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by being the digital rails. without visa/mc, all you have in your wallet is a piece of useless plastic. there's huge value in the convenience of not having to use cash, and then the rewards programs on top of that.


Sure but that's not why Visa/MC are worth that much. They're worth that much because they're a duopoly that can dictate prices.


> that can dictate prices

Prices that are capped by the government:

The Fed’s 2011 rules capped fees at 21 cents plus five basis points of each transaction, and also allowed an additional one cent fee per transaction for fraud prevention, where applicable.[0]

[0] - https://news.bloomberglaw.com/antitrust/biden-takes-on-visa-...


That's for debit cards only. Which Visa/MC have knee capped with their monopoly power so it doesn't really matter. Actually helps as a distraction


Also capped in Europe https://www.adyen.com/en_GB/blog/all-you-need-to-know-about-... (credit and debit). But I see that as acknowledgement the companies are too large and duopoly.




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