India's mChek, a mobile payments and security company, has developed mobile banking and payments technology that it is applying to microfinance applications and mass banking in a pilot with Grameen Koota, a microfinance institution in India. In a series of videos, mChek introduces the service, demonstrates how it works and shares some initial results.

If you're interested in learning more about mChek's pilot results and its work with the bottom of the economic pyramid, contact Valerie Rozycki at Valerie@mchek.com. READ MORE

Reuters is reporting that Fitch Ratings latest report on US consumer credit for December indicates that credit card defaults rose with chargeoffs up 31 percent vs. the same month a year ago. In addition, monthly repayment rates on outstanding credit card debt declined 246 basis points sequentially from November to 15.96%. "The outlook is gloomy, as consumers struggle with a deepening recession and the highest unemployment rates in 15 years."

Chase Card Services has unveiled "an enhanced version of its popular Web site Chase Clear & Simple with new tools to help customers manage their accounts, tips to avoid unwanted fees and information to support their financial success. Through its relationship with AARP, Chase worked to create interactive tools, calculators, worksheets and other financial literacy resources for consumers 50 years of age and older." READ MORE

The Discover U.S. Spending Monitor fell for the fourth consecutive month in December, declining more than three points to a new low of 76.6 (based out of 100). Both components of the monthly spending index – consumer confidence in the U.S. economy and consumer spending intent – reached new lows during the month, as concerns about the economy may be weighing on post-holiday spending plans. READ MORE

In an article titled "Card processing work to shift to India", India's Business Standard reports on India Pay, a new payment system planned to start next year.

Sources said over the next four to five years, processing of credit card transactions, which is so far done abroad will shift to India. Sources at the Indian Banks’ Association ... said that India Pay will handle all domestic transactions while it will work with payment networks like Visa and MasterCard for international transactions undertaken by Indian cardholders or foreigners on visit to the country."

The article also mentions National Payment Corporation of India, a new company established by nine banks to focus on "electronics payments, ATM transactions and processing of card payments."

[Editor's note: We'd love to learn more about these payment card processing initiatives in India. If you can share details, please contact me directly.]

Gemalto has announced that its Ezio Pocket Reader is "the first fully certified reader made available to the market for MasterCard Advanced Authentication for Chip. The Advanced Authentication for Chip specification allows two-factor authentication on any EMV card already in use, whether or not it has been personalized according to the MasterCard Chip Authentication Program™ (CAP)." READ MORE

In an article titled "Erosion in Retail Sales Slowed a Bit in December", Stephanie Rosenbloom writes for the New York Times that MasterCard Advisor's SpendingPulse data show that the declines in sales leveled off at about 20 percent in December - and that “the first time in a long time that we had numbers that were a little better than the previous month.”

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