June 3, 2026
The Toll Booth Nobody Can Route Around
Visa, the Cashless Shift, and Why the Fee Stream Only Grows
First a note from Banyan Hill Research
Dear Reader,
The biggest IPO in stock market history is aiming to go live on June 12th.
And everyone’s about to make the same mistake.
Trading legend Jon Najarian says the real story isn’t the SpaceX IPO…
It’s a strange new document Elon filed with the FCC earlier this year – that Morgan Stanley estimates could be worth $40 trillion.
That’s bigger than Tesla, xAI, Starlink, X, Neuralink and SpaceX combined.
Jon has identified the publicly traded company at the center of it all – positioned to capture the lion’s share.
Click here now to see Jon’s full breakdown and how to get the company – before the projected June 12 SpaceX IPO frenzy kicks off.
The Toll Booth Nobody Can Route Around
Cash is losing. Not dramatically, not overnight. But steadily, in a way that compounds quietly year after year until one day you look up and realize the numbers have moved past the point of reversal.
Consider where things stand right now. 85% of global point-of-sale transactions went cashless in 2024. In the U.S., that figure sits at 86.9%. Digital wallet usage is on track to cover more than half of all global e-commerce payments. Juniper Research puts the number of digital wallet users at 4.3 billion in 2024 and projects 5.8 billion by 2029. That is not a trend that reverses. That is infrastructure locking in.
Slight tangent, but it matters: this shift is not being driven by any single product or company. It is being driven by friction reduction. Every time a tap replaces a card swipe, or a phone replaces a physical wallet, the behavior sticks. Younger consumers barely register it as a choice at this point.
Important SpaceX PREDICTION
The biggest IPO in stock market history could go live as soon as June 12th – and trading legend Jon Najarian says everyone’s about to make the same mistake.
The real story isn’t SpaceX. It’s a strange new FCC filing Elon quietly submitted earlier this year – one Morgan Stanley estimates could be worth $40 trillion.
Bigger than Tesla, xAI, Starlink, X, Neuralink, and SpaceX combined.
Where Visa Fits
Visa is not a bank. It does not lend money. It does not take credit risk. What it does is sit in the middle of every transaction that moves across its network and collect a small, reliable fee. That model is the whole point.
The scale is worth pausing on. In fiscal year 2024, Visa processed 233.8 billion transactions across its network, equating to an average of 829 million transactions per day. VisaNet, the backbone of it all, is capable of handling more than 70,000 transactions per second. That is not a number you build overnight, and it is not a number a competitor replicates easily.
Full-year fiscal 2025 net revenue came in at $40.0 billion, up 11% from the prior year. Non-GAAP diluted EPS reached $11.47, a 14% increase. Cross-border volume, which carries higher margins, grew 13%. The most recent quarter showed processed transactions up 10% year-over-year. The business is not slowing down.
What is interesting is that Visa does not need to win new categories to grow. It already operates in over 200 countries and territories. As global consumer spending rises, as inflation pushes nominal transaction values higher, Visa collects more simply by existing. There is no new product to build. The toll booth is already there.
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The part people sometimes skip: Visa is also expanding into markets that have barely started digitizing. Partnerships in Africa and Southeast Asia are embedding Visa credentials directly into mobile-money wallets, converting cash-based economies one transaction at a time. The $11 trillion in global cash that Visa has flagged as still-uncaptured spending is not a talking point. It is the actual addressable opportunity ahead.
There are real risks. Interchange fee litigation remains an ongoing overhang, with a $899 million provision set aside in fiscal 2025 alone. Regulatory pressure on network fees is not going away. And in markets like India, government-backed real-time rails are capturing volume that does not flow through Visa at all.
But the core logic holds. Every dollar that moves from cash to digital has to travel across some network. Visa owns the largest one on earth. That is a durable position in a world that is, slowly and then all at once, going cashless.
