Why are Visa, Mastercard, and American Express the dominant major players in transaction processing?
Payments
Asked by Question Bot03/Mar/20171 answer
1 Answer
F
Faisal Khan
Answered 03/Mar/2017
Joel Yarbrough has answered it. The card associations are retail giants. There are others as well, JCB, Discover, CUP, etc.
Step outside the US, then there are varying sizes of transaction processing companies, in the UK for example FasterPayments run by Vocalink does the real-time settlement of UK's instant payments.
In India, the National Payment Corporation of India runs the Immediate Payment Service which does consumer to consumer banks payments in India.
Though not a processor per se, SWIFT traverses Trillions of US Dollars through its network. On the equities and stock trading side, there are many clearing houses that do transaction and settlement processing of all stock trades.
Extend to the world of FX (Foreign Exchange) over US$ 1 Trillion of forex trades are done on a daily basis. Lots of banks and clearing houses settle those.
Similar examples are plentiful worldwide.
Step outside the US, then there are varying sizes of transaction processing companies, in the UK for example FasterPayments run by Vocalink does the real-time settlement of UK's instant payments.
In India, the National Payment Corporation of India runs the Immediate Payment Service which does consumer to consumer banks payments in India.
Though not a processor per se, SWIFT traverses Trillions of US Dollars through its network. On the equities and stock trading side, there are many clearing houses that do transaction and settlement processing of all stock trades.
Extend to the world of FX (Foreign Exchange) over US$ 1 Trillion of forex trades are done on a daily basis. Lots of banks and clearing houses settle those.
Similar examples are plentiful worldwide.