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19min chapter
Visa
Acquired
The Assumptions and Challenges of Building a Distributed Asset
This chapter explores the initial assumptions made by Bank of America in creating a distributed asset with their credit card, and how those assumptions did not scale well as the network expanded. It discusses the distinction between issuing banks and merchant banks in the Visa network, the challenges faced by other banks in incurring costs and figuring out interchange, and the frustrations of franchisees and the formation of competing credit card systems.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode