Payments

Mobile banking through mobile devices such as cellular phones, smart phones and personal digital assistants has more than doubled globally since 2008 with consumers in the Asia-Pacific region, Central and Eastern Europe and the United States at the forefront, new research from KPMG International suggests.

IPay POS Credit Card Terminal, the new version of the mobile-payment acceptance application called ProcessAway, now works with multiple gateways and comes with a card reader to accommodate card-present transactions, according to Randy Palermo, who developed the application that works on Apple Inc.’s iPhone.

Despite rising concern in some sectors about a second economic downturn taking hold this year, it is unlikely that a so-called “double-dip recession” would cause credit card charge-off rates to spike again, Moody’s Investors Service notes in a July 26 report.

SAN FRANCISCO – Visa Inc. reported profit of $716 million yesterday for its fiscal third quarter, as consumers resumed spending.

Citing positive customer reviews regarding its mobile-payments service, Starbucks Corp. plans to expand the scheme later this year, CEO Howard Schultz revealed July 21 during an earnings conference call with analysts.

Bharat Sanchar Nigam Ltd. has signed a partnership agreement with Mumbai-based Union Bank of India to launch a bill-payment and mobile top-up service in India, a spokesperson for the Delhi-based telecommunication operator tells PaymentsSource.

Credit card chargeoffs fell in June, another sign card losses are easing after soaring as the U.S. recession took hold, reports Moody's Investors Service.

Citigroup Inc. has told its U.S. mobile banking customers they should upgrade to a new application for Apple Inc.'s iPhone after the bank's original version was found to have a security flaw, reports Dow Jones.

Capital One Financial Corp. was stung during the second quarter by the loss of overlimit fees as a result of the Credit CARD Act, and the law’s overall effects will continue to “pressure” revenues throughout this year, Richard Fairbank, Cap One CEO, told analysts during a July 22 conference call.

CreditCall Ltd. is developing a mobile-payment application to enable merchants to accept secure chip-and-PIN transactions on Blackberry and other smart phones, the United Kingdom-based payment processor announced last week.

SCHAUMBURG, ILL.–Square Inc., a startup company offering mobile point-of-sale payment-acceptance services, is willing to talk to merchant services sales agents and other distributors, but just not yet, according to the company’s CEO.

The Credit Card Accountability, Responsibility and Disclosure Act legislation, most of which went into effect in February, will cost Citigroup Inc. $400 million to $600 million in pretax revenue this year, John Gerspach, Citi chief financial officer, told analysts July 16 during a conference call to discuss second-quarter earnings.

American Express Co. is preparing for the future of payments.

JPMorgan Chase & Co. recently reported second-quarter net income of $343 million for its Card Services unit. The unit experienced a $672 million net loss during the same period ended June 30 last year. Net revenue totaled $4.21 billion, down 13.6% from $4.87 billion.

Kasikornbank Ltd. plans to embark on a Near-Field Communication payments trial in Thailand this month, an official from the Bangkok-based bank confirms to PaymentsSource.

Mopay Inc., a Germany-based mobile-payments company, has rolled out a service that enables online merchants to bill purchases on a consumer’s landline phone bill account.

One hundred fifty credit unions have agreed to offer members a mobile banking service based on software from Fiserv Inc., including 84 that are already using it.

Credit card losses fell sharply at Bank of America Corp. in June, to the lowest level in more than a year, fresh data shows. The rate of delinquent loans also declined.

The Bank of the Philippine Islands and Globe Telecom Inc. on July 14 launched a cashierless payment service to enable the Philippines-based telecommunication operator’s subscribers who also hold accounts at the bank to pay their Globe bills using the bank’s mobile and online-banking platforms

The use of mobile-banking services is increasing, but many consumers still prefer to bank online or at branches for more-complex transactions, new study data suggest.