Word: mastercards
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...must have taken particular delight last month when AT&T Corp. announced that it was selling its Universal credit-card business to Citibank. AT&T's no-annual-fee entry into the credit-card game in 1990 made this industry universally ugly, particularly for Amex. With free Visa and MasterCard bank cards bulging their wallets, consumers were increasingly leaving home without American Express plastic. Instead of paying membership fees for cards that many merchants refused to honor--since American Express took a heavy bite out of purchases--more than 2 million Amex holders cut up their cards in the early...
Golub's most ambitious plan so far remains only a gleam in his eye. He wants to transform the credit-card business by plugging U.S. banks into the American Express network and thereby enabling the lenders to issue Amex credit cards. That's the last thing Visa and MasterCard want to see happen, and they've stymied Golub with bylaws that prevent their U.S. bank partners from offering other cards. Golub may get some help from the Justice Department, which is reportedly investigating the competitive behavior of the two big credit-card associations...
...Klein has quietly put up impressive numbers. His team forced agribusiness giant Archer-Daniels-Midland to pay a record $100 million fine for rigging a feed-additive market earlier this year; three former ADM executives are under indictment. Klein is reportedly preparing a massive antitrust case against Visa and MasterCard, alleging a duopoly over credit-card transactions...
...cash cards are portable and convenient transaction devices--a description that also applies to currency. As John Frank, editor of the monthly magazine Card Technology, says, "People don't think of cash as being difficult." The world's leading cash-card company, Mondex International, controlled by MasterCard, has had so-so success in experiments in Canada. In the U.S., Visa tried launching a cash card in Atlanta during the 1996 Olympics. It flopped, partly because users had to run all over town to find stores that could accept the cards. That's why more than 94% of all transactions...
...fair, HPPS has made several improvements: the hours of the stockroom were sufficiently student-friendly; we no longer have to trek to HPPS' old location at 1730 Cambridge St. to purchase any course materials; students can now pay for sourcebooks by MasterCard or Visa; and HPPS provides students copies at 5 cents a piece and easy and relatively inexpensive access to a fax machine...