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Processing power

机译：处理能力

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TOP DOGS in finance used to be big banks with trillion-dollar balance-sheets. No longer. Earlier this month Visa, a humble payments processor, became the world's most valuable financial-services company. The ongoing stockmarket rout has dragged Visa's share price down, with analysts cutting forecast revenues from transaction fees, as the coronavirus forces self-isolating consumers around the world into a shopping hiatus. But it has suffered less than erstwhile title-holders like JPMorgan Chase. That investors view Visa as more resilient than Wall Street is perhaps more revealing even than its still eye-popping $291bn market capitalisation. How did a mere cog in the system end up here? Ask Visa's bosses and they crow about their firm's tech and marketing nous. That is a part of it. But the deeper reason for Visa's success is more prosaic. Being the biggest player in a deeply entrenched payments oligopoly turns out to be fabulously lucrative. Many casual observers often confuse Visa for a lender that extends credit to people who spend using credit cards adorned with its logo. What it actually does is co-ordinate a complex web of intermediaries that stand between buyers and sellers. The American firm now connects more than 61m merchants to 3.4bn Visa-branded cards, nearly one for every two people on Earth, issued mostly by banks. It takes a small cut for making those connections. Given their volume-nearly $9trn last year, equivalent to over a tenth of global gdp-the commissions add up. Before covid-19 Visa's revenues grew by around 10% a year, reaching $23bn in 2019.
机译：金融业的头号狗狗曾经是拥有数万亿美元资产负债表的大型银行。不再。本月初，谦虚的付款处理机构Visa成为全球最有价值的金融服务公司。由于冠状病毒迫使世界各地的自我隔离消费者陷入购物中断，股票市场的持续狂潮拖累了Visa的股价下跌，分析师削减了交易费产生的预期收入。但它遭受的损失不及以前的摩根大通（JPMorgan Chase）等头衔持有者。投资者认为Visa比华尔街更具弹性，甚至比其仍然令人eye目结舌的2910亿美元的市值更能说明问题。系统中仅有齿轮的结果如何？询问Visa的老板，他们对公司的技术和营销技巧感到不安。那是它的一部分。但是，维萨成功的更深层原因是平淡无奇。作为根深蒂固的支付寡头行业中的最大参与者，事实证明利润丰厚。许多随便观察员经常将Visa误认为是贷方，将贷方扩展到使用装饰有其徽标的信用卡进行消费的人。它实际上所做的是协调买卖双方之间的复杂中介网络。如今，这家美国公司将超过6100万商家与34亿张Visa品牌的卡联系起来，几乎每两人一张，主要由银行发行。建立这些连接要花些小钱。鉴于其去年的成交量接近9trn，相当于全球GDP的十分之一，佣金加起来。在covid-19之前，Visa的收入每年增长约10％，在2019年达到230亿美元。

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    《The economist》 |2020年第9186期|61-61|共1页
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