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Why Visa and Mastercard have yet to face their Kodak moment

The fintech disrupters of the payments sector are no such thing

©The Financial Times Limited 2020 Nov 21, 2022 / 11:49 AM IST
All Rights Reserved. FT and Financial Times are trademarks of the Financial Times Limited Not to be redistributed, copied or modified in any way.
Why Visa and Mastercard have yet to face their Kodak moment

Representative Image/ Reuters

Patrick Jenkins There are now 332 fintech unicorns in the world, according to a new ranking by small business portal Fintech Labs. Equally striking is the dominance within the financial technology realm of billion-dollar companies that deal in some way with payments. They account for eight of Fintech Labs’ top 10 — PayPal, Ant, Stripe, Shopify, Adyen, Block (formerly Square), and Afterpay. The big driver of this boom has been the steady decline of cash in all major economies of the...

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