{"id":10658,"date":"2026-04-10T17:56:39","date_gmt":"2026-04-10T17:56:39","guid":{"rendered":"https:\/\/iocharts.io\/blog\/?p=10658"},"modified":"2026-06-05T09:21:50","modified_gmt":"2026-06-05T09:21:50","slug":"visa-es-mastercard-reszveny-kartyapokalipszis","status":"publish","type":"post","link":"https:\/\/iocharts.io\/blog\/visa-es-mastercard-reszveny-kartyapokalipszis\/","title":{"rendered":"Visa \u00e9s Mastercard r\u00e9szv\u00e9ny: k\u00e1rtyapokalipszis?","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">\ud83e\udd14 Mir\u0151l sz\u00f3l a Piaci Impulzus rovat? \ud83e\udd14<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Megbicsaklott a Visa \u00e9s a Mastercard r\u00e9szv\u00e9ny \u00e1rfolyama. Pedig, ha van olyan c\u00e9g, amelyre illik a &#8222;megker\u00fclhetetlen&#8221; jelz\u0151, akkor az a Visa \u00e9s a Mastercard r\u00e9szv\u00e9ny, most azonban m\u00e9gis megt\u00f6rni l\u00e1tszik a lend\u00fclet\u00fck, hiszen sok \u00e9v ut\u00e1n el\u0151sz\u00f6r vannak technol\u00f3giai megold\u00e1sok arra, hogy TELJESEN kiker\u00fclj\u00e9k a h\u00e1l\u00f3zatukat. Ez pedig azt jelenti, hogy ezzel ezek a c\u00e9gek elvesztik a bev\u00e9tel\u00fck nagy r\u00e9sz\u00e9t, err\u0151l lesz a cikkben sz\u00f3.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nem tudom, tiszt\u00e1ban vagytok-e vele, de egy alapos fundament\u00e1lis m\u00e9lyelemz\u00e9s elk\u00e9sz\u00edt\u00e9se 40\u201350 \u00f3r\u00e1t is ig\u00e9nybe vehet. Befektet\u0151k\u00e9nt ennyi energi\u00e1t minden egyes c\u00e9g elemz\u00e9s\u00e9be lehetetlen beletenni, ha kell\u0151en hossz\u00fa figyel\u0151list\u00e1t szeretn\u00e9tek hat\u00e9konyan kezelni. <strong>Ez\u00e9rt hoztam l\u00e9tre a Piaci Impulzus rovatot, amely betekint\u00e9st enged pillanatk\u00e9p gyan\u00e1nt egy-egy r\u00e9szv\u00e9nybe, most \u00e9ppen a fizet\u00e9si h\u00e1l\u00f3zatok dupla ikerp\u00e1rj\u00e1ba, a Vis\u00e1ba \u00e9s a Mastercardba, \u00e9s nagyj\u00e1b\u00f3l felv\u00e1zolja az aktualit\u00e1sokat.<\/strong> Nem m\u00e9lyelemz\u00e9s, ink\u00e1bb csak gondolat\u00e9breszt\u0151 a pillanatnyi \u00e1llapot alapj\u00e1n.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A c\u00e9lom nem napi keresked\u00e9si tippek osztogat\u00e1sa vagy technikai alakzatok elemz\u00e9se. Helyette gyors, l\u00e9nyegre t\u00f6r\u0151 fundament\u00e1lis minielemz\u00e9seket adok k\u00f6zre, amik seg\u00edtenek az el\u0151sz\u0171r\u00e9sben.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A r\u00e9szv\u00e9ny aloldal\u00e1t r\u00e9szletes adatokkal itt tal\u00e1lj\u00e1tok: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/MA\" target=\"_blank\" rel=\"noreferrer noopener\">A Mastercard r\u00e9szv\u00e9ny oldal<\/a><br>A r\u00e9szv\u00e9ny aloldal\u00e1t r\u00e9szletes adatokkal itt tal\u00e1lj\u00e1tok: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/stocks\/V\" target=\"_blank\" rel=\"noreferrer noopener\">A Visa r\u00e9szv\u00e9ny oldal<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ha az oldal m\u00e9lyelemz\u00e9seit keresitek, akkor az al\u00e1bbi linkre nyomjatok: <a href=\"https:\/\/iocharts.io\/blog\/category\/reszvenyelemzes\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts r\u00e9szv\u00e9nyelemz\u00e9sek<\/a><\/p>\n\n\n\n<!-- TradingView Widget BEGIN -->\n<div class=\"tradingview-widget-container\">\n  <div class=\"tradingview-widget-container__widget\"><\/div>\n  <div class=\"tradingview-widget-copyright\"><a href=\"https:\/\/www.tradingview.com\/?aff_id=155122\" rel=\"noopener nofollow\" target=\"_blank\"><span class=\"blue-text\">A Mastercard r\u00e9szv\u00e9ny \u00e1rfolyama a Tradingview fel\u00fclet\u00e9n<\/span><\/a><\/div>\n  <script type=\"text\/javascript\" src=\"https:\/\/s3.tradingview.com\/external-embedding\/embed-widget-symbol-overview.js\" async>\n  {\n  \"lineWidth\": 2,\n  \"lineType\": 0,\n  \"chartType\": \"area\",\n  \"fontColor\": \"rgb(106, 109, 120)\",\n  \"gridLineColor\": \"rgba(46, 46, 46, 0.06)\",\n  \"volumeUpColor\": \"rgba(34, 171, 148, 0.5)\",\n  \"volumeDownColor\": \"rgba(247, 82, 95, 0.5)\",\n  \"backgroundColor\": \"#ffffff\",\n  \"widgetFontColor\": \"#0F0F0F\",\n  \"upColor\": \"#22ab94\",\n  \"downColor\": \"#f7525f\",\n  \"borderUpColor\": \"#22ab94\",\n  \"borderDownColor\": \"#f7525f\",\n  \"wickUpColor\": \"#22ab94\",\n  \"wickDownColor\": \"#f7525f\",\n  \"colorTheme\": \"light\",\n  \"isTransparent\": false,\n  \"locale\": \"en\",\n  \"chartOnly\": false,\n  \"scalePosition\": \"right\",\n  \"scaleMode\": \"Normal\",\n  \"fontFamily\": \"-apple-system, BlinkMacSystemFont, Trebuchet MS, Roboto, Ubuntu, sans-serif\",\n  \"valuesTracking\": \"1\",\n  \"changeMode\": \"price-and-percent\",\n  \"symbols\": [\n    [\n      \"NYSE:MA|60M\"\n    ]\n  ],\n  \"dateRanges\": [\n    \"1d|1\",\n    \"1m|30\",\n    \"3m|60\",\n    \"12m|1D\",\n    \"60m|1W\",\n    \"all|1M\"\n  ],\n  \"fontSize\": \"10\",\n  \"headerFontSize\": \"medium\",\n  \"autosize\": false,\n  \"width\": \"100%\",\n  \"height\": 400,\n  \"noTimeScale\": false,\n  \"hideDateRanges\": false,\n  \"hideMarketStatus\": false,\n  \"hideSymbolLogo\": false\n}\n  <\/script>\n<\/div>\n<!-- TradingView Widget END -->\n\n\n\n<!-- TradingView Widget BEGIN -->\n<div class=\"tradingview-widget-container\">\n  <div class=\"tradingview-widget-container__widget\"><\/div>\n  <div class=\"tradingview-widget-copyright\"><a href=\"https:\/\/www.tradingview.com\/?aff_id=155122\" rel=\"noopener nofollow\" target=\"_blank\"><span class=\"blue-text\">A Visa r\u00e9szv\u00e9ny \u00e1rfolyama a Tradingview fel\u00fclet\u00e9n<\/span><\/a><\/div>\n  <script type=\"text\/javascript\" src=\"https:\/\/s3.tradingview.com\/external-embedding\/embed-widget-symbol-overview.js\" async>\n  {\n  \"lineWidth\": 2,\n  \"lineType\": 0,\n  \"chartType\": \"area\",\n  \"fontColor\": \"rgb(106, 109, 120)\",\n  \"gridLineColor\": \"rgba(46, 46, 46, 0.06)\",\n  \"volumeUpColor\": \"rgba(34, 171, 148, 0.5)\",\n  \"volumeDownColor\": \"rgba(247, 82, 95, 0.5)\",\n  \"backgroundColor\": \"#ffffff\",\n  \"widgetFontColor\": \"#0F0F0F\",\n  \"upColor\": \"#22ab94\",\n  \"downColor\": \"#f7525f\",\n  \"borderUpColor\": \"#22ab94\",\n  \"borderDownColor\": \"#f7525f\",\n  \"wickUpColor\": \"#22ab94\",\n  \"wickDownColor\": \"#f7525f\",\n  \"colorTheme\": \"light\",\n  \"isTransparent\": false,\n  \"locale\": \"en\",\n  \"chartOnly\": false,\n  \"scalePosition\": \"right\",\n  \"scaleMode\": \"Normal\",\n  \"fontFamily\": \"-apple-system, BlinkMacSystemFont, Trebuchet MS, Roboto, Ubuntu, sans-serif\",\n  \"valuesTracking\": \"1\",\n  \"changeMode\": \"price-and-percent\",\n  \"symbols\": [\n    [\n      \"NYSE:V|60M\"\n    ]\n  ],\n  \"dateRanges\": [\n    \"1d|1\",\n    \"1m|30\",\n    \"3m|60\",\n    \"12m|1D\",\n    \"60m|1W\",\n    \"all|1M\"\n  ],\n  \"fontSize\": \"10\",\n  \"headerFontSize\": \"medium\",\n  \"autosize\": false,\n  \"width\": \"100%\",\n  \"height\": 400,\n  \"noTimeScale\": false,\n  \"hideDateRanges\": false,\n  \"hideMarketStatus\": false,\n  \"hideSymbolLogo\": false\n}\n  <\/script>\n<\/div>\n<!-- TradingView Widget END -->\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">\ud83d\udcd2 Tartalomjegyz\u00e9k \ud83d\udcd2<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#mitcsinal\">\ud83d\udcb3 Mit csin\u00e1l a Visa (V) \u00e9s a Mastercard (MA)?<\/a><\/li>\n\n\n\n<li><a href=\"#helyzete\">\ud83c\udfc6 A fizet\u00e9si duop\u00f3lium jelenlegi helyzete \u00e9s kih\u00edv\u00f3i<\/a><\/li>\n\n\n\n<li><a href=\"#versenyelony\">\ud83d\udd25 Meg lehet-e diszrupt\u00e1lni a moatot? A nagy k\u00e9rd\u00e9s<\/a><\/li>\n\n\n\n<li><a href=\"#metrikai\">\ud83c\udfa2 A Visa \u00e9s a Mastercard metrik\u00e1i<\/a><\/li>\n\n\n\n<li><a href=\"#megszoksz\">\u2705 Visa \/ Mastercard: megszoksz vagy megsz\u00f6ksz?<\/a><\/li>\n\n\n\n<li><a href=\"#osszegzese\">\ud83d\udcdd A t\u00e9zis \u00f6sszegz\u00e9se<\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"mitcsinal\">\u2753 Mit csin\u00e1l a Visa (V) \u00e9s a Mastercard (MA)? \u2753<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A Visa \u00e9s a Mastercard a vil\u00e1g legnagyobb fizet\u00e9si infrastrukt\u00far\u00e1j\u00e1nak \u00fczemeltet\u0151i.<\/strong> Alap\u00edt\u00e1suk t\u00f6rt\u00e9nete szorosan \u00f6sszekapcsolja a k\u00e9t c\u00e9get: a Mastercard val\u00f3j\u00e1ban az\u00e9rt j\u00f6tt l\u00e9tre 1966-ban, hogy ellens\u00falyozza a Visa egyre n\u00f6vekv\u0151 piaci erej\u00e9t. Azon bankok, amelyeket a Visa el\u0151dje (BankAmericard) elutas\u00edtott, \u00f6sszefogtak, \u00e9s megalap\u00edtott\u00e1k a vet\u00e9lyt\u00e1rsat, ironikus m\u00f3don \u00edgy hozva l\u00e9tre azt a duop\u00f3liumot, amely ma az eg\u00e9sz vil\u00e1g tranzakci\u00f3s forgalm\u00e1nak gerinc\u00e9t adja.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A k\u00e9t c\u00e9g \u00fczleti modellje szinte azonos, ez\u00e9rt is \u00e9rdemes \u0151ket egyszerre elemezni. <strong>Sem a Visa, sem a Mastercard nem ad hitelt, nem kezeli a banksz\u00e1ml\u00e1kat, nem viseli a hitelkock\u00e1zatot.<\/strong> Amit csin\u00e1lnak: a tranzakci\u00f3k technikai \u00e9s p\u00e9nz\u00fcgyi k\u00f6zvet\u00edt\u0151i a k\u00e1rtyakibocs\u00e1t\u00f3 bank (issuer), a keresked\u0151 bankja (acquirer) \u00e9s az \u00fczlet k\u00f6z\u00f6tt. Ez\u00e9rt minden egyes k\u00e1rty\u00e1s fizet\u00e9skor egy kis d\u00edjat sz\u00e1molnak fel, ez a h\u00e1l\u00f3zat d\u00edja. Az \u00fczleti modell l\u00e9nyege teh\u00e1t: <strong>v\u00e1mszed\u0151k \u0151k, nem kereskedelmi bankok, szokt\u00e1k ezt az \u00fczleti modellt toll-bridge vagy tollbooth modellnek is h\u00edvni.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-bevetel-1024x576.jpg.webp\" alt=\"a Visa \u00e9s a Mastercard r\u00e9szv\u00e9ny \u00e1rfolyama ett\u0151l is f\u00fcgg: \u00f6sszes bev\u00e9tel \u00e9s \u00fczemi bev\u00e9tel\" class=\"wp-image-10662 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-bevetel-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-bevetel-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-bevetel-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-bevetel-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-bevetel-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-bevetel-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:\u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>,\u00a0a Visa \u00e9s a Mastercard r\u00e9szv\u00e9ny \u00e1rfolyama ett\u0151l is f\u00fcgg: \u00f6sszes bev\u00e9tel \u00e9s \u00fczemi bev\u00e9tel<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Az \u00fczleti modell h\u00e1rom pill\u00e9rre \u00e9p\u00fcl. <strong>Az els\u0151 a tranzakci\u00f3s bev\u00e9tel<\/strong>: minden fizet\u00e9si tranzakci\u00f3 ut\u00e1n egy kis sz\u00e1zal\u00e9kot kapnak. A Visa jelenleg \u00e9vi kb. 17000 milli\u00e1rd USD-s fizet\u00e9si volument kezel, a Mastercard k\u00f6zel 10000 milli\u00e1rd USD-t, de ebb\u0151l csak nagyon pici r\u00e9szt cs\u00edpnek le a szolg\u00e1ltat\u00f3k. <strong>A m\u00e1sodik pill\u00e9r az \u00e9rt\u00e9kn\u00f6velt szolg\u00e1ltat\u00e1sok<\/strong> (fraud protection, tokeniz\u00e1ci\u00f3, elemz\u00e9sek, B2B fizet\u00e9si megold\u00e1sok): a Visa ebb\u0151l 2025-ben 17,5 milli\u00e1rd USD-t termelt, ami az \u00f6sszbev\u00e9tel mintegy 44%-a. <strong>A harmadik pill\u00e9r a hat\u00e1ron \u00e1tny\u00fal\u00f3 tranzakci\u00f3k<\/strong>: amikor turist\u00e1k, online v\u00e1s\u00e1rl\u00f3k \u00e9s v\u00e1llalatok k\u00fclf\u00f6ldi k\u00e1rty\u00e1val fizetnek, a h\u00e1l\u00f3zat magasabb d\u00edjat sz\u00e1mol fel, ez a szegmens struktur\u00e1lisan n\u00f6vekv\u0151, k\u00fcl\u00f6n\u00f6sen az e-kereskedelem globaliz\u00e1l\u00f3d\u00e1s\u00e1val.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-marginok-1024x576.jpg.webp\" alt=\"a Mastercard r\u00e9szv\u00e9ny \u00e1rfolyama ett\u0151l is f\u00fcgg: profit marzsok\" class=\"wp-image-10663 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-marginok-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-marginok-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-marginok-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-marginok-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-marginok-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-marginok-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:\u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>,\u00a0a Mastercard r\u00e9szv\u00e9ny \u00e1rfolyama ett\u0151l is f\u00fcgg: profit marzsok<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udccc Gyakorlatban:<\/strong> azt szeretem ebben a k\u00e9t \u00fczleti modellben, hogy amit sokan &#8222;p\u00e9nz\u00fcgyi v\u00e1llalatnak&#8221; tartanak, az val\u00f3j\u00e1ban egy technol\u00f3giai infrastrukt\u00fara-\u00fczemeltet\u0151, ahol az inkrement\u00e1lis tranzakci\u00f3k szinte nulla hat\u00e1rk\u00f6lts\u00e9ggel futnak kereszt\u00fcl a rendszeren,<strong> vagyis elk\u00e9peszt\u0151en k\u00f6nny\u0171 \u0151ket sk\u00e1l\u00e1zni. <\/strong>Ez az, amit a befektet\u0151k szoktak \u201etollbooth&#8221; vagy v\u00e1mszed\u0151 modellnek h\u00edvni,  \u00e9s ez a tulajdons\u00e1g felel\u0151s az 50% feletti nett\u00f3 marzsok\u00e9rt. Nem sok \u00fczleti modell van a vil\u00e1gon, amelyik ennyire hat\u00e9kony lenne, viszont ez nem biztos, hogy fenntarthat\u00f3, ahogyan azt majd lejjebb l\u00e1tni fogj\u00e1tok.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"helyzete\">\ud83c\udfc6 A fizet\u00e9si duop\u00f3lium jelenlegi helyzete \u00e9s kih\u00edv\u00f3i \ud83c\udfc6<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A Visa \u00e9s a Mastercard egy\u00fcttesen a vil\u00e1g k\u00e1rty\u00e1s fizet\u00e9si forgalm\u00e1nak kb. 90%-\u00e1t uralja<\/strong>, K\u00edn\u00e1n k\u00edv\u00fcl. Ez egy olyan oligop\u00f3lium, amelyikben a verseny nem \u00e1rer\u00f3zi\u00f3t okoz, hanem \u00e9ppen ellenkez\u0151leg: <strong>mindk\u00e9t h\u00e1l\u00f3zat \u00e9vtizedek alatt folyamatosan emelte a d\u00edjait. <\/strong>A klasszikus k\u00e9toldal\u00fa platform logika \u00e9rv\u00e9nyes\u00fcl: min\u00e9l t\u00f6bb keresked\u0151 fogadja el a Visa\/Mastercard k\u00e1rty\u00e1t, ann\u00e1l \u00e9rt\u00e9kesebb a k\u00e1rtya a fogyaszt\u00f3nak, \u00e9s min\u00e9l t\u00f6bb fogyaszt\u00f3 hordja a k\u00e1rty\u00e1j\u00e1t, ann\u00e1l ink\u00e1bb k\u00f6teles elfogadni azt minden keresked\u0151. Ez az \u00f6ngerjeszt\u0151 lendker\u00e9k effektus n\u00e9gy \u00e9vtized alatt szinte bevehetetlenn\u00e9 v\u00e1lt.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Visa-V-bevetel-profit-1024x576.jpg.webp\" alt=\"a Visa bev\u00e9tele profitja \u00e9s annak v\u00e1ltoz\u00e1sa\" class=\"wp-image-10665 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Visa-V-bevetel-profit-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Visa-V-bevetel-profit-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Visa-V-bevetel-profit-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Visa-V-bevetel-profit-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Visa-V-bevetel-profit-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Visa-V-bevetel-profit-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:\u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>,\u00a0a Visa bev\u00e9tele, profitja \u00e9s annak v\u00e1ltoz\u00e1sa<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A legut\u00f3bbi p\u00e9nz\u00fcgyi eredm\u00e9nyek ezt a narrat\u00edv\u00e1t al\u00e1t\u00e1masztj\u00e1k. <strong>A Visa 2026-os els\u0151 p\u00e9nz\u00fcgyi negyed\u00e9v\u00e9ben 10.9 milli\u00e1rd USD-s bev\u00e9telt termelt, ami 14.6%-os \u00e9ves n\u00f6veked\u00e9s<\/strong>, \u00e9s az egy r\u00e9szv\u00e9nyre jut\u00f3 profit 15\u201317%-kal emelkedett. A Mastercard szint\u00e9n er\u0151s marzsokat mutat: az operat\u00edv margin 59% k\u00f6r\u00fcl j\u00e1r, a bev\u00e9teln\u00f6veked\u00e9s 16.4% \u00e9v\/\u00e9v az elm\u00falt negyed\u00e9vben, de val\u00f3j\u00e1ban b\u00e1rmilyen id\u0151t\u00e1von is n\u00e9zz\u00fck a sz\u00e1mokat, brut\u00e1lisak. <strong>A k\u00e9t c\u00e9g brutt\u00f3 marzsai, ROIC-mutat\u00f3i \u00e9s szabad cash flow-gener\u00e1l\u00e1sa a vil\u00e1g b\u00e1rmely t\u0151zsd\u00e9j\u00e9n kiemelked\u0151nek sz\u00e1m\u00edtanak.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-bevetel-1-1024x576.jpg.webp\" alt=\"a Mastercard bev\u00e9tele, profitja \u00e9s annak v\u00e1ltoz\u00e1sa is befoly\u00e1solja a Mastercard r\u00e9szv\u00e9ny \u00e1rfolyam\u00e1t\" class=\"wp-image-10666 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1138px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-bevetel-1-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-bevetel-1-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-bevetel-1-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-bevetel-1-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-bevetel-1-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-bevetel-1-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:\u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>,\u00a0a Mastercard bev\u00e9tele, profitja \u00e9s annak v\u00e1ltoz\u00e1sa<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A kih\u00edv\u00f3k szempontj\u00e1b\u00f3l a k\u00e9pet \u00e9rdemes \u00e1rnyalni. Az Apple Pay, a Google Pay \u00e9s a Samsung Pay technol\u00f3giailag nem vet\u00e9lyt\u00e1rsak, hanem \u00fcgyfelek: a legt\u00f6bb digit\u00e1lis t\u00e1rca m\u00f6g\u00f6tt Visa- \u00e9s Mastercard-infrastrukt\u00fara fut. A PayPal \u00e9s a Venmo hasonl\u00f3 cip\u0151ben j\u00e1rnak, f\u00fcggnek a k\u00e1rtyah\u00e1l\u00f3zatokt\u00f3l. A Stripe 2025-ben 1900 milli\u00e1rd USD forgalmat bonyol\u00edtott le, ami komoly m\u00e9ret, de a Stripe maga is a Visa\/Mastercard rendszerein fut, \u00e9s egyre ink\u00e1bb partnerk\u00e9nt, nem kih\u00edv\u00f3k\u00e9nt poz\u00edcion\u00e1lja mag\u00e1t. <strong>Val\u00f3j\u00e1ban maga a Stripe is befektet a Visa-\u00f6sszek\u00f6ttet\u00e9s fenntart\u00e1s\u00e1ba, ahelyett hogy felv\u00e1ltan\u00e1.<\/strong> Ez pontosan azt mutatja, hogy a fintech c\u00e9gek nagy r\u00e9sz\u00e9nek a Visa\/Mastercard nem ellens\u00e9ge, hanem n\u00e9lk\u00fcl\u00f6zhetetlen infrastrukt\u00fara-szolg\u00e1ltat\u00f3ja.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-ROIC-ROCE-1024x576.jpg.webp\" alt=\"a Mastercard \u00e9s a Visa ROIC \u00e9s ROCE \u00e9rt\u00e9kei\" class=\"wp-image-10667 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-ROIC-ROCE-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-ROIC-ROCE-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-ROIC-ROCE-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-ROIC-ROCE-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-ROIC-ROCE-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-V-ROIC-ROCE-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:\u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>,\u00a0a Mastercard \u00e9s a Visa ROIC \u00e9s ROCE \u00e9rt\u00e9kei<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Ahol val\u00f3di versenykih\u00edv\u00e1s mutatkozik, <strong>az India \u00e9s Braz\u00edlia p\u00e9ld\u00e1ja. <\/strong>India UPI-rendszere havonta t\u00f6bb mint 13 milli\u00e1rd azonnali tranzakci\u00f3t bonyol\u00edt le, ez a vil\u00e1g \u00f6sszes val\u00f3s idej\u0171 tranzakci\u00f3j\u00e1nak kb. 71%-a, \u00e9s a helyi RuPay h\u00e1l\u00f3zat m\u00e1r a k\u00e1rty\u00e1s v\u00e1s\u00e1rl\u00e1sok 28%-\u00e1t kezeli. Ez egy m\u0171k\u00f6d\u0151 p\u00e9lda arra, hogy egy elsz\u00e1nt korm\u00e1nyzati infrastrukt\u00fara-fejleszt\u00e9s k\u00e9pes val\u00f3di alternat\u00edv\u00e1t teremteni. A k\u00e9rd\u00e9s az, hogy ez a modell export\u00e1lhat\u00f3-e fejlett gazdas\u00e1gokba is. <strong>Enn\u00e9l sokkal \u00e9rdekesebb az, amit az Eur\u00f3pai Uni\u00f3 csin\u00e1lt, ez pedig nem m\u00e1s, mint a SEPA rendszerre alapul\u00f3, napon bel\u00fcli utal\u00e1si megold\u00e1s, ami kiker\u00fcli a Visa \u00e9s a Mastercard rendszereit.<\/strong> Err\u0151l van egy kiv\u00e1l\u00f3 \u00f6sszefoglal\u00f3 vide\u00f3 is, amit \u00e9rdemes megn\u00e9znetek: <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"USA Loses Payment System Leverage In Europe - &#039;Pay by Bank&#039; Button Kills Visa\/Mastercard, 72% Vanish\" width=\"750\" height=\"422\" data-src=\"https:\/\/www.youtube.com\/embed\/ka47pokoBu0?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" data-load-mode=\"1\"><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban<\/strong>: a fenti kiragadott indiai p\u00e9lda nem egyedi eset. Hollandi\u00e1ban is van ilyen rendszer, de p\u00e9ld\u00e1ul K\u00edn\u00e1ban az Alibaba \u00e1ltal birtokolt Alipay (BABA) \u00e9s a Tencent (TCEHY) WeChat alap\u00fa fizet\u00e9si megold\u00e1sai sem mennek \u00e1t a Visa \u00e9s a Mastercard rendszerein. Ezek r\u00e1ad\u00e1sul nem bankk\u00e1rtya alap\u00fa rendszerek, hanem QR k\u00f3dokat haszn\u00e1lnak a fizet\u00e9shez, de p\u00e9ld\u00e1ul a PayPalnak is van PYUSD alap\u00fa rendszere. Ez nem m\u00e1s mint egy stablecoin \u00e9s a blokkl\u00e1nc seg\u00edts\u00e9g\u00e9vel kezeli le a tranzakci\u00f3k j\u00f3v\u00e1\u00edr\u00e1s\u00e1t, err\u0151l b\u0151vebben a PayPal (PYPL) elemz\u00e9s\u00e9ben \u00edrtam:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/iocharts.io\/blog\/a-paypal-reszveny-elemzese-pypl-arfolyam-nem-egyenlo-ertek\/\">PayPal (PYPL) elemz\u00e9s: olcs\u00f3 \u00e9rt\u00e9kelts\u00e9g vagy value trap<\/a> <\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Sz\u00f3val a l\u00e9nyeg az, hogy nagyon sokan dolgoznak, hogy kiszor\u00edts\u00e9k a V \u00e9s az MA rendszereit, ami nyilv\u00e1nval\u00f3an nem seg\u00edt a Visa \u00e9s a Mastercard r\u00e9szv\u00e9ny \u00e1rfolyam\u00e1nak magasan tart\u00e1s\u00e1ban.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"versenyelony\">\ud83d\udd25 A nagy k\u00e9rd\u00e9s: meg lehet-e t\u00f6rni a Visa \u00e9s a Mastercard gazdas\u00e1gi versenyel\u0151ny\u00e9t?\ud83d\udd25<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ez az a pont, amire az elemz\u00e9s aprop\u00f3j\u00e1t ad\u00f3 vide\u00f3 is r\u00e1k\u00e9rdez: <strong>van-e a Visa\/Mastercard moatnak Achilles-sarka?<\/strong> N\u00e9zz\u00fck v\u00e9gig a legfontosabb diszrupci\u00f3s forgat\u00f3k\u00f6nyveket, \u00e9s legy\u00fcnk \u0151szint\u00e9k az es\u00e9lyeket illet\u0151en.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">\ud83e\ude99<strong>Visa \u00e9s Mastercard diszrupci\u00f3: stablecoinok \u00e9s blokkl\u00e1ncalap\u00fa fizet\u00e9s<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Ez jelenleg a legnagyobb sajt\u00f3visszhangot kap\u00f3 t\u00e9ma. A stablecoinokon \u00e1thalad\u00f3 p\u00e9nzmennyis\u00e9g 2025-ben 28\u201333000 milli\u00e1rd USD-re becs\u00fclik, ami 72%-os n\u00f6veked\u00e9st jelent \u00e9v\/\u00e9v, pap\u00edron teh\u00e1t robban\u00e1sszer\u0171 expanzi\u00f3. A blokkl\u00e1nc-alap\u00fa elsz\u00e1mol\u00e1s val\u00f3ban gyorsabb \u00e9s olcs\u00f3bb tud lenni a hat\u00e1ron \u00e1tny\u00fal\u00f3 B2B tranzakci\u00f3kban, a remittance-piacon \u00e9s a peer-to-peer \u00e1tutal\u00e1sokn\u00e1l.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"572\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-stable-coin-1024x572.jpg.webp\" alt=\"forr\u00e1s: Gemini, a m\u00e9rt \u00e9s a val\u00f3s volumenek a stable coin h\u00e1l\u00f3zaton\" class=\"wp-image-10669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/572;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-stable-coin-1024x572.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-stable-coin-414x231.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-stable-coin-768x429.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-stable-coin-1536x857.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-stable-coin-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Gemini, a m\u00e9rt \u00e9s a val\u00f3s volumenek a stable coin h\u00e1l\u00f3zaton<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A val\u00f3s\u00e1g azonban \u00e1rnyaltabb.<\/strong> A McKinsey \u00e9s az Artemis elemz\u00e9sei szerint a t\u00e9nyleges stablecoin-alap\u00fa fizet\u00e9si volumen (keresked\u0151k \u00e9s fogyaszt\u00f3k k\u00f6z\u00f6tt) kb. 390 milli\u00e1rd USD \u00e9vente, ami a Visa \u00e9ves forgalm\u00e1nak csup\u00e1n ~2,3%-a. A stablecoin-forgalom 90%-a jelenleg kriptovalut\u00e1k k\u00f6z\u00f6tti keresked\u00e9s, nem \u00e1ltal\u00e1nos c\u00e9l\u00fa fizet\u00e9si eszk\u00f6z. Ezek nagyon sokszor botok k\u00f6z\u00f6tti tranzakci\u00f3k, ugyanis ha csak c\u00edmek k\u00f6z\u00f6tt mozgattok \u00f6sszegeket, akkor val\u00f3j\u00e1ban ez megsokszoroz\u00f3dik. V\u00e1s\u00e1rl\u00e1s nincs m\u00f6g\u00f6tte, \u00edgy gazdas\u00e1gi teljes\u00edtm\u00e9ny sem. A Mastercard p\u00e9nz\u00fcgyi term\u00e9k\u00e9rt felel\u0151s vez\u00e9rigazgat\u00f3-helyettese szavai szerint: az attrib\u00fatumok \u00f6nmagukban nem el\u00e9gs\u00e9gesek ahhoz, hogy a stablecoin \u00e1ltal\u00e1nos fizet\u00e9si eszk\u00f6zz\u00e9 v\u00e1ljon. Ek\u00f6zben a Mastercard 1,8 milli\u00e1rd USD-\u00e9rt megv\u00e1s\u00e1rolta a BVNK stablecoin-infrastrukt\u00fara c\u00e9get, a Visa pedig m\u00e1r elind\u00edtotta a USDC-alap\u00fa elsz\u00e1mol\u00e1st \u00e9s 4,6 milli\u00e1rd USD-s \u00e9ves\u00edtett run rate-et \u00e9rt el.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A tanuls\u00e1g teh\u00e1t: a stablecoin nem k\u00edv\u00fclr\u0151l t\u00f6ri be a kaput, hanem a Visa \u00e9s a Mastercard nyitja ki saj\u00e1t maga, \u00e9s integr\u00e1lja a saj\u00e1t infrastrukt\u00far\u00e1j\u00e1ba.<\/strong> Pontosan ugyanezt tett\u00e9k az \u00e9rint\u00e9smentes fizet\u00e9ssel (amit az NFC chippel szerelt telefonok elterjed\u00e9se is seg\u00edtett), a tokeniz\u00e1ci\u00f3val \u00e9s az e-kereskedelemmel is. Minden technol\u00f3giai hull\u00e1mot nem megt\u00f6rtek, hanem beolvasztottak.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>\ud83d\udcb3 Korm\u00e1nyzati azonnali fizet\u00e9si rendszerek (RTP, UPI, FedNow, PIX)<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Ez a kih\u00edv\u00e1s szerintem s\u00falyosabb \u00e9s tart\u00f3sabb, mint a stablecoin-narrat\u00edva. India \u00e9s Braz\u00edlia (PIX) megmutatta, hogy ahol az \u00e1llam elsz\u00e1nt, ott lehet saj\u00e1t fizet\u00e9si infrastrukt\u00far\u00e1t fel\u00e9p\u00edteni. Az USA FedNow rendszere 2023 \u00f3ta \u00e9l, de az elfogadotts\u00e1g egyel\u0151re korl\u00e1tozott. Az eur\u00f3pai EPI (European Payments Initiative) is pr\u00f3b\u00e1lkozik, de lassan halad. <strong>A legnagyobb vesz\u00e9ly teh\u00e1t nem a kript\u00f3, hanem a szuver\u00e9n korm\u00e1nyok, amelyek politikai akarattal \u00e9s er\u0151forr\u00e1sokkal rendelkeznek ahhoz, hogy saj\u00e1t h\u00e1l\u00f3zatot \u00e9p\u00edtsenek.<\/strong> India p\u00e9ld\u00e1ja figyelmeztet\u00e9s: ott a Visa\/Mastercard piaci r\u00e9szesed\u00e9se a digit\u00e1lis fizet\u00e9sekben 43%-r\u00f3l (2018) 21%-ra (2024) esett vissza. Vagyis a szab\u00e1lyz\u00f3k er\u0151sebbek, mint a multic\u00e9gek \u00e9s korm\u00e1nyzati akarattal b\u00e1rkit meg tudnak regul\u00e1zni.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"572\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Ideal-vs-Mastercard-system-1024x572.jpg.webp\" alt=\"\" class=\"wp-image-10671 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/572;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Ideal-vs-Mastercard-system-1024x572.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Ideal-vs-Mastercard-system-414x231.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Ideal-vs-Mastercard-system-768x429.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Ideal-vs-Mastercard-system-1536x857.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Ideal-vs-Mastercard-system-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Gemini, a Visa \u00e9s a Mastercard h\u00e1l\u00f3zata az iDEAL-hoz k\u00e9pest<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A fentiekre j\u00f3 p\u00e9lda a holland iDEAL, ami egy account-to-account (A2A), vagyis egy azonnali fizet\u00e9si rendszer, ami nem a Visa \u00e9s a Mastercard rendszer\u00e9n fut \u00e1t. Nincs k\u00e1rtyasz\u00e1m, nem kell egy 16 jegy\u0171 sz\u00e1mot megadni az utal\u00e1skor, a felhaszn\u00e1l\u00f3 csak kiv\u00e1lasztja a bankj\u00e1t az appban \u00e9s k\u00e9sz, \u00edgy 1-3%-ot lehet sp\u00f3rolni a rendszer haszn\u00e1lat\u00e1val. A rendszer olyan j\u00f3l m\u0171k\u00f6d\u00f6tt, hogy ez lesz az Eur\u00f3pai Fizet\u00e9si Rendszer (az EPI) alapja, Wero n\u00e9ven. Igaz, ahhoz, hogy az iDEAL el\u00e9rje azt, hogy a fizet\u00e9sek t\u00f6bb mint 70%-a az \u0151 rendszer\u00fck\u00f6n megy \u00e1t, 20 \u00e9v kellett. Magyarorsz\u00e1gon a QVIK rendszer hasonl\u00f3, ami a GIRO \u00e9s az MNB rendszereit haszn\u00e1lja.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>\ud83e\udd35AI-alap\u00fa auton\u00f3m kereskedelem \u00e9s agentic payments<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Ez a leg\u00fajabb narrat\u00edva: ahogy az AI-\u00fcgyn\u00f6k\u00f6k egyre t\u00f6bb tranzakci\u00f3t hajtanak v\u00e9gre emberi beavatkoz\u00e1s n\u00e9lk\u00fcl, a \u201ekinek van k\u00e1rtya&#8221; k\u00e9rd\u00e9s kev\u00e9sb\u00e9 relev\u00e1ns lesz. A Morgan Stanley szerint az \u00fcgyn\u00f6kvez\u00e9relt online v\u00e1s\u00e1rl\u00e1s 385 milli\u00e1rd USD-s piacc\u00e1 n\u0151het 2030-ra az USA-ban. Ha az AI-\u00fcgyn\u00f6k\u00f6k stablecoin- vagy blockchain-alap\u00fa mikrofizet\u00e9seket prefer\u00e1lnak, az val\u00f3ban megker\u00fclhetn\u00e9 a k\u00e1rtyah\u00e1l\u00f3zatokat. <strong>Azonban mind a Visa, mind a Mastercard akt\u00edvan jelen van az agentic payments konzorciumokban<\/strong>, \u00e9s az el\u0151sz\u0171r\u00e9si, a csal\u00e1s-megel\u0151z\u00e9si \u00e9s a szem\u00e9lyazonoss\u00e1g-ellen\u0151rz\u00e9si k\u00e9pess\u00e9geik \u00e9ppen a g\u00e9pi tranzakci\u00f3k eset\u00e9n a legink\u00e1bb n\u00e9lk\u00fcl\u00f6zhetetlenek.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"572\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-agentic-payments-1024x572.jpg.webp\" alt=\"\" class=\"wp-image-10687 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/572;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-agentic-payments-1024x572.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-agentic-payments-414x231.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-agentic-payments-768x429.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-agentic-payments-1536x857.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercard-MA-Visa-agentic-payments-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s: Gemini, agentic payments<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u00d6sszefoglalva: a moat nem sebezhetetlen, de a diszrupci\u00f3 forr\u00e1sa nem a fintech-startup, hanem a szuver\u00e9n \u00e1llam.<\/strong> A stablecoin \u00e9s az AI-kereskedelem ink\u00e1bb lehet\u0151s\u00e9g, mint fenyeget\u00e9s a Visa\/Mastercard sz\u00e1m\u00e1ra, ahogy eddig minden technol\u00f3giai forradalomn\u00e1l is az volt. Az egyetlen forgat\u00f3k\u00f6nyv, amely fundament\u00e1lisan vesz\u00e9lyes, az ha a nagyobb gazdas\u00e1gok (EU, USA, Jap\u00e1n) India mint\u00e1j\u00e1ra elhat\u00e1rozz\u00e1k, hogy saj\u00e1t z\u00e1rt fizet\u00e9si rendszert \u00e9p\u00edtenek. Erre jelenleg politikai akarat nincs, de a kock\u00e1zatot kezelni kell a befektet\u0151i t\u00e9zisben.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban<\/strong>: a politikai akarat legink\u00e1bb az EU-ban van meg arra, hogy ezt a monop\u00f3liumot let\u00f6rj\u00e9k, s\u0151t val\u00f3j\u00e1ban minden k\u00e9szen \u00e1ll arra, hogy ez az 580 milli\u00f3s Eur\u00f3p\u00e1ban megt\u00f6rt\u00e9njen. Van egy k\u00e9sz holland rendszer, megvannak a szab\u00e1lyz\u00e1sok r\u00e1, m\u00e1r csak el kell terjednie a rendszernek. A nagy k\u00e9rd\u00e9s az, hogy mennyi id\u0151 alatt lehet lecser\u00e9lni az emberekn\u00e9l l\u00e9v\u0151 bankk\u00e1rty\u00e1kat, mekkora a technol\u00f3gia tehetetlens\u00e9ge, illetve ebben a t\u00e9rben a V \u00e9s az MA hogyan vesz r\u00e9szt, illetve, ami tal\u00e1n a legfontosabb: hogyan hatnak ezek a folyamatok a Visa \u00e9s a Mastercard r\u00e9szv\u00e9ny \u00e1rfolyam\u00e1ra hosszabb t\u00e1von?<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"metrikai\">\ud83c\udfa2 A Visa \u00e9s a Mastercard r\u00e9szv\u00e9ny metrik\u00e1i \ud83c\udfa2<\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>Mutat\u00f3<\/th><th>Visa (V)<\/th><th>Mastercard (MA)<\/th><\/tr><\/thead><tbody><tr><td>Piaci kapitaliz\u00e1ci\u00f3<\/td><td>~580 milli\u00e1rd USD<\/td><td>~443 milli\u00e1rd USD<\/td><\/tr><tr><td>\u00c9ves \u00e1rbev\u00e9tel (2025)<\/td><td>~41 milli\u00e1rd USD<\/td><td>~33 milli\u00e1rd USD<\/td><\/tr><tr><td>Nett\u00f3 \u00e1rr\u00e9s<\/td><td>~50%<\/td><td>~45%<\/td><\/tr><tr><td>Operat\u00edv margin<\/td><td>~60%<\/td><td>~58%<\/td><\/tr><tr><td>P\/E (TTM, 2026 \u00e1prilis)<\/td><td>~28x<\/td><td>~30x<\/td><\/tr><tr><td>El\u0151remutat\u00f3 P\/E<\/td><td>~22.4x<\/td><td>~24.6x<\/td><\/tr><tr><td>5 \u00e9ves historikus P\/E \u00e1tlag<\/td><td>~32x<\/td><td>~38x<\/td><\/tr><tr><td>ROIC (goodwill n\u00e9lk\u00fcl)<\/td><td>&gt;90%<\/td><td>&gt;80%<\/td><\/tr><tr><td>\u00c9ves EPS n\u00f6veked\u00e9si v\u00e1rakoz\u00e1s (2026)<\/td><td>~12\u201314%<\/td><td>~15\u201316%<\/td><\/tr><tr><td>Osztal\u00e9khozam<\/td><td>~0.8%<\/td><td>~0.6%<\/td><\/tr><tr><td>\u00c9ves fizet\u00e9si volumen<\/td><td>~17000 milli\u00e1rd<\/td><td>~10000 milli\u00e1rdUSD<\/td><\/tr><tr><td>Elfogad\u00f3helyek sz\u00e1ma<\/td><td>&gt;150 milli\u00f3<\/td><td>&gt;100 milli\u00f3<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Ami azonnal szembet\u0171nik<\/strong>: mindk\u00e9t r\u00e9szv\u00e9ny historikus P\/E \u00e1tlag\u00e1hoz k\u00e9pest jelenleg diszkonttal forog. A Visa jelenlegi ~28x TTM P\/E-je 16%-kal alacsonyabb a 10 \u00e9ves historikus \u00e1tlagn\u00e1l (~34x), a Mastercard ~30x szintje pedig j\u00f3csk\u00e1n elmarad az 5 \u00e9ves \u00e1tlag ~38x \u00e9rt\u00e9k\u00e9t\u0151l. Ez r\u00e9szben a stablecoin-f\u00e9lelemnek, r\u00e9szben a Trump-adminisztr\u00e1ci\u00f3 \u00e1ltal felvetett kamatplafon-javaslatnak (10%-os hitelkamat-sapka) tulajdon\u00edthat\u00f3, amelyek a cs\u00facsokr\u00f3l 18\u201319%-kal h\u00fazt\u00e1k vissza az \u00e1rfolyamokat.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Visa-V-drawdown-1024x576.jpg.webp\" alt=\"a Visa r\u00e9szv\u00e9ny \u00e1rfolyames\u00e9se\" class=\"wp-image-10673 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Visa-V-drawdown-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Visa-V-drawdown-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Visa-V-drawdown-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Visa-V-drawdown-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Visa-V-drawdown-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Visa-V-drawdown-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:\u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>,\u00a0a Visa r\u00e9szv\u00e9ny \u00e1rfolyames\u00e9se<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A szabad cash flow termel\u00e9s kiemelked\u0151: a Visa 2025-\u00f6s 18+ milli\u00e1rd USD-s r\u00e9szv\u00e9ny-visszav\u00e1s\u00e1rl\u00e1si programja, a Mastercard 3,3 milli\u00e1rd USD-s negyed\u00e9ves visszav\u00e1s\u00e1rl\u00e1sa jelzi, hogy ezek a c\u00e9gek val\u00f3ban a szabad cash flow-t visszaad\u00f3, nem CAPEX-intenz\u00edv g\u00e9pezetek. A befektetett t\u0151ke megt\u00e9r\u00fcl\u00e9se, goodwill n\u00e9lk\u00fcl sz\u00e1molva, meghaladja a 90%-ot, ez egy tollbooth modellre jellemz\u0151 sz\u00e1m, nem egy hagyom\u00e1nyos p\u00e9nz\u00fcgyi int\u00e9zm\u00e9nyre.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"576\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercarcd-MA-drawdown-1024x576.jpg.webp\" alt=\"a Mastercard r\u00e9szv\u00e9ny \u00e1rfolyames\u00e9se\" class=\"wp-image-10674 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/576;width:1139px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercarcd-MA-drawdown-1024x576.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercarcd-MA-drawdown-414x233.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercarcd-MA-drawdown-768x432.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercarcd-MA-drawdown-1536x864.jpg.webp 1536w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercarcd-MA-drawdown-2048x1152.jpg.webp 2048w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/04\/Mastercarcd-MA-drawdown-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><figcaption class=\"wp-element-caption\">forr\u00e1s:\u00a0<a href=\"https:\/\/fiscal.ai\/?via=balint\" target=\"_blank\" rel=\"noreferrer noopener\">fiscal.ai<\/a>,\u00a0a Mastercard r\u00e9szv\u00e9ny \u00e1rfolyames\u00e9se<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udccc Gyakorlatban:<\/strong> azt tartom figyelemre m\u00e9lt\u00f3nak, hogy Buffett (Berkshire Hathaway) mind a k\u00e9t c\u00e9get tartja, \u00f6sszesen 4,9 milli\u00e1rd USD-s poz\u00edci\u00f3m\u00e9rettel, vagyis Warren nem nagyon agyal azon, hogy a Visa \u00e9s a Mastercard r\u00e9szv\u00e9ny \u00e1rfolyama a f\u00f6ldbe fog \u00e1llni. Nem az a relev\u00e1ns, hogy mikor vette, hanem hogy mi\u00e9rt nem adta el. A Berkshire portfoli\u00f3j\u00e1ban l\u00e9v\u0151 r\u00e9szv\u00e9nyek \u00e1ltal\u00e1ban az\u00e9rt ker\u00fclnek be a BRK portf\u00f3li\u00f3j\u00e1ba, mert a gazdas\u00e1gi versenyel\u0151ny tart\u00f3san fenn\u00e1ll, sz\u00f3val kapkodni nem kell, de \u00e9rdemes k\u00f6vetni a c\u00e9geket.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/wise.com\/invite\/ihpc\/balintzsoltk\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9669 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Wise-banner-hatter-v3-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"megszoksz\">\u2705 Visa \/ Mastercard r\u00e9szv\u00e9ny: megszoksz vagy megsz\u00f6ksz? \u2705<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Ami mellett\u00fck sz\u00f3l \ud83d\udfe2<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83d\udede<strong>A flywheel \u00f6nmag\u00e1t m\u00e9ly\u00edti.<\/strong> Minden \u00faj elfogad\u00f3hely egy t\u00f6bb helyen haszn\u00e1lhat\u00f3 k\u00e1rty\u00e1t ad a fogyaszt\u00f3nak, minden \u00faj k\u00e1rtyabirtokos \u00e9rt\u00e9kesebb h\u00e1l\u00f3zatot jelent a keresked\u0151nek. Ezt a spir\u00e1lt nem lehet hirdet\u00e9si kamp\u00e1nnyal vagy \u00e1rcs\u00f6kkent\u00e9ssel megism\u00e9telni, \u00e9vtizedek alatt \u00e9p\u00fcl fel, \u00e9s pont ez\u00e9rt szinte lehetetlen megism\u00e9telni.<\/li>\n\n\n\n<li>\ud83d\udcbb<strong>A technol\u00f3giai adapt\u00e1ci\u00f3 bizony\u00edtott.<\/strong> M\u00e1gneses cs\u00edkt\u00f3l a chip-k\u00e1rty\u00e1n \u00e1t a az \u00e9rint\u00e9smentes fizet\u00e9sig, a digit\u00e1lis t\u00e1rca-integr\u00e1ci\u00f3ig \u00e9s most a stablecoin-elsz\u00e1mol\u00e1sig, minden v\u00e1lt\u00e1sn\u00e1l ott voltak, nem f\u00e9lre\u00e1lltak. Ez nem v\u00e9letlen: az infrastrukt\u00far\u00e1juk rugalmas, \u00e9s a t\u0151k\u00e9j\u00fck el\u00e9g ahhoz, hogy felv\u00e1s\u00e1rolj\u00e1k azt, amit nem tudnak h\u00e1zon bel\u00fcl fel\u00e9p\u00edteni (l\u00e1sd Mastercard-BVNK felv\u00e1s\u00e1rl\u00e1s, 1,8 milli\u00e1rd USD-\u00e9rt).<\/li>\n\n\n\n<li>\ud83d\udc8e<strong>\u00c9rt\u00e9kelt szolg\u00e1ltat\u00e1sok (value-added services) diverzifik\u00e1lj\u00e1k a bev\u00e9telt.<\/strong> A puszta tranzakci\u00f3s d\u00edjakt\u00f3l egyre ink\u00e1bb az adatelemz\u00e9s, a vissza\u00e9l\u00e9s-elleni v\u00e9delem, a tokeniz\u00e1ci\u00f3 \u00e9s a szem\u00e9lyazonoss\u00e1g-ellen\u0151rz\u00e9s fel\u00e9 tol\u00f3dik a bev\u00e9teli mix. Ezek SaaS-jelleg\u0171, nehezen helyettes\u00edthet\u0151 szolg\u00e1ltat\u00e1sok, amelyek marzsai magasak \u00e9s ragad\u00f3sak.<\/li>\n\n\n\n<li>\ud83d\udd22<strong>A jelenlegi \u00e9rt\u00e9kelts\u00e9g historikusan vonz\u00f3 bel\u00e9p\u00e9si pontot k\u00edn\u00e1l.<\/strong> Ha a 10\u201315%-os \u00e9ves EPS-n\u00f6veked\u00e9s fenntarthat\u00f3 (ez a konszenzus), akkor a jelenlegi ~23\u201326x el\u0151remutat\u00f3 P\/E szinten az \u00fajrabefektet\u00e9si kock\u00e1zat alacsonynak tekinthet\u0151.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Ami aggaszt\u00f3 \ud83d\udd34<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\ud83c\udfb2<strong>A szuver\u00e9n kock\u00e1zat al\u00e1becs\u00fclt.<\/strong> India \u00e9s Braz\u00edlia m\u00e1r megmutatta, hogy az er\u0151s korm\u00e1nyzati akarat eset\u00e9n fel lehet v\u00e1ltani a k\u00e1rtyah\u00e1l\u00f3zatokat. Ha az EU saj\u00e1t egys\u00e9ges azonnali fizet\u00e9si rendszer\u00e9t val\u00f3ban fel tudja \u00e9p\u00edteni (az EPI-projekt egyel\u0151re d\u00f6c\u00f6g\u0151s, de a politikai nyom\u00e1s n\u0151), az hossz\u00fa t\u00e1von \u00e9rdemi piacr\u00e9szesed\u00e9s-veszt\u00e9st okozhat.<\/li>\n\n\n\n<li>\ud83d\udcd1<strong>Szab\u00e1lyoz\u00f3i fenyeget\u00e9s struktur\u00e1lis.<\/strong> Az interchange-d\u00edjakra ir\u00e1nyul\u00f3 nyom\u00e1s az USA-ban \u00e9s Eur\u00f3p\u00e1ban tart\u00f3s. A leg\u00fajabb aggodalom a Trump-f\u00e9le hitelkamat-plafon (10%), ami b\u00e1r els\u0151sorban a kibocs\u00e1t\u00f3 bankokat \u00e9rinti, indirekt m\u00f3don cs\u00f6kkentheti a k\u00e1rtyahaszn\u00e1latot (\u00f6szt\u00f6nz\u0151 programok le\u00e9p\u00fcl\u00e9se stb.).<\/li>\n\n\n\n<li>\ud83e\ude99<strong>A stablecoin \u00e9s az agentic payments hat\u00e1sa egyel\u0151re ismeretlen.<\/strong> A jelenleg ~2,3%-os penetr\u00e1ci\u00f3 kicsi, de ha a Citi 2030-ra vonatkoz\u00f3 100000 milli\u00e1rd USD-s stablecoin-tranzakci\u00f3s becsl\u00e9se megval\u00f3sul, az m\u00e1r a Visa \u00e9ves forgalm\u00e1nak t\u00f6bb mint hatszorosa lenne. Ez a forgat\u00f3k\u00f6nyv val\u00f3sz\u00edn\u0171leg nem j\u00f6n majd l\u00e9tre, de nem is kiz\u00e1rhat\u00f3.<\/li>\n\n\n\n<li>\ud83d\udcaf<strong>A magas \u00e9rt\u00e9kelts\u00e9g be\u00e1razott t\u00f6k\u00e9letess\u00e9get k\u00f6vetel.<\/strong> ~28\u201330x P\/E mellett b\u00e1rmilyen bev\u00e9teli lassul\u00e1s (ha pl. az USA fogyaszt\u00f3i kiad\u00e1sok cs\u00f6kkennek egy recesszi\u00f3ban) r\u00f6vid t\u00e1von \u00e9les \u00e1res\u00e9st okozhat.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\ud83d\udcccGyakorlatban<\/strong>: b\u00e1rmit is gondoltok a fentiekr\u0151l, az l\u00e1tszik, hogy a kor\u00e1bbi duopolisztikus piac kopors\u00f3j\u00e1ban nagyon sokan kezdik el be\u00fct\u00f6getni a sz\u00f6geket, ami bizony\u00e1ra leveri majd a Visa \u00e9s a Mastercard r\u00e9szv\u00e9ny \u00e1rfolyam\u00e1t. Nem kell, hogy ezek a forgat\u00f3k\u00f6nyvek t\u00e9nylegesen megval\u00f3suljanak, el\u00e9g ha a piac ezek sokat p\u00e1nikol, ahogyan azt az AI para kapcs\u00e1n is l\u00e1thatt\u00e1tok.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/lightyear.com\/en-eu\/profile\/jozsef491\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9688 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/Lightyear-blue-white-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"osszegzese\">\ud83d\udcdd A t\u00e9zis \u00f6sszegz\u00e9se \ud83d\udcdd<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A Visa \u00e9s a Mastercard a t\u0151zsd\u00e9n el\u00e9rhet\u0151 legtiszt\u00e1bb v\u00e1mszed\u0151 \u00fczleti modellek.<\/strong> Nem adnak hitelt, nem viselnek hitelkock\u00e1zatot, nem gy\u00e1rtanak fizikai term\u00e9ket, csup\u00e1n az infrastrukt\u00far\u00e1t \u00fczemeltetik, amelyen kereszt\u00fcl a vil\u00e1g p\u00e9nzforgalm\u00e1nak d\u00f6nt\u0151 h\u00e1nyada \u00e1tfolyik. Az ehhez kapcsol\u00f3d\u00f3 gazdas\u00e1gi versenyel\u0151ny a k\u00e9toldal\u00fa h\u00e1l\u00f3zati hat\u00e1s, az \u00e9vtizedes bankkapcsolati sz\u00f6vev\u00e9ny, a glob\u00e1lis elfogad\u00f3i b\u00e1zis \u00e9s az egyre m\u00e9ly\u00fcl\u0151 \u00e9rt\u00e9kn\u00f6velt szolg\u00e1ltat\u00e1scsomag, val\u00f3sz\u00edn\u0171leg az egyik legtart\u00f3sabb versenyel\u0151ny, amit t\u0151zsdei v\u00e1llalatn\u00e1l tapasztalni lehet, vagy legal\u00e1bbis volt eddig.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>A k\u00e9rd\u00e9s az, hogy a kor\u00e1bban felsorolt diszrupci\u00f3s hat\u00e1sok mennyire val\u00f3sak.<\/strong> A stablecoinok, az AI-kereskedelem \u00e9s az azonnali fizet\u00e9si rendszerek nem megsemmis\u00edtik a k\u00e1rtyah\u00e1l\u00f3zatokat, hanem \u00e1talak\u00edtj\u00e1k a poz\u00edci\u00f3jukat. Egyel\u0151re a Visa \u00e9s a Mastercard oldal van az infrastrukt\u00fara-r\u00e9teg, az \u0151 rendszereiken fut \u00e1t a legt\u00f6bb alternat\u00edva is. Az egyetlen val\u00f3di hossz\u00fa t\u00e1v\u00fa kock\u00e1zat a szuver\u00e9n \u00e1llami beavatkoz\u00e1s, ez az indiai \u00e9s a braz\u00edliai mint\u00e1ra m\u00e1s nagygazdas\u00e1gokban is megjelenhet, az EU pedig konkr\u00e9tan t\u00f6rekszik m\u00e1r r\u00e1 egy ideje.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u00c9rt\u00e9kelts\u00e9gi szempontj\u00e1b\u00f3l<\/strong> a jelenlegi historikus diszkont (mindk\u00e9t r\u00e9szv\u00e9ny 15\u201320%-kal a hossz\u00fa t\u00e1v\u00fa \u00e1tlag P\/E alatt forog) alapvet\u0151en vonz\u00f3v\u00e1 teheti a bel\u00e9p\u00e9si szintet annak, aki 5\u201310 \u00e9ves id\u0151horizontban gondolkodik \u00e9s elfogadja, hogy a diszrupci\u00f3s kock\u00e1zat fenn\u00e1ll, de kezelhet\u0151nek t\u0171nik. A Visa valamelyest jobb \u00e9rt\u00e9kelts\u00e9gen kelleti mag\u00e1t (alacsonyabb P\/E, magasabb margin, nagyobb szabad cash flow hozam), de a Mastercard gyorsabb EPS-n\u00f6veked\u00e9si p\u00e1ly\u00e1n van. <strong>De az biztos, hogy ez m\u00e9g nem az agyonvert kateg\u00f3ria, a Visa \u00e9s a Mastercard r\u00e9szv\u00e9ny \u00e1rfolyama meglep\u0151en j\u00f3l tartja mag\u00e1t, sz\u00f3val \u00e9n a helyetekben biztosan szeml\u00e9l\u0151d\u0151 \u00e1ll\u00e1spontra helyezkedn\u00e9k \u00e9s nem csin\u00e1ln\u00e9k semmit, egyel\u0151re.<\/strong><\/p>\n\n\n\n<pre class=\"wp-block-preformatted\"><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Ha pedig tov\u00e1bb akartok elemezni, haszn\u00e1lj\u00e1tok az iO Charts r\u00e9szv\u00e9nykeres\u0151j\u00e9t \u00e9s portf\u00f3li\u00f3 kezel\u0151j\u00e9t, amit itt \u00e9rtek el: <a class=\"nturl\" href=\"https:\/\/iocharts.io\/\" target=\"_blank\" rel=\"noreferrer noopener\">iO Charts<\/a>.<\/strong><\/mark><\/pre>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/ibkr.com\/referral\/balintzsolt366\" target=\"_blank\" rel=\" noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"256\" data-src=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp\" alt=\"\" class=\"wp-image-9668 lazyload\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/256;width:1140px;height:auto\" data-srcset=\"https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-1024x256.jpg.webp 1024w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-414x104.jpg.webp 414w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-768x192.jpg.webp 768w, https:\/\/iocharts.io\/blog\/wp-content\/smush-webp\/2026\/02\/IBKR-banner-bonusz-200-usd-scaled.jpg.webp 1110w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/><\/a><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<h2 class=\"wp-block-heading\">Gyakran Ism\u00e9telt K\u00e9rd\u00e9sek: Szakmai k\u00e9rd\u00e9sek a Visa \u00e9s a Mastercard kapcs\u00e1n<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">Mi\u00e9rt tartj\u00e1k a Visa \u00e9s a Mastercard r\u00e9szv\u00e9nyeket \u201etoll-bridge\u201d \u00fczleti modellnek?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">A Visa r\u00e9szv\u00e9ny \u00e9s a Mastercard r\u00e9szv\u00e9ny m\u00f6g\u00f6tti v\u00e1llalatok val\u00f3j\u00e1ban technol\u00f3giai h\u00e1l\u00f3zatokat \u00fczemeltetnek, amelyek \u00f6sszek\u00f6tik a bankokat, a keresked\u0151ket \u00e9s a fogyaszt\u00f3kat. Mivel nem hiteleznek, hanem a tranzakci\u00f3k ut\u00e1n szednek fix vagy sz\u00e1zal\u00e9kos d\u00edjat, olyanok, mint egy v\u00e1mh\u00edd \u00fczemeltet\u0151i: mindenki, aki \u00e1t akar haladni a glob\u00e1lis fizet\u00e9si infrastrukt\u00far\u00e1n, k\u00e9nytelen megfizetni nekik az \u00fatd\u00edjat, mik\u00f6zben a c\u00e9geknek szinte nulla az inkrement\u00e1lis k\u00f6lts\u00e9g\u00fck egy \u00fajabb tranzakci\u00f3 feldolgoz\u00e1sakor.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Val\u00f3di vesz\u00e9lyt jelentenek-e a stablecoinok a k\u00e1rtyat\u00e1rsas\u00e1gok \u00e1rfolyam\u00e1ra?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">B\u00e1r a stablecoinok forgalma pap\u00edron m\u00e1r el\u00e9ri a sokmilli\u00e1rd USD-s nagys\u00e1grendet, ennek d\u00f6nt\u0151 t\u00f6bbs\u00e9ge technikai jelleg\u0171 kriptokeresked\u00e9s, \u00e9s csup\u00e1n eleny\u00e9sz\u0151 r\u00e9sze (kb. 2.3%) val\u00f3s fogyaszt\u00f3i fizet\u00e9s. A Mastercard r\u00e9szv\u00e9ny \u00e9s a Visa r\u00e9szv\u00e9ny fundamentumait r\u00f6vid t\u00e1von nem rend\u00edti meg ez a technol\u00f3gia, s\u0151t, mindk\u00e9t \u00f3ri\u00e1s akt\u00edvan integr\u00e1lja a blokkl\u00e1nc-elsz\u00e1mol\u00e1st (pl. USDC) saj\u00e1t h\u00e1l\u00f3zat\u00e1ban, \u00edgy a stablecoin ink\u00e1bb egy \u00fajabb, hat\u00e9konyabb \u201es\u00ednn\u00e9\u201d v\u00e1lhat az \u0151 kez\u00fckben, semmint k\u00fcls\u0151 diszruptorr\u00e1.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Milyen hat\u00e1ssal lehet az eur\u00f3pai Wero rendszer a Visa \u00e9s a Mastercard piaci poz\u00edci\u00f3j\u00e1ra?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Az eur\u00f3pai Wero (kor\u00e1bban iDEAL) egy olyan sz\u00e1ml\u00e1r\u00f3l-sz\u00e1ml\u00e1ra (A2A) alap\u00fa azonnali fizet\u00e9si megold\u00e1s, amely teljesen megker\u00fcli a nemzetk\u00f6zi k\u00e1rtyah\u00e1l\u00f3zatokat, \u00edgy jelent\u0151s k\u00f6lts\u00e9gmegtakar\u00edt\u00e1st k\u00edn\u00e1l a keresked\u0151knek. Amennyiben ez a modell eg\u00e9sz Eur\u00f3p\u00e1ban elterjed, az \u00e9rdemi piacr\u00e9szesed\u00e9st has\u00edthat ki a tranzakci\u00f3s volumenb\u0151l, ami hossz\u00fa t\u00e1v\u00fa n\u00f6veked\u00e9si kock\u00e1zatot jelenthet, \u00e9s nyom\u00e1st gyakorolhat a Visa r\u00e9szv\u00e9ny \u00e9s a Mastercard r\u00e9szv\u00e9ny historikusan magas profitmarzsaira a kontinensen.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Mi\u00e9rt tartja Warren Buffett tov\u00e1bbra is portf\u00f3li\u00f3j\u00e1ban mindk\u00e9t fizet\u00e9si \u00f3ri\u00e1st?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Buffett az\u00e9rt kedveli a Mastercard r\u00e9szv\u00e9ny \u00e9s a Visa r\u00e9szv\u00e9ny p\u00e1ros\u00e1t, mert mindk\u00e9t c\u00e9g elk\u00e9peszt\u0151 h\u00e1l\u00f3zati hat\u00e1ssal (moat) rendelkezik, \u00e9s szinte lehetetlen \u00faj versenyz\u0151k\u00e9nt glob\u00e1lis szinten lem\u00e1solni az infrastrukt\u00far\u00e1jukat. A befektetett t\u0151ke megt\u00e9r\u00fcl\u00e9se (ROIC) n\u00e1luk az egyik legmagasabb a vil\u00e1gon, \u00e9s mivel a bev\u00e9teleik a tranzakci\u00f3s \u00e9rt\u00e9k ar\u00e1ny\u00e1ban n\u0151nek, term\u00e9szetes v\u00e9delmet \u00e9lveznek az infl\u00e1ci\u00f3 ellen is, ami t\u00f6k\u00e9letesen illeszkedik a Berkshire Hathaway hossz\u00fa t\u00e1v\u00fa \u00e9rt\u00e9kalap\u00fa strat\u00e9gi\u00e1j\u00e1ba.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Befoly\u00e1solja-e a Trump-adminisztr\u00e1ci\u00f3 kamatplafon-javaslata a k\u00e1rtyah\u00e1l\u00f3zatok bev\u00e9tel\u00e9t?<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">B\u00e1r a 10%-os hitelkamat-sapka javaslata els\u0151sorban a k\u00e1rtyakibocs\u00e1t\u00f3 bankokat s\u00fajtan\u00e1, k\u00f6zvetetten negat\u00edvan \u00e9rintheti a Visa r\u00e9szv\u00e9ny \u00e9s a Mastercard r\u00e9szv\u00e9ny forgalm\u00e1t is, ha a bankok emiatt visszav\u00e1gj\u00e1k a h\u0171s\u00e9gprogramokat \u00e9s a k\u00e1rty\u00e1s \u00f6szt\u00f6nz\u0151ket. Ugyanakkor fontos hangs\u00falyozni, hogy maguk a h\u00e1l\u00f3zat\u00fczemeltet\u0151k nem szednek kamatot, \u00edgy k\u00f6zvetlen bev\u00e9telkies\u00e9st a szab\u00e1lyoz\u00e1s nem okoz n\u00e1luk, a piaci p\u00e1nik pedig sokszor t\u00falz\u00f3 reakci\u00f3t v\u00e1lt ki az \u00e1rfolyamukban.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide\"\/>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><em><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">Jogi \u00e9s felel\u0151ss\u00e9gi nyilatkozat (aka. disclaimer)<\/mark>:<\/em><\/strong><em> a cikkeim mag\u00e1nv\u00e9lem\u00e9nyt tartalmaznak, kiz\u00e1r\u00f3lag a saj\u00e1t \u00e9s az olvas\u00f3k\u00f6z\u00f6ns\u00e9g sz\u00f3rakoztat\u00e1s\u00e1ra \u00edrom \u0151ket.&nbsp;Az&nbsp;itt megjelen\u0151 cikkek semmilyen form\u00e1ban&nbsp;NEM&nbsp;mer\u00edtik ki a befektet\u00e9si tan\u00e1csad\u00e1s t\u00e9mak\u00f6r\u00e9t. Soha nem akartam, nem is akarok \u00e9s a j\u00f6v\u0151ben sem val\u00f3sz\u00edn\u0171, hogy fogok ilyet adni.&nbsp;Az itt le\u00edrtak kiz\u00e1r\u00f3lag inform\u00e1ci\u00f3s tartalomnak tekinthet\u0151k, \u00e9s&nbsp;NEM&nbsp;\u00e9rtelmezhet\u0151ek aj\u00e1nlatt\u00e9telnek. A v\u00e9lem\u00e9nynyilv\u00e1n\u00edt\u00e1s semmilyen form\u00e1ban&nbsp;NEM&nbsp;tekinthet\u0151 biztos\u00edt\u00e9knak p\u00e9nz\u00fcgyi instrumentumok elad\u00e1s\u00e1ra vagy v\u00e1s\u00e1rl\u00e1s\u00e1ra.&nbsp;A meghozott d\u00f6nt\u00e9seitek\u00e9rt&nbsp;KIZ\u00c1R\u00d3LAG TI&nbsp;vagytok a felel\u0151sek, ennek kock\u00e1zat\u00e1t senki m\u00e1s, \u00edgy \u00e9rtelemszer\u0171en \u00e9n sem, v\u00e1llalom magamra.<\/em><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>\ud83e\udd14 Mir\u0151l sz\u00f3l a Piaci Impulzus rovat? \ud83e\udd14 Megbicsaklott a Visa \u00e9s a Mastercard r\u00e9szv\u00e9ny \u00e1rfolyama. Pedig, ha van olyan c\u00e9g, amelyre illik a &#8222;megker\u00fclhetetlen&#8221; jelz\u0151, akkor az a Visa \u00e9s a Mastercard r\u00e9szv\u00e9ny, most azonban m\u00e9gis megt\u00f6rni l\u00e1tszik a lend\u00fclet\u00fck, hiszen sok \u00e9v ut\u00e1n el\u0151sz\u00f6r vannak technol\u00f3giai megold\u00e1sok arra, hogy TELJESEN kiker\u00fclj\u00e9k a h\u00e1l\u00f3zatukat. [&hellip;]<\/p>\n<div class=\"read-more\"><a href=\"https:\/\/iocharts.io\/blog\/visa-es-mastercard-reszveny-kartyapokalipszis\/\" class=\"btn btn-primary btn-lg\">Tov\u00e1bb<\/a><\/div>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":2,"featured_media":10680,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[144,272,399,31,401],"tags":[349,129,275,348,74,4,115,346],"class_list":["post-10658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-amerikai-reszvenyek","category-market-impulse","category-penzugyi-szektor","category-reszvenyelemzes","category-tech-szektor","tag-bankkartya","tag-iocharts","tag-market-impulse","tag-mastercard-reszveny","tag-portfolioblogger","tag-reszveny","tag-reszvenyelemzes","tag-visa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Visa \u00e9s Mastercard r\u00e9szv\u00e9ny: k\u00e1rtyapokalipszis?<\/title>\n<meta name=\"description\" content=\"A Visa \u00e9s a Mastercard r\u00e9szv\u00e9ny \u00e1rfolyama megbicsaklott: AI diszrupci\u00f3, \u00faj fizet\u00e9si megold\u00e1sok, stablecoin. 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