In the previous episodes, we’ve chatted about currencies and how cash was increasingly playing a smaller role, even in fast growing countries like China & India! The disruptor, that helped transition countries into cashless economies: Credit Cards and Debit Cards.
In 2021, transactions on these plastic cards hit $6.7 TRILLION USD. Like many other technology industries, COVID helped accelerate the shift from cash to cashless. For the average American, more than half of their transactions were done using a credit or debit card!
My first thought on the largest benefactor is the banking industry but there is an even larger player in this field that caught our attention… Payment processing companies like VISA surpassed JP Morgan Chase as the biggest financial services company in America in 2020, boasting operating margins of up to 65%.
Today, on Things Have Changed, we’re going to tackle a question of: How did VISA become the most valuable payment card company in the world?