Visa Inc (V) 2024 Q3 法說會逐字稿

Third-quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to your host, Ms. Jennifer Como, Senior Vice President and Global Head of Investor Relations. Ms.Como, you may begin.

2024 年第三季財報電話會議。 （操作員指示）我現在將會議轉交給東道主、高級副總裁兼投資者關係全球主管 Jennifer Como 女士。科莫女士，您可以開始了。

Thank you. Good afternoon, everyone, and welcome to Visa's fiscal third-quarter 2024 earnings call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer; and Chris Suh, Visa's Chief Financial Officer. This call is being webcast on the Investor Relations section of our website at investor.visa.com. A replay will be archived on our site for 30 days.

謝謝。大家下午好，歡迎參加 Visa 2024 年第三季財報電話會議。今天加入我們的還有 Visa 執行長 Ryan McInerney；以及 Visa 財務長 Chris Suh。本次電話會議正在我們網站 Investor.visa.com 的投資者關係部分進行網路直播。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. 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 a result of many factors. Additional information concerning those factors is available in our most recent annual report on Form 10-K and any subsequent reports on Forms 10-Q and 8-K, which you can find on the SEC's website and the Investor Relations section of our website.

包含財務和統計要點的幻燈片已發佈在我們的投資者關係網站上。我還想提醒您，本簡報包含前瞻性陳述。這些陳述並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，請參閱我們最新的 10-K 表格年度報告以及 10-Q 和 8-K 表格後續報告，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。

Our comments today regarding our financial results will reflect revenue on a GAAP basis and all other results on a non-GAAP nominal basis unless otherwise noted. The related GAAP measures and reconciliation are available in today's earnings release and related materials available on our IR website. And with that, let me turn the call over to Ryan.

除非另有說明，我們今天對財務業績的評論將反映按 GAAP 計算的收入，以及按非 GAAP 名義計算的所有其他結果。相關的公認會計原則措施和調節可在今天的收益發布中找到，相關資料可在我們的投資者關係網站上找到。接下來，讓我把電話轉給瑞安。

Good afternoon, everyone. Thank you for joining us. We delivered strong third quarter results with $8.9 billion in net revenue, up 10% year-over-year, and EPS up 12%. Our key business drivers were relatively stable as compared to Q2, adjusted for leap year. In constant dollars, overall payments volume grew 7% year-over-year, US payments volume grew 5%, and international payments volume grew 10%. Cross-border volume excluding intra-Europe, rose 14%, and processed transactions grew 10% year-over-year. We recently received the results from our annual global client engagement survey where Visa achieved a global Net Promoter Score, or NPS, of 76, up 3 points from last year. We saw NPS increases across all of our client types, merchants, issuers, fintechs, and processors and across our regions, the results remain strong, with a notable 6-point NPS improvement in North America. I want to thank all of our 30,000 employees who helped deliver these fantastic results.

大家下午好。感謝您加入我們。我們第三季業績強勁，淨收入 89 億美元，年增 10%，每股收益成長 12%。經過閏年調整後，我們的主要業務驅動因素與第二季相比相對穩定。以不變美元計算，整體支付量年增 7%，美國支付量成長 5%，國際支付量成長 10%。不包括歐洲內部的跨國交易量成長 14%，處理的交易量較去年同期成長 10%。我們最近收到了年度全球客戶參與度調查的結果，其中 Visa 的全球淨推薦值 (NPS) 為 76，比去年上升了 3 個百分點。我們看到所有客戶類型、商家、發行機構、金融科技公司和處理商的 NPS 均有所增加，而且在我們的各個地區，結果仍然強勁，北美的 NPS 顯著提高了 6 個百分點。我要感謝我們所有幫助實現這些出色成果的 30,000 名員工。

And as I review some highlights from the quarter, you'll see how this focus on serving our clients by meeting their needs, innovating, and helping them grow is fueling our success across consumer payments, new flows, and value-added services. Let's start with consumer payments, where we see more than $20 trillion of opportunity to capture cash, check, ACH, domestic schemes and other forms of electronic payment. In our client engagement survey, our clients ranked our strategic partnership and our brand as two of the most important factors to our successful relationships. I'll share some examples of how each of these played out this quarter.

當我回顧本季的一些亮點時，您將看到透過滿足客戶需求、創新和幫助他們成長來為客戶提供服務的這一重點如何推動我們在消費者支付、新流程和增值服務方面取得成功。讓我們從消費者支付開始，我們看到超過 20 兆美元的機會來獲取現金、支票、ACH、國內計劃和其他形式的電子支付。在我們的客戶參與度調查中，我們的客戶將我們的策略夥伴關係和我們的品牌列為我們成功關係的兩個最重要因素。我將分享一些例子，說明這些因素在本季的表現。

In strategic partnerships, we are constantly seeking ways to add more value and grow together with our clients. We are pleased to have been named the Preferred Network Partner by Lloyds Banking Group, renewing our debit relationship and significantly expanding our relationship in credit, winning 10 million additional credit credentials across the group's consumer and commercial business. Also in the UK, NatWest has launched a new Visa Travel Reward credit card, following the signing of our partnership last year. They will also be utilizing many value-added services, including transaction controls and card benefits.

在策略夥伴關係中，我們不斷尋求增加更多價值並與客戶共同成長的方法。我們很高興被勞埃德銀行集團指定為首選網路合作夥伴，更新了我們的借方關係，並顯著擴展了我們的信貸關係，在集團的消費者和商業業務中贏得了1000 萬份額外的信貸憑證。同樣在英國，繼去年簽署合作夥伴關係後，NatWest 推出了新的 Visa 旅遊獎勵信用卡。他們還將利用許多增值服務，包括交易控制和卡片優惠。

On the European continent, we worked with Raiffeisen Bank International AG, a leading bank in several markets. And recently, in the Czech Republic and Romania, we renewed our commercial business and expanded our consumer debit and credit business totaling over two million potential new credentials. In Korea, we deepened our partnership with leading issuer KB Kookmin Card. Already a user of Visa Direct cross-border money movement and a Visa consumer and commercial issuer, they will grow their consumer credit and debit portfolios with Visa and use value-added services, including consulting and marketing services.

在歐洲大陸，我們與 Raiffeisen Bank International AG 合作，該銀行是多個市場的領先銀行。最近，在捷克共和國和羅馬尼亞，我們更新了商業業務，並擴大了消費者藉記卡和信貸業務，總計超過 200 萬個潛在新憑證。在韓國，我們加深了與領先發行人 KB Kookmin Card 的合作關係。他們已經是 Visa Direct 跨境資金流動的用戶以及 Visa 消費者和商業發行人，他們將透過 Visa 擴大其消費信貸和借記卡投資組合，並使用增值服務，包括諮詢和行銷服務。

In Peru, we extended our partnership with leading issuer, Banco de Credito de Peru, across consumer and commercial portfolios with plans to launch additional new flows offerings and value-added services. In the US, we extended our agreement with Wells Fargo. This will allow us to continue to support Wells Fargo's strategy to reinvent their credit business and provide additional growth by leveraging key Visa assets like consulting and Visa sponsorships such as FIFA and the Olympic and Paralympic Games. On the brand front, with the Olympic Games opening ceremony later this week, it is exciting to see the engagement with the Visa brand and activation across the world in marketing campaigns, cardholder experiences and Olympic and Paralympic-branded Visa issuance, which I am happy to report in Europe is at nearly 6 million cards compared to the five million number I quoted just last quarter.

在秘魯，我們將與領先發行人秘魯信貸銀行的合作夥伴關係擴展到消費者和商業投資組合，並計劃推出更多新的流量產品和增值服務。在美國，我們延長了與富國銀行的協議。這將使我們能夠繼續支持富國銀行重塑信貸業務的策略，並透過利用諮詢和 Visa 贊助（例如國際足總、奧運和殘奧會）等關鍵 Visa 資產來實現額外成長。在品牌方面，隨著本週稍後的奧運開幕式，我們很高興看到Visa 品牌在全球行銷活動、持卡人體驗以及奧運和殘奧品牌Visa 發行方面的參與和激活，我對此感到高興據報告，歐洲有近 600 萬張卡片，而我上個季度引用的數字為 500 萬張。

We have also added nearly 100,000 new merchant locations in France in advance of the event. Our brand also plays an important role in winning co-brand partnerships. In India, growing credit issuance and reaching affluent and cross-border consumers remain areas of focus. We are excited about the launch of a co-brand card with Adani One and ICICI Bank as India's first co-branded credit card with rich airport-linked benefits for their target base of 400 million customers through the Adani One platform.

活動前，我們還在法國新增了近 10 萬個商家分店。我們的品牌在贏得聯合品牌合作夥伴關係方面也發揮著重要作用。在印度，不斷增長的信貸發行以及覆蓋富裕和跨境消費者仍然是重點領域。我們很高興與 Adani One 和 ICICI 銀行推出聯名卡，這是印度第一張聯名信用卡，透過 Adani One 平台為其 4 億客戶群提供豐富的機場相關優惠。

We also signed an agreement to launch a new co-brand card with Tata Digital, along with an Indian banking partner, building on the success of our existing credit co-brand relationship. This new co-brand offering consists of a multicurrency prepaid foreign exchange card that will target travelers from India, also benefiting from the rewards of the Tata Digital Super App, Tata Neu. Across seven countries in Latin America, we will work with Unicomer, a major retailer and financial services provider with numerous brands to deliver a co-brand credit card in addition to using CyberSource. And in CEMEA, we reached a de novo co-brand arrangement with BinDawood, a leading grocer in the Kingdom of Saudi Arabia with 88 outlets and over five million loyalty program members.

我們還與 Tata Digital 以及一家印度銀行合作夥伴簽署了一項協議，在我們現有信貸聯合品牌關係的成功基礎上推出新的聯合品牌卡。這項新的聯合品牌產品包括多幣種預付外幣兌換卡，該卡將針對來自印度的旅行者，該卡還受益於塔塔數位超級應用程式 Tata Neu 的獎勵。在拉丁美洲的七個國家，我們將與 Unicomer（一家擁有眾多品牌的大型零售商和金融服務提供者）合作，除了使用 Cyber​​Source 之外，還提供聯名信用卡。在 CEMEA，我們與 BinDawood 達成了全新的聯合品牌協議，BinDawood 是沙烏地阿拉伯王國領先的雜貨商，擁有 88 家門市和超過 500 萬名忠誠度計畫會員。

On the travel side, we extended our relationship with Malaysia Airlines from a prepaid co-brand card targeting millennials and Gen Z customers to also launch a new co-brand credit card for the travel-minded affluent. And in the US, Turkish Airlines have chosen Visa to be their exclusive network partner for their new Miles and Smiles co-brand credit card. Our consumer payment strategy is focused on growing credentials as we are doing across all the partnerships I just mentioned and increasing acceptance locations. And wallets are a great example of where this comes together, where Visa can be a funding source, an embedded credential, and an accepted form of payment by wallet merchants.

在旅行方面，我們擴大了與馬來西亞航空的合作關係，從針對千禧世代和 Z 世代客戶的預付聯名卡，到面向熱衷旅行的富人推出了新的聯名信用卡。在美國，土耳其航空選擇 Visa 作為其全新 Miles and Smiles 聯名信用卡的獨家網路合作夥伴。我們的消費者支付策略專注於增加憑證，就像我們在我剛才提到的所有合作夥伴關係中所做的那樣，並增加接受地點。錢包就是一個很好的例子，Visa 可以成為資金來源、嵌入式憑證以及錢包商家可接受的支付方式。

This increases the value proposition for wallet providers and their users. Two wallet highlights this quarter are in Peru and Vietnam: Yape is a Peruvian super app with more than 15 million users who already have a Visa credential that enables them to send money across P2P via Visa Direct. And just recently, they launched Tap to Phone functionality for their more than 2 million merchants to accept Visa. And in Vietnam, a country with approximately 50 million wallet users, the three leading digital wallets, MoMo, VNPAY, and ZaloPay are now enabling their users to utilize Visa cards as a funding source for transactions at over 500,000 QR acceptance points managed by these wallets.

這增加了錢包提供者及其用戶的價值主張。本季的兩個錢包亮點來自秘魯和越南：Yape 是一款秘魯超級應用程序，擁有超過 1500 萬用戶，這些用戶已經擁有 Visa 憑證，使他們能夠透過 Visa Direct 透過 P2P 進行匯款。就在最近，他們推出了 Tap to Phone 功能，讓超過 200 萬商家接受 Visa。在擁有約 5,000 萬錢包用戶的越南，三大領先的數位錢包 MoMo、VNPAY 和 ZaloPay 現在允許其用戶使用 Visa 卡作為資金來源，在這些錢包管理的超過 50 萬個二維碼受理點進行交易。

One additional area that we are very focused on is delivering simple, easy, and secure checkout experiences. Let me share a few recent examples: first, we are integrating Click to Pay and the Visa Payment Passkey Service, enabling a customer to authenticate themselves using biometrics. Already, we have hundreds of issuers enabled for passkeys in Europe and a number of issuers who represent more than 50% of our e-commerce payments volume in Europe piloting the solution. Second, we crossed 10 billion tokens this quarter, a significant milestone. And in 2023 alone, Visa tokens helped generate more than an estimated $40 billion in incremental e-commerce revenue for businesses globally and saved more than $600 million in fraud.

我們非常關注的另一個領域是提供簡單、輕鬆且安全的結帳體驗。讓我分享一些最近的例子：首先，我們正在整合 Click to Pay 和 Visa 支付密碼服務，讓客戶能夠使用生物辨識技術來驗證自己的身分。我們已經在歐洲有數百家啟用了金鑰的發卡機構，並且占我們歐洲電子商務支付量 50% 以上的一些發卡機構正在試用該解決方案。其次，本季我們的代幣數量突破了 100 億，這是一個重要的里程碑。光是 2023 年，Visa 代幣就幫助全球企業增加了超過 400 億美元的電子商務收入，並避免了超過 6 億美元的詐欺行為。

Third is the ability to tap for more use cases on a mobile device. With tapping as one of the best in-person commerce experiences, we want to provide Visa users with more ways to tap, including Tap to Pay, tap to authenticate an identity, tap to add a card, or tap to send money to family or friends. And finally, this quarter, Tap to Pay grew 4 percentage points from last year to 80% of face-to-face transactions globally, excluding the US. In the US, we surpassed 50% and have 30 US cities above 60% penetration.

第三是能夠在行動裝置上挖掘更多用例。觸碰作為最佳的面對面商務體驗之一，我們希望為 Visa 用戶提供更多觸碰方式，包括觸碰付款、觸碰驗證身份、觸碰添加卡或觸碰向家人或朋友匯款。最後，本季度，Tap to Pay 較去年增長了 4 個百分點，佔全球（不包括美國）面對面交易的 80%。在美國，我們的滲透率超過了50%，美國有30個城市的滲透率超過了60%。

Now, moving on to new flows, this quarter, new flows revenue grew 18% year-over-year in constant dollars with Visa Direct overall transactions growing 41% for the quarter to 2.6 billion and commercial volumes up 7% year-over-year in constant dollars. Let me provide some updates, starting with B2B, where we have focused on penetrating new verticals and delivering innovative products and solutions. In health care, we will work with AXA and Paysure to launch a commercial virtual card solution to simplify the claims processes for their customers worldwide. We have also expanded our virtual card acceptance with a key business services provider, Cintas, who offers uniform, safety, and fire protection services to over one million customers.

現在，轉向新流程，本季新流程收入按固定美元計算同比增長 18%，Visa Direct 本季整體交易量增長 41%，達到 26 億筆，商業交易量同比增長 7%以不變美元計算。讓我提供一些最新情況，從 B2B 開始，我們專注於滲透新的垂直領域並提供創新的產品和解決方案。在醫療保健領域，我們將與 AXA 和 Paysure 合作推出商業虛擬卡解決方案，以簡化其全球客戶的索賠流程。我們還擴大了與主要商業服務提供者 Cintas 的虛擬卡受理範圍，該提供者為超過 100 萬名客戶提供製服、安全和消防服務。

Together with our partner, Billtrust, we will help Cintas streamline their payments, automate processes, and manage costs on Billtrust's Business Payments Network or BPN. We also just recently extended our long-standing BPN collaboration with Billtrust that connects suppliers and buyers to facilitate straight-through processing of virtual card payments with rich data that optimizes acceptance costs. Our products and solutions in B2B remain very important in winning and growing our business. One such solution is the enhanced B2B data that we can provide.

我們將與我們的合作夥伴 Billtrust 一起幫助 Cintas 簡化其付款、自動化流程並管理 Billtrust 商業支付網路 (BPN) 的成本。我們最近也擴展了與 Billtrust 的長期 BPN 合作，該合作將供應商和買家聯繫起來，利用豐富的數據促進虛擬卡支付的直通處理，從而優化接受成本。我們的 B2B 產品和解決方案對於贏得和發展我們的業務仍然非常重要。其中一個解決方案是我們可以提供的增強型 B2B 數據。

In Brazil, together with Solero, a leading business financial management solution, we will provide issuers with enhanced visibility into small business spend by aggregating data across cards, bank accounts, boletos and more, enabling them to better manage their client relationships and offer compelling products. Another solution is Spend Clarity, which provides expense program management, including card issuance, controls, and reporting. Wells Fargo has white-labeled our solution called Wells One Expense Manager, which has now onboarded 6,000 corporate clients representing over 1 million users, providing access to their spend data. Now moving on to Visa Direct, we continued to grow our transactions through expanded and new relationships. Over the past year, total Visa Direct cross-border P2P transactions have nearly doubled, with Europe and CEMEA being the largest regions.

在巴西，我們將與領先的企業財務管理解決方案Solero 合作，透過匯總銀行卡、銀行帳戶、Boletos 等數據，為發卡機構提供小型企業支出的更高可視性，使他們能夠更好地管理客戶關係並提供引人注目的產品。另一個解決方案是 Spend Clarity，它提供費用計劃管理，包括發卡、控制和報告。富國銀行(Wells Fargo) 為我們的名為Wells One Expense Manager 的解決方案貼上了白標標籤，該解決方案現已吸引了代表超過100 萬用戶的6,000 家企業客戶，提供對他們的支出數據的訪問。現在轉向 Visa Direct，我們透過擴大和新的關係繼續增加交易。過去一年，Visa Direct 跨境 P2P 交易總量幾乎翻了一番，其中歐洲和 CEMEA 是最大的地區。

In CEMEA, we are very excited to have renewed our Visa Direct relationship with fintech Monobank in addition to renewing their consumer and commercial credit, debit, and prepaid portfolios. In Asia Pacific, we are partnering with China Zhongsheng Bank on cross-border capabilities, including Visa Direct and Currencycloud, allowing the bank to support cross-border payments for their merchant clients. Canadian fintech Nuvei has extended its agreement with us for Visa Direct across all cross-border use cases in more than 30 countries for their merchant clients and recently became the first Visa Direct enabler in Colombia. We also executed our first global agreement with WorldRemit and Sendwave, enabling their customers to eventually send Visa Direct cross-border remittances from 50 countries to recipients in 130 countries.

在 CEMEA，我們非常高興能夠與金融科技 Monobank 續簽 Visa Direct 合作關係，並更新他們的消費者和商業信貸、金融卡和預付投資組合。在亞太地區，我們與中國中盛銀行在跨境功能方面進行合作，包括 Visa Direct 和Currencycloud，使該銀行能夠為其商家客戶提供跨境支付支援。加拿大金融科技公司 Nuvei 已將其與我們的 Visa Direct 協議擴展到 30 多個國家/地區的所有跨境用例，為其商業客戶提供服務，並於最近成為哥倫比亞首個 Visa Direct 推動者。我們還與 WorldRemit 和 Sendwave 簽署了第一份全球協議，使他們的客戶最終能夠從 50 個國家/地區向 130 個國家的收款人發送 Visa Direct 跨境匯款。

Quickly, a leading South Asian marketplace, has enabled Visa Direct cross-border remittance solutions for US customers to send money to relatives and friends in India and the rest of South Asia. And in earned wage access, we reached an agreement with Weaver, a UK-based embedded finance provider. In addition to card issuance, they will be utilizing Visa Direct to enable Weaver's business clients to offer employee expense reimbursement, reward and recognition, and earned wage access. Earned wage access provider PayActiv, who serves 4,000 businesses has renewed its agreement with us and will enable Visa+ for payouts.

南亞領先的市場 Quickly 已啟用 Visa Direct 跨國匯款解決方案，協助美國客戶向印度和南亞其他地區的親友匯款。在賺取薪資方面，我們與英國嵌入式金融提供者 Weaver 達成了協議。除了發卡之外，他們還將利用 Visa Direct 幫助 Weaver 的企業客戶提供員工費用報銷、獎勵和認可以及工資獲取。為 4,000 家企業提供服務的薪資接取供應商 PayActiv 已與我們續約協議，並將啟用 Visa+ 進行付款。

Similarly, we expanded our relationship with enabler, Astra. In addition to domestic disbursements, Astra will now offer cross-border emittances, implement Visa+ to reach domestic wallets in the US, and expand to additional use cases, including payroll, earned wage access and marketplaces. Visa+ is still in the early stages but is fully rolled out and live for PayPal and Venmo users and more providers continue to join the platform. Wrapping up new flows, we also renewed an agreement with FIS, an important issuer processing partner to enable a suite of value-added services and new flows capabilities for their clients, including Visa Direct.

同樣，我們擴大了與推動者 Astra 的關係。除了國內支付之外，Astra 現在還將提供跨境匯款、實施 Visa+ 以到達美國國內錢包，並擴展到其他用例，包括工資單、工資准入和市場。 Visa+ 仍處於早期階段，但已全面推出並面向 PayPal 和 Venmo 用戶開放，並且更多提供者將繼續加入該平台。在完成新流程的同時，我們也與重要的發行人處理合作夥伴 FIS 續簽了協議，為其客戶提供一系列增值服務和新流程功能，包括 Visa Direct。

And now on to value-added services, where revenue was up 23% in the third quarter in constant dollars. Let me highlight some of the progress we have made in driving adoption and growth among our value-added services portfolio. First in issuing solutions, one area of strong revenue growth this quarter was in card benefits, where we enable our clients to offer unique value propositions tailored to their customer base in travel, entertainment, restaurants, insurance and more. Strong issuance in premium cards across most of our regions has fueled this growth in the third quarter.

現在來看加值服務，以固定匯率計算，第三季營收成長了 23%。讓我重點介紹一下我們在推動增值服務組合的採用和成長方面取得的一些進展。首先在發行解決方案方面，本季營收強勁成長的一個領域是卡片福利，我們使客戶能夠為其旅遊、娛樂、餐廳、保險等領域的客戶群提供量身定制的獨特價值主張。我們大多數地區優質卡的強勁發行推動了第三季的成長。

For example, in Latin America, travel benefits have grown with over 370,000 unique visits to our Visa Infinite Airport Lounge in Brazil, representing customers from a number of leading issuers. In addition, since its launch in 2022, our Visa Infinite Fast Pass in Brazil, which allows cardholders to get through airport security more quickly, has screened over one million travelers. These are among the top five card benefits in Brazil and deliver value to customers, issuers and Visa. We continue to add more benefits like the recently launched partnership with OpenTable to offer eligible Visa cardholders access to coveted restaurant reservations and experiences in the US, with plans to expand into Canada and Mexico.

例如，在拉丁美洲，旅遊福利有所增加，巴西 Visa Infinite 機場休息室的獨立訪問次數超過 37 萬次，其中包括來自多家領先發卡機構的客戶。此外，自 2022 年推出以來，我們在巴西推出的 Visa 無限快速通行證（使持卡人能夠更快地通過機場安檢）已篩選了超過 100 萬名旅客。這些都是巴西信用卡的五大優勢之一，為客戶、發卡機構和 Visa 帶來價值。我們繼續增加更多優惠，例如最近與 OpenTable 建立的合作夥伴關係，為符合資格的 Visa 持卡人提供令人垂涎的美國餐廳預訂和體驗，並計劃擴展到加拿大和墨西哥。

In Acceptance Solutions, third quarter growth was driven by increasing utilization across both token and e-commerce-related services. In e-commerce, one such example is with iFood, the largest food delivery platform in Brazil who is utilizing our Verifi solution to help prevent disputes before they become chargebacks. In addition, they will be using our authentication solutions. In Risk & Identity Solutions, we continued to see strong adoption by new and existing clients, driven in part by growth in card-not-present transactions.

在驗收解決方案中，第三季的成長是由代幣和電子商務相關服務利用率的提高所推動的。在電子商務中，iFood 就是這樣的一個例子，它是巴西最大的食品配送平台，它利用我們的 Verifi 解決方案來幫助防止爭議，避免爭議變成退款。此外，他們將使用我們的身份驗證解決方案。在風險和身分解決方案方面，我們繼續看到新客戶和現有客戶的大力採用，部分原因是無卡交易的成長。

In North America, acquirer Worldpay will be expanding their use of our authentication solutions from CardinalCommerce, fostering collaboration and real-time enhanced data exchange between Worldpay merchants and issuers during card-not-present transactions, reducing fraud and allowing more transactions to be properly authenticated and authorized securely. We are also pleased that the pilot of our account-to-account risk scoring solution Visa Protect with Pay. UK has had great results, showing an average 40% uplift in fraud detection over the 3-month pilot period. In addition, we are now launching Visa Protect in Argentina with a core payments technology company, Celsa after successfully piloting the solution there as well.

在北美，收單方 Worldpay 將擴大對 CardinalCommerce 身份驗證解決方案的使用，在無卡交易期間促進 Worldpay 商家和發卡機構之間的協作和即時增強的資料交換，減少詐欺並允許更多交易得到正確身份驗證並安全授權。我們也很高興我們的帳戶到帳戶風險評分解決方案 Visa Protect with Pay 試行。英國取得了巨大的成果，在 3 個月的試點期間，詐欺偵測率平均提高了 40%。此外，在成功試點解決方案後，我們現在正在阿根廷與核心支付技術公司 Celsa 合作推出 Visa Protect。

The last two value-added services are open banking and advisory services. We continue to sign new partners with Tink in Europe and the US. And as I mentioned earlier, we continue to see strong growth in client demand for our consulting and marketing services, particularly around marquee events such as the Olympic and Paralympic Games. Our value-added services portfolio solutions is strong and is driving meaningful growth for our clients and for Visa.

最後兩項加值服務是開放銀行和諮詢服務。我們繼續在歐洲和美國與 Tink 簽署新的合作夥伴。正如我之前提到的，我們繼續看到客戶對我們的諮詢和行銷服務的需求強勁增長，特別是圍繞奧運會和殘奧會等大型活動。我們的加值服務組合解決方案非常強大，正在為我們的客戶和 Visa 帶來有意義的成長。

Before I close, I wanted to speak to the fact that the settlement reached for the injunctive relief class was rejected by the court. We are, of course, disappointed with this decision. We believe that the prior settlement provided meaningful relief to all merchants and we will continue to work towards another settlement. To close, so far this fiscal year, we have seen strong revenue and EPS growth as a result of relatively stable volume and transaction growth.

在結束之前，我想談談針對禁制令救濟達成的和解被法院駁回的事實。當然，我們對這個決定感到失望。我們相信先前的和解為所有商家提供了有意義的救濟，我們將繼續努力爭取另一次和解。最後，本財年迄今，由於交易量和交易量相對穩定的成長，我們看到了強勁的營收和每股盈餘成長。

I remain very excited about the opportunity that lies ahead of us. At Visa, we come to work in service of our clients and partners and are focused on building and deploying the best solutions possible across consumer payments, new flows, and value-added services. Now, over to Chris.

我對擺在我們面前的機會仍然感到非常興奮。在 Visa，我們致力於為客戶和合作夥伴提供服務，並專注於在消費者支付、新流程和增值服務方面建立和部署最佳解決方案。現在，輪到克里斯了。

Thanks, Ryan. Good afternoon, everyone. In Q3, we had another strong quarter with relatively stable growth across payments volume, cross-border volume, and processed transactions when compared to Q2, adjusted for leap year. In constant dollars, global payments volume was up 7% year-over-year and cross-border volumes, excluding intra-Europe, was up 14% year-over-year; processed transactions grew 10% year-over-year. Fiscal third quarter net revenue was up 10% in both GAAP and constant dollars, in line with our expectations.

謝謝，瑞安。大家下午好。第三季度，我們又經歷了一個強勁的季度，與第二季度相比，支付量、跨境交易量和處理的交易量均出現相對穩定的增長（針對閏年進行了調整）。以不變美元計算，全球支付量年增 7%，跨國交易量（不包括歐洲內部）較去年同期成長 14%；處理的交易量較去年同期成長 10%。以 GAAP 和不變美元計算，第三財季淨收入成長 10%，符合我們的預期。

EPS was up 12% year-over-year and 13% in constant dollars. Now let's go into the details, in the US, payment volumes growth numbers were generally in line with Q2 adjusted for leap year, with total Q3 payments volume growing 5% year-over-year, with credit and debit also growing 5%. Card-present volume grew 2% and card-not-present volume grew 7%. In the US, while growth in the high spend consumer segment remained stable compared to prior quarters, we saw a slight moderation in the lower spend consumer segment.

每股盈餘較去年同期成長 12%，以不變美元計算成長 13%。現在讓我們詳細了解一下，在美國，支付量成長數字與閏年調整後的第二季基本一致，第三季支付總量年增 5%，信用卡和金融卡也成長 5%。出示卡數量增加了 2%，無卡數量增加了 7%。在美國，雖然高支出消費者群體的成長與前幾季相比保持穩定，但我們看到低支出消費者群體的成長略有放緩。

Moving to international markets, total payments volume was up 10% in constant dollars, relatively stable with Q2 when adjusted for leap year. Payments volume growth rates were strong for the quarter in most major regions, with Latin America, CEMEA, and Europe ex UK each growing more than 16% in constant dollars. Asia Pacific payments volume slowed to less than 0.5 point of year-over-year growth in constant dollars for the quarter, driven primarily by the macroeconomic environment, most notably in Mainland China. Now, to cross-border volume, which I will speak to today in constant dollars and excluding intra-Europe transactions.

轉向國際市場，以固定美元計算，總支付量成長了 10%，與閏年調整後的第二季相比相對穩定。本季大多數主要地區的支付量成長率均強勁，其中拉丁美洲、CEMEA 和歐洲（英國除外）以不變美元計算均成長超過 16%。本季亞太地區的支付量以固定美元計算年增率放緩至不到 0.5 個百分點，這主要是受到宏觀經濟環境（尤其是中國大陸）的推動。現在，談到跨國交易量，我今天將以不變美元計算，不包括歐洲內部交易。

Total cross-border volume was up 14% in Q3, relatively stable to Q2 adjusted for leap year. Cross-border card-not-present volume growth, excluding travel and adjusted for cryptocurrency purchases, was in the mid-teens, helped by continued strength in retail. Cross-border travel volume growth was also up in the mid-teens or 157% indexed to 2019. This quarter, we saw the inbound Asia Pacific Index improve nine points at a similar pace to Q2 to 151% of 2019.

第三季跨境交易總量成長 14%，與閏年調整後的第二季相比相對穩定。在零售業持續強勁的推動下，跨境無卡交易量成長（不包括旅行並根據加密貨幣購買進行調整）為十幾歲左右。跨國旅遊量成長也達到了157%，較2019 年成長了157%。 %。

The improvement in Asia Pacific outbound travel, however, slowed from Q2 with the index increasing by less than one point to 125% of 2019. We continue to see the same primary drivers as last quarter with some additional pressure from macroeconomic conditions. Now, let's review our third quarter financial results. I'll start with the revenue components. Service revenue grew 8% year-over-year versus the 8% growth in Q2 constant dollar payments volume, with revenue yield improving sequentially and versus last year due to improving utilization of card benefit.

然而，亞太地區出境遊的改善較第二季度有所放緩，該指數增幅不到1 個百分點，達到2019 年的125%。帶來了一些額外壓力。現在，讓我們回顧一下我們第三季的財務表現。我將從收入部分開始。服務收入年增 8%，而第二季固定美元支付量成長 8%，由於卡片福利利用率提高，收入收益率比去年同期有所提高。

Data processing revenue grew 9% versus 10% processed transaction growth with the revenue yield generally in line sequentially and versus last year. International transaction revenue was up 9% versus the 14% increase in constant dollar cross-border volume, excluding intra-Europe, impacted by lapping higher currency volatility from last year. Volatility levels remain consistent on average to last quarter. Other revenue grew 31%, primarily driven by strong consulting and marketing services revenue related to the Olympics and, to a lesser extent, pricing; client incentives grew 11%.

數據處理收入成長 9%，處理交易成長 10%，收入收益率與去年基本一致。國際交易收入成長了 9%，而以固定匯率計算的跨國交易量增加了 14%（不包括歐洲內部），這是受到去年貨幣波動事件的影響。波動率水準與上季平均保持一致。其他收入成長 31%，主要受到與奧運相關的強勁諮詢和行銷服務收入以及較小程度的定價的推動；客戶激勵措施成長了 11%。

Now, on to our three growth engines: consumer payments growth was driven by relatively stable payments volume, cross-border volume, and processed transaction growth. New flows revenue grew 18% year-over-year in constant dollars. Visa Direct transactions grew 41% year-over-year, helped by growth in Latin America for interoperability among P2P apps. Commercial volumes rose 7% year-over-year in constant dollars. In Q3, value-added services revenue grew 23% in constant dollars to $2.2 billion, primarily driven by Issuing and Acceptance Solutions and Advisory Services.

現在，談談我們的三個成長引擎：消費者支付成長是由相對穩定的支付量、跨境交易量和已處理交易成長所推動的。以不變美元計算，新流量收入年增 18%。 Visa Direct 交易年增 41%，這得益於拉丁美洲 P2P 應用程式互通性的成長。以不變美元計算，商業銷量較去年同期成長 7%。第三季度，增值服務收入以不變美元計算成長 23%，達到 22 億美元，這主要是由發行和受理解決方案以及諮詢服務推動的。

Operating expenses grew 14%, primarily due to increases in general and administrative personnel and marketing expenses, including spend related to the Olympics. FX was 0.5 point drag versus the 1.5 point benefit we expected. Pismo represented an approximately 1 point drag. Nonoperating income was $73 million. Our tax rate was 18.8% and EPS was $2.42, up 12% over last year, inclusive of an approximately 1.5 point drag from exchange rates and an approximately 0.5 point drag from Pismo. In Q3, we bought back approximately $4.8 billion in stock and distributed over $1 billion in dividends to our stockholders. At the end of June, we had $18.9 billion remaining in our buyback authorization. Now let's move to what we've seen so far in July through the 21st with volume growth in constant dollars. Cross-border is excluding intra-Europe.

營運費用增加 14%，主要是由於一般和行政人員以及行銷費用（包括與奧運相關的支出）的增加。外匯市場受到 0.5 點的拖累，而我們預期為 1.5 點的收益。 Pismo 代表了大約 1 點的阻力。非營業收入為 7,300 萬美元。我們的稅率為 18.8%，每股收益為 2.42 美元，比去年增長 12%，其中包括匯率約 1.5 個百分點的拖累和 Pismo 約 0.5 個百分點的拖累。第三季度，我們回購了約 48 億美元的股票，並向股東分配了超過 10 億美元的股利。截至 6 月底，我們的回購授權還剩 189 億美元。現在讓我們來看看 7 月至 21 日為止我們所看到的以固定美元計算的銷售成長情況。跨境不包括歐洲內部。

US payments volume was up 4% with debit up 4% and credit up 3% year-over-year. The slight deceleration from Q3 does not appear to be from any one factor but likely a number of smaller factors such as weather, timing of promotional shopping events, and the technology outage, among others. Cross-border volume grew 13% year-over-year, below Q3 levels with travel-related volume growing slightly less, which continued to be impacted by Asia Pacific and card-not-present ex travel volume growing at similar levels to Q3. Processed transactions grew 9% year-over-year. Now on to our expectations.

美國支付量年增 4%，其中藉方成長 4%，貸方成長 3%。第三季的略有放緩似乎不是由任何一個因素造成的，而可能是由許多較小的因素造成的，例如天氣、促銷購物活動的時間安排以及技術中斷等。跨境交易量年增 13%，低於第三季的水平，其中與旅行相關的交易量增長略有放緩，這繼續受到亞太地區和無卡旅行量增長與第三季度類似水平的影響。處理的交易量較去年同期成長 9%。現在我們的期望。

Remember that adjusted basis is defined as non-GAAP results in constant dollars and excludes acquisition impacts. You can review these disclosures in our earnings presentation for more detail. Let's start with the fourth quarter, we expect payments volume and processed transactions to grow at a similar rate to Q3. For total cross-border volume growth, we are expecting to end up slightly below Q3.

請記住，調整後的基礎被定義為以不變美元計算的非公認會計原則結果，並且不包括收購影響。您可以在我們的收益報告中查看這些揭露內容以了解更多詳細資訊。讓我們從第四季度開始，我們預計支付量和處理的交易將以與第三季類似的速度成長。對於跨境交易總量成長，我們預計最終將略低於第三季。

Currency volatility continues to average around four-year lows through July 21. And as such, we are making an adjustment to currency volatility expectations for Q4, now assuming volatility will stay in line with Q3 levels. Incentives are expected to be at their lowest growth rate all year. Pulling it all together, we expect adjusted net revenue growth in the low double digits, which equates to a slight improvement from the 10% adjusted revenue growth rate in the third quarter.

截至 7 月 21 日，貨幣波動率繼續平均在四年低點附近。激勵措施預計將處於全年最低成長率。綜合考慮，我們預計調整後淨收入成長率將達到低兩位數，這相當於第三季 10% 的調整後收入成長率略有改善。

We expect our Q4 adjusted operating expenses to grow in the high single digits. Nonoperating income is expected to be between $40 million and $50 million. The tax rate is expected to be between 19% and 19.5% in Q4, which puts Q4 adjusted EPS growth rate in the high end of low double digits. Moving to the full year, with three quarters now complete, our expectations for full year adjusted net revenue growth remains unchanged from what we shared at the start of the year.

我們預計第四季度調整後的營運費用將以高個位數成長。非營業收入預計在 4,000 萬至 5,000 萬美元之間。第四季的稅率預計在 19% 至 19.5% 之間，這使得第四季度調整後每股收益成長率處於低兩位數的高端。展望全年，三個季度現已結束，我們對全年調整後淨收入成長的預期與年初的預期保持不變。

Whilst absorbing the impact of lower currency volatility and the macroeconomic challenges in Asia, which have affected volumes, we still expect to reach low double-digit adjusted net revenue growth for the full year. Full year adjusted operating expense growth will be in the high single digit to low double digits, reflecting the less favorable impact of FX. This keeps full year adjusted EPS growth in the low teens. In closing, we delivered strong results this quarter with new flows and value-added services revenue growing faster than consumer payments.

在吸收貨幣波動性降低和亞洲宏觀經濟挑戰影響銷售的同時，我們仍預期全年調整後淨收入成長將達到兩位數的低水準。全年調整後營運費用成長將在高個位數到低兩位數之間，反映出外匯的不利影響。這使得全年調整後每股收益成長率保持在十幾歲以下。最後，我們本季取得了強勁的業績，新流量和增值服務收入的成長速度快於消費者支付。

We extended our existing relationships, won new clients and invested to develop innovative products and solutions, all positioning us for continued growth into the future. So now Jennifer, it's time for some Q&A.

我們擴展了現有的關係，贏得了新客戶，並投資開發創新產品和解決方案，所有這些都為我們未來的持續成長奠定了基礎。現在，詹妮弗，是時候進行一些問答了。

Thanks, Chris. And with that, we're ready to take questions.

謝謝，克里斯。至此，我們準備好回答問題了。

(Operator Instructions) Darrin Peller, Wolfe Research.

（操作員說明）Darrin Peller，Wolfe Research。

Look, let me just start. The US volume growth rate obviously is a bit softer. And if you could help us distill what you consider structural versus cyclical, I think that would be a good place to start. But adding on to it really is just the ability for you to grow double-digit revenue with only 4%, 5%, 6%, mid-single-digit US volume growth is coming from value-added services, it's coming from cross-border.

聽著，讓我開始吧。美國的銷售成長率顯然要軟一些。如果你能幫助我們提煉出你所認為的結構性與週期性的東西，我認為這將是一個很好的起點。但加上它實際上只是你有能力實現兩位數的收入成長，只有 4%、5%、6%，美國中個位數的銷售成長來自增值服務，來自跨領域邊界。

Can you help us understand if that kind of trend you believe the company has that capability to grow those rates on revenues even in this context of U.S. volume trends?

您能否幫助我們了解您認為公司是否有能力在美國銷售趨勢的背景下提高收入率？

Darrin, so let me start with the U.S. Let me start with the first part of your question, and then we'll maybe get in to zoom out and talk about maybe the long-term question. So in the U.S. in Q3, we did see stable drivers relative to Q2 once you adjust for leap year. That's 5% payment volumes growth in the third quarter. In the 21 days since, in July, that number did tick down to 4%. Maybe I'll just sort of give you the full arc of what we're seeing. So 4%, to just level set on those numbers, 4% in the 21 days versus 5% in Q3. And so for that, we did stare at a lot of the drivers, the factors that impacted those 3 weeks, and there was a lot going on. I referenced a few of them on the call and maybe I'll expand on those a bit.

達林，讓我從美國開始。因此，在美國第三季度，一旦調整閏年，我們確實看到相對於第二季的穩定驅動因素。第三季支付量成長了 5%。自 7 月以來的 21 天裡，這一數字確實下降至 4%。也許我會向您提供我們所看到的完整情況。所以 4%，按照這些數字設定的水平，21 天內為 4%，而第三季為 5%。為此，我們確實關注了很多驅動因素，以及影響這三週的因素，並且發生了很多事情。我在電話會議中提到了其中的一些內容，也許我會對此進行一些擴展。

First, we had a major hurricane, Hurricane Beryl. It impacted Texas and other parts of the U.S. nearby. The second, I referenced the timing of promotional e-commerce events. Maybe I can expand on that a little bit. The timing this year was later and in e-commerce customers are billed when the goods are shipped. And so some of that shipping period fell out of that 21 (sic) [ 21-day ] period, so we had a little bit of difference in the 21-day period to the comparable a year ago. And third, obviously, the major tech outage that happened at the end of last week, that also had some impact. So when we look at that, no single factor drove that 1 point of change from Q3 to the first part of July. But all things considered, we actually feel pretty good about the 3-week results. Now the second part of your question really was around sort of the low double digits in the context of cross-border, VAS, and CMS. I'll sort of back into the question. We've had consistent strong performance in VAS, over $2 billion of revenue, over 20% growth for many quarters consecutively. And we're seeing strength across the business in issuing solutions and acceptance and advisory. That's a business that we feel great about the momentum in.

首先，我們經歷了一場重大颶風，颶風貝裡爾。它影響了德克薩斯州和附近的美國其他地區。第二，我提到了電子商務促銷活動的時機。也許我可以稍微擴充一下。今年的時間安排較晚，在電子商務中，客戶是在貨物發貨時才計費的。因此，其中一些運輸期限超出了 21（原文如此）[ 21 天] 期限，因此我們在 21 天期限內與一年前的可比期限略有不同。第三，顯然，上週末發生的重大技術中斷也產生了一些影響。因此，當我們審視這一點時，沒有任何單一因素導致第三季到 7 月初出現 1 個百分點的變化。但考慮到所有因素，我們實際上對三週的結果感覺非常好。現在，您問題的第二部分實際上是圍繞跨境、VAS 和 CMS 背景下的低兩位數數字。我會回到這個問題。我們在加值服務領域一直表現強勁，營收超過 20 億美元，連續多個季度成長超過 20%。我們看到整個企業在發布解決方案、接受和諮詢方面的實力。我們對這項業務的發展勢頭感到非常高興。

With our new flows business, 18% growth, as Ryan talked about, in the quarter. That's the second quarter in a row where we're seeing growth in the teens. Great execution, stable volumes and Visa Direct transactions growing at a high level. As you know, that business also quarter-to-quarter can vary a little bit in the growth rates that we saw in the first half of the year. But all in all, I feel really good about the continued strength in that business. And then cross-border, well, cross-border. Maybe I'll just zoom out a little bit and talk about cross-border and what we've seen over the course of time. If you recall pre pandemic, cross-border grew, travel grew sort of in the high single digits to low double digits, and e-commerce, which is about 1/3 of the business, grew into the teens, sometimes into the mid-teens. Obviously, the pandemic happened. Travel really contracted, e-commerce grew faster and since then. Now post pandemic, what we're seeing now is that e-commerce is roughly 40% of the business. And the growth rate has normalized, it stabilized back to pre-pandemic levels. And so let's say, teens growth on e-commerce on 40% of the cross-border business. Travel after the post-pandemic run-up has normalized. It's a little hard to tell exactly where that -- where it's going to stabilize at but we've seen high growth. We've seen it continue to normalize. But what we do know structurally is that with e-commerce being a bigger portion of the business, that's a tailwind to the total cross-border growth. And so we are confident that, that will continue to be healthy relative to the domestic spend. I'll pause there and certainly, if there's anything else to add, Ryan or others, please jump in.

正如 Ryan 所說，我們的新流量業務在本季度實現了 18% 的成長。這是我們連續第二季看到青少年人數的成長。出色的執行力、穩定的交易量以及 Visa Direct 交易的高水準成長。如您所知，我們在上半年看到的業務成長率也可能會因季度而略有不同。但總而言之，我對該業務的持續強勁感到非常滿意。然後跨境，嗯，跨境。也許我會稍微縮小範圍，談談跨國以及我們隨著時間的推移所看到的情況。如果你還記得疫情大流行之前，跨國成長，旅遊成長從高個位數到低兩位數，而電子商務（約佔業務的 1/3）成長到十幾歲，有時甚至成長到中年。青少年。顯然，大流行發生了。從那時起，旅行確實減少了，電子商務成長得更快。現在疫情過後，我們看到電子商務約佔業務的 40%。成長率已經正常化，穩定回到大流行前的水平。這麼說吧，青少年電子商務成長佔跨境業務的 40%。大流行後的旅行已經正常化。很難確切地說出它會穩定在哪裡，但我們已經看到了高速成長。我們看到它繼續正常化。但從結構上我們確實知道，隨著電子商務在業務中所佔的比例越來越大，這將成為整體跨境成長的推動力。因此，我們相信，相對於國內支出而言，這將繼續保持健康。我會在這裡暫停，當然，如果還有什麼要補充的，瑞安或其他人請加入。

No, nothing to add for me, Chris.

不，克里斯，我沒什麼好補充的。

Next, we'll go to the line of Andrew Jeffrey from William Blair.

接下來，我們將轉到威廉布萊爾的安德魯傑弗裡的路線。

Very impressive value-added services growth this quarter at 23%, and I think as you mentioned, Chris, it's approaching 25% of total revenue, so perhaps driving more than half of your consolidated revenue growth. Can you talk a little bit about at what point we might expect value-added services to sort of bend up the growth curve of Visa consolidated?

本季增值服務成長了 23%，令人印象深刻，我認為正如您所提到的，Chris，它接近總收入的 25%，因此可能會推動您一半以上的綜合收入成長。您能談談我們預計加值服務何時會拉動 Visa 合併的成長曲線嗎？

It's Ryan, Andrew. Thanks for the question. And yes, we're very excited about not only what we delivered in terms of value-added services growth for the quarter. What we've been delivering consistently for several years now since we shared with you all the strategy and kind of became very purposeful about our go-to-market approach. I mean, you go back to I think it was 2021, we did about $5 billion in revenue, 2022, $6 billion. Last year was $7 billion. Like you said, we did $2.2 billion this quarter, up 23%. So I think what we've shown is that we have delivered consistent growth quarter after quarter and year after year in these businesses. And we're super optimistic about where we go from here. I mean, we think about the opportunities really in 3 different segments. The first is we have a series of value-added services, some of which Chris outlined in his previous answer that are very focused on enhancing value for Visa transactions. Risk products like Visa Secure, dispute tools like Visa Resolve Online, card benefits, like I mentioned in my prepared remarks. And we've -- that has historically been the largest part of our value-added services business, and we've shown that we can drive great growth in that area. Increasingly, we're building out a set of services that add value for non-Visa transactions. We've done some things in this space before. Some of our platforms like CyberSource, Authorize.net, Verifi. But then you've heard me talk in the last couple of quarters about expanding our risk capabilities, for example, to not just other card networks but also to RFCP and account-to-account services. And I mentioned the great results we've had in both the U.K. and in Argentina on that front. And then the third area of opportunity for us is expanding our value-added services beyond payments. Historically, we've had things like Visa Consulting and Analytics and our marketing services and some of the open banking services delivered by Tink, but we're continuing to build out a portfolio of value-added services for our clients and partners beyond payments things, like the cyber protection capabilities that we've been bringing to market. So we've demonstrated consistent growth. We believe we'll be able to continue to demonstrate consistent growth. We've got a product pipeline and a go-to-market approach all over the world with a diverse set of clients, and we feel good about the opportunity.

我是瑞安，安德魯。謝謝你的提問。是的，我們不僅對本季增值服務的成長感到非常興奮。自從我們與您分享所有策略以來，我們多年來一直在持續提供我們的市場策略，並且變得非常有目的。我的意思是，你回到我認為 2021 年，我們的收入約為 50 億美元，2022 年，我們的收入為 60 億美元。去年是 70 億美元。正如您所說，本季我們的營收為 22 億美元，成長 23%。因此，我認為我們所展示的是，我們在這些業務中實現了季復一季、年復一年的持續成長。我們對未來的發展非常樂觀。我的意思是，我們實際上考慮了三個不同領域的機會。首先是我們有一系列增值服務，Chris 在先前的回答中概述了其中一些服務，這些服務非常注重提高 Visa 交易的價值。 Visa Secure 等風險產品、Visa Resolve Online 等爭議工具、卡片福利，正如我在準備好的演講中所提到的。從歷史上看，這一直是我們增值服務業務的最大部分，而且我們已經證明，我們可以推動該領域的巨大成長。我們正在越來越多地建立一套為非 Visa 交易增值的服務。我們之前已經在這個領域做了一些事情。我們的一些平台，如 Cyber​​Source、Authorize.net、Verifi。但是，您在過去幾個季度中聽到我談論擴大我們的風險能力，例如，不僅擴展到其他卡網絡，還擴展到 RFCP 和帳戶到帳戶服務。我提到了我們在英國和阿根廷在這方面取得的巨大成果。我們的第三個機會領域是將我們的增值服務擴展到支付之外。從歷史上看，我們已經擁有 Visa 諮詢和分析、行銷服務以及 Tink 提供的一些開放銀行服務等服務，但我們將繼續為我們的客戶和合作夥伴建立除支付之外的增值服務組合，就像我們一直推向市場的網路保護功能。因此，我們表現出了持續的成長。我們相信我們將能夠繼續表現出持續的成長。我們擁有遍佈全球的產品線和進入市場的方法，擁有多元化的客戶，我們對這個機會感到很高興。

Bryan Keane, Deutsche Bank.

布萊恩‧基恩，德意志銀行。

Chris, just want to ask about incentives being the lowest expectation will be for the fourth quarter. Can you just talk a little bit about how much of that is volume-driven versus the amount of renewals you're seeing? And just trying to think about as we head into next fiscal year, just what kind of growth or sustainable growth should we think about for incentives?

克里斯，只是想問一下第四季的最低預期激勵措施。您能否簡單談談其中有多少是由數量驅動的，與您所看到的續訂量有關？想一想，當我們進入下一個財年時，我們應該考慮什麼樣的成長或永續成長作為激勵措施？

Thanks for the question. I'll even take us back a little bit about the expectations that we had for incentives coming into the fiscal year. As we ended fiscal '23, that was a high year for us in terms of volume of renewals, a little higher than our typical sort of normal cadence. That did impact how we thought about the incentive volumes in FY '24. And even last year, we had sort of a different growth rate in the first half and the second half of the year. And so as we looked across this year, we had a slightly lower volume of renewals this year. Obviously, year-to-date incentives have played out slightly differently, largely due to client performance, deal timing, things like that. And overall, it's been better than, as it's been lower, I guess, than what we anticipated. When we go into Q4, sort of the same trend applies. We still expect Q4 to benefit from the lapping of the high incentives that we saw in the second half of last year, which informs, again, the growth rate that we anticipate in Q4. We don't have a lot to share about FY 2025 at this point but we'll share plenty in the next earnings call.

謝謝你的提問。我甚至會回顧一下我們對本財年激勵措施的預期。當我們結束 23 財年時，就續約量而言，那是我們的高年，略高於我們典型的正常節奏。這確實影響了我們對 24 財年激勵金額的看法。即使去年，我們上半年和下半年的成長率也有所不同。因此，從我們今年的情況來看，今年的續訂量略有下降。顯然，年初至今的激勵措施效果略有不同，這主要是由於客戶表現、交易時機等因素造成的。總的來說，它比我們的預期要好，因為我想它比我們的預期要低。當我們進入第四季時，同樣的趨勢也適用。我們仍然預計第四季度將受益於我們在去年下半年看到的高額激勵措施，這再次表明了我們預期的第四季度的成長率。目前我們對 2025 財年沒有太多可分享的訊息，但我們將在下一次財報電話會議上分享很多內容。

Ken Suchoski, Autonomous Research.

肯‧蘇喬斯基，自主研究。

I wanted to ask about VAS and I think the team has talked about how some of the VAS revenue is correlated with transaction growth. But you also have parts of that business that are more recurring or less recurring in nature. So can you just help us understand how you think about the cyclicality of VAS and how that business might perform in a lower volume growth environment? And I also think the team has talked about pricing for value in VAS. So how much more room is left to go there? And how does that help with the resiliency of the business?

我想問有關增值服務的問題，我認為團隊已經討論了部分增值服務收入與交易成長的相關性。但該業務中也有一些本質上經常出現或較少出現的部分。那麼，您能否幫助我們了解您如何看待增值服務的周期性以及該業務在銷售成長較低的環境中的表現如何？我還認為團隊已經討論了增值服務的價值定價。那麼還有多少空間可以到達那裡呢？這對企業的彈性有何幫助？

Ken, it's Ryan. On the second part of your question, our ability to price for value is a function of the value that we bring to the market, and we feel great about the value that we're bringing to the market. And I think you see it in our results. Across the various different areas of issuing solutions, Acceptance Solutions, Risk & Identity Solutions, Advisory, I mean, we just continue to bring products and services that are ultimately helping our clients grow their business, helping our clients reduce fraud, grow authorizations, those types of things. And we believe we'll continue to do that, and we believe we'll be able to continue to price for value. As I think I was saying earlier, there is -- the biggest portion of our value-added services are a function of Visa transactions. And so obviously, Visa transactions, as they go up or down, have an impact on that, but so does our ability to sell more services. On previous calls, I've talked about the fact that we still have the majority of our clients that have yet to have the type of penetration and depth that we've been able to achieve with others. So as we continue to penetrate our clients all around the world in the various markets that we deliver, as I was saying earlier, to the earlier question, I'm very optimistic about our ability to continue to grow this business as we have.

肯，是瑞安。關於你問題的第二部分，我們的價值定價能力取決於我們為市場帶來的價值，我們對我們為市場帶來的價值感到非常滿意。我想你在我們的結果中看到了這一點。在發行解決方案、驗收解決方案、風險和身分解決方案、諮詢等各個不同領域，我的意思是，我們只是繼續提供最終幫助我們的客戶發展業務、幫助我們的客戶減少詐欺、增加授權等的產品和服務。我們相信我們將繼續這樣做，我們相信我們將能夠繼續以價值定價。正如我之前所說，我們加值服務的最大部分是 Visa 交易的功能。顯然，Visa 交易量的上升或下降都會對此產生影響，但我們銷售更多服務的能力也會產生影響。在之前的電話會議中，我談到了這樣一個事實：我們的大多數客戶仍然沒有達到我們與其他客戶一樣的滲透力和深度。因此，隨著我們繼續滲透到我們提供的各個市場中的世界各地客戶，正如我之前在回答之前的問題時所說的那樣，我對我們繼續發展這項業務的能力非常樂觀。

Tien-Tsin Huang, JPMorgan.

黃天進，摩根大通。

Just curious if you're -- if you've updated your U.S. outlook here in the second half, are you still expecting transaction sizes to accelerate in the U.S., especially in the fourth quarter?

只是好奇，如果您在下半年更新了對美國的展望，您是否仍然預計美國的交易規模會加速，尤其是在第四季？

Thanks for the question. Yes, we had forecasted ATS, as you know, growth to improve throughout the pace of this year from quarter-to-quarter, and we did see that. We saw ATS improve in the third quarter. Specifically in the U.S., ATS was slightly better in Q3 than in Q2. It got to basically flat year-over-year in Q3. We saw improvement in a number of categories, sequentially, restaurant QSR fuel, telecom, utilities, insurance, to name a few. And we do anticipate in Q4 that we'll continue to see slight improvement sequentially again. The 1 thing -- the 1 watch out I'll call out is the fuel prices could impact that trajectory and so we'll watch that closely. So yes, it is playing out as we anticipated. The pace is slightly varied from what we anticipated but it is continuing to improve, and I think that's the important thing.

謝謝你的提問。是的，正如您所知，我們曾預測 ATS 的成長將在今年的各個季度中有所改善，我們確實看到了這一點。我們看到 ATS 在第三季度有所改善。特別是在美國，第三季的 ATS 略好於第二季。第三季同比基本持平。我們看到了許多類別的改善，例如餐廳 QSR 燃料、電信、公用事業、保險等。我們確實預計在第四季度我們將繼續看到連續的小幅改善。我要指出的第一件事是燃油價格可能會影響這一軌跡，因此我們將密切注意。所以是的，事情正在按照我們的預期進行。速度與我們的預期略有不同，但它正在繼續改進，我認為這是重要的事情。

Gus Gala from Monness, Crespi, Hardt.

來自 Monness、Crespi、Hardt 的 Gus Gala。

Can we talk a little bit about the contactless payments penetration? Can you maybe highlight maybe what the gap is in penetration rates across maybe some of your older cardholders or young cardholders? Just trying to get around to what a terminal level of penetration could look like.

我們能談談非接觸式支付的普及嗎？您能否強調一下您的一些老年持卡人或年輕持卡人的滲透率差距是什麼？只是想了解最終的滲透水平可能會是什麼樣子。

You're asking -- just so I heard, you're asking about Tap to Pay?

你是在問——我聽說，你是在問「觸碰支付」嗎？

Yes.

是的。

I mean, yes, maybe just back up first in the big picture of things. The fact that outside of the United States, 8 out of 10 of all the Visa face-to-face transactions around the entire planet are Tap to Pay now, I mean, that just tells you right there that it's all segments, all demographics, all use cases, all product types. I mean, we're at 80% overall around the world. We've got, I think, more than 55 countries that are now more than 90% contactless penetration. So increasingly, in most countries for most customers, for most products all around the world, that's just the default way that people are paying. And in the U.S., the curve is maturing exactly how we'd expect it based on what we've seen in 100-plus countries all around the world. As I said in my prepared remarks, now 1 out of every 2 transactions in the U.S. are taps. In a place like New York City, where many of you on the call spend time, we're above 75% now. So in New York City, where -- which is one of the early adopters of transit, we're above, I think, 75%-plus of all face-to-face transactions. That's up from just 50% 2 years ago. So again, at that level of penetration in a market the size of New York City, it's across the board in terms of products and issuers and segments and the like. So I think as we continue to see this growth happen, buyers, sellers, they love tapping as a way to pay. And we're going to continue to see that growth accelerate in a place like the U.S.

我的意思是，是的，也許只是先回顧一下事情的大局。事實上，在美國以外，全球所有 Visa 面對面交易中有十分之八都是觸碰支付，我的意思是，這只是告訴你，這是所有細分市場、所有人口統計數據，所有用例、所有產品類型。我的意思是，我們在全球範圍內的整體比例為 80%。我認為，現在有超過 55 個國家的非接觸式普及率超過 90%。因此，在大多數國家/地區，對於世界各地的大多數客戶、大多數產品來說，這越來越成為人們的預設付款方式。在美國，曲線正在成熟，正如我們根據我們在全球 100 多個國家所看到的情況所預期的那樣。正如我在準備好的演講中所說，現在美國每 2 筆交易就有 1 筆是水龍頭。在像紐約市這樣的地方，很多人都在通話中度過了時間，現在我們的使用率超過了 75%。因此，在紐約市（紐約市是交通運輸的早期採用者之一），我認為我們的面對面交易量超過了 75% 以上。這比兩年前的 50% 有所上升。因此，在紐約市規模的市場中，滲透率達到瞭如此高的水平，在產品、發行人和細分市場等方面都是全面的。因此，我認為，隨著我們繼續看到這種成長，買家、賣家都喜歡將點擊作為一種支付方式。我們將繼續看到像美國這樣的地方的成長加速。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

We've been getting a lot of questions around the litigation updates, and I totally understand the level of uncertainty is a lot higher now. But I guess the most common investor question that we're getting is around the potential impacts to the overall ecosystem, if we see a much greater reduction in interchange rates from what was proposed. And I guess specifically how the production and interchange rates could reverberate through renewal negotiations with issuers, and then longer term, how this may impact the trajectory of incentives and net yields. So just wondering if we could hear kind of your perspective about the potential reduction or a larger reduction in the overall size of sort of ecosystem revenue, and if that changes the direction of any of the key indicators that we're focused on over time.

我們收到了很多有關訴訟更新的問題，我完全理解現在的不確定性程度要高得多。但我想，我們收到的最常見的投資者問題是，如果我們看到匯率比提議的匯率大幅下降，會對整個生態系統產生潛在影響。我具體猜測產量和匯率會如何透過與發行人的續約談判產生影響，然後從長遠來看，這可能會如何影響激勵和淨收益率的軌跡。因此，我想知道我們是否能聽到您對某種生態系統收入總體規模的潛在減少或大幅減少的看法，以及隨著時間的推移，這是否會改變我們關注的任何關鍵指標的方向。

Will, thanks for the question. And you're asking about the MDL litigation. I guess I'll just back up. The first thing I would say is we strongly disagree with the judge's decision. We believe the settlement was fair. We believe the settlement provided meaningful relief to all merchants. The second thing I would say is the decision failed to take into consideration a number of things, especially the complex multisided ecosystem that we operate in, the role that -- the complicated role that many different players in the ecosystem delivered. But having said that, we're pursuing a revised settlement. It's too early to speculate on what that settlement is. So I just won't do that today. But I would ask everybody to keep in mind a settlement can occur at any point before, during, or even after the trial. So just keep that in mind as the process plays out.

威爾，謝謝你的提問。您問的是 MDL 訴訟。我想我會備份。我要說的第一件事是我們強烈不同意法官的決定。我們相信和解是公平的。我們相信和解協議為所有商人帶來了有意義的緩解。我要說的第二件事是，這個決定沒有考慮到很多事情，特別是我們所處的複雜的多邊生態系統，以及生態系統中許多不同參與者所扮演的複雜角色。但話雖如此，我們正在尋求修改後的解決方案。現在推測和解內容還為時過早。所以我今天不會這樣做。但我要求大家記住，和解可能在審判之前、期間甚至之後的任何時候發生。因此，在整個過程進行時請記住這一點。

Timothy Chiodo, UBS.

提摩西‧奇奧多，瑞銀集團。

I want to hit 1 that at the same time tackles both incentives and value-added services revenue. So it's the concept of value in-kind incentives. I was hoping you could talk a little bit about whether or not these are becoming more prominent, meaning you're using them a little bit more in discussions with issuers. And then if you could just briefly recap some of the mechanics around the revenue recognition, the contra revenue, the addition to deferred revenue and then eventually the value-added services revenue.

我希望達到 1，同時解決激勵和增值服務收入問題。這就是價值實物激勵的概念。我希望您能談談這些是否變得更加突出，這意味著您在與發行人的討論中更多地使用它們。然後，您可以簡要回顧一下有關收入確認、對銷收入、遞延收入的增加以及最終的增值服務收入的一些機制。

Yes. I'll just give you the high level on this. The value in-kind is a great way for us to, as it says, to deliver value to our clients. And increasingly, our clients, as you see in our performance are preferring to buy our value-added services versus just take incentives that might drop to the bottom line. So that is absolutely something that our clients are asking for more of. It's something that is helping our clients grow their businesses. And I talked earlier about just the last several years about our product pipeline, how we've gone to market, how we built new products to solutions and services for our clients. And that's what's driving the demand. So that's kind of become a more important part of our client renewals and our client renewal discussions. And increasingly value-added services are becoming a way for us to differentiate ourselves with our clients and grow our consumer payments business. Do you want to talk about the organics?

是的。我只會向您介紹這一點的高水準。正如它所說，實物價值是我們為客戶提供價值的好方法。正如您在我們的業績中看到的那樣，我們的客戶越來越願意購買我們的增值服務，而不是僅僅接受可能會降低利潤的激勵措施。所以這絕對是我們的客戶要求更多的東西。它可以幫助我們的客戶發展業務。我之前談到了過去幾年我們的產品線、我們如何進入市場、我們如何為客戶建立新產品、解決方案和服務。這就是推動需求的原因。因此，這成為我們的客戶續約和客戶續約討論中更重要的部分。越來越多的加值服務正在成為我們在客戶中脫穎而出並發展消費者支付業務的一種方式。您想談談有機物嗎？

Tim, to the second part of your question, maybe I'll just give you a high-level summary. I think you have sort of the pieces you called out. At a high level, when value in-kind is offered in lieu of a cash incentive, it can -- it would be recognized as a contra revenue at the time that it's granted or earned, depending on the nature of the contract. And then on the other side, when the client is able to utilize that value in-kind for services from Visa, commonly in our value-added services business, that's then recognized as revenue and the associated costs are also recognized in our P&L.

提姆，對於你問題的第二部分，也許我會給你一個高階總結。我想你已經找到你所提到的那些作品了。在較高層面上，當提供實物價值代替現金激勵時，它可以在授予或賺取時被確認為對銷收入，具體取決於合約的性質。另一方面，當客戶能夠利用 Visa 提供的服務的實體價值（通常在我們的加值服務業務中）時，該價值就會被確認為收入，相關成本也會在我們的損益表中確認。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

I wanted to just ask a follow-up question on near-term trends. We've seen a little bit of further slowing in credit than in debit over the last couple of months, and in the past has been a little bit of an indication of consumer stress. And I'm just wondering how you're thinking about that. And it seems like you're looking for the rest of the September quarter that there's a little bit of a re-acceleration as we get past some of the issues that you identified in July. Just want to make sure that I'm understanding that correctly and kind of how we should interpret a little bit of the divergence in credit and debit growth right now.

我想問一個有關近期趨勢的後續問題。在過去的幾個月裡，我們看到信貸比借記進一步放緩，而在過去這在一定程度上表明了消費者的壓力。我只是想知道你怎麼想的。看來您正在尋找 9 月季度的剩餘時間，隨著我們克服您在 7 月發現的一些問題，會有一點重新加速。只是想確保我正確理解這一點，以及我們現在應該如何解釋信貸和借記成長的一點差異。

Let me just give a little context on it and then Chris, feel free to add or correct. Like Chris said, we're 3 weeks into the quarter. We had a hurricane. We had a tech outage across the country. We had a number of things happen. So we're not kind of taking 3 weeks as a trend. We'll see kind of how things progress from here in just terms of kind of what happens for the rest of the quarter. I don't know if you want to talk about the credit-debit divergence.

讓我簡單介紹一下背景，然後克里斯，請隨意添加或更正。正如克里斯所說，本季已經過了三週。我們遭遇了颶風。我們在全國範圍內發生了技術中斷。我們發生了很多事情。所以我們並不認為三週是一種趨勢。我們將根據本季剩餘時間發生的情況來了解事情的進展。我不知道你是否想談談貸記與借記分歧。

Yes. Well, I think I'll refer back to a little bit of a comment that we made, and we're seeing the July results. I also commented on the call that we are seeing a little bit of moderation in what I would call the lower spend band cohorts. And I think that's a little bit correlated to some of the volume numbers that we're seeing in the quarter related to credit versus debit. But all in all, when we look at it relative to, again, Q2 and Q3, we see it to be relatively stable once you factor in sort of the days mix with leap year.

是的。好吧，我想我會回顧一下我們所做的一些評論，我們正在看到 7 月的結果。我還在電話會議中評論說，我們看到我所說的較低支出群體的情況有所緩和。我認為這與我們在本季看到的一些與信用卡和金融卡相關的交易量數字有一點相關。但總而言之，當我們再次相對於第二季和第三季來看時，一旦考慮到閏年的天數，我們就會發現它相對穩定。

Bryan Bergin, TD Cowen.

布萊恩·伯金，TD·考恩。

Wanted to ask on new flows here. So you had a nice acceleration in growth really over the last 2 quarters on consistent comps. Can you add more color on the particular areas of strength that have picked up? I know Visa Direct was one of those. I'm just curious if you think you could sustain that level of expansion or may that moderate a bit?

想在這裡詢問新流程。因此，在過去兩個季度中，在持續的比較中，您的成長確實有了很大的加速。你能在已經增強的特定領域中添加更多色彩嗎？我知道 Visa Direct 就是其中之一。我只是好奇你是否認為你可以維持這種擴張水平，或者可以稍微緩和一點嗎？

Thanks for the question. 18% growth, as I mentioned, feel really good about the execution and the momentum in the business. It is an enormous opportunity that we have in front of us across both our commercial business and money movement with Visa Direct. I think you're familiar with the numbers, 41% growth in the transactions and stable commercial volumes as well. I think what -- this acceleration that you're referring to, we had a unique situation in Q1 where we had some onetime items that really kind of depressed the growth, reported growth in Q1. And if you look at the last couple of quarters, it's more reflective, I think, of the underlying health in the business. That said, as we saw in Q1, that growth rate can vary from quarter-to-quarter based on deal timing and terms and onetime items like the one that impacted Q1. And so overall, I'd say at the macro level, good momentum. The underlying business is healthy, and we're continuing to see that level of growth. And the growth rate should be healthier and should continue to grow faster than consumer payments with some normal expected variability quarter-to-quarter.

謝謝你的提問。正如我所提到的，18% 的成長讓我們對業務的執行力和勢頭感到非常滿意。透過 Visa Direct，我們在商業業務和資金流動方面都面臨著巨大的機會。我想您對這些數字很熟悉，交易量增加了 41%，商業量也穩定。我認為，您所指的這種加速，我們在第一季遇到了一個獨特的情況，我們有一些一次性項目確實抑制了成長，據報告第一季的成長。如果你看看過去幾個季度，我認為這更能反映業務的基本健康狀況。也就是說，正如我們在第一季看到的那樣，成長率可能會因交易時間和條款以及影響第一季的一次性項目而因季度而異。總的來說，我想說，從宏觀層面來看，勢頭良好。基礎業務是健康的，我們將繼續看到這種成長水平。而且成長率應該更健康，並且應該繼續比消費者支付成長得更快，並且每個季度都會出現一些正常的預期變化。

And just to build on Chris' points, I think we're in the very early stages of Visa Direct growth. We spent many, many years investing and building the platform, the infrastructure, the connectivity, domestic cross-border, working with issuers and acquirers and processors. And now we're able to be out there selling all around the world, finding new use cases, some of which I highlighted in my prepared remarks. You go back to 2019, we did 2 billion Visa Direct transactions. We did 2.6 billion transactions this quarter. So this is just another great example of when we go and we systematically identify the need in the market, we spend the time, we build the infrastructure. We build 8.5 billion end points, the connectivity, the reliability, the security, the fraud capabilities, I just think we're in the very early stages of what we're going to see in terms of the growth of this business and the number of use cases and partners, many of which I highlighted in my prepared remarks that are going to want to build their use cases on this platform.

就 Chris 的觀點而言，我認為我們正處於 Visa Direct 發展的早期階段。我們花了很多很多年的時間來投資和建立平台、基礎設施、連結性、國內跨境，並與發行人、收單機構和處理機構合作。現在我們能夠在世界各地進行銷售，尋找新的用例，我在準備好的演講中強調了其中的一些用例。回到 2019 年，我們進行了 20 億筆 Visa Direct 交易。本季我們進行了 26 億筆交易。因此，這只是我們有系統地確定市場需求、花時間、建立基礎設施的另一個很好的例子。我們建立了 85 億個端點、連接性、可靠性、安全性、詐欺能力，我只是認為我們正處於我們將看到的業務增長和數量的早期階段用例和合作夥伴，其中許多是我在準備好的評論中強調的，他們希望在這個平台上建立他們的用例。

Sanjay Sakhrani, KBW.

桑傑·薩赫拉尼 (Sanjay Sakhrani)，KBW。

I guess most of my questions have been asked and answered. But just on that last point, Ryan, you were making, I'm just wondering, where are we in the evolution of yield there? Can those go higher as you continue to expand in some of those categories with Visa Direct? And then just in terms of Reg II, is the full impact of Reg II now in the run rate or should we expect there be any uncertainties related to that?

我想我的大部分問題都已被提出並得到解答。但就最後一點而言，瑞安，你剛才說，我只是想知道，我們在產量的演變中處於什麼位置？隨著您透過 Visa Direct 繼續擴展某些類別，這些數字是否會更高？那麼就 Reg II 而言，Reg II 現在的全部影響是否體現在運行率上，或者我們是否應該預期存在與此相關的任何不確定性？

Yes. I'll take both of them. On the first one, we're still in the early evolution of the use cases. I mean, we weren't even talking about earned wage access a couple of years ago, Sanjay. And so as we've got -- I think we've got 65 or so use cases now on the platform, our teams are finding new use cases all the time. So I think we're continuing to see the evolution of all of that and the economics of all that will play out. What I would point you back to is what I mentioned in my prepared remarks, the tremendous success we're having in cross-border. We've had great success in selling new use cases and driving cross-border transaction growth in Visa Direct. As you know, the yields are higher in cross-border, given the value that we add. So again, feel good about all of that. Listen, I want to just emphasize in terms of Reg II, the e-commerce debit market is a very competitive market and is going to be competitive for as far as we can see. So while Chris noted, I think noted that the impact has remained the same, we haven't seen any change in impact, and I don't -- and we're not expecting any change in impact for the fourth quarter. It is a competitive business. We are out there with clients day in and day out, helping them understand the benefits of processing transactions on Visa. And there are a lot of them, which is why we feel good so far in the evolution of Reg II about how we've been able to grow that business. We feel great about the capabilities that a Visa data transaction offers, many of which I've talked about on these calls in the past. So we're out there, we're competing, we're selling, we're delivering our products, and we feel good about our win rate.

是的。我會把他們兩個都帶走。對於第一個，我們仍處於用例的早期發展階段。我的意思是，幾年前我們甚至沒有談論賺取工資的問題，桑傑。因此，我認為平台上現在有 65 個左右的用例，我們的團隊一直在尋找新的用例。因此，我認為我們將繼續看到所有這一切的演變以及所有這一切將發揮的經濟效益。我想向你們指出的是我在準備好的發言中提到的，我們在跨國領域的巨大成功。我們在銷售新用例和推動 Visa Direct 跨境交易成長方面取得了巨大成功。如您所知，考慮到我們增加的價值，跨國的收益率更高。再說一遍，對這一切感覺良好。聽著，我想強調的是，就 Reg II 而言，電子商務借記卡市場是一個競爭非常激烈的市場，而且就我們所知，它將具有競爭力。因此，雖然克里斯指出，但我認為影響保持不變，我們沒有看到影響有任何變化，我也沒有看到 - 我們預計第四季度的影響不會有任何變化。這是一項有競爭力的業務。我們日復一日地為客戶服務，幫助他們了解在 Visa 上處理交易的好處。其中有很多，這就是為什麼我們到目前為止在 Reg II 的發展過程中對我們如何能夠發展這項業務感到滿意。我們對 Visa 數據交易提供的功能感到非常滿意，其中許多功能我在過去的電話會議中已經談到過。所以我們在那裡，我們在競爭，我們在銷售，我們正在交付我們的產品，我們對我們的獲勝率感到滿意。

Jason Kupferberg, Bank of America.

賈森‧庫普弗伯格，美國銀行。

So just a clarification on revenue and then a question on volumes for this fiscal year. So it sounds like for Q4, you're looking for revenue growth of, call it, 11% to 12%. I think that would put you at the low end of the low double-digit guide you're maintaining for the year. So that's what I wanted to clarify. And then just a question on volumes. I think you said Q4 should be in line with Q3, which I think would bring the full year to around 7% versus the high single-digit updated guide last quarter. So just as we start to tune our models for next year, what are some of the potential accelerants off that 7% level we should be considering?

因此，我們先澄清一下收入，然後再問一下本財年的銷售問題。所以聽起來第四季的營收成長是 11% 到 12%。我認為這將使您處於今年維持的低兩位數指導的低端。這就是我想澄清的。然後是關於數量的問題。我認為您說第四季度應該與第三季度保持一致，我認為這將使全年增長達到 7% 左右，而上季度的更新指導值為高個位數。因此，當我們開始調整明年的模型時，我們應該考慮哪些潛在的促進 7% 水準下降的因素？

Jason, let's unpack that. You had a couple of things in there, and I just want to -- I think this is important so we'll just be super clear. For Q4, my guidance, our guidance for our Q4 adjusted net revenue would be low double digits. And sort of the directional guidance I also gave is it would be slightly above the Q3 level that we reported, which was the 10% growth in the quarter. And so sort of take that -- take those 2 points and I would triangulate around that. And that would still get you sort of to the math of the low end of low double digits, as you called it, for the full year. The second point was on drivers from Q3 to Q4. I did say that payment volume, payment transactions, we anticipate Q4 to be consistent with Q3. The 1 exception to that is in cross-border, where I did say it'd be slightly below the Q3 levels. And that really is based on the travel circumstances and situation in Asia that we've talked about extensively, with outbound travel in Asia, in particular, being impacted and recovering slower than we anticipated at the beginning of the year. And so those are the 2 variables in terms of the -- to get the Q4 guidance consistent with the intent that I communicated. And then as far as FY '25 goes, we're at the beginning end of planning, and as we always do, we'll share our expectations on '25 at the end of Q4.

傑森，讓我們把它拆開。裡面有幾件事，我只是想——我認為這很重要，所以我們會非常清楚。對於第四季度，我的指導，我們對第四季度調整後淨收入的指導將是低兩位數。我還給出的方向性指導是，它將略高於我們報告的第三季度水平，即該季度 10% 的增長。因此，就拿那兩點來說，我會圍繞它進行三角測量。這仍然會讓你對全年的低兩位數的低端進行數學計算，正如你所說的那樣。第二點是關於第三季到第四季的車手。我確實說過支付量、支付交易，我們預計第四季將與第三季保持一致。第一個例外是在跨​​境領域，我確實說過它會略低於第三季的水平。這實際上是基於我們廣泛討論的亞洲的旅遊環境和情況，特別是亞洲的出境旅遊受到的影響和恢復速度比我們年初的預期要慢。因此，這些是兩個變數——使第四季度的指導與我傳達的意圖保持一致。就 25 財年而言，我們正處於計劃的開始階段，並且一如既往，我們將在第四季度末分享我們對 25 財年的期望。

Dan Perlin, RBC Capital Markets.

丹‧佩林 (Dan Perlin)，加拿大皇家銀行資本市場部。

I guess more of a big picture question here, Ryan. So your AI and gen AI investment, you've talked about, I think at conferences, your desire to kind of build out your own large language model. So I'm wondering, one, where do those investments stand today? I guess, two, what would be your expectation for early use cases of those investments and kind of the payback period? And then three, is there an opportunity to drive like true incremental sales or better outcomes for your merchant constituents as opposed to just the banks?

我想這裡更多的是一個大局問題，瑞安。所以你的人工智慧和一代人工智慧投資，你在會議上談到了你想要建立自己的大型語言模型的願望。所以我想知道，第一，這些投資如今處於什麼位置？我想，第二，您對這些投資的早期用例以及投資回收期的期望是什麼？第三，是否有機會為您的商業客戶（而不僅僅是銀行）帶來真正的增量銷售或更好的結果？

Yes. Dan, thanks for the question on AI. First of all, to frame it is we are all in on gen AI at Visa as we've been all in on predictive AI for more than a decade. We're applying it in 2 broad-based different ways. One is sort of adopting across the company to drive productivity and we're seeing real results there. We're seeing great results, great adoption, great productivity increases from technology to accounting to sales all across the company. The second is applying generative AI to enhance the entire payment ecosystem. And to the latter part of your question, absolutely. I guess I'd give you 1 set of examples or some of the risk tools and capabilities that we've been deploying in the market. I mentioned the risk products that we're using on RTP and account-to-account payments. That is an opportunity to reduce fraud, both for merchants and for issuers. I think I mentioned on a previous call, we have our Visa Provisioning Intelligence Service, which is using artificial intelligence to help predict token provisioning fraud before it happens. That also is a benefit to both issuers and merchants. And the list goes on. So we are very optimistic about the positive impact that generative AI can have, not just on our own productivity but on our ability to help drive increased sales and lower fraud across the ecosystem.

是的。丹，謝謝你提出關於人工智慧的問題。首先，概括地說，我們在 Visa 全力投入新一代人工智慧，因為我們十多年來一直致力於預測人工智慧。我們以兩種廣泛的不同方式應用它。一種是在整個公司範圍內採用來提高生產力，我們正在那裡看到實際成果。我們看到整個公司從技術到會計再到銷售都取得了巨大的成果、廣泛的採用和生產力的巨大提高。第二是應用生成式人工智慧來增強整個支付生態系統。對於你問題的後半部分，絕對是如此。我想我會給您一組範例或我們在市場上部署的一些風險工具和功能。我提到了我們在 RTP 和帳戶到帳戶付款中使用的風險產品。對商家和發行人來說，這都是減少詐欺的機會。我想我在之前的電話中提到過，我們有 Visa 配置智慧服務，該服務使用人工智慧來幫助預測令牌配置詐欺發生。這對發行人和商家來說也是有好處的。而這樣的例子不勝枚舉。因此，我們對產生人工智慧可以產生的積極影響非常樂觀，不僅對我們自己的生產力，而且對我們幫助推動整個生態系統的銷售增加和減少詐欺的能力。

We'll do 1 more question, please.

請我們再回答 1 個問題。

Harshita Rawat, Bernstein.

哈希塔·拉瓦特，伯恩斯坦。

U.S. card volume growth of 5% [indiscernible] kind of suggests a little bit more of a mature market. Now I understand the category differences between card volume growth and growth, which influence the delta here. Ryan, you discussed your global [indiscernible] estimate of $20 trillion in consumer payments for Visa. How should we think about the secular digitization opportunity and the growth algorithm for the U.S., which is your biggest market?

美國卡銷量成長 5% [音訊不清晰] 表示市場更成熟。現在我了解了卡片數量增長和增長之間的類別差異，這會影響這裡的增量。 Ryan，您討論了您對 Visa 消費者付款的全球[音訊不清楚]估計 20 兆美元。我們該如何看待你們最大的市場美國的長期數位化機會和成長演算法？

Okay. It was a little hard for us to hear you, Harshita, but I think I got the gist of your question around the growth algorithm for consumer payments, especially in mature markets. So as I've said before, we see more than $20 trillion of opportunity around the world. About 1/4 of that is in the U.S., by the way. And that's cash, that's check, that's ACH, that's electronic transactions, that's cards that run on domestic networks and the like. And we're capturing that opportunity through a few different ways. One is continuing to expand acceptance and expand the places where people can use cards. In the U.S., rent would be a great example. We've been having some really good success penetrating the rent vertical. The second is making it easier to drive e-commerce growth and e-commerce transactions, which has an outsourced impact on our ability to drive growth on Visa for those types of things. And third is just continuing to innovate with new products and services that make our issuers want to issue Visa and consumers want to use them. We announced a full slate of new product innovations at our Visa Payments Forum this year. And those are the types of products that we believe are going to help us win in the marketplace and help us capture and digitize a big chunk of that opportunity on the Visa network.

好的。 Harshita，我們聽到你的聲音有點困難，但我想我已經了解了你關於消費者支付成長演算法的問題的要點，尤其是在成熟市場。正如我之前所說，我們在全球看到了超過 20 兆美元的機會。順便說一下，其中大約 1/4 在美國。這是現金、支票、ACH、電子交易、在國內網路等運作的卡片。我們正在透過幾種不同的方式來抓住這個機會。一是繼續擴大受理範圍，擴大人們可以用卡片的場所。在美國，租金就是一個很好的例子。我們在租賃垂直領域取得了一些非常好的成功。第二個是讓推動電子商務成長和電子商務交易變得更加容易，這對我們推動 Visa 此類業務成長的能力產生了外包影響。第三，不斷創新新產品和服務，讓我們的發卡機構願意發行 Visa，消費者也願意使用它們。我們在今年的 Visa 支付論壇上宣布了一系列新產品創新。我們相信這些類型的產品將幫助我們贏得市場，並幫助我們抓住 Visa 網路上的大部分機會並將其數位化。

And with that, we'd like to thank you for joining us today. If you have any additional questions, please feel free to call or e-mail our Investor Relations team. Thanks again, and have a great day.

在此，我們要感謝您今天加入我們。如果您有任何其他問題，請隨時致電或發送電子郵件給我們的投資者關係團隊。再次感謝，祝您有美好的一天。

Thank you, all, for participating in the Visa Fiscal Third Quarter 2024 Earnings Conference Call. That concludes today's conference. You may disconnect at this time, and please enjoy the rest of your day.

感謝大家參加 Visa 2024 年第三季財報電話會議。今天的會議到此結束。您此時可以斷開連接，請享受接下來的一天。