Payments

PayPal was an early supporter of Bump, whose technology could simulate an NFC payment by moving money when users' phones sensed they were being tapped together. But PayPal dropped Bump from its mobile app this year. Where does this leave Bump?

Prosper Marketplace, the online peer-to-peer loan facilitator, announced Oct. 3 that it hired Josh Tonderys, a former executive at Barclaycard US, to be its chief risk officer.

RUTLAND, Vt. – Heritage Family CU has signed with IQR Consulting to provide it with a review of its credit and debit card portfolio performance.

ROCKY HILL, Conn. – Nutmeg State FCU has completed the conversion of its credit card processing to The Members Group.

As new mobile-wallet systems appear and old ones fade, many are asking who will win the “mobile wallet wars.” According to the mobile-pay venture Isis, there may never be a clear winner.

MOLINE, Ill. – Deere Employees CU has contracted with IQR Consulting to provide it with a review of its credit and debit card portfolio performance.

Everyone seems to want the success that Square has in the mobile payments marketplace, and Amazon appears to be the next in line to join the device fray.

BURLINGTON, Vt. – Vermont FCU has contracted with IQR Consulting to provide it with a review of its credit and debit card portfolio performance.

Although American Express received lighter fines than the two previous credit card players targeted by the Consumer Financial Protection Bureau, many believe the CFPB's third enforcement action is its biggest statement yet.

PHILADELPHIA – Freedom CU yesterday announced a special low 0.99% six-month rate for its Freedom Visa card.

FORT WORTH, Texas – American Airlines FCU has become one of the first credit unions to offer EMV (Europay, MasterCard and Visa) Travel Prepaid Cards, incorporating both EMV chip-and-PIN technology and the standard magnetic stripe.

Mobile wallets promise simpler payments, but the road to get there has been bumpy and, quite often, bizarre.

CAMBRIDGE, Mass. – Harvard University Employees CU rolled out a new MasterCard rewards card last week for the Harvard Alumni Association that offers benefits uniquely designed for the Ivy League grads.

WASHINGTON – Sen. Dick Durbin, who led the effort to cap debit interchange fees last year, responded to the banking and credit union lobbies’ letters to Congress last week, saying the cap has resulted in a victory for consumers.

Discover Financial Services has agreed to refund hundreds of millions of dollars to settle a regulatory probe of its credit card marketing practices.

Financial institutions got another nudge toward converting their card base to EMV, with MasterCard announcing a deadline for U.S. issuers to either make their ATMs EMV capable or accept fraud liabilities at the teller machine.

TAMPA, Fla. – The University of South Florida Alumni Association has begun offering a USF FCU debit card to its 260,000 members, expanding its financial services program with the credit union.

WASHINGTON – The retail lobby, which has turned back credit card giants Visa and MasterCard, as well as the banks and credit union in recent battles, on Thursday called on Congress to continue efforts to regulate the card networks, as the merchants fight to scotch the historic antitrust settlement with Visa and MasterCard.

The operators of a Philadelphia-based telemarketing scheme will pay more than $7.5 million to settle FTC charges that they peddled bogus credit cards and illegally debited consumers’ bank accounts.

ROCHESTER, N.Y. – The Summit CU has converted its debit and ATM processing to Jack Henry & Associates’ JHA Payment Processing Solution.