I'm sure the hope for any individual stock picker is to find the next businesses that can get to a $1 trillion valuation. Owning companies well before they reach this exclusive club could result in strong gains for any portfolio.

You might immediately assume that you need to pick hyper-growth businesses at the cutting edge of artificial intelligence (AI). However, that's not the case. There are already two dominant businesses today that have a great shot at reaching $1 trillion market caps.

Here are the two magnificent stocks, both of which have crushed the S&P 500 during the past 10 years, that I believe will hit that milestone by the end of this decade.

Facilitating the smooth functioning of the economy

The two businesses that I'm talking about are none other than Visa (V 0.52%), with a market cap of $554 billion, and Mastercard (MA 0.63%), with a market cap of $425 billion. There is no shortage of reasons to appreciate these companies.

The first positive trait is that they both consistently post healthy growth. At a high level, this is driven mainly by the rising popularity of cashless transaction methods. Even in a developed economy like the U.S., there is a sizable growth runway. In emerging markets, such as Latin America or Southeast Asia, the opportunity to eat away at cash usage is even bigger.

As the two leading card networks, Visa and Mastercard are in a prime position to benefit. Combined, they handle trillions of dollars in payment volume each quarter and have billions of cards on their respective networks. I have high confidence that these figures will continue to grow in the foreseeable future.

Another must-know reason to like these companies is their wide economic moats, which will help defend against the ever-present threat of disruption. By operating two-sided payment platforms consisting of merchants and cardholders, Visa and Mastercard benefit from powerful network effects. Decades from now, it's hard to envision a situation in which these two companies aren't still thriving.

And lastly, one can't deny the financial prowess of Visa and Mastercard. They report some of the highest operating margins you will ever see, which are usually more than 60% for Visa and 50% for Mastercard. This results in the generation of lots of free cash flow (what's left from cash flow after capital spending), a sign of these businesses' quality.

Looking at the math

Both stocks have pulled back slightly during the past month, but they still trade at what many would consider premium valuations. Visa and Mastercard sell at price-to-earnings (P/E) ratios of 31 and 38, respectively. That might discourage prospective investors who believe this greatly reduces the potential to achieve solid returns in the future. But these valuations are lower than their trailing-five-year averages.

Based on the favorable qualities I discussed above, not many people would argue that the P/E multiples Visa and Mastercard command are unwarranted. These are undoubtedly two of the best businesses on the face of the planet.

If they can keep up their impressive growth trends, their market caps have a very good shot at hitting $1 trillion by 2030. According to average of analyst estimates, Visa and Mastercard are projected to increase their earnings per share at annualized rates of 13.3% and 16.7%, respectively, during the next three years. Should that continue throughout the decade, which I believe it will, then investors have a lot to be excited about.

What's interesting is that the businesses that are currently in the exclusive trillion-dollar club lean heavily toward the technology and internet sectors. That's understandable, as these enterprises have exhibited tremendous growth.

But Visa and Mastercard deserve a seat at the table. And if history is any guide, this will happen.