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Consumer Credit Hits Record and other Digital Transactions News briefs
August 11, 2017

• Consumer revolving credit outstandings, most of which are credit card debt, hit a record $1.02 trillion in June, the Federal Reserve reported this week. The new high is 0.1% higher than the old record set in April 2008, just as the financial crisis of 2008-09 was gathering steam.

Relying on leaked information about firmware for the Apple HomePod device, developers have uncovered indications that the new iPhone from Apple Inc. may include facial recognition to authenticate Apple Pay transactions, according to a report in The Verge, a tech news site. The new smart phone may combine facial recognition with the existing fingerprint ID capability, the report says.

Two Venezuelan men have been arrested on suspicion of placing skimming devices on several bank ATMs in the Sacramento, Calif., area that led to $200,000 in withdrawals from victims' accounts, the Sacramento Bee reported.

Hong Kong-based payments provider Geoswift is working with Western Union Business Solutions and UnionPay International to enable tuition payments for Chinese students studying in the United States, Canada, and nine other countries. The program is part of a promotion available to UnionPay cardholders until March 31.


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