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Acquired

Visa

Nov 27, 2023
0
03:42:54
Snipd AI
Discover the unknown history and strategy of Visa, the 11th largest market cap company. Learn about the origins of Visa and its relationship with Bank of America. Explore the rise of American Express and the birth of the credit card industry. Delve into the challenges of building a distributed asset and the potential rewards for banks. Uncover the formation of National Bank of America and the power of the name Visa. Explore the dual nature of Visa as a technology company and its revolutionizing transaction authorization. Discuss the transition and ownership structure of Visa. Examine the limitations of the current payment ecosystem and the impact of PayPal on online payments. Enjoy trivia about Bank of America cards and the irony of their branding. Plus, get book and skit recommendations.
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Podcast summary created with Snipd AI

Quick takeaways

  • Visa's history and strategy is shockingly unknown despite being one of the most incredible and incredibly durable business franchises of all-time.
  • Bank of America introduced the first credit card system, which eventually became profitable and expanded across California.

Deep dives

The birth of the Bank of America card

Bank of America introduces a credit card system for its customers, allowing them to make purchases on credit, streamlining the lending process and increasing loan volume for the bank. The bank rolls out the program in Fresno, California, sending out unsolicited cards to 65,000 customers. While initially facing challenges such as fraud and high default rates, the program eventually becomes profitable and expands across California, signing up 20,000 merchants and two million cardholders within the first year.

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