I found an article online which includes some discussion of these payment companies. It is in the Russian context with Visa and MasterCard pulling out of the market and Union Pay apparently getting 'cold feet' about going in.
https://www.telegraph.co.uk/business/20 ... rld-order/
It contains a chart headed 'UNIONPAY'S MARKET SHARE IS INCREASING'. I am assuming this refers to the payment market outside China. It shows Visa's 'market share' declining from about 57% to about 41% (eyeballing the chart) from 2014 to 2020. Union Pay has increased from 10% to about 33%. And MasterCard from about 27% to 24%.
Digital payments is still very much a growth area with cash transactions declining, so a loss of market share does not necessarily mean a reduction in revenues/cashflow in absolute terms because the 'digital payments pie' is still growing. However, it does make you wonder how these companies will look in ten or twenty years' time.
Best wishes
Mark.
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Mastercard vs. Union Pay vs. Visa
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