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Synopsis
The payment card business has evolved from its inception in the 1950s as a way to handle payment for expense-account lunches (Diners Club card) in today's complex sprawling industry that drives trillions of dollars in transaction volume each year.
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About the Authors
David S. Evans is Managing Director of the Global Competition Policy Practice at LECG LLC and part of Market Platform Dynamics, a management consulting firm that focuses on strategic analysis and product design for platform-based firms.
Richard L. Schmalensee is John C. Head III Dean and Professor of Management and Economics at the MIT Sloan School of Management. He is co-editor of Management: Inventing and Delivering Its Future (MIT Press, 2003).
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