Cards

Net 1 UEPS Technologies Inc. will buy a 98.73% stake in KSNet Inc., a South Korea-based payment processor, the South Africa-based payments-technology provider announced last week.

Customers of Banco Popular N.A. now may access some 33,000 ATMs fee-free under an agreement with Cardtronics Inc.’s Allpoint surcharge-free ATM network, the Rosemont, Ill.-based bank announced earlier this month.

The Treasury Department's chief banking regulator said Wednesday the creation of new financial products will be key to shifting low-income households into the traditional banking system, reports Dow Jones.

Australia and New Zealand Banking Group Ltd., Australia's third-biggest lender by market value, has been sued by customers seeking to recoup about $48 million in fees, reports Bloomberg News.

A judge has denied a motion by Visa Inc. and MasterCard Inc. to dismiss a lawsuit filed against them by SmartMetric Inc., according to court filings published Wednesday.

Prepaid card companies are turning to rewards programs as their next weapon to fight churn.

As community banks adjust to big rule changes on overdraft fees, a new threat looms in the courtroom.

San Diego-based Mission Federal Credit Union has become one of the first credit unions to implement an anti-skimming ATM technology offered by The Members Group through ADT Security Services.

A recent partnership between Western Union Co. and Toronto, Canada-based electronic-wallet provider EnStream LP will enable Canadian consumers to send funds both domestically and internationally using their mobile phones. The companies plan to launch a pilot in Canada in December.

Bank of the West is planning to offer its small-business customers an ACH payment service that could make costly wire transfers unnecessary.

East Africa’s Equity Bank Ltd. has become the third financial institution in Africa to sign an ATM-access deal with China UnionPay, according to the China-based card organization.

PayMate India Pvt. Ltd. has signed an agreement with Bank of Ceylon to launch mobile payment and banking services in Sri Lanka, the Mumbai-based mobile-payments provider announced last week.

Citing expansion in the use of its cashless vending-machine technology, USA Technologies on Sept. 21 reported $15.8 million in revenue for the fiscal year ended June 30, up 31.7% from $12 million during the previous 12-month period. The company reported an $11.6 million net loss; it reported a $13.7 million loss the previous fiscal year.

Citigroup Inc. has appointed Jud Linville as CEO of its Citi Cards credit card unit, replacing Paul Galant, who was named Citi’s CEO of global enterprise payments. Linville previously was president and CEO of American Express Co.’s U.S. Consumer Services operations.

A federal judge allowed a member to sue Pentagon FCU for breach of contract and discrimination after it canceled his Visa account, allegedly because his income dropped following a railroad injury.

Fifth Third Processing Solutions LLC has bought Springbok Services Inc.'s prepaid card processing business as part of Springbok's Chapter 11 bankruptcy proceedings.

Merchants using VeriFi Inc.’s charge-back re-presentment service no longer have to use the Los Angeles-based company’s online payment gateway. Instead, merchants now may use any online payment gateway, and they do not have to switch payment processors, Jeff Sawitke, VeriFi chief product officer, tells PaymentsSource.

Telecom Canada International, a telecommunications and energy consultancy with offices in Canada, the United States and Hong Kong, will refer its Canadian and U.S. clients wanting merchant-processing services to Elavon Inc., the Atlanta-based payment processor announced Sept. 21.

A bank in the United Arab Emirates reportedly soon plans to launch a credit card designed for use exclusively online at Jordan-based Aramex Ltd.’s Shop&Ship service.

High-end spenders who tightened their belts in 2009 are starting to loosen them up, as such consumers likely are behind an overall increase in credit card spending last month, suggests First Data Corp.’s August SpendTrend payment card transaction analysis of all store sales activity that First Data processes.