Mastercard

“The Bank AmeriCard credit card by Bank of America runs on MasterCard's network.”

“Those pretty quickly all merge into a national association called Interbank, which, spoiler alert, Interbank is MasterCard.”

“Anytime that you have something that's more distributed, you're going to be compromising a little bit on the user experience because you can't sort of rule by fiat when you want to make a change, but it does potentially come with much better scalability, which…”

“The first one is, this business is a toll booth, and toll booths make for great businesses, especially when everyone has to drive on your road or the road next to yours, and both of them charge the same toll.”

“At the end of the day, Visa and MasterCard have basically no sustainable competitive advantage over each other.”