Credit

Consumers are attacking their debt and borrowing less, but the average U.S. borrower with debt from unsecured loans, including credit cards, still owes an average of $10,000 spread among an average of seven creditors, according to data CareOne Services Inc., a national for-profit consumer debt-relief firm, released Feb. 2.

Zumogo, ProPay Inc.’s new social-media payment tool for mobile phones, leaves out vital information that ProPay says some competitors leave in.

The South African National Department of Transport has picked Clear2Pay NV to develop functional testing services for EMV contactless cards and payment terminals in the country, the agency announced last week.

In yet another sign 2011 promises to include an avalanche of Near Field Communication-related announcements, LG Corp. is jumping on the bandwagon. That should shock no one, one analyst contends.

Fiserv Inc.’s shares fell more than 3% in after-hours trading Thursday after the Brookfield, Wis., banking technology vendor reported earnings that missed analysts’ estimates.

MasterCard Worldwide CEO Ajay Banga expressed concern about the effects of the Federal Reserve Board’s proposed debit-interchange rules, but he also sketched out various scenarios in which MasterCard may benefit during an analyst conference call to discuss fourth-quarter earnings.

Continuing its expansion into newer payments-related territory, Visa Inc. intends to focus on increasing its presence in mobile payments, online commerce and funds transfers, Joseph W. Saunders told analysts during a conference call to discuss fiscal first-quarter earnings.

A test of an open transit payment card along a 14-mile commuter rail line near Philadelphia also will gauge the effectiveness of post-paying for transit rides.

Banks in China face tougher scrutiny of credit card issuance under new China Banking Regulatory Commission regulations to curb misuse in the card market.

Sports-graphics retailer Fathead LLC will use ModaSolutions Corp.’s online eBillme service as an option at checkout, the alternative payment provider announced Feb. 3.

Visa Europe and Monitise PLC have formed a partnership to develop mobile-payment services for Visa’s member financial institutions within Europe, the companies announced Feb. 3.

MasterCard Inc. this morning reported fourth quarter net income of $415 million, up 41.6% from $294 million during the same period the previous year. Net revenues rose 10.8%, to $1.44 billion from $1.3 billion, driven by an 18.7% increase in cross-border volumes and other factors, MasterCard said in its Feb. 3 earnings release.

Payments processor ProPay Inc. is testing a mobile application that enables consumers to pay brick-and-mortar merchants using their smartphones instead of handing over a card.

Most consumers in the United Kingdom have fraud concerns when using their credit or debit card to make purchases over the phone, new research released Jan. 28 suggests.

Commuters on the 14-mile-long rail line connecting Lindenwood, N.J., and Philadelphia would be able to use any contactless-payment card to access trains following a pilot Cubic Corp. announced Feb. 2.

Citing continued growth in international volume and processed transactions globally, Visa Inc. on Feb. 2 reported fiscal first quarter increases in Visa card spending both domestically and internationally.

An estimated 426 different collection agencies and creditors were sued under consumer statutes in the first half of January, up from 392 in the second half of December but down from 510 in the fist half of December, according to data from U.S. district courts.

The number of complaints credit cardholders made to the Reserve Bank of India in 2010 increased by 7.7% from the previous year, the central bank noted in a Feb. 1 report.

Many U.S. consumers continue to shy away from using credit cards, but those that still choose to use them are partial to cards tied to rewards programs, new research suggests.

Despite their exemption from the Federal Reserve Board’s proposed cap on debit card fees, small banks and credit unions are hesitant to spend big money on payments technology until more details are available, according to vendor Jack Henry & Associates Inc.