Payments

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.

In the latest phase of Citi’s efforts to hire leaders from the retail world (including Tracey Weber from Travelocity and Frank Eliason from Comcast), the bank has hired Omar Khan, CTO at Samsung Mobile, to head mobile initiatives on a global basis. Khan is said to have led Samsung’s moves into the Android space.

SAN FRANCISCO — Visa and MasterCard have developed services for merchants to determine which cards cost more to accept — rekindling the debate over whether small banks will suffer under the Durbin amendment.

SAN FRANCISCO-Credit Union Journal asked attendees at NAFCU's annual convention for their reaction to Fed's decision to set the interchange cap at 21 cents, plus an allowance for fraud costs.

Many consumers don't know what Near Field Communication is, but the services the technology enables are becoming quite popular. That puts an onus on mobile payments projects that use NFC to move beyond disputes over revenue and other issues.

While many consumers may not know what near-field communication is, the services it enables are becoming quite popular, putting an onus on mobile payments projects in regions as varied as North America, Germany and Turkey to move beyond tech and revenue disputes to deliver a workable model for point of sale transactions executed by smartphones.

PayPal revolutionized how consumers pay for goods online. It's not about to be usurped by the mobile payments movement.

LONDON – Serverside Group Ltd. said yesterday its patent for card customization, which it claims is being infringed upon by dozens of U.S. credit unions and banks, was maintained in an oral hearing by the European Patent Office.

EBay Inc. is building on the mobile payments strategy of its PayPal unit with its $240 million deal to buy Zong Inc., a company that lets consumers charge purchases of digital goods to their wireless phone bills.

Anyone who owns a smart phone knows new apps and program updates are posted every day and even the handsets themselves evolve every year or so.

Consumer credit card growth, which has been on the decline for about three years, could be showing signs of life again, according to data Equifax Inc. released July 1.

The total value of mobile payments for digital and physical goods as well as for money transfers and Near Field Communication-enabled transactions will grow to $670 billion by 2015, up from $240 billion in 2011, according to a new Juniper Research study.