Credit

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.

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.