Credit

Reaping the results of improving credit quality among its U.S. customers, higher spending on corporate cards and in international regions, American Express Co. yesterday reported a 198.3% increase in net income for the fourth quarter ended Dec. 30 compared with a year ago.

Consumers are eager to use contactless stickers for routine payments as a bridge before Near Field Communication-equipped mobile handsets are available on a mass scale, suggest the results of a recently completed Discover Financial Services pilot.

China’s Ministry of Public Security and the People’s Bank of China soon plan to launch a 10-month nationwide campaign to crack down on bankcard crimes, the ministry notes in a statement on its Web site.

Ingenico SA generated $976.3 million (691.4 million euros) in revenue in 2009, a 5% decrease from $1.03 billion the previous year, according to preliminary financial results the France-based point-of-sale terminal maker released yesterday. Ingenico’s preliminary results do not include net-income figures.

The $60 million settlement (see story) Heartland Payment Systems Inc. and Visa Inc. announced earlier this month regarding the large data breach the processor reported a year ago “has many weaknesses,” claims three law firms representing issuers of Visa cards.

The loss of large clients, price compression, negative currency-exchange rates and the difficult economy contributed to a difficult fourth quarter and 2009 overall for Total System Services Inc., known as TSYS. The same themes also likely will affect the Columbus, Ga.-based transaction processor this year, executives noted yesterday during a conference call with analysts.

When Sue Rexford decides to open a banking account for her new venture, Bodhi Tree Therapeutic Massage. she will look for a financial company that can provide two things: convenience and low fees.

I&M Bank Ltd. in Kenya has received a license from Visa Inc. to process online credit card payments for goods and services in East Africa, reports Bloomberg News.

Payment Alliance International today announced it has acquired Comdata Processing Systems’ merchant-processing business, which includes 5,000 merchant locations and more than 50 independent sales organizations.

Wells Fargo & Co. today reported fourth quarter net income of $2.8 billion, helped in part by significantly higher credit and debit card fees. Wells Fargo reported a loss of $2.7 billion during the same quarter a year ago. Total bank revenues were $22.7 billion, up 139% compared with $9.5 billion a year ago.

U.S. Bancorp today reported credit and debit card revenue for the fourth quarter ended Dec. 31 of $273 million, up 6.6% from $256 million during the same period a year earlier. For the year, the Minneapolis, Minn.-based bank reported card revenue of $1.06 billion, up slightly from $1.05 billion in 2008.

Hammered again by weak economic conditions in the United States, Europe and Canada, Bank of America Corp.’s Global Card Services unit today reported a net loss of $1 billion for the fourth quarter ended Dec. 31; the unit reported a $9 million loss for the same period a year ago.

The continuing evolution of mobile technology has prompted a fledging mobile-payments company to develop a system that enables consumers to send free text message-based funds transfers to Central America.

While Diners Club International last month launched a global branding campaign to promote everyday use of its card (see story), moving what traditionally has been a travel-and-entertainment product into mainstream markets may take some time, analysts say.

Heartland Payment Systems Inc. this week announced it will offer members of the National Restaurant Association a suite of payment products that includes card processing, check services, and payroll, tip-reporting and compliance reports as part of an agreement between the payment processor and the Washington, D.C.-based trade group.

Bank of America Corp.’s Global Card Services unit today reported a net loss of $1 billion for the fourth quarter ended Dec. 31; the unit reported a $9 million loss for the same period a year ago.

A new entrant in the tax-payment business is playing the price card to compete against two established companies.

H&R Block Inc.'s tax-loan business has a new $2.5 billion line of credit from its longtime banking partner, HSBC Holdings PLC.

Sir Richard Branson's foray into United Kingdom financial services is gathering speed, but in this country, he needs a new driver.

Bank of India is looking to acquire more than 100,000 point-of-sale terminals this year as part of its POS-network expansion drive, an official from the Mumbai-based financial institution tells PaymentsSource.