Payments

Target Corp., which has tried for years to sell its credit card assets, is giving up for now, and it is spending more than $2.8 billion to divorce itself from JPMorgan Chase & Co.

PayPal Inc.on Jan. 18 reported a jump in fourth-quarter revenue, driven in part by mobile payments.

NEW YORK–With so much attention on turning mobile phones into payment devices through hardware upgrades, banks may be missing a growing opportunity in the mobile Web browser.

American Express Co. has begun licensing its digital wallet, Serve, in China.

RANCHO CUCAMONGA, Calif. – Shoppers who belong to credit unions spent 15% more and made 15% more transactions during the peak holiday shopping season in 2011 than in 2010, according to an analysis by CO-OP Financial Services and Saylent Technologies.

A comparison of credit card debt shows that consumers in all 50 states reduced their outstanding balances last year, with averages falling 11% to $6,576 in December compared to December 2010, according to CreditKarma.com, which on Tuesday released its U.S. Credit Score Climate Report.

While most industry analysts see debit interchange only shrinking this year, some suggest there are forces at play that could keep interchange close to levels credit unions currently enjoy.

Three Arizona credit unions are participating in a pilot program to dispense Visa Gift cards at walk-up and drive-through ATMs in select locations throughout the Grand Canyon State.

Narrower loan spreads and lower average loan balances, partially reversed by lower revenue reversals associated with a reduction in net charge-offs, helped drive fourth-quarter reductions in both net revenue and net income for the Card Services & Auto unit of JPMorgan Chase & Co., the issuer announced Friday.

A new mobile-commerce wallet from payment-processor Apriva LLC could go a long way toward helping merchants decide whether investing in new mobile-payment hardware is worth the cost.

Green Dot Corp. has been busy lately, closing out its long-awaited and controversial $15.7 million purchase of Bonneville Bancorp and plotting a customer acquisition initiative.

Credit card users have been unusually diligent in paying off their bills recently in the wake of the financial crisis. Their discipline slipped a bit late last year, however, which led revolving credit to post a surprise jump in November.

PORTSMOUTH, N.H. – Service CU unveiled a new ATM surcharge and Visa International Service Assessment fee refund program, essentially making all cash withdrawals at the credit union’s ATMs worldwide free.

U.S. consumer borrowing surged 10% in November, its largest gain in a decade, and a positive sign for the fragile economy. The increase was the 13th in 14 months and the biggest jump since creditors boosted lending after the September 11 attacks.

The new year brings new scrutiny to how long the debit interchange window of opportunity will remain open for credit unions.

Efforts by big-box retailers to avoid interchange fees will further eat into CU debit revenue this year, asserts one person, and potentially create a position between a "rock and a hard place."

There might not be a better time to enter the mobile-payments arena than now.

VeriFone Systems Inc. has its GlobalBay iPad retail mobile-payment software literally rolling on the sales floors at U.S. Guess Inc. clothing and accessories stores, further establishing that the company intends to position itself as a key player in mobile payments and customer marketing.

Security experts have long considered restaurants a happy hunting ground for credit card skimmers and payment-system hackers. So much so, diners have become understandably reluctant to let a waiter take their credit card away from the table when settling their bill.

E*Trade Financial Corp.’s securities unit has introduced mobile deposit for the Apple Inc. iPhone, the company anounced Dec. 5.