Here are 1-2 brief analogies for Visa (V):

• Amazon Web Services (AWS) for financial transactions: Visa provides the essential infrastructure and network for global digital payments, much like AWS provides the cloud infrastructure for much of the internet.
• FedEx for digital money: Visa securely and quickly moves digital payment information and value around the world, similar to how FedEx moves physical packages globally.

• VisaNet: Operates a global payment processing network that facilitates secure electronic transactions between financial institutions, merchants, and cardholders.
• Credit Card Products: Licenses its brand and technology to financial institutions for issuing various types of credit cards to consumers and businesses.
• Debit Card Products: Licenses its brand and technology to financial institutions for issuing debit cards directly linked to cardholders' bank accounts.
• Prepaid Card Products: Provides solutions for financial institutions to issue prepaid cards, where funds are loaded in advance for specific uses.
• Digital Payment Solutions: Offers technologies such as tokenization and APIs to enable secure online, mobile, and contactless payment experiences.
• Commercial Payment Solutions: Provides specialized card programs and tools for businesses, including corporate and purchasing cards, to manage expenses efficiently.
• Risk and Fraud Solutions: Offers advanced tools and analytics to help financial institutions and merchants prevent fraud and manage transaction risks across their payment ecosystems.
• Data and Analytics Services: Provides actionable insights and data intelligence to financial institutions and merchants to optimize payment strategies and enhance operational efficiency.

Visa (V) primarily operates as a business-to-business (B2B) company. It provides the infrastructure and technology for digital payments, acting as an intermediary between financial institutions, merchants, and consumers. While individuals use Visa-branded products (like credit, debit, and prepaid cards), they are direct customers of the financial institutions that issue those cards, not directly Visa itself.

Visa's major customers are the companies that leverage its global payment network. These primarily fall into the category of Financial Institutions, which include banks, credit unions, and other financial entities worldwide. These institutions serve both as card issuers (distributing Visa-branded cards to consumers and businesses) and merchant acquirers (processing transactions for merchants). They pay Visa for network services, brand licensing, and transaction processing fees.

Examples of major customer companies that partner with Visa for issuing cards and/or processing transactions include:

• JPMorgan Chase & Co. (JPM)
• Bank of America Corp. (BAC)
• Wells Fargo & Company (WFC)
• Citigroup Inc. (C)
• Capital One Financial Corp. (COF)
• Fiserv, Inc. (FISV)
• Global Payments Inc. (GPN)

Additionally, Visa partners with a wide array of other businesses, including payment facilitators, fintech companies, and large global merchants (often through their acquiring banks) to drive payment innovation, acceptance, and security across its network.

• Amazon (AMZN)
• IBM (IBM)

Ryan McInerney, Chief Executive Officer
Ryan McInerney has been with Visa since June 2013, assuming the role of Chief Executive Officer in February 2023. Prior to his current position, he served as President, overseeing Visa's global businesses. Before joining Visa, Mr. McInerney was the Chief Executive Officer of consumer banking for JPMorgan Chase, a division with over 75,000 employees and approximately $14 billion in revenues. His experience at JPMorgan Chase also included roles as Chief Operating Officer for home lending, Chief Risk Officer for Chase's consumer businesses, and head of product and marketing for consumer banking. Earlier in his career, he worked as a principal at McKinsey & Company.

Chris Suh, Chief Financial Officer
Chris Suh joined Visa as Chief Financial Officer in July 2023. In this role, he is responsible for Visa's financial strategies, planning, reporting, and all finance operations and investor relations. Prior to his tenure at Visa, Mr. Suh served as the Chief Financial Officer at Electronic Arts (EA). He also spent more than two decades at Microsoft, holding various senior finance positions, including Corporate Vice President and Chief Financial Officer of the Cloud + AI division from 2018 to 2022, and Head of Investor Relations from 2013 to 2018.

Kelly Mahon Tullier, Vice Chair, Chief People and Corporate Affairs Officer and Corporate Secretary
Kelly Mahon Tullier joined Visa in June 2014 as Executive Vice President, General Counsel and Corporate Secretary, and was promoted to Vice Chair, Chief People and Corporate Affairs Officer and Corporate Secretary in October 2021. Before her time at Visa, she was the Senior Vice President and Deputy General Counsel at PepsiCo, Inc. Her roles at PepsiCo also included serving as Vice President and General Counsel for Frito-Lay, Inc., and Senior Vice President and General Counsel for PepsiCo's Asia, Middle East & Africa Sector, based in Dubai. She previously worked as an associate at Baker Botts LLP.

Jack Forestell, Chief Product and Strategy Officer
Jack Forestell serves as Visa's Chief Product and Strategy Officer, a role he assumed after joining the company in 2014. He is responsible for the global growth, adoption, and evolution of Visa's products and services. Before joining Visa, Mr. Forestell spent 12 years at Capital One, where his most recent position was Head of Capital One Digital, overseeing online and mobile banking, mobile/emerging payments, digital product design and development, and Capital One Labs. Earlier in his career, he was a senior partner and a member of the Board of Directors at Mercer Management Consulting.

Paul D. Fabara, Chief Risk and Client Services Officer
Paul D. Fabara joined Visa in 2019 as Chief Risk Officer and now holds the title of Chief Risk and Client Services Officer, leading the company's client operations and global risk functions. Prior to Visa, Mr. Fabara had an eight-year tenure at American Express, where he held various leadership positions, including President of the Global Services Group. His previous experience also includes serving as Global Chief Operating Officer for Barclaycard at Barclays Bank in London, and Chief Operating Officer, Card Services, for Alliance Data Systems. He began his career at Providian Financial Corporation.

Visa (V) participates in several large addressable markets for its main products and services:

• Credit Cards: The global credit card market was valued at $14.83 trillion in 2025 and is projected to reach $17.73 trillion by 2030. In 2023, the purchase volume on credit cards globally amounted to $19.6 trillion. For the United States, the credit card market was valued at $177.5 billion in 2024. Purchase volume on credit cards in the U.S. for the major brands (Visa, Mastercard, American Express, and Discover) was $5.8 trillion in 2023. Visa's share of U.S. credit card purchase volume was $3 trillion in 2023.
• Debit Cards: The global debit card market size is estimated to be $96.84 billion in 2025, with projections to grow to $103.66 billion by 2029. Another estimate places the global debit card market at $116.21 billion in 2025, projected to reach $198.54 billion by 2035. Globally, the purchase volume on debit cards was $17.725 trillion in 2023. In the United States, purchase volume on debit cards reached $4.3 trillion in 2023, with Visa accounting for $3.19 trillion.
• Digital Payments (encompassing various payment methods including mobile wallets and contactless payments): The global digital payments market was valued at $7.9 trillion in 2025. The broader global digital payments market size was estimated at $111.2 billion in 2023 and is anticipated to reach $193.7 billion by 2028. The total transaction volume of global small-value payment systems is approximately $235 trillion, with consumer-to-business (C2B) transactions accounting for about $50 trillion. Digital wallet usage is projected to double globally, with transaction volume growing from 752 billion transactions in 2023 to 1.4 trillion in 2028. Digital wallets are forecast to process $3.1 trillion globally in 2027. Contactless transactions (Tap to Pay) represented 76% of all Visa card payments globally in 2025. In fiscal year 2024, Tap to Pay accounted for 80% of all face-to-face Visa transactions outside the U.S. and over 50% in the U.S.
• Business-to-Business (B2B) Payments: The global B2B payments market processes approximately $120 trillion annually. It was valued at $87.98 trillion in 2024 and is projected to grow from $97.88 trillion in 2025 to $213.28 trillion by 2032. The "cardable B2B payments" segment represents a $20 trillion opportunity globally. B2B transactions constitute about $125 trillion of the total global small-value payment systems market. The Visa B2B Connect market size specifically was valued at $1.9 billion in 2024 and is projected to reach $7.6 billion by 2033 globally.
• Cross-border Payments: The total cross-border payments market is projected to reach $250 trillion by 2027 globally. The global cross-border payments market size was valued at $347.7 billion in 2024 and is projected to grow from $371.6 billion in 2025 to $620.15 billion by 2032. Another estimate places the global cross-border payments market at $212.55 billion in 2024, reaching $320.73 billion by 2030. Within this, the cross-border B2B segment is a $10 trillion opportunity. The global remittances market, where money is sent cross-border, is an $800 billion market. In North America, the cross-border payment market was valued at $109.29 billion in 2024, with the U.S. alone expected to generate $91.56 billion in 2025.
• Value-Added Services: Visa's value-added services, including fraud prevention and analytics, generated $937 million in Q2 2025, reflecting a 24% increase from the previous year. Value-added services revenues were $2.2 billion in Q3 fiscal year 2024, a 23% year-over-year increase. In fiscal year 2024, value-added services accounted for $7 billion in revenue globally.

Expected Drivers of Future Revenue Growth for Visa (V)

Over the next two to three years, Visa's revenue growth is anticipated to be driven by several key factors:

1. Growth in Core Payments Volume and Processed Transactions: Visa expects continued robust growth in global payments volume and the number of transactions processed through its network. This fundamental driver reflects the ongoing shift towards digital payments worldwide and is consistently highlighted in earnings reports and guidance.
2. Expansion of Cross-Border Volume: Growth in cross-border transactions, excluding intra-Europe, is a significant revenue driver for Visa, contributing to its international transaction revenue. Continued recovery and growth in international travel activity are expected to fuel this segment.
3. Increase in Value-Added Services (VAS): Visa is strategically diversifying its revenue streams through the expansion of Value-Added Services, which include advisory services, issuing solutions, fraud prevention, tokenization, and risk management. This segment has shown consistent high growth and is seen as a key area for future operating leverage. Visa notes a significant total addressable market for these services.
4. Growth in New Payment Flows (e.g., Visa Direct, B2B Connect): Visa is actively expanding into new payment areas beyond traditional consumer card transactions, such as business-to-business (B2B), person-to-person (P2P), and real-time payments, often referred to as "new flows" or "money movement solutions." Products like Visa Direct and B2B Connect are integral to capturing this substantial market opportunity.
5. Strategic Partnerships and Innovation: Renewing and forging new strategic partnerships, alongside continuous innovation in product design, are crucial for Visa's growth. Investments in advanced technologies like artificial intelligence (AI) are aimed at enhancing the payment ecosystem, improving security, and driving sales. These efforts position Visa as a "hyperscaler" enabling global access to its network.

Share Repurchases

• Visa has repurchased over $58 billion in shares since 2020 and returned more than $75 billion to shareholders in the past five years through buybacks and dividends.
• In fiscal year 2025, the company repurchased approximately 54 million Class A shares for $18.2 billion, with $4.9 billion in repurchases occurring in Q4 2025.
• As of September 30, 2025, Visa had $24.9 billion in remaining authorized funds for future share repurchases. The board authorized a new $30 billion multi-year share repurchase program in April 2025.

Share Issuance

• In August 2025, Visa announced the release of approximately $1.4 billion from its Series B and Series C Convertible Participating Preferred Stock, which will result in a partial conversion to Series A Convertible Participating Preferred Stock and the issuance of approximately 40,080 shares of Series A Preferred Stock.

Outbound Investments

• Visa plans to acquire Prosa, a Mexican payments processor, and Featurespace, an AI-based fraud prevention solution, in 2025 (Featurespace acquisition closed in September 2024).
• The company acquired Pismo for $1 billion in June 2023.
• Other notable acquisitions include Currencycloud for $963 million in July 2021 and Tink for $2.15 billion in June 2021.

Capital Expenditures

• Visa's capital expenditures for fiscal year 2025 were -$1.48 billion.
• Capital expenditures have consistently increased over the last few years, from $705 million in 2021 to $1.257 billion in 2024.
• The company continues to aggressively reinvest in its infrastructure, marketing, and innovation.