Payments

A Singapore-based company last week announced the planned launched of a mobile-payment service that uses a card-reader device similar to the one offered by Square Inc. and other companies.

WASHINGTON–Congress on March 22 took its first cautious steps into mobile payments with a House hearing focused on security issues and prudent regulation for the rapidly evolving mobile market.

SIOUX FALLS, S.D. – A new program offered by Sioux Empire FCU gives savers the ability to put extra change away from debit card purchases by rounding up transactions to the nearest dollar and adding the difference to the member’s savings account.

PLEASANTON, Calif. – Patelco CU has implemented UChoose Rewards, a customizable rewards program designed to incent cardholder usage and provide consumer benefits for both debit and credit programs.

Venmo Inc. has lifted the “Invitation Only” sign off of its social mobile-payments application, hoping to expand quickly a person-to-person payment system that already accommodates as much as $10 million in transaction volume per month.

SPOKANE, Wash. – Spokane Teachers CU has signed a multi-year contract with First Data Corp. to be part of its STAR Network for ATMs and point of sale.

DENVER – Bellco CU unveiled a new look and also a new rewards program for its Visa Platinum Rewards Credit Card to celebrate the active Colorado lifestyle featuring outdoor images captured by local Colorado photographers.

The Credit Union National Association and the National Association of Credit Unions joined a broad coalition of card issuers last week in a brief opposing a lawsuit filed by merchants claiming the Federal Reserve did not go far enough in capping fees on debit transactions last year.

LAKE MARY, Fla. – CFE FCU, formerly known as Central Florida Educators CU, donated $90,000 to Orange, Seminole, and Osceola County School Boards to support funding of school programs and as result of its MyCFE4Schools debit card partnership program.

This is the second in a series on JPMorgan Chase's delinquent credit card collections operation. The first article can be viewed here. Further coverage will follow.

While credit card debt increased slightly in February to $6,105, the number is still down 15% year-over-year, according to CreditKarma.com's U.S. Credit Score Climate Report released Wednesday.

JPMorgan Chase & Co. took procedural shortcuts and used faulty account records in suing tens of thousands of delinquent credit card borrowers for at least two years, current and former employees say.

The tide continues to shift in favor of the payments industry in the United Kingdom’s battle against card fraud.

Consumer credit jumped $17.8 billion to $2.51 trillion in January, according to the Federal Reserve's G.19 report on consumer credit released Wednesday. Analysts in a Reuters poll expected a $10 billion increase.

Malaysia is proceeding with a government-backed initiative that would let citizens pay for government services using their mobile phones and tablets.

NEW YORK – American Express has overtaken MasterCard to gain second place among credit card brands in the U.S. based on spending at merchants, according to The Nilson Report.

The ways riders can pay–and play–inside New York taxicabs are expanding.

Maybe it’s the Ides of March for the mobile-payments industry.

Younger consumers have the keenest interest in banks’ mobile-payments services, but most adults overall still have cold feet when it comes to paying with their phones.

Credit card portfolio premiums are on the rise as demand begins to increase with improving economic conditions.