Visa Inc (V) 2018 Q2 法說會逐字稿

Welcome to the Visa's Fiscal Second Quarter 2018 Earnings Conference Call.

歡迎參加 Visa 的 2018 財年第二季度收益電話會議。

(Operator Instructions) Today's conference is being recorded.

（操作員說明）今天的會議正在錄製中。

If you have any objections, you may disconnect at this time.

如果您有任何異議，您可以在此時斷開連接。

I would now like to turn the conference over to your host, Mr. Mike Milotich, Senior Vice President of Investor Relations.

我現在想將會議轉交給您的主持人，投資者關係高級副總裁 Mike Milotich 先生。

Mr. Milotich, you may begin.

米洛蒂奇先生，您可以開始了。

Thanks, Katie.

謝謝，凱蒂。

Good afternoon, everyone, and welcome to Visa's Fiscal Second Quarter 2018 Earnings Call.

大家下午好，歡迎參加 Visa 2018 財年第二季度財報電話會議。

Joining us today are Al Kelly, Visa's Chief Executive Officer; and Vasant Prabhu, Visa's Chief Financial Officer.

今天加入我們的是 Visa 的首席執行官 Al Kelly； Visa 的首席財務官 Vasant Prabhu。

This call is being webcast on the Investor Relations section of our website at www.investor.visa.com.

本次電話會議正在我們網站 www.investor.visa.com 的投資者關係部分進行網絡直播。

A replay will be archived on our site for 30 days.

重播將在我們的網站上存檔 30 天。

A slide deck containing financial and statistical highlights has been posted on our IR website.

包含財務和統計亮點的幻燈片已發佈在我們的投資者關係網站上。

Let me also remind you that this presentation includes forward-looking statements.

我還要提醒您，本演示文稿包含前瞻性陳述。

These statements are not guarantees of future performance, and our actual results may differ materially as a result of many factors.

這些陳述不是對未來業績的保證，我們的實際結果可能會因許多因素而產生重大差異。

Additional information concerning those factors is available in our most recent reports on forms 10-K and 10-Q, which you can find on the SEC's website and the Investor Relations section of our website.

有關這些因素的更多信息，請參閱我們關於 10-K 和 10-Q 表格的最新報告，您可以在 SEC 網站和我們網站的投資者關係部分找到這些信息。

For historical non-GAAP financial information disclosed in this call, the related GAAP measures and reconciliation are available in today's earnings release.

對於本次電話會議中披露的歷史非公認會計原則財務信息，相關的公認會計原則措施和對賬可在今天的收益發布中獲得。

And with that, let me turn the call over to Al.

有了這個，讓我把電話轉給 Al。

Mike, thank you very much, and good afternoon to everybody and thanks for joining us today.

邁克，非常感謝大家，大家下午好，感謝今天加入我們。

Before I begin my comments, I do like -- would like to officially welcome Mike Milotich to the role as our Senior Vice President of Investor Relations.

在我開始發表評論之前，我確實想正式歡迎 Mike Milotich 擔任我們的投資者關係高級副總裁。

While Mike is new to this position, he's a veteran at Visa, he joined us in 2011.

雖然 Mike 是這個職位的新人，但他是 Visa 的資深人士，他於 2011 年加入我們。

Most recently, Mike led our Corporate Finance team.

最近，邁克領導了我們的企業財務團隊。

And before that, Mike held finance positions at both PayPal and American Express.

在此之前，邁克曾在 PayPal 和 American Express 擔任財務職位。

I know you're going to find that Mike is extraordinarily knowledgeable about our -- about the payments industry, Visa's business and our financials.

我知道您會發現 Mike 對我們的支付行業、Visa 的業務和我們的財務狀況非常了解。

He's an experienced leader who's been a great partner to Vasant and myself in his prior role, and I'm delighted that Mike has taken on this role.

他是一位經驗豐富的領導者，在他之前的角色中，他是 Vasant 和我自己的好夥伴，我很高興 Mike 擔任了這個角色。

And I know you'll enjoy working with him in the months and years ahead.

我知道你會喜歡在未來的幾個月和幾年里和他一起工作。

So I welcome and congratulate Mike, and now let me turn to our financial results.

所以我歡迎並祝賀邁克，現在讓我談談我們的財務業績。

Visa had a terrific second quarter that greatly exceeded our expectations.

Visa 的第二季度表現非常出色，大大超出了我們的預期。

Revenue growth was 13%, and many of our key business drivers accelerated compared to the first quarter.

收入增長 13%，與第一季度相比，我們的許多關鍵業務驅動因素加速。

The broad-based improvement in global economic growth that began last year has largely continued.

去年開始的全球經濟增長的廣泛改善在很大程度上仍在繼續。

Payments volume growth on a constant dollar basis accelerated by more than 0.5 point versus the prior quarter, fueled by debit spending globally.

在全球借記卡支出的推動下，按固定美元計算的支付量增長較上一季度加快了 0.5 個百分點以上。

Debit growth of 11% was up 2 percentage points versus last quarter with both U.S. debit and international debit growth accelerating by similar amounts.

借方增長 11%，與上一季度相比上升 2 個百分點，美國借方和國際借方增長速度相似。

Credit growth was flat to the last quarter at 10%.

信貸增長與上一季度持平，為 10%。

Year-over-year payments growth was between 9% and 17% across our 6 reported regions and countries, which is an indication of the broad-based global strength we are seeing.

在我們報告的 6 個地區和國家/地區，支付同比增長在 9% 到 17% 之間，這表明我們看到了廣泛的全球實力。

Cross-border growth on a constant dollar basis accelerated more than 2 percentage points versus the prior quarter, driven by faster growth in virtually every region.

受幾乎每個地區增長加快的推動，按固定美元計算的跨境增長比上一季度加快了 2 個百分點以上。

Growth both in and out of Europe and the U.S. was strong.

歐洲和美國內外的增長都很強勁。

Growth inbound to the U.S. reached double digits for the first time in more than 4 years.

入境美國的增長在 4 年多以來首次達到兩位數。

Globally, both card-not-present and face-to-face growth accelerated by approximately 2.5 percentage points versus the prior quarter, with card-not-present growth continuing to outpace face-to-face spend growth.

在全球範圍內，無卡和麵對面的增長都比上一季度加快了約 2.5 個百分點，無卡的增長繼續超過面對面的支出增長。

Investments in talent in markets around the world as well as marketing focused on the Winter Olympics and the upcoming World Cup led to double-digit expense growth on an adjusted basis.

對全球市場人才的投資以及針對冬季奧運會和即將到來的世界杯的營銷，在調整後的基礎上實現了兩位數的支出增長。

Our tax rate was 19% due to the execution of a specific state tax initiative and U.S. tax reform.

由於執行了特定的州稅收計劃和美國稅制改革，我們的稅率為 19%。

EPS growth on a GAAP basis was 523%, but adjusted for 2 special items last year, growth was 30%.

按公認會計原則計算的每股收益增長為 523%，但去年調整了 2 個特殊項目後，增長為 30%。

These strong results have led us to raise our full year outlook for both revenue and profit.

這些強勁的業績使我們提高了對收入和利潤的全年展望。

We had a number of deals -- deal wins in this quarter.

我們有許多交易——本季度的交易獲勝。

Visa and Capital One executed a new agreement that continues our partnership in the affluent consumer and small business space.

Visa 和 Capital One 簽署了一項新協議，繼續我們在富裕消費者和小型企業領域的合作。

Capital One is one of our largest issuers, and we're excited to continue our partnership.

Capital One 是我們最大的發行人之一，我們很高興繼續我們的合作夥伴關係。

Also in the U.S., IKEA has selected Visa as the network for their new co-brand program.

同樣在美國，宜家已選擇 Visa 作為其新的聯合品牌計劃的網絡。

We signed a multiyear debit issuing agreement with CIBC in Canada.

我們與加拿大 CIBC 簽署了一份多年期借記卡發行協議。

In Asia, we renewed our consumer credit and commercial partnership with Shinhan Korea, the largest issuer in Korea.

在亞洲，我們與韓國最大的發行人 Shinhan Korea 續簽了消費信貸和商業合作夥伴關係。

We're partnering with Citi and PChome to launch the new exclusive co-brand card in Taiwan, and we also renewed a number of our largest partnerships with clients in Japan, China and Thailand.

我們正在與 Citi 和 PChome 合作，在台灣推出新的獨家聯名卡，我們還與日本、中國和泰國的客戶續簽了一些最大的合作夥伴關係。

We renewed Banco Davivienda, our second largest client in Colombia.

我們續約了我們在哥倫比亞的第二大客戶 Banco Davivienda。

And we renewed our debit agreement with Mashreq Bank in the UAE.

我們與阿聯酋的 Mashreq 銀行續簽了借記協議。

We also returned approximately $2.5 billion of capital to shareholders in the second quarter consisting of $2 billion of share repurchases and nearly $0.5 billion through dividends.

我們還在第二季度向股東返還了大約 25 億美元的資本，其中包括 20 億美元的股票回購和近 5 億美元的股息。

Vasant will take you through our results and our revised full year outlook in more detail when I complete my remarks.

當我完成我的發言時，Vasant 將帶您更詳細地了解我們的業績和修訂後的全年展望。

Let me turn to Europe.

讓我轉向歐洲。

Our technical migration in Europe is well underway and off to a great start.

我們在歐洲的技術遷移正在順利進行，並有了一個良好的開端。

The clearing and settlement migration was completed successfully over the months of February and March with no major issues.

清算和結算遷移在 2 月和 3 月順利完成，沒有出現重大問題。

Over 500 clients were migrated.

遷移了 500 多個客戶端。

Authorization migrations begin later this month.

授權遷移將於本月晚些時候開始。

Unlike the settlement migrations, which occurred in 2 major tranches, the authorization migrations will occur client-by-client over a longer period of time.

與分兩批發生的結算遷移不同，授權遷移將在更長的時間內逐個客戶發生。

We remain on track to complete the technical migration by the end of the calendar year.

我們仍有望在日曆年年底前完成技術遷移。

The conversion of European client contracts to commercial incentives is largely done.

歐洲客戶合同向商業激勵的轉變已基本完成。

For the few deals that are outstanding, the terms are finalized but the contracts are taking longer than expected to be signed.

對於少數未完成的交易，條款已經敲定，但合同簽署的時間比預期的要長。

We expect to be finished in Q3.

我們預計將在第三季度完成。

Overall, we are quite pleased with the business we have secured.

總的來說，我們對我們獲得的業務感到非常滿意。

We reviewed and transitioned over 100 contracts to new commercial terms, many highly contested by our competitors.

我們審查了 100 多份合同並將其轉換為新的商業條款，其中許多受到我們競爭對手的激烈競爭。

Of course, we would have liked to win them all, but retaining almost all of these clients does exceed our assumptions made at the time of the Visa Europe acquisition.

當然，我們本來希望贏得所有這些客戶，但保留幾乎所有這些客戶確實超出了我們在收購 Visa Europe 時所做的假設。

Now that we're done transitioning our existing clients to incentive contracts, we can shift more focus to growing our business in new ways in Europe.

現在我們已經完成了將現有客戶轉換為激勵合同的工作，我們可以將更多的精力轉移到以新的方式在歐洲發展我們的業務。

In terms of digital advancement, last week, we introduced the Visa Digital Commerce Program, which will provide consumers with a simple experience with more security and less friction to utilize their cards for digital payments.

在數字化進步方面，上週我們推出了 Visa 數字商務計劃，該計劃將為消費者提供更安全、更輕鬆的使用卡進行數字支付的簡單體驗。

Our vision is to create a consistent and secure digital shopping experience across browsers and devices that largely eliminate the need to enter card -- account numbers and passwords.

我們的願景是跨瀏覽器和設備創建一致且安全的數字購物體驗，從而在很大程度上消除輸入卡（帳號和密碼）的需要。

Online shopping should be as simple as it is in the physical world, making the checkout process easy with a single pay button.

在線購物應該像在現實世界中一樣簡單，只需一個支付按鈕即可輕鬆完成結賬過程。

We aim to de-clutter the checkout page to streamline the checkout process.

我們的目標是整理結帳頁面以簡化結帳流程。

The program will incorporate our token technology and it's based on the EMVco secure remote commerce framework.

該程序將結合我們的令牌技術，它基於 EMVco 安全遠程商務框架。

We're going to provide more updates on an ongoing basis as we move forward.

隨著我們的前進，我們將持續提供更多更新。

The Visa Digital Commerce Program is consistent with our other initiatives and investments to reduce friction from digital payments while maintaining high security standards.

Visa 數字商務計劃與我們旨在減少數字支付摩擦同時保持高安全標準的其他舉措和投資相一致。

A few examples of other actions we've taken to reduce friction from digital payments include: our partnership with PayPal, which began in the U.S. and has extended to Asia and Europe, which eliminates ACH steering while also enabling PayPal users to cash out to their Visa card utilizing Visa Direct.

我們為減少數字支付摩擦而採取的其他一些措施包括：我們與 PayPal 的合作，該合作始於美國，並已擴展到亞洲和歐洲，它消除了 ACH 轉向，同時也使 PayPal 用戶能夠兌現他們的使用 Visa Direct 的 Visa 卡。

In fact, overall, our partnership with PayPal has gone well, and we continue to discuss ways to work together, including collaborating on a number of tokenization initiatives.

事實上，總體而言，我們與 PayPal 的合作關係進展順利，我們將繼續討論合作方式，包括合作開展多項代幣化計劃。

Our acquisition of CardinalCommerce about a year ago enhanced our authentication capability also reducing transaction latency and improving the customer experience for merchants.

我們大約一年前收購 CardinalCommerce 增強了我們的身份驗證能力，同時減少了交易延遲並改善了商家的客戶體驗。

Netflix, one of Visa's top digital merchants globally, recently expanded their card-on-file token program to include countries in both Europe and the Latin America regions and with card-on-file tokens now being provisioned in countries across all Visa regions.

Netflix 是 Visa 在全球範圍內的頂級數字商戶之一，最近擴展了他們的卡片存檔令牌計劃，以包括歐洲和拉丁美洲地區的國家，並且現在在所有 Visa 地區的國家/地區提供卡片存檔令牌。

Visa Direct continues to gain traction in markets globally.

Visa Direct 在全球市場繼續受到關注。

We are beginning to see the network effect taking hold as scaled originators such as acquirers and technology platforms continue to use Visa's capabilities to push funds in real time over our network.

隨著收單機構和技術平台等規模較大的發起人繼續使用 Visa 的功能通過我們的網絡實時推送資金，我們開始看到網絡效應開始發揮作用。

This network effect, combined with broader consumer and merchant awareness, is fueling geographic expansion and rapid growth across all use cases.

這種網絡效應與更廣泛的消費者和商家意識相結合，正在推動所有用例的地域擴張和快速增長。

P2P, for example, is growing rapidly in a number of markets around the world.

例如，P2P 正在全球多個市場迅速發展。

Our issuer clients as well as third-party providers such as Square Cash, PayPal, Venmo and Facebook have enabled their customers to send money to one another using cards.

我們的發卡行客戶以及 Square Cash、PayPal、Venmo 和 Facebook 等第三方提供商已經讓他們的客戶能夠使用卡相互匯款。

Disbursements continue to grow in a number of different industries such as ridesharing, insurance and alternative lending.

許多不同行業的支出繼續增長，例如拼車、保險和替代貸款。

Companies such as Wirecard, WorldPay, Adyen and Stripe are enabling their clients to use these capabilities.

Wirecard、WorldPay、Adyen 和 Stripe 等公司正在使他們的客戶能夠使用這些功能。

Instant merchant deposit for small merchants continues to expand.

小商戶的即時商戶存款繼續擴大。

PayPal Braintree recently joined existing partners such as: WorldPay, who launched in 2017; and Square, who was the first to launch in 2015, to enable their merchants to receive their funds within minutes by initiating a push to their card.

PayPal Braintree 最近加入了現有合作夥伴，例如：2017 年推出的 WorldPay； Square 於 2015 年率先推出，通過向他們的卡發起推送，讓他們的商家能夠在幾分鐘內收到他們的資金。

And finally, bill payment, where consumers can pay credit card, utility and telecom bills by initiating a push of funds from their debit card.

最後是賬單支付，消費者可以通過借記卡支付信用卡、公用事業和電信賬單。

The application of this capability can vary from market-to-market, so let me share 2 examples with you.

此功能的應用可能因市場而異，因此讓我與您分享 2 個示例。

In Singapore, 4 of our top 7 issuers have embedded our capabilities in their digital banking channels, including mobile apps, to allow customers to pay their credit card bills issued by another financial institution with a push of funds from their debit card.

在新加坡，我們的前 7 大發卡機構中有 4 家已將我們的功能嵌入到他們的數字銀行渠道（包括移動應用程序）中，以允許客戶通過借記卡中的資金來支付另一家金融機構發行的信用卡賬單。

In India, consumers can pay for utilities and telecom services by scanning the QR code on their bill with their banking app, and funds will flow from the consumer's bank account to the merchant via Visa Direct.

在印度，消費者可以通過使用銀行應用程序掃描賬單上的二維碼來支付公用事業和電信服務費用，資金將通過 Visa Direct 從消費者的銀行賬戶流向商家。

Turning to B2B.

轉向 B2B。

We continue to make progress on our strategy of enhancing the value that Visa brings to business payments, both through Visa capabilities and through partnerships.

我們通過 Visa 的能力和合作夥伴關係，繼續在提高 Visa 為商業支付帶來的價值的戰略上取得進展。

In March, we acquired Fraedom, a software-as-a-service company providing payments management solutions for financial institutions.

3 月，我們收購了 Fraedom，這是一家為金融機構提供支付管理解決方案的軟件即服務公司。

Fraedom was a partner of ours for almost 10 years and underlies Visa's IntelliLink Spend Management, a core platform for Visa's commercial and small business clients.

Fraedom 是我們近 10 年的合作夥伴，是 Visa 的 IntelliLink Spend Management 的基礎，這是 Visa 的商業和小型企業客戶的核心平台。

Fraedom will strengthen and expand Visa's business solutions.

Fraedom 將加強和擴展 Visa 的業務解決方案。

We're already seeing increased interest from several large issuers about our B2B capabilities following the announcement of the acquisition.

在宣布收購後，我們已經看到幾家大型發行人對我們的 B2B 能力越來越感興趣。

In February, we expanded our partnership with Amazon Business, launching in Germany with Degussa Bank.

2 月，我們擴大了與 Amazon Business 的合作夥伴關係，在德國與德固賽銀行合作推出。

The partnership brings together information from Amazon Business purchases and Visa's processing, helping business clients spend less time on purchase reconciliation.

該合作夥伴關係匯集了來自 Amazon Business 購買和 Visa 處理的信息，幫助企業客戶在購買核對上花費更少的時間。

In January, we announced a partnership with Novo Payment, a Miami-based FinTech that enables digital, financial and transaction services through a cloud-based platform that supports mass disbursement and collection.

1 月，我們宣布與總部位於邁阿密的金融科技公司 Novo Payment 建立合作夥伴關係，該公司通過支持大規模支付和收款的基於雲的平台提供數字、金融和交易服務。

The partnership will help drive digital payment services for B2B transactions in Latin America and the Caribbean.

該合作夥伴關係將有助於推動拉丁美洲和加勒比地區 B2B 交易的數字支付服務。

Our initial pilot with NovoPayment has helped 2 leading urban delivery services automate real time disbursements to delivery personnel.

我們與 NovoPayment 的初步試點已幫助 2 家領先的城市交付服務自動實時支付給交付人員。

Relative to contactless, we continue to make great progress in contactless.

相對於非接觸式，我們在非接觸式方面不斷取得長足進步。

12 months ago, approximately 1 in 8 domestic face-to-face transactions that run over our network globally were contactless.

12 個月前，在我們全球網絡上運行的國內面對面交易中，大約有八分之一是非接觸式交易。

Today, contactless accounts for almost 1 in 5 transactions globally.

今天，非接觸式佔全球交易的近五分之一。

Just in the past 3 months alone, contactless penetration has increased by 9 percentage points to 37% in Russia.

僅在過去 3 個月內，俄羅斯的非接觸式普及率就增加了 9 個百分點，達到 37%。

It's increased 7 percentage points to 56% in the U.K., and it's increased 4 percentage points to 52% in Canada.

在英國，這一比例增加了 7 個百分點，達到 56%，在加拿大增加了 4 個百分點，達到 52%。

Just yesterday, Transport for London announced that, on average, around 2.5 million contactless journeys are made across London's bus, tube and rail services every day.

就在昨天，倫敦交通局宣布，平均每天約有 250 萬次非接觸式旅行通過倫敦的公共汽車、地鐵和鐵路服務進行。

Since early 2016, the proportion of pay-as-you-go journeys made using contactless has risen from 25% to more than 50% today.

自 2016 年初以來，使用非接觸式的現收現付旅程的比例已從 25% 上升到今天的 50% 以上。

And more than 4 of every 5 contactless journeys on Transport for London is made using Visa.

在倫敦交通局的每 5 次非接觸式旅程中，超過 4 次使用 Visa。

In February, we announced 14 new technology partners from across 10 countries that will participate in the Visa Ready for Transit program to promote commuting with contactless.

2 月，我們宣布來自 10 個國家的 14 個新技術合作夥伴將參與 Visa Ready for Transit 計劃，以促進非接觸式通勤。

Visa Ready helps accelerate the adoption of new technologies by ensuring solutions meet Visa's security standards and specifications.

Visa Ready 通過確保解決方案符合 Visa 的安全標準和規範，幫助加速新技術的採用。

New York, Sydney, Miami and Boston have all announced that they plan to introduce contactless payments in the coming years.

紐約、悉尼、邁阿密和波士頓都宣布計劃在未來幾年推出非接觸式支付。

Spurred by the Tokyo Olympics in 2020, Japan's largest retailer, AEON, will introduce checkout terminals supporting Visa contactless payments at approximately 100,000 registered at AEON Group stores between March of 2019 and March of 2020, including supermarkets and drugstores nationwide.

在 2020 年東京奧運會的推動下，日本最大的零售商 AEON 將在 2019 年 3 月至 2020 年 3 月期間在 AEON 集團商店（包括全國的超市和藥店）中推出大約 100,000 台支持 Visa 非接觸式支付的結賬終端。

The U.S. is in the early stages of adopting contactless, but we are laying groundwork to enable the market.

美國正處於採用非接觸式的早期階段，但我們正在為啟用市場奠定基礎。

In our experience, this groundwork stage takes 12 to 24 months, and once sufficient momentum is built, contactless adoption tends to take off rapidly.

根據我們的經驗，這個基礎階段需要 12 到 24 個月，一旦建立了足夠的動力，非接觸式採用往往會迅速起飛。

For example, it took 24 months to go from 1% to 7% contactless penetration in Australia and then another 24 months to go from 7% to 50%.

例如，澳大利亞的非接觸式普及率從 1% 上升到 7% 用了 24 個月，然後又用了 24 個月從 7% 上升到 50%。

That experience is not unique to Australia as we've seen similar trajectories around the globe.

這種經歷並非澳大利亞獨有，因為我們已經在全球範圍內看到了類似的軌跡。

In the past 12 months, contactless penetration has increased from 32% to 64% in Denmark; from 31% to 53% in Spain; and 5% to 37% in Russia.

在過去的 12 個月裡，丹麥的非接觸式普及率從 32% 增加到 64%；西班牙從 31% 到 53%；俄羅斯為 5% 至 37%。

In the U.S. in the past year, we've enabled an additional 10 of the top 100 merchants with contactless, bringing contactless to a total of 56 of the top 100 merchants.

在過去的一年裡，我們在美國為前 100 家商戶中的 10 家額外啟用了非接觸式服務，使前 100 家商戶中共有 56 家採用非接觸式服務。

We are also increasing consumer awareness.

我們也在提高消費者的意識。

This quarter, we launched the national marketing campaign through our Olympics sponsorship that prominently featured contactless, which was seen by nearly 2/3 of U.S. adults.

本季度，我們通過我們的奧運會贊助發起了全國營銷活動，其中突出顯示了非接觸式，近 2/3 的美國成年人看到了這一點。

And speaking of the Olympics, the Winter Olympics in PyeongChang were a success for Visa this quarter.

說到奧運會，平昌冬奧會在本季度對 Visa 來說是成功的。

As the official and exclusive payment technology partner of the Olympic Winter Games, we deliver unique value to our clients when they leverage our partnership.

作為冬奧會的官方獨家支付技術合作夥伴，我們在客戶利用我們的合作夥伴關係時為他們提供獨特的價值。

Over 350 bank and merchant partners across 32 markets and in 5 languages utilized the Visa sponsorship to support their local strategies.

來自 32 個市場和 5 種語言的 350 多家銀行和商戶合作夥伴利用 Visa 贊助來支持他們的本地戰略。

We work together with our clients to come up with all kinds of unique campaigns, so let me share a couple of examples with you.

我們與客戶合作推出各種獨特的活動，所以讓我與您分享幾個例子。

In collaboration with LOTTE Card, the financial arm of South Korean-based retailer LOTTE Department Store, Visa unveiled 3 limited edition wearable payment devices, stickers, badges and gloves that could be used for contactless payments.

Visa與韓國零售商樂天百貨的金融部門樂天卡合作，推出了3款可用於非接觸式支付的限量版可穿戴支付設備、貼紙、徽章和手套。

And approximately 100,000 wearables were sold between November and March.

11 月至 3 月期間售出了大約 100,000 件可穿戴設備。

Another major Korean partner issued over 500,000 official PyeongChang 2018 themed cards in the months preceding the game.

另一個主要的韓國合作夥伴在比賽前幾個月發行了超過 500,000 張官方平昌 2018 主題卡。

And similar to the Olympics, our FIFA sponsorship can also be leveraged by our clients.

與奧運會類似，我們的客戶也可以利用我們的 FIFA 贊助。

And for the upcoming World Cup in Russia, we expect more than 550 bank and merchant partners in over 100 markets to utilize our FIFA sponsorship.

對於即將在俄羅斯舉行的世界杯，我們預計 100 多個市場的 550 多家銀行和商業合作夥伴將利用我們的 FIFA 贊助。

So a few closing points.

所以有幾個結束點。

Visa recently celebrated our 10-year anniversary as a public company on March 19.

Visa 最近於 3 月 19 日慶祝了我們作為上市公司成立 10 週年。

The business has flourished in that time.

那個時候生意興隆。

Cards in force doubled from 1.6 billion to 3.3 billion.

有效卡從 16 億張增加到 33 億張。

Payments volume almost tripled from $2.7 trillion to $7.8 trillion, and our net revenue did triple from $6 billion to $19 billion.

支付量幾乎從 2.7 萬億美元增加到 7.8 萬億美元，我們的淨收入從 60 億美元增加到 190 億美元，增加了兩倍。

Our total shareholder return for the period was 837%, which is 5x the S&P 500 during the same period.

我們在此期間的總股東回報率為 837%，是同期標準普爾 500 指數的 5 倍。

Core to our success is Visa's ability to anticipate future trends and evolve.

我們成功的核心是 Visa 預測未來趨勢和發展的能力。

Even with our success to date, there is still tremendous room for growth with tens of trillions of dollars in opportunity across consumer cash, checks and B2B.

即使我們迄今為止取得了成功，仍有巨大的增長空間，在消費現金、支票和 B2B 領域有數万億美元的機會。

We continue to execute on our growth strategy and look forward to the next 10 years.

我們將繼續執行我們的增長戰略，並展望下一個 10 年。

The progress we've made in the first half of fiscal year 2018 furthers our confidence in the long-term investments we're making to drive profitable growth in the rapidly changing payments environment.

我們在 2018 財年上半年取得的進展增強了我們對在快速變化的支付環境中推動盈利增長的長期投資的信心。

With that, let me turn it over to my partner and our CFO, Vasant.

有了這個，讓我把它交給我的合作夥伴和我們的首席財務官 Vasant。

Thank you, Al.

謝謝你，阿爾。

The strong growth trends we started the year with accelerated in the second quarter, and our results exceeded our expectations.

我們年初的強勁增長趨勢在第二季度加速，我們的業績超出了我們的預期。

Net revenues are up 13%.

淨收入增長 13%。

On a GAAP basis, which includes special items last year related to the reorganization of Visa Europe and other Visa subsidiaries, EPS was up 523%.

按公認會計原則計算，其中包括去年與 Visa Europe 和其他 Visa 子公司重組相關的特殊項目，每股收益增長了 523%。

Adjusting last year's results for these special items, EPS was up 30%, including a 10 percentage point benefit from the impact of U.S. tax reform.

調整去年這些特殊項目的結果後，每股收益增長了 30%，其中包括從美國稅制改革的影響中受益的 10 個百分點。

Exchange rate shifts versus the prior year positively impacted net revenue growth by approximately 1.5 percentage points and EPS growth by approximately 2 percentage points.

與上年相比，匯率變化對淨收入增長約 1.5 個百分點和每股收益增長約 2 個百分點產生了積極影響。

Our earnings release provides you with a schedule that adjusts GAAP net income and EPS for these special items.

我們的收益發佈為您提供了調整這些特殊項目的 GAAP 淨收入和每股收益的時間表。

A few points to note.

有幾點需要注意。

Our robust global economy continues to drive double-digit constant dollar payment volume growth.

我們強勁的全球經濟繼續推動兩位數的固定美元支付量增長。

Cross-border growth accelerated, helped by a weaker dollar.

在美元疲軟的幫助下，跨境增長加速。

Inbound commerce into the U.S. grew at double digits for the first time since the first quarter of fiscal 2014.

自 2014 財年第一季度以來，進入美國的入境貿易首次以兩位數增長。

Outbound commerce from Europe was also up double digits, as the euro and pound have strengthened.

由於歐元和英鎊走強，來自歐洲的對外貿易也增長了兩位數。

Acceleration of cross-border growth in these 2 important corridors was faster than we expected.

這兩條重要走廊的跨境增長速度快於我們的預期。

We have completed our post-cquisition initiative to restructure all-important client contracts in Europe to competitive commercial terms.

我們已經完成了收購後計劃，將歐洲所有重要的客戶合同重組為具有競爭力的商業條款。

While all terms have been agreed, the signing of some contracts will happen in the third quarter.

雖然所有條款都已商定，但一些合同的簽署將在第三季度進行。

As a result, client incentive were lower than we expected in the second quarter, adding 1 point to net revenue growth and $0.02 to EPS.

因此，第二季度的客戶激勵低於我們的預期，淨收入增長增加 1 個百分點，每股收益增加 0.02 美元。

These delayed client incentives will largely be recognized in the third quarter.

這些延遲的客戶激勵措施將在第三季度基本得到認可。

Our tax rate in the second quarter benefited from the successful resolution of a state tax initiative we have been working on for several years.

我們第二季度的稅率得益於我們多年來一直在努力的州稅計劃的成功解決。

In addition to our recurring benefit in our effective state tax rate, we recognized a non-recurring 2.5 point reduction in our tax rate this quarter for prior years.

除了我們在有效州稅率方面的經常性收益外，我們還認識到本季度往年的稅率非經常性降低了 2.5 個百分點。

Based on our outperformance in the second quarter, we are raising our outlook for the year.

基於我們在第二季度的出色表現，我們正在上調今年的展望。

We now expect low double-digit net revenue growth and adjusted EPS growth in the high-20 range.

我們現在預計兩位數的低淨收入增長和調整後的每股收益增長在 20 高的範圍內。

As we indicated previously, U.S. tax reform add 9 to 10 points to our EPS growth rate.

正如我們之前所指出的，美國稅制改革為我們的每股收益增長率增加了 9 到 10 個百分點。

We bought back 16.9 million shares of Class A common stock at an average price of $120.39 for $2 billion this quarter.

本季度，我們以 120.39 美元的平均價格回購了 1690 萬股 A 類普通股，價格為 20 億美元。

Year-to-date, buybacks totaled 32.4 million shares at an average price of $115.73 or $3.8 billion.

年初至今，回購總額為 3240 萬股，平均價格為 115.73 美元或 38 億美元。

This leaves $7.5 billion available for share repurchases as of March 31.

截至 3 月 31 日，剩餘 75 億美元可用於股票回購。

Moving now to a review of key business drivers in the second quarter.

現在開始回顧第二季度的主要業務驅動因素。

Payments volume on a constant dollar basis grew 11%.

按固定美元計算的支付量增長了 11%。

U.S. payments volume growth of over 10% was 0.5 percentage point higher than last quarter.

美國支付量增長超過 10%，比上一季度高 0.5 個百分點。

U.S. consumer debit accelerated 2 percentage points with strength across retail and everyday spend segments.

美國消費者藉記卡在零售和日常支出領域增長了 2 個百分點。

U.S. consumer credit growth remained robust at 11%, with continued strong growth in travel categories.

美國消費信貸增長保持強勁，達到 11%，旅遊類別持續強勁增長。

International payments volume growth in constant dollars was 11%, up 1 percentage point versus last quarter.

以固定美元計算的國際支付量增長 11%，比上一季度上升 1 個百分點。

Growth was strong across Asia, driven by China and Japan.

在中國和日本的推動下，整個亞洲的增長強勁。

Growth stepped up in Latin America, helped by Brazil.

在巴西的幫助下，拉丁美洲的增長加快了。

Growth in Europe remained stable and strong.

歐洲的增長保持穩定和強勁。

Cross-border volume growth accelerated 2.5 percentage points on a constant dollar basis to over 11%.

按固定美元計算，跨境交易量增長加快 2.5 個百分點至 11% 以上。

The drive from an e-commerce payments platform shifting acquiring of U.K. cardholder volumes to the U.K. from another EU location, which we have mentioned in the past 3 quarters, reduced cross-border growth by over 2 percentage points.

電子商務支付平台將英國持卡人的交易量從另一個歐盟地點轉移到英國，我們在過去 3 個季度中提到了這一點，這導致跨境增長減少了 2 個百分點以上。

We will fully lap this change in the third quarter.

我們將在第三季度全面了解這一變化。

Partially offsetting this drag, we are lapping the settlement delay in Europe last year.

部分抵消了這種拖累，我們正在研究去年歐洲的結算延遲。

As I remember -- as a reminder, some volume that would normally have settled in March shifted into the first week of April last year.

我記得——提醒一下，通常會在 3 月結算的一些交易量轉移到去年 4 月的第一周。

This contributed 1 percentage point to cross-border growth this quarter and will reduce growth by the same amount in the third quarter.

這為本季度的跨境增長貢獻了 1 個百分點，並將在第三季度減少相同數量的增長。

The impact of each of these items on net revenue was de minimis.

這些項目中的每一項對淨收入的影響都是微乎其微的。

Growth of inbound commerce into the U.S. reached double digits for the first time since the first quarter of fiscal 2014, helped by a weakening dollar as well as initiatives to grow cross-border volume that are bearing fruit.

自 2014 財年第一季度以來，進入美國的入境商務增長首次達到兩位數，這得益於美元疲軟以及增加跨境貿易量的舉措正在取得成果。

Outbound spend from Europe, excluding intra-Europe transactions, also accelerated into the double digits, driven by the stronger euro and pound.

在歐元和英鎊走強的推動下，歐洲的出境支出（不包括歐洲內部交易）也加速至兩位數。

Outbound spend from the U.S. and inbound volumes into Europe continue to hold up despite these currency shifts.

儘管貨幣發生了這些變化，但來自美國的出境支出和進入歐洲的入境量繼續保持增長。

Other markets with notable inbound commerce growth include Russia, the Middle East and several countries in Southeast Asia.

其他入境貿易顯著增長的市場包括俄羅斯、中東和東南亞的幾個國家。

Outbound commerce accelerated from Mexico, Japan and the Middle East.

墨西哥、日本和中東的出境貿易加速。

Processed transaction growth was flat to last quarter at a healthy 12% with acceleration in the U.S., offset by lapping India demonetization and some new business in Europe in the prior year's quarter.

處理的交易增長與上一季度持平，保持在 12% 的健康水平，其中美國的增速有所加快，但被上一季度印度的廢鈔令和歐洲的一些新業務所抵消。

Through April 21, U.S. payments volumes are up 9%.

截至 4 月 21 日，美國的支付量增長了 9%。

Constant dollar cross-border volumes grew 6%, as reported.

據報導，固定美元跨境交易量增長了 6%。

Adjusting for the impact of the settlement delay in Europe, cross-border volumes grew 10%.

調整歐洲結算延遲的影響後，跨境交易量增長了 10%。

Processed transactions grew 9%.

處理的交易增長了 9%。

The shift in timing of the Easter holiday impacted growth across all 3 metrics during the first 3 weeks of April.

復活節假期時間的變化影響了 4 月前 3 週所有 3 個指標的增長。

We expect the impact of the Easter shift to be de minimis for the quarter.

我們預計復活節轉變對本季度的影響微乎其微。

As I mentioned earlier, the settlement delay will reduce reported cross-border growth by 1 point.

正如我之前提到的，結算延遲將使報告的跨境增長減少 1 個百分點。

Turning now to financial results.

現在轉向財務結果。

Net revenue growth of 13% was significantly stronger than expected.

13%的淨收入增長明顯強於預期。

As a reminder, we have reached apples-to-apples revenue growth comparisons for Europe, Costco and USAA.

提醒一下，我們已經對歐洲、Costco 和 USAA 的收入增長進行了比較。

Service revenue grew 13%, with strong performance in the U.S., slower China dual-branded card runoff and some recent renewals performing better than expected.

服務收入增長 13%，其中美國表現強勁、中國雙品牌卡流失放緩以及近期的一些續訂表現好於預期。

International revenue increased 19% with accelerating cross-border growth, particularly, inbound to the U.S. as well as favorable exchange rate shifts.

國際收入增長 19%，跨境增長加速，尤其是入境美國以及有利的匯率變化。

Data processing growth of 15% benefited from a higher proportion of cross-border transactions and the overall strength in U.S. payments volume.

數據處理增長 15% 得益於更高比例的跨境交易和美國支付量的整體實力。

Client incentives were lower than we expected this quarter at 20.3% of gross revenue.

客戶激勵低於我們本季度的預期，佔總收入的 20.3%。

Contract signing delays in Europe are the primary reason.

歐洲的合同簽署延遲是主要原因。

This translates to an additional $0.02 of EPS in the quarter, which we expect will be offset due to higher client incentive in the third quarter.

這意味著本季度的每股收益增加了 0.02 美元，我們預計這將因第三季度更高的客戶激勵而被抵消。

Compared with the second quarter of fiscal '17, however, client incentives are up 25% as many of the contract conversions in Europe were completed during the second half of fiscal '17.

然而，與 17 財年第二季度相比，客戶激勵增加了 25%，因為歐洲的許多合同轉換都是在 17 財年下半年完成的。

Our Europe contract restructuring initiative is complete.

我們的歐洲合同重組計劃已經完成。

Deal terms have been agreed with all clients, and we expect the remaining contracts to be signed in the third quarter.

交易條款已與所有客戶達成一致，我們預計其餘合同將在第三季度簽署。

This was a large and complex initiative that is executed very well by our team in Europe.

這是一項龐大而復雜的計劃，我們在歐洲的團隊執行得非常好。

We are pleased with the results relative to the expectations we had at the time of the Visa Europe acquisition.

我們對收購 Visa Europe 時的預期結果感到滿意。

We look forward to building upon the client partnerships that we have solidified through the contract conversion process.

我們期待在我們通過合同轉換過程鞏固的客戶合作夥伴關係的基礎上再接再厲。

On the -- as reported on a GAAP basis, operating expenses grew 4%.

根據公認會計原則報告，運營費用增長了 4%。

As a reminder, the second quarter of last year included a non-recurring contribution to the Visa Foundation related to the reorganization of Visa Europe and other Visa subsidiaries.

提醒一下，去年第二季度包括對 Visa 基金會的非經常性捐款，與 Visa Europe 和其他 Visa 子公司的重組有關。

This charitable donation was recorded in general and administrative expenses.

此項慈善捐贈計入一般及行政開支。

Adjusted to exclude the special item from the second quarter of fiscal '17, operating expenses grew 17.6%, primarily driven by personnel costs and marketing.

經調整以排除 17 財年第二季度的特殊項目，運營費用增長 17.6%，主要受人力成本和營銷的推動。

The second quarter of the last fiscal year was the low point in our headcount post the global restructuring, including the reductions in Europe.

上一財年的第二季度是我們在全球重組（包括歐洲裁員）後員工人數的最低點。

The year-over-year increase reflects the investment in personnel we have made since then directed at our key growth initiatives.

同比增長反映了我們自那時以來針對我們的關鍵增長計劃所做的人員投資。

In addition, this quarter included the increase in our 401(k) matching contribution for U.S. employees and higher employee incentive accruals tied to better-than-expected year-to-date performance.

此外，本季度增加了我們為美國員工提供的 401(k) 匹配繳款，以及與年初至今業績好於預期相關的更高的員工激勵應計。

We stepped up marketing investments for the Winter Olympics and in preparation for the FIFA World Cup, which kicks off during the third quarter.

我們加大了對冬奧會的營銷投入，並為第三季度開幕的國際足聯世界杯做準備。

Professional fees reflect increased investment to accelerate strategic initiatives in Europe and the deployment of Visa Direct.

專業費用反映了為加速歐洲戰略計劃和 Visa Direct 部署而增加的投資。

Growth in network and processing expenses included Europe integration costs.

網絡和處理費用的增長包括歐洲整合成本。

Amortization related to acquisition, CardinalCommerce in February of fiscal '17, and Fraedom, which closed in March this year, contributed to higher D&A expenses.

與收購相關的攤銷、17 財年 2 月的 CardinalCommerce 和今年 3 月關閉的 Fraedom 導致了更高的 D&A 費用。

Finally, exchange rate shifts, particularly the stronger pound, added 1 percentage point to expense growth.

最後，匯率變化，尤其是英鎊走強，使支出增長增加了 1 個百分點。

Nonoperating expense was $13 million higher than the second quarter of last year, driven by new debt issuance in the fourth quarter of fiscal '17.

受 17 財年第四季度新債發行的推動，營業外支出比去年第二季度高出 1300 萬美元。

Our effective tax rate for the quarter was 19%.

我們本季度的有效稅率為 19%。

This includes a 6 percentage point reduction related to U.S. tax reform and the benefit from the successful resolution of a state tax initiative I mentioned earlier.

這包括與美國稅制改革相關的 6 個百分點的降低以及我之前提到的成功解決州稅計劃的好處。

With that, I'll move to our outlook for fiscal 2018.

有了這個，我將轉向我們對 2018 財年的展望。

Given stronger-than-expected growth in the first half, we now expect full year net revenue growth in the low double digits on a nominal dollar basis.

鑑於上半年增長強於預期，我們現在預計全年淨收入按名義美元計算將保持在兩位數的低位。

This includes approximately 1 percentage point of positive foreign currency impact.

這包括大約 1 個百分點的積極外匯影響。

Given that the weakening of the dollar accelerated starting in the fourth quarter of fiscal 2017, the exchange rate tailwind moderates in the fourth quarter of this fiscal year.

鑑於美元從 2017 財年第四季度開始加速走弱，匯率順風在本財年第四季度有所緩和。

We're narrowing the range for incentives as a percent of gross revenue to 21.5% to 22%.

我們正在將激勵措施佔總收入的百分比範圍縮小到 21.5% 到 22%。

We expect incentives paid to be higher than prior expectation since our volume growth is better.

由於我們的銷量增長較好，我們預計支付的激勵措施將高於先前的預期。

However, our incentives as a percentage of gross revenues are now expected to be in the lower half of our original outlook range since gross revenues will be higher.

然而，我們的激勵措施佔總收入的百分比現在預計將在我們最初展望範圍的下半部分，因為總收入會更高。

Third quarter client incentive growth will be higher than prior expectation due to the delay of some contract signings in Europe.

由於歐洲的一些合同簽署延遲，第三季度客戶激勵增長將高於之前的預期。

Full year operating expense growth is forecast to be in the low double digits adjusted for special items in fiscal 2017.

預計 2017 財年經特殊項目調整後的全年運營費用增長將處於兩位數的低位。

The increase in expense growth is driven by larger marketing investments, the acquisition of Fraedom and higher employee incentive accruals related to better-than-expected performance.

費用增長的增長是由更大的營銷投資、收購 Fraedom 以及與業績好於預期相關的更高的員工激勵應計推動的。

We anticipate an additional 1 point of foreign currency impact, primarily due to the strengthening of the pound.

我們預計外幣影響將增加 1 個百分點，主要是由於英鎊走強。

Given the FIFA World Cup and some seasonality in personnel costs in the third quarter, coupled with the ramp-up of investment initiative, we expect double-digit expense growth to continue in the third quarter.

鑑於國際足聯世界杯和第三季度人員成本的一些季節性變化，再加上投資計劃的增加，我們預計第三季度將繼續保持兩位數的支出增長。

Expense growth should moderate to the mid-single-digit range by the fourth quarter.

到第四季度，費用增長應該會放緩至中個位數範圍。

Our tax rate, including the impact of U.S. tax reform, is expected to be between 21% and 22%.

我們的稅率，包括美國稅制改革的影響，預計在 21% 到 22% 之間。

This reflects the lower tax rate realized year-to-date.

這反映了年初至今實現的較低稅率。

Bringing all this together, we now expect EPS growth in the low 60s on a GAAP nominal dollar basis and the high 20s on an adjusted non-GAAP nominal dollar basis.

綜合所有這些，我們現在預計每股收益增長將在 60 年代低點（以 GAAP 名義美元為基礎）和 20 年代高點（以調整後的非 GAAP 名義美元為基礎）。

This includes 1.5 percentage point of positive foreign currency impact and a 9 to 10 percentage point benefit from the impact of U.S. tax reform.

這包括 1.5 個百分點的積極外匯影響和 9 至 10 個百分點的美國稅制改革影響。

As a reminder, we will adopt the new revenue recognition standard at the beginning of fiscal 2019.

提醒一下，我們將在 2019 財年初採用新的收入確認標準。

If applied to second quarter fiscal '18 reported results, the impact of the new standard would have been small.

如果應用於 18 財年第二季度報告的結果，新標準的影響將很小。

The impact to fiscal '19 is partially dependent on the terms of new incentive deals executed and will, therefore, vary.

對 '19 財年的影響部分取決於執行的新激勵交易的條款，因此會有所不同。

We will continue to assess the impact of the new standard throughout this fiscal year and provide an update if we believe that the application of the new standard to new deals, in aggregate, could have a more significant impact on reported results.

我們將在本財年繼續評估新準則的影響，如果我們認為將新準則應用於新交易總體上可能對報告的結果產生更顯著的影響，我們將提供更新。

As a reminder, the new accounting standard has no impact on cash flows or the economic value of our business.

提醒一下，新會計準則對現金流或我們業務的經濟價值沒有影響。

Finally, let me add my welcome to Mike Milotich in his new role as our Head of Investor Relations.

最後，讓我歡迎 Mike Milotich 擔任我們的投資者關係主管。

I work closely with Mike since I joined Visa and believe he'll be a valuable resource for all of you.

自從我加入 Visa 以來，我與 Mike 密切合作，相信他會成為你們所有人的寶貴資源。

Mike has a deep understanding of the strategic and financial aspects of our business.

Mike 對我們業務的戰略和財務方面有著深刻的理解。

You will find Mike a pleasure to work with.

你會發現與 Mike 一起工作很愉快。

I look forward to introducing Mike to you all over the coming weeks.

我期待在接下來的幾週內向大家介紹邁克。

With that, I'll turn this back to him.

有了這個，我會把它轉回給他。

Thanks, Vasant.

謝謝，瓦桑特。

We are now ready to take questions, Katie.

我們現在準備回答問題，凱蒂。

(Operator Instructions) Our first question today comes from Dan Perlin from RBC Capital Markets.

（操作員說明）我們今天的第一個問題來自加拿大皇家銀行資本市場的 Dan Perlin。

I had a question around pricing and the demand environment in Europe in particular.

我有一個關於定價和特別是歐洲需求環境的問題。

There seems to be some suggestions, I think, in the market that scheme fees on the acquirers are rising pretty quickly and have been so for the past couple of quarters.

我認為，市場上似乎有一些跡象表明，收購方的計劃費用正在迅速上漲，並且在過去幾個季度中一直如此。

And I'm just wondering is there a dynamic that you guys have been able to take advantage of recently?

我只是想知道你們最近是否能夠利用這種動態？

And then secondly, on the clearing and settlement, that sounds good that you guys are done there.

其次，在清算和結算方面，你們已經完成了，這聽起來不錯。

Once you get authorization migrated, is there a meaningful opportunity from a product perspective that we should be thinking through?

一旦您獲得授權遷移，從產品的角度來看，我們是否應該考慮一個有意義的機會？

Well, first of all, Dan, on the pricing front, when we first paid the acquisition of Visa Europe, we took some pricing, we subsequently take in some pricing.

嗯，首先，丹，在定價方面，當我們第一次支付收購 Visa 歐洲的費用時，我們採取了一些定價，隨後我們採取了一些定價。

And as I look out, I think there's pricing opportunities.

正如我所看到的，我認為有定價機會。

I'm talking about Europe now, pricing opportunities in Europe looking forward as well.

我現在談論的是歐洲，歐洲的定價機會也很期待。

In terms of the migration, I think once we get through -- I mean, first of all, once we get through, one of the biggest benefits that is going to be available is that, VisaNet being a global system and with us having 4 data centers around the world, we're going to be able to ensure real fallback for our clients and for our business in Europe, prior it was 1 system running in 1 data center.

在遷移方面，我認為一旦我們通過——我的意思是，首先，一旦我們通過，最大的好處之一是，VisaNet 是一個全球系統，我們有 4 個在世界各地的數據中心，我們將能夠確保為我們的客戶和我們在歐洲的業務提供真正的回退，之前它是在 1 個數據中心中運行的 1 個系統。

So that's one big advantage that we will have in terms of backup and security.

所以這是我們在備份和安全方面的一大優勢。

I think beyond that, there's going to be opportunities in some of our risk tools in loyalty for sure, where we'll be able to offer new and different capabilities to clients in Europe that they wouldn't have had on the old legacy system.

我認為除此之外，我們的一些風險工具肯定會在忠誠度方面存在機會，我們將能夠為歐洲的客戶提供他們在舊的遺留系統上沒有的新的和不同的能力。

Our next question comes from Don Fandetti with Wells Fargo.

我們的下一個問題來自富國銀行的 Don Fandetti。

Al, I was wondering if you could talk a little bit about sort of how you came to the thought process on the shared single button digital wallet approach.

艾爾，我想知道你能否談談你是如何想到共享單按鈕數字錢包方法的。

I know you've been working on Visa Checkout for a while.

我知道您從事 Visa Checkout 工作已有一段時間了。

And can you talk a little bit about how it will work from a logistics standpoint?

你能從物流的角度談談它是如何運作的嗎？

First of all, Don, this is something that the EMVco standards body actually developed, of which we're a participant.

首先，Don，這是 EMVco 標準機構實際開發的東西，我們是其中的參與者。

We actually believe that the -- we're very excited about this.

我們實際上相信 - 我們對此感到非常興奮。

I think that I talked to some of you about this in the past.

我想我過去曾和你們中的一些人談過這件事。

I think that there's way too much clutter in the e-commerce checkout environment.

我認為電子商務結帳環境中的混亂太多了。

And it's just not good for users, and it's not good for merchants.

而且對用戶不好，對商家也不好。

It creates too much friction.

它會產生太多的摩擦。

There's consumers who don't know what to do.

有些消費者不知道該怎麼做。

And after they actually make a decision to buy, it's too confusing for them and they fall out of the buying process.

在他們真正做出購買決定之後，這對他們來說太混亂了，他們會退出購買過程。

And that is -- that's just lost business for everybody in the ecosystem.

那就是 - 這對生態系統中的每個人來說只是失去了業務。

So because of the simplicity, because of the security and because of what we think is going to be a much better user experience, Don, we're very excited about it.

因此，由於簡單性、安全性以及我們認為將提供更好的用戶體驗，Don，我們對此感到非常興奮。

We're committed to it and are doing everything we can to move forward to make it a reality.

我們致力於它，並正在盡一切努力推動它成為現實。

Well, we've been committed to Visa Checkout.

好吧，我們一直致力於 Visa Checkout。

We remain committed to Visa Checkout, especially in certain geographies and in -- for certain merchants where they see value.

我們仍然致力於 Visa Checkout，特別是在某些地區和在他們認為有價值的某些商家中。

But I think the ultimate future as I see it in e-commerce, and it will take time to bleed it in throughout the entire ecosystem, is to move to this EMVco standard, which creates a single button, which is much more analogous to the situation that you see in the physical world, where there's a single terminal and all products run through that terminal.

但我認為，我在電子商務中看到的最終未來，需要時間才能將其滲透到整個生態系統中，是轉向這個 EMVco 標準，它創建一個按鈕，更類似於您在物理世界中看到的情況，其中有一個終端，所有產品都通過該終端運行。

In essence, we've had, in the e-commerce world, a moral equivalent of multiple terminals, if you will.

從本質上講，如果您願意，我們在電子商務世界中擁有多個終端的道德等價物。

And I think that's just terrible.

我認為這太可怕了。

It's lousy for the merchants.

這對商家來說很糟糕。

It's a bad experience for consumers.

這對消費者來說是一種糟糕的體驗。

So we're excited about this secure remote commerce framework and standard that EMVco has come up with.

因此，我們對 EMVco 提出的這種安全的遠程商務框架和標準感到興奮。

Our next question comes from Andrew Jeffrey with SunTrust.

我們的下一個問題來自 SunTrust 的 Andrew Jeffrey。

I wonder, Al, if you can kind of frame up the opportunity as you see it in China and India in particular, obviously, big, well-highlighted, cash-centric markets.

我想知道，Al，如果你能像你在中國和印度看到的那樣，特別是在以現金為中心的大型、突出、以現金為中心的市場中，把握機會。

And I wonder if you can just give us a sense of Visa strategy.

我想知道您是否可以讓我們了解一下 Visa 策略。

I know China has been particularly challenging, but to address, maybe India, what kind of time line you think there is for sort of material contribution from potential electronic payments growth there.

我知道中國一直特別具有挑戰性，但要解決，也許是印度，你認為那裡的潛在電子支付增長對某種實質性貢獻有什麼樣的時間表。

Well, Andrew, let me start with China.

好吧，安德魯，讓我先從中國說起。

I mean, we continue to be very excited about China.

我的意思是，我們仍然對中國感到非常興奮。

We have an application in to become an international payment provider in China, and we're hoping that the People's Bank of China and the Chinese government look favorably upon our application, and we can begin the process of moving toward being ready in cooperation with the government in China to be a domestic player.

我們已經申請成為中國的國際支付提供商，我們希望中國人民銀行和中國政府能夠看好我們的申請，我們可以開始準備與中國合作的進程。中國政府成為國內的參與者。

In the meantime, we're continuing to work with our over 50 bank partners in China to continue to try to grow our coverage in China as well as obviously facilitate as much cross-border volume from traveling Chinese as they leave the borders of China.

與此同時，我們將繼續與我們在中國的 50 多家銀行合作夥伴合作，繼續努力擴大我們在中國的覆蓋範圍，並明顯促進中國人離開中國邊境時的跨境數量。

In the case of India, India is in a different place because we -- we're very pleased with where things are in India.

就印度而言，印度處於不同的位置，因為我們 - 我們對印度的情況感到非常滿意。

And India, post demonetization, has really attracted a huge interest, so, and that makes sense because the cash displacement opportunity is really great there.

而印度，在廢除貨幣化之後，確實引起了極大的興趣，所以，這是有道理的，因為那裡的現金置換機會真的很大。

The reality is we're the market leader.

現實是我們是市場領導者。

We've got over 50% share in credit and debit, and we continue to grow in 2018, despite the fact that we're growing over some huge numbers that were related to demonetization in 2017.

我們擁有超過 50% 的信貸和借方份額，我們在 2018 年繼續增長，儘管我們的增長超過了 2017 年與非貨幣化相關的一些巨大數字。

We're really working with the Indian government on the Bharat QR code and scaling that.

我們真的在與印度政府合作開發 Bharat 二維碼並對其進行擴展。

I think we're up in somewhere in the area of 450,000 merchants that are enabled for this standard QR code.

我認為我們在 450,000 家啟用此標準 QR 碼的商家中的某個地方。

We're growing overall acceptance.

我們的整體接受度正在提高。

We've doubled from the fourth quarter of '16.

我們從 16 年第四季度翻了一番。

We've doubled the number of POS terminals by the end of last year to 3 million.

到去年年底，我們的 POS 終端數量翻了一番，達到 300 萬台。

We're continuing to partner with our issuers there in terms of building awareness and usage and we're also we're partnering with clients there on digital solutions, tokenization, contactless, scan and pay.

在建立意識和使用方面，我們將繼續與我們的發行人合作，我們還在數字解決方案、令牌化、非接觸式、掃描和支付方面與那裡的客戶合作。

So I see China as something we're excited about, but something that's probably still a couple of years away in terms of us being a player there and being able to start to produce any kind of volumes, never mind meaningful volumes.

所以我認為中國是我們感到興奮的地方，但就我們成為那裡的參與者並能夠開始生產任何類型的產品而言，這可能還需要幾年的時間，更不用說有意義的銷量了。

But India, I see, is a long-term play, they're -- a country of nearly 1.4 billion people, and I think we've barely scratched the surface in terms of the opportunity.

但我認為，印度是一個長期的遊戲，他們是一個擁有近 14 億人口的國家，我認為我們在機會方面幾乎沒有觸及表面。

It's kind of -- as big as the numbers feel from a relatively close to a standing start.

這有點像 - 從一個相對接近的起點開始的數字感覺一樣大。

I think that it's an exciting opportunity for the industry, and as the market leader in India, we see it as a very exciting opportunity for us.

我認為這對行業來說是一個令人興奮的機會，作為印度的市場領導者，我們認為這對我們來說是一個非常令人興奮的機會。

Our next question comes from Jason Kupferberg from Bank of America.

我們的下一個問題來自美國銀行的 Jason Kupferberg。

This is [Ryan Carreon] for Jason.

這是 Jason 的 [Ryan Carreon]。

I was hoping you could dive a little deeper into the international revenue growth in the quarter which came in well ahead of what we are modeling.

我希望你能更深入地了解本季度的國際收入增長，這遠遠超過了我們的模型。

Is there anything worth calling out that surprised you with the upside?

有什麼值得一提的事情讓你感到驚訝嗎？

And I would think the spread between volume growth and revenue growth also widened pretty materially.

而且我認為銷量增長和收入增長之間的差距也大大擴大了。

I'm assuming there is some benefit from FX in there, but was there any pricing benefits in the quarter?

我假設那裡的外匯有一些好處，但本季度是否有任何定價優勢？

You have several things in there, so I'll take them one by one, Jason, if I can get to them.

你裡面有幾樣東西，所以傑森，如果我能拿到的話，我會一件一件地拿來。

Oh, [Ryan] I'm sorry.

哦，[瑞恩]對不起。

Very well there, Ryan , I guess Jason is elsewhere today.

很好，瑞恩，我猜傑森今天在別處。

So why was it better than -- it was better than we expected.

那麼為什麼它比 - 它比我們預期的要好。

Coming into the year, as you know, our inbound business to the U.S. has been a weak business for several years because the dollar was strong.

如您所知，進入今年以來，由於美元走強，我們對美國的入境業務多年來一直疲軟。

And coming into the year, we hoped that with the weakening of the dollar, there would be some improvement in that business.

進入這一年，我們希望隨著美元走軟，該業務會有所改善。

And we projected a step-up in the growth rate.

我們預計增長率會加快。

We were pretty much in line with our expectations in the first quarter, but the acceleration continued pretty fast into the second quarter.

我們在第一季度幾乎符合我們的預期，但加速持續到第二季度。

And in many ways, the inbound business to the U.S. has grown faster than we expected.

在許多方面，美國入境業務的增長速度超出了我們的預期。

So the recovery has been coming earlier than we might have projected.

因此，復甦的到來比我們預期的要早。

That's one reason.

這是原因之一。

The other reason is the outbound business from Europe, business that is leaving the EU in total, also grew in the double digits for the opposite reason because the euro and the pound are now stronger.

另一個原因是來自歐洲的出境業務，即全部離開歐盟的業務，也因相反的原因實現了兩位數的增長，因為歐元和英鎊現在走強了。

Those 2 clearly were much stronger than we expected and they're very important corridors for us.

這兩個顯然比我們預期的要強大得多，它們對我們來說是非常重要的通道。

The revenue impact is greater because the mix of business is better, because the inbound business to the U.S. for us is an attractive business and the mix of our cross-border business certainly got better.

收入影響更大，因為業務組合更好，因為對我們來說美國的入境業務是一項有吸引力的業務，而且我們的跨境業務組合肯定會更好。

There was no pricing that was any -- new or different than anything that was in place prior to coming into the quarter.

沒有任何定價——新的或不同於進入本季度之前的任何定價。

Certainly, exchange rates got a little better, so that certainly helps that line more than other lines.

當然，匯率有所好轉，所以這肯定比其他線路更有幫助。

And then overall, I mean, adding to these 2 corridors, the cross-border business, because of strong global economy, has been strong just about everywhere in the world.

然後總體而言，我的意思是，除了這兩條走廊之外，由於全球經濟強勁，跨境業務在世界各地幾乎都表現強勁。

Our next question comes from Ashwin Shirvaikar with Citigroup.

我們的下一個問題來自花旗集團的 Ashwin Shirvaikar。

My question was with regards to debit volume growth in the U.S. If you could break down what's driving this increased macro or in the spend trend, any particular wins to call out?

我的問題是關於美國借記卡數量的增長。如果你能分解出推動這種增長的宏觀因素或支出趨勢的原因，那麼有什麼特別的勝利可以說出來嗎？

And also just to clarify, is Visa Direct classified here?

還要澄清一下，Visa Direct 是否歸類於此？

Yes.

是的。

So the debit growth was clearly very strong.

因此，借方增長顯然非常強勁。

And at this point, as we told you earlier, it's not benefiting from any conversion type benefit.

在這一點上，正如我們之前告訴你的，它沒有從任何轉換類型的好處中受益。

This is real apples-to-apples growth and, therefore, quite heartening to see it as strong as it was.

這是真正的蘋果對蘋果的增長，因此，看到它如此強大，非常令人振奮。

As we've dug into it, it was pretty broad-based.

正如我們所研究的那樣，它的基礎非常廣泛。

We're seeing growth, as I mentioned in my comments, across many segments of retail and across all the everyday spend categories, which essentially attest to a pretty strong consumer profile in terms of propensity to spend.

正如我在評論中提到的那樣，我們看到零售業的許多領域和所有日常支出類別都出現了增長，這從本質上證明了消費者在消費傾向方面的強勁表現。

As the business shifts more to e-commerce, that clearly also helps in many ways.

隨著業務更多地轉向電子商務，這顯然在許多方面也有所幫助。

And then as far as overall sort of the underlying sort of mix of business, that also remains very good.

然後就整體的潛在業務組合而言，這仍然非常好。

So all in all, just about every aspect of the debit business looked very good this quarter.

總而言之，本季度借記業務的各個方面看起來都非常好。

Our next question comes from Tien-tsin Huang with JPMorgan.

我們的下一個問題來自摩根大通的Tien-tsin Huang。

Just I guess I want to follow up on a couple of questions on the international and whatnot.

只是我想我想跟進幾個關於國際和諸如此類的問題。

I'm curious, Al, in your travels, has the nationalism sort of theme changed at all?

我很好奇，Al，在你的旅行中，民族主義的主題是否發生了變化？

I know you're making a push towards localizing a lot of the business.

我知道您正在推動很多業務的本地化。

I heard your answers around China and in India, but just bigger picture, I'm curious if the whole nationalism sort of pendulum has shifted in any way in your mind.

我在中國和印度聽到了你的回答，但從更大的角度來看，我很好奇整個民族主義的鐘擺是否在你的腦海中發生了任何變化。

Tien-tsin, in the last 5 weeks, I've done a trip to Korea.

Tien-tsin，在過去的 5 周里，我去了韓國旅行。

I've done a trip to China, and I've done a trip to the Middle East and Northern Africa.

我去過中國，也去過中東和北非。

I still see quite a strong nationalism theme.

我仍然看到相當強烈的民族主義主題。

I think from my perspective, which I've said before, this business, this payments business is a very local business.

我認為從我之前說過的角度來看，這項業務，這項支付業務是一項非常本地化的業務。

So clearly on one hand, the solution set that we need to go to market with, our issuer clients and our merchant clients, is different market-by-market, and that's a positive thing.

很明顯，一方面，我們需要與我們的發行商客戶和商家客戶一起進入市場的解決方案集是不同市場的，這是一件積極的事情。

And we recognize that and we're putting more resources as we add personnel, adding more people out in the actual countries because that's where the action is.

我們認識到這一點，我們在增加人員時投入更多資源，在實際國家增加更多人員，因為這就是行動所在。

The negative or the watch-out of nationalism is what happens in terms of regulation and domestic processing, and does that grow around the world?

民族主義的消極或警惕是在監管和國內處理方面發生的事情，這種情況是否在世界範圍內增長？

And then what are the rules as it grows?

那麼隨著它的增長，規則是什麼？

There's domestic processing in a number of markets, some of them it's a very fair playing field where their government is not mandating that you must process on the local processor but it's yet just another option.

許多市場都有國內加工，其中一些市場是一個非常公平的競爭環境，他們的政府沒有強制要求您必須在本地處理器上加工，但這只是另一種選擇。

In a couple of countries it's not quite an even playing field, and we continue to push and work with those governments to try to get us there.

在一些國家，這並不是一個公平的競爭環境，我們繼續推動並與這些政府合作，試圖讓我們到達那裡。

So that's what I'd say I've seen, Tien-tsin.

這就是我所說的我所看到的，Tien-tsin。

Our next question comes from Moshe Orenbuch with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Moshe Orenbuch。

I was wondering whether you would talk a little bit about whether you're thinking about any sorts of incentives, whether it's a carrot or stick-type incentives to kind of encourage the move towards that single pay button.

我想知道您是否會談談您是否正在考慮任何形式的激勵措施，無論是胡蘿蔔還是大棒激勵措施，以鼓勵向單一支付按鈕邁進。

And just as a related thing, since you did link in the discussion with PayPal and Visa Direct, have you ever given any kind of metrics on the size or growth rate of that channel for you?

與此相關的是，由於您在討論中與 PayPal 和 Visa Direct 進行了鏈接，您是否曾經為您提供過有關該渠道規模或增長率的任何指標？

Moshe, it's Al.

摩西，是艾爾。

We're in the top of the first inning here on the secure remote commerce and the single pay button.

我們在安全遠程商務和單一支付按鈕方面處於第一局的頂端。

We're just getting familiar with the standards from EMVco and trying to understand exactly what we have to do and what merchants have to do in order to make it a reality in the marketplace.

我們剛剛熟悉 EMVco 的標準，並試圖準確了解我們必須做什麼以及商家必須做什麼才能使其在市場上成為現實。

I think that our kind of immediate focus is to get very familiar with the technical aspects of what needs to happen in terms of getting it set up.

我認為我們的直接關注點是非常熟悉在進行設置方面需要發生的技術方面。

I -- my personal belief, we'll have to see how this plays out, is that this is going to come as really, really positive news for both consumers and merchants.

我 - 我個人認為，我們將不得不看看這會如何發展，這對於消費者和商家來說都是非常非常積極的消息。

And I think that if done correctly, which we hope that it is, that adoption is going to -- the curve of adoption is going to be quite quick.

我認為，如果做得正確，我們希望它是正確的，採用的曲線將會非常快。

That said, there had been cases in the past where to accelerate progress, we have thought about and used incentives, but we're nowhere near being able to make a decision on that at this point.

也就是說，過去曾有過加速進展的案例，我們已經考慮並使用了激勵措施，但目前我們還無法就此做出決定。

And I'm hoping we don't because I'm hoping that it's such a very clear improvement in the user experience and the friction, it goes out of the system that people will adopt very, very quickly.

我希望我們不要這樣做，因為我希望它在用戶體驗和摩擦方面有如此明顯的改進，它會脫離系統，人們會非常非常迅速地採用。

In terms of your second question, which I think was around volumes related to PayPal and Visa Direct, we haven't provided any color on that as of this moment.

關於你的第二個問題，我認為這是與 PayPal 和 Visa Direct 相關的交易量，到目前為止，我們還沒有提供任何顏色。

I would say that we're pleased with the way adoption of Visa Direct is continuing.

我想說，我們對繼續採用 Visa Direct 的方式感到滿意。

As I said in my remarks, right now, there's a few use cases that we're focused on and we're pleased with those use cases and we're trying to increase, in essence, the distribution of those use cases over time.

正如我在講話中所說，現在，我們關註一些用例，我們對這些用例感到滿意，並且我們正在努力隨著時間的推移增加這些用例的分佈。

We're hoping to actually look to add further use cases, which will further expand the universe of places where Visa Direct can be used.

我們希望真正尋求添加更多用例，這將進一步擴大可以使用 Visa Direct 的地方的範圍。

So I think there's a tremendous amount of upside relative to Visa Direct as we look out over the next couple of years.

所以我認為在接下來的幾年裡，相對於 Visa Direct，我們有很大的上升空間。

Our next question comes from Sanjay Sakhrani with KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

Vasant, you talked about sort of the stronger economy driving some of the more robust trends.

Vasant，您談到了強勁的經濟推動了一些更強勁的趨勢。

I was wondering, in the U.S., was any of it discernible from tax reform, like have you guys seen any impact as it relates to tax reform?

我想知道，在美國，是否可以從稅制改革中辨別出來，就像你們看到與稅制改革有關的任何影響？

And then on the shared button comments, as far as costs are concerned, are there any cost savings as a result of not having to go full force with Visa Checkout?

然後在共享按鈕評論中，就成本而言，由於不必全力使用 Visa Checkout，是否可以節省任何成本？

Or are there other costs that we have to contemplate given the new initiative?

或者考慮到新舉措，我們還需要考慮其他成本嗎？

Right.

正確的。

In terms of are we seeing any impact from tax reform on consumer spending, I would have to say that it's hard for us to isolate those kinds of impact.

就我們是否看到稅收改革對消費者支出產生任何影響而言，我不得不說我們很難孤立這些影響。

So I don't think we have a point of view on that, and it's probably a little too early in any case.

所以我認為我們對此沒有看法，而且無論如何都可能為時過早。

So I'm not sure I can tell you anything specific on that front.

所以我不確定我能否告訴你這方面的任何具體內容。

As it relates to the button, as I've said earlier, many of these questions are relatively premature given where we are.

正如我之前所說，因為它與按鈕有關，考慮到我們所處的位置，其中許多問題相對來說還為時過早。

In terms of Visa Checkout, we remain as focused on it as we were.

在 Visa Checkout 方面，我們一如既往地專注於它。

We will use the Visa Checkout in those parts of the world where it clearly is a valuable option for people, especially outside the U.S. In the U.S., there are merchants who would see value in it.

我們將在世界上那些對人們顯然是有價值的選擇的地區使用 Visa Checkout，尤其是在美國以外的地區。在美國，有些商家會看到它的價值。

We would definitely use Visa Checkout as a solution there.

我們肯定會使用 Visa Checkout 作為解決方案。

Once the single button solution is available, then we'll just have to see how that plays between the Visa Checkout option and the single button.

一旦單按鈕解決方案可用，那麼我們只需要看看 Visa Checkout 選項和單按鈕之間是如何發揮作用的。

In the meantime, we will have to spend some money to develop the single button option from a technology standpoint and all that.

與此同時，從技術的角度來看，我們將不得不花一些錢來開發單按鈕選項。

I think, Sanjay, it goes back a bit to Moshe's question as well.

我想，Sanjay，這也可以追溯到 Moshe 的問題。

Look, if this gets -- if the pace of adoption is quick, then the reality is that -- and we don't have to either do incentives or do big advertising to promote it, obviously, that's a good thing.

看，如果這得到了——如果採用的速度很快，那麼現實是——而且我們不必做激勵措施或做大廣告來推廣它，顯然，這是一件好事。

In the case of Visa Direct, we obviously have spent quite a bit of money in promoting and in pushing it.

就 Visa Direct 而言，我們顯然在推廣和推動它方面花費了相當多的資金。

That's why we've gotten over 30 million users of Visa Direct.

這就是我們擁有超過 3000 萬 Visa Direct 用戶的原因。

But I think it remains to be seen until we play this out a little bit more over time as we become more familiar with what's going on.

但我認為這還有待觀察，直到我們隨著時間的推移更多地發揮這一點，因為我們對正在發生的事情越來越熟悉。

Based on the data we're seeing, we'll certainly give more color commentary on it, but it just it really is early.

根據我們看到的數據，我們肯定會給出更多的顏色評論，但現在還為時過早。

Our next question comes from Jamie Friedman with Susquehanna.

我們的下一個問題來自 Jamie Friedman 和 Susquehanna。

We recently saw a bulletin saying that Mastercard had increased its assessment fees on payment volumes.

我們最近看到一個公告稱，萬事達卡提高了支付量的評估費用。

So I'm just wondering what your general thoughts were on the trajectory of Visa's pricing going forward, particularly in the U.S.

所以我只是想知道你對 Visa 未來定價軌蹟的總體看法，尤其是在美國。

Well, we generally don't talk a lot about what our pricing plans are.

好吧，我們通常不會談論我們的定價計劃是什麼。

We obviously look -- we have a dedicated pricing team.

我們顯然看起來 - 我們有一個專門的定價團隊。

We look at pricing on everything that we do from the pricing to issuers, the pricing to acquirers, plus the services that we make available to our issuer and merchant customers, and we look at the price value equation.

我們關注我們所做的每件事的定價，從對發行人的定價、對收單機構的定價，再加上我們向發行人和商家客戶提供的服務，我們還著眼於價格價值等式。

We look at the competitive set and we make judgments on an ongoing basis.

我們著眼於競爭組合，並不斷做出判斷。

And I think that's the most I'd say about it.

我認為這是我想說的最多的。

Our next question comes from Jim Schneider with Goldman Sachs.

我們的下一個問題來自高盛的 Jim Schneider。

I just want to ask a question for you, Al.

我只想問你一個問題，艾爾。

You talked quite a bit about contactless payments and adoption rates across the globe.

您談了很多關於全球非接觸式支付和採用率的問題。

Can you maybe just give us a sense about the details of your plans around the U.S.?

您能否讓我們了解一下您在美國的計劃細節？

You talked about some enablement for -- on the merchant side, but what are you doing to get that stronger on the bank issuer side?

您談到了在商家方面的一些支持，但是您正在做些什麼來使銀行發行方方面變得更強大？

Any plans you can articulate there?

你有什麼計劃可以在那裡表達嗎？

And then maybe share with us your expectations, say, maybe 2 years out about what the penetration rate could be or look like in the U.S.

然後也許與我們分享您的期望，例如，也許 2 年後美國的滲透率可能或看起來如何。

Well, Jim, I think the U.S. market, I think I've talked about this before but maybe I haven't, the U.S. market is a bit different.

好吧，吉姆，我認為美國市場，我想我之前已經討論過這個問題，但也許我沒有，美國市場有點不同。

It's a little upside down in terms of how this opportunity has -- presents itself.

就這個機會的呈現方式而言，這有點顛倒了。

Usually, around the world, the issuer side of the equation has been ahead, and we've had to kind of pull the merchant community along, which I actually think is the harder lift.

通常，在世界範圍內，發行方一直處於領先地位，我們不得不拉動商家社區，我實際上認為這是更難的提升。

In the U.S., we've kind of got the opposite situation, where we've got nearly 60% of the top 100 enabled.

在美國，我們遇到了相反的情況，我們已經啟用了前 100 名中的近 60%。

We've got virtually all the terminals being shipped today are enabled for contactless.

我們今天交付的幾乎所有終端都啟用了非接觸式。

The whole transit system push, which is happening at a fairly large clip in terms of interest is a stimulant.

整個交通系統的推動，在興趣方面以相當大的速度發生，是一種興奮劑。

So I -- in our case, in the U.S., the reality is that we need to catch up on the issuer side, and that's a smaller constituent group versus millions and millions of merchants.

所以我 - 在我們的情況下，在美國，現實是我們需要趕上發行方，這是一個較小的組成群體，而不是數以百萬計的商家。

So we're in lots of discussions with our issuer partners.

因此，我們正在與我們的發行人合作夥伴進行大量討論。

And I think that there's a lot of interest on the part of our issuer partners to move to contactless.

而且我認為我們的發行合作夥伴對轉向非接觸式有很大興趣。

Nobody's too anxious to do mass card replacement, but I think as cards start to get replaced, you'll start to see more contactless evolve.

沒有人會急於大規模更換卡片，但我認為隨著卡片開始被替換，你會開始看到更多的非接觸式發展。

That said, as I said in my remarks, this is at least a year or 2 to get this off the ground before you start to get the beginnings of movement.

也就是說，正如我在講話中所說，在開始行動之前至少需要一兩年的時間才能將其付諸實施。

And then if the U.S. is like other markets, which I've no reason to believe it won't be, I think that, we'll, in a couple of years, we'll -- if we're in a single digit that we'll start to see real acceleration then over the next couple of years.

然後，如果美國像其他市場一樣，我沒有理由相信它不會，我認為，在幾年內，我們將 - 如果我們在一個單一的市場在接下來的幾年裡，我們將開始看到真正的加速。

And I'm hoping maybe because they -- it's really progress is more going to be driven by issuer side movement that maybe the adoption could curve -- could be actually a little bit quicker than we've seen in some of the international markets.

我希望也許是因為他們——實際上，進展更多地是由發行人方面的運動推動的，也許採用可能會出現曲線——實際上可能比我們在一些國際市場上看到的要快一點。

But that said, I'm not going to get into predicting business right now as to exactly what level of penetration it would be in a couple of years.

但話雖如此，我現在不打算預測幾年後的滲透率究竟會達到什麼水平。

But I can tell you this, we're excited about it and we're pushing on it.

但我可以告訴你，我們對此感到很興奮，我們正在推動它。

Our final question comes from James Faucette with Morgan Stanley.

我們的最後一個問題來自摩根士丹利的 James Faucette。

This is Vasu Govil for James Faucette.

這是 James Faucette 的 Vasu Govil。

Just 2 really quick ones, one on Visa Direct, you guys talked a lot about traction there.

只有兩個非常快的，一個在 Visa Direct 上，你們在那裡談了很多關於牽引力的事情。

Could you maybe talk a little bit about what geographies you're seeing more traction in?

您能否談談您在哪些地區看到的吸引力更大？

Is it mostly in the U.S.?

主要是在美國嗎？

Or what international geographies you're seeing more traction?

或者您看到哪些國際地區更具吸引力？

And then from a P&L perspective, where are these volumes and revenues getting captured?

然後從損益表的角度來看，這些數量和收入是從哪裡獲得的？

And then quickly on just following up on the nationalism question before, recently, I think the Central Bank in India is considering some regulation that all user data needs to be stored only in the country.

然後快速跟進之前的民族主義問題，最近，我認為印度中央銀行正在考慮一些規定，所有用戶數據只需要存儲在該國。

So what would that mean for Visa in terms of your ability to process transactions there?

那麼，就您在那里處理交易的能力而言，這對 Visa 意味著什麼？

Okay.

好的。

So I think there were 3 questions there.

所以我認為那裡有3個問題。

Visa Direct.

簽證直接。

So Visa Direct is a product running on VisaNet, so it is a true global offering.

因此，Visa Direct 是在 VisaNet 上運行的產品，因此它是真正的全球產品。

I mean, it -- because VisaNet is global, Visa Direct is global.

我的意思是，因為 VisaNet 是全球性的，Visa Direct 是全球性的。

And it's operating in a large number of markets around the world, including Europe now that we've got VisaNet starting to run in Europe.

由於我們已經讓 VisaNet 開始在歐洲運行，因此它在包括歐洲在內的全球多個市場開展業務。

So I mentioned in the remarks that today probably P2P remains one of the bigger use cases for Visa Direct, but there are other disbursement use cases that we're looking at and are coming on stream that are also producing volumes on Visa Direct.

因此，我在評論中提到，今天 P2P 可能仍然是 Visa Direct 的更大用例之一，但我們正在研究和即將推出的其他支付用例也在 Visa Direct 上產生大量使用。

I think the second question was where is it captured.

我認為第二個問題是它在哪裡被捕獲。

Where do we see most of the volume?

我們在哪裡看到大部分的音量？

It's payments volume, right.

這是付款量，對。

And some of it is mostly domestic, but there are some cross-border, so it's mostly showing up in service fees and data processing.

有的主要是國內的，也有一些是跨境的，所以主要表現在服務費和數據處理上。

Right and the U.S. certainly is among the better developed markets.

對，美國當然是較發達的市場之一。

You were asking the question from a geography standpoint, and we're starting to see volume in Europe and other parts of the world.

您是從地理角度提出的問題，我們開始看到歐洲和世界其他地區的銷量。

And as we've told you, our goal is to have 1.7 billion or so debit credentials enabled by the end of this calendar year on a global basis going all the way to 2 billion.

正如我們告訴您的那樣，我們的目標是在本日曆年年底之前在全球範圍內啟用 17 億左右的借記憑證，一直到 20 億。

And then there was one...

然後有一個...

And then the last question on India.

然後是關於印度的最後一個問題。

Yes, the RBI, the Central Bank of India had issued, in the last 10 days or so, data localization rules.

是的，印度中央銀行 RBI 在過去 10 天左右發布了數據本地化規則。

We're still get -- starting to get -- trying to get our hands around them and understand what it means.

我們仍然得到 - 開始得到 - 試圖繞過它們並理解它的含義。

They're looking for some form of adoption in 6 months, which is a tough time frame.

他們希望在 6 個月內獲得某種形式的採用，這是一個艱難的時間框架。

So it's early, again, very early there.

所以現在很早，再一次，很早。

We're in almost daily discussions with our tech team, with the government in India, with the RBI in India to try to get a sense of what are they really trying to accomplish and what might be the best way to get there.

我們幾乎每天都在與我們的技術團隊、印度政府和印度儲備銀行進行討論，以了解他們真正想要完成的工作以及實現目標的最佳方式。

So again, more to come as we continue our dialogue with the folks in India.

因此，當我們繼續與印度人民進行對話時，還會有更多消息。

And with that, we'd like to thank you for joining us today.

有了這個，我們要感謝你今天加入我們。

If you have additional questions, please feel free to call or e-mail.

如果您還有其他問題，請隨時致電或發送電子郵件。

Thanks, again, and have a great day.

再次感謝，祝您有美好的一天。

That concludes today's conference.

今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may disconnect at this time.

此時您可以斷開連接。