Credit

The Network for Electronic Transfers Singapore, commonly referred to as NETS, and telecommunication operator Nera Telecommunications Ltd. on Aug. 2 launched a contactless smart card payment system for one of Singapore’s private bus networks.

The Australian city of Melbourne on July 25 extended the use of the Myki smartcard transit system to include trams and buses, according to the Transport Ticketing Authority, which operates the contactless card program.

The fallout from the Credit Card Accountability, Responsibility and Disclosure Act of 2009, most of which went into effect in February, has not produced the expected negative results in terms of less-appealing credit card offers issuers are mailing to consumers, according to Mintel Comperemedia, which tracks card-offer mailings.

MasterCard Inc.’s role as the second-largest brand to Visa Inc. in the U.S. credit and debit card markets along with economic uncertainty will continue to cast a shadow on the company’s domestic performance for the remainder of the year, MasterCard CEO Ajay Banga told analysts during an Aug. 3 conference call to discuss second-quarter earnings.

MasterCard Worldwide on Aug. 3 reported double-digit growth in worldwide purchase volume and cross-border spending for the second quarter ended June 30.

Merchant cash-advance company AmeriMerchant LLC’s merger with CanaFunding LLC this week is enabling independent sales organizations to sell cash-advance services in either the U.S. or Canada, says David Goldin, AmeriMerchant president and CEO.

MasterCard Inc. on Aug. 3 reported net income of $458 million for the second quarter ended June 30, up 31.2% from $349 million during the same period last year. Revenues net of operating expenses totaled $1.37 billion, up 7% from $1.28 billion.

Though many banks began to increase their card-marketing initiatives earlier this year, consumer response rates have been low, and that is likely to continue, Mark Greene, CEO of FICO, an analytics and decision management technology company, told analysts during a conference call to discuss third-quarter earnings.

HSBC Holdings PLC's North American arm still isn't adding much to the company yet, but it has reduced its consumer finance losses to the point where it is no longer weighing down its parent.

Lockport, N.Y.-based Cornerstone Community Federal Credit Union, the largest credit union based in Western New York, has introduced a mobile banking service.

A mobile-payments effort seemingly designed to exclude banks may accomplish the exact opposite.

MasterCard Worldwide continues its realignment of top executives, most notably with last week’s announcement of the pending departure of emerging-payments head Josh Peirez and a new executive appointed to lead the card network’s franchise development.

ACH Federal LLC, an automated clearinghouse transaction processor, will refer merchants wanting credit and debit card transaction-processing services to PDX Enterprise Solutions, a Portland, Ore.-based independent sales organization, ACH Federal announced July 28.

Mindbody, a San Luis Opisbo, Calif.-based company that makes business-management software for health-and-fitness businesses, has become an independent sales organization to improve its profit margin and to secure more control over its relationships with merchants, says Rick Stollmeyer, Mindbody founder and CEO.

Tesco Bank, a unit of the United Kingdom grocery chain Tesco PLC, is using its brand recognition and a priority to draw more consumers into its stores to provide a perk most bankcard issuers are unable to offer–0% interest on all purchases for 13 months for new customers of its Tesco Clubcard credit card.

Online-payment service provider PayPal Inc. plans to deploy a new and different approach to target consumers, merchants and developers in its quest to expand in Japan, the payments unit of online auction site eBay Inc. announced in late July.

Visa Inc. today announced the official launch of Rightcliq by Visa, an online shopping service the card brand initially announced early in July (see story).

AT&T Inc., Verizon Communications Inc. and T-Mobile USA are attempting to create a system to bypass credit and debit cards and allow consumers to pay for purchases by smartphones, Bloomberg News reported Monday, citing unnamed sources.

Bling Nation Ltd. has begun issuing its mobile payment stickers to employees of PayPal Inc. at PayPal's headquarters in San Jose.

Citigroup Inc. said Friday that it is offering commercial credit cards in South Africa, the 50th country its global transaction services unit has reached.