Visa operates the world's largest electronic payments network, connecting consumers, merchants, and financial institutions to enable digital payments globally. Visa's core product is its branded payment network — the infrastructure and rules that allow consumers to pay merchants using Visa-branded credit, debit, or prepaid cards at over 175 million merchant locations across 200+ countries. Critically, Visa does not issue cards or extend credit. Instead, Visa operates a four-party model: cardholders hold Visa credentials issued by banks, issuers extend credit or account access, acquirers connect merchants to the network, and merchants accept Visa as payment. Visa earns fees by sitting in the middle, providing the network (VisaNet) that authorizes, clears, and settles transactions. Revenue comes from four sources: service fees tied to payments volume, data processing fees tied to transaction count, international transaction fees on cross-border spending, and fees from value-added services (VAS). These gross revenues are partially offset by client incentives — rebates paid to issuers and acquirers to secure volume. Visa's cost structure is primarily fixed, creating operating leverage as volumes scale. Beyond its core consumer payments business, Visa is expanding into commercial and money movement via Visa Direct, a real-time payout platform, and into VAS — including fraud tools, issuer processing, open banking via Tink, and advisory services — which now represents roughly 30% of revenue and is the fastest-growing segment. Visa's longer-term strategy centers on becoming a "network of networks," extending its infrastructure to cover account-to-account payments, stablecoin settlement, and agentic commerce.