What are the elements that make the payments industry complex, and what are the macro-environment factors that influence it? Assess Visa's capability in maintaining its position as the market leader going forward.

2. What was Visa's approach to managing innovations in the payments world?
4. What should Visa do as its next steps, and why? Should it apply its resources to defend its current market position? Or should it collaborate with fintechs on initiatives of mutual interest? Or then, should it adopt the broader role of a facilitator, embracing fintechs and helping to accelerate their growth and development?