VisaNet's position as the shared infrastructure between issuers and acquirers globally creates a two-sided network where each additional credential or merchant acceptance point reinforces incumbency. Unlike a bank or card issuer that could be displaced by a competitor, Visa sits in the middle extracting a toll on transaction growth without bearing credit risk. The credential and transaction growth rates suggest the network continues compounding rather than saturating.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedfour sentences · whole, uncut
the claims it rests on · in our words, not the filing’s