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American Express: An Empire of Plastic
How history, brand, and structure have steadily built American Express' moat, and why Warren Buffett still calls it a one-of-a-kind business.
Visa (V) investor relations material
Visa Goldman Sachs Communicopia + Technology Conference 2025 summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Goldman Sachs Communicopia + Technology Conference 2025 summary9 Sep, 2025
Consumer spending and payment trends
Consumer spending remained strong through July and August, with consistent performance globally despite uncertain sentiment.
Cross-border transaction growth, excluding intra-Europe, reached about 11% in August, with both travel and e-commerce showing continued strength.
U.S. carded payment volumes have outpaced overall consumer spending, driven by products like TAP and Flex credential.
TAP transactions have reached 78% penetration at physical points of sale globally, with significant room for growth in the U.S.
Flex credential adoption is accelerating, with launches in Japan, the U.S., and Europe, targeting diverse use cases.
Strategic initiatives and product innovation
Visa as a Service has modernized the technology stack, offering layered connectivity, services, and solutions for clients and developers.
The Visa Accept product enables small sellers, especially in emerging markets, to accept tap-to-phone payments directly from banking apps.
Expansion of open banking and account-to-account (A2A) services is progressing in Europe and Brazil, with Tink and Visa Conecta facilitating pay-by-bank and PIX-based transactions.
U.S. open banking efforts are paused due to slow market development and regulatory uncertainty.
Value-added services (VAS) portfolio is broad and diversified, with 26% growth in Q2 and strong momentum across transaction enhancement, non-Visa services, and data-driven offerings.
Technology, security, and AI advancements
Tokenization is a core focus, with nearly 100% penetration in face-to-face transactions and 50% in digital, leading to significant fraud reduction and higher transaction success rates.
AI-driven capabilities are being integrated into authorization, fraud detection, and agentic commerce, with new APIs and platforms supporting agent-based payments.
Visa Account to Account Protect leverages AI and transaction data to detect and prevent fraud in A2A payments, with deployments in Argentina, the UK, and Brazil.
The Visa Intelligent Commerce platform is piloting agentic payments, focusing on trust, tokenization, and personalized data sharing.
What led to pausing US Open Banking efforts?
Flex credential: Drivers of early adoption
Explain stablecoin settlement volume quadrupling
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Q4 202528 Oct, 2025
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Frequently asked questions
Multinational financial services
Visa undeniably has one of the more attractive business models out there. You might think they issue cards and generate loans, but no, the company is facilitating transactions and is a royalty on consumer spending in a non-cash world. If you’re optimistic about the world and where it’s heading, Visa is undoubtedly a way to ride this trend, as cash still is used in many countries, and Visa's entrance into these markets will fuel their continued growth.
One of the world's largest card payment organizations
Visa is together with MasterCard, American Express, and Discover, the largest credit card network in the world.
Further reading: The Payment's Value Chain: A Complex Ecosystem
Visa has grown its revenue from 10.4 billion dollars in 2012 to 30.5 billion dollars in 2021, and EBITDA over the same period grew from 6.3 billion to 21 billion. This steadily increasing EBITDA margin, outpacing the revenue growth, is key, as more transactions pushed through Visa’s network mean higher incremental margins.
This asset-light business model enables the company to earn high margins, as stated, and also to invest in emerging technologies.
Their four-party payment system—VisaNet, facilitates transactions by authorizing, clearing, and settling them. The four parties involved in this system are:
Account holders. The cardholder who uses the card for payment anywhere that it's acceptable.
Issuers. Financial institutions are issuing Visa cards and products to account holders.
Acquirers. Contracts with merchants to accept Visa products.
Merchants. Retailers or billers accept Visa as an electronic payment method.
From cash to card worldwide
The shift from cash to cashless payments is in full motion. China and India, for example, more than 180 million people, respectively, made their first digital payments after the start of COVID-19. However, the trend is still in its infancy in most parts of the world, meaning significant growth opportunities lie ahead.
Further reading: Visa and Mastercard: The Global Payment Duopoly
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