Payments

Various unregulated new mobile-payment services proliferating in the U.S. could be putting certain consumers at risk for fraud, Consumers Union, a nonprofit consumer-advocacy organization, announced Aug. 24.

Fiserv is offering a mobile remote deposit service, a move that could rapidly expand the adoption of a technology that is becoming a must-have feature at many banks.

HARTFORD, Conn. – American Eagle FCU has signed with Dynamic Card Solutions to use the company’s instant card issuance for unembossed Visa debit cards at the branch level.

China’s Union Mobile Pay service’s transaction sales volume exceeded 30 billion yuan (US$4.4 billion or 3.1 billion euros) in 2009, a spokesperson for the mobile payment service provider tells PaymentsSource.

Mobile banking is gaining more popularity with the underbanked than it is with conventional bank customers.

KANSAS CITY, Mo. – CommunityAmerica CU said yesterday it signed a five-year credit, signature/PIN debit, and ATM processing contract with PSCU Financial Services.

Consumers’ increased use of smart phones to shop appears to be having an effect on how small businesses purchase. New survey data suggest that 27% of small companies use mobile devices to make purchases.

Credit unions are expanding beyond Apple's iPhone to develop mobile banking applications for other devices, in particular those running the Google Android operating system.

MADISON, Wis.-Debit cards continue to garner a higher share in consumer payment mix according to new research from the Filene Institute.

Credit card profits more than doubled for Target Corp. in its fiscal second quarter, helping to boost its overall earnings.

Bank of America Corp. is collaborating with Visa Inc. and DeviceFidelity Inc. on a mobile-payment program to begin next month in New York enabling consumers’ smart phones to operate as contactless-payment devices, Visa confirms.

Apple Inc. increased speculation that it plans to develop an NFC-enabled iPhone with its hiring this month of mFoundry executive Benjamin Vigier, who has played a key role in developing mobile payment applications for PayPal Inc. and Starbucks Corp.

Mobile-marketing firm Mocapay Inc. this month announced a strategic partnership with payments processor eNational Payments with the goal of helping merchants to deliver customized coupons and other promotions to consumers via mobile handsets.

Vertifi Software, a wholly owned subsidiary of Eastern Corporate Credit Union, said it has developed a fully-featured mobile banking iPhone application for members of Randolph-Brooks FCU in Live Oak, Texas, and it is now available on the App Store.

PROVO, Utah – Bonneville Bancorp is taking an unusually drastic – and seemingly counterintuitive – approach to fighting fraud.

Checks may be getting an extended life now that financial institutions are developing and rolling out mobile remote-deposit capture technology as part of their mobile-banking applications, observers say.

A new iPhone application that lets consumers rack up reward points by simply walking in to stores could give banks and card issuers the foundation for a truly mobile loyalty program.

PURCHASE, N.Y. – MasterCard said yesterday it plans to offer Citi cardholders a new card for which users can set spending controls and receive real-time information.

Mitek Systems Inc. on Aug. 18 announced it has received a patent from the United States Patent and Trademark Office for its mobile remote-deposit capture application.

PayPal Inc.'s next round of mobile payment features, including its rumored future as an additional payment system for Google Inc. phones, shows the strength of PayPal's mobile strategy and the weakness of Google's historical approach to payments.