American Express has acquired full ownership of Swisscard, following UBS's decision to sell its stake in the joint venture.
UBS's decision to sell its stake in the joint venture has resulted in American Express acquiring full ownership of Swisscard.
Despite the ownership change, Swisscard will continue to issue cards under the licenses of American Express, Mastercard, and Visa, ensuring continuity for cardholders.
UBS plans to offer its own range of credit cards and services to clients previously served by Credit Suisse.
American Express intends to remain a key player in the Swiss market through Swisscard, with plans for expansion and continued investment.
The Swiss credit card market is competitive, with various issuers offering a wide range of products.
Credit cards rank second in terms of turnover, behind debit cards, and mobile payments are also gaining popularity. Traditional credit card issuers will need to innovate to meet the demands of consumers who prefer digital payment solutions.