Last week, E*TRADE announced its new E*TRADE Mileage Maximizer Account that's designed to help consumers maximize their airline mileage rewards while minimizing their revolving interest expense. Other credit card issuers might find this new new account troubling, however, as it's specifically designed to maximize their mileage reward costs while minimizing their interest income. Read on for more details.

Tom Peters shares a great interview with Eric Jackson, former PayPal employee and author of the book The PayPal Wars. Jackson was the senior director and interim vice president of marketing for PayPal, Inc.

CRI Online reports that ICBC, China's largest commercial bank, launched the nation's first chip bank cards on Friday that are compliant with the EMV standard.

Note: Throughout the day, as Payments News happens, this post is updated.

• Omaha World-Herald: First Data looks for more cuts in its costs
• CitiGroup sets up consulting firm in Shanghai
• Counterfeit Cash Snowballs During Holidays
• Writing 'Check ID' In Card Signature Area Can Prevent Theft