Payments

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.

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.