Visa Inc. is a global payments technology company that operates one of the world's largest electronic payments networks, VisaNet, providing transaction processing services such as authorization, clearing, and settlement across more than 200 countries and territories . The company does not issue cards, extend credit, or set rates and fees for account holders; instead, it facilitates secure and efficient money movement for its financial institution clients . Visa's business activities are primarily categorized into three growth pillars: consumer payments, new payment flows, and value-added services .
- Consumer Payments - Focuses on increasing credentials and acceptance locations, with over 4.6 billion credentials and 150 million merchant locations globally .
- Value-Added Services - Contributes significantly to revenue growth, divided into issuing solutions, acceptance solutions, risk and identity solutions, advisory services, and open banking .
- New Payment Flows - Represents a significant growth opportunity, including business-to-business (B2B), person-to-person (P2P), and government-to-consumer (G2C) transactions, with a market potential of $200 trillion .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Chris Suh Executive | Chief Financial Officer | Board Member at Cardlytics, Inc. | Chris Suh is the CFO of Visa Inc. since August 2023. He previously held senior roles at Electronic Arts and Microsoft. | |
Julie B. Rottenberg Executive | General Counsel | None | Julie B. Rottenberg has been with Visa since February 2008, overseeing legal and compliance functions. | |
Paul D. Fabara Executive | Chief Risk and Client Services Officer | None | Paul D. Fabara has been with Visa since September 2019, leading global risk and client operations. | |
Ryan McInerney Executive | Chief Executive Officer | None | Ryan McInerney is the CEO of Visa Inc. since February 2023. He previously served as President of Visa from May 2013 to January 2023. | View Report → |
Denise M. Morrison Board | Director | Board Member at MetLife, Inc. and Quest Diagnostics Inc. | Denise M. Morrison has been an Independent Director since August 2018. | |
Francisco Javier Fernández-Carbajal Board | Director | Director at ALFA S.A.B. de C.V., CEMEX S.A.B. de C.V., Fomento Economico Mexicano, S.A.B. de C.V. (Alternate Director) | Francisco Javier Fernández-Carbajal has been an Independent Director since October 2007. | |
John F. Lundgren Board | Chair of the Board | Chairman of Topgolf Callaway Brands Corp | John F. Lundgren has been an Independent Director since April 2017 and Chair of the Board since January 2024. | |
Kermit R. Crawford Board | Director | Board Member at C.H. Robinson Worldwide, Inc. and The Allstate Corporation | Kermit R. Crawford has been an Independent Director since October 2022. | |
Linda J. Rendle Board | Director | CEO and Board Chair of The Clorox Company | Linda J. Rendle has been an Independent Director since November 2020. | |
Lloyd A. Carney Board | Director | Chairman of Grid Dynamics Holdings Inc., Director at Vertex Pharmaceuticals, CEO of Carney Global Ventures, LLC, Ambassador for Jamaica, Chancellor of University of Technology | Lloyd A. Carney has been an Independent Director since June 2015. | |
Maynard G. Webb, Jr. Board | Director | Founder of Webb Investment Network, Board Member at Salesforce, Inc. | Maynard G. Webb, Jr. has been an Independent Director since January 2014. | |
Pamela Murphy Board | Director | Board Member at Rockwell Automation, Inc. | Pamela Murphy has been an Independent Director since April 2023. | |
Ramon Laguarta Board | Director | CEO and Chairman of PepsiCo, Inc. | Ramon Laguarta has been an Independent Director since November 2019. | |
Teri L. List Board | Director | Director at Danaher Corporation, Microsoft Corporation, lululemon athletica, inc. | Teri L. List has been an Independent Director since April 2022. |
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With the DOJ lawsuit challenging Visa's practices in the U.S. debit market, how confident are you in defending your position, and could you quantify the potential impact on your U.S. debit revenue exposure if the outcome is unfavorable?
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Given the increasing proliferation of account-to-account payments and initiatives like Walmart's enhanced pay-by-bank offerings, how does Visa plan to compete and mitigate the risk of disintermediation in consumer payments?
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Can you provide more clarity on the deceleration in commercial volumes due to days mix in Q4, and what macroeconomic factors are influencing your expectations for commercial volume growth going forward?
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As value-added services for non-Visa transactions become a larger part of your business, can you break down the revenue contribution from these services and how they might impact your overall transaction yields?
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With the CFPB's final open banking rule potentially changing the competitive landscape in the U.S., what strategies does Visa have to leverage open banking through Tink while addressing any potential headwinds?
Research analysts who have asked questions during VISA earnings calls.
Darrin Peller
Wolfe Research, LLC
6 questions for V
Harshita Rawat
AllianceBernstein
6 questions for V
Sanjay Sakhrani
Keefe, Bruyette & Woods (KBW)
6 questions for V
Tien-tsin Huang
JPMorgan Chase & Co.
6 questions for V
Timothy Chiodo
UBS Group AG
6 questions for V
Trevor Williams
Jefferies LLC
4 questions for V
Andrew Schmidt
Citigroup Inc.
3 questions for V
Bryan Keane
Deutsche Bank
3 questions for V
Dan Dolev
Mizuho Financial Group
3 questions for V
Fahed Kunwar
Redburn Atlantic
3 questions for V
Gus Gala
Monness, Crespi, Hardt & Co., Inc.
3 questions for V
Jason Kupferberg
Bank of America
3 questions for V
Nate Svensson
Deutsche Bank
3 questions for V
Will Nance
Goldman Sachs
3 questions for V
Craig Maurer
FT Partners
2 questions for V
Daniel Perlin
RBC Capital Markets
2 questions for V
James Faucette
Morgan Stanley
2 questions for V
Ramsey El-Assal
Barclays
2 questions for V
William Nance
The Goldman Sachs Group, Inc.
2 questions for V
Adam Frisch
Evercore ISI
1 question for V
Andrew Jeffrey
William Blair & Company
1 question for V
Bryan Bergin
TD Cowen
1 question for V
David Koning
Robert W. Baird & Co.
1 question for V
Dominick Gabriele
Compass Point Research & Trading, LLC
1 question for V
Jeffrey Cantwell
Seaport Research Partners
1 question for V
Paul Golding
Macquarie Capital
1 question for V
Rayna Kumar
Oppenheimer & Co. Inc.
1 question for V
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
This competitor is a global or multi-regional network offering a range of branded, general-purpose card payment products. It operates a closed-loop payment system with direct connections to both merchants and consumers. It is also included in a comparison chart of network competitors for calendar year 2023, showing its payments volume, total volume, total transactions, and number of cards issued. | |
This competitor is a global or multi-regional network offering branded card payment products. It is more concentrated in specific geographic regions, such as the U.S., and operates a closed-loop payment system. It is also included in a comparison chart of network competitors for calendar year 2023. | |
JCB | This competitor is a global or multi-regional network offering branded card payment products. It is more concentrated in specific geographic regions, such as Japan, and is included in a comparison chart of network competitors for calendar year 2023. |
This competitor is a global or multi-regional network offering a range of branded card payment products. It is included in a comparison chart of network competitors for calendar year 2023, showing its payments volume, total volume, total transactions, and number of cards issued. | |
UnionPay | This competitor has a leading position in China and is the predominant processor of domestic payment card transactions in the country. It is actively pursuing international expansion plans and benefits from regulatory barriers that shield it from competition in China. |
Alipay | This competitor operates a closed-loop payment system and has rapidly expanded into ecommerce, offline, and cross-border payments in China. It is a significant alternative payments provider in the region. |
WeChat Pay | This competitor operates a closed-loop payment system and has rapidly expanded into ecommerce, offline, and cross-border payments in China. It is a significant alternative payments provider in the region. |
NYCE | This is a local and regional network in the U.S. that focuses on debit payment products and benefits from strong local acceptance and recognizable branding. |
Pulse | This is a local and regional network in the U.S. that focuses on debit payment products and benefits from strong local acceptance and recognizable branding. |
STAR | This is a local and regional network in the U.S. that focuses on debit payment products and benefits from strong local acceptance and recognizable branding. |
Interac | This is a local and regional network in Canada that focuses on debit payment products and benefits from strong local acceptance and recognizable branding. |
eftpos | This is a local and regional network in Australia that focuses on debit payment products and benefits from strong local acceptance and recognizable branding. |
Early Warning Services (Zelle) | This competitor operates a bank-offered alternative network providing a platform for faster funds or real-time payments across various payment types, including P2P, corporate and government disbursements, bill pay, and deposit check transactions. |
The Clearing House | This competitor has developed its own faster payments system and participates in alternative payment systems or products, such as real-time and faster payment initiatives. |
FedNow | This is a real-time payments network launched by the U.S. Federal Reserve with core clearing and settlement functionality, competing with payment card schemes for domestic transactions. |
Pix | This is a real-time payments network launched by the Central Bank of Brazil, competing with payment card schemes for domestic transactions. |
Unified Payments Interface (UPI) | This is a real-time payments network in India that competes with payment card schemes for domestic transactions. International payment networks like Visa are currently unable to participate in UPI. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Featurespace Limited | 2024 | Visa entered a definitive agreement in September 2024 to acquire this AI-powered payments fraud prevention technology provider, with the deal subject to customary regulatory conditions and set to close in fiscal 2025, enhancing its real-time fraud prevention tools. |
Pismo Holdings | 2024 | Visa acquired Pismo Holdings on January 16, 2024 for $929 million to add a cloud-native issuer processing and core banking platform via APIs, enabling broad support for various payment types and emerging schemes. |
Tink AB | 2022 | Visa acquired 100% of Tink AB on March 10, 2022 for $1.9 billion in cash, gaining a European open banking platform that accelerates global open banking adoption, with detailed purchase price allocations reflecting its technology and customer relationship assets. |
The Currency Cloud Group Limited | 2021 | Visa entered a definitive agreement on July 22, 2021 to acquire Currencycloud, a UK-based platform that enables innovative foreign exchange solutions for cross-border payments, with a total valuation of £700 million inclusive of cash and retention incentives, subject to customary closing conditions. |
Recent press releases and 8-K filings for V.
- One View is an API-driven solution that unifies bank and non-bank card payment data into a single interface for real-time monitoring and rule enforcement.
- It embeds Featurespace’s ARIC™ Risk Hub machine-learning platform to detect anomalous behavior with high precision and reduce false positives.
- By consolidating siloed payment channels (A2A and P2P) under one dashboard, it streamlines workflows, shortens case-handling times and enables automated customer alerts.
- Thredd processes tens of billions of card transactions annually across 47 countries, while Featurespace secures over 100 billion transactions yearly for more than 75 million consumers.
- Stax Payments launches Stax Processing, marking its evolution into a full-stack, end-to-end payments processor built entirely in-house.
- The platform integrates APPS and BlockChyp to unify the payments lifecycle from origination through tokenization, clearing, and settlement.
- The in-house solution affords direct connections to major U.S. card networks, enhanced risk controls, and real-time data orchestration for ISVs and merchants.
- Since 2014, Stax has processed over $23 billion annually and supports more than 39,000 businesses across the U.S. and Canada.
- Ju.com rebranded as a Platinum Sponsor at TOKEN2049 Singapore, where CEO Sammi Li introduced the next phase of its ecosystem and the “Point. Click. Trade.” product philosophy.
- As of September 2025, the platform reached 50 million users across 100+ countries with $5 billion in daily trading volume, and its JU token surged from $0.10 to above $7 since launch.
- The newly unveiled JuPay infrastructure includes JuCard (0.6% fee across 200+ countries), fiat on-ramp partnerships (Simplex, Moonpay), global remittance, and QR-code payments converting crypto to fiat in real time.
- Ju.com’s ecosystem integrates JuChain L1 blockchain, xBrokers RWA liquidity network, and JuPay to form a borderless financial lifestyle loop covering deposit, trade, spend, and transfer.
- The Aleo Network Foundation and Paxos Labs are launching USAD, the first U.S. dollar stablecoin on a layer 1 blockchain with built-in zero-knowledge privacy infrastructure.
- USAD encrypts transaction amounts and participant identities end-to-end, addressing the privacy gap that has limited institutional blockchain adoption.
- Stablecoin transaction volume reached $27.6 trillion in 2024, surpassing combined Visa and Mastercard volumes by over 7%, and the 2025 Genius Act provides a regulatory framework to accelerate adoption.
- Aleo contributes its zero-knowledge cryptography, while Paxos Labs brings a regulated, institutional-grade issuance framework backed by compliant assets.
- At SIBOS 2025, Visa announced a stablecoin pre-financing pilot via Visa Direct to speed up cross-border payments, aiming to reduce upfront capital locks and accelerate liquidity for companies.
- The pilot treats acquired stablecoins as “bank deposits” to fund payouts, enabling transfers in minutes and reducing FX risk through the predictability of stablecoins.
- It targets banks and financial institutions that require faster, more flexible cross-border disbursements and works with selected partners meeting pilot criteria.
- Visa plans to expand the pilot to limited regular operations by April 2026, following the initial trial phase.
- Visa Direct is launching a stablecoin settlement option that lets enterprises fund global instant payments with stablecoins instead of pre-funded fiat escrows, aiming to accelerate liquidity and modernize cash management.
- Announced at Sibos 2025, the feature treats stablecoin deposits as “bank deposits” and is targeted at banks, remittance providers and financial institutions with high cross-border volume.
- Key benefits include liquidity release by removing large fiat pre-funding requirements, real-time liquidity management and enhanced predictability through a consistent settlement layer.
- The pilot’s limited launch is planned for April 2026, with broader trial expansion scheduled later in 2026.
- Visa Direct is launching a stablecoin-based advance funding pilot to speed up cross-border corporate payments and unlock liquidity.
- The solution aims to reduce capital hurdles, enable instant settlement, and modernize global cash flow management for banks and corporates.
- Participating banks, remittance firms, and corporates will treat stablecoins as “bank deposits” for pre-funded Visa Direct transfers.
- The pilot will initially roll out with selected compliant partners, with a limited launch set for April 2026 and broader expansion planned that year.
- Visa Direct start een proefprogramma voor prefinanciering met stablecoins om grensoverschrijdende betalingen sneller en flexibeler te maken.
- Het programma, aangekondigd tijdens SIBOS 2025, biedt bedrijven een nieuwe manier om internationaal kapitaal te verplaatsen en liquiditeit te optimaliseren.
- Doel is traditionele, trage betaalsystemen te vervangen en schatkistactiviteiten te moderniseren voor de digitale economie.
- Visa announced at SIBOS 2025 a pilot enabling pre-financing of cross-border payments via stablecoin on Visa Direct
- The initiative aims to unlock liquidity and accelerate international business payments
- It seeks to modernize traditional pre-funded systems, which are currently slow and costly
- The pilot tests stablecoin as a new financing source for global fund transfers
- At SIBOS 2025, Visa unveiled a pilot to prefund Visa Direct corporate cross-border payments using stablecoins, aiming to unlock liquidity and modernize treasury operations.
- The initiative treats stablecoins as “on-bank” funds, enabling transfers in minutes instead of days while still settling recipients in local fiat currencies.
- The program targets banks, money transfer operators, and financial institutions seeking faster, flexible liquidity management.
- Visa plans to expand the pilot to limited availability by April 2026, with broader rollout anticipated later.