Fintech companies like Affirm are attempting to disrupt Visa/Mastercard by spreading payments across multiple transactions to sidestep the 2-3% transaction fee structure, though the moat of these companies combined with consumer kickback mechanisms (airline miles, credit card rewards) makes disruption difficult.
factualpending
Speaker
Manish PabraiEvidence Quote
“companies like Affirm are trying to sidestep the Visa/Mastercard ecosystem... because of the moat and kickback mechanisms it makes it really hard to disrupt them”
Source
Virtual Value Investing Q&A Speaker Series Event at Brown University with Mohnish Pabrai— Value Investing Q&A Series Brown UniversityCreated: 8/11/2026, 1:53:00 AM
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