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there’s a common view that card networks (visa, ma, etc) should get disrupted by new rails such as as stablecoins because they charge merchants an absurd 3% fee. the reality is card networks keep a v small portion of this fee. assume a typical $3 fee on a $100 purchase, about - $1.8 goes to the consumer (as card rewards) - $0.45 goes to the issuing bank (the consumer’s bank) - $0.6 goes to the acquiring bank (bank of the merchant) - $0.15 goes to visa/ma this is one of the most remarkable examples of incentive alignment: - consumers keep a lion share of it as incentives to continue to use the card - issuing bank is incentivized to acquire customers for the network - acquirer is incentivized to acquire merchants for the network - visa/ma keep a tiny portion but they get to scale the network at virtually 0 marginal cost - merchants pay for all of this as they have the least bargaining power easily one of the strongest instances of network effect we’ve seen in the history of businesses

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