Payments

2010 will be remembered as the year that implementing mobile banking moved from being a get-on-the-bandwagon trend to table stakes in the American retail financial services market, the year that big banks began to recognize the channel's own legitimacy, and the year that most mid-tier and community banks put mobile banking on their short list of things to get done.

Now's an exciting time to be the bank executives charged with rolling out mobile banking. As industry fortunes rebound, funding is suddenly available at many financial institutions, and consumers' ever-increasing use of their ever-more-sophisticated mobile devices put institutions in the enviable position of rolling out technology just as consumers are ready to embrace it, as opposed to inventing tools and trying to motivate adoption.

Though industry observers generally expect mobile banking to become a mainstream technology with consumers, consumers ages 18 to 25 remain the biggest users of the service, new research suggests.

Visa Inc. may soon test a system for making contactless payments with an Apple Inc. iPhone using a case with a chip in it, according to reports.

RICHLAND, Wash. – HAPO Community CU is one of the first credit unions to introduce PSCU Financial Service’s Design Your Own Card personalized credit card service.

Travelex Group, a London-based distributor of foreign-currency reloadable prepaid cards that offer consumers a locked in foreign-exchange rate, has added a text-message alert service to notify cardholders when account funds drop below 100 pounds (US$149 or 117 euros).

The Reserve Bank of India says Yes Bank Ltd. may proceed with plans to provide a mobile-phone based payment and funds-transfer service in association with handset-maker Nokia Corp., a spokesperson from the central bank confirms to PaymentsSource. The service enables bill payments and funds transfers for Yes Bank customers using Nokia handsets.

PURCHASE, N.Y. – In an announcement expected to fuel the ongoing debate in Congress on interchange fees, MasterCard reported a 24% surge in first quarter profits yesterday.

With merchants and card companies pushing people to abandon paper statements, financial companies are using electronic billing services to keep customers from abandoning their online bill payment sites as well.

Apple Inc. could be in the hunt to acquire Vivotech Inc., a Santa Clara, Calif.-based company specializing in contactless payments, Bloomberg News reported today.

ST. PETERSBURG, Fla.-Good and bad, the recession has handed down lessons to CEOs about managing the credit card portfolio.

COLORADO SPRINGS, Colo.-While CUs were gaining credit card market share, some needed to pay closer attention to portfolio management.

ATLANTA-Christopher Danvers acknowledged that the recession and the combined regulatory pressure won't permit CUs to run their credit card portfolios as they did "in the good times."

DEARBORN, Mich.-Mark Shobe said he learned that the unexpected collapse of the economy reinforced his thinking that you can never be too prepared.

WASHINGTON, D.C.-Keep your eyes open to what's happening in the world. A simple, yet effective strategy that Evan Clark quickly learned helps avoid losses.

DES MOINES, Iowa-Jeff Russell has always believed that market share can be gained during a down economy, and the current recession hasn't changed his thinking.

MILWAUKEE-Get ready for more debit demand-and competition. That's the outlook of credit union CEOs, major CU card issuers, and industry analysts who see the recession accelerating consumers' and financials' shift to debit.

WASHINGTON-New legislation that would open the market for credit and debit card interchange fees to competition would harm small card issuers like credit unions and community banks, members of Congress were told last week during a hearing on a new interchange bill.

SAN FRANCISCO – Card giant Visa Inc. reported a 33% surge in second quarter earnings yesterday to $713 million, fueled by higher-than-expected growth in transaction volume.

WASHINGTON – New legislation that would open the market for credit and debit card interchange fees to competition would harm small card issuers such as credit unions and community banks, members of Congress were told yesterday during a hearing on a new interchange bill.