Given the oligopoly that exists between Visa, Mastercard and American Express, are you looking at investing any of these companies?
The valuations are typically high given the fairly strong moats, though I am concerned about the growth opportunities given that they have largely saturated the west and the east uses other forms of payment processing (I'm not super familiar with them so bare with me).
I'm starting to see cases where vendors are not accepting cash for purchasing products (Ex: Blue Jays baseball game tickets are digital only transactions) which could be considered a tailwind. Not to mention that almost all grocery stores seem to immediately offer me the machine instead of asking if I will pay with cash.