Payments

ST. PETERSBURG, Fla.-In the wake of the CARD Act and new interchange rules, more credit union executives say now is the time to reel in checking business from banks.

DES MOINES, Iowa-A quick poll by TMG indicates that credit unions are not dumping rewards or free checking, but are weighing those options.

WILMINGTON, N.C.-The fact credit unions partnered with banks to fight the Durbin rule may have been a mistake, two analysts suggest.

Square Inc.’s mobile card reader is under fire again for its security.

Since 13-fold growth in business activity inside of a year is almost never wrong, Bank of New Zealand developed an Android app after Android visits to its mobile web browser spiked explosively in recent months.

CorFire is working to show it is ready to make a name for itself in mobile payments.

PURCHASE, N.Y. – MasterCard on Wednesday reported continued growth in its debit program helped push second quarter profits ahead 33% to $608 million.

Verity Credit Union, the latest customer of mFoundry's mBanking solution, has come out with the news that 6% of its customers began using mobile banking within three months of the credit union offering the service.

For a large international operation such as RBS' wholesale banking unit, drawing a mobile roadmap means scaling the knowledge curve posed by fast-developing new devices and technology to find the best match between innovation and client demand.

DENVER – Credit Union of Colorado is offering savings-linked ATM/debit accounts which automatically round up differences on purchases.

Digital payments have been the primary enabler of new financial services in Africa, as evidenced by the M-PESA-driven development of an entire financial ecosystem in Kenya. Further south, MTM MobileMoney has developed an electronic commerce payments system that enables debit payments, which should decrease seller discomfort with the credit-based digital commerce that has prevailed in that country.

INDIANAPOLIS – FORUM CU has signed an agent business credit card deal with TMG Financial Services.

One of the most significant challenges to widespread adoption of Near Field Communication-enabled mobile payments has been determining how the card brands, issuers, mobile operators and handset manufacturers will divvy up transaction revenues.

To help distribute its Serve digital payment and wallet service, American Express Co. on Aug. 1 announced a deal in which Verizon Wireless will integrate the platform into many of its mobile phones and tablets.

Credit cardholders made at least $72 billion more in payments on their credit card accounts than they spent on purchases using their cards between the first quarter of 2009 and the first quarter of 2010, underscoring the dramatic effect the recession had on consumer behavior, a study from TransUnion suggests.

While the media, analysts and other industry observers all devote enormous amounts of time and attention to mobile banking and mobile payment developments, of which there seem to be new several new ones each day, there’s a quieter channel change going on that’s received little attention. That is the growth in online banking.

Spend some time in Apple's App Store browsing the free online banking apps for the iPad, and you see a quite a few iPhone apps masquerading as iPad apps, failing to take advantage of the iPad's bigger screen and ability to host more sophisticated graphics.

SAN FRANCISCO – Payments giant Visa Inc. said continued double-digit growth in its debit business helped fuel a 40% rise in fiscal third quarter income to $1 billion.

EDISON, N.J. – Pinnacle FCU said yesterday it has sold its $13 million, 5,000 account Visa card portfolio to Elan Financial Services as part of an agent issuing contract.

Observers have speculated that now that ISIS has signed on card networks Visa, MasterCard, Discover and American Express to work with its telecom members AT&T, T-Mobile USA and Verizon on mobile payments, it will muscle out competing scheme Google Wallet. To date, Google has signed on one card network, MasterCard, and one telecom operator, Sprint, as well as Citi, First Data and sixteen merchants as tenant partners.