Bitcoin Is A More Viable Option Than American Express. newsbtc bitcoin news In the traditional world of finance, there are a handful of major players when it comes to credit and debit cards. Visa and MasterCard are the two biggest brands, but American Express is trying to make a comeback as well. Unfortunately for AmEx, a recent announcement by Fidelity Investments sees the company losing ground in favor of Visa and Bancorp. Unlike these financial services, Bitcoin is not suffering from fractured support, as there is only one currency in play that works for everyone in the world. American Express Loses Ground in Plastic Card Sector
NewsBTC_American Express Keeping oneself relevant in the world of traditional finance is not an easy feat. even though there is very little competition in the plastic card market. Very few players are actively issuing credit cards right now, and it looks like American Express might be falling out of contention in the very near future.
After losing a deal with Costco Wholesale Group – which is set to hurt American Express’ profits for at last two years – the 12-year partnership with Fidelity Investments has come to an abrupt ending as well. Major competitor Visa will be one of the new partners for Fidelity Investments, allowing the company to offer Visa-branded credit cards products to their US customers.
It goes without saying the credit card market is becoming very centralized, as the number of important players is shrinking. Only Visa and MasterCard remain big contenders for the years to come, which puts the financial control of the credit card industry into the hands of just two companies. This is far from an ideal situation, as more competition in the market means lower fees for both consumers and merchants.
That being said, the new partnership between […]
