It's an exaggeration, but he is right about one thing: developing countries have built very successful alternate digital financial infrastructures to bypass the duopoly of American financial giants (Visa, Mastercard and Amex).<p>These indigenous FinNet (financial networks), and services built on it like China's WeChat Pay, AliPay or India's UPI, Net Banking, digital Wallets etc. are today the most popular and preferred digital payment mode online than credit or debit cards. Credit and debit cards still rule on PoS / physical retail stores (atleast in India). But Russia, China and India also have invested in their own national payment processing system to compete with Visa / Mastercard, and have taken away a substantial market share from them through their home-grown debit / credit cards (MIR/МИР in Russia, UnionPay in China, RuPay in India). The reduced market share due to these local competitors have cost Visa & Mastercard loss of billions of dollars in these countries. Once these national payment processors go global, Visa and Mastercard will definitely have to lobby to the US to enforce some kind of protectionist measures to safeguard their business.