Ben Gilbert: preference

Transcript context

…I didn't realize that. Yeah, that is crazy. The banks like that, because then the banks get to say, no, no, this is my customer. Visa, we will use your network, because it is the way that I need to accomplish something for my customer, but I'm not just going to turn my customer into your customer. Why would I do that? One of the things we didn't talk about it in the story, because it was long enough as is, is the whole debit card struggle. Obviously, debit cards are a big part, and debit transaction is a big part of the visa network today. But when Visa first tried to introduce them, this was one of the things that led to Dee Hock's ouster. The banks were like, no, no, no, no, no, debit cards, that sounds like banking relationships. Banking relationships are my domain. That's where I make my money. Those are my deposits. You look like you're trying to reach your hand across from being in service of us into competing with us. Obviously, debit cards did eventually become part of the system, but not in the way that it was looking like Dee initially wanted them to.…

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