Credit

Researchers say they’ve found a security hole that exposes EMV chip-and-PIN protected cards, adding wrinkle to the hot debate over the use of the security standard in the U.S.

An estimated 417 different collection agencies and creditors were sued between March 1-15, down from 444 in the Feb. 1-15 period, according to data from U.S. District Courts.

MasterCard Worldwide has named Michael F. McEneney to the new position of deputy general counsel, the card brand announced March 31. McEneney will oversee global public policy, regulatory advocacy, litigation, and the legal teams for MasterCard’s products and advisory services.

This article was revised after Vivotech distributed a follow-up press release containing various "corrections."

Western Union Co. is expanding an initiative to enable Kenyan migrants to send funds to recipients in their home country who subscribe to Safaricon’s M-Pesa mobile wallet, the companies announced March 31.

Global Collect B.V. has signed an agreement to process credit card payments for Royal Jordanian Airlines, the companies announced March 28.

A San Francisco-based company on March 30 announced its introduction of a modular set of software frameworks and applications designed to facilitate deployment of Near Field Communication payments and other contactless services by resolving fragmentation and interoperability issues affecting NFC software and hardware installations.

A coalition representing consumers this week is urging lawmakers to oppose legislation that would put the brakes on proposed debit-interchange rate reductions, while a group of 7-Eleven Inc. franchisees similarly is vowing to keep lobbying Congress to oppose such a delay.

Catering to its loyal customers, Expedia Inc. has launched a rewards program that enables members to earn points on hotels, flights, vacation packages and activities booked on the company’s website, the online travel agency announced March 28.

Google Inc. is joining the NFC Forum, a nonprofit association that sets technical specifications for how businesses use Near Field Communication technology for payments applications and other services.

Gemalto NV is offering a software package for MasterCard Worldwide’s PayPass contactless payment system, the chip maker announced March 30.

Debt buyer Midland Funding LLC defrauded consumers and the courts by filing false “robo-signed” affidavits to try to prove consumers owed debts, Minnesota Attorney General Lori Swanson alleges in a legal action filed March 28.

Continuing a push to maintain its affluent customer base, JPMorgan Chase & Co. has added daily travel auctions to its Ultimate Rewards credit card program and has eliminated the foreign-transaction fee on another of its cards, the issuer announced March 29.

Besides making the process easier for merchants, a good payment-security vendor can ease the burden of Payment Card Industry data-security standards compliance for independent sales organizations, a growing number of ISOs are finding.

The Smart Card Alliance’s transportation council this year plans to continue its focus in support of open-loop contactless transit payment card systems as more cities realize the potential benefits over closed-loop systems, according to an organization executive.

The Federal Reserve Board’s decision this week to take more time to analyze comments before finalizing its proposed debit-interchange rules could mean the final rules might not take as big a bite out of issuer revenue, some analysts believe.

Visa Inc., MasterCard Inc. and several leading Canadian banks that issue their cards face being included in proposed national class-action litigation tied to a lawsuit filed March 28 in the Supreme Court of British Columbia. The suit alleges the card networks and their major issuers conspired to fix prices on fees merchants ultimately pay to accept cards.

Citing the proliferation of smartphone Near Fear Communication applications, NFC provider Vivotech Inc. next year plans to conduct an initial public offering of company stock to help boost its ability to build more NFC products and systems, Muhammed Khan, founder and president of Vivotech, tells PaymentsSource.

As many banks break the unpleasant news to consumers about the disappearance of checking account perks, PNC Financial Services Group Inc. has developed a way to make customers feel empowered about the changes.

The chief sponsor of a Senate bill to delay the interchange rule for as long as two years maneuvered last night to ease passage of the controversial measure by attaching it to popular legislation on small business investment.