Visa Inc (V) 2021 Q2 法說會逐字稿

Welcome to Visa's Fiscal Second Quarter 2021 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

歡迎參加 Visa 2021 財年第二季度收益電話會議。 （操作員說明）今天的會議正在錄製中。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 from Investor Relations, Ms. Jennifer Como and Mr. Mike Milotich. Ms. Como, you may now begin.

我現在想將會議轉交給投資者關係部的主持人 Jennifer Como 女士和 Mike Milotich 先生。科莫女士，您現在可以開始了。

Thanks, Jordan. Good afternoon, everyone, and welcome to Visa's Fiscal Second Quarter 2021 Earnings Call. Joining us today are Al Kelly, Visa's Chairman and Chief Executive Officer; and Vasant Prabhu, Visa's Vice Chairman and Chief Financial Officer. This call is being webcast on the Investor Relations section of our website at www.investor.visa.com. A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights has been posted on our IR website.

謝謝，喬丹。大家下午好，歡迎參加 Visa 的 2021 財年第二季度財報電話會議。今天加入我們的是 Visa 董事長兼首席執行官 Al Kelly； Visa 副主席兼首席財務官 Vasant Prabhu。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。重播將在我們的網站上存檔 30 天。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. These statements are not guarantees of future performance, and our actual results could differ materially as the result of many factors. 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.

我還要提醒您，本演示文稿包含前瞻性陳述。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。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報告。

For 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非 GAAP 財務信息，相關的 GAAP 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。

Jennifer, thank you, and congratulations on your second anniversary with Visa. Good afternoon, everyone, and thanks for joining us today. I'm going to provide a few quick stats on the quarter and then share my thoughts on what's ahead as the world continues to recover. The recovery is going to take many different shapes, and the timing will differ around the world based on vaccination rollouts and the easing of restrictions. But we believe we're at the beginning of the end of the pandemic and the recovery is well underway, at least in a number of markets.

詹妮弗，謝謝你，並祝賀你與 Visa 合作兩週年。大家下午好，感謝您今天加入我們。我將提供一些關於本季度的快速統計數據，然後分享我對世界繼續復甦的未來的看法。復甦將採取許多不同的形式，並且根據疫苗接種的推出和限制的放鬆，世界各地的時間將有所不同。但我們相信，我們正處於大流行結束的初期，復甦正在順利進行，至少在一些市場上是這樣。

First, Q2 results, revenue declined 2% year-over-year, but would be slightly positive at 20 basis points if service revenues were recognized on current-quarter payment volume. Non-GAAP EPS was $1.38, a decrease of 1%. When looking at volumes and transactions growth, keep in mind that we're now lapping the start of the pandemic. As growth rates are now less indicative of performance in the business trajectory, we're going to also provide some metrics compared to 2019 on a constant dollar basis.

首先，第二季度的結果是，收入同比下降 2%，但如果服務收入在當前季度的支付量中得到確認，收入將略微上升 20 個基點。非公認會計原則每股收益為 1.38 美元，下降 1%。在查看交易量和交易增長時，請記住，我們現在正處於大流行的開始階段。由於增長率現在不太能代表業務軌跡中的表現，因此我們還將提供一些與 2019 年相比的指標，以不變美元為基礎。

So payments volume grew 11%, improving 7 points from Q1 and reached 116% of 2019, which is up 3 points from Q1. Cross-border volume, excluding intra-Europe, declined 21%, but improved 12 points from Q1 and is 75% of 2019 levels, 3 points better than Q1. Process transactions growth of 8% improved 4 points from Q1 and represented 116% of 2019, which is consistent with the first quarter.

因此支付量增長 11%，比第一季度提高 7 個百分點，達到 2019 年的 116%，比第一季度增長 3 個百分點。不包括歐洲內部的跨境交易量下降了 21%，但比第一季度提高了 12 個百分點，是 2019 年水平的 75%，比第一季度好 3 個百分點。流程交易增長 8%，比第一季度提高 4 個百分點，佔 2019 年的 116%，與第一季度一致。

This quarter, we continued to make progress across our 3 growth levers. First, consumer payments. In Asia Pacific, we renewed our partnership with Rakuten Card, a subsidiary of Rakuten Group, the largest e-commerce marketplace in Japan. In Korea, Visa won the first hotel chain co-brand in the country with Marriott and Shinhan Card, Korea's largest issuer. In China, we renewed our credit portfolios with CITIC Bank and Agricultural Bank of China, 2 of the top 10 largest banks in the country.

本季度，我們在三個增長槓桿上繼續取得進展。一是消費支付。在亞太地區，我們與日本最大的電子商務市場樂天集團的子公司樂天卡續簽了合作夥伴關係。在韓國，Visa與萬豪和韓國最大的發卡機構新韓卡一起贏得了該國第一個連鎖酒店聯合品牌。在中國，我們與中國十大銀行中的兩家中信銀行和中國農業銀行更新了我們的信貸組合。

Also on the co-brand front in Brazil, Samsung in partnership with Banco Itaú, will issue their inaugural co-brand in Latin America with Visa targeting Samsung's 57 million Brazilian users. In Europe, Visa won incremental business with BNP Paribas Fortis in Belgium. This expands our relationship to include 4 million debit cards in addition to our existing credit relationship. In Switzerland, we've gained significant traction in growing Visa Debit. Since January of 2019, we have signed 13 new debit deals, representing an incremental 2.6 million cards.

同樣在巴西的聯合品牌方面，三星與 Banco Itaú 合作，將在拉丁美洲發布其首個聯合品牌 Visa，目標是三星的 5700 萬巴西用戶。在歐洲，Visa 贏得了比利時法國巴黎銀行富通銀行的增量業務。這擴大了我們的關係，除了我們現有的信用關係外，還包括 400 萬張借記卡。在瑞士，我們在發展 Visa Debit 方面獲得了巨大的推動力。自 2019 年 1 月以來，我們已經簽署了 13 筆新的借記卡交易，增加了 260 萬張卡。

In new flows, Visa Direct transactions grew almost 60% in the second quarter. We're pleased to have clients going live now with Visa Direct payouts, which offers a flexible set of APIs for Visa partners globally to use a single point of connection for push payments to cards and accounts. MoneyGram, Goldman Sachs Transaction Banking, Standard Chartered Bank Hong Kong and KyckGlobal are among the first to start utilizing Visa Direct payouts for B2C, cross-border P2P and B2 small B payouts.

在新的流量中，Visa Direct 交易在第二季度增長了近 60%。我們很高興客戶現在可以使用 Visa Direct 付款，它為全球的 Visa 合作夥伴提供一組靈活的 API，以使用單點連接將付款推送到卡和賬戶。速匯金、高盛交易銀行、渣打銀行香港和 KyckGlobal 是首批開始使用 Visa Direct 支付進行 B2C、跨境 P2P 和 B2 小額 B 支付的公司之一。

A few additional highlights on specific Visa Direct use cases include that in the marketplace payouts -- in marketplace payouts, Airbnb, which now has 4 million homes globally, will offer host payouts using Visa Direct in select markets. In cross-border P2P, Remitly, a top digital remittance fintech, has renewed its Visa Direct relationship, building upon the past 2 years of partnership. And Monobank in Ukraine enabled cross-border P2P to their 1.7 million cardholders.

關於特定 Visa Direct 用例的其他一些亮點包括在市場支付方面——在市場支付方面，Airbnb 將在特定市場使用 Visa Direct 提供主機支付服務，該公司目前在全球擁有 400 萬戶家庭。在跨境 P2P 領域，頂級數字彙款金融科技公司 Remitly 在過去 2 年的合作夥伴關係基礎上，更新了與 Visa Direct 的合作關係。烏克蘭的 Monobank 為其 170 萬持卡人啟用了跨境 P2P。

In the payroll category, the earned wage access use case continues to grow, with 25 earned wage access platforms now offering Visa Direct for fast and convenient access to employee earnings. G2C continues to grow as well. Global Blue, a leading tax-free shopping solutions company covering 52 countries and 35 million tax-free transactions in 2019, is utilizing Visa Direct to distribute tax refund payments across Europe. Separate from Visa Direct, we supported the U.S. government's disbursements of economic impact payments to nearly 13 million Visa prepaid credentials in the U.S. so far this year.

在工資單類別中，工資訪問用例繼續增長，現在有 25 個工資訪問平台提供 Visa Direct，以便快速方便地訪問員工收入。 G2C 也在繼續增長。 Global Blue 是一家領先的免稅購物解決方案公司，2019 年覆蓋 52 個國家和 3500 萬筆免稅交易，它正在利用 Visa Direct 在整個歐洲分發退稅付款。除了 Visa Direct，我們還支持美國政府今年迄今為止向美國近 1300 萬張 Visa 預付憑證支付經濟影響付款。

And now to our third growth, our value-added services, we're continuing to see strong adoption. Let me highlight a couple of examples. For CyberSource, Planet, a European acquirer and payment services provider that delivers payment processing and currency conversion solutions to over 600,000 merchants, will be partnering with CyberSource to simplify payments across the hospitality, food and beverage and retail sectors. KeyBanc, a top U.S. acquirer, will begin to offer CyberSource to its merchant clients. And as e-commerce continues to grow, Decision Manager, a key risk offering of CyberSource, increased transactions over 30% fiscal year-to-date.

現在到我們的第三個增長點，我們的增值服務，我們繼續看到強大的採用。讓我強調幾個例子。對於 CyberSource，為超過 600,000 家商戶提供支付處理和貨幣轉換解決方案的歐洲收單機構和支付服務提供商 Planet 將與 CyberSource 合作，以簡化酒店、食品和飲料以及零售行業的支付。美國頂級收單機構 KeyBanc 將開始向其商戶客戶提供 CyberSource。隨著電子商務的不斷發展，CyberSource 的主要風險產品 Decision Manager 的交易量在本財年迄今增長了 30% 以上。

Our other risk fraud and authentication capabilities grew as well. For example, we've now crossed the 2 billion token milestone, up from 1.4 billion tokens just in September. One of our key authentication capabilities, CardinalCommerce, grew revenue almost 40 -- almost 50% year-over-year this quarter by rapidly expanding beyond its U.S. origins. In the next year, we plan to more than double our clients in Europe and Central Europe, Middle East and Africa.

我們的其他風險欺詐和身份驗證能力也在增長。例如，我們現在已經超過了 20 億個代幣的里程碑，而 9 月份的代幣數量為 14 億個。我們的關鍵身份驗證功能之一 CardinalCommerce 通過迅速擴展到美國以外的地區，本季度的收入增長了近 40 - 同比增長近 50%。明年，我們計劃將歐洲和中歐、中東和非洲的客戶數量增加一倍以上。

So while the pandemic has disrupted the world, it has not changed our strategy. In fact, it has reinforced our belief that our 3 areas of focus will deliver robust growth for years to come. As we look ahead with COVID recovery underway, a few key important realities, namely the way consumers feel about e-commerce, cash and travel will particularly impact Visa. The pandemic has accelerated e-commerce. Global card-not-present credentials, excluding travel, grew over 20% in the quarter versus last year. Our growth in card-not-present payment volume, excluding travel, has averaged at least 30% in the United States, Canada, Brazil, United Kingdom, Italy, Germany, India and Singapore over the last 3 quarters. And in global cross-border, excluding intra-Europe, it's averaged 20% growth.

因此，儘管大流行擾亂了世界，但它並沒有改變我們的戰略。事實上，它加強了我們的信念，即我們的三個重點領域將在未來幾年實現強勁增長。隨著我們展望新冠疫情的複蘇，一些關鍵的重要現實，即消費者對電子商務、現金和旅行的看法，將特別影響 Visa。大流行加速了電子商務。與去年同期相比，本季度全球無卡憑證（不包括旅行）增長了 20% 以上。過去三個季度，我們在美國、加拿大、巴西、英國、意大利、德國、印度和新加坡的無卡支付量（不包括旅行）平均增長至少 30%。在全球跨境業務中，不包括歐洲內部，平均增長率為 20%。

We believe this shift is likely to persist as the convenience of e-commerce is indisputable, and its growth continues to be robust even as card-present begins to return. In March, in the United States, as some states loosened transactions, card-present as a percentage of 2019 spend improved 11 points versus February. While at the same time, card-not-present, excluding travel, still expanded 8 points. If you look at that in Japan, where restrictions were also lifted, card-present improved 6 points and card-not-present, excluding travel, still improved 4 points in that same comparison between March and February.

我們認為，這種轉變可能會持續下去，因為電子商務的便利性毋庸置疑，而且即使有卡服務開始回歸，其增長仍然強勁。 3 月份，在美國，隨著一些州放鬆交易，持卡佔 2019 年支出的百分比比 2 月份提高了 11 個百分點。與此同時，不包括旅行在內的無卡消費仍擴大了 8 個點。如果你看一下在同樣解除限制的日本，在 3 月和 2 月的相同比較中，持卡人提高了 6 分，不持卡人（不包括旅行）仍然提高了 4 分。

The pandemic has accelerated the digitization of cash, and we see the impact in debit and tap to pay. When we look at cash usage in the last 12 months, just on the Visa brand, such as with ATM withdrawals, we see that global debit cash volumes have decreased by 7%, while debit payments growth -- payment volume has grown 16%, both on a constant dollar basis. This 20-point gap is more than double the historic gap in growth rates and relatively consistent globally, demonstrating cash digitization in both mature and emerging regions.

大流行加速了現金的數字化，我們看到了借記卡和触碰支付的影響。當我們查看過去 12 個月的現金使用情況時，僅在 Visa 品牌上，例如 ATM 取款，我們看到全球借記現金量下降了 7%，而藉記支付增長——支付量增長了 16%，兩者都以不變的美元為基礎。這一 20 個百分點的差距是增長率歷史差距的兩倍多，並且在全球範圍內相對一致，表明成熟地區和新興地區的現金數字化。

Overall, Visa tap to pay transactions have grown over 30% year-over-year in March. In Europe, less than a year since contactless limits increased across the region, Visa has seen 1 billion additional touch-free transactions. In the United States, 1 in 10 face-to-face Visa transactions are now done with a tap, more than a 2x increase since the beginning of the pandemic. In New York City, the penetration is nearly 30%, demonstrating the potential of focused issuance and merchant enablement, along with transit. In the past 3 years alone, we've enabled nearly 250 transit systems globally, and we can see, based on our research, that enabling tap to pay on transit can bring more than a 15% lift in transactions for merchants in the surrounding neighborhoods.

總體而言，Visa 的點擊支付交易在 3 月份同比增長了 30% 以上。在歐洲，自該地區的非接觸式限制增加不到一年以來，Visa 已經完成了 10 億次額外的非接觸式交易。在美國，現在有十分之一的面對面簽證交易是通過點擊完成的，自大流行開始以來增加了 2 倍多。在紐約市，滲透率接近 30%，顯示出集中發行和商戶支持以及運輸的潛力。僅在過去 3 年中，我們就在全球啟用了近 250 個公交系統，根據我們的研究，我們可以看到，在公交上啟用輕拍支付可以為周邊社區的商家帶來 15% 以上的交易量提升.

The decline in travel is temporary, and we're starting to see some early signs of recovery. Cross-border travel-related spending, excluding intra-Europe, improved from Q1, driven by 2 factors. First, those who are abroad are spending more likely because of fewer restrictions. This quarter, essentially all of the cross-border travel spend improvement was driven by higher spend per card rather than more active cards.

旅行的減少是暫時的，我們開始看到一些復甦的早期跡象。受兩個因素推動，不包括歐洲內部的跨境旅行相關支出較第一季度有所改善。首先，由於限制較少，那些在國外的人更有可能消費。本季度，基本上所有跨境旅行支出的改善都是由每張卡的更高支出推動的，而不是更多的活躍卡。

Second, we continue to see strength from countries with open border. For example, U.S. to Mexico volume was almost 20% above 2019 levels for the quarter. We also saw several top corridors between the U.S. and Latin America improve by more than 10 points through the quarter versus 2019. Travel will certainly take more time to recover than other sectors, but we believe personal travel, in particular, will come back, and that's good for Visa for 2 primary reasons. One, because the vast majority of the travel we capture on our credentials is consumer; and two, we are the global leader in travel co-brands.

第二，我們繼續看到邊境開放國家的實力。例如，本季度美國到墨西哥的貨運量比 2019 年的水平高出近 20%。我們還看到，與 2019 年相比，本季度美國和拉丁美洲之間的幾條頂級走廊改善了 10 多個百分點。與其他行業相比，旅遊業肯定需要更多時間才能恢復，但我們相信，尤其是個人旅行，將會回歸，並且這對 Visa 有利有兩個主要原因。一，因為我們在憑證上捕獲的絕大多數旅行都是消費者；第二，我們是全球旅遊聯名品牌的領導者。

With the backdrop of travel cash digitization and e-commerce, let's briefly explore the future potential of our 3 growth levers. In consumer payments, in the last 2 years, we've grown our credentials to 3.6 billion and physical merchant locations to over 70 million, up 7% and 34%, respectively. And remember that our merchant locations only count our partners like PayPal and Square each as one. That said, there's ample opportunity as we focus on specific regions and partners.

在旅遊現金數字化和電子商務的背景下，讓我們簡要探討一下我們三個增長槓桿的未來潛力。在消費者支付方面，在過去 2 年中，我們的憑證已增加到 36 億個，實體商戶數量已超過 7000 萬個，分別增長了 7% 和 34%。請記住，我們的商家位置僅將我們的合作夥伴（例如 PayPal 和 Square）算作一個。也就是說，當我們專注於特定地區和合作夥伴時，有充足的機會。

Looking at regions, even with our leading position in both emerging and developed markets, our market-driven approach to growing credentials is succeeding. And Europe is an excellent example. From 2018 to 2020, we grew active card credentials by 10%. And looking ahead, we have line of sight to more than 25 million additional credentials across 50 clients in the next few years.

縱觀各地區，即使我們在新興市場和發達市場都處於領先地位，我們以市場為導向的增長憑證的方法正在取得成功。歐洲就是一個很好的例子。從 2018 年到 2020 年，我們的活躍卡憑證增長了 10%。展望未來，我們預計未來幾年將有超過 2500 萬個額外的憑證，覆蓋 50 個客戶。

Let me cite a couple of recent partnerships that would show this rapid growth. Since fintech Revolut signed a global agreement in September 2019 selecting Visa as their lead issuing partner, they've increased the number of cards and payments volume by more than 200% through December 2020. Crypto.com has launched Visa cards in 39 markets across their 10 million user base since 2018. And just this quarter, they signed a global growth agreement with us, covering 12 markets with plans to expand to even more. There are so many more partners issuing credentials and building acceptance. For example, wallet providers represent the potential for another 2 billion credentials and 70 billion acceptance locations over time, and the pace of growth here is fast. YooMoney in Russia recently signed on to issue Visa credentials and has achieved more than 1 million credentials in just 5 months.

讓我舉幾個最近的合作夥伴關係，它們將顯示這種快速增長。自金融科技 Revolut 於 2019 年 9 月簽署一項全球協議，選擇 Visa 作為其主要發行合作夥伴以來，到 2020 年 12 月，他們的卡數量和支付量增加了 200% 以上。Crypto.com 已在其 39 個市場推出了 Visa 卡自 2018 年以來擁有 1000 萬用戶群。就在本季度，他們與我們簽署了一項全球增長協議，涵蓋 12 個市場，併計劃擴展到更多市場。有更多的合作夥伴頒發證書和建築驗收。例如，隨著時間的推移，錢包提供商代表著另外 20 億個憑證和 700 億個接受位置的潛力，而且這裡的增長速度很快。俄羅斯的 YooMoney 最近簽約發行 Visa 憑證，並在短短 5 個月內獲得了超過 100 萬張憑證。

In fiscal Q2 last year, we announced that stc pay, Saudi Arabia's largest wireless operator with 25 million subscribers, plan to embed credentials in their stc pay wallet. To date, more than 1 million Visa credentials have been issued. Our ongoing partnership with Paytm has enabled us to add more than the 250,000 contactless-enabled acceptance locations at new to card merchants. Well, the number of Visa credentials issued by Paytm has more than doubled since September of 2020, reaching a total of 3 million.

在去年第二季度，我們宣布沙特阿拉伯最大的無線運營商 stc pay 計劃在其 stc pay 錢包中嵌入憑證。迄今為止，已簽發超過 100 萬份簽證憑證。我們與 Paytm 的持續合作使我們能夠在新的信用卡商戶中增加超過 250,000 個非接觸式接受點。嗯，自 2020 年 9 月以來，Paytm 簽發的 Visa 憑證數量增加了一倍多，達到 300 萬張。

Around the world, tap to phone has also been a significant acceptance effort. Today, more than 35 markets offer it, with 13 more being added this year. Wallets and tap to phone are just a couple of next-gen partners and capabilities that we believe will help us bring the 1.7 billion unbanked into the financial mainstream, growing the pie for digital payments. The growth will come from a regional approach and open it to partnering with traditional and new players and by developing new ways to engage the ecosystem, all rooted in our strong brand and in technology.

在世界範圍內，點擊電話也是一項重要的接受工作。今天，超過 35 個市場提供它，今年又增加了 13 個。錢包和點擊電話只是我們認為將幫助我們將 17 億沒有銀行賬戶的人帶入金融主流，擴大數字支付的蛋糕的幾個下一代合作夥伴和功能。增長將來自區域方法，並開放與傳統和新參與者合作，並通過開發新的方式來參與生態系統，所有這些都植根於我們強大的品牌和技術。

In new flows, our success in the United States is a real asset. While B2B has been impacted by the pandemic, our strategies against the $120 trillion opportunity represent near, medium and longer-term growth for Visa. In the near term, we're focused on supporting businesses small and large. To date, we've helped 12 million micro and small businesses to digitize and grow against our 50 million global goal. And we continue to focus on card-based solutions. Visa has about 20% more commercial issuers today than we did 4 years ago. In the medium term, Visa B2B Connect addresses the major pain points with the current top solution and cross-border B2B, and we are continuing to add banks to reach scale. In the longer term, we're working with key partners to solve the challenges of accounts payable and accounts receivable.

在新的流動中，我們在美國的成功是一項真正的資產。雖然 B2B 受到了大流行的影響，但我們針對 120 萬億美元機會的戰略代表了 Visa 的近期、中期和長期增長。在短期內，我們專注於支持大小企業。迄今為止，我們已幫助 1200 萬家微型和小型企業實現數字化並實現我們 5000 萬全球目標的增長。我們繼續專注於基於卡片的解決方案。與 4 年前相比，如今 Visa 的商業發行人增加了約 20%。中期來看，Visa B2B Connect 解決了當前頂級解決方案和跨境 B2B 的主要痛點，我們將繼續增加銀行以達到規模。從長遠來看，我們正在與主要合作夥伴合作解決應付賬款和應收賬款的挑戰。

For the other $65 trillion of new flows, Visa Direct has 5 clear competitive advantages that we believe will continue to drive growth. The first one is reach. In Visa Direct, the endpoints are card credentials and bank accounts. And we can reach 5 billion endpoints globally. This is unrivaled by anyone else. Second, operating scale. Visa Direct has built upon the operating scale of VisaNet and leverages its real-time authorization, clearing and settlement capabilities. This means we can deliver industry-leading solutions with low marginal cost.

對於其他 65 萬億美元的新流量，Visa Direct 具有 5 個明顯的競爭優勢，我們認為這些優勢將繼續推動增長。第一個是到達。在 Visa Direct 中，端點是卡憑證和銀行賬戶。我們可以在全球範圍內達到 50 億個端點。這是其他任何人都無法比擬的。二是經營規模。 Visa Direct 建立在 VisaNet 的運營規模之上，並利用其實時授權、清算和結算能力。這意味著我們可以以較低的邊際成本提供行業領先的解決方案。

Third is commitment to a network of network strategy. Visa Direct is truly multi-rail, which provides clients flexibility and efficiency. Just in the last year, it has utilized 16 card-based networks, 65 ACM schemes, 7 RTP networks and 5 payment gateways. That is more connections, coverage and capability than we've seen from any other network offering.

三是致力於網絡化網絡戰略。 Visa Direct 是真正的多軌制，為客戶提供靈活性和效率。僅在去年，它就使用了 16 個基於卡的網絡、65 個 ACM 方案、7 個 RTP 網絡和 5 個支付網關。這比我們從任何其他網絡產品中看到的更多的連接、覆蓋範圍和功能。

Fourth, investments in our capabilities. We have invested in leading technology stack for both payouts and account funding capabilities. For example, our account funding capabilities include unique codes to help clients manage risk, compliance and authorizations for money movement transactions with APIs to streamline implementation for apps, neobanks and fintechs. To our knowledge, no one else has this capability.

第四，對我們能力的投資。我們已投資於領先的技術堆棧，用於支付和賬戶資金能力。例如，我們的賬戶資金功能包括獨特的代碼，可幫助客戶通過 API 管理資金流動交易的風險、合規性和授權，從而簡化應用程序、新銀行和金融科技的實施。據我們所知，沒有其他人具備這種能力。

Fifth is commercialization. We've now enabled over 20 use cases with more than 450 new program launches, and we will continue to expand by: one, growing existing use cases like marketplaces and cross-border P2P; two, bringing existing use cases like P2P, payroll and earned wage access to other new markets; and three, developing new use cases such as tipping. Visa Direct also brings a network effect in terms of benefits to Visa. For every dollar received on a debit card through Visa Direct, about half of it is then used for debit card purchases. Furthermore, cardholders who received payments through Visa Direct then spend up to 50% more than those who do not. So Visa Direct is actually not only helping new flows, but it is helping consumer payments.

五是商業化。我們現在已經啟用了 20 多個用例，推出了 450 多個新程序，並且我們將繼續通過以下方式進行擴展： 一，增加現有的用例，如市場和跨境 P2P；第二，將 P2P、工資單和工資收入等現有用例引入其他新市場；第三，開發新的用例，例如小費。 Visa Direct還為Visa帶來了利益方面的網絡效應。通過 Visa Direct 在藉記卡上收到的每一美元，其中大約一半用於購買借記卡。此外，通過 Visa Direct 收款的持卡人比未收款的持卡人多消費 50%。因此，Visa Direct 實際上不僅在幫助新的流動，而且還在幫助消費者支付。

Lastly, let's turn to value-added services, which are being utilized by our clients more and more. In fiscal year 2020, more than 60% of our clients used at least 5 value-added services from Visa and more than 30% of our clients use 10 or more. Our toolbox is large with hands-on consulting, sophisticated and flexible technology platforms, valuable data and insight and card benefits, all which will improve with the recovery. We also have 3 platform businesses that scale very profitably, CyberSource, issuer processing and risk identity and authentication. With the recovery and the continued strength in e-commerce and debit, these capabilities are well aligned with trends towards digitization.

最後，讓我們轉向增值服務，我們的客戶越來越多地使用這些服務。在 2020 財年，我們超過 60% 的客戶使用了至少 5 項 Visa 的增值服務，超過 30% 的客戶使用了 10 項或更多。我們的工具箱很大，包含動手諮詢、複雜而靈活的技術平台、寶貴的數據和洞察力以及卡片優勢，所有這些都將隨著復甦而改善。我們還有 3 個規模非常有利可圖的平台業務，即 CyberSource、發行人處理以及風險身份和身份驗證。隨著電子商務和借記卡的複蘇和持續強勁，這些能力與數字化趨勢非常吻合。

Let me just speak about CyberSource as an example. Our strategy to partner with acquirers creates a leveraged opportunity for future growth, both transaction growth and cross-selling value-added services. We mentioned last year that Japanese acquirer SMCC, was going to start offering CyberSource capabilities to its merchant customers. Starting with 1 nationwide convenience store chain and rapidly expanding to over 30,000 merchants, SMCC is now delivering next-generation acquiring solutions to Japanese merchants, and CyberSource is processing over 0.5 million e-commerce and in person transactions per day.

讓我以 CyberSource 為例。我們與收購方合作的戰略為未來的增長創造了槓桿機會，包括交易增長和交叉銷售增值服務。我們去年提到日本收單機構 SMCC 將開始向其商家客戶提供 CyberSource 功能。從 1 家全國連鎖便利店開始，迅速擴展到 30,000 多家商戶，SMCC 現在正在為日本商戶提供下一代收單解決方案，CyberSource 每天處理超過 50 萬筆電子商務和麵對面交易。

With all this opportunity across the 3 levers, we are investing heavily to drive future growth in several areas, including simple, compelling user experiences. Examples include tap to pay, tap to phone and click to pay. Capabilities to scale new flows and value-added services. Examples include new Visa Direct use cases and advancing fraud and identity solutions. Specific markets that can benefit from targeted resources such as Europe and Africa. Innovations in the payments ecosystem, such as crypto APIs for banks and digital currency settlement.

借助 3 個槓桿上的所有這些機會，我們正在大力投資以推動多個領域的未來增長，包括簡單、引人注目的用戶體驗。示例包括點擊支付、點擊電話和點擊支付。擴展新流程和增值服務的能力。示例包括新的 Visa Direct 用例和先進的欺詐和身份解決方案。可以從目標資源中受益的特定市場，例如歐洲和非洲。支付生態系統的創新，例如銀行的加密 API 和數字貨幣結算。

So to close, Visa has weathered the COVID storm and is emerging from the pandemic even stronger. There's significant opportunity ahead and Visa's existing present scale and capabilities position us well to capture more growth in the future.

因此，要關閉，Visa 已經度過了 COVID 風暴，並且正在從大流行中走出來，變得更加強大。前方有重大機遇，Visa 現有的規模和能力使我們能夠很好地把握未來的更多增長。

With that, now let me turn it over to Vasant for more colors on our financials and what we see ahead. Vasant, over to you.

有了這個，現在讓我把它交給 Vasant，以獲得更多關於我們的財務狀況和我們未來展望的信息。瓦桑特，交給你了。

Thank you, Al. Good afternoon, everyone. Our fiscal second quarter results were stronger than we expected, with net revenue down 2%, largely due to improving cross-border volumes and lower-than-expected client incentives. GAAP EPS was flat to last year, and non-GAAP EPS declined 1%, helped by a lower tax rate. Exchange rate shift increased net revenue by 0.5 point but lowered EPS by 0.5 point due to currency-related benefits in the second quarter last year.

謝謝你，阿爾。大家下午好。我們的第二財季業績強於我們的預期，淨收入下降 2%，這主要是由於跨境交易量的改善和低於預期的客戶激勵措施。 GAAP 每股收益與去年持平，非 GAAP 每股收益下降 1%，這得益於較低的稅率。匯率變動使淨收入增加了 0.5 個百分點，但由於去年第二季度的貨幣相關收益，每股收益降低了 0.5 個百分點。

As Al mentioned, as we lap the most significant COVID-19 impact starting in March 2020, year-over-year growth rates are not the best indicator of the underlying trend. To help you better assess both the magnitude and the trajectory of the recovery so far, we have also provided growth rates for key performance metrics relative to fiscal year '19. In constant dollars, global payments volume year-over-year growth was over 11%, fueled by continued strength in debit as well as improving credit spending. Compared to the corresponding quarter in 2019, global payments volume was 16% higher, a 3-point acceleration from the first quarter. Excluding China, total payments volume growth was 13% or 20% higher than 2019 as Chinese domestic volumes continue to be impacted by dual-branded card conversion, which have minimal revenue impact.

正如 Al 提到的，隨著我們從 2020 年 3 月開始對 COVID-19 最顯著的影響進行評估，同比增長率並不是潛在趨勢的最佳指標。為了幫助您更好地評估迄今為止複甦的幅度和軌跡，我們還提供了與 19 財年相關的關鍵績效指標的增長率。以固定美元計算，全球支付量同比增長超過 11%，這得益於借方持續強勁以及信貸支出改善。與 2019 年同期相比，全球支付量增長了 16%，比第一季度增長了 3 個百分點。不包括中國，總支付量增長比 2019 年高出 13% 或 20%，因為中國國內交易量繼續受到雙品牌卡轉換的影響，而雙品牌卡轉換對收入的影響很小。

U.S. payments volume growth was 18% and up 24% from 2019, benefiting from economic impact payments in early January and mid-March as well as the relaxing of COVID-related restrictions in many states, partially offset by bad weather, lowering spending in mid-February. Even after adjusting for economic impact payments, U.S. payments volumes have bounced back to the pre-COVID trend line. Debit growth accelerated 13 points to 34%, up 44% from 2019, boosted by the 2 economic impact payments in this quarter. Credit growth was 2%, up 6% from 2019. The credit improvement was helped by increases in retail, travel, restaurant and entertainment spending, mostly starting in early March, as restrictions were relaxed in many states. It is important to note that credit has improved without debit slowing, pointing to accelerated cash displacement.

美國支付量增長 18%，較 2019 年增長 24%，這得益於 1 月初和 3 月中旬的經濟影響支付以及許多州放鬆與 COVID 相關的限制，部分被惡劣天氣抵消，中期支出降低-二月。即使在對經濟影響支付進行調整後，美國的支付量也已反彈至 COVID 之前的趨勢線。借方增長加速 13 個百分點至 34%，比 2019 年增長 44%，這得益於本季度的 2 次經濟影響支付。信貸增長 2%，比 2019 年增長 6%。信貸改善得益於零售、旅遊、餐飲和娛樂支出的增加，主要是從 3 月初開始，因為許多州放鬆了限制。值得注意的是，信貸有所改善，但藉方並未放緩，這表明現金置換速度加快。

Card-not-present volume, excluding travel, continued to grow over 30% in the quarter and was 55% above 2019 levels, primarily driven by retail spend. The most notable sign of a domestic recovery was card presence spend growing 4%, which is up 3% over 2019, an 8-point acceleration from the first quarter, led by retail and restaurant spending. Improving card-present spending does not slow e-commerce, indicating that e-commerce strength is likely to continue even as card-present spend recovers.

不包括旅行在內的無卡交易量在本季度繼續增長 30% 以上，比 2019 年的水平高出 55%，主要受零售支出的推動。國內復蘇最顯著的跡像是信用卡消費增長 4%，比 2019 年增長 3%，比第一季度增長 8 個百分點，主要是零售和餐飲支出。提高持卡消費不會減緩電子商務，這表明即使持卡消費恢復，電子商務的實力也可能會持續。

International comps in dollar payments volume growth was 6%, up 9% from 2019. A few regional highlights. CEMEA remains our fastest growing region, growing 26%, up 50% from 2019 levels. The easing of COVID-related restrictions, particularly in the Middle East and Russia as well as client wins, drove the robust growth. Latin America grew 23%, up 40% from 2019, with consistently strong performance across the region, mostly fueled by accelerating e-commerce adoption and usage as well as client wins. Europe grew 2%, up 8% from 2019, but decelerated from the last quarter as many countries put significant COVID restrictions in place, particularly the U.K., France, Italy and Germany.

國際美元支付量增長 6%，比 2019 年增長 9%。一些地區亮點。 CEMEA 仍然是我們增長最快的地區，增長 26%，比 2019 年的水平增長 50%。與 COVID 相關的限制放寬，特別是在中東和俄羅斯，以及贏得客戶，推動了強勁的增長。拉丁美洲增長了 23%，比 2019 年增長了 40%，整個地區的表現一直保持強勁，這主要得益於電子商務採用和使用的加速以及客戶的贏得。歐洲增長了 2%，比 2019 年增長了 8%，但由於許多國家實施了重大的 COVID 限制措施，特別是英國、法國、意大利和德國，歐洲增速較上一季度有所放緩。

In Asia Pacific, excluding China, second quarter spending grew 4%, up 8% from 2019. Performance across the region varied based on the level of COVID restrictions, with markets like New Zealand and Singapore growing strongly, while markets like Hong Kong and Japan, which had restrictions for most of the quarter, the weaker.

在不包括中國的亞太地區，第二季度支出增長 4%，比 2019 年增長 8%。整個地區的表現因 COVID 限制的程度而異，新西蘭和新加坡等市場增長強勁，而香港和日本等市場，在本季度的大部分時間裡都有限制，較弱。

Global process transaction growth was 8%, up 15% from 2019, lagging volume growth due to higher ticket sizes, particularly in the U.S. and significant COVID restrictions in Europe. Visa Direct continues to perform well, with transactions growing almost 60% globally this quarter, consistent with the first quarter. The cross-border volume recovery continued, despite most borders remaining completely or partially closed. Comping down of cross border volume, excluding transactions within Europe, declined 21% in the second quarter and was at 75% of 2019 volumes. Looking at the trajectory versus 2019, this was a 3-point improvement from the first quarter. We're seeing a typical seasonal uptick in March and into April, which is a positive sign as we look ahead to the summer.

全球流程交易增長 8%，比 2019 年增長 15%，由於更高的票務規模，尤其是在美國和歐洲的重大 COVID 限制，交易量增長滯後。 Visa Direct 繼續表現良好，本季度全球交易量增長近 60%，與第一季度持平。儘管大多數邊境仍然完全或部分關閉，但跨境交易量仍在繼續復甦。第二季度跨境交易量（不包括歐洲境內的交易）下降了 21%，為 2019 年交易量的 75%。從與 2019 年相比的軌跡來看，這比第一季度提高了 3 個百分點。我們在 3 月和 4 月看到了典型的季節性上升，這是我們展望夏季的積極信號。

Card-not-present, excluding travel volume, continued to be very strong, growing 28% year-over-year, up 44% from 2019, driven mostly by retail spending and some benefit from cryptocurrency purchases. Cross-border travel-related spend declined 55% year-over-year and was at 39% of 2019 levels. Card-present spend as a percentage of 2019 expanded 3 points versus the first quarter.

不包括旅行量在內的無卡交易量繼續保持強勁勢頭，同比增長 28%，比 2019 年增長 44%，主要受零售支出推動，部分受益於加密貨幣購買。跨境旅行相關支出同比下降 55%，為 2019 年水平的 39%。與第一季度相比，2019 年的持卡消費百分比增加了 3 個百分點。

Some color on the state of cross-border travel as we approach the important summer travel season. Travel to and from the U.S. and Latin America is the best-performing corridor, almost at 90% of 2019 levels by March. Helped by U.S. travel, travel into Latin America in general has recovered to over 80% of 2019. Travel between Russia and neighboring countries as well as travel in and out of the Gulf states has helped EMEA cross-border travel to recover 2/3 of its pre-COVID volume. Cross-border travel in and out of Asian countries remains very depressed, down almost 75% versus 2019 and flatlining for the past 6 months.

隨著重要的夏季旅遊季節的臨近，跨境旅遊的狀況也有了一些色彩。往返美國和拉丁美洲的旅行是表現最好的走廊，到 3 月幾乎達到 2019 年水平的 90%。在美國旅遊的幫助下，2019年進入拉丁美洲的旅遊總體恢復到80%以上。俄羅斯與鄰國之間的旅遊以及進出海灣國家的旅遊幫助EMEA跨境旅遊恢復了2/3它在 COVID 之前的體積。進出亞洲國家的跨境旅行仍然非常低迷，與 2019 年相比下降了近 75%，過去 6 個月持平。

Travel into the U.S., an important corridor for us, was also down 70% versus 2019 in March, but has been recovering slowly. With significant U.S.-Canada border restrictions, travel is still down about 80% relative to 2019 in this corridor. As Europe has increased COVID restrictions, travel in and out of Europe remains hard hit, down over 60% versus 2019 in March.

與 2019 年相比，3 月份進入美國的旅行對我們來說是一個重要的通道，也下降了 70%，但一直在緩慢恢復。由於美加邊境的嚴格限制，與 2019 年相比，這條走廊的旅行量仍下降了約 80%。由於歐洲增加了 COVID 限制，進出歐洲的旅行仍然受到重創，與 3 月份的 2019 年相比下降了 60% 以上。

Moving now to a quick review of second quarter financial results. Net revenue declined 2%. Had we recognized service revenues on current quarter payments volume, net revenue growth would have been slightly positive. Service revenues grew 8%, helped by small pricing modifications. Data processing grew 11% with strong value-added services growth, continuing to be partially offset by the mix shift away from higher-yielding cross-border transactions. International transaction revenue was down 19%, in line with nominal cross-border volumes, excluding intra-Europe. Other revenues were flat, negatively impacted by low usage of travel-related card benefits and client marketing projects pushed to later in the year, while advisory services continue to grow strongly.

現在快速回顧第二季度的財務業績。淨收入下降 2%。如果我們根據當前季度的支付量確認服務收入，淨收入增長將略為正數。服務收入增長了 8%，這得益於價格的小幅調整。數據處理增長 11%，增值服務強勁增長，但繼續被從高收益跨境交易的組合轉變部分抵消。國際交易收入下降 19%，與名義跨境交易量一致，不包括歐洲內部。其他收入持平，受到旅行相關卡福利使用率低和客戶營銷項目推遲到今年晚些時候的負面影響，而諮詢服務繼續強勁增長。

In total, value-added services revenue continued to perform well, growing 14%, with strong growth in CyberSource, security and identity solutions. This quarter, we reclassified some prior period travel-related card benefits as value-added services and as such, our previously reported first quarter revenue growth would have been similar to the second quarter on a comparable basis. Client incentives were 25.8% of gross revenues, lower than expected due to better than cross border volume lifting gross revenue and lower Europe and Asia Pacific volumes benefiting client incentives.

總體而言，增值服務收入繼續表現良好，增長 14%，其中 CyberSource、安全和身份解決方案增長強勁。本季度，我們將一些前期與旅行相關的卡福利重新歸類為增值服務，因此，我們先前報告的第一季度收入增長在可比基礎上與第二季度相似。客戶獎勵佔總收入的 25.8%，低於預期，原因是跨境交易量提高了總收入，而歐洲和亞太地區交易量下降有利於客戶獎勵。

Non-GAAP operating expenses grew 3%, in line with expectations. We recorded gains from our equity investments of $156 million. Excluding investment gains, non-GAAP nonoperating expense was $109 million for the fiscal second quarter, below our expectations primarily due to 2 benefits, one of which is offset in personnel expenses, and the other is related to the completion of certain tax audits. These completed audits also benefited our GAAP and non-GAAP tax rates, with a non-GAAP tax rate lower-than-expected at 16.8%.

非美國通用會計準則運營費用增長 3%，符合預期。我們的股權投資收益為 1.56 億美元。不計投資收益，第二財季非公認會計準則營業外支出為 1.09 億美元，低於我們的預期，主要是由於兩項福利，其中一項被人事費用抵消，另一項與完成某些稅務審計有關。這些完成的審計也使我們的 GAAP 和非 GAAP 稅率受益，非 GAAP 稅率低於預期，為 16.8%。

GAAP and non-GAAP EPS was $0.0138 -- $1.38. We bought 8.3 million shares of class A common stock at an average price of $208.51 or $1.7 billion this quarter. Including our quarterly dividend of $0.32 per share, we returned approximately $2.4 billion of capital to shareholders in the quarter.

GAAP 和非 GAAP 每股收益為 0.0138 美元 - 1.38 美元。我們本季度以 208.51 美元或 17 億美元的平均價格購買了 830 萬股 A 類普通股。包括我們每股 0.32 美元的季度股息，我們在本季度向股東返還了大約 24 億美元的資本。

Turning from the past to the future, I'll start with key business driver trends through April 21. As you look at these weekly trends, keep in mind 3 key factors: one, year-over-year growth is lapping the 2020 lows in many cases; two, the timing of Easter is impactful; three, in the U.S., there are peaks in debit spending when economic impact payments are deposited in people's bank accounts. Through April 21, U.S. payments volume growth was 64%, with U.S. debit growing 67% and credit up 61%. Compared to 2019, U.S. payment volume, debit and credit were up 29%, 51% and 9%, respectively, all consistent with the March trend.

從過去轉向未來，我將從 4 月 21 日之前的關鍵業務驅動趨勢開始。當您查看這些每週趨勢時，請記住 3 個關鍵因素：第一，同比增長正在超過 2020 年的低點很多情況；二、復活節的時機有影響；第三，在美國，當經濟影響付款存入人們的銀行賬戶時，借方支出達到峰值。截至 4 月 21 日，美國支付量增長 64%，美國借方增長 67%，貸方增長 61%。與 2019 年相比，美國的支付量、借記卡和貸記卡分別增長了 29%、51% 和 9%，均與 3 月份的趨勢一致。

Looking outside the U.S., trends versus 2019 are relatively stable. Notable exceptions include the U.K. improving as restrictions relaxed, while India is slowing as restrictions increase. Process transaction growth was 58%, up 16% from 2019, which is consistent with the second quarter. Cross-border volume, excluding transactions within Europe on a constant dollar basis grew 63% and was at 78% of 2019, which is 3 points above the second quarter and 1 point above March.

放眼美國以外，與 2019 年相比，趨勢相對穩定。值得注意的例外包括英國隨著限制的放鬆而改善，而印度隨著限制的增加而放緩。流程交易增長58%，較2019年增長16%，與第二季度一致。跨境交易量（不包括按固定美元計算的歐洲內部交易）增長 63%，為 2019 年的 78%，比第二季度高 3 個百分點，比 3 月高 1 個百分點。

As we look ahead, there are several positive cross-border travel indicators to highlight. Travel bubbles are being created. Australia and New Zealand is already in place with an immediate and substantial uptick in bookings. Hong Kong, Singapore is starting in late May with more likely. So far, all indications are that some popular tourist destinations in Southern Europe will be open for the summer, and bookings are trending well. Just this week, it was announced that Europe's borders will be open to vaccinated visitors from the U.S. this summer. As the U.S. vaccination program moves along fast, it is possible that travel to and from the U.S. will gather momentum into the summer. Airlines are adding capacity in anticipation.

展望未來，有幾個積極的跨境旅行指標值得強調。旅行泡泡正在形成。澳大利亞和新西蘭已經到位，預訂量立即大幅增加。香港、新加坡5月下旬開始的可能性較大。到目前為止，所有跡像都表明，南歐的一些熱門旅遊目的地將在夏季開放，並且預訂趨勢良好。就在本週，宣佈歐洲邊境將於今年夏天對來自美國的接種疫苗的遊客開放。隨著美國疫苗接種計劃的快速推進，往來美國的旅行可能會在夏季積聚動力。航空公司正在預期增加運力。

The trajectory of the cross-border travel recovery remains the key metric to watch. We will be monitoring all leading indicators, easing of border restrictions, forward bookings as well as surveys of consumer intentions, and we'll update you as we learn more.

跨境旅遊復甦的軌跡仍然是值得關注的關鍵指標。我們將監控所有領先指標、放寬邊境限制、提前預訂以及對消費者意圖的調查，我們會在了解更多信息時為您提供最新信息。

As in previous quarters, accurate forecasting is difficult in this fast-changing environment. Assuming stable to improving trends relative to FY '19 continue, Q3 net revenue growth is expected to be in the high teens. The cross-border travel recovery trajectory will be the key factor to watch. Client incentives as a percent of gross revenue are expected to increase 1 to 1.5 points above the second quarter levels as client volumes grow significantly over last year's low and service fees are recognized with a quarter lag.

與前幾個季度一樣，在這個瞬息萬變的環境中，準確的預測是很困難的。假設相對於 19 財年保持穩定到改善的趨勢，第三季度的淨收入增長預計將保持在十幾歲。跨境旅遊復甦軌跡將是值得關注的關鍵因素。客戶激勵佔總收入的百分比預計將比第二季度的水平增加 1 到 1.5 個百分點，因為客戶數量比去年的低點顯著增長，並且服務費被確認為滯後四分之一。

We plan to increase operating expenses in the mid-teens in the third quarter as we step up investments on marketing and key initiatives to capture the significant growth opportunities Al described. We expect nonoperating expense to be around $130 million consistent with the second quarter, excluding the nonrecurring impacts I mentioned earlier. Our tax rate expectations are 19% to 19.5%, again, consistent with last quarter's expectations before the tax audit completion in the second quarter I mentioned earlier.

我們計劃在第三季度增加運營費用，因為我們加大了對營銷和關鍵舉措的投資，以抓住 Al 所描述的重大增長機會。我們預計與第二季度一致的非運營費用約為 1.3 億美元，不包括我之前提到的非經常性影響。我們的稅率預期為 19% 至 19.5%，再次與我之前提到的第二季度稅務審計完成前上一季度的預期一致。

In closing, we're stepping up our investments to drive accelerated growth in a post-COVID world. A few points to highlight. Our net revenue and profits are at fiscal year '19 levels, even as a rebound in travel, especially cross-border travel, still remains ahead of us after the world is vaccinated and borders reopen. There is significant pent-up demand for travel, in particular, personal travel.

最後，我們正在加大投資力度，以推動後 COVID 世界的加速增長。有幾點要強調。我們的淨收入和利潤處於 19 財年的水平，即使在全球接種疫苗並重新開放邊境後，旅遊業，尤其是跨境旅遊的反彈仍然遙遙領先。對旅行，尤其是個人旅行，存在大量被壓抑的需求。

Large swaths of new consumers worldwide have been introduced to the ease, convenience and security that digital payments can offer. This is evidenced by the significant global growth in debit as consumers abandon cash at an accelerated pace. These are habits, we believe, will not only stick, but also continue to grow, helped by initiatives such as tap to pay.

全球大量新消費者已經了解數字支付可以提供的便捷性和安全性。隨著消費者以更快的速度放棄現金，全球借記卡的顯著增長證明了這一點。我們相信，這些習慣不僅會堅持下去，而且還會在觸碰支付等舉措的幫助下繼續發展。

Consumers, merchants and governments globally have recognized the value of e-commerce through the pandemic. Governments are upgrading their digital infrastructures. Merchants are significantly enhancing their e-commerce capabilities and more consumers are turning to e-commerce across more categories and also cross-border. We expect these trends will only accelerate.

全球的消費者、商家和政府已經認識到電子商務在疫情期間的價值。政府正在升級其數字基礎設施。商家正在顯著提升他們的電子商務能力，更多的消費者正在轉向更多類別和跨境的電子商務。我們預計這些趨勢只會加速。

Within our new flows business, Visa Direct has continued to grow at extraordinary rates. The pandemic has expanded adoption of use cases in P2P, B2C and G2C. Many use cases and markets are just starting to scale. B2B remains a huge opportunity, and we are committed to our three-pronged approach to drive growth, cost based, cross-border and large enterprise accounts receivables and payables, with many capabilities scaling or launching in the new future -- in the near future.

在我們的新流量業務中，Visa Direct 繼續以驚人的速度增長。大流行擴大了 P2P、B2C 和 G2C 中用例的採用。許多用例和市場才剛剛開始擴展。 B2B 仍然是一個巨大的機會，我們致力於通過三管齊下的方法來推動增長、基於成本的、跨境和大型企業應收賬款和應付賬款，並在不久的將來擴展或推出許多功能.

Our value-added services have sustained high-growth despite lower usage of travel-related services. Debit and e-commerce acceleration have driven growth in our debit processing, security and identity and CyberSource businesses, and a recovery in travel-related services lies ahead. As a result, we see acceleration across all 3 vectors of growth, in consumer payments, new flows and value-added services. As Al indicated, we're investing in the strategies and capabilities required to capture these growth opportunities.

儘管旅遊相關服務的使用率較低，我們的增值服務仍保持高速增長。借記卡和電子商務加速推動了我們的借記卡處理、安全和身份識別以及 CyberSource 業務的增長，而與旅行相關的服務即將復蘇。因此，我們看到消費者支付、新流量和增值服務這三個增長向量都在加速。正如 Al 指出的那樣，我們正在投資於抓住這些增長機會所需的戰略和能力。

With that, I'll hand it back to Mike for the Q&A session.

有了這個，我會把它交還給 Mike 進行問答環節。

Thank you, Vasant. Jordan, we're now ready to take questions.

謝謝你，瓦桑特。喬丹，我們現在可以回答問題了。

(Operator Instructions) Our first question is from Timothy Chiodo from Credit Suisse.

（操作員說明）我們的第一個問題來自瑞士信貸的 Timothy Chiodo。

I wanted to touch on the evolving mix of the cross-border business. So within cross-border, you called out a couple of use cases for Visa Direct earlier, you touched on remittances, you touched on marketplace payouts. But separately, we'd add to that list some of the new flows within cross-border B2B. So maybe you could just comment a little bit on the prospects for those new areas of cross-border to come into the mix and maybe be a more meaningful portion over the next, call it, 3 or 5 years?

我想談談跨境業務不斷演變的組合。因此，在跨境領域，您之前提到了 Visa Direct 的幾個用例，您談到了匯款，您談到了市場支付。但另外，我們將在該列表中添加一些跨境 B2B 中的新流程。所以也許你可以稍微評論一下這些新的跨境領域的前景，並在接下來的 3 年或 5 年內成為更有意義的部分？

Well, I think as we grow out our capabilities as we see the recovery in the pandemic, I think the Visa payout capability we just put in place, which basically brings together what was Earthport and Visa Direct and Visa's single point of connection is going to facilitate many more use cases and make it very, very easy for people to spend money cross-border. And that's kind of the high volume, lower value types of transactions.

好吧，我認為隨著我們看到大流行的複蘇而發展我們的能力，我認為我們剛剛實施的 Visa 支付能力，它基本上結合了 Earthport 和 Visa Direct 以及 Visa 的單點連接將促進更多用例，使人們非常非常容易跨境花錢。這就是交易量大、價值低的交易類型。

I think we are continuing to make progress in connecting more banks around the world to B2B Connect. And as we complete the grow out of that network over the next few years, I see us as having great capability to drive cross-border B2B, high value, lower volume types of transactions. So I think the combination of our capabilities what has happened in terms of continued adoption of digitization and the capabilities that we have built and the use cases that we are working with today and anticipate adding to the mix over time, I think is going to become an increasingly important and growing part of our business.

我認為我們在將全球更多銀行連接到 B2B Connect 方面繼續取得進展。隨著我們在未來幾年內完成該網絡的擴展，我認為我們具有推動跨境 B2B、高價值、低交易量類型交易的強大能力。因此，我認為結合我們在持續採用數字化方面所發生的能力，以及我們已經構建的能力以及我們今天正在使用的用例，並預計隨著時間的推移會增加這一組合，我認為將成為在我們的業務中越來越重要且不斷增長的部分。

A couple of things to add. When we -- before we got into the pandemic, 2/3 of our cross-border business was travel-related, 1/3 was e-commerce-related. Today, in the second quarter, 2/3 of our business was cross-border e-commerce, 1/3 was travel. It says 2 things. One, how much our cross-border e-commerce business has grown, and the second, how much recovery is left in our cross-border travel business because as Al said, most of our cross-border travel is personal travel, and there's a substantial amount of personal travel that is going to come back once borders reopen.

有幾件事要補充。當我們 - 在我們進入大流行之前，我們 2/3 的跨境業務與旅行相關，1/3 與電子商務相關。今天二季度，我們2/3的業務是跨境電商，1/3是旅遊。它說了兩件事。第一，我們的跨境電商業務增長了多少，第二，我們的跨境旅遊業務還剩下多少復甦，因為正如艾爾所說，我們的大部分跨境旅遊都是個人旅遊，而且有一個一旦邊境重新開放，大量的個人旅行將會回來。

So the traditional cross-border e-commerce is an area of significant growth. We've seen that as people move online, they become somewhat less sensitive to where the product is shipped from and there's just a lot more cross-border e-commerce. The other use case that holds a lot of potential is to the extent that crypto-related transactions become significant, and we're enabling, as you know, a vast number of them, one use case that is particularly useful in either stablecoin or Bitcoin-type scenarios is cross-border. And that is another new use case that could have a lot of potential in the long term.

因此，傳統的跨境電子商務是一個顯著增長的領域。我們已經看到，隨著人們上網，他們對產品從哪裡發貨變得不那麼敏感，而且跨境電子商務也多了很多。另一個具有很大潛力的用例是與加密相關的交易變得重要的程度，正如你所知，我們正在啟用大量交易，一個在穩定幣或比特幣中特別有用的用例-類型的場景是跨界的。這是另一個新的用例，從長遠來看可能具有很大的潛力。

Vasant, yes, that's exactly what I was trying to get at. The mix has certainly flipped more e-comm, and there are some new flows that are coming in to keep the travel portion lower than it was pre-COVID.

Vasant，是的，這正是我想要達到的。這種組合肯定會翻轉更多的電子商務，並且有一些新的流量正在進入以保持旅行部分低於 COVID 之前的水平。

Our next question comes from Darrin Peller from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Darrin Peller。

Nice job. When we look at the slide, the index to '19 was really helpful, showing 16% up from '19 levels. I mean there's a lot of considerations we're getting at about including stimulus and higher savings rates, but clearly, also structural changes in the industry, which -- some of which we just touched on e-comm, but just more going on to debit cards faster across the whole industry. How do you parse out what you see as structurally sustainable? E-comm is a part you mentioned, but even beyond that, just more on maybe small ticket versus what was maybe stimulus driven or near term?

不錯的工作。當我們看幻燈片時，'19 的索引確實很有幫助，比 '19 的水平高出 16%。我的意思是，我們正在考慮很多因素，包括刺激和更高的儲蓄率，但很明顯，行業的結構性變化——其中一些我們剛剛談到了電子商務，但更多的是借記卡在整個行業中更快。你如何分析出你認為在結構上可持續的東西？電子商務是你提到的一部分，但除此之外，更多的是關於可能是小票與可能是刺激驅動或短期內的關係？

I'll start, Darrin. First of all, I think we definitely see millions of new people coming into the e-comm, shoppers who weren't there before. And I don't think they're going to turn backward at all. So I think that certainly remains. Obviously, as we get out of the pandemic, the stimulus types of money will dry up, and that will go away. I think the people being concerned about cash and much more comfortable shopping online, the combination of that will continue. I think that will also -- we'll also see structurally much more tap to pay as people find that to be a more helpful way to shop. I think we've seen governments during this pandemic become bigger clients, and they're increasingly interested in showing the way in terms of digitizing more of what they do as a government. And I think we'll see more of that activity sticking as well.

我要開始了，達林。首先，我認為我們肯定會看到數以百萬計的新人進入電子商務，以前不存在的購物者。而且我認為他們根本不會倒退。所以我認為這肯定仍然存在。顯然，隨著我們擺脫大流行，刺激類型的資金將會枯竭，並且會消失。我認為人們關注現金和更舒適的在線購物，兩者的結合將繼續存在。我認為這也會——我們也會在結構上看到更多的點擊支付，因為人們發現這是一種更有幫助的購物方式。我認為我們已經看到在這場大流行期間政府成為更大的客戶，並且他們越來越有興趣展示將他們作為政府所做的更多工作數字化的方式。而且我認為我們也會看到更多這種活動持續存在。

I think that in general, we had, before the pandemic, very little separation in growth rate between debit and credit. In any given month or quarter, they would kind of grow within a percentage point of each other. We saw an incredible separation during the pandemic as much as 40 points of differential in terms of growth. We're now seeing, in this quarter, credit come back a bit and start to drift into positive territory. But I think that at least for the foreseeable future and maybe for longer, that I think you're going to see debit continue to grow above credit. Although as travel comes back, that should certainly help bounce back credit volumes, particularly since most of the travel co-brand cards and many of the actual travelers tend to use credit cards.

我認為，總的來說，在大流行之前，借方和貸方之間的增長率幾乎沒有區別。在任何給定的月份或季度，它們都會以彼此相差一個百分點的速度增長。在大流行期間，我們看到了令人難以置信的差距，增長幅度高達 40 個百分點。我們現在看到，在本季度，信貸有所回升並開始轉向積極領域。但我認為，至少在可預見的未來甚至更長時間內，我認為你會看到借方繼續增長超過貸方。儘管隨著旅行的回歸，這肯定會有助於反彈信用量，特別是因為大多數旅行聯名卡和許多實際旅行者都傾向於使用信用卡。

I mean a couple of other things to add there is, as you know, debit has become the engine for cash digitization. And what we see in this pandemic, especially as it has gone on for quite a while is there's often a hurdle in getting people to change habits. So people are used to using cash, getting them to use digital forms of payment, that takes some time. This pandemic has caused a range of changes in behavior because there was no choice, whether it's in emerging markets where there was a greater propensity to use cash, or certain cultures, you heard of Germany and Japan as having been very cash-based economies for a very long time or habits in terms of people using cash for certain categories like food and drug, that's changing.

我的意思是要補充幾件事，正如你所知，借記卡已成為現金數字化的引擎。我們在這場大流行中看到的，尤其是在它已經持續了很長一段時間的情況下，讓人們改變習慣往往存在障礙。所以人們習慣於使用現金，讓他們使用數字支付方式，這需要一些時間。這場流行病導致了一系列行為變化，因為別無選擇，無論是在更傾向於使用現金的新興市場，還是在某些文化中，你聽說德國和日本一直以來都是非常依賴現金的經濟體。很長一段時間以來，人們在食品和藥品等特定類別中使用現金的習慣正在發生變化。

Or people using more cash at the physical point of sale, as Al said, with the cash dirty risk as well as tap to pay making payments easier at the physical point of sale, we're seeing a substantial shift towards cash utilization even at the physical point of sale. And then the point you said about smaller and smaller transactions that used to be cash moving digital, again, tap to pay is a big engine for that. And the trajectory of tap to pay remains very significant. And we are probably within a year of coming to the point where the U.S. will be in take-off phase on tap to pay too, which is a very big market.

或者人們在實體銷售點使用更多現金，正如 Al 所說，由於現金髒污風險以及輕觸支付使實體銷售點的支付更容易，我們看到即使在實體銷售點。然後你所說的關於曾經是現金移動數字的越來越小的交易，再次，點擊支付是一個重要的引擎。觸碰支付的軌跡仍然非常重要。我們可能會在一年內達到美國也將處於起飛階段的地步，這是一個非常大的市場。

Our next question comes from David Togut from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 David Togut。

Just bridging to Darrin's question on structural changes, when you look at the heightened shift to e-commerce, which you've indicated will likely accelerate even post-COVID, can you talk about your funding mix of e-commerce transactions, debit fee, credit, specifically, how you expect that to evolve with economic reopening? Would you expect consumers to lean a little bit more heavily on their credit cards as the economy rebounds? Or should debit likely remain the primary funding of e-commerce transactions?

只是橋接達林關於結構變化的問題，當你看到向電子商務的高度轉變時，你已經表示即使在 COVID 之後也可能會加速，你能談談你的電子商務交易的資金組合，借記費，信用，具體來說，您希望隨著經濟的重新開放，這將如何演變？隨著經濟反彈，您是否期望消費者更加依賴信用卡？或者藉記卡應該仍然是電子商務交易的主要資金來源？

Well, David, I think one of the incredible stories of the pandemic was that debit has become the cash of the e-commerce world. And people are doing much more everyday shopping post the pandemic than they did pre the pandemic. The amount of food orders that are placed and take-out orders that are placed, buying normal household staples that might have been -- many of them were in-person or the vast majority and maybe even some of them were in cash. But we're just seeing the type of transaction that typically goes along with debit is everyday spend. And so what we're seeing as a real structural change is everyday spend has moved from in-person to e-commerce in a big way.

好吧，大衛，我認為大流行的一個令人難以置信的故事是藉記卡已成為電子商務世界的現金。與大流行前相比，人們在大流行後進行的日常購物要多得多。下達的食品訂單數量和下達的外賣訂單數量，購買的普通家庭主食可能是 - 其中許多是親自或絕大多數，甚至其中一些是現金。但我們只是看到通常與借記卡一起使用的交易類型是日常支出。因此，我們所看到的真正的結構性變化是日常支出已從面對面轉移到電子商務。

I do think, though, that credit will make a rebound, particularly as some of the larger discretionary spending comes back in, as the affluent gets back into making travel reservations, as the online travel agency business starts to grow, I think that there'll be a closing of the gap between credit -- debit growth and credit growth. But again, as I said to Darrin, I'm not sure that we get back to those 2 different card platforms growing at the same level going forward. I think we certainly closed the gap. But I think at least as far out as odd looking right now, debit will continue to outpace the growth of credit.

不過，我確實認為，信貸將會反彈，特別是隨著一些較大的可自由支配支出重新出現，隨著富人重新開始旅行預訂，隨著在線旅行社業務開始增長，我認為有將縮小信貸之間的差距——借方增長和信貸增長。但同樣，正如我對 Darrin 所說，我不確定我們是否會回到這兩個不同的卡片平台，以相同的水平向前發展。我認為我們確實縮小了差距。但我認為至少現在看起來很奇怪，借方將繼續超過信貸的增長。

Our next question comes from Tien-Tsin Huang from JPMorgan.

我們的下一個問題來自摩根大通的 Tien-Tsin Huang。

I know you gave a lot of volume growth. It's a good detail here. But I want to ask maybe differently about credential growth, building on the last couple of answers here. It seems like everyone is trying to bank their users by giving them cards, and there's a lot of new use cases around virtual cards. So I'm wondering -- I don't know if it's odd or out, if you're thinking about credential growth and you compare that to 2019, are you thinking about potential for issuance or your pipeline for new cards, that might be coming out globally? How does that measure today, if you want to qualify that? Is it much larger than what you would have expected, let's say, pre-pandemic?

我知道你給了很大的銷量增長。這是一個很好的細節。但我想在此處的最後幾個答案的基礎上，就證書增長提出不同的問題。似乎每個人都試圖通過給他們卡來為他們的用戶提供銀行服務，並且圍繞虛擬卡有很多新的用例。所以我想知道 - 我不知道這是否奇怪或過時，如果您正在考慮憑證增長並將其與 2019 年進行比較，您是否正在考慮發行潛力或新卡的管道，這可能是在全球範圍內出現？如果您想獲得資格，今天如何衡量？它是否比大流行前的預期大得多？

Well, I think the -- Tien-Tsin, first of, good to hear from you. I think that the pandemic has interrupted a little bit a real bolstering of credentials that was driven by a combination of marketplace platforms, wallets, neobanks, et cetera. I cited a number of examples in my remarks about the fact that we think that there's upwards of 2 billion more credentials out there from a lot of those types of players.

嗯，我認為-- Tien-Tsin，首先，很高興收到您的來信。我認為，這種流行病已經稍微打斷了由市場平台、錢包、新銀行等共同推動的對憑證的真正支持。我在我的評論中引用了一些例子，我們認為這些類型的玩家中還有超過 20 億的證書。

And we've seen, by building partnerships with numbers of fintechs over the course of the last year or 2, a tremendous amount of opportunity to grow Visa credentials, either by having these players become issuers and acquirers for us, which is a very big and important trend, particularly in developing countries, but also just getting currencies and credentials into some of the existing wallets. But we believe there's an enormous opportunity to grow the number of credentials, and it's something that we're certainly focused on, particularly, as we talk to the fintechs, the wallets and the neobanks around the world.

我們已經看到，通過在過去一年或兩年內與許多金融科技公司建立合作夥伴關係，增加 Visa 憑證的巨大機會，或者通過讓這些參與者成為我們的發行人和收單機構，這是一個非常大的和重要的趨勢，特別是在發展中國家，但也只是將貨幣和憑證放入一些現有的錢包中。但我們相信增加憑證數量的巨大機會，這是我們肯定關注的事情，特別是當我們與世界各地的金融科技公司、錢包和新銀行交談時。

Our next question comes from Dan Dolev from Mizuho.

我們的下一個問題來自瑞穗的 Dan Dolev。

Great quarter. Can you talk a little bit -- you spoke a little bit about Bitcoin earlier and about the use case for crypto and Bitcoin on cross-border transactions. Can you talk a little bit about -- more about that and kind of the progress you're making on settlement in stablecoins and the steps you've taken on Ethereum? I think there's a lot of interest out there, and what you guys are doing there and how it's progressing.

很棒的季度。你能談談嗎 - 你之前談到了比特幣以及加密貨幣和比特幣在跨境交易中的用例。你能談談 - 更多關於這一點以及你在穩定幣結算方面取得的進展以及你在以太坊上採取的步驟嗎？我認為那裡有很多興趣，你們在那裡做什麼以及進展如何。

Well, thanks, Dan. This is an interesting subject. So let me give a little bit of background to talk about where we see the opportunities. So first of all, there's 2 market segments as we see it. One is -- are the Bitcoin, the kind of -- which are primarily assets held by people. They're not used much in the former payments. We kind of think of them as the digital gold. And then there are digital currencies, including Central Bank digital currencies and stablecoins that are directly backed by existing fiat currencies. And they're definitely emerging as a payment option, and they're running a public blockchain, which is really, in essence, an additional network, much like an RTP or ACH might be.

嗯，謝謝，丹。這是一個有趣的話題。因此，讓我提供一些背景知識來談談我們在哪裡看到了機會。首先，我們看到有兩個細分市場。一個是 - 是比特幣，主要是人們持有的資產。它們在以前的付款中使用不多。我們有點認為它們是數字黃金。然後是數字貨幣，包括中央銀行數字貨幣和由現有法定貨幣直接支持的穩定幣。它們肯定會成為一種支付選項，它們正在運行一個公共區塊鏈，這實際上是一個額外的網絡，就像 RTP 或 ACH 可能的那樣。

So our focus is on 5 different opportunities that we see in this space. And I would say that this is a space that we are leaning into in a very, very big way and I think are extremely well positioned. The first opportunity is really at the core of what we do, which is enabling consumers to make a purchase of these currencies or Bitcoin and we're working hard with wallets and exchanges to just make sure we're facilitating acceptance in people's ability to use their Visa cards to buy. And Vasant referenced that in his remarks that we saw some increase, some of the volume gain for people making these purchases on Visa cards.

因此，我們的重點是我們在這個領域看到的 5 個不同的機會。我想說這是一個我們正在以非常非常大的方式進入的空間，我認為它的定位非常好。第一個機會確實是我們工作的核心，它使消費者能夠購買這些貨幣或比特幣，我們正在努力與錢包和交易所合作，以確保我們正在促進人們接受使用的能力他們的Visa卡購買。 Vasant 在他的講話中提到，我們看到使用 Visa 卡進行這些購買的人的交易量有所增加。

Secondly, the second opportunity is enabling digital currency cash outs to fiat. So converting a digital currency to a fiat on a Visa credential, which then makes that -- those funds available for shopping at any 1 of the 70 million Visa merchants and gives immediate utility to the digital currency. And we're the clear leader here. We've got over 35 digital currency platforms and wallets that have chosen to work with us. Coinbase, Crypto.com, BlockFi, Fold, Bitpanda are just some examples. And so that's certainly a second big opportunity.

其次，第二個機會是使數字貨幣兌現成為法定貨幣。因此，將數字貨幣轉換為 Visa 憑證上的法定貨幣，從而使這些資金可用於在 7000 萬個 Visa 商戶中的任何一個處購物，並為數字貨幣提供即時效用。我們是這裡的明確領導者。我們有超過 35 個選擇與我們合作的數字貨幣平台和錢包。 Coinbase、Crypto.com、BlockFi、Fold、Bitpanda 只是一些例子。所以這肯定是第二個大機會。

Thirdly, is enabling financial institutions and fintech partners to be able to have a crypto option for their customers. So what we've done in this space is we've created APIs that enable financial institution customers to purchase, custody or even trade digital currencies held by Anchorage, which is the first federally charted digital asset bank in the U.S. And we've done our first rollout with First Boulevard, which is a digital neobank focused on building generational wealth for the black community. So that's the third opportunity. Just helping FIs and fintechs have this crypto option for their customers.

第三，使金融機構和金融科技合作夥伴能夠為其客戶提供加密貨幣選項。所以我們在這個領域所做的是我們創建了 API，使金融機構客戶能夠購買、託管甚至交易安克雷奇持有的數字貨幣，安克雷奇是美國第一家聯邦註冊的數字資產銀行。我們已經做到了我們首次推出 First Boulevard，這是一家專注於為黑人社區創造世代財富的數字新銀行。所以這是第三次機會。只是幫助金融機構和金融科技公司為他們的客戶提供這種加密選項。

Fourth one is settlement, which you started to reference. We've upgraded our infrastructure to allow a financial institution to settle with these in a digital currency with stablecoin, starting with USDC. As you know, today, we transact in 160 currencies every day, and we settle every evening in 25 currencies. So we're going to now be able to support digital currencies as an additional settlement currency on our network. And on our end, we're going to -- settling in USDC is pretty similar to settling in U.S. dollars. But the mechanics of receiving these funds is a bit different and requires some integration work with several crypto custodian like -- players like Anchorage.

第四個是結算，你開始參考。我們已經升級了我們的基礎設施，以允許金融機構以穩定幣的數字貨幣與這些結算，從 USDC 開始。如您所知，今天，我們每天以 160 種貨幣進行交易，每天晚上以 25 種貨幣進行結算。因此，我們現在將能夠支持數字貨幣作為我們網絡上的一種額外結算貨幣。最後，我們將 - 以 USDC 結算與以美元結算非常相似。但接收這些資金的機制有點不同，需要與幾個加密貨幣託管人（如安克雷奇等玩家）進行一些整合工作。

And then the fifth area of opportunity is just working with central banks. Central bank digital currency is being explored in many nations. And I think it could end up being -- prove to be quite valuable in countries where the infrastructure to distribute cash is either unavailable or limited. And it's one of the factors that hinders these 1.7 billion people I referred to in my remarks that are outside the financial mainstream for being in the financial mainstream.

然後第五個機會領域就是與中央銀行合作。許多國家正在探索中央銀行數字貨幣。而且我認為它最終可能會被證明在分配現金的基礎設施不可用或有限的國家中非常有價值。這是阻礙我在講話中提到的這 17 億人的因素之一，這些人在金融主流之外是金融主流。

So we're talking to central banks about the criticality, though, of public-private partnerships, and in particular, the criticality of acceptance because for these central bank digital currencies, to have value, they're going to have to both be secure in the minds of consumers. And that's something we have a long track record with and can help. And then secondly, obviously, they have to have some form of utility.

因此，我們正在與中央銀行討論公私合作夥伴關係的重要性，特別是接受度的重要性，因為對於這些中央銀行數字貨幣而言，要具有價值，它們都必須是安全的在消費者心目中。這是我們長期記錄並可以提供幫助的事情。其次，顯然，它們必須具有某種形式的效用。

So Dan, that's a bit about how we're thinking about crypto with a real focus on digital currencies and those 5 opportunities.

所以丹，這有點關於我們如何考慮加密貨幣，真正關注數字貨幣和這 5 個機會。

Yes. It definitely sounds like you guys are at the forefront of this. So a great job on that.

是的。聽起來你們絕對是這方面的最前沿。所以在這方面做得很好。

Our next question comes from Lisa Ellis from MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 的 Lisa Ellis。

Al, I'll use your comments there that debit is becoming the cash of online transactions as an opening to ask about the online debit competitive environment. Can you just highlight or describe what, in your view, from Visa's perspective, are the advantages of Visa signature debit products over alternatives like account-to-account transfers or PIN-less debit for online transactions?

艾爾，我將使用您的評論，即藉記卡正在成為在線交易的現金，以此作為詢問在線借記卡競爭環境的機會。您能否突出或描述一下您認為從 Visa 的角度來看，與賬戶到賬戶轉賬或在線交易的無 PIN 借記卡等替代產品相比，Visa 簽名借記產品的優勢是什麼？

Al, I think you're on mute.

艾爾，我想你已經靜音了。

Sorry, Vasant. I'm going to tread a little bit lightly there in light of the DoJ case, but we feel very good about our Visa Debit business. We think we've got very, very good capabilities. And we believe that the innovations that we have, the ability to stand behind customers in disputes and other cases, that makes our products something that both consumers, merchants and issuers look to choose. And we will continue to invest in debit for a product that we hope people use both online and in-person purchases around the world.

對不起，瓦桑特。鑑於美國司法部的案件，我會稍微輕描淡寫，但我們對 Visa 借記卡業務感覺非常好。我們認為我們有非常非常好的能力。我們相信，我們擁有的創新，在糾紛和其他案件中支持客戶的能力，使我們的產品成為消費者、商家和發行人都希望選擇的東西。我們將繼續投資借記卡產品，我們希望世界各地的人們都可以在線購買和親自購買。

Our next question comes from Dan Perlin from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Dan Perlin。

I -- In keeping with the kind of structural change being that we all seem to be on tonight, all of these new products, I'm just wondering how the long-term growth rates of the company are going to be sustainable, if not accelerating from these kind of levels? You're using these indexes back to '19, but I'm thinking back even a couple of years, it's a much larger organization, you seem to have outlined many potential avenues of growth. So I'm wondering, are you at a point now where there's just this pivot in the actual business itself where it can structurally grow faster than maybe over the next 5 to 10 years than maybe you did over the prior 5 to 10 years just given all of the new constituents that you're ultimately servicing these days?

我 - 與我們今晚似乎都在進行的那種結構性變化保持一致，所有這些新產品，我只是想知道公司的長期增長率將如何可持續，如果不是從這些級別加速？您使用這些索引可以追溯到 19 年，但我回想幾年後，它是一個更大的組織，您似乎已經概述了許多潛在的增長途徑。所以我想知道，你現在是否正處於實際業務本身的這個關鍵點，它在結構上的增長速度可能比未來 5 到 10 年的增長速度要快於你剛剛給出的前 5 到 10 年的增長速度這些天你最終服務的所有新成分？

Well, Dan, we don't typically get into forecasting out that far. But obviously, you hopefully got a good sense in my remarks that we feel like we have 3 very strong growth levers. And we think each of them has tremendous gas left in the tank. We -- and our consumer payments, which has been our staple for years, still has huge upside. Back to Tien-Tsin's question about credential growth, we think there's a tremendous amount of growth in credentials. We think there's tremendous amount of growth in acceptance footprint. We think there's a tremendous amount of growth when we look at various geographies. And we look at the 1.7 billion people that are outside the financial mainstream.

好吧，丹，我們通常不會預測那麼遠。但顯然，希望您在我的評論中能夠很好地理解我們覺得我們擁有 3 個非常強大的增長槓桿。而且我們認為他們每個人的油箱裡都有大量的氣體。我們——以及多年來一直是我們的主食的消費者支付，仍有巨大的上漲空間。回到 Tien-Tsin 關於憑證增長的問題，我們認為憑證的增長量很大。我們認為接受足蹟有巨大的增長。我們認為，當我們審視不同的地區時，會有巨大的增長。我們看看金融主流之外的 17 億人。

When we look at new flows, there's the $185 trillion of opportunity there. So we think we've got 2 big efforts going in both B2B and Visa Direct to take advantage of those. And value-added services is relatively new as well, but we've got a -- in terms of how we talk about it, we've had many value-added services or capabilities or solutions for years. And they've always contributed well to our revenue, but we're increasingly been focused on in the last 2 years.

當我們看到新的流動時，那裡有 185 萬億美元的機會。因此，我們認為我們在 B2B 和 Visa Direct 方面都做出了兩項重大努力來利用這些優勢。增值服務也相對較新，但我們有一個 - 就我們如何談論它而言，多年來我們已經擁有許多增值服務或能力或解決方案。他們一直為我們的收入做出了很好的貢獻，但在過去的兩年裡，我們越來越關注。

And we're driving a lot more revenue and higher revenue growth than we had in consumer payments through value-added services and so we think there's still a tremendous amount of upside there. I commented about the fact that we're getting high usage from a lot of our clients, but there's still a huge amount of room to grow with existing -- with clients that are already using value-added services, as well as clients that are not consuming as many of their value-added services.

而且我們通過增值服務推動的收入和收入增長比我們在消費者支付方面的收入要高得多，因此我們認為那裡仍有巨大的上升空間。我評論說，我們的很多客戶使用率很高，但是現有的客戶仍然有很大的增長空間——已經在使用增值服務的客戶，以及正在使用增值服務的客戶。不消費他們的增值服務。

So I look ahead and say the future is very, very bright. And adding on top of that, a lot of what we've talked about in terms of digitization and the fact that we will come out of this pandemic, and we'll start to see travel recover, all of those are extremely good trends for us.

所以我展望未來，說未來非常非常光明。最重要的是，我們談到了很多關於數字化的內容，以及我們將擺脫這場大流行的事實，我們將開始看到旅行複蘇，所有這些都是非常好的趨勢我們。

Our next question comes from Harshita Rawat from Bernstein.

我們的下一個問題來自 Bernstein 的 Harshita Rawat。

My question is on the growth in buy now, pay later. In a very long-term time horizon, how do you see BNPL co-existing with credit and debit? And I know globally, it's very small right now, but the growth rates are very impressive. And given your partnerships with BNPL providers, your installment solutions, as it grows here, is there an opportunity from your perspective?

我的問題是關於現在購買，以後付款的增長。在非常長期的時間範圍內，您如何看待 BNPL 與貸方和借方的共存？我知道在全球範圍內，它現在非常小，但增長率非常可觀。鑑於您與 BNPL 提供商的合作夥伴關係，您的分期付款解決方案，隨著它在這裡的發展，從您的角度來看是否有機會？

I don't know where installment is going to end up, but we are attacking that like we attack crypto and other things and assuming that it's going to be successful and that we want to lean in heavily and be in the middle of it and be a driver of what's going to potentially happen. As you alluded to, we have both a strategy of working with third-party providers as well as offering our own Visa proprietary platform that would allow issuers to offer their own buy now, pay later capability. And we see it as potentially having a very, very good effect for us.

我不知道分期付款將在哪裡結束，但我們正在攻擊它，就像我們攻擊加密貨幣和其他東西一樣，並假設它會成功並且我們想要大力投入並處於其中並成為可能發生的事情的驅動因素。正如您所提到的，我們既有與第三方提供商合作的策略，也有提供我們自己的 Visa 專有平台，允許發行人提供自己的現在購買，以後支付的能力。我們認為它可能對我們產生非常非常好的影響。

I mean we could see -- we could work with all bunch of options, virtual cards from Visa could be used for repayment. A Visa card on file could be used for repayment. We could explore Visa Direct as a way for installments to be paid off. And in many of those cases, if that's the case, what ends up happening is a single purchase turns into a number of installments so that one transaction can end up being 3 to 4 or 5 payment transactions, which is certainly very, very good for us.

我的意思是我們可以看到——我們可以使用所有選項，Visa 的虛擬卡可以用於還款。存檔的 Visa 卡可用於還款。我們可以探索 Visa Direct 作為分期付款的一種方式。在許多情況下，如果是這樣的話，最終發生的情況是單次購買變成了分期付款，因此一次交易最終可能是 3 到 4 或 5 次付款交易，這對於我們。

We also think that this is a space where we can sell value-added services, data and analytics, the broadband of providers, underwriting, for example, or risk products to help some of the third-party providers. So we're doing a lot in this space. We're committed to it. There are countries where it has taken off. There's other countries where it's nascent. I, again, can't predict exactly where it's going to land, but we are going to -- to the degree that it takes off, we're going to be there and be part of it.

我們還認為，這是一個我們可以銷售增值服務、數據和分析、提供商的寬帶、承保或風險產品以幫助某些第三方提供商的空間。所以我們在這個領域做了很多。我們致力於它。有些國家已經起飛。在其他國家，它還處於萌芽狀態。同樣，我無法準確預測它會降落在哪裡，但我們會——到它起飛的程度，我們會在那裡並成為其中的一部分。

Our next question comes from Jamie Friedman from Susquehanna.

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

Al, in your prepared remarks, you talked about the trajectory in the spend per card. I was hoping you could elaborate on that. How you see that evolving. I would think with the recovery of travel, there'd be more gas in the tank there as well. But anything you have on spend per card, I would appreciate it.

艾爾，在你準備好的評論中，你談到了每張卡的消費軌跡。我希望你能詳細說明一下。你如何看待這種演變。我想隨著旅行的恢復，那裡的油箱裡也會有更多的汽油。但是你在每張卡上花費的任何東西，我都會很感激。

Well, in my remarks, what I believe I referenced was that in travel, we were seeing higher spend per card versus seeing more people active. And while we haven't been able to study that, what we think is happening is that with -- in places that people can travel, there tend to be also just less restrictions. And that's just opening up more options for people to actually spend. And for instance, instead of doing takeout, go to a restaurant and eat a more expensive meal, order a nice bottle of wine, et cetera. So I think that right now, what we're seeing is simply higher spend per card in terms of travel. We haven't commented on spend per card beyond that.

好吧，在我的評論中，我相信我提到的是，在旅行中，我們看到每張卡的花費更高，而不是看到更多的人活躍。雖然我們無法對此進行研究，但我們認為正在發生的事情是，在人們可以旅行的地方，限制往往也更少。這只是為人們實際消費提供了更多選擇。例如，與其做外賣，不如去餐館吃一頓更貴的飯，點一瓶好酒，等等。所以我認為現在，我們看到的只是每張卡在旅行方面的更高支出。除此之外，我們還沒有評論每張卡的支出。

One last question, Jordan.

最後一個問題，喬丹。

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

我們的最後一個問題來自美國銀行的 Jason Kupferberg。

I was just curious if you could share with us some of your underlying assumptions for the different gross revenue lines. If we look at the high teens revenue growth outlook for the June quarter, I know there's a lot of moving parts in the macro environment, it just seems like high teens could maybe be conservative based on what you've seen in April so far, even though I know the comps won't be as easy in May and June. So would just love to hear more about how you're thinking about the different pieces of gross revenue because you outlined the rebate piece pretty clearly.

我只是好奇您能否與我們分享您對不同總收入線的一些基本假設。如果我們看一下 6 月季度的青少年收入增長前景，我知道宏觀環境中有很多變化的部分，就目前為止您在 4 月份看到的情況，看起來青少年可能是保守的，儘管我知道 5 月和 6 月的比賽不會那麼容易。所以很想听到更多關於您如何考慮不同總收入的信息，因為您非常清楚地概述了回扣部分。

Just to -- yes, on revenues, yes, high teens is our best estimate. Service revenues, as you know, we're recognizing with a quarter lag. So the service revenues you see in the third quarter, remember, will not reflect the revenues related to the volumes in the third quarter. So the third quarter will have a big ramp in volumes, as you're seeing, because we are lapping. But the revenues in service fees will reflect the revenues from the volumes in the second quarter. It's important to remind people of that.

只是為了 - 是的，關於收入，是的，高青少年是我們的最佳估計。服務收入，如您所知，我們承認滯後四分之一。因此，請記住，您在第三季度看到的服務收入不會反映與第三季度的銷量相關的收入。因此，正如您所看到的，第三季度的銷量將大幅增長，因為我們正在研磨。但服務費收入將反映第二季度的銷量收入。提醒人們這一點很重要。

In terms of the cross-border business, I think you see what the trends are. In terms of transactions, I think the trends are fairly stable at this point quarter-over-quarter. A point to make on incentives, it's important for you to note that last year, third quarter was when our incentives were really hit because volumes declined, even though we recognize service fees in the lag, our incentives are recognized in the quarter based on quarter volume. So this quarter, we'll see a big ramp in volumes relative to last year, which is going to cause incentives to go up a lot and be compared to a quarter last year where they went down.

在跨境業務方面，我想你看到了趨勢。在交易方面，我認為目前季度環比趨勢相當穩定。關於激勵措施，請務必注意，去年第三季度是我們的激勵措施真正受到打擊的時候，因為交易量下降了，即使我們承認滯後的服務費，我們的激勵措施也會在季度中基於季度得到承認體積。因此，本季度，與去年相比，我們將看到交易量大幅增加，這將導致激勵措施大幅增加，並與去年同期相比下降。

The second thing is we have these incentives tied to certain thresholds being achieved. Last year, because of all the drops, thresholds were not achieved. This year, we're assuming there will be. So you get an additional amount of incentives because clients are going to hit certain thresholds. So you have to factor in the fact that year-over-year incentives growth is going to be quite high in the third quarter and factor in the fact that we won't have the benefit of the volumes in our service fees because of the lag. So you should make sure you have all that as you think about our third quarter revenue growth.

第二件事是我們將這些激勵措施與達到的某些門檻聯繫起來。去年，由於所有的下降，沒有達到門檻。今年，我們假設會有。因此，您將獲得額外的獎勵，因為客戶將達到某些閾值。因此，您必須考慮到第三季度激勵措施的同比增長將相當高，並考慮到由於滯後，我們將無法從服務費的數量中受益。 .因此，在考慮我們第三季度的收入增長時，您應該確保擁有所有這些。

And with that, I'd like to thank everyone for joining us today. If you have additional questions, you can always reach out to myself or Jennifer, and we're happy to help you. So thanks so much, and have a great day.

有了這個，我要感謝大家今天加入我們。如果您還有其他問題，可以隨時與我本人或 Jennifer 聯繫，我們很樂意為您提供幫助。非常感謝，祝您有美好的一天。

Thanks for your participation in today's conference. You may disconnect at this time.

感謝您參加今天的會議。此時您可以斷開連接。