DISCOVER CARD SEEKS NEW AD AGENCY
Moves Comes as Goodby Silverstein Resigns Account
A number of elements contributed to Visa’s decision to move the business. BBDO earlier this year won the $600 million Bank of America account, owner of another credit-card company MBNA. At the same time, Visa has overhauled its management, bringing in a number of executives from Charles Schwab, including new CEO John Philip Coghlan and Susanne Lyons, Visa USA’s chief marketing officer.
Although the Visa brand has strong brand recognition worldwide, it is facing a number of challenges in the U.S. with an increasingly aggressive marketing from both MasterCard and American Express. Merchants, meanwhile, including Wal-Mart Stores, are pushing for lower credit-card fees.
There are more than 1 billion Visa credit and debit cards in circulation. Its market share by processing volume is 51.1%, according to the Nielsen Report.