Payments

SAN FRANCISCO-As merchants in the United States continue to resist replacing magnetic stripe plastic cards with modern chip and PIN models, one fraud expert believes the "EMV" solution will never gain critical mass in this country.

Germany's Federal Office for Information Security warned last week about a vulnerability in the way Apple's iOS devices such as the iPad, iPhone and iPod Touch deal with PDF files.

NEW YORK – The final parameters of an antitrust settlement submitted to a federal court here Friday by the Department of Justice promises to give merchants and cardholders more choices when paying for goods and services by preventing Visa and MasterCard from enforcing anti-steering bylaws.

Mobile-based payment services could account for US$350 billion in payments and banking transactions in India by 2015, producing fee income that could exceed US$4.5 billion, a new report suggests.

As his company continues its mission to replace wallets and traditional payment terminals, MobilePayUSA CEO Randy Smith believes his company’s Virtual Terminal represents “more than a new way to pay; you are getting payments and marketing.”

Demand is far outstripping supply these days in mobile remote deposit capture, new research suggests.

JPMorgan Chase & Co.’s Card Services unit Thursday reported a strong increase in second quarter profits and spending volume, powered by credit card customers using their cards for routine spending while paying off their outstanding balances at a higher rate.

The march of mobile banking has moved more slowly in the U.K. than in other countries, but NatWest and RBS have moved more quickly than others. They were among the first to offer native smartphone apps, and this week became the first two U.K. banks to offer native iPad tablet apps.

The college crowd isn't as hip with credit card issuers these days.

SUNNYVALE, Calif. – Star One CU is the first credit union to introduce a Visa-branded EMV (Europay, MasterCard, and Visa) chip-and-signature card provided by Jack Henry & Associates’ JHA Payment Processing Solution.

To sign up for a Dwolla account and integrate it with a credit-union account was a fairly tedious process that could take two to three days–until FiSync came along to streamline the task to less than a minute.

Signaling plans to stick with its strategy of diversifying beyond its core general-purpose credit card operations, Capital One Financial Corp. on Wednesday said its second-quarter purchase volume rose and its charge-off rate fell, partly as a result of its acquisition of the Kohl’s Corp. private-label credit card operation.

Banks and credit card companies are likeliest to succeed in mobile payments, contend business executives surveyed recently.

With a 98% retention rate, USAA Federal Savings Bank seems to have little room to improve customer service for its payments and other operations. But it has spent the past two years and millions of dollars overhauling systems to do just that.

CoVantage Credit Union is working with the software vendor Tyfone Inc. to make its customers’ wallets more mobile.

NILES, Mich. – Four Flags Area CU said it signed with CO-OP Financial Services to deploy the company’s SHARE SYSTEM to help operate its ATM and debit card programs more efficiently and with real-time payment processing.

Not many companies are doubling their business estimates for the next year, but PayPal Inc. has done just that by projecting a 100% upside for mobile payments. Today it pushed the gas even harder by making Near Field Communication technology available as part of peer-to-peer payments.

The U.S. may lag other countries in mobile-payment availability and use, but the rate of activity surprisingly is high, new survey data suggest.

MARION, Ind. – Charles Street Community FCU has signed with CO-OP Financial Services to install the company’s SHARE SYSTEM to help operate the $19 million credit union’s ATM and debit card programs more efficiently and with real-time payment processing.

Mitek Systems Inc., a provider of remote-deposit check capture, has ridden the wave of mobile banking to an eight-fold increase in its stock price and a relisting of its shares this week.