MasterCard and Visa have enjoyed a monopoly in the payments space for as long as I can remember.
This, however, is being challenged repeatedly across the globe with the launch of real time payment systems, mobile wallet transactions and advancements of other digital payment methods.
None of these is new, but I find it surprising that none of the two big giants have come up with competitive products to match the advancements we see in the payments industry.
Could it be a typical problem of inability to perform digital transformation on organizations that are too big to change?