Credit

Following growing protests from small merchants against credit card companies, South Korea’s major card networks announced Oct. 17 that they would cut the interchange fees they collect from such merchants, confirms an official at the Credit Finance Association of Korea, which represents card companies, banks and insurers.

China UnionPay has signed a memorandum of understanding in which Korean card issuer Lotte Card Co. Ltd. will issue UnionPay-branded bankcards in South Korea, the companies announced Oct. 11

U.S. Bancorp on Oct. 19 reported positive third-quarter earnings driven by increases in fee-based revenue, including higher payments-related income.

Intensifying its focus on retaining cardholders amidst a marketplace array of new and richer card-rewards offers, American Express Co. this week introduced a program to enable its small-business credit card customers to earn more reward points each year they remain customers.

Google Inc. is entering the transit space through a partnership with the New Jersey Transit Agency, which will enable Google Wallet users to purchase tickets at select vending machines and ticket windows and pay fares on seven bus routes.

TD Retail Card Services will develop and administer a private-label credit card program for retailer Ashley Furniture Industries Inc., the Mahwah, N.J.-based card issuer announced Oct. 19.

PayPal Inc. is about to introduce a new plastic card that is something of a Trojan horse.

Tencent Holdings Ltd., the owner of the Tenpay online payment platform, has reached an agreement with American Express Co. to offer Tenpay users an ability to shop with retailers outside of Mainland China, the firm announced in early October.

Bank of America Corp. does not fear losing customers because of its controversial $5 monthly debit fee, Brian Moynihan, BofA chief executive officer, told analysts today.

In an effort to expand acceptance of its credit card brand outside of China’s borders, China UnionPay is collaborating with Japan-based Sumitomo Mitsui Card Co. on a travel promotion targeting Chinese tourists visiting Japan.

The Federal Trade Commission has charged the operators of a credit-repair company with making false statements to credit bureaus about information in consumers’ credit reports and illegally collecting fees from consumers before performing services.

Consumers sued an estimated 697 collection agencies and creditors in the second half of September, up from 616 during the first half the month and from 469 in the second half of August, new data show.

Citigroup Inc. reported a rise in income from its Citi-branded and private-label credit card operations during the third quarter ended Sept. 30, driven largely by lower losses as fewer cardholders defaulted on accounts due to tighter underwriting policies and the improving economy.

Banks involved in the creation of a Single Euro Payment Area in Europe must view it as an opportunity to rebuild a payments system from scratch instead of as an overly complex challenge in which applying new standards to an old system will suffice, a new report by Boston-based research firm Celent asserts.

International Payments Solutions (Shanghai) Ltd and the Bank of China Ltd are collaborating with China-based Golden Holiday Travel Network on a promotion with incentives designed to increase the number of Chinese travelers who book tour packages online.

Marketing analysts who say mobile access is the future of loyalty programs with retailers and restaurants are closely watching to see how consumers respond to new mobile apps linking card purchases to rewards credits.

Two Shanghai city business-development organizations are attempting to further push online shopping during the Chinese festival season in collaboration with third party online payment provider International Payments Solutions (Shanghai) Ltd.

JPMorgan Chase & Co.’s consumer credit card unit reported net income of $849 million for the quarter ended Sept. 30, down 8.3% from $926 million a year earlier, as fewer consumers opened new accounts and the percentage of consumers revolving a balance declined. The unit results, for the first time, included auto and student lending, the company said.

U.S. Bank’s launch of a mobile credit card application for iPhones could improve customer service for retail audiences, market observers say.

CHICAGO—Consumers will decide which mobile wallets they want to use and that is why financial institutions should participate in as many as possible, a Citigroup Inc. executive on Oct. 12 told attendees here at the BAI Retail Delivery conference.