Daniel Mahncke and Shawn O’Malley break down Visa (ticker: V), the global payments powerhouse that acts as the invisible engine behind billions of transactions every day. Visa doesn’t issue cards, lend money, or handle customer accounts — instead, it operates the network that connects banks, merchants, and consumers in over 200 countries.

Whether you’re tapping your card for a coffee, shopping online, or sending money abroad, there’s a good chance Visa is taking a small slice behind the scenes. Visa is to the global economy what highways are to cars — an essential infrastructure layer that makes modern commerce move.

In this episode, you’ll learn how Visa evolved from a consortium of banks to a dominant public company, how it defends its massive competitive moat, where growth will come from beyond traditional card payments, whether emerging technologies like account-to-account payments pose a real threat, how to think about Visa’s valuation, plus so much more!

Prefer to watch? Click ⁠⁠⁠here⁠⁠⁠ to watch this episode on YouTube.

IN THIS EPISODE, YOU’LL LEARN

00:00 - Intro
03:04 - How Visa’s business model works and how it earns money from transactions
17:49 - Why every player in the payment process needs Visa
26:54 - Visa’s origin story and how BofA’s BankAmericard changed banking forever
55:36 - Where Visa’s growth will come from in the future
47:50 -  What are Visa’s Value Added Services and New Flows
57:44 - Why Visa’s Moat is so impenetrable
1:01:31 - Who are Visa’s competitors and what are the overarching risks
1:10:07 - Whether Visa is attractively valued at current levels
1:19:10 - Whether Shawn & Daniel add V to The Intrinsic Value Portfolio

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

• Get smarter about valuing businesses in just a few minutes each week through our newsletter, ⁠⁠⁠The Intrinsic Value Newsletter⁠⁠⁠.


• Visa’s latest Annual Report.


• Book to understand Payments: The Pay Off.


• The Acquired Podcast on Visa.


• Visa Investor Day 2025 Presentation.


• Check out our previous Intrinsic Value breakdowns: ⁠⁠⁠Nintendo⁠⁠⁠, ⁠⁠⁠Airbnb⁠⁠⁠, ⁠⁠⁠AutoZone⁠⁠⁠, ⁠⁠⁠Alphabet⁠⁠⁠, ⁠⁠⁠Ulta⁠⁠⁠, ⁠⁠⁠John Deere⁠⁠⁠, and ⁠⁠⁠Madison Square Garden Sports⁠⁠⁠.


• Check out the books mentioned in the podcast ⁠⁠⁠here⁠⁠⁠.


• Enjoy ad-free episodes when you subscribe to our ⁠⁠⁠Premium Feed⁠⁠⁠.

NEW TO THE SHOW?

• Follow our official social media accounts: ⁠⁠⁠X (Twitter)⁠⁠⁠ | ⁠⁠⁠LinkedIn⁠⁠⁠ | ⁠⁠⁠Instagram⁠⁠⁠ | ⁠⁠⁠Facebook⁠⁠⁠ | ⁠⁠⁠TikTok⁠⁠⁠.


• Browse through all our episodes (complete with transcripts) ⁠⁠⁠here⁠⁠⁠.


• Try Shawn's favorite tool for picking stock winners and managing our portfolios: ⁠⁠⁠TIP Finance⁠⁠⁠.


• Enjoy exclusive perks from our ⁠⁠⁠favorite Apps and Services⁠⁠⁠.


• Learn how to better start, manage, and grow your business with the ⁠⁠⁠best business podcasts⁠⁠⁠.

SPONSORS
Support our free podcast by supporting our sponsors:

• CFI Education
• ⁠Airbnb

Connect with Shawn: ⁠⁠⁠Twitter⁠⁠⁠ | ⁠⁠⁠LinkedIn⁠⁠⁠ | ⁠⁠⁠Email⁠⁠⁠

Connect with Daniel: ⁠⁠⁠Twitter⁠⁠⁠ | ⁠⁠⁠LinkedIn⁠⁠⁠ | ⁠⁠⁠Email⁠⁠⁠

HELP US OUT!

Help us reach new listeners by leaving us a ⁠⁠⁠rating and review⁠⁠⁠ on ⁠⁠⁠Spotify⁠⁠⁠! It takes less than 30 seconds and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! 

Learn more about your ad choices. Visit megaphone.fm/adchoices

Support our show by becoming a premium member! https://theinvestorspodcastnetwork.supportingcast.fm