Cards

MasterCard Inc. on Aug. 3 reported net income of $458 million for the second quarter ended June 30, up 31.2% from $349 million during the same period last year. Revenues net of operating expenses totaled $1.37 billion, up 7% from $1.28 billion.

A defense attorney argued yesterday in Detroit that a security guard killed while replenishing cash at a Dearborn Federal Credit Union ATM in 2001 was not shot by the man being tried in a death penalty case, but by one of his accomplices.

Lockport, N.Y.-based Cornerstone Community Federal Credit Union, the largest credit union based in Western New York, has introduced a mobile banking service.

A mobile-payments effort seemingly designed to exclude banks may accomplish the exact opposite.

MasterCard Worldwide continues its realignment of top executives, most notably with last week’s announcement of the pending departure of emerging-payments head Josh Peirez and a new executive appointed to lead the card network’s franchise development.

ACH Federal LLC, an automated clearinghouse transaction processor, will refer merchants wanting credit and debit card transaction-processing services to PDX Enterprise Solutions, a Portland, Ore.-based independent sales organization, ACH Federal announced July 28.

Mindbody, a San Luis Opisbo, Calif.-based company that makes business-management software for health-and-fitness businesses, has become an independent sales organization to improve its profit margin and to secure more control over its relationships with merchants, says Rick Stollmeyer, Mindbody founder and CEO.

Online-payment service provider PayPal Inc. plans to deploy a new and different approach to target consumers, merchants and developers in its quest to expand in Japan, the payments unit of online auction site eBay Inc. announced in late July.

Co-op Financial Services on Aug. 2 announced that Security Service Federal Credit Union members now may access the Co-op Network’s 28,000 surcharge-free ATMs, 9,000 of which accept deposits.

Visa Inc. today announced the official launch of Rightcliq by Visa, an online shopping service the card brand initially announced early in July (see story).

AT&T Inc., Verizon Communications Inc. and T-Mobile USA are attempting to create a system to bypass credit and debit cards and allow consumers to pay for purchases by smartphones, Bloomberg News reported Monday, citing unnamed sources.

Bling Nation Ltd. has begun issuing its mobile payment stickers to employees of PayPal Inc. at PayPal's headquarters in San Jose.

MoneyGram International Inc. swung to a second-quarter profit on an 11% drop in operating expenses as revenue came in short of analysts' expectations, reports Dow Jones.

Pensacola, Fla.-based Pen Air Federal Credit Union has established a new Share It debit card program to benefit five school districts, including Escambia and Santa Rosa.

Ingenico S.A.’s strategy of building recurring, services-based revenue appears to be paying off.

A reciprocal agreement involving Korea Financial Telecommunications and Clearings Institute and the Philippines’ MegaLink ATM network will enable both organizations’ customers to access each other’s ATMs, MegaLink announced in July 27 statement.

Economic pressures that caused volume to decline in Europe and decreases in mobile-operator rates in some markets contributed to a relatively poor second quarter financially for Euronet Worldwide Inc.

With new restrictions taking effect and billions in fees at stake, banks are not giving up on overdraft services without a fight.

Visa shares slumped more than 5% Thursday after the company revealed that the U.S. Justice Department is considering suing it over a policy that bars merchants from charging extra to customers who pay with credit cards. Visa reports its earnings July 28 (see story).

PBS A/S, a Denmark-based electronic-payments provider, will process all transactions initiated with cards issued in Germany by Luxembourg-based Ikano Bank SE under an expanded contract agreement PBS announced on July 27.