Credit

Visa on Tuesday said it has deposited $500 million into an account earmarked for litigation costs, a move that essentially acts as a repurchase of class B shares from credit unions and banks.

MasterCard Inc. hopes that the wisdom of crowds will help it eliminate the need to build alternative payment systems.

Small-business owners’ confidence rose in May for the second consecutive month, reaching its highest level in seven months, according to survey data Discover Financial Services released June 1.

Total System Services Inc.’s TSYS Healthcare unit has inked an agreement with Lighthouse1 LLC that it says will enhance its offerings of consumer-directed health care payments, including enabling consolidation of consumer health care payments onto a single payment card.

FICO, the provider of the ubiquitous credit score, last week said its FICO Labs was awarded eight new patents by the U.S. Patent and Trademark Office covering credit score interpretation, fraud detection, credit line optimization and other analytics.

Laborers in India’s most-populated state of Uttar Pradesh are receiving biometric smart cards through which they may receive their wages under the National Rural Employment Guarantee Act, whose goal is to help workers avoid being cheated out of their pay.

Laxmi Bank Ltd. in Nepal has launched an online-payment service, an official from the Kathmandu-based bank tells PaymentsSource.

Malaysian citizens now may use their Touch n’ Go contactless transit cards to pay for parking at stations in the local subway network in select cities, a spokesperson for the local transport authority Rapid KL tells PaymentsSource.

Malaysian citizens now may use their Touch n’ Go contactless transit cards to pay for parking at stations in the local subway network in select cities, a spokesperson for the local transport authority Rapid KL tells PaymentsSource.

Malaysian citizens now may use their Touch n’ Go contactless transit cards to pay for parking at stations in the local subway network in select cities, a spokesperson for the local transport authority Rapid KL tells PaymentsSource.

Three New York transit agencies are kicking off a contactless payment test today that they hope will show credit and debit cards can replace closed-loop fare cards — and lead to wider use of contactless cards in general.

In lobbying to defeat an amendment to the bank bill that would roll back interchange fees on debit cards credit unions are finding themselves in an increasingly familiar position – opposing the consumer lobby groups.

Nebraska state officials are warning lawmakers that the debit-interchange amendment in the Senate financial-reform bill could have grave implications for states using prepaid debit cards to disburse government benefits.

Mobile merchants in nations where chip-and-PIN cards using the EMV standard are used will have an opportunity to use VeriFone Systems Inc.’s PayWare Mobile service for the iPhone later this year, VeriFone says.

Melbourne’s Myki smart card ticketing system reportedly has failed another test. Local newspapers in the Australia city report the system was unable to adjust fares for senior cardholders automatically, forcing operators to manually adjust their accounts.

The Central Bank of Oman has decided to cap interest rates on credit cards banks in the sultanate issue. The policy takes effect June 1 and applies to existing and new card accounts.

The Independent Community Bankers of America and the Credit Union National Association have once again joined forces to oppose Sen. Richard Durbin's interchange amendment in the Senate regulatory reform bill, arguing the provision should not be part of the final legislation.

The Federal Reserve this week fulfilled a little-discussed requirement from the Credit Card Accountability, Responsibility and Disclosure Act when it displayed online the credit card agreements of more than 300 of the nation’s top issuers. But the database’s usefulness to consumers is dubious at best, observers say.

VeriFone Systems Inc.’s taxi business is taking on increased importance for the point-of-sale terminal maker.

Barclaycard U.S. and Travelocity Global have launched a travel-based American Express rewards credit card that offers cardholders lower point-redemption options and points on nontravel purchases.