Credit

Citing fallout from the economic downturn and the early effects of new credit card legislation, Citigroup Inc. today reported that its global branded credit card business lost $51 million during the fourth quarter ended Dec. 31; the unit reported a $117 million loss during the same quarter a year earlier. Revenues dropped 8.1%, to $2.38 billion from $2.59 billion.

The Canadian Minister of Finance’s draft code of conduct for the credit and debit card industry is too restrictive, contends Visa Canada, while MasterCard Canada contends “vigorous debit competition can thrive” under the proposed code. Both card brands submitted their comments on the proposal Jan. 18.

Elavon, U.S. Bancorp’s merchant-acquiring unit, has purchased Citizens National Bank’s portfolio of more than 300 merchant-processing accounts, according to the companies. Terms were not disclosed.

Retail sales in December increased slightly compared with the same month in 2008, but the weak job market continues to subdue consumer spending, according to two retail organizations. The National Retail Federation and the Retail Industry Leaders Association last week both revealed their retail sales numbers for December.

Mobile-payments company Apriva announced today the launch of the AprivaPay and AprivaPay Professional mobile-payment services. Scottsdale, Ariz.-based Apriva operates its own network that connects mobile-payment terminals to processors.

Citibank customers in Thailand can now use their cell phones to access their bank accounts with Citi Mobile, Citi announced earlier this month. The company says it is the first foreign bank to offer mobile banking in Thailand.

SourceMedia Inc., publisher of PaymentsSource, today announced the appointment of Douglas J. Manoni as chief executive officer. He replaces James M. Malkin, who has left the company.

Here's a sobering economic indicator: Freshly charged-off consumer debts are now selling for what tertiary debts — those previously placed with two collection agencies — commanded just a few years ago.

Major credit card issuers' delinquency rates declined in December, supporting the growing belief that loan losses are near their peak.

American Express Co. said Friday that it had completed its purchase of the alternative payments company Revolution Money Inc.

Citing continued weakness in the credit card sector and the ongoing effects of the recession, JPMorgan Chase & Co.’s Card Services unit today reported a $306 million net loss for the fourth quarter ended Dec. 31, an improvement from the $371 million the unit lost during the same quarter a year earlier.

Indian consumers made 19.3 million credit card transactions in November, down 6.3% from 20.6 million during the same month last year, according to the Reserve Bank of India. Credit card sales volume declined 1.9%, to 52.6 billion rupees (US$1.1 billion or 795.3 million euros) from 53.6 billion rupees.

Barclaycard will launch another contactless marketing push, this one featuring a rollercoaster ride through New York City, the issuer announced this week. The advertising effort follows an earlier one designed to promote contactless card payments through the use of commercials featuring waterslides.

Merchant cash-advance company AdvanceMe Inc. this week announced it has added data to its statements to enable merchants to compare their monthly card sales from the same month a year earlier and how their sales measure up against a peer group.

Rancho Cucamonga, Calif.-based Co-op Financial Services announced Thursday it has extended its electronic funds transfer network access agreement with First Data Corp.’s Star Network.

Arcot Systems Inc. has released an application for mobile phones that enables consumers with EMV cards to authenticate card-not-present transactions, the Sunnyvale, Calif.-based company said this week.

Each of the four major U.S. card brands is waiving interchange fees on Haitian relief donations made to select charities for a limited time to ensure a greater portion of contributions made with their cards reaches victims of the massive earthquake that struck the region Jan 12.

Massachusetts' top financial regulator has asked securities dealers that issue credit cards, including American Express Co. and Charles Schwab Corp., for information about rate and fee increases imposed ahead of a new federal law, reports Bloomberg News.

U.S. Bancorp is increasing the perks on its travel-rewards card — and taking a subtle swipe at a former airline partner along the way.

Charge-offs on asset-backed U.S. private-label retail credit cards rose sharply in December, heading back toward record highs set last summer, while retail card delinquency rates abated slightly, Fitch Group’s Fitch Ratings notes in a report released Jan. 14.