In yet another blow to American Express, Visa Inc. announced the winning of the Fidelity Investments credit card processing account. Along with the notable win of the Costco Inc. account in the United States by Visa, Fidelity represented, by most sources, the largest remaining account under the American Express brand.
http://finance.yahoo.com/news/embargo-fidelity-drops-credit-card-050000852.html
This will be a VERY fast switch, with all of the credit cards to be rebranded, according to sources, as soon as July 1st, 2016.
https://www.bostonglobe.com/business/2016/01/03/fidelity-switches-credit-card-partners/6MsRJSEgFQwh9UTECPqpoK/story.html
This potential loss of up to 550,000 cardholder accounts for American Express and the elimination of a prospect pool estimated at up to 24 million potential customers is, quite possibly, a death-blow for American Express (AXP-NYSE, $69.55). Accordingly, this is a major business win for Visa.
The global credit card processing market continues to consolidate between MasterCard, Visa and China Unionpay.
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