Payments on Fire™ Episode 274 - Looking through the Fog: Investing in Times of Great Uncertainty, with Timothy Chiodo, UBS, and Christopher Kim, Capital Group
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Sep 24, 2025 In this engaging discussion, Timothy Chiodo, a payments and fintech expert at UBS, and Christopher Kim, a savvy investor at Capital Group, dive into the current landscape of payments and investing. They dissect the enduring value of Visa and Mastercard, explore the regulatory challenges surrounding debit interchange, and analyze the promising role of stablecoins. The duo also shares insights on digital wallets’ growing dominance, the dynamics of merchant acquiring, and under-the-radar investment opportunities in fintech. A must-listen for finance enthusiasts!
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How Tim Entered Payments
- Tim got into payments covering eBay and PayPal while working as an associate at UBS under Eric Sheridan.
- Apple Pay's launch around the same time pushed him deeper into a payments analyst role.
Chris's Fast Dive Into Payments
- Chris began covering payments the day COVID lockdowns started in March 2020 after joining Capital Group.
- He admits he initially didn't know interchange from network fees but learned quickly on the job.
Network Growth Algorithm
- Visa and Mastercard grow via PCE, inflation, cash-to-card migration, and new flows like Visa Direct.
- These components generally produce a durable high-single to low-double digit volume growth algorithm.