Ben Gilbert: commitment

Transcript context

…Two other results from now having all parts of the system them aggregated digitally. (1) This is what enables the modern payments world we know today. You walk up to a terminal, you double-click your Apple Watch, or you insert a card and you tap, whatever, and it just works, and it gets authorized and you get your thing immediately. This is the backbone to all that being possible. (2) For Visa as a company and Visa as a business, they are now fully digital. They can scale infinitely with essentially zero marginal cost. We will later talk about what an astonishing financial profile this business has. But for now, just know that at this point, they got to stop spending money. They got to only make every dollar after this basically fell to the bottom line. This unlocks just an unfathomably good business model. Before this, some element of adding scale into the system required manual labor. Now, it's all just ones and zeros.…

Stored transcript either side of the excerpt. The highlighted words are the published quote; the surrounding text is unedited source, never generated.