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Most Visa issuing banks won't initiate a chargeback on Paypal. In regards to Visa, Paypal is the merchant in this case. By funding your Paypal account with your Visa, you're completing a transaction with them. By making those funds available for your use through their system, Paypal is completing their side of the Visa transaction. Therefore, there's nothing to chargeback. The Paypal user who ripped your friend off has nothing to do with Visa.
Your friend will have to deal with Paypal's Buyer Protection program in this case. And since I'm guessing your friend was paying more than face value for the tickets (ie. he was under the impression he was buying from a scalper), Paypal probably won't do much except potentially shut down both accounts. This may be an extreme comparison, but it'd be like complaining to Paypal because you bought some weed, paid by Paypal and it was bunk.
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