> with all the rules and regulations out there.

And who wrote those? Aren't they just another part of the moat?

> It's actually quite fascinating how it was started.

Visa was founded in 1958 by Bank of America (BofA) as the BankAmericard credit card program.[1] In response to competitor Master Charge (now Mastercard), BofA began to license the BankAmericard program to other financial institutions in 1966.[8] By 1970, BofA gave up direct control of the BankAmericard program, forming a cooperative with the other various BankAmericard issuer banks to take over its management. It was then renamed Visa in 1976.

The answer is: "Banks."