Credit

Helped by a lower rate of U.S. cardholder defaults and higher purchase volume, Capital One Financial Corp.’s credit card business generated net income of $663 million during the third quarter ended Sept. 30, up 5.1% from $631 million a year earlier, the company reported Oct. 20.

American Express Co. turned sharply away from riskier customers during the recession, and that strategy is beginning to significantly reshape its card portfolio.

PayPal Inc.’s brand recognition with consumers is helping parent EBay Inc.’s payment unit to position its mobile offerings as the most secure product in the marketplace, eBay’s CEO noted during a conference call to discuss the company’s third quarter earnings.

Helped by a 10% increase in credit card sales from a year earlier as consumer spending accelerated, Alliance Data Systems Corp. on Oct. 20 reported significant increases in third-quarter revenue and income.

Before undergoing major technical tasks related to preparing point-of-sale terminals for the Single Euro Payment Area, French terminal maker Ingenico SA says it will have a key voice in establishing security and payment scheme standards for the single European market.

Hidden fees are forcing some consumers out of the traditional banking system.

China’s mobile-payments market is expected to grow considerably in the coming years even as concerns remain about security and the lack of cooperation between telecommunication operators and banks, a new report suggests.

Citing strong cardholder spending increases across the board, American Express Co. on Oct. 19 said its U.S. Card Services unit produced income of $733 million during the quarter ended Sept. 30, up 23.2% from $595 million a year earlier.

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.