Let’s look at the most powerful duopolies in the world:
1️⃣ Payment Networks: Visa ($V) & Mastercard ($MA)
Together, they process more than 90% of all global card transactions.
Every time you swipe, tap, or buy online, one of them takes a small cut.
Their networks are impossible to replicate.
2️⃣ Credit Ratings: S&P Global ($SPGI) & Moody’s ($MCO)
Governments, banks, and companies all need credit ratings to borrow money.
These two firms dominate that world. They control roughly 80%+ of the market.
Their ratings influence the cost of debt worldwide.