Credit

Financial institutions should focus on marketing to individuals between the ages of 18 and 34 to grow their emerging consumer-payments businesses. But the so-called Millennial Generation surprisingly is nonplussed by mobile payments, despite its growing exposure in the market, suggest the results of a recent study.

A cacophony of marketing voices is urging ISOs and acquirers to consider mobile point-of-sale services as a way to grow revenue and potentially reach new merchants.

Two more retailers have joined Commonwealth Bank’s contactless-payments initiative in Australia, adding more momentum to adoption of the technology throughout the country.

Citing growth from new clients and improving charge-off trends, Alliance Data Systems Corp. on Oct. 20 announced dramatic increases in third-quarter revenue and profitability for its private-label credit card unit.

LAS VEGAS — In their efforts to sign people up for mobile banking, banks can be their own worst enemy.

Spartked by a 14% increase in cardmember spending, American Express Co. Oct. 21 reported net income of $1.1 billion for the third quarter ended Sept. 30, up 71.9% from $640 million during the same period last year. Total revenue net of interest rose 39.6%, to $6.7 billion from $4.8 billion.

Karnataka Bank Ltd. on Oct. 20 became the latest bank in India to launch a biometric smart card for cash withdrawals, according to the Bangalore-based bank.

Zimbabwe’s first mobile-payment system launches next month.

The head of the central bank in Philippines reportedly is warning against government efforts to limit the interest rate applied to credit cards at 1% per month.

If Total System Services Inc. were a baseball team, the transaction processor’s third quarter would constitute a rebuilding season.

New opt-in requirements for debit card overdraft protection likely will reduce U.S. Bancorp’s revenue by more than $250 million this year, while changes from the CARD Act will cut the company’s revenues by another $160 million to $180 million, the company said Oct. 20 when announcing its earnings for the quarter ended Sept. 30.

VeriFone Systems Inc.’s move to buy the point-of-sale terminal business of card maker Gemalto NV could be a good fit for the terminal maker, especially if its quest to buy rival Hypercom Corp. fails, analysts say.

EBay Inc.’s payment unit, which includes PayPal Inc. and Bill Me Later, continues to gain momentum as it expands its offerings into mobile and contactless payments.

Bank of Lincoln County has selected ACH Federal to provide Web-based and customized automated clearinghouse processing services, according to the Chattanooga, Tenn.-based electronic payments provider.

CashEdge Inc. hopes to help its client banks reach a wider audience through its Popmoney electronic payment service by making it possible to get cash payments.

Consumers are still seeking to reduce their discretionary spending, including purchases they would normally put on their credit cards, according to a survey Citigroup Inc. is expected to publish Thursday.

Jack Henry & Associates Inc. said Tuesday that eight credit unions have agreed to use its banking software platform.

Lending Club Corp. is lowering its person-to-person loan rate to better compete with credit cards.

After experiencing success with a similar initiative supported by MasterCard Worldwide, Online Resources Corp.’s efforts to encourage payment card acceptance by utilities is beginning to receive the backing of other card brands.

Mitsubishi UFJ Nicos Co. Ltd. has launched three versions of a new JCB-branded credit card as part of a strategy to secure more cardholders in Japan, according to the credit card unit of Mitsubishi UFJ Financial Group.