Credit

Citing fewer defaults and a reduction in overall outstanding receivables, Target Corp.’s credit card unit more than doubled its profit during the third quarter, the company announced Nov. 17.

Near Field Communication will outlast other mobile-payment technologies such as microSD cards and two-dimensional barcodes, observers contacted by PaymentsSource generally agree.

PayPal Inc.’s Oct. 26 announcement that its transactions would be integrated into VeriFone Systems Inc.’s mobile point-of-sale product after Jan. 1 is a clear sign PayPal wants to move beyond e-commerce transactions, observers say (see story).

Thirty-two Rhode Island government organizations will use payment-processing services from Point & Pay LLC integrated into Opal Data Technologies Inc. software, Point & Pay announced Nov. 16.

Mobile-payments provider Zong Inc. has entered the Philippines market through partnership agreements with mobile carriers Globe Telecom Ltd. and Smart Communications Ltd., the U.S.-based company announced Nov. 17.

With fewer borrowers delinquent on one or more accounts, U.S. consumers' credit risk level dropped in the third quarter ended Sept. 30 to a mark not seen since the first quarter of 2009, according to TransUnion's Credit Risk Index (CRI) released Wednesday.

VeriFone Systems Inc. and Hypercom Corp. have set aside their differences, announcing this morning an agreement in which VeriFone will acquire the competing point-of-sale terminal maker in an all-stock transaction valued at $485 million, including net debt VeriFone would assume.

Recent developments suggest 2011 will be the year that mobile payments take hold in the United States in a big way.

PayNearMe Inc. is launching a reusable payment card option for consumers who prefer to use cash to pay for online purchases, loan payments and utility bills, the Mountain View, Calif.-based company announced on Nov. 16.

The 200 million wireless subscribers connected to AT&T Inc., T-Mobile USA Inc. and Verizon Communications Inc. may not be enough for the companies’ mobile payments joint venture to succeed; it still needs to attract large banks and merchants, one analyst says.

Discover Financial Services is still struggling to reach “the last mile” of full U.S. merchant acceptance as many retail locations fall short in promoting the brand at the point of sale, Roger Hochschild, Discover president and chief operating officer, told analysts on Nov. 16.

First American Payment Systems LP has signed Lenoir, N.C.-based Parkway Bank as its 26th referral-bank partner, the Fort Worth, Texas-based independent sales organization announced Nov. 9.

ANZ Bank Ltd. on Nov. 15 launched the ANZ Rugby World Cup MasterCard credit card, marking the country’s first contactless “tap and go” credit card.

Illinois Attorney General Lisa Madigan filed a lawsuit last week against Omega Business Center, a Chicago-based business, claiming it bilked consumers out of an estimated $300,000 for debt relief services it never provided.

ACA International announced Tuesday that it did not renew longtime CEO Rozanne Andersen's employment contract and has replaced her effective immediately.

AT&T Inc., T-Mobile USA Inc. and Verizon Communications Inc. on Nov. 16 unveiled Isis, their long-rumored mobile payments joint venture that will route contactless transactions over Discover Financial Services’ network.

Citigroup Inc. said it has agreed with rDialogue LLC to offer its clients consultancy services in order to bolster its retail rewards card programs.

Verizon Wireless, AT&T Inc. and T-Mobile USA will unveil more details on their joint venture to create a mobile payment network, which will be financially backed by Barclays PLC and Discover Financial Services, as soon as Tuesday, according to people familiar with the situation, Dow Jones is reporting.

Annual interest rates on national merchants’ private-label credit cards are on the rise, suggest the results of a recent study from U.S. Rep. Anthony Weiner, D-N.Y.

Total credit card receivables in Hong Kong grew by 10.9%, to HK$78.2 billion (US$10.8 billion and 7.4 billion euros) at the end of September from HK$70.5 billion a year earlier, the Hong Kong Monetary Authority recently reported.