### Comment:
It is not that there is no untapped market, it is that Visa has no inherent advantage to take those markets. You just assume V will do well in countries where they have negligible presence now. The problem is that the barrier to entry is so fucking low any country worth a damn could start their own credit card company. Japan has her own JCB, China has UnionPay, India has RuPay. What can Visa offer that the local competitors can't?

### REPLY:
Barrier to entry is not low. That’s the whole point. Visa has the infrastructure to do it cheaply. It takes more than you think. Teams of lawyers dealing with regulatory concerns, data centers. Other firms can do it, but can they do it as cheaply as Visa?

### END.