Bank of America Stands Alone

Rumors have been flying for a while about Bank of America’s aggressive stance as the worlds largest bank. Bank of America is considering competing with Visa and MasterCard by creating its own credit card brand.

This would actually be a smart move for Bank of America since they would then save the money they are currently paying both Visa and MasterCard to process charges. Bank of America is well positioned for this move since they already have a huge consumer base, and the main competition would only be the current monopoly by Visa and MasterCard.

Bank of America isn’t the only one with these considerations though. It seems that Discover card is looking to begin issuing debit cards rather than just credit cards. And Wal-Mart is currently trying to open its own bank so that it has its own payment processing system.  ■