Credit

The Bank of the Philippine Islands and Globe Telecom Inc. on July 14 launched a cashierless payment service to enable the Philippines-based telecommunication operator’s subscribers who also hold accounts at the bank to pay their Globe bills using the bank’s mobile and online-banking platforms

Visa Europe has launched a global information-management platform for its commercial cards called Visa IntelliLink Spend Management, the company announced July 15.

Bank of America Corp.’s Global Card Services Unit this morning reported an $806 million profit for the second quarter ended June 30; the unit reported a $1.59 billion net loss during the same period a year ago. The issuer attributed the turnaround to declining credit costs and continued improvement in the U.S. economy.

Credit card losses fell sharply at Bank of America Corp. in June, to the lowest level in more than a year, fresh data showed Thursday. The rate of delinquent loans also declined.

By offering a mobile service that addresses a common need, JPMorgan Chase & Co. might also get people to use their phones for a type of payment of which few people are even aware.

The Co-operative Group Ltd. and Barclaycard UK announced July 14 an agreement in which the grocery-store operator will become the first major United Kingdom food retailer to accept contactless payment.

U.S. Bankcard Services Inc., an Industry, Calif.-based independent sales organization, has added China UnionPay card acceptance to its list of merchant services.

JPMorgan Chase & Co. this morning reported second-quarter net income of $343 million for its Card Services unit; the unit experienced a $672 million net loss during the same period ended June 30 last year. Net revenue totaled $4.21 billion, down 13.6% from $4.87 billion.

SoftBank Telecom Corp. on July 5 began offering the first cloud technology-based transaction-clearing service in Japan, according to the Tokyo-based technology company.

Merchants do not need to retain a full 16-digit card number to resolve a transaction dispute, despite demands from some acquirers and processors, according to Visa Inc.

U.S. consumers’ average credit card debt in June inched up after falling to its lowest level of the year in May, while the average credit score dropped for the first time in 2010, according to new data Credit Karma released July 14.

Businesses of all sizes are increasing their use electronic forms of payment to help improve their cash flow, the results of a recent Aberdeen Group study show.

Union National Bank has launched a promotion in which it is offering 0% interest on all retail purchases for six months to all of its new and existing United Arab Emirates credit card customers, the issuer announced July 12.

Shares of Alliance Data Systems Corp. may be overvalued and could fall if the U.S. economic recovery stalls and the government tightens credit card regulations, according to the business newsweekly Barron's.

With the votes lined up, the Senate is set to vote as early as Thursday on financial regulatory reform. It would then go to President Obama, who is expected to sign the sweeping bill into law soon.

Fremont, Calif.-based Patelco Credit Union has become the first financial institution in the U.S. to launch Mobile Popmoney, which will enable Patelco's members to send an electronic payment directly to another person via an e-mail or text message from their mobile phone.

At least one city facing rising costs and falling revenues is eliminating broad credit card payment acceptance for utilities, underscoring a growing dilemma for many municipalities.

Monitise PLC, a United Kingdom-based provider of mobile banking and payments services, on July 13 announced plans to raise £32.4 million (US$48.6 million or 38.7 million euros) through the sale of company shares and a subscription by Visa Inc. that will raise the card brand’s shareholding interest in the company to 14.4% from 12.6%.

JPMorgan Chase & Co. has launched an Ink small-business card ad campaign that features a small-business owner and Ink card customer from New York. The ad highlights Marlo Scott, the owner of cupcake, wine and beer bar Sweet Revenge, touting the Ink card as being accepted at twice the number of locations as American Express Co. business cards.

Merchants may pay recurring bills using a portion of their payment card settlement funds through PayFast, a service Integrity Payment Systems LLC launched earlier this month.