Payments

Fifth Third Bancorp later this year plans to launch CashEdge Inc.’s Popmoney electronic-payment service, which enables consumers to transfer funds to another person’s bank account through the automated clearinghouse system, the companies announced Jan. 5.

India’s banking regulator has extended to Feb. 1 the deadline it had set for banks in the country to add a second layer of security to credit card transactions conducted over mobile phones.

MATTESON, Ill. – USA One CU contracted with Fifth Third Processing for card processing and to help it improve profitability of its cards program.

During the just-completed holiday season, PayPal Inc. experienced a surge in consumers making purchases using its online payment service with their smartphones and other mobile devices, according to the San Jose, Calif.-based company.

Credit card account originations are on the rise again as account-delinquency rates continue to fall and consumers continue to show discipline in their borrowing, a report Equifax Inc. released last week suggests.

COLUMBUS, Ohio – Education First CU has signed a credit card processing agreement for its $6 million card portfolio with Fifth Third Processing Solutions.

For all the hullabaloo mobile remote-deposit capture generated in 2010, the availability of the service that enables consumers to deposit checks from home using the cameras on their smartphones remains limited to a few banks’ customers.

BROCKTON, Mass. – HarborOne Credit Union here has raised the ire of number of groups and received media attention after some of its members’ Visa debit cards were breached and it urged all of its members to contact their local congressman and urge that laws be changed so that retailers are liable for the cost of replacing cards.

SYDNEY, Australia — In what may offer a preview of what is to come in the U.S., the Australian payments industry expects to reduce card fraud losses through a continuing migration to chip technology on payment cards, but fraud losses are rising during the transition period.

Mobile banking’s of little use as an innovation if apps can’t ensure the identity of the user, creating a lucrative security market in which Tyfone just scored a pair of patents.

Telecommunication firm Tata Indicom, the brand name of Mumbai-based Tata Teleservices Ltd., has signed a mobile-remittance deal with eSSecom Pvt. Ltd., the company announced Dec.15.

The Central Bank of Nigeria earlier this month reportedly granted its approval to allow FirstBank Nigeria PLC to offer mobile-payment services in the East African country.

A startup called Maxamum Inc. is trying to break down the credit system’s long-standing Catch 22–consumers generally cannot establish a credit history without having a credit card, but they typically cannot get a credit card without a credit history.

WASHINGTON – The Federal Reserve Board’s proposed debit card interchange rules would slash issuers’ revenue by $11.8 billion, cutting large issuers’ debit card revenue by 73% per transaction on average and making debit cards “significantly unprofitable,” according to a new report.

Think Computer Corp. has introduced a digital-coupon system integrated into its mobile-payments application that relies on facial recognition to confirm a user’s identity at the point of sale to help combat payment fraud.

Visa Inc. unveiled its new special offers mobile payment app, placing it in a crowded market for merchant perks that also includes a major push by rival MasterCard Worldwide.

As credit card portfolio health continues to improve and consumer spending gradually picks up, card issuers are poised to see the first increase in overall credit card receivables next year, Moody’s Investors Service predicts in a report released last week.

The company behind the popular mobile-phone game Angry Birds is adding a payment option using a model that has gained traction in recent months with U.S.-based wireless operators.

WASHINGTON – Contrary to expectations, the Federal Reserve Board’s draft report on debit interchange did not resolve the debate on the cost of fraud in card payments.

PORTLAND, Ore. – The pace of growth in outstanding credit card balances among CU members slowed as of Sept. 30.