Visa’s global business counts more cards, more revenue and more profit than Mastercard, however in investors’ eyes, it is playing catch up!
Investors may be more focused on what comes next in payments. Mastercard has over the past few years spent billions to expand beyond cards to more payment services and to snag a role in payments like business-to-business transactions that don’t use cards. In 2016 Mastercard struck a deal to acquire real-time bank account-to-bank account network provider VocaLink Holdings Limited and has built further on that with other deals, such as for the corporate services unit of Nets A/S. Visa is also now making some investments on that scale in non-card transactions. It acquired control of Earthport, which facilitates payments between bank accounts, last year. Then this year it made a huge splash with a $5 billion-plus deal for Plaid Inc., a network that connects financial-technology app developers to banking data.