Credit

Public fallout from the data breaches that have affected Citigroup and other large enterprises in and out of finance in recent weeks has reached the political push back stage, with both Sen. Patrick Leahy (D-Vt.) and Rep. Mary Bono Mack (R-Calif.) hoping the events will breathe new life into data protection legislation that’s failed in the past.

WASHINGTON – The Obama administration's push to create a national standard for when and how banks and other companies must notify customers of a data breach appears to be gaining momentum.

When Discover Financial Services last year launched its “Peggy” television commercials, it did not expect the character to take on a life of its own.

As credit card use slows in certain sectors because of tightened budgets and risk avoidance, issuers are beginning to step up efforts to keep customers threatening to leave. But many issuers lack consistent retention strategies, a new study from Celent LLC contends.

Joining the growing raft of processors rolling out advanced data-encryption services to help protect cardholders at the point of sale, Elavon Inc. on June 20 announced a portfolio of products and services dubbed Safe-T Suite.

The announcement last week by several telecommunication companies of plans to create a joint venture to fast-track mobile-payments processing potentially has broad implications for the mobile-payments market in Europe. But the companies have worked together before with little resulting success.

Citibank Savings Inc, a wholly owned subsidiary of Citibank N.A., reportedly soon will enter the Philippines credit card market, possibly eating into its own parent’s market share.

Despite efforts by major card companies to promote the speed and excitement of using mobile phones to pay, it likely will take more than glitzy marketing to convince consumers to use such services, according to a Federal Reserve strategist.

ACA International officials on Monday introduced "The Path Forward: A Blueprint for Modernizing America’s Debt Collection System" - a five-point plan it hopes will improve collections by reducing, preventing and better resolving consumer complaints.

JCB International, Japan’s major payment brand, is hoping to gain more business in Vietnam resulting from a deal it announced June 13 to sponsor the country’s national soccer team, a company spokesperson said in an email statement.

The Reserve Bank of Australia has launched a review of the country’s credit card surcharging practices after receiving complaints that retailers were assessing fees well in excess of their card-acceptance costs.

China UnionPay customers now may use their cards in Peru under an agreement the card company signed last week with Lima-based Interbank Ltd., a spokesperson from the card company tells PaymentsSource.

Telefónica UK, Vodafone UK, and T-Mobile and Orange parent Everything Everywhere plan to form a joint venture in mobile marketing and payments, the companies announced June 16.

More issuers are offering cash incentives for signing up for and using their credit cards, suggest new data from direct mail tracking firm Mintel Comperemedia.

The Federal Reserve’s proposed cap on debit fees is “discriminatory,” because it singles out the nation’s biggest banks and credit unions, so should be barred from being finalized, lawyers for Minnesota’s TCF Bank told a federal appeals court yesterday.

MasterCard Worldwide is making headway in the use of its PayPass service by embedding the contactless chips in wristbands distributed at festivals and other events.

MasterCard Worldwide is making headway in the use of its PayPass service by embedding the contactless chips in wristbands distributed at festivals and other events.

Despite various warnings, many young adults feel empowered by credit card and student loan debt, suggests a recent national study by a team of sociology researchers examining the connection between debt and self-esteem.

JPMorgan Chase & Co. on June 17 will roll out a second EMV card, expanding its target audience for the higher-technology card to a broader consumer base from elite international business travelers.

The average consumer credit card default rate for most large issuers declined again in May, likely bringing the charge-off rate close to 7%, suggest preliminary data from Moody’s Investors Service.