Payments

VIENNA, Va. – When calculating the biggest losers of the Durbin amendment’s cap on debit fee count among them Navy FCU, the nation’s largest credit union and seventh-largest issuer of Visa debit cards.

WASHINGTON – A major technology group comprised of some of the biggest corporations shifted its position on the proposed delay in debit rules a week after expressing support for the delay.

For the major card brands, emerging global markets that broadly lack access to financial services likely will represent the greatest earnings potential for mobile-payments initiatives, concludes a report from Macquarie Equities Research Group.

Driven by lower provision for credit losses, partially offset by lower net revenue, JPMorgan Chase & Co.’s Card Services unit generated net income of $1.34 billion for the first quarter ended March 30; it reported a $303 million loss during the same period last year, the New York-based issuer reported April 13.

American Express Co. is positioning its undisclosed investment in mobile-payments company Payfone Inc. as the next step in adding additional functionality to the card brand’s new Serve digital wallet product.

Visa Inc. last week completed a trial of mobile contactless payments in Australia in collaboration with Melbourne-based ANZ Banking Group Ltd., Vipin Kalra, Visa country manager for Australia, tells PaymentsSource.

Credit scores nationwide fell two points to 665 in the first quarter ended March 31, according to CreditKarma.com, which released its U.S. Credit Score Climate Report on Wednesday.

Most consumers hold at least one rewards-based credit card and would consider paying an annual fee if it meant they would receive and earn more rewards, new research suggests.

Direct carrier billing is becoming more popular as consumers see the convenience and merchants are more willing to accept higher transaction fees to increase sales, contends Zong Inc., a mobile-payments platform provider.

Even a brief, voluntary online financial-literacy lesson can have a significant positive effect on how college students use credit cards, including driving them to have higher average credit scores and fewer credit card late fees, new research suggests.

PNC Financial Services Group Inc. has updated its Virtual Wallet application for the Apple inc. iPhone to include mobile check capture, the bank announced April 11.

SIMalliance is opening its software to third-party developers in its effort to discourage hackers’ attacks against wireless devices.

Financial institutions that are taking a “wait-and-see” approach to mobile payments risk falling behind early investors as the market begins to take shape, concludes a whitepaper from Fiserv Inc.

More than 10% of U.S. consumers had set up mobile-banking services in 2009, but a smaller proportion actually used the services, according to the Federal Reserve Bank of Boston.

CULVER CITY, Calif.-Not too far down the road, credit unions may offer members a credit card that displays a member's balance, available credit, and delivers an ad pitch on a small LCD screen.

DES MOINES, Iowa — Jeff Russell, EVP of The Members Group here, said the LCD card being piloted by MasterCard is another example of the payments industry seeking solutions to credit card fraud and consumers' needs. "The industry is trying to figure out what is that next step as we transition to other types of payment technology, away from the mag stripe. Will that be EMV? Maybe we skip straight to mobile devices?"

Recent data indicating that U.S. consumer credit card delinquency rates continue to improve is a positive for card issuers, despite what analysts view as a short-term uptick in U.S. consumer credit card defaults during February.

Estimating the growth of social media and mobile channels equals a $70 billion global opportunity across banking and other consumer-facing
 industries, IBM has formed a new consulting practice to offer navigation
 expertise for companies looking to embrace the new technologies, many of 
which are offered in some form by IBM itself.

NORTH TONAWANDA, N.Y. – Niagara Choice FCU has signed with Covera Card Solutions to implement the company’s FlexDebit card processing.

WASHINGTON – Montana Sen. Jon Tester on Wednesday said he believes he has enough votes to approve his bill to delay proposed debit interchange rules for as long as two years and now is concentrating on the Senate’s arcane parliamentary procedures to get it passed.