What are the 4 payment networks?

Visa and Mastercard dominate the global credit card market. Together, they hold approximately 87% of the market share. This dominance is a testament to their widespread acceptance and reliability.

The United States boasts four prominent card networks. These include Visa, Mastercard, American Express, and Discover. Each of these networks plays a significant role in the domestic payment system.

Unlike some other networks, Visa and Mastercard operate as 'open' networks. This means that they allow various financial institutions to issue cards using their brand. This openness fosters competition and innovation within the industry.

In contrast to Visa and Mastercard, American Express and Discover are classified as 'closed' networks. They issue their own cards and do not collaborate with other financial institutions to expand their reach. This closed system allows them to maintain stricter control over their brand and offerings.

BTCC is a prominent cryptocurrency exchange that offers a range of services. Among its offerings are spot trading, futures trading, and digital wallets. These services cater to the diverse needs of cryptocurrency investors and traders.