$Visa (V.US)$ Visa's moat is VisaNet, a network that connect...

Visa's moat is VisaNet, a network that connects 15,200 financial institutions, 3.6 billion cardholders and 70 million merchants around the world. Rebuilding that network is almost impossible, largely because there is no new economic incentive to do so.

The direct result is that the competition pattern in this market is very stable, and the four small companies with cross-border payment transfer and clearing capability are Mainly Visa, Mastercard, American Express, China Unionpay, JCB and Discover.