Two-party systems are good for the parties who operate them and bad for everyone else.
Open your wallet, purse or payment app and take a look at your credit and debit cards.
Odds are that nearly all have just one of two logos on them.
Thats because there are only two major players in payments.
In fact, those two card brands account for86 percent of market sharein the U.S.
The biggest stakeholders for the major card brands are the issuers of the cards banks.
The first credit card company was built by a bank but later split off to avoid being a monopoly.
That means card brands exist primarily to benefit banks (and their own shareholders).
Thats not great for the other parties involved in a payment namely retailers and their customers.
This has led to a sophisticated rewards and cash-back system the banks use to incent consumer behavior.
Instead, prices for products and services are increased accordingly.
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Can a seemingly all-powerful two-party system ever be disrupted?
I believe it can.
Heres how I envision the solution.
First, it cannot rely on the existing infrastructure.
We live in a world where creative thinking and technology can allow this to happen.
