“The concept” of the Credit score Card Competitors Act of 2022 “is that it provides retailers selection, it fosters competitors and tries to interrupt up what’s perceived as a duopoly held by Visa and Mastercard, that are the 2 largest networks by way of transactions,” mentioned Zilvinas Bareisis, head of retail banking for the Boston consulting agency Celent. “Definitely for bank cards, they’ve the lion’s share of transactions, so the concept is to introduce extra competitors.”