Core Insights - Visa is launching advisory services to assist clients in utilizing stablecoins, responding to increased demand in the payments ecosystem [2][3] - The company has begun offering these services as of last month, despite anticipating limited consumer use cases for stablecoins in the U.S. [2] - Visa's stablecoin settlement services for corporate clients have an annualized run rate of approximately $4.6 billion globally [4] Group 1: Market Demand and Strategy - There is growing interest from both stablecoin-native and traditional clients in developing stablecoin strategies, indicating a shift in the payments landscape [3] - Visa aims to create a secure and seamless interoperable layer between stablecoins and traditional fiat payments, targeting a significant $20 trillion cross-border market opportunity [5] Group 2: Competitive Landscape - Analysts suggest that stablecoins could pose a threat to established payment players like Visa, especially with new legislation supporting digital asset infrastructure [6] - Visa's stablecoin strategy is viewed as more sophisticated compared to competitors like Mastercard, focusing on comprehensive infrastructure and settlement solutions [7]

Here's how its dividend could grow 12-fold from today's levels.Shares of the $630 billion credit card company Visa (V +1.57%) may yield just 0.82% today, but if history is any guide, that number could climb in a hurry.Since it began paying a dividend in August 2008, payouts have risen by 2,452%, to $0.67 per share each quarter. Anyone who put $1,000 into this company back then and held would be collecting $597 each year in dividends today. Of course, past performance is no guarantee of future results, but t ...

Summary of Agentic Payments Conference Call Industry Overview - **Industry**: Technology - Payments - **Key Concept**: Agentic Commerce, representing a ~$192 billion GMV opportunity by 2030, is set to transform online shopping by enabling agents to execute transactions on behalf of customers, thus reshaping the traditional e-commerce funnel and increasing complexity in payment processes [1][2][10]. Core Insights - **Market Growth**: Agentic commerce is projected to grow from $8 billion in 2026 (~1% of US e-commerce) to $192 billion in 2030 (~10% of US e-commerce), indicating a ~121% CAGR compared to 7.5% for overall e-commerce [3][10]. - **Complexity in Transactions**: The introduction of agents will complicate online transactions, necessitating explicit identity verification, consent, and new fraud detection models tailored for non-human behavior [3][4]. - **Key Beneficiaries**: Companies like Adyen, Mastercard, and Visa are expected to benefit significantly from this shift, as they can provide the necessary infrastructure and services to support agentic commerce [4][5]. Competitive Landscape - **Winners**: Adyen is identified as a top pick due to its single-platform architecture, which positions it well to act as a "universal connector" across agentic protocols [4][57]. - **Challenges for Others**: Companies with fragmented or legacy infrastructures, such as Nexi and PayPal, may face significant challenges as consumer-facing checkouts become less visible in an agent-mediated environment [5][9]. Adoption and Use Cases - **Adoption Rates**: Current adoption of LLM platforms is below 50%, but over 60% of younger individuals report using them recently, indicating a growing trend towards agentic commerce [12][13]. - **Use Cases**: Examples include agents autonomously purchasing items when they become available or securing concert tickets on behalf of users, showcasing the potential for agents to handle complex transactions [11][12]. Payment Processing Dynamics - **Evolution of Payment Relationships**: While the core payment infrastructure remains unchanged, the introduction of agents adds complexity, requiring payment service providers (PSPs) to adapt their fraud detection and authentication processes [16][32]. - **New Protocols**: The development of protocols like the Trusted Agent Protocol (TAP) and Agent Payments Protocol (AP2) aims to address the challenges posed by agentic commerce, focusing on agent legitimacy and delegated payment authority [33][34]. Economic Implications - **Incrementality vs. Substitution**: The impact of agentic commerce on overall industry growth is debated, with expectations that it will primarily drive incremental growth rather than cannibalizing existing volumes [36][37]. - **Take Rates**: The economic model for agentic commerce is still evolving, with potential scenarios suggesting that agentic transactions could either maintain or compress existing take rates for PSPs [43][49]. Strategic Recommendations - **PSP Adaptation**: Winning PSPs will need to evolve from commodity processors to optimization and orchestration engines, focusing on enhancing security, identity verification, and fraud prevention capabilities [54][55]. - **Investment Focus**: Adyen is highlighted as a strong investment opportunity due to its robust infrastructure and growth potential in the agentic commerce space, with expectations of a 21% CAGR in net revenue through 2028 [57]. Conclusion - The agentic commerce landscape is poised for significant transformation, with key players needing to adapt to new complexities and opportunities. The focus on security, identity, and optimization will be crucial for success in this evolving market.

Core Insights - Executives warned that the Credit Card Competition Act could be harmful to the payments industry, arguing that the market already faces significant competition from various payment methods [14] - Visa reported fiscal Q1 revenue of $10.9 billion, reflecting a 15% year-over-year increase, with payments volume rising 8% in constant dollars to nearly $4 trillion [3][10] - The company emphasized the importance of credentials, stating that they now total over 5 billion worldwide, which anchor its global payments architecture [4] Agentic Commerce and Digital Payments - Management highlighted agentic commerce, Visa Direct, and B2B flows as key growth areas, with Visa Direct transactions increasing 23% year over year to 3.7 billion [8] - The Visa Intelligent Commerce platform utilizes tokens for agentic payments, with over 100 partners engaged [6][7] - Tap-to-pay penetration exceeded 80% of face-to-face transactions globally, with U.S. usage nearing 70% [5] Financial Performance - Global payment volume rose 8% in constant dollars, with cross-border volume increasing 11% [10] - Value-added services revenue surged 28% to $3.2 billion, contributing significantly to Visa's total revenue growth for the quarter [13] - Consumer spending showed resilience, with growth consistent across various spend bands, indicating stability in both discretionary and non-discretionary categories [12] Stablecoin and B2B Developments - Visa is testing stablecoin use cases, reporting an annualized settlement run rate of $4.6 billion, primarily for cross-border payments and markets with currency volatility [9] - Commercial and Money Movement Solutions revenue grew 20% in constant dollars, supported by a 10% increase in commercial payments volume [8] Legislative Concerns - Visa is actively briefing lawmakers on the potential negative impacts of the Credit Card Competition Act, warning of reduced access to credit and weaker security protections [14][15] - Management guided for full-year revenue growth in the low double digits, with shares down 1.4% in after-hours trading [15]

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首席执行官瑞安·麦克纳尼在声明中表示，收益的增长是"由具有韧性的消费者支出和强劲的假期旺季， 以及增值服务、商业和资金流动解决方案的持续走强所驱动的"。 智通财经获悉，Visa(V.US)公布的盈利超过了分析师的预期，在强劲的假期消费带动下，支付额较去年 同期飙升了 8%。财报显示，Visa 2026财年第一季度的调整后收益为每股 3.17 美元，较去年同期增长了 15%，超过了 3.14 美元的平均预期；营收同比增长 14.6%至109亿美元，同样超出预期。 这家信用卡网络巨头重申了其对 2026 财年每股收益、净收入和运营支出增长的预期，均预计以"低两位 数"范围的百分比增长。业绩公布后，Visa 盘后跌1.33%。 该季度 Visa 处理的总支付额为 3.87 万亿美元，超过了普遍预期的 3.83 万亿美元，高于 2025 年第四季 度的 3.73 万亿美元和 2025 年第一季度的 3.52 万亿美元。总处理交易量同比增长 9% 至 694 亿笔，低于 预期的 697 亿笔。 截至2025年12月31日止三个月，不包括欧洲境内交易(这部分交易是国际交易收入的主要来源)的跨境交 易量按固定汇率计算较上年 ...

这家信用卡网络巨头重申了其对 2026 财年每股收益、净收入和运营支出增长的预期，均预计以"低两位 数"范围的百分比增长。业绩公布后，Visa 盘后跌1.33%。 Visa 周三表示，将允许其信用卡持卡人使用奖励积分向美国总统特朗普设立的新儿童储蓄账户注资。 麦克纳尼称，这是帮助家庭为子女未来储蓄的一种"简单而有力的方式"。 12 月，该公司扩大了其服务范围，表示将向稳定币结算开放其美国网络。随着特朗普政府提供了更多 的监管明确性，Visa 及其同行一直在寻求进入稳定币市场的方法。 智通财经APP获悉，Visa(V.US)公布的盈利超过了分析师的预期，在强劲的假期消费带动下，支付额较 去年同期飙升了 8%。财报显示，Visa 2026财年第一季度的调整后收益为每股 3.17 美元，较去年同期增 长了 15%，超过了 3.14 美元的平均预期；营收同比增长 14.6%至109亿美元，同样超出预期。 Visa 的竞争对手万事达卡在截至 12 月的三个月中也见证了强劲的支出，推动其调整后净利润高于分析 师的平均预期。这两家支付公司在 11 月与商家就接受卡片支付所支付的费用达成了一项协议，尽管目 前尚不清楚这项 2 ...

Financial Performance - For the three months ended December 31, 2025, net revenue increased by 15% to $10,901 million compared to $9,510 million in the prior year[91]. - Net income for the same period was $5,853 million, reflecting a 14% increase from $5,119 million[91]. - Non-GAAP net income increased by 12% to $6,124 million compared to $5,463 million in the prior year[91]. - Non-GAAP diluted earnings per share increased by 15% to $3.17 from $2.75 in the prior year[91]. - Service revenue increased by 13% to $4,760 million in Q4 2025, driven by a 9% growth in nominal payments volume[3]. - Data processing revenue rose 17% to $5,544 million, supported by a 9% increase in processed transactions[3]. Operating Expenses - Operating expenses rose by 27% to $4,164 million, primarily due to higher litigation provisions[92]. - Total operating expenses for the three months ended December 31, 2025, were $4,164 million, a 27% increase from $3,276 million in 2024[5]. - The company recorded an additional accrual of $707 million related to interchange multidistrict litigation for the quarter[94]. Shareholder Actions - The company repurchased 11 million shares of class A common stock for $3.8 billion, with remaining authorized funds for repurchase at $21.1 billion[95]. - The company repurchased $3.8 billion of its class A common stock in the open market during the three months ended December 31, 2025[13]. - For the three months ended December 31, 2025, the company declared and paid $1.3 billion in dividends[15]. Cash Flow - Cash provided by operating activities increased to $6,780 million in Q4 2025, up from $5,396 million in 2024[10]. Market and Transaction Metrics - Payments volume, a key driver of service revenue, is calculated in U.S. dollars and excludes Europe co-badged volume[100]. - Processed transactions, which include payments and cash transactions, represent the total transactions processed on Visa's networks[100]. - Total nominal payments volume for the three months ended September 30, 2025, reached $3,732 billion, a 9% increase compared to $3,409 billion in 2024[1]. - Exchange rate movements contributed approximately one percentage point to net revenue growth for the quarter[91]. Tax and Regulatory Changes - The effective income tax rate decreased to 13% in Q4 2025 from 17% in 2024, primarily due to a $333 million deferred tax benefit[9]. - FASB issued ASU 2024-03 in November 2024, requiring additional disclosure on specific expense categories, effective for annual periods beginning October 1, 2027[119]. - FASB issued ASU 2025-06 in September 2025, modernizing accounting for internal-use software, effective for annual and interim periods beginning October 1, 2028[120]. - No significant changes to market risks since September 30, 2025[121]. Litigation and Escrow - The company deposited $500 million into a U.S. litigation escrow account for claims associated with interchange multidistrict litigation[17].

Financial Data and Key Metrics Changes - In the fiscal first quarter, the company reported a net revenue increase of 15% year-over-year to $10.9 billion, with EPS also up 15% [5][21] - Payments volume grew 8% year-over-year in constant dollars, reaching nearly $4 trillion, while processed transactions increased by 9% year-over-year, totaling $69 billion [5][21] - Operating expenses rose by 16%, primarily due to unfavorable foreign exchange impacts and higher-than-expected marketing expenses [29] Business Line Data and Key Metrics Changes - Consumer payments revenue was driven by strong payments volume, cross-border volume, and processed transaction growth [28] - Commercial and money movement solutions revenue grew 20% year-over-year in constant dollars, with commercial payments volume also increasing by 10% [28][21] - Value-added services revenue surged by 28% year-over-year in constant dollars, driven by strong demand across all portfolios [29][21] Market Data and Key Metrics Changes - U.S. payments volume increased by 7%, with e-commerce growing faster than face-to-face spending [24] - Total international payments volume rose by 9% year-over-year in constant dollars, consistent with previous quarters [26] - Cross-border volume, excluding intra-Europe transactions, was up 11% year-over-year, with travel-related cross-border volume also increasing by 10% [27] Company Strategy and Development Direction - The company is focused on innovations in the Visa as a Service stack, enhancing Visa credentials, and expanding capabilities in agentic commerce and stablecoins [5][13] - The strategy includes building a secure and seamless interoperable layer between stablecoins and traditional fiat payments, with significant growth potential in this area [15][14] - The company aims to be a key enabler in agentic commerce, working with over 100 partners globally to streamline payment processes [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of consumer spending and the effectiveness of their strategy, despite lower-than-expected currency volatility [23][35] - The company anticipates continued strong performance in value-added services and commercial solutions, offsetting potential challenges from lower volatility [48] - Future guidance remains optimistic, with expectations for adjusted net revenue growth in the low double digits for the full year [34][35] Other Important Information - The company has initiated a stablecoins advisory practice to assist clients in developing their stablecoin strategies [14] - The company is piloting Visa Direct stablecoin payouts, expanding its reach in markets with currency volatility [15] - The company has a remaining buyback authorization of $21.1 billion, indicating a strong commitment to returning capital to shareholders [30] Q&A Session Summary Question: Opportunities around value-added services for events like the Olympics and World Cup - Management highlighted the ability to leverage sponsorships for bespoke client programs, generating revenue and deepening partnerships [39][43] Question: Strength in value-added services and capital return strategy - Management noted strong performance in value-added services and commercial solutions, with a programmatic approach to capital return and share buybacks [46][49] Question: Regulatory environment and potential risks from CCCA - Management emphasized engagement with lawmakers to educate them on the competitive landscape and the potential negative impacts of CCCA legislation [53][56] Question: Growth in commercial solutions and spending trends - Management attributed growth in commercial solutions to successful product strategies and client wins, with stable international volume growth across regions [60][66] Question: Growth trajectory for Flex credentials - Management described Flex as a versatile payment solution with multiple funding options, indicating potential for significant growth in the future [77][80] Question: Updates on issuer processing and technology investments - Management confirmed ongoing investments in issuer processing technology, with a focus on modernizing clients' tech stacks [84][85]