A：In Visa's fiscal third quarter 2026, net revenue was up 14% year over year to $11.6 billion, and EPS was up 11% ahead of expectations.

A：The indicators of continued growth and resilience in Visa's consumer payments, commercial payments, and money movement solutions include a quarterly payments volume growth of 10% year over year in constant dollars to cross $4 trillion, a 17% year over year commercial payments solutions revenue growth, and an 11% year over year growth in process transactions to 72 billion.

A：The significance of Visa's Net Promoter Score (NPS) is that it is a tangible sign of the trust clients have in Visa and its capabilities. For the third consecutive year, Visa received an NPS of 76 in its annual Global Client Engagement Survey, which is an enviable number in any industry and notably increased with positive feedback from sellers and FinTechs on strong brand, trusted partner relationships, global network strength, reliability, and innovation.

A：Visa's credentials have grown 8% year over year, and tokenized penetration is nearing 60% of e-commerce transactions globally. In Europe, credentials have grown by more than 40 million in the last 12 months, which is over 70% faster than the previous annual growth rate from fiscal year 2019 to 2024. Furthermore, Visa expects over 30 million more credentials from recent wins in Europe.

A：Examples of recent wins and new processing agreements for Visa include the renewal of a 55-year relationship with B赊 in Brazil, an agreement with a group of four banks in Brazil to drive domestic processing and cross-border transactions, a renewed contract with Neem in the U.S. for virtual cards in money movement, and a new B2B travel portfolio in Saudi Arabia with Al Raji Bank using Visa Commercial Choice Travel product.

A：Visa is implementing AI in its operations by deploying AI across the enterprise to assist in engineering, client service, and model orchestration. This has led to the creation of an end-to-end pipeline with human oversight and autonomous capability, resulting in more efficient product development. The use of AI has led to 80% more code commits, a 80% plus improvement in requirement definition, and a 65% faster feature development. As a result, Visa can design, build, and ship products with increased velocity and continuous innovation.

A：In the stablecoin space, Visa has joined Open Standard to issue Open USD, a new stablecoin designed for global money movement, and launched the Visa stablecoin platform for stablecoin minting, movement, and management. In the AI space, Visa is partnering with OpenAI to enable secure Visa payments within AI commerce, and with Meta to provide new ways to pay across Facebook and Instagram powered by Visa's intelligent commerce, using Visa tokens.

A：Visa is eliminating roles, with the majority in its technology and product teams, to ensure continued positioning for future growth. This aligns with its strategy to adapt to the evolving payments landscape and focus on AI-driven innovation and partnerships.

A：Visa has introduced an AI financial assistant that enables banks to white label financial insights from their data and Visa's network data for their cardholders. This allows banks to offer these services directly through their own apps and websites.

A：The new AI tools and enhanced tokens represent capabilities within the Visa portfolio that enhance sellers' ability to conduct carded and non-carded transactions. These tools, like Unified Checkout, act as a seamless orchestrator across multiple payment types, providing a secure experience without the need for sellers to rebuild as commerce evolves.

A：FIFA World Cup marketing services engagements have led to significant participation and impact across various markets, with over 300 engagements for more than 240 clients. Notable examples include a leading bank in Brazil launching multiple campaigns, driving card activation and payments volume, and an issuer in Mexico launching a new FIFA card that helped in significant card issuance.

A：The extended global partnership agreement as the official payment technology partner for FIFA is expected to bolster Visa's position as a preferred partner for value-added services. This agreement is indicative of the momentum across the business and the ability to build and grow the future of payments.

A：Visa achieved a strong financial performance with global payments volume up 10% year over year, and fiscal third-quarter net revenue up 14% year over year. Factors contributing to this include stronger business drivers, higher value-added services revenue, and better-than-expected foreign exchange rates.

A：US payment volume grew 10% year over year, with both card-present and card-present growth accelerating. Factors contributing to this growth include higher tax refunds, the cost of fuel retail, promotional shopping events, strong Visa Direct growth, and FIFA-related spend. US credit rose 11% year over year, and all consumer spend bands saw incremental improvement.

A：The FIFA World Cup positively impacted cross-border and international payment volumes, with Q3 cross-border volume growing 12% year over year, and eCommerce volume up 16%. Travel-related cross-border volume was up 10%, and there was a notable increase in inbound cross-border card-present spend in US host cities and destination cities.

A：The FIFA World Cup led to a significant increase in card-present spend in US host cities, with transactions up as much as 20% and tap-to-pay transactions experiencing growth of nearly 40% year over year. There was a notable increase in cross-border card-present spend and overall spending in host cities such as Boston, with notable spikes driven by fans from specific countries.

A：Revenue grew 14% year over year, with strong performance across pricing and service benefits, data processing revenue, and international transaction revenue. This growth was supported by an increase in the velocity of consulting projects and a stronger performance in the advisory and other value-added services, particularly marketing services, which saw significant revenue growth.

A：Non-operating expense was $35 million better than expectations due to the investment income from the deferred compensation mark to market impact. The tax rate for the quarter was 18.4%, consistent with expectations, and helped to contribute to the better-than-expected EPS.

A：The company settled its previously announced exchange offer for Class B1 and Class B2 common stock, which also funded the litigation escrow account by $250 million, impacting the company's buyback authorization.

A：The company views the drivers through July 21 as healthy with volume growth in constant dollars across both travel and e-commerce. They anticipate that the underlying health of travel and e-commerce will continue into Q4.

A：Q4 is expected to have net revenue growth in the high end of low double digits, operating expense growth in the low double digits, and a tax rate around 19%. Full year net revenue growth is expected to be in the low end of low teens, with operating expense growth in the low end of low teens, and a tax rate between 8 and 18.25%. The expected Q4 and full year EPS growth is in the low end of mid-teens for non-GAAP financials.

A：The company expects to have renewed about 20% of its payments volume by the end of the fiscal year and to combine that with some new business, which puts Q4 incentive growth slightly above Q3 on a nominal basis.

A：The Pism strategy is about identifying and understanding client needs around modernizing their stacks and helping them move more quickly into more geographies. The focus on the core banking and issuer processing business is on providing solutions to banks of all sizes to meet their needs and to deepen relationships with clients.

A：The two assets in the US mentioned in the speech are DPS and Pismo. DPS is the leading debit issuer processing platform in the US, providing services to banks of all sizes, and is expected to continue doing so in the future. Pismo, on the other hand, is a cloud-native API-based issuer processing and core banking platform that offers services for various payment products, including debit, credit, commercial PPIs, and current accounts.

A：The market need that has led to the development of the DPS Pismo solution is the demand from smaller banks, midsize banks, and FinTechs in the US for an integrated debit and credit processing solution. This need aims to simplify their operations and accelerate product innovation, which differs from the approach of large issuers who tend to maintain highly customized debit and credit platforms separately.

A：Pismo's significance in the US market is to help banks of all sizes migrate their core banking platforms to the cloud. It is being deployed to assist with this transition, as exemplified by the partnership with Wells Fargo. Additionally, Pismo is being used to provide an integrated issuer processing solution combining Visa DPS and Pismo capabilities. The deployment is part of a product and segment strategy in the US, where Pismo is the single go-to-market platform entering new markets since the acquisition.

A：The Vas and CMS business reported growth of almost a third of revenue at 34%, which is an excellent result reflecting strong execution against the strategy laid out at the investor day. This growth is notably higher than the consumer payments growth, which has been in the low single digits, thus showing a different dynamic from previous years where consumer payments grew more significantly.

A：The growth in the US for the latest quarter was attributed to several factors including higher tax returns, the cost of fuel retail, timing of promotional shopping events, strength in Visa Direct, and the enthusiasm around the FIFA World Cup. The overall consumer spend environment was characterized as strong and resilient with broad-based improvements across various segments and spend bands, indicating consumer resiliency.

A：Visa's stance on open blockchain initiatives like OpenUSD is to remain multi-coin and multi-chain, and not to pick winners. The company's role is to help clients connect to stablecoin ecosystems securely and at scale, regardless of the specific stablecoin, network, or infrastructure. Visa is a partner of OpenUSD and believes it has the potential to scale as a payment-based stablecoin. However, Visa's view of the future remains multi-chain and multi-coin, focusing on enabling its clients to be successful rather than picking winners and losers.

A：The performance of the value-added services (VAS) portfolio is described as outstanding, with strength across all the portfolios. The key point is that all four portfolios are growing faster over the past 12 months compared to the growth rates shared at the previous investor day, indicating an acceleration in growth. Marketing services are having a great year due to the enthusiasm around events like FIFA, while the other three portfolios—issuing solutions, acceptance solutions, and risk and security—are collectively growing north of 20%. This broad-based strength reflects the company's strong execution against its strategy and indicates a big opportunity moving forward. The company continues to execute well, and it is anticipated that these businesses will remain strong.

A：Visa is focusing on strategic investments such as expanding acceptance in cash-rich markets, strengthening its affluent value propositions, winning in cross-border and e-commerce, scaling Pimavo, feature space in CMS, unified B2B payments and acceptance, embedded finance, Visa Direct, TVe, stablecoins, agentic growth in emerging markets, and the Visa as a service stack.

A：Visa is constantly driving improvements and identifying savings opportunities by doing the work in advance to determine the return on investment of redirecting those savings into the business to deliver results. The company has a track record of successful investments and feels good about the opportunities ahead.

A：The 'flywheel' signifies the continuous improvement and efficiency of Visa's business, which has grown and diversified while maintaining leading operating margins. It indicates that the business is on a strong trajectory and is expected to deliver strong margins in the future.

A：The factors contributing to the strength in Visa's guidance for the fiscal fourth quarter include the strong revenue growth throughout the year, particularly in Q3, and the expectation that Q4 will also be strong, aligned with Q3 adjusted results. Vas growth is a key driver, along with underlying strong drivers and the positive momentum from product innovation and client engagement.

A：AI is factoring into Visa's business as a significant part of its strategy, with a long history of AI adoption and deployment across the company, especially in product and engineering. Good adoption is seen in other parts of the company too, with a continuous focus on using AI tools for efficiency, effectiveness, and to propel future growth. Specific metrics were mentioned to demonstrate the fantastic results achieved.

A：Visa sees opportunities in Europe to win market share against local schemes due to the need for innovation, new products, reliability, and resilience among other factors. Visa's extensive investment in innovation and infrastructure allows it to provide services like Visa Flex and Visa Direct, which are in high demand. This presents opportunities to convert wins, with a projection of around 30 million cars or so expected to be converted from current wins over the coming years.

A：The influences shaping Visa's cross-border and e-commerce volume growth include the timing of retail promotional events, mix of days in the month, and their respective impacts in different quarters. July's numbers showed a moderation from June's peak, influenced by the timing of these events and other factors. The growth is attributed to retail and is anticipated to normalize to a more typical relationship relative to travel, indicating a transition back to usual levels.