Expect more banks to challenge the big networks, as transaction volumes proliferate, and profits simply go to the networks for the new volumes.

Charlotte Business Journal: BofA ponders card to rival giants – 2006-04-17

With credit cards increasingly important at Bank of America Corp., the bank is considering the bold step of starting its own payments network to compete with MasterCard and Visa.

Morgan Stanley analyst Betsy Graseck, who recently met with senior BofA officials, paraphrased Chief Executive Ken Lewis in a report as saying such a move would be considered.
…
Graseck estimates BofA could boost its earnings by $70 million to $75
million annually by instituting its own card-payment network.