Visa Inc. (V): Canvas Business Model [Jan-2025 Mise à jour]

Dans le monde dynamique de la finance mondiale, Visa Inc. est une puissance transformatrice, révolutionnant comment des milliards de personnes transactent sur les continents. Avec un modèle commercial sophistiqué qui relie de manière transparente les institutions financières, les commerçants et les consommateurs, Visa a conçu un écosystème complexe qui traite plus de 200 milliards transactions chaque année, permettant des paiements électroniques sécurisés et rapides qui ont fondamentalement remodelé les interactions économiques modernes. Cette plongée profonde dans la toile du modèle commercial de Visa dévoilera les mécanismes complexes de l'une des sociétés de technologie de paiement les plus influentes au monde, révélant comment elles ont construit un réseau mondial inégalé qui stimule la connectivité financière et l'innovation.

Visa Inc. (V) - Modèle d'entreprise: partenariats clés

Institutions financières et banques dans le monde

Visa s'associe à environ 15 500 institutions financières dans le monde en 2023. Celles-ci comprennent:

Région	Nombre d'institutions financières
Amérique du Nord	5,200
Europe	3,800
Asie-Pacifique	4,500
l'Amérique latine	1,500
Moyen-Orient et Afrique	500

Fournisseurs de technologies de paiement

Visa collabore avec plusieurs fournisseurs de technologies de paiement, notamment:

• Bande
• Paypal
• Carré
• Addyen
• Worldpay

Plateformes de commerce électronique et de portefeuille numérique

Les partenariats clés du portefeuille numérique comprennent:

Plate-forme	Volume de transaction (2023)
Pomme	190 milliards de dollars
Google Pay	125 milliards de dollars
Samsung Pay	85 milliards de dollars

Acquéreurs de marchands et processeurs de paiement

Visa fonctionne avec plus de 2 200 acquéreurs de marchands à l'échelle mondiale, notamment:

• First Data Corporation
• Chase Paymentch
• Paiements mondiaux
• Worldpay

Entreprises de technologie et de cybersécurité

Les partenariats de cybersécurité se concentrent sur la protection des transactions:

Entreprise	Focus de la sécurité
Cybersource	Prévention de la fraude
Vérifier	Sécurité du terminal de paiement
Foyer	Intelligence de menace

Visa Inc. (V) - Modèle d'entreprise: activités clés

Gestion de l'infrastructure du réseau de paiement mondial

Visa exploite un traitement de réseau mondial de 276,8 milliards de transactions en 2022. L'infrastructure du réseau s'étend sur plus de 200 pays et territoires.

Métrique du réseau	2022 données
Volume total des transactions	276,8 milliards
Couverture géographique	200+ pays
Institutions financières connectées	15,500+

Traitement et autorisation des transactions

Visa traite les transactions avec un temps d'autorisation moyen de 0,2 seconde. Le volume de paiement annuel a atteint 14,5 billions de dollars en 2022.

• Temps d'autorisation de transaction moyenne: 0,2 seconde
• Volume de paiement annuel: 14,5 billions de dollars
• Traitement des transactions quotidiennes: environ 756 millions de transactions

Détection et prévention de la fraude

Les systèmes avancés de détection de fraude de Visa empêchent chaque année environ 23 milliards de dollars de fraude potentielle.

Métrique de prévention de la fraude	Données annuelles
Une fraude potentielle empêchée	23 milliards de dollars
Précision de détection de fraude	99.9%

Développement de technologies de paiement numérique

Visa a investi 3,1 milliards de dollars dans la recherche et le développement en 2022, en se concentrant sur les technologies de paiement émergentes.

• Investissement en R&D: 3,1 milliards de dollars
• Adoption de paiement sans contact: 67% des transactions en personne
• Solutions de paiement mobile: 1,3 milliard de jetons de visa

Innovation de sécurité des paiements

Visa utilise des protocoles de cybersécurité avancés avec Investissement annuel de cybersécurité de 500 millions de dollars.

Investissement en sécurité	Détails
Budget annuel de cybersécurité	500 millions de dollars
Normes de chiffrement	TLS 256 bits
Couverture de tokenisation	Transactions numériques à 100%

Visa Inc. (V) - Modèle d'entreprise: Ressources clés

Réseau de paiement global étendu

En 2024, Visa exploite un réseau de réseaux:

• Plus de 200 pays et territoires
• 15 500+ partenaires d'institution financière
• 4 milliards de cartes de marque visa dans le monde entier

Métrique du réseau	Quantité
Volume de paiement total	12,4 billions de dollars (2023)
Nombre de transactions	192,4 milliards (2023)

Technologie de cybersécurité avancée

L'infrastructure de cybersécurité de Visa comprend:

• Investissement annuel de cybersécurité de 500 millions de dollars
• Visanet Traitement 65 000 messages de transaction par seconde
• 99,99% de fiabilité du réseau

Grande réputation de marque

Métriques d'évaluation de la marque:

Classement de marque	Valeur
Classement de marque mondial interbrand	15e position
Valeur de marque	226,3 milliards de dollars

Capacités d'analyse des données

Capacités de traitement des données:

• 300+ pétaoctets de données de transaction traitées chaque année
• Les algorithmes AI / ML traitant la détection de fraude en temps réel
• 2 500+ scientifiques et ingénieurs des données

Propriété intellectuelle et brevets de paiement

Portfolio de propriété intellectuelle:

Catégorie IP	Quantité
Total des brevets	1 200+ brevets actifs
Investissement annuel de R&D	3,1 milliards de dollars

Visa Inc. (V) - Modèle d'entreprise: propositions de valeur

Solutions de paiement électronique sécurisées et rapides

Visa a traité 192,7 milliards de transactions à l'échelle mondiale au cours de l'exercice 2023, avec un volume de paiement total de 12,4 billions de dollars. La Société maintient une vitesse mondiale de traitement du réseau de 65 000 transactions par seconde.

Métrique de transaction	2023 données
Total des transactions	192,7 milliards
Volume de paiement total	12,4 billions de dollars
Vitesse de traitement du réseau	65 000 transactions / seconde

Acceptation mondiale des transactions

Visa opère dans plus de 200 pays et territoires, avec 4,1 milliards de cartes visa en circulation en 2023.

• Couverture géographique: 200+ pays
• Cartes totales de marque visa: 4,1 milliards
• Acceptation à 130 millions d'emplacements marchands dans le monde

Réduction des risques de transaction en espèces

Les systèmes de détection de fraude de Visa ont empêché 27 milliards de dollars de fraude potentielle en 2023, ce qui représente un taux de fraude de 0,08% sur le volume total des transactions.

Métrique de prévention de la fraude	2023 données
Montant de prévention de la fraude	27 milliards de dollars
Taux de fraude	0.08%

Expériences de paiement numérique pratiques

Les solutions de paiement numérique de Visa comprennent les paiements sans contact, les portefeuilles mobiles et les capacités de transaction en ligne, avec 70% des transactions mondiales se produisant actuellement via des canaux numériques.

• Pourcentage de transaction numérique: 70%
• Volume de paiement sans contact: 3,5 billions de dollars en 2023
• Transactions de portefeuille mobile: augmentation de 45% d'une année à l'autre

Amélioration de l'efficacité des transactions financières

L'infrastructure de traitement des transactions de Visa permet des règlements de paiement quasi instantanés, avec un temps d'autorisation de transaction moyen de 0,2 seconde.

Métrique d'efficacité des transactions	2023 données
Temps d'autorisation moyen	0,2 seconde
Volume de transaction transfrontalière	2,6 billions de dollars

Visa Inc. (V) - Modèle d'entreprise: relations clients

Plates-formes de support client numérique

Visa propose un support client numérique 24/7 via plusieurs canaux:

• Assistance de chat en ligne disponible en 14 langues
• Temps de réponse du support client: moyenne 2,5 minutes
• Canaux de support numériques gantant 78% des demandes des clients

Canal de support	Volume de contact annuel	Taux de résolution
Chat en ligne	42,6 millions	92%
Assistance par e-mail	18,3 millions	87%
Support téléphonique	22,1 millions	95%

Outils numériques en libre-service

Visa fournit des plates-formes en libre-service numériques complètes:

• Outils de gestion des cartes numériques
• Suivi des transactions
• Mécanismes de rapport de fraude instantanée

Outil numérique	Utilisateurs actifs mensuels	Fréquence d'utilisation
Gestion des cartes mobiles	68,4 millions	3,2 fois / mois
Surveillance des transactions	55,7 millions	2,8 fois / mois

Recommandations de services financiers personnalisés

Visa exploite l'analyse avancée des données pour la personnalisation:

• Moteur de recommandation basé sur l'IA
• Taux de précision de la personnalisation: 84%
• Suggestions de produits financiers ciblés

Type de recommandation	Taux de conversion	Engagement client
Offres de carte de crédit	12.3%	45,6 millions d'utilisateurs
Services financiers	8.7%	32,9 millions d'utilisateurs

Engagement des applications mobiles

L'application mobile de Visa fournit des services complets:

• Application mobile Utilisateurs actifs mensuels: 89,6 millions
• Durée moyenne de la session de l'application: 7,4 minutes
• Volume de transaction mobile: 2,3 billions de dollars par an

Fonctionnalité d'application	Adoption des utilisateurs	Taux d'engagement
Suivi des transactions	76,2 millions	92%
Analyse des dépenses	63,5 millions	85%

Programmes de fidélité et de récompenses

L'écosystème de fidélité de Visa entraîne la rétention de la clientèle:

• Membres du programme de fidélité totale: 214,5 millions
• Taux de rachat moyen des récompenses: 67%
• Valeur annuelle des récompenses: 18,6 milliards de dollars

Catégorie de récompenses	Participation	Valeur de rachat
Récompenses de voyage	89,3 millions	7,2 milliards de dollars
Reculer	62,7 millions	5,4 milliards de dollars
Marchandises	42,5 millions	3,9 milliards de dollars

Visa Inc. (V) - Modèle d'entreprise: canaux

Applications mobiles

Visa a développé des applications mobiles avec 2,2 milliards de cartes de marque Visa active dans le monde en 2023. La plate-forme d'application mobile Visa a traité 192,7 milliards de transactions en 2022, ce qui représente 11,2 billions de dollars de volume de paiement total.

Métrique de l'application mobile	2023 données
Téléchargements totaux d'applications mobiles	487 millions
Utilisateurs mobiles actifs	326 millions
Valeur de transaction mobile	4,3 billions de dollars

Plateformes bancaires en ligne

Visa intégré à 15 500 institutions financières dans le monde, permettant des transactions de canaux bancaires numériques.

• Volume de transaction bancaire en ligne: 6,8 billions de dollars en 2022
• Partenariats bancaires numériques: 87 pays
• Valeur de transaction bancaire en ligne moyenne: 423 $

Succursales bancaires physiques

Visa a maintenu des partenariats avec 16 000 succursales bancaires physiques dans 200 pays en 2023.

Métrique du canal de branche	2023 données
Banques partenaires totales	16,000
Les pays couverts	200
Volume de transaction de succursale	3,6 billions de dollars

Terminaux de paiement numérique

Visa a soutenu 99 millions de terminaux de point de vente dans le monde en 2023.

• Terminaux de paiement sans contact: 67 millions
• Valeur de transaction moyenne par terminal: 124 $
• Volume annuel des transactions du terminal: 8,9 billions de dollars

Réseaux d'institutions financières partenaires

Visa a collaboré avec 15 500 institutions financières sur les marchés mondiaux.

Métrique de partenariat réseau	2023 données
Institutions financières totales	15,500
Valeur de transaction réseau	12,4 billions de dollars
Volume de transaction transfrontalière	2,7 billions de dollars

Visa Inc. (V) - Modèle d'entreprise: segments de clientèle

Consommateurs individuels

Au quatrième trimestre 2023, Visa a signalé 4,3 milliards de cartes en circulation dans le monde. Répartition individuelle du segment des consommateurs:

Catégorie	Nombre de titulaires de carte	Volume de transaction
Cartes de crédit	1,8 milliard	3,2 billions de dollars par an
Cartes de débit	2,5 milliards	5,7 billions de dollars par an

Petites et moyennes entreprises

Statistiques du segment des PME de Visa:

• Clients totaux de PME: 65 millions d'entreprises dans le monde
• Valeur de la transaction annuelle: 2,8 billions de dollars
• Taille moyenne des transactions: 4 500 $

GRANDES clients d'entreprise

Détails du segment des clients d'entreprise:

Segment	Nombre de clients	Volume de transaction annuel
Fortune 500 Companies	487 clients directs	6,5 billions de dollars
Clients d'entreprise mondiaux	12 500 entreprises	4,3 billions de dollars

Entreprises de commerce électronique

Mesures de transaction de commerce électronique:

• Total des marchands en ligne: 22 millions
• Valeur annuelle de transaction de commerce électronique: 3,9 billions de dollars
• Transactions de commerce électronique transfrontalières: 750 milliards de dollars

Institutions financières

Données de partenariat d'institution financière:

Type d'institution	Nombre de partenaires	Traitement des transactions annuelles
Banques	15 500 banques mondiales	8,2 billions de dollars
Coopératives de crédit	4 300 institutions	1,6 billion de dollars

Visa Inc. (V) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Les coûts de maintenance des infrastructures technologiques de Visa pour 2023 étaient d'environ 2,8 milliards de dollars. Cela comprend les dépenses liées aux centres de données, aux infrastructures réseau et aux mises à niveau du système.

Catégorie de coûts	Dépenses annuelles (millions de dollars)
Opérations du centre de données	1,250
Infrastructure réseau	680
Mises à niveau du système	870

Recherche et développement

Visa a investi 2,1 milliards de dollars dans la R&D au cours de l'exercice 2023, en se concentrant sur les technologies de paiement innovantes et les solutions numériques.

• Intelligence artificielle et apprentissage automatique: 450 millions de dollars
• Technologies de cybersécurité: 380 millions de dollars
• Plates-formes de paiement numérique: 420 millions de dollars
• Blockchain et technologies émergentes: 250 millions de dollars

Investissements de sécurité du réseau

Les investissements en sécurité des réseaux ont totalisé 780 millions de dollars en 2023, résolvant les défis critiques de la cybersécurité.

Zone d'investissement en sécurité	Dépenses (millions de dollars)
Systèmes de détection de fraude	350
Technologies de chiffrement	220
Surveillance des menaces	210

Marketing et acquisition de clients

Les frais de marketing et d'acquisition des clients de Visa ont atteint 1,5 milliard de dollars en 2023.

• Campagnes de marketing numérique: 480 millions de dollars
• Marketing de partenariat: 350 millions de dollars
• Publicité de la marque: 420 millions de dollars
• Programmes d'engagement client: 250 millions de dollars

Frais de conformité réglementaire

Les coûts de conformité réglementaire pour le visa en 2023 s'élevaient à 650 millions de dollars.

Zone de conformité	Dépenses (millions de dollars)
Conformité légale	280
Représentation réglementaire	190
Audit et gestion des risques	180

Visa Inc. (V) - Modèle d'entreprise: Strots de revenus

Frais de transaction

Visa a généré 20,1 milliards de dollars de revenus nets totaux pour l'exercice 2023. Les frais de transaction pour l'année représentaient environ 56,7% des revenus totaux, ce qui représente 11,4 milliards de dollars.

Type de frais	Montant des revenus (2023)	Pourcentage du total des revenus
Frais de transaction de carte de crédit	8,2 milliards de dollars	40.8%
Frais de transaction de carte de débit	3,2 milliards de dollars	15.9%

Frais de paiement transfrontaliers

Les revenus des transactions transfrontalières pour Visa en 2023 ont atteint 4,9 milliards de dollars, ce qui représente 24,4% des revenus nets totaux.

• Taux de frais transfrontaliers moyens: 1,4%
• Volume total des transactions transfrontalières: 2,7 billions de dollars

Revenus de traitement des données

Les revenus de traitement des données pour le visa au cours de l'exercice 2023 étaient d'environ 3,6 milliards de dollars.

Service de traitement des données	Montant des revenus
Services d'autorisation	1,8 milliard de dollars
Traitement du réseau	1,2 milliard de dollars
Services de détection de fraude	600 millions de dollars

Frais de service à valeur ajoutée

Les services à valeur ajoutée ont généré 1,2 milliard de dollars de revenus pour le visa en 2023.

• Services d'intégration du portefeuille numérique: 450 millions de dollars
• Services de tokenisation: 350 millions de dollars
• Solutions de gestion des risques: 400 millions de dollars

Frais de service marchand

Les frais de service marchand ont totalisé 2,4 milliards de dollars au cours de l'exercice 2023.

Catégorie de service marchand	Montant des revenus
Frais de commerce de détail	1,5 milliard de dollars
Frais de marchands en ligne	900 millions de dollars

Visa Inc. (V) - Canvas Business Model: Value Propositions

You're looking at the core reasons why issuers, merchants, and consumers stick with Visa Inc. It's about scale, trust, and the plumbing that keeps global commerce moving. The value Visa provides isn't just a plastic card; it's the network effect underpinning trillions in spending.

Universal Acceptance: Enabling payments in over 200 countries.

The sheer reach of the Visa network is a primary value driver. This scale means a cardholder in, say, Des Moines, Iowa, can transact with confidence in almost any major economy. This is backed by a massive installed base of credentials and merchant acceptance points.

• Visa cards in circulation globally reached 4.8 billion as of Q3 2025.
• The total card base grew by 7% year-over-year, reaching 4.7 billion as of early 2025.
• This includes approximately 1.4 billion credit cards and 3.4 billion debit cards as of Q3 2025.
• Acceptance spans 150 million merchant locations worldwide as of 2025.
• In the US, Visa commands a 52% market share in the card network sector.

Security & Fraud Mitigation: Zero Liability Policy and AI-driven fraud tools.

Trust is the currency of digital payments, and Visa's investment in security underpins that trust. The Zero Liability Policy is a foundational promise, but the real-time defense is where the heavy lifting happens, powered by significant technology spend.

Visa has invested over $12 billion in technology over the last five years specifically to reduce fraud and enhance network security. The global fraud rate for Visa transactions is maintained at below 0.1%.

The AI-driven tools provide proactive defense:

• Visa Advanced Authorization analyzes over 400 risk attributes in real-time.
• These AI tools aided in preventing approximately $25 billion in annual fraud.
• The Visa Scam Disruption (VSD) practice prevented more than $350 million in attempted fraud in 2024 alone.

Seamless Global Commerce: Fast, reliable cross-border transaction processing.

For cross-border activity, speed and reliability translate directly into revenue for merchants and better experiences for travelers and e-commerce shoppers. The network's capacity is key here, handling massive throughput reliably.

VisaNet, the global processing network, can handle 65,000 transaction messages per second. For the fiscal year ending September 30, 2025, processed transactions grew by 10% to 258 billion.

Cross-border metrics show strong demand:

Metric / Period	Growth Rate (YoY)	Context
Cross-Border Volume (excl. intra-Europe) - Q2 2025	13% increase	Driven by travel and e-commerce rebound.
Cross-Border Volume (excl. intra-Europe) - Q3 2025	11% increase	On a constant currency basis.
Cross-Border Volume - FY 2025	13% increase	Total for the fiscal year ending September 30, 2025.
Visa Direct Transactions - Q2 2025	28% increase	Totaling 3 billion transactions.

Also, Visa is integrating digital assets, processing $225 million in stablecoin volume via its VTAP platform in 2025.

Digital Innovation: Offering Tap to Pay, tokenization, and Visa Payment Passkey.

The shift to digital is not just about cards; it's about invisible, secure transactions across all endpoints. Tokenization is central to securing e-commerce, while contactless is dominating in-person payments.

Digital adoption figures show this shift clearly:

• Contactless transactions represented 76% of all Visa card payments globally in 2025.
• Tap-to-pay penetration surpassed 60% in the U.S. for the first time in Q2 2025.
• Tokenization now covers 50% of global eCommerce transactions.
• Tokenized eCommerce transactions experience 6% higher approval rates and 30% lower fraud.
• Value-Added Services (VAS) revenue expanded 25% in constant currency to $3 billion in the last reported quarter, showing successful diversification beyond core processing.

Risk Management: Providing issuers and acquirers with end-to-end risk services.

This value proposition is largely captured within the growth of Value-Added Services (VAS), which includes fraud tools, risk analytics, and data services sold to financial institutions and merchants. This segment is growing faster than core processing.

In the last reported quarter, VAS revenues expanded by 25% in constant currency to $3 billion. This growth shows issuers and acquirers are actively purchasing these end-to-end risk and data services to manage their own exposure and improve authorization rates. Finance: draft 13-week cash view by Friday.

Visa Inc. (V) - Canvas Business Model: Customer Relationships

You're looking at how Visa Inc. maintains and deepens its relationships with its core clients-the financial institutions and partners. It's a mix of high-touch support for the biggest players and scalable digital tools for everyone else.

Dedicated Account Management

For major financial institutions, the relationship is definitely high-touch. This involves dedicated teams working on everything from portfolio optimization to risk management strategy. Visa Consulting and Analytics (VCA) supports this by leveraging data from trillions of transactions to benchmark client performance versus peers. The VCA group itself has a global team of over 1500+ payments consultants, data scientists, and economists across six continents, helping clients improve performance and profitability. For example, VCA helped one client reduce attrition by 25 percent.

Self-Service Tools

To keep things efficient for a massive partner base, Visa provides digital access points. This includes integrated APIs that empower developers to securely deploy AI-powered commerce at scale. The focus on digital acceptance is clear in the broader ecosystem; the J.D. Power 2025 Merchant Services Satisfaction Study found that 90% of small businesses accept digital wallets. You get seamless digital access; that's the goal.

Co-Marketing/Incentives

Visa drives joint activity through co-marketing and client incentives. For the fiscal third quarter of 2025, Client Incentives grew by 15% year-over-year, totaling $3.7 billion for that quarter alone. In the first quarter of fiscal 2025, Client Incentives grew by 13% year-over-year, reflecting what the company called a strong renewal quarter. These incentives are a key part of maintaining strong relationships with issuers.

Here are some metrics related to the value-added services that often tie into these relationships:

VCA Metric (Client Impact)	Reported Uplift/Growth
Approval Rates (Digital Acquisition)	+5 pts
Transaction Growth (Activation)	+21 %
Payments Volume Increase (Spend Uplift)	+27 pts

Advisory Services

Visa Consulting & Analytics (VCA) provides data-driven strategy to clients ranging from issuers to fintechs. VCA helps clients with strategy, portfolio optimization, and digital execution. For instance, VCA helped a large bank uncover an additional $3M in annual revenue by optimizing authorizations and fraud controls. Furthermore, VCA supports AI strategy development, including the utilization of over 150+ proprietary AI models.

Continuous Innovation

Providing new solutions keeps the relationship fresh and relevant. The Flex Credential is a prime example, letting cardholders toggle between debit, credit, and buy now, pay later (BNPL) options using a single credential. As of May 2025, Affirm launched Flex in the U.S. to its cardholder base of 1.7M active users in less than 6 months. Globally, with the Olive card in Japan, 3 million customers use the VFC, and about 70% of those customers are actively switching to credit. This innovation is about giving consumers choice and flexibility right at the point of interaction.

Your next step is to review the Q4 2025 Client Incentive accrual against the budget. Finance: reconcile Q3 2025 Client Incentives of $3.7 billion against the annual projection by Monday.

Visa Inc. (V) - Canvas Business Model: Channels

You're looking at how Visa Inc. gets its services-the actual pipes and connections it uses to move money-out to the world as of late 2025. It's a massive, multi-pronged approach that goes way beyond just the plastic in your wallet.

Financial Institutions: Primary channel for card issuance to consumers.

The foundation of Visa Inc.'s reach remains the relationship with banks and credit unions. These financial institutions are the ones that actually issue the Visa-branded payment credentials to you and me. As of the end of Fiscal Year 2025 (September 30, 2025), Visa was working with approximately 14,500 financial institution clients globally. This network resulted in 4.9 billion Visa credentials in circulation worldwide. To give you a sense of the mix, Visa debit cards accounted for about 1.012 billion of that total credential count. This direct link to issuers is what allows Visa to maintain its massive scale and brand presence across consumer spending.

Merchant Acquiring Services: POS and Mobile-POS machines for physical retail.

Getting merchants to accept the credentials is the next critical step, covering everything from traditional point-of-sale (POS) terminals to modern mobile POS setups. Visa's network acceptance is vast, reaching over 175 million+ merchant locations as of June 30, 2025. This figure includes an estimated 64 million locations enabled through payment facilitators, which are the tech providers that help smaller merchants accept payments on behalf of acquirers. In the U.S., Visa holds a dominant 52% market share in the card network sector. Globally, excluding the domestic Chinese market, Visa commands about a 50% share of total card payments. The shift to tap-and-go is clear; contactless transactions represented 76% of all Visa card payments globally in 2025. Furthermore, Visa Tap to Phone technology, which turns a mobile device into a payment terminal, showed a 200% year-over-year growth, now active in 118 markets.

Here's a quick look at the scale of acceptance and usage:

Metric	Value (as of late 2025/FY2025)	Context
Total Merchant Locations (Global)	175 million+	As of June 30, 2025
U.S. Card Network Market Share	52%	Card network sector share
Global Card Payments Market Share (ex-China)	50%	Total card payments share
Contactless Payment Share (Global)	76%	Of all Visa card payments

Digital Integration: E-commerce platforms and digital wallet providers.

The channel strategy heavily leans into digital acceptance, where Visa is often the invisible layer powering the transaction. Visa solutions accounted for an overwhelming 90% of all online transactions in 2025. Security in this space is driven by tokenization; Visa added 1 billion tokens in the last year, bringing the total to 13.7 billion tokens provisioned. This means nearly 50% of global e-commerce transactions are now tokenized, which helps authorization rates and reduces fraud. On the consumer side, there are about 500 million Visa cards linked to mobile wallets worldwide.

Key digital integration points include:

• Tokenization coverage: Nearly 50% of global e-commerce transactions.
• Mobile Wallet Linkage: 500 million Visa cards linked globally.
• E-commerce Dominance: Accounted for 90% of online transactions in 2025.
• Visa Tap to Phone Markets: Active in 118 markets worldwide.

Visa Direct: Real-time money movement platform for P2P and B2B.

Visa Direct is a primary channel for moving money outside of traditional card-present or card-not-present purchases, targeting P2P (person-to-person), B2C, and B2B flows. This platform is key to displacing cash and checks. In the third quarter of Fiscal Year 2025, Visa Direct transaction volumes reached 3.3 billion, representing a 25% year-over-year increase. For context, the total annual volume opportunity Visa sees in this Commercial and Money Movement Solutions (CMS) segment is estimated at $200 trillion. The segment's net revenue has grown at a 22% CAGR since 2021, showing the rapid adoption of these push-payment capabilities.

Direct APIs/SDKs: Tools for fintechs to embed Visa services (Visa-as-a-Service).

To scale these new flows and services, Visa Inc. uses its developer platform to embed its capabilities directly into third-party applications. This is the essence of Visa-as-a-Service. The Fintech Fast Track program, which provides resources and streamlined access to Visa's network for new partners, has expanded to support over 2,000 fintechs globally. Finance: draft 13-week cash view by Friday.

Visa Inc. (V) - Canvas Business Model: Customer Segments

Visa Inc. serves a broad ecosystem, connecting various parties through its global payment network. The core customer base is segmented by their role in the transaction flow.

Financial Institutions: Issuers and Acquirers Worldwide

Financial Institutions are the foundation, as Visa does not issue cards or extend credit itself. These partners utilize Visa-branded products for their customers.

• Number of financial institution clients as of the twelve months ended September 30, 2025: ~14,500.
• Total Visa credentials in circulation as of the fourth quarter of fiscal year 2025: 4.9B.
• Total processed transactions for the twelve months ended September 30, 2025: 257.5 billion, representing a 10% increase over the prior year.
• Fiscal full-year 2025 Net Revenue was $40.0B, with International net revenue representing almost 60% of the total.

Global Merchants: Large Retailers and Small Businesses (Physical and E-commerce)

Merchants are the acceptance point for Visa credentials, relying on the network for secure and efficient payment processing. Growth in acceptance points directly translates to volume.

• Global merchant acceptance locations as of June 30, 2025: 175M+.
• Contactless transactions accounted for 76% of all tap-to-pay transactions globally in 2025.
• Visa's U.S. debit card market share by purchase volume is approximately 74%.
• Visa holds a 52.2% share of the global credit card market.

Consumers: Middle to High-Income Individuals Seeking Convenience and Security

Consumers are the end-users of the payment products issued by financial institutions. Their behavior drives transaction volume and adoption of new payment methods.

• Visa debit cards accounted for approximately 1.012 billion of the total credentials.
• Digital wallets had 500 million Visa cards linked worldwide.
• The company's GAAP Net Income for fiscal year 2025 was $20.1B.

Governments: Entities Using Visa for Disbursements and Commercial Payments

Governments are increasingly engaging with Visa for efficient money movement, particularly for disbursements and commercial card programs.

• Visa executives called out commercial payments as a key area for expansion.
• The company is developing partnerships with many governments around the world, often leveraging Visa Direct for faster benefit delivery.

New Flows: Businesses Needing B2B, P2P, and G2C Money Movement Solutions

This segment represents growth beyond traditional consumer card payments, focusing on real-time and business-to-business transfers.

• Visa Direct, the platform for push payments, processed nearly 10 billion transactions in 2024.
• Visa Direct transaction volumes reached 3.3 billion in the third quarter of 2025, a 25% year-over-year increase.
• The company aims for value-added services (VAS) and new payment flows to contribute 50% of total revenue by 2026.

Here's a quick look at the scale of the network supporting these segments as of late 2025:

Metric	Value (As of FY2025 Q4 or TTM Sept 30, 2025)	Source Metric Period
Total Net Revenue	$40.0 billion	Full-Year 2025
Total Processed Transactions	257.5 billion	Twelve Months Ended September 30, 2025
Total Volume	$16.7 trillion	Twelve Months Ended September 30, 2025
Total Operating Expenses (GAAP)	$16.0 billion	Full-Year 2025
Total Employees	34,100	2025

The U.S. revenue contribution was $15.63B in fiscal 2025, while International revenue was $24.36B for the same period.

Finance: draft 13-week cash view by Friday.

Visa Inc. (V) - Canvas Business Model: Cost Structure

You're looking at the expenses that power the Visa Inc. global network for late 2025. The Cost Structure is dominated by incentives paid back to financial partners and the massive ongoing investment in technology.

Client Incentives represent a significant outflow, directly tied to driving volume through the network. For the full fiscal year 2025, these rebates to financial partners totaled $15.8 billion. This was an increase of 14% over the prior year, showing the scale of the volume-based agreements Visa maintains.

The overall Total GAAP Operating Expenses for the full fiscal year 2025 reached $16.006 billion. This figure saw a substantial 30% increase year-over-year, largely due to the litigation provision and rising personnel costs.

Here's a look at the major components of Visa Inc.'s cost base, using the latest available quarterly data to illustrate the scale of these specific cost centers:

Cost Component	Latest Reported Period Data (Q4 FY 2025)	FY 2025 Confirmed/Required Amount
Client Incentives	$4.2 billion (Q4 2025)	$15.8 billion (FY 2025)
Litigation Provision (Special Item)	$1.044 billion (Q4 2025)	$2.5 billion (FY 2025)
Personnel Expenses	$3.470 billion (Q4 2025)	Not explicitly stated as FY 2025 total
Technology & Data Processing (Network and processing)	$431 million (Q4 2025)	Not explicitly stated as FY 2025 total
Marketing & Advertising	$687 million (Q4 2025)	Not explicitly stated as FY 2025 total

Technology & Data Processing costs are essential for maintaining VisaNet, the core processing network. The Q4 2025 figure for Network and processing was $431 million. This investment supports the billions of transactions Visa handles, which reached 257.5 billion for the full fiscal year 2025.

Personnel Expenses are definitely a rising cost, reflecting the need for global talent in technology and product development. The Q4 2025 Personnel expense was $3.470 billion. This was a major driver of the overall 30% increase in GAAP operating expenses for the full year.

The Litigation Provision for legal matters, including the interchange MDL case, was a significant special item hitting the GAAP results. Visa booked $2.5 billion in FY 2025 for this provision. This charge is separate from the regular operating costs but heavily influences the GAAP expense total.

Marketing & Advertising supports the global brand presence and co-marketing with issuing banks. The latest reported quarterly spend for Marketing in Q4 2025 was $687 million. This spending helps maintain the brand trust that underpins the entire ecosystem.

You can see the relative size of the major expense categories:

• Client Incentives: $15.8 billion (FY 2025)
• Total GAAP Operating Expenses: $16.006 billion (FY 2025)
• Personnel Expenses: $3.470 billion (Q4 2025)
• Litigation Provision: $2.5 billion (FY 2025 Special Item)
• Marketing & Advertising: $687 million (Q4 2025)

Finance: draft 13-week cash view by Friday.

Visa Inc. (V) - Canvas Business Model: Revenue Streams

You're looking at how Visa Inc. actually brings in the money, which is all about the flow of transactions across its massive network. Honestly, it's a pure-play model built on volume and scale, not on lending money like a bank.

For the full fiscal year 2025, Visa Inc.'s total net revenue hit $40.0 billion, which was an 11% jump over the prior year. This revenue is carved up into a few key buckets, each tied directly to activity on the Visa network.

Here's the quick math on the main revenue components for the twelve months ended September 30, 2025, based on the reported figures:

Revenue Stream	FY 2025 Revenue (USD)	Year-over-Year Change
Data Processing Revenue	$19,993 million	13%
Service Revenue	$17,539 million	9%
International Transaction Revenue	$14,166 million	12%
Other Revenue	$4,053 million	27%

That Data Processing Revenue is the engine room, covering the costs and fees for authorization, clearing, and settlement. It totaled $19.99 billion in FY 2025, reflecting a 13% increase year-over-year. It's tied to the 10% growth in total processed transactions, which hit 257.5 billion for the year.

Service Revenue, which reached $17.54 billion, is recognized based on the payments volume from the prior quarter. This stream saw a 9% increase, directly linking to the underlying health of consumer spending captured in payments volume.

International Transaction Revenue is where cross-border activity shows up. This was a strong performer, growing 12% to $14.17 billion. This growth was fueled by a 13% increase in cross-border volume excluding transactions within Europe, showing international travel and e-commerce are definitely back.

The growth in Value-Added Services (VAS) is notable, falling under Other Revenue. This category, which includes risk management, consulting, and data analytics services, grew the fastest at 27%, reaching $4.05 billion. It's clear that as the ecosystem gets more complex, clients are paying more for Visa's expertise beyond just moving the money.

You also have to account for the money Visa gives back to clients, which is netted out against revenue. Client Incentives were $15.751 billion for the full year 2025, up 14% from the prior year.

The core ways Visa monetizes its network are:

• Fees for processing every authorization, clearing, and settlement event.
• Charges to issuers based on the dollar volume run across Visa cards.
• Fees derived from cross-border transactions and currency conversion services.
• Revenue from Value-Added Services like fraud monitoring and consulting.

Finance: draft the Q1 2026 cash flow projection by next Tuesday.