Credit

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.

Japanese conglomerate Mitsui & Co. Ltd. has acquired 14.9% stake in Qiwi Ltd., a Russian company registered in Cyprus that specializes in instant-payment kiosks, the two companies announced Jan. 18. Terms were not disclosed.

SoftBank Mobile Corp. will start a Near Field Communication payment pilot with smartphones powered by Android 2.2 operating system late this quarter, the Tokyo-based subsidiary of Japanese telecommunication operator SoftBank Corp. announced Jan.18.

Neovia Financial PLC’s $50 million acquisition of Montreal-based Optimal Payments will provide Neovia with a “meaningful” presence in North America, the United Kingdom-based merchant processor announced Jan. 20.

First Data Corp. will handle credit card processing for Kohl’s Corp.’s private-label credit cards in a multiyear agreement the two companies announced Jan. 20.

Citing the effects of fewer losses and healthy growth in new accounts and purchase volume, Capital One Financial Corp.’s credit card unit earned $586 million during the fourth quarter ended Dec. 31, up 14.9% from $510 million a year earlier. Revenues were down 13.8%, however, to $2.5 billion from $2.9 billion, driven by a full quarter of lower late fees resulting from implementation of the CARD Act, Cap One reported Jan 20.

Citing reductions in charge-offs and a rise in interchange revenue, Bank of America Corp.’s Global Card Services unit earned net income of $1.5 billion for the fourth quarter ended Dec. 30; it reported a $994 million loss during the same period last year, BofA reported on Jan. 21

Twitter co-founder Jack Dorsey has filed suit against a local college professor over the patent rights to Square, a credit card reader that can be attached to smartphones.