Thursday , March 4 2021

War of offers between the MasterCard and Visa giants unleashed



The company, with 21 years of history, is not a startup and, despite its name, has nothing to do with private space trips.

Few investors have heard of Earthport, though the company has just become the target of a war of offers between the Mastercard and Visa giants.

Earthport shares, which are traded on the London Small Capital Alternative Investment Market, quadrupled in the last four weeks. Friday's session, they shot 31.3%, after a MasterCard offer and Visa warned that they were considering their options. In just over a month, since December 24, shares have shot 390%, from 7.45 to 36.5 pence per title (currency exchange value used in the UK).

The company, with 21 years of history, is not a startup and, despite its name, has nothing to do with private space trips. Earthport is a network of cross-border payments. It uses a cloud-based configuration to help banks and other financial firms transmit payments to their own customers as an alternative to the international financial communications system Swift, the 46-year-old non-profit cooperative that has been leading for a long time time the global flow of money.

It is expected that cross-border payments they will surpass the 30,000 trillions of dollars in 2022, According to Accenture. Banks and other credit card issuers, who for a long time have dominated the payment process for traders, are pushing this new ground: MasterCard with their Send and Visa business with their Direct offer.

Read the original article here.


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