Visa (V) J.P. Morgan 54th Annual Global Technology, Media and Communications Conference summary

Ecosystem and network strategy

• Described as a hyperscaler, curating a global payments ecosystem with 175 million merchants and 18 billion endpoints across 200 countries.

• Visa as a Service stack includes network, services, solutions, and access layers, enabling innovation and growth.

• Focus on expanding total addressable market (TAM) through AI, agentic commerce, and interoperability between stablecoin and traditional payments.

• Strategy centers on enabling ecosystem participants to build on Visa’s platform, driving durable long-term growth.

Financial performance and growth drivers

• Achieved the best quarter of growth in over a decade, with resilient consumer spend in the U.S. and internationally.

• Value-added services (VAS) and commercial money movement solutions (CMS) are the fastest-growing segments, with VAS at $3.3 billion (30% of revenue, up 27%) and CMS up 24%.

• Raised full-year guidance for both revenue and EPS, citing strong first half and positive outlook.

• Events like the FIFA World Cup provide additional tailwinds, boosting client engagement and payments volume.

Volume trends and market resilience

• U.S. payment volume (USPV) up 1.5 points, driven by higher tax returns and broad-based consumer strength across spend bands.

• International payment volume stable, with CEMEA region impacted by conflict but offset by strength in other regions.

• Cross-border volumes remain strong and diversified, with no single region exceeding 25% of inbound volume; e-commerce now 40% of cross-border.

• FX volatility contributed to outperformance but is difficult to predict; overall, anticipating a normal year.