Payments

JPMorgan Chase & Co.’s Card Services unit Friday cited continued weakness in the credit card sector and the effects of the recession as key contributors to a $306 million net loss in the fourth quarter ended Dec. 31.

Arcot Systems Inc. has released an application for mobile phones that enables consumers with EMV cards to authenticate card-not-present transactions, the Sunnyvale, Calif.-based company said this week.

The Federal Reserve Board finalized a rule on Tuesday that is designed to protect consumers from credit card fees and interest rates that jump suddenly.

Total System Services Inc. plans to use mobile phones to gain a larger foothold in micropayments, Ashim Banerjee, the U.S.-based transaction processor’s chief information officer for TSYS Acquiring Solutions, tells PaymentsSource.

Inside Contactless is working with another France-based contactless-technology firm to develop kiosks and electronic wallets that use Near Field Communication, an Inside spokesperson tells PaymentsSource.

Financial regulators in Brunei have placed restrictions on how small the amounts credit card issuers can set for monthly repayment of credit card debts, according to a directive from the country’s Ministry of Finance. Cardholder incomes also will determine credit card spending limits, the directive states.

If the banking industry was seeking clarity on the trend in consumer loan delinquencies, it did not receive it in the latest American Bankers Association data.

Beaverton, Ore.-based First Tech Credit Union is warning its members of a new malicious banking application it discovered that apparently is designed to steal online banking account details on Google's new Android cellphones.

Gemalto has increased its capital investment to become the majority shareholder in mobile-payments firm Netsize, the company announced Tuesday. Amstercam-based Gemalto has an option to buy the company at a later date, but it did not disclose terms of the transaction.

Merced School Employees Federal Credit Union members now can pay bills using their mobile phones through a recent agreement the Merced, Calif.-based institution made that provides them access to Fiserv Inc.’s Mobile Money service.

British issuer Barclaycard and mobile-network operator Orange UK have launched a cobranded contactless credit card, a product that brings the two firms closer to offering payments via mobile phones.

Connecticut Attorney General Richard Blumenthal is urging the Federal Reserve Board to return credit card interest rates and fees to year-ago levels after banks raised them in response to new federal rules and surging credit costs, reports Dow Jones.

At the start of 2009, consumers said, almost timidly, that it would be nice to be able to manage their bank accounts with mobile phones. Now, they are demanding such services.

Delinquencies on U.S. prime credit cards reached record levels in December, and charge-offs began climbing toward a high set in September, according to data Fitch Group’s Fitch Ratings released Jan. 5.

Credit card direct mailings are forecasted to pick up again after the Credit Card Accountability Responsibility and Disclosure Act of 2009 takes effect in February, industry experts say.

Mophie, a Paw Paw, Mich.-based provider of technology accessory products such as smartphone batteries, later this week expects to reveal an external card reader and an application that manages transactions for Apple Inc.’s iPhone at the International Consumer Electronics Show in Las Vegas.

UniRush LLC announced its prepaid RushCard has added a card-to-card funds transfer feature for users who want to transfer money between prepaid Visa RushCards.

Hoping to tap an emerging market, Visa Inc., MasterCard Worldwide and American Express Co. have been working to open their networks to third-party developers of software and smartphone applications.

Luup International Ltd. plans to establish a mobile phone-based remittance service for the United Arab Emirates and Indonesia, a spokesperson for the Norway-based payments provider tells PaymentsSource. The service will enable the approximately 500,000 Indonesians in the United Arab Emirates to transfer funds home.

When Brian Moynihan assumes control of Bank of America Corp. next week, he will face daunting new competitive pressure in the credit and debit card arenas, among many other challenges. Moynihan, 50, on Jan. 1 becomes the nation’s largest bank’s president and chief executive officer, succeeding Kenneth D. Lewis, who is retiring.