Payments News

How the major card networks are planning to survive the pandemic

Aug 30, 2020

The major card networks have heavily invested in broader services as transaction processing loses its luster, a strategy that’s provided a ray of hope as retail and travel industries remain sidelined.

Visa and Mastercard both are in the process of acquiring data aggregators, Plaid and Finicity respectively, to improve their ability to use open banking connections to court fintechs that offer alternatives to traditional credit card debt and a range of other merchant-facing technology, such as online storefronts and spending analytics.

Both card brands have also made a series of deals designed to improve retailers’ ability to serve consumers, placing Visa and Mastercard at the front end of the relationship as much as the transaction-processing back end.

By John Adams

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