Credit Card News

Credit Card News

PayPal, the world's largest online payment processor, continues to branch out its efforts to begin processing transactions in the real world as well, according to a report from the company. In addition to having recently released its mobile card reader Here, which plugs into and works with any smartphone equipped with the associated app, the company recently also unveiled its new PayPal Payments platform, which gives businesses large and small greater control over their ability to process transactions both online and in the real world.

The kind of "mobile wallet" transaction that many within the smartphone and credit card industries have predicted as becoming popular within the next few years might arrive sooner than some expected, according to a report from Daily Finance. Currently, some 10,000 credit card transactions are processed every second and they add up to a total value of more than $2.5 trillion every year.

Credit risk professionals believe that consumers' repayment habits will continue to get better over the next six months, and therefore predict that lenders will keep opening new lines of credit to consumers of all stripes, according to the latest quarterly survey from the credit scoring bureau FICO. Lenders predict fewer instances of delinquency across most types of consumer credit, including mortgages, small business loans, car loans and credit cards. Only student loans are expected to tick upwards during this time.

Late last year, Google unveiled its mobile purchasing platform, Wallet, to a considerable amount of fanfare, and perhaps with good reason, according to a report from Bank Systems and Technology. The Web giant's offering was the first major mobile wallet system to be launched in the U.S., and came with agreements with some of the world's largest payment processors, including Visa, MasterCard, American Express and Discover.

Consumers seemed to be far more focused on making their car payments than any other lines of credit last year, according to a recent study by the credit bureau TransUnion. In all, just 9.5 percent of borrowers were late on their car payments last year while remaining current on their credit cards and mortgage bills. By contrast, 17.3 percent allowed their cards to fall delinquent while maintaining the others, and 39.1 percent were late on their mortgage payments.

The new smartphone from Sony known as the "Xperia sola" could help to push more consumers toward adopting digital wallet purchases because of the near-field communications technology that comes embedded in the device, according to a report from TG Daily. The reason some think this phone is different from the handful of other NFC-enabled smartphones currently on the market in the U.S. is that it allows for uses beyond digital wallet platforms.

PayPal, the payment processing division owned by eBay, will soon announce plans to launch its own mobile credit card payment processing device to compete directly with industry leader Square, according to a report from Bloomberg News.

Many aspects of Apple's iWallet mobile payment system, which has largely been expected for the next iPhone, are becoming clearer thanks to a slew of new patents that were approved by the U.S. government earlier this week, according to a report from the International Business Times. A number of patents were issued for the technology earlier this month, but a second round of approvals this week brings further clarity to the technology of the forthcoming system.

More companies are developing ways to make traditional credit card use safer and more rewarding for consumers prior to the widespread adoption of mobile wallets, according to a report from financial news site The Street. However, because mobile wallet use is still projected to be a few years away, that leaves consumers ample opportunity to reap a number of benefits in the interim.

A new trend among financial institutions has many now issuing credit and debit cards that are designed to be far more secure than those traditionally given to customers across the country, according to a report from American Banker. These cards not only make use of the EMV technology, which is popular across the globe but still gaining a foothold in the U.S., but also allow consumers an added layer of protection by way of an on-off switch.