Visa

5947.336 - 5974.876 Ben Gilbert

they go sign up one bank, that bank can go sign up 100 million customers or 2 million merchants. They get so much scale leverage on signing up just one bank that this strategy makes it so that they have far more scalability than something like Amex. Amex also is a bank themselves, so is highly regulated. And they're a bank, by this point in history, I believe, on both sides of the transaction.