VISA revealed for the first time how far it has come in the business card market yesterday. VISA reported its corporate customer base rose 36.3% last year to 4.3 million accounts. Cardholders of ‘VISA Corporate’, ‘VISA Business’ and ‘VISA Purchasing’ cards accounted for $21.9 billion in volume compared to $15.2 billion for 1996. Business card transactions for 1997 hit 128.7 million compared to 98.8 million for 1996. In a private on- the-record interview with RAM Research president Robert McKinley last June in Maui, Carl Pascarella, VISA USA president, said he had no idea how well VISA’s business card market was doing but said data would be forthcoming. One year later the business card figures are impressive, clearly rivaling American Express’ stronghold on the corporate card market. In September 1993 Pascarella told McKinley, two days after he returned from Japan and assumed the U.S. leadership of VISA USA, he would lead the charge to develop the business card market in America. Clearly he has delivered on the promise.
VISA also reported yesterday its share of PCE (personal consumption expenditure) increased last year to 9.6% compared to 8.7% for 1996. VISA also claimed its overall market share increased to 52.3%, based on data compiled by CA-based HSN Consultants Inc.Details