The Company and COmpetitive Landscape

Overview:

Visa’s long and rich history began in 1958 when Bank of America created the first charge card with credit capabilities called BankAmericard. Fast forward sixty years, Visa is now a world-leading digital payment company with operations in more than two-hundred countries. They specialize in an electronic payment network connecting vendors and consumers all over the globe while also managing financial services. Their products include debit, credit, and prepaid cards as well as ATM services for customers globally. During the covid-19 pandemic, there has been a major shift to online shopping and electronic payments. The decreasing use of cash and the desire to live in a contactless world have helped many companies who specialize in financial transaction services. The use of digitalized payments has increased Visa's revenue by a 12% normalized growth.

Competitors:

Visa is classified in the Technology sector as well as in the subsector of Software and Tech Services. Some of the top competitors in this sector are Jack Henry, PayPal, Western Union, Block, and Fidelity National Information Services. All these companies are Financial Transaction Processors which means they facilitate the transfer of funds for consumers, merchants, financial institutions, and businesses. However they all use different transaction processes to best fit the needs of their customers.

Along with these top competitors, Visa also has more competitors for card purchasing volume. Below is a diagram comparing Visa’s percentage of total card purchase volume to Mastercard, American Express, Union Pay, JCB, Diners Club, and Discover in all different regions. Visa dominated majority of the regions with over a 50 percent purchasing volume in America, Europe, Latin America, and ME/Africa.