Quarterly results at MasterCard Inc. and Visa Inc. showed how intense — and expensive — the payment networks' battle for issuer business has become as the crisis forces the banking industry to consolidate.

"Every day, it's a street fight," is how Robert Selander, MasterCard's chief executive, described the fight for business amid the shake-up among banking companies.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.