A new iPhone application that lets consumers rack up reward points by simply walking in to stores could give banks and card issuers the foundation for a truly mobile loyalty program.

SAN DIEGO – Mitek Systems said yesterday it has received a U.S. patent for its widely used Mobile Deposit mobile Remote Deposit Capture application.

PayPal Inc.'s next round of mobile payment features, including its rumored future as an additional payment system for Google Inc. phones, shows the strength of PayPal's mobile strategy and the weakness of Google's historical approach to payments.

Tight supply has sent prices for the freshest portfolios of charged-off consumer debts soaring in recent weeks to as much as 12 cents on the dollar.

The week after Wells Fargo & Co. announced the closing of its storefront subprime lending unit, Citigroup Inc.'s chief executive delivered an impassioned defense of keeping alive his similar operation, CitiFinancial.

The credit outlook at the top six card issuers is getting brighter, with both chargeoffs and delinquencies falling again in July.

Vivotech Inc., a Santa Clara, Calif.-based contactless technology company, is adding encryption services from Voltage Security Inc. to transactions made with Vivotech’s Vivopay products.

Fannie Mae has announced that lenders selling the company mortgages are not required to run a second credit report before a borrower closes a home loan application.

Sberbank, Russia’s largest bank, last month officially abandoned plans to develop its Sberkart payment card program into a national payment system that would compete with Visa and MasterCard.

The Bank of China Hong Kong Limited and China UnionPay have begun offering a Shenzhen-Hong Kong cross-border automatic payment service through a BOC credit card, the bank recently announced.

A security vendor is trying to sell transaction monitoring services directly to consumers, a technology that until now has been offered primarily to banks.

KeyBank is offering customers text-based banking services through Fiserv Inc.'s Mobile Money program, the Brookfield, Wis., bank technology vendor said Wednesday.

Online Resources Corp.'s newest chief executive said the online banking and bill-pay vendor will become a more focused company under his leadership.

Apriva, a Scottsdale, Ariz.-based wireless-payments company, says it is working with MWJ LLC, an Atlanta-based vending-machine operator, on cashless vending services at 48 vending machines at Hartsfield-Jackson Atlanta International Airport.

PayPal Inc. is planning to turn off its PayPal Plug-In service, which lets users fund purchases at merchants that do not typically accept PayPal.

India’s UTI Mutual Fund is partnering with mobile-payments provider mChek Pvt. Ltd. to launch UTI Mobile, a service that enables investors to initiate payment instructions for investing in mutual funds from a mobile phone, a spokesperson for the Mumbai-based asset management company tells PaymentsSource.

Life Insurance Corp. of India Ltd. policyholders soon will be able to use their mobile phones to pay their insurance premiums, a spokesperson for the government-owned insurer tells PaymentsSource.

The percentage of U.S. homeowners with so-called "underwater mortgages" dropped in the second quarter as more homes entered the foreclosure process - even as price declined slowed, according to Zillow.com, a real estate Web site.

U.S. credit card borrowers shed $4.5 billion in debt in June, continuing the pattern of reducing overall outstanding receivables that began in the fall of 2008, according to a Federal Reserve G.19 report on consumer credit released Friday.

WEST JORDAN, Utah-Mountain America CU here has become the first credit union to offer a custom application for Apple's iPad tablet computer as part of the CU's massive move into mobile banking on Apple, Android, Blackberry, Palm and Windows Mobile devices.