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Until recently, rolling out a competing card was a daunting task.
The headache of supporting multiple different competing card formats will become painful enough that someone will solve it with a standard.
Two months ago, VeriFone, which makes a competing card reader, wrote an open letter to consumers and the industry, warning users of a "gaping security hole" in mobile payments startup (and competitor) Square's hardware.
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At a recent investor presentation, Chase said the Liquid card would cost a typical customer about $59 per year, compared with $150 to $250 for competing cards (the presentation didn't identify the competitors by name).
American Express, in partnership with MBNA, immediately announced plans to launch competing cards.Partners and owners of Lazard bickered over the investment bank's mooted flotation on the stockmarket which, despite repeated clashes, seems imminent.See articleJapan's Financial Services Agency said that it had filed a criminal complaint against UFJ, the country's fourth-largest bank.
-- The Supreme Court also sided with American Express in a closely watched case over credit card fees, leaving in place a lower-court ruling that said the company did not violate antitrust laws by insisting its merchants do nothing to encourage customers to use other competing cards.
The new card comes on the heels of a Supreme Court decision requiring Visa International and MasterCard International to allow their member banks to issue competing cards and, as a result, American Express to begin a partnership with MBNA.
At 4percentthethe balance transfer fee is a little higher than competing cards.
A universal proxy card would replace competing proxy cards and instead list all candidates on a single card, allowing shareholders to vote for nominees put forth by both parties.
Retailers are also looking to PayPal — and competing credit card alternatives like Google Checkout and Bill Me Later — to help them lower credit card processing costs.
So is Visa likely to share its technological secrets with competing credit card organizations or other payment providers?
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com