Credit

PIN-based authorizations should be made compulsory for all debit and credit smart card transactions at the point of sale instead of allowing cardholder signatures to authorize transactions, a Reserve Bank of India committee is recommending.

Subprime credit card issuer First Premier Bank is suing the Federal Reserve Board and the Consumer Financial Protection Bureau over a new rule that would limit fees the issuer charges high-risk customers when opening card accounts.

Capital One Financial Corp. has taken the second step that had seemed inevitable.

All credit and debit cards issued in India should include the cardholder’s image and laminated signature under a recommendation from the Reserve Bank of India.

Instead of dipping its toe into the mobile-payments pool, Heartland Payment Systems Inc. intends to make a splash with a retail application that can enable a merchant’s employees to complete sales transactions anywhere in or out of the store.

The U.S. government’s debt-negotiation struggles and the resulting stock market chaos following Standard & Poor’s Aug. 5 downgrade of the country’s sovereign debt likely will cause a “hiccup” in consumer credit card spending just as it was beginning to recover, a First Data Corp. executive tells PaymentsSource.

Visa Inc. has introduced a series of incentives to spur the U.S. to adopt chip cards–a change once considered as likely as the country switching to the metric system.

Online retailers looking to reduce their number of declined transactions from different countries have a new tool available in their payments-processing kit.

Visa Inc. plans to accelerate the U.S. migration to EMV contact and contactless chip technology, the card brand announced Aug. 9.

TransUnion Corp. on Monday reported revenue of $257.5 million for the second quarter ended June 30, an increase of 8.5% compared to the year-ago period. Of the increase, 1.4% was a result of the impact of strengthening foreign currencies.

Citizens Financial Group Inc. is offering a new credit card that will allow its small-business customers to set spending controls on cards issued to their employees.

To garner a bigger share of the country’s lucrative payroll card market, India’s IDBI Bank Ltd. has begun offering a debit card that provides a line of credit when cardholders overdraw their account, the issuer announced Aug. 8.

To address the escalating competition for commercial card customers, Citigroup Inc. has enhanced the features of its one-time-use “virtual” cards and has pushed the product into two new international markets.

Thieves made off with personal information of 92,408 Citigroup Inc. credit card customers in Japan and sold the data to third parties, Citi said Friday according to Dow Jones. It's the second data theft for Citi in three months and the latest sign of how vulnerable banks and their customers are in a world of high-tech banditry.

Bangladesh is opening the door to accommodate more international electronic funds transfers and payments under a central bank move to allow the payment of fees for studies abroad using credit cards issued in the country.

A resurgence in demand for online-billing services is helping fuel growth at Online Resources Corp., which is in the midst of restructuring its business.

Consumer bankcard and private-label credit card account defaults declined again in May, reaching lows not seen in more than two years as the economy continues to stabilize, according to new data from Fitch Inc.

The recession continues to have a firm grip on U.S. credit cardholders as fewer Baby Boomers own premium cards and consumers of all ages are more likely to carry decreased balances or no balances at all, a new survey report indicates.

Visa scored a significant win in the battle for affluent credit cardholders in its recent deal to become the exclusive brand for all new cobranded credit cards for United Continental Holdings Inc., the airline born from the merger of United Airlines and Continental Airlines, analysts say.

Online Resources Corp.'s second-quarter revenue grew 5.4% year-over-year, to $38.3 million, from higher sales of e-commerce services.