American Express Co. won a major legal battle last fall when federal courts removed bank barriers to credit card competition, but Visa’s top U.S. executive says his association is winning the war.
Visa USA Chief Executive Carl Pascarella dismissed predictions in the markets that American Express would take away market share from Visa now that the Supreme Court has struck down long-standing rules that barred Visa members from issuing cards through rival American Express.
Instead, Visa’s banks are making great headway selling cards to small businesses and affluent consumers, threatening two areas that were long dominated by Amex.
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