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Forums › Finance and wealth management › why is anz switching from mastercard to visa ?
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robjg63
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  #1762021 12-Apr-2017 09:52
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dafman:

 

michaelmurfy: There are several reasons and no, not money related.

- Apple Pay + GoMoney Wallet.
- Making it simpler for the consumer - there was 2 of most cards and now there is 1.
- Due to the brand, Visa is accepted in more places.
- Contactless ATM's.

There are other reasons too but it is not at all money related.

 

Maybe in some small food stand in the foothills of Mongolia, but is there anywhere in the developed world where Mastercard is not accepted, but Visa is?

 

I ask because I use Mastercard - regularly, and have for many years - and have never struck an instance where Mastercard is a no go, but Visa is.

 

 

Sometimes there seem to be funny regional things that go on with credit cards where you might find one card doesnt work on a foreign website - dont know if they geo-block cards. But having a Mastercard and a Visa - if one wouldnt work the other usually would.




Nothing is impossible for the man who doesn't have to do it himself - A. H. Weiler



Hammerer
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  #1762065 12-Apr-2017 11:28
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Of course it is a money making decision. Did you ever know of a bank doing things for any other reason?

 

The credit cards that banks promote are often used for product differentiation - we used to have a Mastercard which had lower fees than the bank's Visa card - to increase market share or profitabiiity. At the moment, ANZ may be pushing to reduce costs so it is rationalising the number of products. This has happened in the past. ANZ may well promote MasterCard again.

 

I imagine that ANZ will continue to be a member of Mastercard NZ just as it is in Visa NZ. Both organisations have been traditionally owned by the financial institutions that use them and I hadn't heard that this has changed.

 

As to why you'd want both cards: Visa was better supported in the USA and MasterCard was better supported in Asia, for example. So it was an advantage to travel with both cards. There are still many retailers overseas who only accept cards from one network.

 

See the graphs for credit card circulation inside and outside the USA. Visa is way stronger in the USA but MasterCard is slightly ahead outside the USA. If I had turnover stats we'd see Visa does about twice the global business of Mastercard simply because the majority of global credit card business is on US cards - from memory, up to 60%, with Brazil second on about 20%. By the way, the credit card business is primarily interest earned on overdue balances:

 

http://www.creditcards.com/credit-card-news/market-share-statistics.php


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