Payments

SACRAMENTO, Calif. — The Golden 1 Credit Union has launched a new person-to-person (P2P) payment service called EZPay Personal Payments that allows members to send money electronically to other individuals with Internet access.

Obopay Inc. is trying something new. Again.

With preferences for carrying and using cash continuing to drop, more consumers expect merchants to accept debit or credit cards for payment. But not all merchants do, especially those that lack physical storefronts. Some industry insiders believe mobile-based products might help encourage them to accept electronic payments.

CARPENTERIA, Calif. – Interchange fees actually declined last year because of the recession’s effect on retail sales, but are far larger than previously believed, almost $63 billion for 2009, according to the Nilson Report, a credit card newsletter.

Credit card delinquency rates continued to improve in May, firming a months-long trend.

JPMorgan Chase & Co. has hired a PayPal Inc. veteran to help guide its mobile strategy.

ATLANTA – Delta Community CU has introduced its own mobile banking program, which it said will provide both consumer and business services members with convenient and secure access to real-time account information through their cell phones, smart phones, PDAs or other mobile devices.

Nokia Corp.’s decision last week to include an NFC chip in every one of its smart phones starting next year finally could help move the technology from scattered worldwide pilots to a major rollout and widespread consumer adoption, observers say.

Square Inc. co-founder Jack Dorsey remains confident in the payments startup’s future despite mounting frustration among some early customers over delays in the processing service and the revelation last week of a further lag in availability.

KT Corp. expects soon to buy a stake in Korean credit card issuer BC Card Co., Korea’s second-largest mobile carrier announced June 16.

Credit card delinquencies and chargeoffs at credit unions remained near all-time highs, even as the average balance on card accounts continued to grow in the first quarter, according to AssetExchange, a card broker for credit unions.

Mobile payments have yet to take off domestically, but NACHA is positioning the automated clearing house network to play a prominent role, if and when they do.

First Federal Savings Bank is doing something different from other banks that issue contactless payment stickers. It's doing something pink.

Jeff Peiffer was so frustrated that his bank didn't offer an app for his phone that he made one himself, put it online — and watched it become one of the top finance downloads for Android handsets.

PORTLAND, Ore. – Credit card delinquencies and charge-offs at credit unions remained near all-time highs, even as the average balance on card accounts continued to grow in the first quarter, according to AssetExchange, a card broker for credit unions.

Citigroup Inc. is getting into the mobile shopping game with an application that combines card-specific offers with location-based details.

The Federal Reserve adopted new rules Tuesday barring credit card companies from charging a penalty fee of more than $25 for paying a late bill. The rules, which take effect Aug. 22, also prohibit the companies from charging penalties that exceed the dollar amount associated with the customer's violation.

WASHINGTON – The Federal Reserve issued new rules yesterday to implement last year’s Credit Card Accountability Responsibility and Disclosure Act, which will cap most late payment fees at $25.

FT. LAUDERDALE, Fla.-The pending CARD Act is a nuisance, acknowledges one analyst. But it's also something else: "An opportunity for credit unions to drive a truck through."

MIAMI — Jack Dorsey wants to give the taco trucks of the world an easier way to serve card-carrying consumers. But the founder of the payments software provider Square Inc. has his sights set on big-box retailers as well.