Credit card is still the king of brick and mortar stores. No payment system can rival Visa and Master Card. It's their online payments market share they are extremely worried about. Visa is particularly vulnerable because they are a bit behind Master Card on the bitcoin front. All of the bitcoin debit cards available are from Master Card and I have yet to see one by Visa.
Collab, an arm of Visa Europe, is investigating Bitcoin-oriented companies that could disrupt their business model ultimately
I think they wish to seek out bitcoin startups with potential and buy them out. Visa has so much money, they can afford to buy any new threats out there. They can choose to incorporate the new company into Visa or destroy the new company. The important point is not let Master Card or any other new entrants have a sound payment system that could "disrupt their business model".