Visa Inc (V) 2020 Q4 法說會逐字稿

Welcome to Visa's Fiscal Fourth Quarter and Full Year 2020 Earnings Conference Call.

歡迎參加 Visa 的 2020 財年第四季度和全年收益電話會議。

(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 now begin.

米洛蒂奇先生，您現在可以開始了。

Thank you, Jordin.

謝謝你，喬丁。

Good afternoon, everyone, and welcome to Visa's Fiscal Fourth Quarter and Full Year 2020 Earnings Call.

大家下午好，歡迎參加 Visa 的 2020 財年第四季度和全年財報電話會議。

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

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。

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 could 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 on our most recent reports of 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，請參閱我們最近的 10-K 和 10-Q 表格報告，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。

Hey, Mike, thank you, and good afternoon, everyone, and thank you for joining us today.

嘿，邁克，謝謝你們，大家下午好，感謝你們今天加入我們。

Our fiscal 2020 started off very strong.

我們的 2020 財年開局非常強勁。

And as COVID-19 spread across the globe, certainly, our business was impacted.

隨著 COVID-19 在全球蔓延，我們的業務當然受到了影響。

As a result, we were quite thoughtful during the year, adjusting our expenses yet we continue to invest in key initiatives to support and fuel growth.

因此，我們在這一年中非常周到，調整了我們的開支，但我們繼續投資於支持和推動增長的關鍵舉措。

Let me share a few highlights from fiscal 2020 that illustrate our continued momentum.

讓我分享 2020 財年的一些亮點，這些亮點說明了我們的持續發展勢頭。

Over 185 billion payment transactions and almost $9 trillion of payment volume were made on Visa credentials.

超過 1850 億筆支付交易和近 9 萬億美元的支付額是通過 Visa 憑證進行的。

Acceptance points grew 16% to nearly 70 million merchant locations, and that only counts our partners like PayPal, Square and Stripe as one each.

接受點增長了 16%，達到近 7000 萬個商戶地點，這僅將我們的合作夥伴（如 PayPal、Square 和 Stripe）算作一個。

Contactless penetration grew to 43% of all face-to-face transactions around the world, 65% excluding the United States.

非接觸式滲透率增長到全球所有面對面交易的 43%，其中 65% 不包括美國。

U.S. tap-to-pay cards reached 255 million.

美國的觸碰支付卡達到 2.55 億張。

And globally, there were 23 countries that increased their penetration by 25 points or more over fiscal 2019.

在全球範圍內，有 23 個國家的滲透率比 2019 財年提高了 25 個百分點或更多。

We expanded wallet partnerships, which now represent over $2 billion in potential credentials and nearly 70 million additional potential acceptance locations.

我們擴大了錢包合作夥伴關係，現在代表了超過 20 億美元的潛在憑證和近 7000 萬個額外的潛在接受點。

Globally, the number of active credentials in e-commerce, excluding travel, rose 14% since January, reinforcing the continued shift by consumers to online shopping.

在全球範圍內，不包括旅遊在內的電子商務中的活躍憑證數量自 1 月份以來增長了 14%，這加強了消費者向在線購物的持續轉變。

We renewed about 25% of our payments volume in fiscal 2020 with key clients and secured several new wins.

我們在 2020 財年與主要客戶續簽了約 25% 的付款量，並獲得了幾項新的勝利。

Over 50% of Visa volume has now been renewed over the last 2 years.

在過去 2 年中，超過 50% 的簽證數量現已更新。

We expanded tokenization globally, crossing the 1.4 billion tokens milestone and enabling over 8,300 issuers across 192 markets.

我們在全球範圍內擴展了代幣化，跨越了 14 億個代幣里程碑，並為 192 個市場的 8,300 多家發行人提供了支持。

Visa Direct grew to nearly 3.5 billion transactions, utilizing 16 card-based networks, 65 domestic ACH schemes, 7 RTP schemes and 5 payment gateways.

Visa Direct 使用 16 個基於卡的網絡、65 個國內 ACH 方案、7 個 RTP 方案和 5 個支付網關的交易量增長到近 35 億次。

More than 5,000 client users accessed over 450,000 reports on our Visa Analytics Platform, a powerful application suite that delivers data-driven insights and industry benchmarks.

超過 5,000 名客戶用戶在我們的 Visa 分析平台上訪問了超過 450,000 份報告，這是一個強大的應用程序套件，可提供數據驅動的洞察力和行業基準。

And finally, several large acquirers leverage CyberSource's robust omni-commerce payments offerings to support their merchant customers with innovative capabilities.

最後，幾家大型收單機構利用 CyberSource 強大的全商務支付產品來支持其商家客戶的創新能力。

With that backdrop, today, I'd like to first discuss our results, then I'll highlight some key client wins in the quarter and client momentum from recent deals contributing to our current performance across our 3 growth levers: consumer payments, new flows and value-added services.

在這種背景下，今天，我想首先討論我們的業績，然後我將重點介紹本季度的一些關鍵客戶勝利以及近期交易的客戶動力，這些交易有助於我們在 3 個增長槓桿上的當前表現：消費者支付、新流量和增值服務。

Lastly, I'll provide a very brief initial thoughts on 2021.

最後，我將提供一個非常簡短的關於 2021 年的初步想法。

To start, our fourth quarter results.

首先，我們的第四季度業績。

While the underlying business was in various stages of recovery, we saw the acceleration of cash digitization through debit, e-commerce and tap-to-pay and the penetration of new flows through Visa Direct.

雖然基礎業務處於不同的複蘇階段，但我們看到通過借記卡、電子商務和點擊支付加速現金數字化，並通過 Visa Direct 滲透新流量。

We also advanced our value-added services led by CyberSource, security and identity products and our consulting.

我們還推進了以 CyberSource 為主導的增值服務、安全和身份產品以及我們的諮詢。

Payments volume, processed transactions and cross-border volumes all showed positive momentum exiting the quarter.

支付量、已處理交易和跨境交易量均顯示出本季度的積極勢頭。

From Q3 to Q4, payments volume improved 14 points.

從第三季度到第四季度，支付量提高了 14 個百分點。

Processed transactions improved 16 points, and cross-border volume improved 5 points.

已處理的交易量提高了 16 個點，跨境交易量提高了 5 個點。

Net revenues in fiscal fourth quarter were $5.1 billion, a decrease of 17% in constant dollars.

第四財季淨收入為 51 億美元，按固定美元計算下降 17%。

The decrease in net revenue was approximately 11%, however, with service revenues recognized on a current quarter payment volume basis.

然而，淨收入下降了約 11%，服務收入是根據當前季度的支付量確認的。

Non-GAAP EPS was $1.12, a decrease of 23%.

非公認會計原則每股收益為 1.12 美元，下降 23%。

Given our strong ability to generate cash flow, we returned $2.3 billion of capital to shareholders in the fourth quarter.

鑑於我們產生現金流的強大能力，我們在第四季度向股東返還了 23 億美元的資本。

Now looking ahead, our strategic focus in 2021 remains the same: accelerating our growth through consumer payments, new flows and value-added services, all while fortifying the key foundations of our business model: our brand, security, technology and talent.

展望未來，我們在 2021 年的戰略重點保持不變：通過消費者支付、新流程和增值服務加速我們的增長，同時鞏固我們商業模式的關鍵基礎：我們的品牌、安全性、技術和人才。

In consumer payments, we've had success with traditional financial institutions, wallets and fintechs as well as merchants.

在消費者支付方面，我們在傳統金融機構、錢包和金融科技公司以及商家方面取得了成功。

First, let me hone in on Europe, which has definitely been a key focus for us since the acquisition just over 4 years ago.

首先，讓我來談談歐洲，自 4 年前收購以來，這絕對是我們關注的重點。

Our first Visa client in Europe from 1974, Corner Banca in Switzerland renewed their credit relationship and extended its debit for the first time ever.

自 1974 年以來，我們在歐洲的第一個 Visa 客戶，瑞士的 Corner Banca 更新了他們的信用關係，並首次延長了借方。

In Denmark, Jyske Bank will migrate over 200,000 debit cards from a local card scheme to Visa in order to access Visa's risk, data and other value-added services.

在丹麥，Jyske 銀行將把超過 200,000 張借記卡從本地卡計劃遷移到 Visa，以便使用 Visa 的風險、數據和其他增值服務。

Last quarter, I spoke about our win of the UBS debit business.

上個季度，我談到了我們贏得瑞銀借記業務的情況。

And this quarter, we also renewed the credit business as well.

本季度，我們還更新了信貸業務。

In the wallet space, Samsung Pay will put virtual Visa debit cards in all Samsung devices in Germany.

在錢包領域，Samsung Pay 將在德國的所有三星設備中放置虛擬 Visa 借記卡。

For those issuers in Europe who want to offer a wallet solution to their customers without developing it themselves, we recently signed an agreement with a digital wallet company called Vipps.

對於那些希望在不自行開發的情況下向客戶提供錢包解決方案的歐洲發行人，我們最近與一家名為 Vipps 的數字錢包公司簽署了一項協議。

And wrapping up Europe with fintech progress, let me highlight global fintech, Revolut, who chose us late last year to be their lead issuing partner.

用金融科技的進步來結束歐洲，讓我強調一下全球金融科技 Revolut，他們在去年年底選擇了我們作為他們的主要發行合作夥伴。

In 12 months, Revolut has issued nearly 7 million Visa credentials in over 34 markets, with plans to expand more in the coming year.

在 12 個月內，Revolut 已在超過 34 個市場發行了近 700 萬張 Visa 憑證，併計劃在來年擴大規模。

Let me now move to success with traditional FIs in other parts of the world.

現在讓我在世界其他地區與傳統金融機構取得成功。

ING, one of the largest banks in Europe, recently expanded their long-term global partnership with Visa for their consumer and commercial cards in 12 countries across Europe, EMEA and Asia Pacific.

ING 是歐洲最大的銀行之一，最近擴大了與 Visa 的長期全球合作夥伴關係，在歐洲、歐洲、中東和非洲和亞太地區的 12 個國家/地區提供消費卡和商業卡。

In Asia Pacific, we renewed with 1 of the top 5 banks in China, Bank of Communications.

在亞太地區，我們與中國 5 大銀行中的 1 家交通銀行續約。

And we've strengthened our strategic partnership with Malaysia-based AmBank, who will now become an exclusive Visa credit card issuer.

我們還加強了與馬來西亞 AmBank 的戰略合作夥伴關係，後者現在將成為 Visa 信用卡的獨家發卡機構。

In the United States, we recently won the inaugural debit card for markets by Goldman Sachs' digital checking account, with millions of customers, markets, continues to create new products, create a full-service digital bank.

在美國，我們最近通過高盛的數字支票賬戶贏得了市場的首張借記卡，擁有數百萬客戶，市場，不斷創造新產品，打造全方位服務的數字銀行。

And we're excited about the opportunity to help make checking with debit card functionality an attractive part of their growing product set.

我們很高興有機會幫助使用借記卡功能進行檢查，成為他們不斷增長的產品系列中有吸引力的一部分。

Also in the United States, we announced in the first quarter that we had secured the Venmo credit card and are pleased that it has started to roll out, unlocking new ways for Venmo's community of more than 60 million users to shop, share and split purchases and earn custom automatic cash-back everywhere Visa is accepted.

同樣在美國，我們在第一季度宣布我們已經獲得了 Venmo 信用卡，並且很高興它已經開始推出，為 Venmo 超過 6000 萬用戶的社區開啟了購物、分享和拆分購買的新方式並在任何接受 Visa 的地方賺取自定義自動現金返還。

Shopee, the leading e-commerce platform with a large user base in Southeast Asia and Taiwan, is launching a Visa co-branded card across 5 Southeast Asian markets.

Shopee是在東南亞和台灣擁有龐大用戶群的領先電子商務平台，正在5個東南亞市場推出Visa聯名卡。

And our traditional wins in the fourth quarter capped a successful year of renewals that went into effect with key partners, including Bank of America, Capital One, Barclays, Santander, Caixa and Al Rajhi.

我們在第四季度的傳統勝利為與美國銀行、第一資本、巴克萊銀行、桑坦德銀行、Caixa 和 Al Rajhi 等主要合作夥伴的成功續約劃上了句號。

Now let me turn to expanding access with digital wallets and fintechs, which are critical to growing credentials and acceptance globally.

現在讓我轉向通過數字錢包和金融科技擴大訪問，這對於在全球範圍內提高憑證和接受度至關重要。

In the last 90 days, we signed multiple deals with digital wallets including Yandex in Russia, Wing in Cambodia, PayCo in Korea, Naranja X in Argentina and Easypaisa in Pakistan.

在過去 90 天裡，我們與數字錢包簽署了多項協議，包括俄羅斯的 Yandex、柬埔寨的 Wing、韓國的 PayCo、阿根廷的 Naranja X 和巴基斯坦的 Easypaisa。

These wallets represent tens of millions of potential credentials.

這些錢包代表了數千萬的潛在憑證。

Our existing wallet relationships have continued to grow this year.

今年，我們現有的錢包關係繼續增長。

Rappi, Latin America's super app with over 30 million users, is now expanding into financial services with its new division, RappiBank, and it has chosen Visa as their exclusive network and payments provider.

Rappi 是拉丁美洲擁有超過 3000 萬用戶的超級應用程序，現在正通過其新部門 RappiBank 擴展到金融服務領域，並選擇 Visa 作為其獨家網絡和支付提供商。

Rappi will leverage their deep knowledge in their existing 9 markets to create new payment solutions that drive digital inclusion and cash digitization not just for their users but also their carriers, restaurant partners and small businesses.

Rappi 將利用他們在現有 9 個市場的深厚知識創建新的支付解決方案，推動數字包容性和現金數字化，不僅為他們的用戶，而且為他們的運營商、餐廳合作夥伴和小企業。

In Asia Pacific, in the last year, LINE Pay added 1 million credentials and now has approximately 3.5 million total Visa credentials across Taiwan and Japan.

在亞太地區，去年，LINE Pay 增加了 100 萬個憑證，現在在台灣和日本擁有大約 350 萬個 Visa 憑證。

Our partnership with Paytm in India spans both acquiring and issuing.

我們與印度 Paytm 的合作涵蓋收單和發行。

And this year, the relationship resulted in approximately 80,000 incremental acceptance points and 1.4 million incremental credentials.

今年，這種關係帶來了大約 80,000 個增量接受點和 140 萬個增量憑據。

We also see cash digitization opportunities with merchants providing payment services to their customers.

我們還看到了商戶向客戶提供支付服務的現金數字化機會。

Two to highlight from this quarter, and they're both from Latin America.

本季度有兩個要強調的，他們都來自拉丁美洲。

We're extending our partnership with OXXO, the leading convenience chain with nearly 20,000 stores in Latin America, as they establish a new fintech arm.

我們正在擴大與 OXXO 的合作關係，OXXO 是一家在拉丁美洲擁有近 20,000 家門店的領先便利連鎖店，因為他們建立了一個新的金融科技部門。

This business will exclusively issue Visa credentials in the OXXO wallet and through their stores to further their reach of the under- and unbanked.

該業務將在 OXXO 錢包中並通過其商店獨家發行 Visa 憑證，以擴大其對銀行不足和無銀行賬戶的影響。

Visa also partnered with Natura &Co, the fourth largest beauty group in the world, to enable financial and digital inclusion.

Visa 還與世界第四大美容集團 Natura &Co 合作，以實現金融和數字包容性。

Through a financial services platform, there are nearly 4 million direct selling consultants and representatives in the region who will be able to access a digital account, a Visa credential and an mPOS, among other services.

通過金融服務平台，該地區有近 400 萬直銷顧問和代表將能夠訪問數字賬戶、Visa 憑證和 mPOS 等服務。

This progress in consumer payments is also prevalent in new flows as the pandemic is accelerating the migration to digital payments.

隨著大流行正在加速向數字支付的遷移，消費者支付方面的這種進展在新的流動中也很普遍。

Governments, merchants and consumers all seek fast, safe and secure ways to move money.

政府、商家和消費者都在尋求快速、安全和可靠的資金轉移方式。

Let's look at a few new flows.

讓我們看一些新的流程。

Cross-border P2P is a Visa Direct use case with significant potential, and we made meaningful progress this quarter.

跨境 P2P 是具有巨大潛力的 Visa Direct 用例，我們在本季度取得了有意義的進展。

Ozan in Turkey plans to launch a global mobile remittance service in early 2021 to the underbanked and gig economy workers, representing over 1/4 of Turkey's 83 million population.

土耳其的 Ozan 計劃在 2021 年初向銀行不足和零工經濟工人推出全球移動匯款服務，這些工人佔土耳其 8300 萬人口的 1/4 以上。

In Russia, VTB Bank, the second largest bank in Russia with 15 million customers, is utilizing Visa Direct for card-to-card transfers across 64 countries.

在俄羅斯，擁有 1500 萬客戶的俄羅斯第二大銀行 VTB 銀行正在使用 Visa Direct 在 64 個國家/地區進行卡對卡轉賬。

Additionally, in Russia, KoronaPay, a leading remittance center -- system, I'm sorry, will leverage Visa Direct for cross-border money movement.

此外，在俄羅斯，領先的匯款中心 KoronaPay 系統，對不起，將利用 Visa Direct 進行跨境資金流動。

And TD Bank in Canada is offering their retail customers a mobile platform for P2P with cross-border capabilities.

加拿大的道明銀行正在為其零售客戶提供具有跨境功能的 P2P 移動平台。

Earned wage access and payroll are other use cases that are growing in importance throughout the pandemic.

獲得工資和工資單是在整個大流行期間變得越來越重要的其他用例。

This quarter, Wagestream, the market-leading earned wage access provider in Europe, signed on to Visa Direct.

本季度，歐洲市場領先的工資准入提供商 Wagestream 簽約了 Visa Direct。

Also, in the 2 months since earned wage access U.S. provider, Immediate, launched Visa Direct as a payment option, the near real-time method is already accounting for 50% of Immediate's disbursements.

此外，在獲得工資的美國供應商 Immediate 推出 Visa Direct 作為支付選項後的 2 個月內，近乎實時的支付方式已經佔 Immediate 支付的 50%。

And PNC in the U.S. is providing their commercial clients B2C disbursement solutions such as traditional payroll processing.

美國的 PNC 正在為其商業客戶提供 B2C 支付解決方案，例如傳統的工資單處理。

Another new flow is B2B, which represents $120 trillion volume opportunity.

另一個新的流量是 B2B，它代表了 120 萬億美元的交易量機會。

On the card-based B2B front in the wake of COVID, we are seeing increased interest for digital payments, including virtual cards.

在 COVID 之後基於卡的 B2B 領域，我們看到對數字支付（包括虛擬卡）的興趣增加。

We're addressing this demand by: one, engaging with a broad range of issuers and partners; two, expanding into new verticals; and three, investing to streamline operations and enable acceptance.

我們通過以下方式滿足這一需求： 一，與廣泛的發行人和合作夥伴合作；二、拓展新的垂直領域；第三，投資以簡化運營並提高接受度。

First, in terms of supporting issuance, Visa payables automation, which enables issuers to efficiently offer virtual cards to their corporate clients and send back -- send data back to the buyer to aid in reconciliation saw an increase of issuers and partners on the platform by almost 50% in FY '20.

首先，在支持發卡方面，Visa 應付賬款自動化使發卡機構能夠有效地向其企業客戶提供虛擬卡並將其發回——將數據發回給買方以幫助對賬，平台上的發卡機構和合作夥伴增加了20 財年將近 50%。

Second, relative to expanding into new verticals, we are expanding partners and use cases for virtual cards beyond OTA.

其次，相對於擴展到新的垂直領域，我們正在將合作夥伴和虛擬卡的用例擴展到 OTA 之外。

In Q4, we launched YeePay -- launched with YeePay in China to support a virtual card program in both OTA and education.

在第四季度，我們推出了 YeePay——與 YeePay 在中國推出，以支持 OTA 和教育領域的虛擬卡計劃。

We also announced a new set of solutions partnering with Stripe to enable buyers to use virtual cards for payments, and the initial user is a Citibank health care client.

我們還宣布了一套與 Stripe 合作的新解決方案，使買家能夠使用虛擬卡進行支付，初始用戶是花旗銀行的醫療保健客戶。

And third, investing to streamline operations and enable acceptance.

第三，投資以簡化運營並提高接受度。

Together with partners like Boost, a fintech focused on B2B payment acceptance, we are expanding commercial card adoption by streamlining the manual acceptance processes for suppliers, enabling automated data reconciliation and offering flexible economics.

我們與專注於 B2B 支付接受的金融科技公司 Boost 等合作夥伴一起，通過簡化供應商的手動接受流程、實現自動數據核對和提供靈活的經濟性，擴大商業卡的採用率。

And now let me turn to our third growth lever, value-added services.

現在讓我談談我們的第三個增長槓桿，即增值服務。

Value-added services grew 15% in revenue in the fourth quarter and 18% for the full year, a testament to the resilience of this business as well as the demand from our clients for support.

增值服務第四季度的收入增長了 15%，全年增長了 18%，這證明了該業務的彈性以及客戶對支持的需求。

Often, our value-added services are sold with a brand deal.

通常，我們的增值服務與品牌交易一起出售。

But many times, they're sold after or even on a stand-alone basis.

但很多時候，它們會在之後甚至單獨出售。

Permanent TSB in Europe renewed their credit and debit business earlier this year and subsequently signed an agreement with Visa to launch Visa transaction controls, which will provide a powerful and convenient way for cardholders to track and manage all payments activity on enrolled accounts and tokens.

歐洲的永久 TSB 今年早些時候更新了他們的信用卡和借記卡業務，隨後與 Visa 簽署了一項協議，啟動 Visa 交易控制，這將為持卡人提供一種強大而便捷的方式來跟踪和管理註冊賬戶和代幣上的所有支付活動。

In seller solutions, both merchants and acquirers have actively sought CyberSource's offerings throughout the pandemic.

在賣方解決方案中，商家和收單機構都在整個大流行期間積極尋求 CyberSource 的產品。

CyberSource sells direct to merchant and also through robust and fast-growing indirect channel with acquirers who can leverage our platform to provide the latest digital capabilities in order to attract and maintain merchants.

CyberSource 直接向商家銷售，也通過強大且快速增長的間接渠道與收單機構進行銷售，收單機構可以利用我們的平台提供最新的數字功能，以吸引和維持商家。

With that in mind, we are very pleased that Barclaycard, one of the largest acquirers in Europe, will utilize CyberSource to support their merchants' digital payment journeys, e-commerce and omnichannel requirements.

考慮到這一點，我們很高興歐洲最大的收單機構之一 Barclaycard 將利用 CyberSource 支持其商家的數字支付旅程、電子商務和全渠道需求。

We've also established relationships with acquirers in other regions.

我們還與其他地區的收購方建立了關係。

This quarter, in CEMEA, we signed CyberSource deals with HBL, the largest e-commerce acquirer in Pakistan, Equity Bank Group in sub-Saharan Africa and Bank of Abyssinia in Ethiopia.

本季度，在 CEMEA，我們與巴基斯坦最大的電子商務收購方 HBL、撒哈拉以南非洲的 Equity Bank Group 和埃塞俄比亞的阿比西尼亞銀行簽署了 CyberSource 交易。

Before I close, a few words on the acquisition we announced yesterday.

在我結束之前，先談談我們昨天宣布的收購。

YellowPepper is a software company with a platform that we see as a universal adapter that allows clients to connect and scale new innovative capabilities without having to expend significant technology resources.

YellowPepper 是一家軟件公司，其平台被我們視為通用適配器，允許客戶連接和擴展新的創新能力，而無需花費大量技術資源。

Through a single API-based connection, issuers, processors and governments can access YellowPepper's rich set of APIs to initiate secure, real-time money movement transactions across a variety of payment rails using a simple alias, something like an e-mail address or a phone number.

通過單一的基於 API 的連接，發行商、處理器和政府可以訪問 YellowPepper 豐富的 API 集，以使用簡單的別名（例如電子郵件地址或電話號碼。

For Visa, the acquisition extends our network of network strategy by significantly reducing the time to market and cost for issuers and processors, regardless of who owns or operates the payment rails.

對於 Visa 而言，此次收購通過顯著縮短髮行人和處理商的上市時間和成本，擴展了我們的網絡戰略網絡，無論誰擁有或運營支付通道。

It supports our financial institutions in their quest to modernize their infrastructure and access network-agnostic solutions and facilitate an easier -- and it facilitates an easier integration to Visa Direct and Visa B2B Connect, which will help to grow new flows and transactions.

它支持我們的金融機構實現其基礎設施和訪問網絡無關解決方案的現代化，並促進更容易 - 它有助於更輕鬆地與 Visa Direct 和 Visa B2B Connect 集成，這將有助於增加新的流量和交易。

It enables the further adoption of value-added services, both ours as Visa's as well as YellowPepper's.

它可以進一步採用增值服務，包括我們作為 Visa 和 YellowPepper 的服務。

We're excited about the deal, and we expect to close it in the next few weeks.

我們對這筆交易感到興奮，我們預計將在未來幾週內完成交易。

In terms of Plaid, I want to say 2 things.

關於格子，我想說兩件事。

First, we continue to engage with the Department of Justice on their review of the acquisition.

首先，我們繼續與司法部就收購的審查進行接觸。

Second, the Department of Justice's lawsuit yesterday against Visa and Bain & Company is related to a dispute over documents they requested as part of their review of the deal.

其次，司法部昨天對 Visa 和貝恩公司提起的訴訟與他們在審查交易時要求提供的文件的爭議有關。

Beyond that, we're not going to comment further.

除此之外，我們不打算進一步評論。

To close, this pandemic has touched all of us.

最後，這場流行病觸動了我們所有人。

Through it all, I've admired the resilience of our clients who worked hard to be there for their customers despite the many obstacles.

通過這一切，我很欽佩我們的客戶的韌性，儘管有許多障礙，他們仍努力為他們的客戶服務。

I'd also have to pay tribute to the more than 20,000 extraordinary people who work at Visa.

我還要向在 Visa 工作的 20,000 多名傑出人士表示敬意。

My colleagues have demonstrated dedication, creativity and professionalism in the face of extraordinary challenges.

我的同事們在面對非凡挑戰時表現出了奉獻精神、創造力和專業精神。

In 2021, we remain committed to making the changes necessary to ensure our organization better reflects the world in which we live and work.

2021 年，我們將繼續致力於做出必要的改變，以確保我們的組織更好地反映我們生活和工作的世界。

Visa is proud to lead -- lend our support in the fight for racial and social justice within our 4 walls and beyond.

Visa 很自豪能夠領導——在我們的 4 堵牆內外為種族和社會正義的鬥爭提供我們的支持。

In terms of 2021, Vasant will provide a good deal of detailed commentary, so let me just make a few brief points.

對於 2021 年，Vasant 將提供很多詳細的評論，所以讓我簡單說幾點。

In 2021, we'll continue to manage the business for the medium and long term while recognizing the nearer-term realities.

2021 年，我們將繼續管理中長期業務，同時認識到近期現實。

This means: one, we will focus on the opportunities that are being accelerated by COVID-19; two, we will continue to invest to grow our business; and three, we will be thoughtful about controlling discretionary expenses.

這意味著：一，我們將專注於 COVID-19 正在加速的機會；第二，我們將繼續投資以發展我們的業務；三是慎重控制可支配費用。

To be clear, while our business faces clear uncertainty, we have too many attractive growth initiatives to pull back on the future.

需要明確的是，雖然我們的業務面臨明顯的不確定性，但我們有太多有吸引力的增長計劃來拖累未來。

Our long-term strategy, which we covered in depth just 8 months ago at our Investor Day, remains more relevant than ever.

就在 8 個月前的投資者日，我們深入探討了我們的長期戰略，它比以往任何時候都更加重要。

And I believe Visa has a tremendous opportunity to continue transforming secure, reliable and efficient money movement for everyone everywhere.

我相信 Visa 有巨大的機會繼續為世界各地的每個人轉變安全、可靠和高效的資金流動方式。

With that, let me turn the microphone over to Vasant Prabhu.

有了這個，讓我把麥克風交給 Vasant Prabhu。

Thank you, Al, and good afternoon, everyone.

謝謝你，Al，大家下午好。

Q4 was the first quarter of recovery from the global shutdowns.

第四季度是從全球停工中復甦的第一季度。

I'll start with some high-level observations on the trajectory of the recovery so far.

我將從對迄今為止的複蘇軌跡進行一些高級別的觀察開始。

First, the debit business has been the major beneficiary of the accelerated shift to e-commerce and the shift away from cash, even for in-person transactions.

首先，借記業務一直是加速轉向電子商務和從現金轉移的主要受益者，即使是面對面交易也是如此。

In the U.S., debit is growing at twice the rate it was pre-COVID, and international debit growth has stepped up from 11% to 13% pre-COVID to 17% in the fourth quarter.

在美國，借方的增長速度是疫情前的兩倍，國際借方增速從疫情前的 11% 到 13% 上升到第四季度的 17%。

Debit stayed resilient through the shutdowns, growing 8% in the U.S. in Q3 and declining only 3% in international markets.

借記卡在關閉期間保持彈性，第三季度美國增長 8%，國際市場僅下降 3%。

Debit growth was strong and stable through the fourth quarter.

第四季度借記卡增長強勁且穩定。

Second, credit was hit hard by the pandemic, declining 20% globally in Q3.

其次，信貸受到大流行的沉重打擊，第三季度全球下降了 20%。

However, credit has been recovering fast, exiting September down only 5% in our major markets with steady improvement through the quarter.

然而，信貸一直在快速復蘇，9 月份以來我們主要市場的信貸僅下降了 5%，整個季度穩步改善。

Third, as economies reopened, card-present growth in major markets bounced back sharply from a 44% decline in April to a 4% decline in September, a 40-point recovery.

第三，隨著經濟重新開放，主要市場的持卡增長從 4 月份的 44% 的下降大幅反彈至 9 月份的 4% 的下降，恢復了 40 個百分點。

Even as card-present volume rebounded, card-not-present growth remained robust.

即使有卡數量反彈，無卡增長仍然強勁。

Card-not-present volume, excluding travel, grew 20% in April, 29% in May and 33% in September.

不包括旅行在內的無卡交易量在 4 月份增長了 20%，在 5 月份增長了 29%，在 9 月份增長了 33%。

Consumers worldwide are sticking with habits formed during the shutdowns.

世界各地的消費者都在堅持停工期間形成的習慣。

Fourth, the cross-border recovery has been sluggish since borders remain closed or there are significant impediments to crossing borders like quarantines and other such restrictions.

第四，由於邊境仍處於關閉狀態或存在隔離和其他此類限制等重大障礙，跨境復甦一直緩慢。

From May through August, cross-border volumes were persistently down in the mid-40% range.

從 5 月到 8 月，跨境交易量持續下降 40% 左右。

September saw a 6-point recovery, which has continued into October.

9 月出現了 6 點的複蘇，並一直持續到 10 月。

This recovery was driven by a few corridors where travel is now relatively frictionless, like travel from the U.S. to Mexico and the Caribbean, travel from and to the Persian Gulf states and travel to Turkey.

這種複蘇是由一些現在旅行相對無摩擦的走廊推動的，例如從美國到墨西哥和加勒比地區的旅行、往返波斯灣國家的旅行以及到土耳其的旅行。

The sharp recovery in these corridors provide some early indicators for how cross-border travel may recover when borrowers do reopen.

這些走廊的急劇復甦為當借款人重新開放時跨境旅行可能如何復蘇提供了一些早期指標。

And finally, the recovery so far has been uneven, V-shaped for domestic volumes but L-shaped for cross-border volumes.

最後，迄今為止的複蘇是不平衡的，國內交易量呈 V 形，而跨境交易量呈 L 形。

The cross-border business remains a significant and continued drag on revenue growth.

跨境業務仍然是收入增長的重要持續拖累因素。

As a result, net revenue declined 17% in the fourth quarter, approximately 11% when you adjust for the service fee lag.

因此，第四季度的淨收入下降了 17%，當您調整服務費滯後時約為 11%。

This is 10 points better than a similarly adjusted third quarter, driven primarily by the domestic rebound.

這比經過類似調整的第三季度高出 10 個百分點，主要受國內反彈的推動。

Moving now to a review of our key business drivers.

現在來回顧一下我們的主要業務驅動因素。

In Q4, U.S. payments volume was up over 7% with consistent growth through the quarter.

第四季度，美國的支付量增長了 7% 以上，整個季度持續增長。

October volumes through the 21st are up 9%.

10 月至 21 日的銷量增長了 9%。

Debit was up 24% in Q4 and up 22% in October.

借方在第四季度增長了 24%，在 10 月份增長了 22%。

Credit declined 7%, improving through the quarter.

信貸下降 7%，整個季度有所改善。

In October through the 21, credit is declining 3%.

從 10 月到 21 日，信貸下降了 3%。

Card-not-present volume, excluding travel, continued to grow over 30% in the quarter, even as card-present spending improved almost to 2019 levels in September.

不包括旅行在內的無卡交易量在本季度繼續增長超過 30%，儘管 9 月份有卡消費幾乎提高到 2019 年的水平。

A quick review of the recovery trend across 10 categories in the U.S. As we did last quarter, we have 3 groups, each accounting for about 1/3 of our volume.

快速回顧美國 10 個類別的複蘇趨勢。正如我們上個季度所做的那樣，我們有 3 個組，每個組約占我們數量的 1/3。

The first group includes categories such as food and drug stores, home improvement and retail goods.

第一組包括食品和藥店、家居裝修和零售商品等類別。

These categories have consistently grown at or above their pre-COVID growth rates in the high teens or even higher every week since mid-April.

自 4 月中旬以來，這些類別的增長率一直保持在或高於 COVID 之前的增長率，甚至每週都更高。

Through Q4, growth remained strong and stable.

到第四季度，增長保持強勁和穩定。

The second group includes categories such as automotive, retail services, department and apparel stores, which dropped between 10% to 50% in April and had recovered to growth by the end of June.

第二類包括汽車、零售服務、百貨商店和服裝店等類別，4 月份下降了 10% 至 50%，並在 6 月底恢復增長。

In the fourth quarter, these categories steadily improved and are generally back to pre-COVID growth rates.

在第四季度，這些類別穩步改善，並普遍恢復到 COVID 之前的增長率。

The third group includes categories that are the hardest hit by this pandemic: travel, entertainment, fuel and restaurants.

第三組包括受這一流行病打擊最嚴重的類別：旅行、娛樂、燃料和餐館。

These categories declined over 50% in April, improved 20 to 45 points through the third quarter and are up at least another 10 points with steady improvement every month.

這些類別在 4 月份下降了 50% 以上，到第三季度提高了 20 到 45 個點，並且每個月都在穩步提高至少又上升了 10 個點。

Travel is still declining over 40% in September, with the largest improvement so far in car rentals and travel services.

9 月份的旅行量仍然下降了 40% 以上，其中汽車租賃和旅行服務方面的增幅最大。

Fuel is also still negative but recovered 20 points since June, driven both by gallons purchased and higher prices.

由於購買的加侖數和更高的價格，燃料價格仍為負值，但自 6 月以來已回升 20 個點。

Restaurant spending is almost back to 2019 levels.

餐廳支出幾乎回到了 2019 年的水平。

International payments volume grew 1% in the fourth quarter and 5% excluding China.

第四季度國際支付量增長 1%，不包括中國在內增長 5%。

A few regional highlights.

一些區域亮點。

CEMEA remains our best-performing region, growing 15% in constant dollars in the quarter, a 20-point improvement over Q3.

CEMEA 仍然是我們表現最好的地區，本季度按固定美元計算增長 15%，比第三季度提高 20 個百分點。

The combination of easing COVID restrictions and client wins drove the strong growth.

放寬 COVID 限制和贏得客戶的結合推動了強勁的增長。

Europe improved 19 points over last quarter, growing 9% in constant dollars.

歐洲比上一季度提高了 19 個百分點，按固定美元計算增長了 9%。

Growth was strongest in the U.K. as well as Central and Eastern Europe.

英國以及中歐和東歐的增長最為強勁。

Fourth quarter growth in Europe benefited from U.K. cardholders utilizing their Visa credentials to move money into higher interest-bearing savings funds.

歐洲第四季度的增長得益於英國持卡人利用他們的 Visa 憑證將資金轉移到更高利息的儲蓄基金中。

This is not expected to continue growing forward.

預計這不會繼續增長。

Latin America also improved 19 points, growing 6% in constant dollars.

拉丁美洲也提高了 19 個百分點，按固定美元計算增長了 6%。

Brazil's spend growth was positive in the quarter, fueled by a steady recovery in face-to-face spending, very high e-commerce spending and client wins.

巴西在本季度的支出增長為正，這得益於面對面支出的穩步復甦、非常高的電子商務支出和客戶贏得。

Asia Pacific declined 10% in constant dollars in Q4 or declined 4% excluding China, an 11-point improvement since last quarter.

亞太地區第四季度按固定美元計算下降 10%，或不包括中國下降 4%，較上一季度提高 11 個百分點。

China continues to be impacted by the runoff of dual-branded cards that have little revenue impact.

中國繼續受到對收入影響不大的雙品牌卡流失的影響。

There were more COVID-related restrictions in effect across Asia than other parts of the world.

與世界其他地區相比，亞洲實施的與 COVID 相關的限制措施更多。

Korea and New Zealand are the exceptions, where spending is already about 2019 levels.

韓國和新西蘭是例外，它們的支出已經接近 2019 年的水平。

Processed transactions turned positive in the quarter, up 3%, improving each month as a result of the domestic spending recovery.

由於國內支出複蘇，本季度已處理交易轉為正數，增長 3%，每月都有所改善。

As you know, transaction sizes increased at the height of the pandemic, but customer behavior is starting to normalize.

如您所知，交易規模在大流行最嚴重時有所增加，但客戶行為開始正常化。

Processed transactions growth in October through the 21st is 4% globally.

10 月至 21 日的全球處理交易增長率為 4%。

Constant dollar cross-border volume, excluding volume within Europe, declined 41% in the fourth quarter.

第四季度，不包括歐洲境內的固定美元跨境交易量下降了 41%。

As I mentioned earlier, we did start to see some improvement in September and through October led by card-present spending in a few corridors where there is less friction at the border.

正如我之前提到的，我們確實在 9 月和 10 月開始看到一些改善，這主要是由於邊境摩擦較少的一些走廊的持卡消費。

Cross-border volume excluding volumes within Europe through October 21 declined 37%.

截至 10 月 21 日，不包括歐洲境內的跨境交易量下降了 37%。

Constant dollar cross-border volume including volume within Europe declined 29% in the quarter.

本季度，包括歐洲境內交易量在內的固定美元跨境交易量下降了 29%。

It's important to remember that cross-border volume excluding volumes within Europe drives our international fees.

重要的是要記住，不包括歐洲境內的跨境交易量會推動我們的國際費用。

The trajectory of the recovery where borders are now open provide some indication of how fast the cross-border business could rebound once most borders reopen.

邊境現在開放的複蘇軌跡提供了一些跡象，表明一旦大多數邊境重新開放，跨境業務反彈的速度有多快。

For example, travel from the U.S. to Mexico saw a 40-point recovery from the trough in April through July, and the trend continued through the quarter.

例如，從美國到墨西哥的旅行從 4 月到 7 月的低谷反彈了 40 個百分點，並且這一趨勢持續到整個季度。

This corridor actually grew over 20% in constant dollars in September and October.

這條走廊實際上在 9 月和 10 月以固定美元計算增長了 20% 以上。

Travel to Turkey, which opened in early August, improved almost 30 points in August itself and remained at that level in September.

土耳其旅遊於 8 月初開放，8 月本身改善了近 30 個點，並在 9 月保持在該水平。

However, at this point, borders remain largely closed.

然而，在這一點上，邊界基本上仍然關閉。

The World Tourism Organization reported in September that out of 217 countries, 161 countries or 74% still had complete or partial closure of their borders to foreign visitors.

世界旅遊組織 9 月份報告稱，在 217 個國家中，161 個國家或 74% 的國家仍對外國遊客完全或部分關閉邊境。

Of the remaining 56 countries, the majority are mandating COVID tests with quarantine.

在其餘 56 個國家中，大多數國家都要求進行 COVID 測試並進行隔離。

There are very few countries with no COVID restrictions.

很少有國家沒有 COVID 限制。

As a result, travel-related spending remains depressed, declining in the mid- to high 60s in Q4 and through October.

因此，與旅行相關的支出仍然低迷，在第四季度和 10 月份的 60 年代中期至高位下降。

Growth in cross-border e-commerce spend, excluding travel and intra-Europe volume, has been consistently in the mid- to high teens since mid-April, led by retail spending.

自 4 月中旬以來，跨境電子商務支出（不包括旅行和歐洲內部交易量）的增長一直處於中高水平，其中零售支出占主導地位。

Moving to fourth quarter financial results.

轉到第四季度的財務業績。

Fiscal fourth quarter net revenues declined 17% on a nominal and constant dollar basis.

按名義和固定美元計算，第四季度財政淨收入下降了 17%。

Adjusted for the service fee lag, net revenues were down approximately 11%, a 10-point improvement from a similarly adjusted third quarter.

經服務費滯後調整後，淨收入下降約 11%，比經過類似調整的第三季度提高 10 個百分點。

This improvement was driven largely by the domestic spending recovery.

這種改善主要是由國內支出複蘇推動的。

Service revenues were down 13%, driven by the 12% decline in nominal payments volume from the prior quarter.

服務收入下降 13%，原因是名義支付量較上一季度下降 12%。

Data processing grew 4% with strong value-added services growth offset by the mix shifting away from higher-yielding cross-border transactions.

數據處理增長 4%，增值服務增長強勁，但被從高收益跨境交易轉移的組合所抵消。

International transactions revenues were down 38%, a few points better than cross-border volumes, excluding intra-Europe, due to some country mix and currency volatility benefits.

由於一些國家組合和貨幣波動的好處，國際交易收入下降了 38%，比跨境交易量（不包括歐洲內部）好幾個百分點。

Other revenues grew 5%, led by value-added services, but continued to be negatively impacted by declines in the usage of travel-related card benefits and marketing services for clients.

在增值服務的帶動下，其他收入增長了 5%，但繼續受到旅行相關卡福利和客戶營銷服務使用量下降的負面影響。

Overall, value-added services revenue grew 15% for the fourth quarter.

總體而言，第四季度增值服務收入增長了 15%。

Client incentives were 25% of gross revenues.

客戶獎勵佔總收入的 25%。

This step-up in the percentage was due to the revenue mix shift away from cross-border and the service fee lag as well as the impact of very significant renewal activity this year.

這一百分比的上升是由於收入組合從跨境轉移和服務費滯後以及今年非常重要的續訂活動的影響。

Client incentives were a little better than expected due to some deal timing and performance adjustments.

由於一些交易時機和業績調整，客戶激勵措施略好於預期。

Fourth quarter non-GAAP operating expenses declined 4% as expected, primarily driven by professional fees, G&A and marketing expenses.

第四季度非 GAAP 運營費用如預期下降 4%，主要受專業費用、G&A 和營銷費用的推動。

These expense reductions were achieved while sustaining investments in our longer-term growth initiatives.

這些費用減少是在維持對我們長期增長計劃的投資的同時實現的。

Non-GAAP nonoperating expense was $126 million for the fiscal fourth quarter.

第四財季非公認會計原則的營業外支出為 1.26 億美元。

Interest income fell through the quarter due to low interest rates.

由於低利率，本季度利息收入下降。

Interest expense was higher from the August and April debt issuances.

8 月和 4 月債券發行的利息費用較高。

The non-GAAP tax rate was 18.3%.

非公認會計原則稅率為 18.3%。

GAAP EPS fell 28%.

GAAP每股收益下降28%。

Excluding special items, non-GAAP EPS was $1.12, a decrease of 23%.

不計特殊項目，非公認會計原則每股收益為 1.12 美元，下降 23%。

On the fourth anniversary of the acquisition of Visa Europe, we had our first mandatory release assessment for the preferred B and C stock and released approximately $7.3 billion, giving preferred B and C shareholders the opportunity to sell these shares.

在收購 Visa Europe 四周年之際，我們對優先 B 和 C 股進行了首次強制發行評估，並發行了約 73 億美元，使優先 B 和 C 股股東有機會出售這些股票。

This did not affect the fully diluted share count.

這並不影響完全稀釋的股份數量。

A quick summary of fiscal year 2020 results.

2020財年業績的快速總結。

Payment volume increased 2% in constant dollars.

以固定美元計算的支付量增加了 2%。

Processed transactions grew 2%.

已處理的交易增長了 2%。

Cross-border volumes were down 22% excluding volumes within Europe and 16% including Europe on a constant dollar basis.

按固定美元計算，不包括歐洲境內的跨境交易量下降了 22%，包括歐洲的交易量下降了 16%。

For the full year, net revenues decreased 4% in constant dollars.

全年，按固定美元計算的淨收入下降了 4%。

Client incentives were 23.4% of gross revenues.

客戶獎勵佔總收入的 23.4%。

Operating expenses were down 3% on a GAAP basis and up 1% on a non-GAAP basis.

按公認會計原則計算，運營費用下降 3%，按非公認會計原則計算，增長 1%。

GAAP EPS decreased 8%, while non-GAAP EPS of $5.04 was down 7% or 6% in constant dollars.

GAAP 每股收益下降 8%，而非 GAAP 每股收益為 5.04 美元，按固定美元計算下降 7% 或 6%。

We returned $10.8 billion in capital to shareholders by repurchasing 44.2 million shares of Class A common stock at an average price of $183.30 or $8.1 billion and by paying dividends of $2.7 billion.

我們通過以 183.30 美元或 81 億美元的平均價格回購 4420 萬股 A 類普通股並支付 27 億美元的股息，向股東返還了 108 億美元的資本。

Looking ahead to fiscal year 2021, I'll start with a few general observations.

展望 2021 財年，我將從一些一般性觀察開始。

Fiscal year 2020 was a year of 2 very distinct halves.

2020 財年是兩個截然不同的年份。

The first quarter of fiscal year '20 had no COVID impact.

20 財年第一季度沒有 COVID 影響。

Net revenues grew almost 10%.

淨收入增長近 10%。

Second quarter net revenues grew 6.6% with the COVID impact on our reported numbers mitigated by the quarter lag in service fees.

第二季度淨收入增長 6.6%，COVID 對我們報告的數字的影響因季度滯後的服務費而減輕。

In sharp contrast, net revenues dropped 17% in the second half.

與之形成鮮明對比的是，下半年的淨收入下降了 17%。

As we look ahead, it is important to remember that the first half of fiscal year '21 will lap a relatively normal first half of fiscal year '20.

展望未來，重要的是要記住，21 財年的上半年將與 20 財年的上半年相對正常。

Another important factor to highlight is the nature of the recovery we have had so far.

另一個需要強調的重要因素是我們迄今為止所經歷的複甦的性質。

Helped by the accelerated shift to e-commerce and the shift to digital payments even in face-to-face transactions, the domestic business has experienced a V-shaped recovery.

受電商加速轉型和麵對面交易向數字支付轉變的推動，國內業務呈現V型複蘇。

Processed transactions have largely tracked domestic payments volume growth with some impact from the mix shift to higher tickets, which appears to be normalizing.

已處理的交易在很大程度上追踪了國內支付量的增長，其中一些影響來自混合轉向更高的門票，這似乎正在正常化。

On the other hand, borders remained largely closed, cross-border travel has significant friction in the form of quarantines or other requirements, resulting in a very slow recovery in cross-border travel.

另一方面，邊境仍基本關閉，跨境旅行在隔離或其他要求方面存在重大摩擦，導致跨境旅行恢復非常緩慢。

Also, the cross-border business comes with higher yields.

此外，跨境業務的收益更高。

This significant shift in mix is a drag on revenue growth, which will continue into fiscal year 2021 until the cross-border business recovers.

組合的這種重大轉變拖累了收入增長，這種增長將持續到 2021 財年，直到跨境業務復甦。

Meanwhile, the pandemic is still with us.

與此同時，大流行仍在我們身邊。

The environment remains uncertain.

環境仍然不確定。

It is not possible to reliably forecast volume and revenue 4 quarters out.

不可能可靠地預測 4 個季度後的銷量和收入。

The significant uncertainties include: the impact of spikes in COVID infections as we are seeing now; the timing of reopening of borders; the easing of friction in crossing borders and its impact on cross-border travel recovery; the positive impact that improved therapeutics and a vaccine could have on all this; the timing and size of additional stimulus programs; the economic impact once various stimulus programs end.

重大的不確定性包括：我們現在看到的 COVID 感染高峰的影響；重新開放邊界的時間；跨境摩擦的緩和及其對跨境旅遊復甦的影響；改進的治療方法和疫苗可能對這一切產生積極影響；額外刺激計劃的時間和規模；各種刺激計劃結束後的經濟影響。

With that as context, I'll share a few perspectives on fiscal year '21 to try and be as helpful as we can be under the circumstances.

以此為背景，我將分享一些關於 21 財年的觀點，以在這種情況下盡可能地提供幫助。

On the revenue front, given how fiscal year 2020 played out, fiscal year 2021 will also be a year of 2 very different halves.

在收入方面，鑑於 2020 財年的表現，2021 財年也將是兩個截然不同的年份。

Net revenue growth is expected to decline in the first half and rebound significantly in the second, with the highest growth in the fourth quarter.

預計上半年淨收入增速下滑，二季度明顯回升，四季度增速最高。

The level of the decline in the first half and the size of the recovery in the second will depend on how some of the unknowns I just enumerated play out.

上半年的下跌程度和下半年的複蘇規模將取決於我剛剛列舉的一些未知因素如何發揮作用。

For example, if processed transactions and cross-border travel -- cross-border volume growth stay at levels we have seen so far in October through the first fiscal quarter, net revenue would be down in the high single to low double-digit range.

例如，如果處理的交易和跨境旅行——跨境交易量增長保持在我們在 10 月到第一財季迄今為止看到的水平，淨收入將在高個位數到低兩位數範圍內下降。

This includes a 1 to 1.5 point negative impact from the service fee lag.

這包括服務費滯後帶來的 1 到 1.5 個百分點的負面影響。

Through fiscal year '21, we expect Visa Direct to continue its robust growth trajectory.

通過 '21 財年，我們預計 Visa Direct 將繼續其強勁的增長軌跡。

We also expect value-added services to continue to grow in the mid-teens.

我們還預計增值服務將在青少年中期繼續增長。

There's a little of new pricing in fiscal year '21, some benefit from pricing we delayed and some carryover pricing from fiscal year '20.

'21 財年有一些新定價，一些受益於我們推遲的定價和一些 '20 財年的結轉定價。

On client incentives, we finished the fourth quarter of fiscal year '20 at 25%.

在客戶激勵方面，我們在 20 財年第四季度完成了 25%。

There are several factors that will impact client incentives in fiscal year '21.

有幾個因素會影響 '21 財年的客戶激勵措施。

First, mix.

首先，混合。

Incentives are tied more to domestic volumes than they are to cross-border volumes.

激勵措施更多地與國內交易量相關，而不是與跨境交易量相關。

The current mix shift away from the cross -- from cross-border hurts gross revenues and causes this ratio to increase.

當前的組合從跨境轉移——從跨境轉移損害了總收入並導致這一比例增加。

When the mix normalizes, this would push the ratio down again.

當混合正常化時，這將再次降低比率。

Second, performance.

第二，性能。

In fiscal year '20, with a sharp decline in volumes, many clients did not meet certain volume thresholds and, as such, did not earn corresponding incentives.

在 20 財年，由於交易量急劇下降，許多客戶沒有達到特定的交易量門檻，因此沒有獲得相應的獎勵。

As volume recovers in fiscal year '21, we expect clients will hit thresholds and earn these incentives, which causes a year-over-year increase unique to the year of the recovery.

隨著 21 財年銷量的回升，我們預計客戶將達到門檻並獲得這些激勵措施，這將導致復甦年份特有的同比增長。

Finally, the impact of renewals.

最後，續約的影響。

As we have told you, fiscal year '20 was another big year for client renewals.

正如我們告訴您的那樣，20 財年是客戶續訂的又一個重要年份。

We renewed 25% of our volume during the year with another 15% to 20% likely renewed in fiscal year '21.

我們在這一年更新了 25% 的交易量，另外 15% 到 20% 可能在 21 財年更新。

Factoring all this in, we currently estimate that fiscal year '21 incentives as a percent of gross revenue could be in the 25.5% to 26.5% range.

考慮到這一切，我們目前估計 21 財年的激勵措施佔總收入的百分比可能在 25.5% 到 26.5% 之間。

As always, we have given you our best sense of the range at this point, and we'll update you through the year as we learn more.

與往常一樣，我們目前已為您提供了對該範圍的最佳了解，隨著我們了解更多信息，我們將在一年中為您提供最新信息。

First quarter incentives are likely to be at the lower end of the range.

第一季度的激勵措施可能處於該範圍的低端。

Moving to operating expenses.

轉向運營費用。

In fiscal year '20, we demonstrated our ability to modulate expenses and investments as circumstances change, balancing short-term imperatives with long-term priorities.

在 20 財年，我們展示了隨著環境變化調整開支和投資的能力，平衡短期需求與長期優先事項。

Non-GAAP operating expenses grew 8% in the first half and declined 5% in the second.

上半年非美國通用會計準則運營費用增長 8%，下半年下降 5%。

As Al indicated, we remain very bullish about the growth potential of our business, and we'll invest accordingly.

正如 Al 指出的那樣，我們仍然非常看好我們業務的增長潛力，我們將相應地進行投資。

Visa Direct continues its robust growth.

Visa Direct 繼續保持強勁增長。

B2B Connect is ramping.

B2B Connect 正在加速發展。

Our value-added services growth is sustaining at mid-teens levels, and our recent acquisitions require investments to scale.

我們的增值服務增長維持在十幾歲的水平，我們最近的收購需要投資以擴大規模。

We will step up investment in all these areas and a few others, such as the Tokyo Olympics.

我們將加大對所有這些領域和其他一些領域的投資，比如東京奧運會。

As a result, we plan to increase our level of investment through the year, modulating as we learn more about the trajectory of the recovery.

因此，我們計劃在全年增加投資水平，隨著我們對複蘇軌蹟的了解更多進行調整。

Our current plan is for expenses to be down in the first quarter, in line with second half fiscal year '20 trends.

我們目前的計劃是在第一季度降低費用，與 20 財年下半年的趨勢一致。

Expenses are expected to grow in the mid-single digits in the second quarter as we begin to lap the expense pullbacks from the last fiscal year.

隨著我們開始計算上一財年的費用回落，預計第二季度的費用將以中個位數增長。

At this point, we plan on double-digit expense growth in the second half, in part due to the Olympics.

在這一點上，我們計劃在下半年實現兩位數的支出增長，部分原因是奧運會。

However, we will adjust our plans as needed and update you as the year progresses.

但是，我們將根據需要調整我們的計劃，並隨著時間的推移向您更新。

We expect nonoperating expense to average $145 million to $150 million each quarter in fiscal year '21 for 2 primary reasons: first, low uneven negative interest rates on our cash balances; and two, our $4 billion in additional debt after we pay off our December bond maturities.

我們預計 21 財年每個季度的非營業費用平均為 1.45 億美元至 1.5 億美元，主要原因有兩個：第一，我們現金餘額的低不均衡負利率；第二，我們在償還 12 月債券到期後的 40 億美元額外債務。

Our fiscal year '21 tax rate is expected to be in the 19% to 19.5% range.

我們的 21 財年稅率預計在 19% 到 19.5% 之間。

It is too early to predict what impact the U.S. elections will have on our taxes.

現在預測美國大選將對我們的稅收產生什麼影響還為時過早。

As always, we will provide updates, if any, to our tax rate expectations as the year progresses.

與往常一樣，隨著時間的推移，我們將提供對我們的稅率預期的更新（如果有的話）。

Capital spending in fiscal year '21 is likely to be around $700 million.

21 財年的資本支出可能在 7 億美元左右。

We expect to return most of our free cash flow back to shareholders in the form of dividends and buybacks.

我們希望以股息和回購的形式將大部分自由現金流返還給股東。

Our Board of Directors has authorized an increase of our quarterly dividend to $0.32 starting in the first quarter of fiscal year '21.

我們的董事會已授權從 21 財年第一季度開始將我們的季度股息增加到 0.32 美元。

When the Plaid transaction closes, we will let you know what its impact on FY '21 will be.

當 Plaid 交易結束時，我們將讓您知道它對 21 財年的影響。

In summary, as we've done in fiscal year 2020, we will stay flexible and agile as we work through the pandemic.

總之，正如我們在 2020 財年所做的那樣，我們將在應對疫情期間保持靈活和敏捷。

As you heard from Al, the opportunity ahead is vast.

正如您從 Al 那裡聽到的那樣，未來的機會是巨大的。

The shift to e-commerce and away from cash is accelerating.

向電子商務和遠離現金的轉變正在加速。

Use cases for new payment flows are proliferating and ramping.

新支付流程的用例正在激增。

Our value-added services business continues to grow at a healthy clip.

我們的增值服務業務繼續以健康的速度增長。

We remain as optimistic about our future as we were at our Investor Day in February, which now seems like a lifetime ago.

我們仍然對我們的未來保持樂觀，就像我們在 2 月份的投資者日時一樣，現在看起來就像是一輩子前的事了。

Our strategy remains unchanged, and in fiscal year '21, we will continue to prioritize and invest in our key growth initiatives.

我們的戰略保持不變，在 21 財年，我們將繼續優先考慮並投資於我們的關鍵增長計劃。

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

有了這個，我會把它轉回給邁克。

Thank you, Vasant.

謝謝你，瓦桑特。

We will run a little long in order to ensure we have enough time for questions.

我們會跑一點時間，以確保我們有足夠的時間提問。

So with that, we're ready to get started.

因此，我們已經準備好開始了。

Jordin?

喬丹？

(Operator Instructions) Our first question comes from Dan Dolev from Mizuho.

（操作員說明）我們的第一個問題來自瑞穗的 Dan Dolev。

YellowPepper asset, can you give us a little color on maybe its capabilities.

YellowPepper 資產，您能否給我們一些關於它的功能的顏色。

You mentioned send money with e-mail or anything like that, that you could highlight in terms of the advantages of YellowPepper.

您提到通過電子郵件或類似方式匯款，您可以強調 YellowPepper 的優勢。

Dan, it's Al Kelly.

丹，我是艾爾凱利。

This is a company that we're quite familiar with.

這是一家我們非常熟悉的公司。

We invest -- we were an early investor with them.

我們投資——我們是他們的早期投資者。

We've been working with them.

我們一直在與他們合作。

And what they really allow various players throughout, at least in the foreseeable future through Latin America, being able to facilitate, getting any kind of -- various kinds of services up and going very quickly by connecting to YellowPepper and then YellowPepper taking over from there.

他們真正讓各種參與者，至少在可預見的未來，通過拉丁美洲，能夠通過連接到 YellowPepper 然後 YellowPepper 從那裡接管來促進、獲得任何類型的服務并快速運行.

And we think as the payments and money movement world continues to grow and diversify, having a software platform like YellowPepper that makes it easier for these connections to happen and gives us an on-ramp to sell value-added services and accommodate the needs of various clients to have network-agnostic solutions, that it's going to give us a good path towards accelerating both core payments as well as value-added services and new flows throughout Latin America.

我們認為，隨著支付和資金流動世界的不斷發展和多樣化，擁有像 YellowPepper 這樣的軟件平台可以讓這些聯繫更容易發生，並為我們提供銷售增值服務並滿足各種需求的入口客戶擁有與網絡無關的解決方案，這將為我們提供一條加速核心支付以及增值服務和整個拉丁美洲新流量的良好途徑。

And then over time, we'll look to extend the capability beyond that region.

然後隨著時間的推移，我們將尋求將能力擴展到該地區之外。

Our next question comes from Bob Napoli from William Blair.

我們的下一個問題來自 William Blair 的 Bob Napoli。

Just on the value-added services, I was hoping to get a little more color about the mix of revenue, if you could kind of break it out by whatsoever reasonable products that you could.

就增值服務而言，我希望對收入的組合有更多的了解，如果你能用任何合理的產品來打破它的話。

And which of those products are growing the fastest, obviously, Visa Direct?

顯然，Visa Direct 中哪些產品的增長最快？

Well, Bob, thank you for the question.

好吧，鮑勃，謝謝你的問題。

So first of all, we think of Visa Direct as a new flow, not a value-added service.

因此，首先，我們將 Visa Direct 視為一種新流程，而不是增值服務。

So let me try to give a little more color.

所以讓我試著給更多的顏色。

So about 2/3 of value-added services are platform type of services that are driven by transactions.

因此，大約 2/3 的增值服務是由交易驅動的平台類服務。

And obviously, in this environment, some of those have done quite well.

顯然，在這種環境下，其中一些做得很好。

CyberSource, where people are looking for omnichannel solutions.

CyberSource，人們正在尋找全渠道解決方案。

Risk and fraud services, particularly as a lot more transactions have gone online, and people are looking at things like 3D Secure 2.0 and our offerings from CardinalCommerce.

風險和欺詐服務，特別是隨著更多交易在線上進行，人們正在關注 3D Secure 2.0 和我們來自 CardinalCommerce 的產品。

And then issuer processing has done well given that -- what's happening with debit, as Vasant described in his remarks.

鑑於這一點，發行人的處理做得很好——正如 Vasant 在他的評論中所描述的那樣，借記卡發生了什麼。

About 1/3 -- the other 1/3, so that's about 2/3 of value-added services.

大約 1/3——另外 1/3，也就是大約 2/3 的增值服務。

The other 1/3 is kind of split between service revenue and other revenue.

另外 1/3 是服務收入和其他收入之間的一種分配。

So in service revenue, you have card benefits, which are offered as a package.

因此，在服務收入中，您可以享受以套餐形式提供的信用卡福利。

And then in other revenue, you have services that are generally not tied to volumes, things like travel-related card benefits, marketing services, data and consulting and analytics.

然後在其他收入中，您擁有通常不受數量限制的服務，例如與旅行相關的卡福利、營銷服務、數據以及諮詢和分析。

So you can imagine in that grouping, there are things that are struggling a little and other things that are accelerating.

所以你可以想像在那個分組中，有些事情正在掙扎，而其他事情正在加速。

So travel-related card benefits are obviously very sluggish as are marketing services.

因此，與旅行相關的卡福利顯然非常緩慢，營銷服務也是如此。

But things like data and consulting and analytics are continuing to grow at pretty robust levels.

但諸如數據、諮詢和分析之類的東西正在繼續以相當強勁的水平增長。

So that would be -- hopefully give you some color.

所以這將是- 希望給你一些顏色。

I don't know, Vasant, whether you want to add anything to that.

我不知道，Vasant，您是否想對此添加任何內容。

No.

不。

I think we're very pleased with how, as Al said, the platform-based services are growing.

正如 Al 所說，我認為我們對基於平台的服務正在增長感到非常滿意。

Those happen to be the ones that have the best margins, and it's things like our fraud services, authentication through CardinalCommerce as well as, as Al said, CyberSource.

這些恰好是利潤率最高的那些，例如我們的欺詐服務、通過 CardinalCommerce 進行的身份驗證以及正如 Al 所說的 CyberSource。

Clearly, with the growth of omni-commerce and certainly, everybody -- every merchant wanting to enhance their e-commerce business is very helpful to CyberSource, which, as you know, is a gateway for most e-commerce merchants, and then with debit doing well, the debit processing business.

顯然，隨著全電子商務的發展，當然還有每個人——每個想要增強電子商務業務的商家都對 CyberSource 非常有幫助，正如您所知，它是大多數電子商務商家的門戶，然後與借記業務做得不錯，借記處理業務。

So those platform services, most of which show up in our data processing line from a revenue standpoint, particularly high growth right now.

因此，從收入的角度來看，這些平台服務大部分都出現在我們的數據處理線中，尤其是目前的高增長。

Our next question comes from Bryan Keane from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

Just want to ask about the strength in debit.

只是想問一下借方的實力。

Obviously, even without stimulus, the growth continues to be impressive, well above 20%, especially in the U.S. and then obviously picking up internationally.

顯然，即使沒有刺激，增長仍然令人印象深刻，遠高於 20%，尤其是在美國，然後在國際上明顯回升。

How much of that is driven by this move towards contactless and e-comm?

這種向非接觸式和電子商務的轉變在多大程度上是由這種趨勢推動的？

And as we get into next year, does it cause a difficult comp just because the growth rate is so much higher than traditional?

當我們進入明年時，它是否會因為增長率遠高於傳統而導致困難的競爭？

Or does this growth continue at these rates and maybe somewhat offset by a pickup in credit by the time we get to the second half of next year?

或者這種增長是否會以這樣的速度繼續下去，到明年下半年可能會被信貸回升所抵消？

Thanks, Bryan.

謝謝，布萊恩。

I'd say there's a number of drivers what's happening with debit.

我想說有很多司機在藉記卡發生了什麼。

Certainly, I think an acceleration of cash displacement at the point of sale, where people are just concerned about cash being a carrier of germs.

當然，我認為銷售點的現金轉移加速，人們只是擔心現金是細菌的載體。

I see that -- I think that trend continues.

我看到了——我認為這種趨勢還在繼續。

Certainly, a significant shift to online purchases and mostly in everyday spend categories, which kind of favors debit a bit, I think that's going to stay up at fairly healthy levels.

當然，向在線購買的重大轉變，主要是在日常支出類別中，哪種優惠會有所減少，我認為這將保持在相當健康的水平。

Thirdly, what we've learned in the past and is being reinforced now is that in these uncertain economic times, people probably would prefer to spend the money they have than to borrow the money and hence, that's a positive driver for debit.

第三，我們過去了解到並且現在正在加強的是，在這些不確定的經濟時期，人們可能更願意花掉他們擁有的錢，而不是藉錢，因此，這是一個積極的借方驅動因素。

And then Visa Direct obviously helps drive our debit performance as well.

然後 Visa Direct 顯然也有助於推動我們的借記卡業績。

I expect that a lot of this positive momentum will continue.

我預計這種積極的勢頭將繼續下去。

But I think there's no question that if -- and let's hope it does, the world gets back to normal quicker than many might predict, that, a, you will see credit come back as more discretionary purchases and travel start to bounce back.

但我認為毫無疑問，如果 - 讓我們希望如此，世界恢復正常的速度比許多人預期的要快，a，隨著更多可自由支配的購買和旅行開始反彈，你會看到信貸回來。

And maybe some purchases start to move -- that are online maybe move back into the face-to-face world.

也許一些購買開始轉移——在線購買可能會回到面對面的世界。

But I think a lot of people have gotten very comfortable sitting at their dining room table or in their home office, shopping online on e-commerce.

但我認為很多人坐在餐桌旁或家庭辦公室裡，通過電子商務在線購物時感到非常自在。

So I think a lot of these drivers of what we're seeing in debit over the last 6 months have some staying power to them.

因此，我認為我們在過去 6 個月中看到的借記卡中的許多驅動因素對他們有一些持久力。

Yes.

是的。

I mean I'd add a couple of things.

我的意思是我會添加一些東西。

And you can see it in some of the charts we provided on the weekly trends.

您可以在我們提供的有關每週趨勢的一些圖表中看到它。

I think what's happening about debit, which, as I said in my comments, is the biggest beneficiary of the accelerated growth of e-commerce and the shift away from cash, the 2 things you're seeing is that even as credit has recovered from declining 20% in April to exiting September down only about 5%, I believe, if I remember right, in the major markets, you see the credit line -- the debit line has been very steady.

我認為藉方正在發生什麼，正如我在評論中所說，借方是電子商務加速增長和遠離現金的最大受益者，你看到的兩件事是，即使信貸已經從4 月下降 20% 到 9 月退出僅下降 5% 左右，我相信，如果我沒記錯的話，在主要市場，你會看到信貸額度——借記額度一直非常穩定。

It's been growing at the same rate without really being impacted by the recovery of credit.

它一直以同樣的速度增長，而沒有真正受到信貸復甦的影響。

And even as card-present trends have improved, you're seeing the debit line hold steady.

即使有卡的趨勢有所改善，您也會看到借記線保持穩定。

So a lot of it has to be driven by the new use cases we are enabling and new payment flows through Visa Direct, as Al said, and also the fact that there has been a true shift away from cash, and most of it has gone to debit.

因此，正如 Al 所說，其中很大一部分必須由我們正在啟用的新用例和通過 Visa Direct 的新支付流程驅動，而且事實上已經真正擺脫了現金，而且大部分已經消失借記。

Now clearly, some of it is the stimulus payments.

現在很明顯，其中一些是刺激性付款。

And if you don't have them next year, clearly, some of that spending may have been spending that may not sustain, but that remains to be seen.

如果明年你沒有它們，很明顯，其中一些支出可能已經無法維持，但這還有待觀察。

Our next question comes from Sanjay Sakhrani from KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

I wanted to sort of follow up on exactly what you were talking about, Vasant.

Vasant，我想準確地跟進你所說的內容。

Obviously, there's a recovery underway.

顯然，復甦正在進行中。

But to the extent that stimulus isn't renewed, and I know that, that may or may not happen, and then you have -- you're going into the winter months where it may be more difficult to travel or eat out and such, do you feel like that's a risk to the growth trajectory of the volumes?

但就刺激措施沒有更新的程度而言，我知道，這可能會發生也可能不會發生，然後你就會 - 你將進入冬季，在那裡旅行或外出就餐可能會更加困難等等，您覺得這對銷量增長軌跡構成風險嗎？

And then just a clarification on the incentive guidance, the volume and support guidance.

然後只是對激勵指導、數量和支持指導進行了澄清。

Does that include, the numbers you gave, an impact from the lag of the volumes that come back versus what you're paying out?

這是否包括您提供的數字、返回的交易量滯後與您支付的費用的影響？

I'm not sure I fully understood your second question, but I will try to answer it.

我不確定我是否完全理解你的第二個問題，但我會盡力回答。

On the first one, as we said, we live in uncertain times, and it's difficult to hazard guesses on what's going to happen when -- if there are spikes in infections.

在第一個問題上，正如我們所說，我們生活在不確定的時代，如果感染激增，很難猜測會發生什麼。

I would say we are tracking it very closely.

我想說我們正在非常密切地跟踪它。

And there's really 2 things to track: it's spikes in infections and then what is the response from the government.

確實有兩件事要追踪：感染高峰，然後是政府的反應。

To the extent that the response from the government is to impose restrictions and shutdowns, then it does have effects on spending.

如果政府的反應是實施限制和關閉，那麼它確實會對支出產生影響。

If the response of the government is to largely keep things open, then we see less of an impact.

如果政府的反應是在很大程度上保持開放，那麼我們看到的影響就較小。

So it will be very different region by region and country by country, both linked to the infection rate as well as the governmental response.

因此，各個地區和國家/地區將有很大的不同，這都與感染率和政府的反應有關。

As it relates to travel, travel habits are changing, as you saw.

正如您所看到的，由於與旅行有關，旅行習慣正在發生變化。

I mean people can't go everywhere.

我的意思是人們不能到處走。

So corridors that are open are getting more of the travel, which is why you saw the Caribbean and Mexico actually growing in September and October.

因此，開放的走廊正在吸引更多的旅行，這就是為什麼你看到加勒比海和墨西哥在 9 月和 10 月實際增長的原因。

And normally, September and October, after schools open, tends to be a slowdown in travel.

通常，在學校開學後的 9 月和 10 月，旅行往往會放緩。

In fact, we're seeing travel continue -- personal travel continue into September and October in the corridors that are open.

事實上，我們看到旅行仍在繼續——在開放的走廊中，個人旅行將持續到 9 月和 10 月。

So what you may see in terms of travel is people really being quite astute about where they can travel.

因此，您可能會在旅行方面看到人們對他們可以去哪裡旅行非常精明。

And as certain corridors open up, you start to see travel moving into those corridors that may have gone elsewhere.

隨著某些走廊的開放，您開始看到旅行進入那些可能已經轉移到其他地方的走廊。

So it all makes it very difficult to make any hard predictions about what's going to happen next.

因此，這一切都使得很難對接下來會發生什麼做出任何硬性預測。

As far as your incentives question, I wasn't sure what the question was exactly.

至於你的激勵問題，我不確定問題到底是什麼。

But we try to factor in everything we know right now, mix shift from cross-border, service fee lag, the renewals we already had and what we might expect, to give you the best range we can.

但我們試圖將我們現在所知道的一切都考慮在內，從跨境混合轉變、服務費滯後、我們已經擁有的續訂以及我們可能期望的內容，為您提供我們所能提供的最佳範圍。

We will obviously give you an update as the year goes by.

隨著時間的流逝，我們顯然會為您提供更新。

Our next question comes from Ramsey El-Assal from Barclays.

我們的下一個問題來自巴克萊的 Ramsey El-Assal。

You called out a lot of new partnerships and agreements this quarter, Al, in your prepared remarks.

艾爾，在你準備好的講話中，你在本季度提出了許多新的合作夥伴關係和協議。

And I'm just wondering in the context of the pandemic, has the way you structured the agreements changed at all?

我只是想知道在大流行的背景下，你們制定協議的方式是否發生了變化？

Are incentive levels less performance-based?

激勵水平是否以績效為基礎？

Or is there -- are there any kind of changes that might have an impact on the way incentives kind of come in down the road in terms of how you're negotiating right now?

或者是否有任何變化可能會影響你現在談判的激勵方式？

Ramsey, as a general rule, I'd say there really hasn't been a lot of change.

拉姆齊，作為一般規則，我會說真的沒有太大的變化。

I think that they've generally been fairly similar.

我認為它們通常非常相似。

I think that for the most part, I think most -- as you know, most of these deals are 5, 7, sometimes longer years in duration.

我認為在大多數情況下，我認為大多數 - 如你所知，這些交易中的大多數都是 5 年、7 年，有時甚至更長的期限。

And I think almost everybody thinks that we're looking at kind of a once-in-a-century type of event here.

而且我想幾乎每個人都認為我們在這裡看到了一種百年一遇的事件。

The conversation Sanjay and Vasant were just having, we're not sure how long that really lasts, but we're certainly not looking for it to last through the duration of what these contracts are.

Sanjay 和 Vasant 剛剛進行的對話，我們不確定這真的會持續多久，但我們當然不希望它持續到這些合同的期限。

I think that said, we're certainly thinking about the structure of deals and trying to determine where to tweak things here and there.

我認為這就是說，我們當然正在考慮交易的結構，並試圖確定在哪裡進行調整。

But I wouldn't say that we've made any kind of radical changes to how we're structuring the deals, Ramsey.

但我不會說我們已經對我們如何構建交易進行了任何徹底的改變，拉姆齊。

Our next question comes from Lisa Ellis from MoffettNathanson.

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

My question is about Europe.

我的問題是關於歐洲的。

This 9.1% growth in Europe this quarter, that is a very strong number, stronger than it had been pre-pandemic.

本季度歐洲增長了 9.1%，這是一個非常強勁的數字，比大流行前要強。

Can you talk a little bit about what's going on in Europe?

你能談談歐洲正在發生的事情嗎？

Are you starting to see the payoff of the long-term effort there to invigorate that business after the Visa Europe transaction?

在 Visa Europe 交易之後，您是否開始看到為振興該業務所做的長期努力的回報？

I mean are you seeing just really elevated cash displacements?

我的意思是，您是否看到現金轉移量真的增加了？

What are some of the underlying dynamics in Europe?

歐洲有哪些潛在的動態？

So Lisa, I'd say a few things.

所以麗莎，我想說幾件事。

First of all, this movement of funds into these higher-yielding savings accounts definitely was a real factor, and that's not going to repeat itself.

首先，資金流入這些高收益儲蓄賬戶絕對是一個真實的因素，而且這種情況不會重演。

But beyond that, I think that you are seeing the beginnings of traction of a number of fintech deals.

但除此之外，我認為您正在看到一些金融科技交易的開始。

I mentioned Revolut in my remarks.

我在發言中提到了 Revolut。

But Lydia in France comes to mind, ininal, a fintech in Turkey, comes to mind, that are really starting to scale up in terms of their relationship with Visa.

但是想到法國的 Lydia，想到土耳其的金融科技公司 ininal，就他們與 Visa 的關係而言，他們真的開始擴大規模。

I also think that we've had a pretty good track record of deepening some of our existing businesses that we renewed as well.

我還認為，我們在深化我們更新的一些現有業務方面有著良好的記錄。

I commented on a few of those.

我評論了其中的一些。

But if we go back over the past numbers of earnings calls, we commented on others.

但是，如果我們回顧過去的財報電話會議數量，我們會評論其他人。

And I have made the point that I think that I believe over the last 5 or 6 quarters that Europe has made a lot of progress in terms of relationship builds.

我已經指出，我認為在過去的 5 或 6 個季度中，歐洲在建立關係方面取得了很大進展。

They're just going to take time to show up in the numbers because you're either doing a start-up or you're doing a shift in -- with the client, and both of those just simply take time.

他們只是需要時間才能出現在數字中，因為您要么正在創業，要么正在與客戶進行轉變，而這兩者都只是需要時間。

And they take time to ramp, to get credentials out and then they take time for those credentials to ramp in terms of volume.

他們需要時間來增加，獲得憑證，然後他們需要時間讓這些憑證在數量上增加。

The other thing I would say is that Open Banking continues to be a strength for us in Europe.

我要說的另一件事是，開放銀行仍然是我們在歐洲的優勢。

And we're having good success selling our value-added services, particularly, as I commented in answering somebody else's question earlier, some of our products from CardinalCommerce as well as our 3D Secure products.

我們在銷售增值服務方面取得了巨大成功，特別是，正如我之前在回答其他人的問題時所評論的，我們的 CardinalCommerce 的一些產品以及我們的 3D Secure 產品。

So I think it's the beginnings of some of the success that we're -- we think we've been having over the last 5 or 6 quarters, plus this kind of onetime deal where people move money via their debit cards into these high-yield savings accounts.

所以我認為這是我們取得一些成功的開端——我們認為我們在過去 5 或 6 個季度中一直在取得成功，再加上人們通過借記卡將資金轉移到這些高-收益儲蓄賬戶。

And we'll have to see what happens, Lisa.

我們得看看會發生什麼，麗莎。

Today, you probably saw both France and Germany announced going into some form of partial lockdowns again.

今天，您可能看到法國和德國都宣布再次進入某種形式的部分封鎖。

So that's obviously not a very positive news vis-a-vis driving volume across the continent.

因此，相對於整個非洲大陸的驅動量，這顯然不是一個非常積極的消息。

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 just wanted to follow back up again around the notion that cross-border volumes kind of ex intra-Europe is probably going to drag on for a bit.

我只是想再次跟進這樣一個概念，即歐洲內部的跨境交易量可能會持續一段時間。

And so what I'm trying to understand or kind of reconcile a little bit here is the specific opportunities that you might be pursuing maybe more behind the scenes in order to offset some lost revenue and lost profits.

因此，我在這裡試圖理解或稍微調和的是您可能在幕後追求的特定機會，以抵消一些收入損失和利潤損失。

So rather than kind of a very large drop-down list of products and opportunities, I'm thinking of things like increased authorization rates now that you have a lot more e-commerce cross-border that's happening that's opening up the funnel for merchants.

因此，我考慮的不是一個非常大的產品和機會下拉列表，而是增加授權率之類的事情，因為你有更多的跨境電子商務正在發生，這為商家打開了渠道。

Are you able to offset some of those lost profit dollars as a result of those types of things?

由於這些類型的事情，您是否能夠抵消一些損失的利潤美元？

And then how prominently is CyberSource playing in that regard?

那麼 CyberSource 在這方面的表現如何？

Yes.

是的。

I mean we're clearly focused on all that, increasing authorization rates in particular corridors, big priority.

我的意思是，我們顯然專注於所有這些，提高特定走廊的授權率，這是重中之重。

Increasing activation of cards that can be used for cross-border, critical priority.

增加可用於跨境、關鍵優先級的卡的激活。

The growth of nontravel cross-border business, big priority.

非旅遊跨境業務的增長，重中之重。

Cross-border business for new use cases that Al highlighted through Visa Direct like remittances, cross-border business through B2B Connect, all those are revenue streams that are new and very exciting and growing well.

Al 通過 Visa Direct 強調的新用例的跨境業務，如匯款、通過 B2B Connect 的跨境業務，所有這些都是新的、非常令人興奮且增長良好的收入來源。

It's a big year in '21 to lay the groundwork for Earthport to scale.

這是 21 年重要的一年，為 Earthport 擴大規模奠定了基礎。

We've signed up a lot of clients.

我們已經簽約了很多客戶。

The volume is ramping.

音量正在上升。

We're spending quite a bit of time and effort to ensure that the Earthport platform can scale.

我們花費了大量的時間和精力來確保 Earthport 平台可以擴展。

And a lot of that will be cross-border flows, not necessarily for consumer payments but a whole range of other use cases.

其中很多將是跨境流動，不一定是消費者支付，而是一系列其他用例。

So there's a variety of nonspecifically travel-related cross-border use cases that are happening right now that we're very excited about.

因此，現在正在發生各種非特定的與旅行相關的跨境用例，我們對此感到非常興奮。

And then we're doing, as you said, the sort of the bread and butter stuff of improving authorization rates, reducing fraud and all the things that would make people more willing to approve more cross-border transactions.

然後，正如你所說，我們正在做一些諸如提高授權率、減少欺詐以及所有讓人們更願意批准更多跨境交易的事情。

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 was thinking about your answer to Lisa's question.

我在考慮你對麗莎問題的回答。

And I'm curious if you can -- do you think you can shift into another gear and win more business in Europe with Open Banking and the digital shift there?

我很好奇你是否可以——你認為你可以轉向另一個齒輪並通過開放銀行和那裡的數字化轉變在歐洲贏得更多業務嗎？

I guess I could expand that to other regions as well, but I'm thinking about Europe given the Open Banking dynamics.

我想我也可以將其擴展到其他地區，但鑑於開放銀行的動態，我正在考慮歐洲。

I certainly hope so, Tien-Tsin.

我當然希望如此，天津。

We are very, very focused on it.

我們非常非常專注於它。

I think we've talked about this in the past.

我想我們過去已經討論過這個問題。

I mean we really feel like we've been, in the last year, 15 months, really on our front foot in Europe.

我的意思是，在過去的 15 個月裡，我們真的覺得我們一直在歐洲站穩腳跟。

We've got a really good win rate on fintechs.

我們在金融科技領域的勝率非常高。

We're having lots of really good discussions with banks about Open Banking.

我們與銀行就開放銀行進行了很多非常好的討論。

In addition to the things I mentioned, we've got our Visa Trusted Listing, which allows customers to identify merchants that they trust, which will help users meet the regulatory requirement and have a much better user experience for the customer.

除了我提到的內容之外，我們還有 Visa Trusted Listing，它允許客戶識別他們信任的商家，這將幫助用戶滿足監管要求並為客戶提供更好的用戶體驗。

We've got the Visa Delegated Authentication, which issuers delegate authentication to merchants or digital wallets, which also reduces friction at the point of checkout.

我們有 Visa 委託認證，發卡機構將認證委託給商家或數字錢包，這也減少了結賬時的摩擦。

So a lot of these discussions have gone very well.

所以很多這些討論都進行得很好。

And I think that people who are clients and potential clients are viewing us as being very supportive of what they have to do to deal with Open Banking downstream.

而且我認為，作為客戶和潛在客戶的人都認為我們非常支持他們必須做些什麼來處理下游的開放銀行業務。

So I believe that our momentum is good, and you're going to continue to see it in our numbers.

所以我相信我們的勢頭很好，你會繼續在我們的數據中看到它。

Just a quick follow-up, if you don't mind.

如果您不介意，請快速跟進。

I know some of the wins you guys have had like Venmo and you talked about Revolut, pretty innovative, including on the reward side with things like Venmo.

我知道你們獲得的一些勝利，比如 Venmo，你們談到了 Revolut，非常創新，包括像 Venmo 這樣的獎勵方面。

I'm curious if also you could see a little bit more of business become available, thinking about travel cards and some of the more traditional travel rewards might have less utility here during the pandemic.

我很好奇您是否也可以看到更多的業務可用，考慮旅行卡和一些更傳統的旅行獎勵可能在大流行期間在這裡沒有多大用處。

Are you seeing that?

你看到了嗎？

Is that an area of focus perhaps?

這可能是一個重點領域嗎？

Well, I think issuers around the world are dialing back on their spending and their acquisition on travel-related cards at this point and looking at alternatives.

好吧，我認為世界各地的發行人目前正在減少他們在旅行相關卡上的支出和購買，並尋找替代品。

And even here in the United States, obviously, I think you're seeing a lot more activity on things like cash-back than you are on travel co-brand.

即使在美國，很明顯，我認為現金返還之類的活動比旅遊聯合品牌活動要多得多。

So I think in the near term, that's going to be the case.

所以我認為在短期內，情況將會如此。

I think, though, as travel returns, which I happen to be optimistic that it will -- Vasant basically describes how I see it, which is that travel is, for all intents and purposes, shut for consumers.

不過，我認為，隨著旅行的回歸，我碰巧對此持樂觀態度——Vasant 基本上描述了我的看法，即無論出於何種意圖和目的，旅行都對消費者關閉。

It's not that you're even having a choice of to travel or not to travel.

這並不是說您甚至可以選擇旅行或不旅行。

In most cases, it's so much of a hassle that -- right now that you just don't.

在大多數情況下，這太麻煩了——現在你只是不這樣做。

It's just not a good experience.

這不是一個很好的體驗。

And I think as travel can reopen, I think that people wanting to see the world, see family and friends and knock places off their bucket list, et cetera, it will start to come back.

而且我認為隨著旅行可以重新開放，我認為人們想要看到這個世界，看到家人和朋友，從他們的遺願清單上刪除地方等等，它會開始回來。

And at that time, I think people will go back to promoting the travel elements of their card or the benefits of the card as well as you'll see more attention paid back on the travel-related co-brand cards.

到那時，我認為人們會重新宣傳他們的卡的旅行元素或卡的好處，你會看到更多的注意力回到與旅行相關的聯名卡上。

A couple of sort of, let's say, bright spots from some of the early indications here is, as you know, the bulk of the cross-border business we have that's card-present and the bulk of our cross-border travel is based on personal travel, and that's an important one to note.

比方說，這裡的一些早期跡象的一些亮點是，正如你所知，我們擁有的大部分跨境業務都是有卡的，而我們的大部分跨境旅行都是基於個人旅行，這是一個重要的注意事項。

And there clearly seems evidence of pent-up demand because any time a corridor opens up, we shared the example of Turkey, there's a massive pickup.

顯然有證據表明需求被壓抑，因為每當一條走廊開放時，我們分享了土耳其的例子，就會出現大規模的回升。

There are more Americans traveling to Turkey now than they did last year by a significant amount because they realized that's one place they can go.

現在去土耳其旅遊的美國人比去年多很多，因為他們意識到這是他們可以去的一個地方。

We've seen that from other parts of the world that are open like travel in and out of Dubai.

我們已經從世界其他開放的地區看到了這一點，比如進出迪拜的旅行。

So we're seeing a lot of travel from Europe into the UAE, for example.

例如，我們看到很多從歐洲到阿聯酋的旅行。

So what we are seeing is there is pent-up demand.

所以我們看到的是被壓抑的需求。

The corridors which are very few right now that are open are getting a lot of it.

現在很少開放的走廊正在得到很多。

And as corridors start to open, you will see different travel patterns than you saw pre COVID, but there just seems to be a lot of desire to travel.

隨著走廊開始開放，您會看到與 COVID 之前不同的旅行模式，但似乎有很多旅行的願望。

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。

I know back at the Analyst Day, which I agree with you, Vasant, feels a very long time ago, you spent a lot of time on B2B.

我知道分析師日，我同意你的看法，Vasant，感覺很久以前，你花了很多時間在 B2B 上。

And I wanted to see now that we're 6-plus months into the pandemic, I mean is COVID catalyzing accelerated growth in B2B for Visa?

現在我想看看我們已經進入大流行 6 個多月了，我的意思是 COVID 是否會促進 Visa 的 B2B 加速增長？

And if so, are there some supporting data points you might be able to share on that front?

如果是這樣，您是否可以在這方面分享一些支持數據點？

Well, I'll start, Jason, and Vasant can add.

好吧，我開始吧，Jason，Vasant 可以補充。

I would say that commercial B2B volume in the carded space is running pretty close to where you see consumer credit.

我想說的是，卡片領域的商業 B2B 交易量非常接近您看到的消費者信用。

So it definitely has been hit.

所以肯定是被擊中了。

And the line and its growth has been, as I said, fairly close to the credit line.

正如我所說，這條線及其增長已經相當接近信貸額度。

That said, we've continued to invest heavily on trying to promote virtual cards as more digital spending is going to take place in the B2B arena, and we're continuing to build out and invest in building out the B2B Connect network.

也就是說，隨著 B2B 領域將發生更多的數字支出，我們繼續大力投資於推廣虛擬卡，並且我們將繼續建設和投資建設 B2B Connect 網絡。

We're up and have the capability up and going in 80 countries.

我們已經在 80 個國家/地區建立並有能力發展。

We're looking to expand to the next 30 countries over the next year plus.

我們希望在明年將業務擴展到接下來的 30 個國家/地區。

And so we haven't really taken our investment dollars on building for the future down much at all in this area.

因此，在這個領域，我們並沒有真正將我們的投資資金用於建設未來。

But there's no question, the volume has been impacted by lots of people curtailing their spending and lots of employees around the world working from home.

但毫無疑問，數量受到許多人削減開支以及世界各地許多員工在家工作的影響。

Yes.

是的。

I mean just a little more color on the B2B side and the -- as Al said, in the card-based part of the business, we're seeing the small business side recover nicely.

我的意思是在 B2B 方面多一點色彩，正如 Al 所說，在基於卡的業務部分，我們看到小企業方面恢復得很好。

The large and medium-size side is the one that is still somewhat sluggish.

大中型方面還是有些呆滯的。

We don't have a big travel-related component in our card-based B2B business.

在我們的基於卡的 B2B 業務中，我們沒有與旅行相關的大型組件。

On B2B Connect, we continue to build the nodes.

在 B2B Connect 上，我們繼續構建節點。

A lot of interest, and we have some big new clients that will be ramping.

很感興趣，我們有一些新的大客戶將會增加。

And hopefully, we can tell you more about that in the next few quarters.

希望我們能在接下來的幾個季度裡告訴你更多關於這方面的信息。

And then in the very large AR, AP business, there continues to be interest.

然後在非常大的 AR、AP 業務中，人們繼續感興趣。

We are very focused on trying to figure out the use cases that have traction and how we create value, but I wouldn't say that there's any dramatic shift.

我們非常專注於試圖找出具有吸引力的用例以及我們如何創造價值，但我不會說有任何戲劇性的轉變。

It remains the category of people are trying to figure out a way to create value there.

它仍然是人們試圖找出一種在那裡創造價值的方法。

So we'll again tell you more as things develop.

因此，隨著事情的發展，我們將再次告訴您更多信息。

Our final question comes from Darrin Peller from Wolfe Research.

我們的最後一個問題來自 Wolfe Research 的 Darrin Peller。

We've seen, obviously, this uplift in the CNP transactions, both online and even off-line, similar with contactless.

顯然，我們已經看到 CNP 交易的這種提升，無論是在線還是離線，與非接觸式類似。

And I think we've been saying, and I think you guys have said also, there's -- your technology can handle more of that market share than other local or PIN networks given your investments.

而且我認為我們一直在說，而且我認為你們也說過，鑑於您的投資，您的技術可以處理比其他本地或 PIN 網絡更多的市場份額。

I guess, first of all, can you just make sure -- just verify if that's true, in your opinion?

我想，首先，你能確定——在你看來，驗證這是否屬實？

And then second of all, what kind of economic uplift is there from things like the CyberSource and fraud solutions you provide there?

其次，您在那裡提供的 CyberSource 和欺詐解決方案等對經濟有什麼推動作用？

And then Vasant, just a quick follow-up on the incentives comment you made about '21.

然後是 Vasant，只是對您對 21 年的激勵評論的快速跟進。

You mentioned incentives are, I think, 26% or so in fiscal '21.

您提到的激勵措施在 21 財年佔 26% 左右。

Does that assume that cross-border does not -- doesn't improve at all in fiscal '21 or it just stays basically October levels to get to that number?

這是否假設跨境沒有 - 在 21 財年根本沒有改善，或者它基本上保持在 10 月份的水平以達到這個數字？

Well, I mean what happens -- I'll take the second part first.

好吧，我的意思是會發生什麼——我先講第二部分。

What happens to cross-border is anybody's guess, right?

跨境會發生什麼是任何人的猜測，對吧？

So we gave you a range of 25.5% to 26.5%.

所以我們給了你 25.5% 到 26.5% 的範圍。

We have seen, let's say, a 6-point improvement from Q3 to Q4.

比方說，我們已經看到從第三季度到第四季度的 6 點改進。

From Q4, 41 down to where it's running in October is a 4-point improvement.

從第四季度開始，從 41 到 10 月份的運行水平提高了 4 個百分點。

So we've assumed some modest improvements through the year.

因此，我們假設這一年會有一些適度的改進。

So it's not saying that there's no improvement.

所以並不是說沒有改善。

Implied in there is some modest improvement.

暗示有一些適度的改進。

I think that's probably the best way to think about it.

我認為這可能是最好的思考方式。

But it is a range.

但它是一個範圍。

It's hard to estimate.

很難估計。

We've given you the best range.

我們為您提供了最佳範圍。

We'll tell you more as the year goes by.

隨著時間的流逝，我們會告訴你更多。

And then your first question, I don't know, Al, if you were going to take that.

然後你的第一個問題，我不知道，Al，你是否願意接受。

So I was -- so in the case of card-not-present, it's very, very good volume for us as we -- I think at Investor Day, we said that $0.15 in every dollar in the world today is -- in face-to-face is spent on a Visa card.

所以我 - 所以在沒有卡的情況下，這對我們來說非常非常好，因為我們 - 我認為在投資者日，我們說今天世界上每美元 0.15 美元是 - 面對面對面花費在 Visa 卡上。

In the card-not-present world, it's $0.43 on the dollar simply because cash comes out of the picture.

在沒有卡的世界裡，美元兌 0.43 美元僅僅是因為現金不存在。

And obviously, as fraud has migrated more to online, as chip on card has depressed fraud in the face-to-face world, that gives us an opportunity to work with issuers on driving down fraud by using various services and products that we can provide.

顯然，隨著欺詐越來越多地轉移到在線，卡芯片在面對面世界中抑制了欺詐，這使我們有機會與發卡行合作，通過使用我們可以提供的各種服務和產品來減少欺詐.

And somebody alluded to it earlier.

之前有人提到過。

I mean there's still -- in the card-not-present world, still real opportunity to drive up authorization rates.

我的意思是，在沒有卡的世界裡，仍然有提高授權率的真正機會。

I think it was a question asked relative to cross-border.

我認為這是一個與跨境相關的問題。

And clearly, cross-border authorization rates and card-not-present are lower than authorization rates domestically on card-not-present.

顯然，跨境授權率和無卡授權率低於國內無卡授權率。

But in both cases, versus face-to-face, there's real opportunity to increase authorization levels to drive more volume.

但在這兩種情況下，與面對面相比，確實有機會提高授權級別以推動更多交易量。

Darrin, you said something about contactless, too.

達林，你也提到了非接觸式。

Obviously, that's in the face-to-face world.

顯然，這是在面對面的世界中。

And we'll -- we continue to make and will continue to make real progress there.

我們將 - 我們繼續取得併將繼續在那裡取得真正的進展。

I think COVID will help accelerate the pace in the United States, which is the one market that's been much further behind.

我認為 COVID 將有助於加快美國的步伐，這是一個遠遠落後的市場。

I think I said in my remarks that contactless transactions represent 43% of face-to-face and across the globe, 65% excluding the United States, which gives you the magnitude of how far behind the U.S. is.

我想我在講話中說過，非接觸式交易占全球面對面交易的 43%，不包括美國的交易占 65%，這讓你知道美國落後了多遠。

I do think though that -- and maybe you meant click-to-pay, I do think click-to-pay will help as well accelerate card-not-present as well, particularly for people who are not card on file, but they're just logging on to buy for the first time, and they're doing -- they're being a guest.

我確實認為——也許你的意思是點擊支付，我確實認為點擊支付也有助於加速卡片不存在，特別是對於那些沒有卡在案的人，但他們'只是第一次登錄購買，他們正在做 - 他們正在成為客人。

So I think that there's real opportunity for click-to-pay to help build a better user experience there.

所以我認為點擊付費確實有機會幫助在那裡建立更好的用戶體驗。

So we certainly remain really bullish on what can happen in the card-not-present world.

因此，我們當然仍然非常看好在無卡世界中可能發生的事情。

We'd like to thank you for joining us today.

我們要感謝您今天加入我們。

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

如果您還有其他問題，請隨時致電或發送電子郵件給我們的投資者關係團隊。

Thanks again, and have a great evening.

再次感謝，祝您有個愉快的夜晚。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

You may disconnect at this time.

此時您可以斷開連接。