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?
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.
- On July 18, 2025, President Trump signed the GENIUS Act into law, creating the first federal framework for U.S. dollar-backed stablecoins, requiring them to be fully backed and disclose reserves monthly, and granting holders senior rights to reserves upon issuer failure.
- The Act enforces strict anti-money laundering compliance, prohibits reserve rehypothecation, and introduces the Permitted Payment Stablecoin Issuer designation for banks, credit unions and OCC-chartered nonbanks, with a state-level option for smaller fintechs.
- Foreign issuers may access the U.S. market if their home regime is deemed “comparable” and they submit to OCC examinations; stablecoins are removed from SEC oversight and fall under the Bank Secrecy Act.
- Regulatory clarity is expected to bolster institutional confidence in stablecoins such as USDC and USDT, enabling expanded use in cross-border payments, settlements and digital liquidity management.
- Visa partners with pan-African fintech Yellow Card to expand stablecoin settlement in CEMEA, planning to roll out transactions in 2025 across 20+ African countries
- Offers blockchain-based USD cross-border transactions with 365-day settlement, and Visa’s 2023 USDC pilot has processed $225 million in volume to date
- Exploring integration with Visa Direct to streamline cross-border payments in collaboration with Yellow Card
- Leverages progressive regulatory frameworks in Kenya, Mauritius, and Botswana to distinguish stablecoins from speculative assets
- Klarna has launched a pilot of its new Visa debit card in the U.S., attracting over 5 million people on the waitlist, with broader rollout planned later this year.
- The card leverages Visa’s Flexible Credential technology to switch seamlessly between loaded debit funds and BNPL installment plans.
- Users can opt for Pay in 4 or Pay Later BNPL options, which require a soft credit check and may incur small fees; debit transactions need no credit check.
- Three card tiers—including one free and two paid—offer varying cashback rates and merchant discounts.
- Intelligent Commerce and Agentic AI were introduced at the Product Drop event (April 30), showcasing new payment methods that reduce friction through tokenization and personalization, with key partnerships including OpenAI and Stripe.
- Visa highlighted its strategic focus on stablecoin adoption and programmable money, piloting initiatives (e.g., with BBVA) aimed at evolving settlement capabilities from $225 million toward an anticipated $1 billion over the next 12-18 months.
- The firm emphasized growth in consumer payment innovations including the Flex Credential card—seeing 150%+ growth in holder numbers and 40% higher spending—and the expansion of Visa Direct to 11 billion endpoints with emerging use cases beyond P2P payments.
- Visa Inc. announced an offering of €1,250,000,000 2.250% Senior Notes due 2028, €1,000,000,000 3.125% Senior Notes due 2033, €650,000,000 3.500% Senior Notes due 2037, and €600,000,000 3.875% Senior Notes due 2044 as part of its structured debt issuance on April 30, 2025.
- The notes were issued under a Registration Statement on Form S-3 and pursuant to an indenture with U.S. Bank Trust Company, featuring pricing details, interest payment dates, and optional redemption terms, with settlement on May 15, 2025.
- Visa detailed its transformation from a traditional card issuer to a service-based platform, emphasizing API-driven risk scoring and unbundled payment components.
- The company outlined initiatives to expand its global network by partnering with fintechs, Big Tech, and crypto players, including enabling stablecoin settlement and programmable money solutions.
- A recent product drop showcased innovations like Visa Intelligent Commerce for AI-powered transactions and Visa Accept to extend tap-to-pay capabilities in emerging markets.
- Net revenue reached $9.6B, up 9% YoY; GAAP net income was $4.6B with GAAP EPS of $2.32, and non-GAAP EPS increased 10% to $2.76.
- Operational performance was robust with overall volume up 8% in constant dollars, cross-border transactions rising 13% YoY, and double-digit increases in payments and processed transactions.
- Value-added services revenue surged 22% to $2.6B, driven by growth in issuing solutions and advisory segments.
- Significant shareholder returns were achieved with $5.6B in dividends and share repurchases, and the authorization of a new $30B share repurchase program.
- Continued strategic investments in innovation and expanded partnerships supported new product offerings.
- Visa Inc. deposited $375 million into its U.S. litigation escrow account on March 26, 2025, under its retrospective responsibility plan.
- The deposit led to downward adjustments in conversion rates for the Class B-1 and B-2 common stocks (from 1.5653 to 1.5609 and from 1.5430 to 1.5342, respectively), effectively reducing the as-converted share counts.
- These adjustments, calculated using a three-day volume-weighted average price from March 26 to 28, 2025, mirror the impact of a share repurchase on earnings per share.
- Comprehensive Strategy Overview: Visa detailed its long-term growth framework at its Investor Day, highlighting major addressable opportunities in consumer payments ($23 trillion) and CMS (Cash Management Services) at $200 trillion, along with focused strategies for value-added services and new flows.
- Growth Projections and Execution: The conference emphasized a framework targeting 5%-7% consumer payments growth and mid- to high-teen expansion in VAS, supported by both organic investments and strategic acquisitions such as Pismo and Featurespace.
- Client Engagement and Market Renewal: Executives noted strong performance in portfolio renewals—with 60% of planned renewals completed in Q1—and significant wins expanding client relationships across Europe, Asia, Africa, and Latin America, reinforcing Visa's competitive value-based pricing approach.
- Resilience Amid Economic Uncertainty: The discussion addressed macroeconomic trends, including inflation impacts, FX headwinds, and regulatory uncertainties, while underlining the resilience of consumer behavior and consistent payment volume performance despite seasonal factors like leap year adjustments.