Payments

SAN DIEGO–Mobile payments actually could increase the use of cards instead of replacing them with phones, an analyst said May 11 during a panel discussion on the future of merchant acquiring here at the Electronic Transactions Association’s Annual Meeting & Expo.

After the mobile-purchasing system in Apple Inc.’s iPhone game Smurfs’ Village led Apple to set new spending restrictions for mobile apps, the game’s developer has followed up with further restrictions for the game itself.

The news that Isis is seeking to expand its model by working with traditional card systems reveals the importance of wide cooperation in developing an NFC payments ecosystem.

With sales of mobile devices outpacing their distribution of debit and credit cards, banks in some countries are looking at new ways consumers may access cash at ATMs.

DeviceFidelity Inc. on Wednesday said it was issued a patent for using near-field communication technology to perform payment and other activities on mobile devices.

CHICAGO – Credit unions and banks around the country were frantically cancelling debit cards yesterday after Michaels Stores announced that fraud stemming from tampered checkout line terminals at its stores had spread across 20 states.

In launching its own digital wallet, Visa Inc. says its size will help it succeed in a market where many established payment companies have learned the hard way that bigger is not always better.

Despite the buzz surrounding mobile-banking services, a relatively few consumers use them on a regular basis, though nearly half are familiar with them, new research suggests.

Despite the buzz surrounding mobile-banking services, a relatively few consumers use them on a regular basis, though nearly half are familiar with them, new research suggests.

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.