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Personal Finance

Shiny New Button May Help Visa, Mastercard and AmEx Fight PayPal

  • Networks team up, merging their rival online checkout systems
  • Aim is to make paying easy, yet it may also help them compete
mobile applications of electronic payment systems PayPal, payoneer, skrill, webmoney, mastercard on the smartphone screen
Photographer: gutaper/iStock Editorial

The financial industry calls it “the Nascar effect” -- that mess of payment logos spread across a retailer’s online checkout page like the side of a race car. Often there are buttons for every major credit card, PayPal and a growing universe of services from tech giants such as Google.

But what if several big players teamed up and offered one button that would work for the vast majority of consumers? Might other icons start to peel away?