Payments

WASHINGTON – Key congressional backers of a 2009 law that strengthened consumer protections for credit card users are now concerned that the Federal Reserve Board has gone too far with regulations that could restrict credit to stay-at-home mothers.

Visa Inc. may be preparing to debut its ties to Google Inc.’s Google Wallet mobile-payments scheme in London at the 2012 Summer Olympic Games, sources suggest.

Google Inc. and Amazon.com Inc. are just starting to rev up their marketing engines for their daily-deal services. Groupon Inc. and LivingSocial are the mainstays for now, but all four companies soon will face competition from PayPal Inc.

Various technology and banking analysts have identified mobile banking as a hot area for new and expanded information-technology investment, with Ovum and Celent, for example, both placing mobile high on their list of bank IT priorities for the next year.

Next year could be a “transition” year in which consumer deleveraging slows significantly and borrowing improves, spurring credit card market growth.

The silence is almost deafening.

Mobile and online payments startup Zipmark has secured $2 million in funding from a group of venture capital firms and others, the company announced Dec. 14.

WISeKey S.A. and The Bancorp Inc. are hoping to give greater peace of mind to customers who conduct transactions online.

Though the mobile-payments market is still nascent, the early successes seem to be those developed by technology companies and mobile-phone carriers–not banks. A new product from Sequent Software Inc. might level the playing field.

Isis, still almost a year away from launching its mobile-payments application, is partnering with an industry heavyweight to serve as the security guard for its wallet.

Hold the phone! Google Wallet appears to have a security leak.

If the world of mobile and contactless payments moves so fast it seems like a wild ride, MasterCard Worldwide and Lo-Q PLC have targeted the perfect setting.

Could consumers’ fears about crooks intercepting their financial data and spying on their locations dampen adoption of mobile payments?

CHARLOTTE, N.C.-The need to boost revenue may be prompting more credit unions to buy back their card portfolios, and Bank of America's announcement last week that it will discontinue issuing cards for credit unions will only speed that process, two card analysts suggested.

CHAMPAIGN, Ill. – One lucky member of University of Illinois Employees CU here will win the opportunity to join the Fighting Illini football team when it plays UCLA in the Kraft Fight Hunger Bowl Dec. 31 in San Francisco.

CHICAGO – Just days after data was released showing Americans’ overall mortgage debt is at its lowest level in five years, new data also shows U.S. credit card delinquency rates are at their lowest levels in 17 years.

Banks trying to make up for lost revenue should consider adding fees for new products and services such as mobile banking or payments, rather than charging customers for using debit, market-research experts at Mintel Comperemedia advise.

Fraud has not yet become common through mobile-banking channels, but experts warn that cyber criminals likely have mobile banking and mobile payments on their radar.

Google Inc. could score much-needed points in the mobile-payments market if rumors prove true and the company succeeds in launching its Google Wallet application in London in time for the 2012 Summer Olympic Games, one mobile-marketing expert believes.

Young, tech-savvy adults may be the quickest to embrace new technology, but don’t bet on them trusting social media sites or funky startups with their cash. Banks win out easily, at least for now.