MasterCard Has Big Plans to Shed #2 Card Status
MasterCard plans to chase profitable market share by working with its many bank customers on new brand initiatives to prod card carriers to use MasterCard cards more often.
Our little card is growing up. After beating out rival Visa in going public, MasterCard's shares have risen to more than 100. They soared 15% in November, according to Investor’s Business Daily, when the firm reported $1.42 a share in third quarter earnings, beating by 35 cents Wall Street estimates for its first full quarter as a public company.
CORNERSTONE SUPPORT, INC.
We are a true full-service compliance solution for state licensing, bonding and resident offices. Put Your Licensing & Renewals in Our Hands.
"We have a very leverable business," Chris McWilton, chief financial officer, said of the firm's $3 billion card business.
Still, Visa’s plan this year to follow MasterCard into the public arena could knock MasterCard down a notch or two. Plus, American Express has been encroaching on MasterCard's turf as well, not to mention Visa's.
In the meantime, MasterCard plans to chase "profitable market share," McWilton said, by working with its many bank customers on new brand initiatives to prod card carriers to use MasterCard cards more often. MasterCard's largest bank customers include JPMorgan Chase, Citibank, HSBC and Bank of America.
Be the First To Comment
(Please read our comments policy first.)
Tell us what topics you're interested in and we'll keep you posted. Enter your email address below.
Topics:
Companies:
Related Resources
News
Analysis
Publications
Research
Products and Services
