Credit

The credit card industry continues to rely on credit card-backed bonds in roughly the same proportion as it has in recent years, even as net issuance has tailed off sharply.

Banks and online payment companies are moving more functions to their main Web pages and limiting the amount of navigation needed to access bill presentment, information and payment features.

Bank of America Corp. said Tuesday that late payments on credit card loans fell to 7.35% in January, the lowest in a year, reports Bloomberg News.

The Federal Reserve Board should use "common sense" when defining "reasonable and proportional" penalty fees under the new credit card law, Pew Charitable Trusts said Tuesday.

MasterCard Worldwide says chip-and-PIN card issuers have countermeasures available to help prevent an attack that could authenticate a card with a false PIN. MasterCard would not say what the countermeasures include.

Social-networking site Multiply has inked a deal for settling online payments with G-Xchange Inc., a statement from the telecom operator said. G-Xchange is a wholly owned subsidiary of Philippines-based Globe Telecom.

Indian consumers in December initiated 20.5 million credit card transactions, down 9.3% from 22.6 million during the same month the previous year, according to the Reserve Bank of India. Credit card sales volume, however, increased by 3.6%, to 55 billion (US$1.2 billion or 859.9 million euros) rupees from 53.1 billion rupees.

A ban on illegal cellular towers is causing problems for credit card transactions in the Indian capital city of New Delhi, local newspaper The Times of India reports. Several shops at high-end malls in the city reported credit card failures because of failed authorization calls caused by drops on cellular connectivity.

For the third consecutive month, the Credit Managers' Index is signaling that the recession is over and the economy is expanding, according to a report issued last week by the National Association of Credit Management.

Monitise Americas LLC is planning to introduce a version of its Mobile Money application for phones that use Google Inc.'s Android operating system.

The Internal Revenue Service, in probing how $100 billion of credit card payments escape sales and income taxes each year, is looking at clients of processors including First Data Corp.

Visa Inc.’s plan to add mobile-phone payment capabilities to handsets available now could provide a shot in the arm for contactless payment.

Cambridge University researchers looking into chip-and-PIN security say they successfully tricked a point-of-sale terminal into accepting a “dummy” PIN for a smart card using a “man-in-the-middle” attack.

MasterCard Worldwide on Wednesday announced that Fifth Third Bancorp is adopting an element of MasterCard’s InControl service for commercial card customers in an ongoing effort to convert more business-to-business payments from check to cards.

Discover Financial Services agreed to pay $775 million to Morgan Stanley to resolve a dispute over how to divide the proceeds of a legal settlement with Visa Inc. and MasterCard Inc., reports Bloomberg News.

Total Systems Solutions Inc., also known as TSYS, is entering the Italian market for the first time.

A new regulation approved by the Financial Supervisory Service of Korea could slow domestic growth in mobile payments, an official from the regulator confirmed. Under the new policy, all transactions initiated with advanced handsets would be subject to the same security requirements that control online transactions initiated with personal computers.

A small mobile-phone Near Field Communication payment trial is under way in Slovenia designed to test consumer use of MasterCard and Maestro contactless payments, Inside Contactless announced today.

Illinois Attorney General Lisa Madigan sued seven debt settlement firms and six of their executives, alleging the firms misrepresent their services to consumers as a way to boost credit scores.

Legislation set to be introduced in Minnesota this month would ban the "re-aging" of delinquent consumer debts, making them harder to collect — particularly when the amounts owed cannot be verified.