Buffett was interviewed by Cathy Baron-Tamraz, President and Chief Executive Officer of Business Wire, a Berkshire Hathaway company which partnered with Market Platform Dynamics to launch a new online B2B channel dedicated to the payments sector, PYMNTS.com.

When asked about the economy's prospects, Buffett said that "enormous" progress has been made since a year ago, which is a credit, in his view, to what the government did to in the Fall of 2008 to keep the economy from "going over a cliff." And although, the economy won't be back the way it was for a while, Buffett believes that the worst is behind us. He was more cautious when asked about unemployment rates, citing that companies must be convinced that demand is there before hiring and that may take some time.

His comments about the payments industry are based on his experience as an early investor in American Express in 1964. He was attracted to the company because of its positioning and their marketing, which included a green card with a centurion icon, which he described as something akin to looking like "Mr. Integrity." Buffett said that he was convinced that cardholders preferred pulling out a card that "made it look you were J.P. Morgan or something." That drove the merchant demand -- and acceptance -- for the product.

Buffett cited the lessons of his American Express experience in building a success business: give the customer what they want. The American consumer - Buffett says, is king. He goes on to say, "You can push them around for a week or a month maybe, but you either figure out what's in your customers' mind and decide you are going to serve them; or you are not going to be in business. They are right, and you are wrong. It's what made this country, to some extent, what it is. No one who has ever taken good care of a customer has lost." Buffett suggested that this consumer preference is what "keep people pulling out a card" rather than taking advantage of the other options that have emerged recently to replace magnetic stripe cards.

The interview and transcript can be found at PYMNTS.com, an online media channel that captures user-generated and expert-driven commentary, information, news and analysis on "what's next" in the payments sector, worldwide.