Who Visa buys from and sells to
Runs the largest card network; banks issue the cards and lend, Visa charges per transaction.
Buys from 0
None recorded
Where the chain could break
- One client (unnamed) is 11% of net revenue (FY2025 10-K)
- US interchange regulation and the merchant swipe-fee litigation
- About 39% of net revenue comes from the US (FY2025)
Competes with
- MastercardMAthe other global card network
- American ExpressAXPclosed-loop network for premium spend
- Capital One (Discover)COFa third network that owns its own issuer
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.