Credit

For international travelers, a new pact between a Citigroup Hong Kong unit and Planet Payment Inc. should take the mystery out of currency exchange rates on a purchase-by-purchase basis.

Consider it the beginning of the Next Generation for Card Express Inc. — literally. Launched in 1995 by Alan Safahi as a prepaid card provider supporting corporate cards, CardEx soon plans to venture into the consumer market. And Safahi's son, Sean, will lead the initiative as the firm's new CEO.

Standalone contactless payment cards may be headed for extinction in the U.S. The tap-and-pay card technology that began to emerge in the U.S. in 2005 never caught fire, as relatively few merchants adapted their payment terminals to accommodate it.

The Chicago area’s transit authorities are a step closer to a cross-platform open-payment system that will enable riders to use open-loop contactless cards to access buses and trains.

Credit card offers mailed to consumers tapered off sharply in recent months after a resurgence in the wake of the recession, indicating a shift in large-issuer strategies.

SAN FRANCISCO–Cash isn't just some crude means used by the unbanked; affluent bank customers use it as well. To encourage spending among banked consumers, PayPal Inc. is expanding the ways consumers can fund their accounts with bills and coins.

The personal information of certain merchants may have been exposed in addition to the consumer data breach Global Payments reported in March, the processor said June 12.

To encourage cross-sales and improve customers' spending, PNC Financial Services Group has spent the past two years making its credit cards look like a seamless element of its Virtual Wallet account instead of a late addition.

Credit card issuers that cut consumers' credit lines or closed their accounts during the recession are opening credit lines again, but consumers do not appear very interested.

Banks and credit card issuers don't have a lot of followers on social media relative to their peers in other industries.

Community banks and credit unions with sluggish profits in their credit card portfolios may need to freshen up their strategies and let go of recession-era thinking.

Debate is heating up on the question of whether a nonworking spouse who relies on "household income" can qualify for a credit card account.

Signature Systems says its Swift Exchange platform can address a pain point for rewards wallets: rewards are easier for consumers to earn than to spend.

Subprime credit card borrowers are on the move again, opening significantly more new accounts than they did during the recession as lenders ease up on their ultra-tight underwriting standards.

Banks are in danger of having their lunch eaten by non-bank purveyors of new technology like the digital wallet, but there are significant opportunities as well, says Peter Kight.

The biometric security company SmartMetric has secured an additional $1 million in funding from investors.

American Express Co. continues to sweeten deals to drive repeat business from consumer and corporate cardholders.

Apple has over 300 retail stores, but it relies heavily on mobile devices — not just cash registers — to handle payments in its aisles. Intuit's latest update to QuickBooks Point of Sale allows its small-merchant clients to duplicate Apple's model.

Cartera Commerce has received $12.2 million in funding from a group of investors led by Comvest Group, the loyalty-shopping platform provider announced June 5.

Furnitureland South, a home-furnishings showplace based in Jamestown, N.C., has selected TD Retail Card Services to develop and administer its new private-label credit card, the retailer announced June 4.