Visa (V) Goldman Sachs Technology Communacopia and Technology Conference summary

Macroeconomic and spending environment

• U.S. payment volumes through August are up 5%, consistent with Q3 trends, indicating stability across major markets.

• Cross-border volumes (excluding intra-Europe) are up 13% quarter to date, matching Q4 expectations.

• Processed transactions growth through August is up 10%, also consistent with Q3.

• Consumer spending has shown resilience despite employment uncertainty, rising loan payments, and inflation.

• APAC trends have softened, especially in mainland China, with payment volumes nearly flat year-over-year in Q3.

Growth opportunities and strategy

• The global consumer payments opportunity is estimated at $20 trillion, with a quarter in the U.S.; cash and check remain significant targets for digitization.

• Tap-to-pay adoption in the U.S. is at 50%, lagging behind the global average of 80%, presenting room for growth.

• E-commerce and new payment flows, such as rent and loan repayments, are key areas for further card penetration.

• Value-added services and new flows are major growth drivers, with new flows representing a $200 trillion addressable market.

• Optimism remains high for double-digit top-line growth globally, especially as many markets are early in the cash digitization cycle.

Value-added services and business mix

• Value-added services (VAS) have become a significant part of the business, with an annual run rate over $8 billion and growth above 20%.

• VAS is managed across five lines: issuing solutions, acceptance solutions, risk and advisory, consulting, and open banking.

• Up to two-thirds of VAS revenue appears as data processing revenue, with the remainder split between service and other revenue.

• VAS deepens client relationships, drives innovation, and creates a virtuous cycle benefiting the entire ecosystem.