Monday, July 21, 2003

Citigroup to Acquire Sears Credit Card Business

Some of the readers of this blog may know that initially the credit-card payment originated as a metal-card payment in the retail domain (where deferred payment was a custom and the card an easy tool for the administration). So the retail card was there first and then the credit-card. Yet, running a card scheme is a business in itself.

Citibank announced last week that it would buy the card-business from Sears (see this press release and the presentation). So the economy-of-scale game continues....