Payments

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.

Just two of the 2,100 credit unions with credit card receivables of $1 million or more sold their portfolios during the first three months of this year, according to TRK Advisors, a card-portfolio consulting firm.

U.S. consumers’ average credit card debt in May fell to its lowest level so far this year, while credit scores held steady, according to new data Credit Karma released June 9.

Mocapay Inc. on June 10 announced a partnership with point-of-sale equipment reseller Postec Inc. that will enable merchants to support both mobile payments and mobile promotions.

U.S. Bancorp has purchased grocery retailer Kroger Co.’s credit card portfolio from a Royal Bank of Scotland Group subsidiary.

TD Bank was one of the last top 10 North American financial companies to offer mobile banking, but is hoping to leapfrog the competition by introducing some unusual services.

MasterCard Inc. announced Wednesday that it has formed a joint venture with Smart Hub Inc. to develop a global mobile payment system.

PURCHASE, N.Y. – MasterCard announced a new bill payer service yesterday.

WEST LAFAYETTE, Ind. – Purdue Employees FCU has rolled out a limited-edition Drew Brees credit card, featuring the star of last year’s Super Bowl who played his college football at Purdue University.

Executives from U.S. Bank opened the kimono yesterday at SourceMedia's 4th Annual Mobile Banking and Emerging Applications Summit, laying out the bank's mobile roadmap in great detail.

Credit card direct-mail solicitations from major issuers increased sharply during the first three months of this year, driven in part by a resurgence in rewards card and balance-transfer offers, according to new data Mintel Comperemedia released this month.

The final provisions of the Credit CARD Act take effect in August, but issuers are still in the dark about several key requirements that will affect how they calculate penalty fees.

The CPI Card Group is manufacturing the next-generation of mobile payment stickers for Discover Financial Services and MasterCard Worldwide, the Littleton, Colo.-based card producer announced last week. Both stickers use contactless technology from Inside Contactless SA.

Global mobile-payment services provider Mobibucks Pvt. Ltd. has inked a strategic-partnership deal with Emirates Net Systems LLC, an official from the Abu Dhabi-based information-technology provider tells PaymentsSource.

TALLAHASSEE, Fla.-With second-half revenue streams threatened by Reg E and proposed interchange legislation, CU24 is developing programs to persuade members to use their ATM card more.

WILMINGTON, N.C.-Velocity Solutions is anticipating consumers will begin consolidating checking accounts-and accompanying debit cards-and is developing debit rewards programs to move that CU card to top of wallet.

Issuers in Europe are rolling out payment cards featuring built-in display screens that offer improved security and can provide access to balance information - but there are major hurdles that make it unlikely any banks would offer the technology in the U.S. anytime soon.

A Walt Disney World employee used skimming devices at several of the resort’s hotels to steal credit card information from guests, according to federal documents.

Fewer consumers were late on their credit card payments for the fourth consecutive month, a sign that U.S. consumers may be on the mend, according to a report Fitch Ratings released Friday. Payments that were 60 or more days late dropped to 4.18% in May, from 4.27% in April.

MasterCard Worldwide on June 3 introduced an application designed to enable cardholders with Apple Inc. iPhones to initiate person-to-person funds transfers between MasterCard accounts. But thus far just one U.S. banking company is supporting the service.