Payments

Giving card issuers a potential new venue to tap small business mobile payments at the point of sale by selling speed, Intuit this week is demonstrating new renovations its GoPayment mobile service to eliminate the card readers that merchants attach to their mobile devices to execute card payments.

Visa Inc. is working with several banks to roll out a digital wallet service in the U.S. and Canada this fall that will let consumers make payments with Visa and non-Visa cards.

American Express Co. is working with Boston-based LevelUp on a pilot with Levi Strauss & Co. Levi’s stores in three major U.S. cities during which cardholders may receive statement credits by using a smartphone application that supports discounts for shopping at the clothing retailer.

VeriFone Systems Inc., the nation's largest maker of point of sale terminals, is introducing a new one that could make it as easy for merchants to accept alternative payments as it is to take Visa or MasterCard.

Mitek Systems Inc. said it added two large banks to its roster of clients using its mobile check-deposit technology during the quarter ended March 31, as its market share in the category continues to grow.

The steady decline in credit card charge-offs that continued through the first quarter helped make issuers’ earnings look good, but that trend cannot continue forever, Fitch Ratings Inc. warned in a May 6 special report.

WASHINGTON – The Federal Reserve is planning to amend its proposal to cap debit fees at a higher rate, setting a compromise in the heated controversy between merchants and banks and credit unions while at the same time threatening efforts by banks and credit unions to delay implementation of the rule.

WASHINGTON-As credit unions fight to delay or stop the Durbin Amendment, their trade organizations and analysts believe the Sony data breach could eventually help preserve current debit interchange income.

LAS VEGAS-The pending Durbin Amendment on interchange income will not "benefit consumers in any way, shape or form," according to an executive with MasterCard. But the likelihood of the July 21 implementation date actually becoming a reality is also doubtful, the exec added.

LAS VEGAS-Nevada Federal Credit Union CEO Brad Beal delivered more than 8,700 member signatures to the local office of Sen. Harry Reid urging a delay in implementation of the Durbin amendment to the Dodd-Frank Act.

As U.S. Bancorp upgrades its mobile banking offerings, it is also stepping up its use of mobile data business intelligence to target sales and personalize customer service.

Borrowing on credit cards is close to bottoming out, according to lenders, but the nation's biggest players have had to cede market share during the sharpest contraction in the industry's history. Now they are increasingly fighting for the same kinds of customers.

The Reserve Bank of India has increased the deposit limits for mobile wallets in that country to 50,000 rupees (US$1,112 or 762 euros) from 5,000 rupees previously, according to a notification it sent to all banks and operators on May 4.

The National Payments Corp. of India has received permission to expand the scope of its interbank mobile funds-transfer service to include payments, the authority announced May 5.

Citing convenience and low interest rates, many credit cardholders prefer to leave a balance on one or more credit cards and accept revolving as a way of life, and this is helping issuers to generate more interest income, new research suggests.

Person-to-person payment is expected to be one of the big next deployments for mobile financial services, and ING Direct is an early adopter of the latest incarnation of the technology, becoming the first major financial institution to enable U.S. customers with iPhones to use them to send money to one another.

SAN FRANCISCO – Visa reported a 24% increase in second quarter earnings yesterday, as its debit transactions continued to grow at double digit rates.

Mobile users in India now have the ability to purchase tickets to the cricket Indian Premier League and movie theaters using Suvidha Starnet Pvt Ltd’s mobile-payment service.

The Central Bank of Afghanistan on April 25 granted the country’s first Electronic Money Institution license to M-Paisa, the first mobile funds-transfer service to operate in the country.

CHICAGO–A day after the Wall Street Journal reported Isis was changing its business model by working with other established payments organizations, an executive for the organization told a panel here at the Smart Card Alliance’s annual conference nothing had changed.