Cash. Cash. Cash.
Globalization and the significant % of the world that still transacts in cash are key drivers for what seems like a big price tag in today's dollars (or euros).
Looking beyond the $23 billion price tag, just what is Visa getting? An old saw among investors holds that “price is what you pay; value’s what you get.” As noted by the companies, roughly 37 percent of personal consumption is still done through cash and checks, and at $3.3 trillion, that’s a lot of potential business... ...there were 509 million active Visa accounts in Europe, with more than 16 billion clearing and settlement transactions processed. But one real standout stat might give further weight to the move toward Europe and eventually into China. The growth in contactless payments, as measured by value, jumped more than 280 percent, and eCommerce spending represented as much as €1 out of every €5 spent through Visa in Europe. The bottom line: Clearly, mobile adoption has a significant runway through Visa Europe, and Visa proper.