I think most investors would agree that (NYSE: V) and Mastercard (NYSE: MA) are two high-quality enterprises. Both companies, whose shares have been big winners historically, are even owned by the great Warren Buffett in Berkshire Hathaway's portfolio.

Nonetheless, that doesn't mean investors should be letting their guard down. All businesses face risks. For Visa and Mastercard, there is probably no greater threat than the possibility of direct payment channels.

Visa and Mastercard operate global communications networks that allow for the processing of card transactions. Anytime one of their billions of cards in circulation gets used at checkout, the businesses earn fees. This is a very financially successful business model.

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Source Fool.com