Payments

China Mobile reportedly is delaying deployment of an RF-SIM contactless-payment technology based on a standalone 2.4-gighertz frequency and instead is adopting SIMpass, a contactless card that uses a 13.56-megahetz radio frequency and that is fully compatible with the widely accepted Near Field Communication standard.

The Federal Trade Commission named several new defendants and added charges concerning so-called "forensic audits" to its lawsuit against an operation that allegedly bilked homeowners who were trying to lower their mortgage payments. The action is part of an ongoing crackdown on scams that target consumers who are behind in their mortgage payments or at risk of foreclosure.

A growing number of mobile payments companies are promoting systems that charge purchases to users' phone bills rather than credit or debit cards.

ST. PETERSBURG, Fla. – Credit unions across the country are reporting soaring debit card use by their members as the nation abandons the use of cash and checks for the convenience of electronic transactions.

Four out of five U.S. households with Internet access now bank online, suggest the results of a Fiserv Inc. survey released May 25.

Four out of five U.S. households with Internet access now bank online, suggest the results of a Fiserv Inc. survey released May 25.

Laxmi Bank Ltd. in Nepal has launched an online-payment service, an official from the Kathmandu-based bank tells PaymentsSource.

RANCHO CUCAMONGA, Calif.-Kim Hester, EVP network services for CO-Op Financial Services, observed that not all CUs view Reg E education as defensive. Some see it as a means to increase debit revenue.

WILMINGTON, N.C.-Credit unions that have approached the upcoming Reg E deadlines as a marketing opportunity and not just an operations issue stand a much greater chance of protecting their debit card revenue, analysts told Credit Union Journal.

PLEASANTON, Calif.-According to Mitch Lucas, the impending overdraft opt-in deadline could be more of an opportunity for credit unions than a setback.

NEW ORLEANS-If there is a silver lining in pending changes to Reg E, the CARD Act, and overall margin compression, is it critical need for credit unions to review their entire line-up of products and how they are priced.

NEW ORLEANS-Credit unions have no choice but to re-examine their fee structures and opt-in policies in the wake of pending changes to Reg E.

ST. PETERSBURG, Fla.-While it's expected that a requirement of the CARD Act that takes effect Aug. 22 will eat into banks' credit card fee income, one processor is not so sure CUs won't feel the bite, as well.

BROOKFIELD, Wis.-As credit unions race to meet the Reg E deadlines, two card experts are wondering if credit unions are paying attention to what may occur after Aug. 15.

KINGSTON, N.Y.-Mid Hudson Valley FCU's straightforward "Say yes to no-bounce" campaign resulted in more than 25% of its checking base signing up for overdraft six weeks before the July 1 Reg E deadline.

LINCOLN, Neb.-The biggest challenge for credit unions and banks in getting consumers to opt-in to overdraft protection plans by this summer's deadline is to make sure consumers pay attention to the forms and do not routinely discard them, according to a new survey.

HERNDON, Va.-DigitalMailer, a provider of digital communication services, launched a new online service to address the opt-in compliance requirements of Reg E.

ST. PETERSBURG, Fla.-PSCU Financial Services said more than 65 credit unions plan to leverage its CUInitiative for assistance with Regulation E-Overdraft Opt-In.

IOWA CITY, Iowa-One CU is finding members will opt into overdraft protection if you speak with them face-to-face.

MONTPELIER, Vt.-Even as credit unions are gearing up for potential revenue losses due to the implementation of Regulation E, they're also facing a potential hit to the bottom line related to interchange reform efforts.