US payment systems are significantly more archaic and carry far higher friction costs than payment systems in China or South Korea; merchants in the US must pay 2-3% of revenue to Visa/Mastercard while banks and other payment methods cost 95% less.
factualpending
Speaker
Manish PabraiEvidence Quote
“payment systems in the US are way behind... merchants must pay 2-3% to Visa/Mastercard... drop it by more than 95% using banks or other methods”
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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