The core logic behind buying $Visa (
#维萨 ) lies in its unparalleled global payment network effect, robust counter-cyclical profitability, and the second growth curve unlocked by embracing stablecoin.
The expansion of stablecoin settlement-related services to over 100 countries marks Visa's evolution from a traditional card network to a hybrid infrastructure of 'fiat payments + on-chain settlements', opening up significant mid to long-term incremental space.
Visa ($Von)
With a global network and dominance in North America covering over 200 countries, Visa enjoys a monopolistic advantage in North America, Japan, South Korea, and online payment scenarios.
The open network model collaborates with thousands of financial institutions, avoiding direct card issuance, operating with light assets, and not taking on credit risk.
Scale effects + technological innovation leverage the highest transaction volume base, providing the strongest scale effect when new technologies like stablecoins and instant transfers are implemented.
Mastercard ($MAon $MA)
Deep penetration and high-end services in Europe, the Middle East, and Africa offer unique features in rental cars and high-end shopping destination services.
The open network model is similar to
#Visa , relying on a vast bank partnership network to earn cross-border and settlement fees.
Differentiated benefits + regional expansion rely on deep cultivation in Europe and emerging markets, as well as differentiated competition in high-end benefits to capture market share.
American Express ($AXP $AXPon)
Closed ecosystem and high-end clientele integrate card issuance and settlement, deeply binding high-net-worth business and travel populations, resulting in extremely high customer value.
The closed loop model self-issues cards and self-settles, earning interest and fees, but takes on some credit default risk.
High average transaction value + member stickiness depend on the strong purchasing power of the affluent class and extremely high brand loyalty, showcasing excellent risk resilience.