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Navigating a New Economic Landscape |
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Competition and what some see as the commoditization of the acquiring business have contributed to a new economic reality. “The economics of this business have changed. And they’ve changed forever,” says Mark P.J. Sievewright, corporate senior vice president, market development, at Brookfield, Wisconsin-based Fiserv (www.fiserv.com).
Increasing competition has put an end to generating revenues off fees, and card companies are making less money on net interest and interchange income. “Today, apart from ‘privilege cards,’ the general purpose credit card market is largely fee free for most consumers,” says Sievewright.
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