A：For Visa's fiscal fourth quarter, net revenue grew 12% year over year to $10.7 billion, with EPS up 10%. Full year net revenue and EPS showed year over year growth of 14% and 13% respectively. Total year payments were $14 trillion, up 8% year over year in constant dollars, and processed transactions totaled 258 billion, up 10% year over year.

A：In the services layer, Visa has grown the number of Visa credentials by 270 million, and signed several new deals to drive further growth. Notable highlights include the renewal of the nearly 60-year relationship with Barclays in the UK and the US, an expanded relationship with Southwest Airlines, a new deal with Scotia Bank Wealth Management, and continued upgrades to China Merchants Bank's cards. The number of Visa tokens has risen to over 16 billion from 10 billion just in May 2024. Visa's risk management capabilities have also been enhanced, including Visa Scam disruption that proactively detects scam activity at the network level.

A：Visa's network of networks has expanded with more connection points, now supporting approximately 12 billion endpoints including 4 billion cards, bank accounts, and digital wallets. It adds support for four stablecoins running on four unique blockchains, representing two currencies that can be accepted and converted to over 25 traditional fiat currencies. Additionally, the next generation of Visa Net, the core processing platform, has been deployed with a cloud-ready, microservices, distributed modular architecture using open languages and technologies to facilitate easier scaling, faster feature deployment, and enhance development speed, security, and maintainability.

A：Visa's stablecoin platform has seen over $140 billion in crypto and stablecoin flows, with users purchasing and spending assets using Visa credentials. There are now more than 130 stablecoin linked card issuing programs in over 40 countries, and stablecoin linked Visa card spend has quadrupled in Q4 versus a year ago. Visa has added more stablecoins and blockchains for settlement, with monthly volume surpassing a $2.5 billion annualized run rate. The Visa Tokenized Asset platform enables banks to mint and burn their own stablecoins and enhances cross-border money movement with Visa Direct.

A：At the solutions layer, Visa has introduced new features and capabilities such as Visa Intelligent Commerce, Visa Flex, and Visa Accept. Visa Intelligent Commerce integrates token technology with authentication and predictive analytics to provide secure, personalized digital commerce experiences. Visa Flex has gained momentum with over 1 million signups in 15 European markets. Visa Accept enables small sellers to accept card payments easily. Visa Pay connects any participating wallet to any Visa accepting seller worldwide. Additionally, 79% of all face-to-face transactions are now taps, up 8 percentage points from the previous year.

A：Tap to Phone has passed 20 million transacting devices, more than doubling since the previous year, with strong growth across all regions. The solution provides an easy, low-cost method for micro sellers to begin accepting card payments and for large sellers to add additional mobile terminals. Visa's TrueTap card launched a year ago has strong adoption, offering a simplified, secure customer experience with simple card taps to mobile devices. Over 600 issuers globally are now participating in Tap to Phone, live for over 1.4 billion Visa Credit and Debit cards.

A：The company highlighted winning the global virtual travel card issuing business with trip.com, expanding their partnership with BMO through which they offer the spend clarity for Enterprise tool, and securing a de novo issuing relationship with ICICI Bank in India for its first corporate Forex prepaid card. Additionally, the company's Visa SMB cards in India doubled since 2020, reaching over 10 million, and their total commercial cards grew to 340 million worldwide.

A：Visa Direct has reached 12.6 billion transactions in full year 2025, up 27% year over year. It has helped expand cross-orderr payouts with partnerships such as with KCB in East Africa, Touch and Go e-wallet in Malaysia, and Raji in the Kingdom of Saudi Arabia. The company's interoperability capabilities enabled renewal with Yape and Plin in Peru, and they signed their first Pismo deal for a stable coin linked card with Is Pay in Europe. The Token Management Service (TMS) has provided integration simplicity for merchants and acquiring clients, and they signed with Booking.com for TMS and account updater across more than 65 markets.

A：Visa Advanced Authorization evaluates more than 400 unique attributes in milliseconds, helping detect fraud. The first bank in Latin America and the Caribbean, Banco Diners in Ecuador, deployed a network agnostic solution to score both Visa and non-Visa transactions. In a six-month pilot in Brazil, Visa Prote for A2A scored nearly $500 billion of bank partners' pick volume, identified over $90 million of fraud, and had a detection rate of more than 80%.

A：The company's risk and security solutions are network agnostic and are being sought after by clients, with over 100 closed client deals since January. Visa Prote for A2A has delivered value with AI and is helping to reduce fraud and ensure a safer payment experience for buyers and sellers. The most recently acquired risk capabilities from Feature Space are in high demand.

A：The company's flagship sponsorships include the FIFA World Cup 2026 in the U.S., Canada, and Mexico, and the Olympic and Paralympic Winter Games in Milano Cortina. They are seeing significant interest from clients for unique cardholder experiences and brand building. Marketing campaigns for the Olympic and Paralympic Games have generated engagement with over 35 clients for the 2026 Games and more than 70 for the FIFA World Cup 2026, with over 100 in the pipeline.

A：Visa's as a service stack includes an open partnership approach to provide value by enabling access to Visa solutions through multiple integration methods, including custom integrations, programmatic access via APIs, and structured data exchange through the Model Context Protocol (MCP) server. This allows anyone from small businesses to global banks to build on top of the Visa stack and operate at scale instantly.

A：The company had strong fiscal year 2025 performance with total revenue growth of 11%, net revenue up 12% year over year, and EPS up 10% year over year in nominal and constant dollars. Full year 2025 net revenue was $40 billion, and EPS was $11.47. CMS revenue grew 15% and value-added services revenue grew 23% on a constant dollar basis.

A：The Visa Trusted Agent Protocol is distinguished by two key features: it is open, featuring an open set of standards which is crucial for widespread adoption in agent commerce, and it is easy to integrate, built on existing web infrastructure that allows for quick integration into existing messaging standards.

A：The speaker indicates that it is still early days for agent commerce and that the evolution is similar to what was seen in e-commerce. Initially, consumers used agents for discovery, then they moved to actual merchant sites to purchase. The next steps involve integrating buy capabilities into the shopping journey and empowering agents to make purchases without human intervention. The full materialization of these stages will unfold over time, but the speaker does not provide a specific timeline for when material volumes will be achieved.

A：The increase in data processing revenue was attributed to new pricing implemented by the company in the second half of the fiscal year, which benefited in the third and fourth quarters and carried into the first quarter. Additionally, the revenue growth was influenced by a shift in mix, which refers to the varying yields from different products, services, clients, and regions.

A：The new VisaNet rollout is intended to expedite product development and position the network effectively for future growth, particularly in the realm of agent commerce and stablecoins. The speaker highlights that Visa is building the necessary infrastructure, regulations, rules, and processes to support emerging technologies and platforms. The implementation of the next generation of e-net allows for quicker adaptation to ecosystem changes, regional and country-specific requirements, and will ultimately benefit the entire ecosystem and partners.

A：In Latin America, a slowdown in volume growth was experienced, with the biggest contributor being the moderation of inflation in Argentina. Despite this, the region still exhibited strong growth. Overall, Latin America remains a high-growth region and the speaker is pleased with the performance.

A：Tokenization is a critical building block that enables safe, secure, and trusted transactions with agents on behalf of users. It is embedded across the ecosystem, well-known, and globally adopted, supporting the scaling of standards related to the trusted agent protocol.

A：The expected growth in the use of the Trusted Agent Protocol is due to it being an open standard and designed to be lightweight and easy for merchants to integrate with.

A：Visa is anticipating a strong upcoming holiday quarter, bolstered by the resilience of the consumer, a stable macro environment, and pricing from a year ago. The guidance reflects a strong Q1 performance, supported by stable underlying drivers.

A：Cross-border growth is above the pres COVID-19 trend, with a shift in the mix of volume towards e-commerce, which now constitutes about 40% of the business and is growing at a faster rate than travel.

A：Visa sees opportunities in the issuance and modernization of settlement networks with stablecoins, particularly in emerging markets and cross-border money movement. They have been capturing opportunities through products like Pismo, working with clients in the consulting business, and leveraging stablecoins for cross-border money movement.

A：The improvement in mainland China and the Asia-Pacific region is attributed to timing and idiosyncratic factors which are expected to normalize. The results are positive, and the region is an important growth opportunity moving forward.

A：The growth in revenue for Value Added Services (VAS) has been driven by value in kind, which is an important incentive lever for clients to drive value for themselves and contributes to strong client engagement and value for Visa. However, it does not drive the majority of VAS revenue.

A：Visa's investment strategy is focused on short, medium, and long-term returns. They invest in opportunities that align with their growth strategies, such as emerging trends like agency and stablecoins. By doing so, they aim to deliver on their growth framework, which includes compelling profit growth and strong shareholder returns.