Visa vs Mastercard from the 10-K filings, which one is actually the better business

On the surface they look identical. Both are payment networks, both have insane margins, both benefit from the global shift to digital payments. But once you dig into the numbers there are some real differences. Revenue mix is where it gets interesting. Visa is bigger (about 60% of global card volume vs Mastercard's 30-35%) and generates more from domestic payment volume. Mastercard has a higher percentage of cross-border revenue, which is the highest-margin transaction type. This means Mastercard actually benefits more from international travel recovery and global commerce growth. Their cross-border fees are like 3-4x the margin of a domestic swipe. Operating margins are both obscene but Mastercard has been closing the gap and in some quarters actually edges ahead. Visa's scale advantage doesn't translate to proportionally better margins the way you'd think, because Mastercard runs leaner. The thing that surprised me most is the value-added services segment. Both companies have been pushing hard into data analytics, fraud detection, and consulting. Mastercard's services revenue has been growing faster as a percentage of total revenue. I think this is actually the part of the business that matters most for the next 10 years because the core payment processing is basically a commodity at this point and the differentiation comes from the stack you build on top. From a valuation standpoint they're similar but Mastercard usually trades at a slight premium. I think that's justified by the cross-border exposure and faster services growth, but it's close enough that it basically comes down to which thesis you prefer. Visa if you want the scale and stability leader, Mastercard if you want the higher growth mix. I keep going back and forth on which I'd rather own for 10+ years. What's your take, and is there something in the filings I should be looking at that I'm missing?