, but it gave banks a little bit of leeway to charge even more if they meet certain fraud prevention standards.

VeriFone Systems Inc. continues to gain momentum in the contactless-terminal market for taxis is the Asia-Pacific region, signing a contract to supply 15,600 contactless payment terminals to the largest taxi fleet in Singapore.

In a move that could increase competition in Taiwan’s mobile-payments market, telecommunication operator Far EasTone Telecommunications Co. has declared plans to begin offering payment services by the end of this year.

Federal regulators on June 28 released updated guidance on how banks should guard against cyber-security threats.

Yet another mobile-commerce venture is being formed, and this one could have some staying power, according to an analyst familiar with the deal.

Mobile-payment initiatives from Google Inc., Isis and PayPal Inc. appear to be motivating investment firms to take a closer look at the companies that will help enable such transactions at brick-and-mortar locations.

Mobile-payments startup Square Inc.’s $100 million venture-capital avalanche announced June 29 could mean that the company’s transaction volume is gaining significant momentum despite its lack of profits, one analyst contends.

WASHINGTON -- The Federal Reserve Board on Wednesday suggested raising the debit interchange fee cap to 26 cents per transaction – more than double its initial proposal of 12 cents.

WASHINGTON – The Federal Reserve this afternoon approved a more liberal cap on debit fees than what was proposed in December, but the cap will still cost credit unions and banks billions of dollars in annual revenues.

WASHINGTON – The Federal Reserve has agreed to concerns by banks and credit unions and will vote this afternoon on a proposed cap on debit fees that is higher than the December proposal and will include fraud costs.

A federal appeals court this morning in St. Louis declined a request by Minnesota’s TCF Financial to block the Federal Reserve’s final rule on debit caps, clearing the lastl hurdle for a vote on the rule later this afternoon.

ST. LOUIS – A federal appeals court this morning declined a request by Minnesota’s TCF Financial to block the Federal Reserve’s final rule on debit caps, clearing the lastl hurdle for a vote on the rule later this afternoon.

WASHINGTON — On the eve of the much-anticipated release of a final rule on debit card swipe fees, the lobbying group for retailers made a final plea that the Federal Reserve Board maintain its initial proposal of 12 cents per transaction.

Citing “shortcomings” with the technology, Australia’s ANZ Banking Group Ltd. has halted development of a microSD iPhone case designed to turn a smartphone into a payment device.

The United Kingdom’s Office of Fair Trading wants the region’s passenger-travel companies to alter what it deems misleading debit and credit card surcharging practices.