Visa Inc. (NYSE: V)

Visa operates the world's largest electronic payments network, processing over 200 billion transactions annually across 200+ countries. It doesn't issue cards or extend credit u2014 that's the banks' job. Visa just runs the rails. Every time you tap, swipe, or click "pay," Visa's network (VisaNet) processes the transaction in about 1.8 seconds. The company handles roughly 65% of US credit card purchase volume.

Visa charges fees on every transaction that flows through its network u2014 service fees, data processing fees, and international transaction fees. It's essentially a toll booth on global commerce. The model is capital-light with operating margins above 65%. Visa doesn't take credit risk; it just moves the money.

Bank of America launched the BankAmericard in 1958, which evolved into Visa. The company was a cooperative owned by member banks until its IPO in 2008 u2014 the largest US IPO at the time, raising $17.9 billion. Visa acquired Visa Europe for $23.4 billion in 2016, reunifying the global network. The attempted $5.3 billion Plaid acquisition was abandoned in 2021 after DOJ antitrust pushback.