Key InsightsDominant market share: Visa and Mastercard control approximately 90% of all payment processing outside of China, showcasing a significant duopoly in the global payments processing market with a combined market value of around $850 billion. Today, Mastercard and Visa are the two biggest credit card networks globally, controlling roughly 90% of the payment processing market outside of China. How Visa and Mastercard Came to DominateSince debit and credit cards originated in America, Visa and MasterCard had a head start from a global perspective, both being founded in 1966. In response to the success of American Express, Visa and Mastercard were born out of the major banks in America, arguably the most crucial variable in the creation of this global duopoly. The future of payment processing will likely be significantly influenced by how regulators address ongoing and future issues related to the duopoly.