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Visa ​

Visa Investor Relations ​

Class B-1, B-2 and C Common Stock Information ​

Series A, B and C Convertible Participating Preferred Stock Information ​

Common Stock Dividends ​

Defination ​

  • Payments volume represents the aggregate dollar amount of purchases made with cards and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands and excludes Europe co-badged volume.
  • Cash volume generally consists of cash access transactions, balance access transactions, balance transfers and convenience checks.
  • Total volume is the sum of payments volume and cash volume.
  • CEMEA: Central Europe, Middle East and Africa. Several European Union countries in Central Europe, Israel and Turkey are not included in CEMEA.
  • LAC: Latin America. LAC is comprised of countries in Central and South America and the Caribbean
  • International includes Asia Pacific, Canada, CEMEA, Europe and LAC.

Visa Debit

Visa Debit is a major brand of debit card issued by Visa in many countries around the world. Numerous banks and financial institutions issue Visa Debit cards to their customers for access to their bank accounts. In many countries the Visa Debit functionality is often incorporated on the same plastic card that allows access to ATM and any domestic networks like EFTPOS or Interac.

Visa Electron

Visa Electron was a debit card product that uses the Visa payment system. It is offered by issuing banks in every country with the exception of Canada, Australia, Argentina, Ireland and the United States. The difference between Visa Electron and Visa Debit, a similar product, is that payments with Visa Electron always require on-line electronic authorisation, and typically require that all the funds be available at the time of transfer, i.e., Visa Electron card accounts may not normally be overdrawn. Most Visa Debit cards, on the other hand, may be processed offline, without online authorisation, and may allow transfers exceeding available funds up to a certain limit. For that reason, Visa Electron cards are more commonly issued to younger customers or customers that have poor credit. Online stores and all offline terminals do not support Visa Electron because their systems cannot check for the availability of funds. In addition to point of sale debit payments, the card also allows the holder to withdraw cash from automated teller machines (ATMs) using the Plus interbank network.

In 2001, Banque Misr began offering the cards.

Many banks have migrated away from Visa Electron and instead issue Visa Debit cards; as such, Visa Electron issuance is declining.

Visa Electron has been discontinued globally in 2024. It has been replaced with Visa Debit.

VPAY

Visa Europe has designed the V PAY bank card for European consumers based on a chip and a PIN. The V PAY card makes it possible to pay in the shops and withdraw money from distributors all over Europe. V PAY thus contributes to the establishment of a Single European Payments Area (SEPA). As the first SEPA compliant product, the V PAY card uses the particularly secure EMV chip.

Thanks to the reliability of the EMV technology, V PAY offers two decisive advantages in terms of security:

  • With V PAY, transactions take place only by chip and PIN - the account data required for payment and found on the magnetic strip can no longer be abused (so-called "skimming") . Since the launch of this V PAY product in 2007, no case of skimming fraud has been recorded. Only supplementary services such as the printing the account statements or the opening of the door are still done via the magnetic strip
  • V PAY - as a chip-based payment process - excludes fraudulent use from a forged card. ATMs detect the absence of chips and therefore do not accept card copies.

V PAY is therefore a cross-border bank card solution that is both simple and secure, ideal for everyday use. V PAY cards can be used at millions of merchants and thousands of ATMs across Europe. V PAY cards are accepted all over the world, where EMV chip and PIN technology is available.

CyberSource

Cybersource is an American payment gateway founded in 1994.

In November 2007, Cybersource acquired the U.S. small business payment services provider Authorize.net for $565 million.

On April 22, 2010, Visa Inc. acquired Cybersource for $2 billion.

Visa Risk Manager

Visa Risk Manager is a web portal that provides a comprehensive suite of fraud and risk management tools that can be accessed through Visa Online 24/7. It is specifically designed to help issuers optimize fraud loss prevention and maximize profitability by providing clients with an effective transaction risk management decisioning system. From defining the parameters used to flag a transaction for review, to establishing rules to decline a transaction based on the potential for fraud, Visa Risk Manager enables intelligent decisioning throughout the entire transaction lifecycle.

Visa Direct

Cross-border solutions that can enable funds delivery across Visa’s card network and numerous domestic Automated Clearing House (ACH) and real-time payment (RTP) networks.

Visa B2B Connect

Visa B2B Connect is an innovative multilateral payment network, offering you an alternative cross-border solution that can address the unpredictability associated with the current correspondent banking processes.

Currencycloud

Currencycloud is Visa’s solution to empower Banks, Fintechs, and FX Brokers to offer multi-currency services quickly and easily through a ready-made suite of solutions, embedded in your software via APIs.

Pismo

Pismo is a technology company providing an all-in-one processing platform for banking, payments, and financial markets infrastructure. Large banks, marketplaces, and fintech companies use our cloud-native microservices platform to launch next-generation solutions and move from legacy systems to the most advanced technology in the market. The Pismo cloud-based platform empowers firms to build and launch financial products rapidly, scaling as they grow to have a broader audience while keeping high security and availability standards.

Jan. 16, 2024-- Visa (NYSE:V) announced it has completed its acquisition of Pismo.

Featurespace

Sep 26, 2024-- Visa (NYSE: V) today announced it has signed a definitive agreement to acquire Featurespace, a developer of real-time artificial intelligence (AI) payments protection technology that prevents and mitigates payments fraud and financial crime risks.

Since its inception out of Cambridge University’s engineering department, Featurespace has developed innovative algorithmic-based solutions to analyze transaction data and detect even the most elusive fraud cases.

Articles ​

The one operating number, by the way, that I tend to look at that we publish is processed transaction volume growth. So to me that strips away a lot of the volatility of at any moment in time what's happening with purchase mix across categories, what's happening to gas prices, what's happening in currency pairs, and really is a more pure reflection of who's using our network, how engaged are our users.

Visa as a Service is one of the most significant updates to Visa strategy since the network-of-networks strategy, I think five years ago.

We've basically taken the stack and turned it into a layered stack that our clients can use at a very base layer is our global connectivity, connectivity of 150 million points of merchant sale, connectivity to almost 5 billion credentials. So, when you use our stack, you plug in, you immediately get access to all of that.

Next layer up, services. Think about our authorization, clearing, settlement, the level of resiliency and performance that goes into that, but we've also been building new services, microservices for issuer processing, acceptance processing, risk management services, the full gamut.

And the next layer up, solutions, bundling together those services to create packaged solutions that our clients and developers can get on the platform and instantly consume and deploy, again, and get all the way back to that connectivity of 150 million merchants, 5 billion credentials through those packaged services.

The bottom line is there is still an enormous accessible TAM out there of $23 trillion worth of cash, check and ACH payments that we view as the market opportunity that enables us to grow faster everywhere in the world above that basic level of PCE growth that's true in the United States, that's true everywhere else.

We're at 78% penetration at the physical point of sale for Tap transactions. When we get users converting to Tap, we see meaningful lifts in cash conversion and meaningful lifts in spend per active card.

You can think Flex Credential as like a Swiss Army knife of credentials. It is a credit card, it is a debit card, it is buy-now, pay-later, it's pay with rewards. It's pay with multiple currencies, all on one single physical or digital credential.

A2A = Account to Account.

We participate in account-to-account in three different ways.

  • One, we obviously compete with it, and that's what I was just talking about, a whole bunch of ways in which we do that quite effectively.
  • But we also use the A2A rails to initiate and process transactions ourselves, and then
  • we supply services to others who are initiating and processing account-to-account transactions.

We acquired Tink several years ago. We saw the opportunity to participate in the emerging open banking payments market in Europe. We acquired Tink as our platform for doing that, and we're excited about the progress we've made. Tink is operating in nearly 20 different countries in Europe, connected to about 10,000 merchants for the purposes of pay-by-bank payment initiation.

We recently announced that we're launching an open banking payment initiation service in Brazil called Visa Conecta. And that capability is going to enable us to start to initiate Pix-based transactions for our clients in Brazil.

That account-toaccount settled transaction doesn't come with all of the feature and function that comes with a Visa transaction. It doesn't come with the security, it doesn't come with the trust, it doesn't come with the problem resolution mechanisms, the data payloads. And so, we thought about, well, how can we take everything that we do within the Visa network and start to make that available for the purposes of these account-to-account transactions?

Visa Account-to-Account Protect, which does exactly what I just said, at the transaction level, can detect fraud on account-to-account transactions, highly performative in capturing fraud. We've deployed it in Argentina, we've tested it successfully in the UK and a number of our clients in Brazil are actually using it to manage their Pix transaction risk.

There's also, at this moment in time, just a lot more uncertainty about how Open Banking is going to play out in the US from a regulatory standpoint, very much unlike Europe, where there's a very clear regulatory regime around it, or Brazil where there's a very clear regulatory regime around it. Here, there's just less certainty.

On the acquiring side, think about capabilities like our Cybersource gateway and risk management services, our Authorize.net capability, our consumer authentication services.

On the issuing side, it's capabilities like our DPS issuer processing, our Pismo core banking and issuer processing services, our loyalty services.

But we're at about 50% tokenized digital transactions, e-commerce transactions today, which is fantastic. But that means we've got 50% to go, and a big part of that 50% is tokenizing guest checkout and tokenizing form-fill transactions.

I wanted to touch on the Visa Direct business. It continued to be a major driver of growth, 25% transaction growth in the most recent quarter. The Investor Day cited several high growth use cases, including things like earned wage access and payouts. So, first I want to talk about this in a domestic context because, there are alternatives to Visa solutions in payouts, things like real-time pay-outs and A2A solutions. What's the strategy for competing with providers that leverage some of these competing form factors and what differentiates Visa Direct from these other rails?

But we knew that unlike a pull transaction, when you're sending money, you need to have even more ubiquitous coverage than the 5 billion. So, we've added bank accounts. We've added wallet capability.We've labored for many years to create that connectivity. And we now have a comprehensive network that, yes, can access those 5 billion endpoints using Visa credentials, but can also get to 11 billion total endpoints using bank accounts, wallets and other payment networks. So that ubiquity is a unique feature of Visa Direct.

RTP = Real-Time Payments（实时支付）

Don't see a lot of demand for the consumer, the merchant side, at least not yet. Do see a lot of demand for other use cases. Obviously, there's capital markets. That's a massive number, that's not necessarily our focus, but we're seeing more and more demand in other use cases, like the holding of US dollar denominated funds in markets outside of the US growing rapidly, the use of stablecoins as a more efficient mechanism for moving money across borders is growing.

We're taking those learnings and integrating them with our product development capability and our partnership efforts and focusing on areas like on-ramping and off-ramping. People want to hold US dollar-based stablecoin deposits in other countries, but when it comes to using that money, they want to off-ramp it back into their local currency. So, we're providing those on-ramps, we're providing those off-ramps

we're offering them the opportunity to settle on our network in stablecoins. We started that several years ago with USDC. We've added EURC, we've added PYUSD and USDG now. We're operating on four blockchains. Last time I talked about it publicly, we were at a run rate of about $250 million a year in stablecoin settlements. I checked in with the team just the other day, we're at about $1 billion now. So, just in the space of several months, we've quadrupled the amount of volume that we're doing in the stablecoin settlement space.

We've got to stage liquidity all over the world to make sure that we're replicating real time, even though the world's underlying settlement infrastructure isn't real time. We're using stablecoins to start to solve that problem and create more efficiency for us. And lastly, we're building capabilities for our clients to enable them to offer tokenized assets, deposits and stablecoins to their own customers through our Visa Tokenized Asset Platform.

Yellow Card, the leading licensed stablecoin payments orchestrator for Africa and the emerging world, announced a partnership with Visa (NYSE: V), a global leader in digital payments, to help drive the next phase of innovation in cross-border payments and financial infrastructure across emerging markets where Yellow Card is licensed to operate.

Through this partnership, Visa and Yellow Card will collaborate to explore stablecoin use cases and opportunities to help streamline treasury operations, enhance liquidity management, and enable faster, more cost-effective money movement across borders.

Yellow Card operates in 20+ African countries and provides access to secure, compliant, and accessible stablecoin products for consumers, businesses, and developers.

Visa (NYSE:V), a global leader in digital payments, and Bridge, a leading stablecoin orchestration platform and a Stripe company, today announced a new card-issuing product. Fintech developers using Bridge can now offer stablecoin-linked Visa cards to their end customers in multiple countries through a single API integration.

Cardholders will be able to make everyday purchases from a stablecoin balance at any merchant location that accepts Visa. For example, when a customer in Colombia shops locally and uses their Bridge-enabled Visa card to pay a merchant, Bridge deducts the requisite funds from the customer’s stablecoin balance and converts the balance into fiat, enabling the merchant to get paid in their local currency like any other transaction. Customers can add these cards to supporting digital wallets and pay at the 150M+ merchant locations that accept Visa.

Developers building with Bridge can now easily add stablecoin-linked Visa cards to their product offerings and manage these programmatically through Bridge in multiple countries. Behind the scenes, Bridge moves and converts stablecoins from and to those cards on behalf of developers. Bridge is working with Lead Bank as a financial institution partner.

The integration enables issuance of new card programs in multiple countries at once, starting with Argentina, Colombia, Ecuador, Mexico, Peru and Chile. The focus on Latin America aims to address the growing demand for consumers and businesses to utilize stablecoins to store value and fund everyday purchases. Availability will expand to countries in Europe, Africa and Asia in the coming months.

The combined, global company provides digital payment products, services and processing to about 17,100 financial institution clients and partners, 40 million merchant outlets, and 3.0 billion Visa cards worldwide. Visa–branded cards and payment products enable approximately $6.8 trillion in global payments volume annually.

At the closing of the transaction (the "Closing"), the Company:

  • paid up-front cash consideration of €12.2 billion ($13.9 billion);
  • issued preferred stock of the Company convertible upon certain conditions into approximately 79 million shares of class A common stock of the Company, as described below, equivalent to a value of €5.3 billion ($6.1 billion) at the closing stock price of $77.33 on June 21, 2016; and
  • agreed to pay an additional €1.0 billion, plus 4% compound annual interest, on the third anniversary of the Closing.

Quarterly Results ​

2025Q3 ​

On May 15, 2025, Visa issued fixed-rate senior notes in an aggregate principal amount of €3.5 billion with maturities ranging between 3 and 19 years, and interest rates from 2.250% to 3.875%. The Company intends to use the net proceeds for general corporate purposes, which may include, among other things, the refinancing of existing indebtedness.

During the three months ended June 30, 2025, Visa repurchased approximately 14 million shares of class A common stock at an average cost of $349.24 per share for $4.8 billion. The Company had $29.8 billion of remaining authorized funds for share repurchases as of June 30, 2025.

On July 29, 2025, the board of directors declared a quarterly cash dividend of $0.590 per share of class A common stock (determined in the case of all other outstanding common and preferred stock on an as-converted basis) payable on September 2, 2025, to all holders of record as of August 12, 2025.

Three growth engines

  • Consumer payments
  • Commercial & Money Movement Solutions
  • Value-added services
    • Issuing Solutions
    • Acceptance Solutions
    • Risk & Security Solutions
    • Advisory & other services

We renewed our agreement with ShopeePay, a leading digital payments platform serving tens of millions of users and expanded geographically from Singapore, Malaysia, and Vietnam, to include the Philippines, Indonesia and Thailand, and also expanded with additional products such as tokenization.

StableCoin

We believe that Visa's role is to do what we always do: provide trust, standards, connectivity, billions of endpoints, scale, and interoperability to the payments ecosystem.

Beyond capital markets use cases, we see product market fit for stablecoins in two important areas: one, in emerging markets where the local fiat currency is volatile and/or where consumers do not have easy or affordable access to US dollars; and two, in cross-border money movement, both B2B payments and consumer remittances.

We have deployed stablecoin-linked cards in many markets around the world with partners such as Bridge, Rain and Baanx.

Since 2020, we have enabled crypto users to spend more than $25 billion in Bitcoin, Ethereum and an array of other cryptocurrencies, and now stablecoins.

We are also enabling cross-border money movement capabilities for P2P and B2B in certain emerging markets. And we are piloting and partnering with stablecoin payments companies who specialize in these markets, as we build out our stablecoin treasury stack for settlement and money movement flows.

A recent example is with Yellow Card in Sub-Saharan Africa. Together, we are working to streamline treasury operations, improve liquidity management, and enable quick and more cost-efficient cross-border transactions. Additionally, we are also helping banks issue their own stablecoins and realize the benefits of programmable money through our Visa Tokenized Asset Platform. And we offer multi-chain and multi-coin, stablecoin settlement on the Visa network. We recently expanded our capabilities by adding a euro-backed stablecoin, EURC, and through a partnership with Paxos, two additional regulated stablecoins, USDG and PYUSD. We are also adding support for two additional blockchains, Stellar and Avalanche, enabling us to support four stablecoins running on four unique blockchains, representing two currencies that we can then accept and convert to over 25 traditional fiat currencies across the world for our clients within settlement infrastructure. There is so much more to come in this space, and we are excited about enabling commercial and money movement flows globally across networks, currencies and form factors.

The first, on the emerging markets use cases, the bulk of those markets around the world are very cash-rich markets. The bulk of those markets around the world are markets where we haven't been as successful digitizing cash as we have in more mature markets.
And so to the extent that stablecoins get adopted in a broad-based way by both consumers and businesses, and assuming that we are able to continue to have success with our playbook of making Visa cards the preferred way for people who have stablecoins in those markets to pay for things, I think that could accelerate our progress digitizing consumer payments and business, small business and commercial payments in those markets.

The second product – area of product market fit that I mentioned was cross-border. And as you know well, the cross-border TAM in terms of whether it's remittances or B2B money movement, those are enormous TAMs that we're still relatively low in terms of our penetration of those as well. And so I think to the extent that we can do the types of things I was mentioning in the question that Will asked earlier for remittances on our Visa Direct platform, that's going to be an opportunity for us to continue to expand and accelerate our growth in remittances.

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