Maurer notes that, almost a decade ago, it became clear to him that Mastercard's foray into services meant its stock could trade at a premium to Visa's, a call that panned out for years. Then Mastercard got aggressive in winning European card deals that had been Visa's, which benefited its stock as well.
But now that those card deals are up once more, Maurer says Visa is regaining accounts that it lost to Mastercard in the last cycle.
In that sense, things are moving in Visa's favor, he said, "but Mastercard is faster growing, and the pendulum could swing back."
-Emily Bary
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