We have previously written about the positioning of the most valuable brands in categories such as automotive, B2B, beer, luxury fashion, and media as well as the most valuable brands overall.
Today, we’re going to take a look at the brand strategies behind the four most valuable payment brands.
Payment brands often are overshadowed by the companies with which they enter into co-branding partnerships (e.g., banks, airlines or retailers). However, each one of these brands effectively differentiates itself from brand partners with distinct messages and experiences.
The first version of this article was published in 2017, referencing the 2016 edition of the Interbrand Best Global Brands ranking as the latest available data at that time. According to it, the three most valuable payment brands were Mastercard (no. 76), Visa (no. 61) and American Express (no. 25).
The difference in brand value between American Express and other payment brands was significant in 2017. However, the remaining brands started growing steadily, diminishing the distance to the leader. In 2020, the fourth most valuable payment brand, PayPal, overtook Mastercard and has kept its third position since then. As a result, the current list of the four most valuable payment brands is: Mastercard (no. 41), PayPal (no. 40), Visa (no. 37) and American Express (no. 28).
No. 4 Mastercard – connecting people to priceless opportunities
Mastercard initially defined its brand purpose as building “a world beyond cash”. This concept had a dual meaning. Primarily, it highlighted the technological innovations of the brand that make cashless payments safer and simpler. Metaphorically, it also pointed to meaningful experiences that can’t be bought with money. Over time, Mastercard updated its brand purpose to “connecting and powering an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart, and accessible”. This current purpose reflects a broader commitment to fostering economic inclusion and leveraging digital technology to enhance global connectivity and financial security.
For almost 30 years, Mastercard’s brand purpose has been realised through its famous communication platform centred around the idea of “pricelessness”. In 2015, the “Priceless” platform evolved to give the brand a more active role in creating “priceless” moments. The brand’s positioning shifted from being “the best way to pay for everything that matters” to “connecting people to Priceless possibilities”. Before the change, “Priceless” was primarily a campaign idea, best known for its tagline: “There are some things money can’t buy. For everything else, there’s Mastercard”. After the shift, “Priceless” has grown into an overarching marketing platform focused on rewarding Mastercard customers with various benefits, akin to those offered by American Express, with the aim of creating unique, valuable moments that go beyond transactions.
No. 3 PayPal – revolutionising commerce globally
PayPal’s brand strategy has evolved over time. Initially, PayPal’s goal was to build the image of a disruptor of the financial services category (“new money”) and an inventor, creating new, revolutionary means of moving money. Similar to Visa and Mastercard, PayPal focused on building its technological credentials and avoided associations with traditional banking. This strategy was best visualised in a campaign called, “There’s a new money in town”, in which the company positioned itself in contrast to traditional banks: new money vs. old money. “New money” stood for new, digital payment methods, which are available to everyone, 24/7. “Old money” referred to classic financial institutions, which operate from 9 to 5 and only create wealth for a narrow group of people.
PayPal’s brand strategy began evolving, when the company realised it was no longer a start-up for early adopters but a big business that needed to create mass appeal for its products. Although PayPal still saw itself as a disruptor of the payments industry, it stopped positioning itself as a rebel brand. Instead, it placed a much stronger emphasis on inclusivity and the message of democratising financial services. PayPal repositioned itself as an enabler, “ensuring that everyone, regardless of background or economic standing, has access to affordable, convenient, and secure products and services to take control of their financial lives”. Recently, it has been accentuating the theme of “revolutionizing commerce globally” and sees its role as making “sending and receiving money, selling, and shopping simple, personalized, and secure”.
No. 2 Visa – for everyone, everywhere
Visa positions itself as a global payments technology company on a mission “to connect the world through the most innovative, reliable and secure payment network”.
Visa’s brand strategy has been the same for many years – it’s based on trust, accessibility and its ubiquitous character. Some minor changes were introduced in 2014 and 2021. In 2014, the company announced a logo refresh and new positioning, which to a big extent was rooted in the original company’s mission from the late 1950s. Visa aspired “to be the best way to pay and be paid”. The new elements of the positioning referred to Visa’s ubiquity and accessibility – “for everyone, everywhere”. This strategy was translated into a global tagline: “Everywhere you want to be”.
In 2021, Visa refreshed its visual identity and launched a new campaign, “Meet Visa”. Its main objective was to strengthen the message that Visa is more than just a credit card company and position it as “the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive”.
No. 1 American Express – from prestige to mainstream
What makes Amex different from Visa and Mastercard, is the fact that it is not only the payment processor but also the card issuer, and as such acts like a bank and takes all credit risk. The core of Amex’s business strategy has always been to attract and retain high-end members willing to pay a premium price for premium benefits, which include, depending on the level of membership, concierge services, discounts at restaurants, insurance, access to airport business lounges, air miles and many others. This approach, combined with the company’s sponsorship of high-end events many of which are invitation-only, along with its titanium steel Black Cards, resulted in a luxurious and aspirational image and the belief that the brand is not for everybody.
In order to create a more mainstream proposition and attract a wider audience, American Express has undertaken a range of product and marketing initiatives designed to position Amex as a more “everyday brand”. Examples of this include the Blue Cash Everyday Card with no annual fee and “Small Business Saturday” – a famous programme supporting small businesses.
In 2018, American Express introduced a communication platform, “Powerful Backing: Don’t Do Business / Don’t Live Life Without It”, which has been executed via a number of campaigns rolled out globally. This new approach was inspired by company-commissioned research revealing that people increasingly have lifestyles wherein work and their personal lives interconnect. American Express believes that it is “uniquely positioned” to support its customers (“have their back”) in this new reality.
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Magda Adamska is the founder of BrandStruck.
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