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How Visa Built a Moat on Payment Network Effects
Visa processed over 260 billion transactions in 2025, a scale that underpins one of the most formidable economic moats in the business world. In this episode of Business Strategy Talks, Lucas and Luna unpack how Visa built its dominance through a two-sided network effect: every new merchant attracts more cardholders, and every new cardholder attracts more merchants. They explore the switching costs that lock in banks and merchants, the role of brand trust and security investment, and how Visa has defended against fintech challengers like PayPal and cryptocurrencies. Lucas breaks down the…
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