Credit

Citigroup Inc. has upgraded its WorldLink Payment Services technology to allow faster settlement of payments made in China’s currency, the renminbi, the New York-based banking company announced Jan. 25.

Despite consumer interest in alternative online payment products, credit cards still dominate the online-payments space. And they likely will continue to do so until merchants promote a broader array of alternative payment methods, according to Javelin Strategy and Research.

More than a year after it snapped back from the financial crisis, American Express Co. is ramping up investments for growth.

Visa Europe and Wireless Dynamics Inc. are teaming up to offer a mobile contactless-payment service for Apple Inc. iPhone users in the United Kingdom, the card association announced Jan. 25.

U.S. states with the greatest amount of outstanding consumer credit card debt roughly parallel those with the most population, but a few states buck that trend, according to new data Equifax Inc. released Jan. 24.

The Infocomm Development Authority of Singapore has set up a wholly owned subsidiary, Assurity Trusted Solutions Pte. Ltd., to lead its initiative to increase the security of online transactions in Singapore, the organization announced Jan. 20.

MasterCard Inc. confirmed that it is hiring Mung-Ki Woo as group executive for its mobile business.

Several issuers in the United Kingdom and Ireland recently announced plans to issue contactless cards usable at several major merchants. And while one observer says few consumers see the benefit of contactless payment, more European merchants, especially quick-service restaurants, have begun to accept contactless cards.

ModaSolutions Corp. has adapted its eBillme online payment system to work with Magento Inc.’s e-commerce platform, the company announced Jan. 24.

Fifth Third Processing Solutions LLC has signed up three new processing clients, the Cincinnati-based processor announced Jan. 24.

Citing increased consumer spending, American Express Co. is reporting fourth quarter net income of $1.1 billion, up 53.6% from $716 million during the same period in 2009. Total revenue net of interest expense rose 12.3%, to $7.3 billion from $6.5 billion, the company announced Jan. 24.

JPMorgan Chase & Co.’s Chase Bank USA unit does not have to battle a slew of class-action lawsuits alleging it improperly increased credit cardholders’ interest rates, the U.S. Supreme Court ruled Jan. 24.

More consumers late last year chose to spend more when dining out, especially in less expensive restaurants, a new report on fourth quarter restaurant spending suggests.

Safaricom Ltd., the largest mobile operator in Kenya, is working with U.S.-based payments provider PayPal Inc. on a platform to enable consumers to pay school fees directly to institutions’ bank accounts using their mobile phones, the companies announced earlier this month.

ElectraCard Services Pvt. Ltd., a payment processor based in India, is opening its first U.S. office in Omaha, Neb., the unit of Opus Software Solutions Pvt. Ltd. announced Jan. 24.

HSBC Holdings PLC will lay off about 500 employees as it ends its credit card customer service and collections operations in New Castle, Del., Reuters reported on its website.

The online banking and bill payment provider Online Resources Corp. said Friday that its board is "evaluating unsolicited expressions of interest in potential business combinations."

Banks are in for tougher negotiations with retailers over store credit card programs if a Federal Reserve proposal is finalized.

As transaction volume for U.S.-based online merchants increased in 2010, so did the number of fraudulent attempts, which may mean merchants should reexamine their fraud-prevention systems to fend off potential attacks, new research suggests.

Two companies are trying to bring the decade-old merchant cash advance concept into new — and starkly different — markets.