Payments

Target Corp. is seeking a buyer for its $6.7 billion credit card receivables portfolio, but it plans to retain operational control of its card program because of its “deep integration” with the company’s broader retail operations, the company announced last week.

Driven by a lower provision for credit losses, partially offset by lower net revenue, the Card Services unit at JPMorgan Chase & Co. generated fourth-quarter net income of $1.3 billion; it reported a $306 million loss during the same quarter ended Dec. 31 last year, Chase reported Friday.

MasterCard Worldwide has hired an executive who has been integral in French wireless carrier Orange’s rollout of mobile-payment services, according to an online report by NFC Times.

U.S. consumer credit card portfolio sales were weak in 2010 as low demand drove the total number of deals down to merely a dozen, according to a report credit card consulting firm R.K. Hammer released this week.

WASHINGTON – In a rule-making process turned upside down, credit unions and community banks that are exempt from the Federal Reserve’s proposal controlling debit interchange fees are dominating the comment process, while the big institutions coming under the rule have yet to weigh in.

Mobile-banking applications are plentiful and easily available, but new research suggests consumer awareness of them is low despite the buzz surrounding the service.

As payments executives debate which approach to mobile payments will win out, Bank of America Corp. is showing greater commitment to a system based on Visa Inc.’s specifications.

In a management shuffle announced Jan. 11, Obopay Inc. promoted its president to chief executive, and its previous CEO assumed the role of executive chairman.

WASHINGTON – The banking lobby is rejecting Visa’s proposal for a dual system on debit card interchange, saying such a system will only force merchants to migrate to the lower-cost cards as mandated for the biggest issuers.

Mobile payments startup Square Inc. has raised $27.5 million in venture capital, a spokesperson confirmed Jan. 11.

China Banking Corp. has launched in the Philippines a mobile version of its online-banking service customers may use to inquire about account balances, transfer funds and pay bills, the Manila-based bank announced Jan. 6.

China’s second-largest mobile-network operator China Unicom has begun offering a contactless mobile-payment service in Beijing.

Qatar National Bank Ltd. has upgraded its eazypay mobile-payment platform to include merchant transactions, the Doha-based bank announced Dec. 29.

Intuit Inc. is offering its GoPayment mobile-payment service with free card readers and no monthly service fees to small merchants who sign up by mid-February, the Mountain View, Calif.-based company announced Jan. 10.

Mopay Inc., a Germany-based mobile-payments company, anticipates that the fees charged for purchases applied to mobile-phone bills will decrease significantly by the end of the year.

Average U.S. consumer bankcard and private-label credit card charge-offs fell again in November, and that trend may continue into this year, according to new data Fitch Ratings Inc. released last week.

SAN FRANCISCO – In an effort to satisfy thousands of credit unions and banks, Visa on Friday said it will develop a two-tiered system of debit card interchange to help in the implementation of the price controls required under the Dodd-Frank Act.

U.S. consumers would be able to use their smartphones to pay, collect and redeem coupons, and price-compare products and services both online and in stores under a partnership deal ARS Interactive and CellPoint Mobile announced Jan. 6.

WINSTON-SALEM, N.C. – Allegacy FCU made five winners and their charities of choice $1,000 richer as a result of its Grand Holiday Giveaway debit card sweepstakes.

CHEYENNE, Wyo. – First Cheyenne FCU said yesterday it signed a contract for electronic fund transfer services that includes ATM and debit card transaction processing, fraud monitoring, debit card portfolio marketing services and ATM terminal driving with Fifth Third Processing.