Visa Inc (V) 2025 Q1 法說會逐字稿

Welcome to Visa's fiscal first quarter 2025 earnings conference call.

歡迎參加 Visa 2025 財年第一季財報電話會議。

All participants are in a listen-only mode until the question and answer session.

在問答環節之前，所有參與者都處於只聽模式。

Today's conference is being recorded.

今天的會議正在錄製。

(Operator Instructions)

（操作員指令）

I would now like to turn the conference over to your host, Ms. Jennifer Como, Senior Vice President and Global Head of Investor Relations.

現在，我想將會議交給主持人、高級副總裁兼全球投資者關係主管珍妮佛·科莫女士。

Ms. Como, you may begin.

科莫女士，您可以開始啦。

Thank you.

謝謝。

Good afternoon, everyone and welcome to Visa's fiscal first quarter 2025 earnings call.

大家下午好，歡迎參加 Visa 2025 財年第一季財報電話會議。

Joining us today are Ryan McInerney, Visa's Chief Executive Officer; and Chris Suh, Visa's Chief Financial Officer.

今天與我們一起參加活動的有 Visa 執行長 Ryan McInerney；以及 Visa 財務長 Chris Suh。

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.

本次電話會議將在我們網站 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.

包含財務和統計要點的幻燈片已發佈在我們的 IR 網站上。

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

我還要提醒您，本簡報包含前瞻性陳述。

These statements are not guarantees of future performance and our actual results could differ materially as the result of many factors.

這些聲明並不能保證未來的表現，而且我們的實際結果可能由於多種因素而存在重大差異。

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.

有關這些因素的更多信息，請參閱我們最近的10-K 表年度報告以及10-Q 表和8-K 表後續報告，您可以在美國證券交易委員會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.

除非另有說明，我們今天對財務業績的評論將反映基於 GAAP 的收入，而所有其他結果則以非 GAAP 名義基礎反映。

The related GAAP measures and reconciliation are available in today's earnings release and related materials available on our IR website.

相關的 GAAP 指標和對帳表可在今天的收益報告和我們 IR 網站上提供的相關資料中找到。

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

現在，讓我把電話轉給瑞安 (Ryan)。

Good afternoon, everyone.

大家下午好。

Thank you for joining us.

感謝您加入我們。

Before we begin, I'd like to take a moment to acknowledge last night's tragic air collision in Washington DC. Our hearts go out to all those affected by this terrible event, particularly the families and friends of the victims.

在我們開始之前，我想花點時間來了解華盛頓特區昨晚發生的悲慘空難。我們向所有受到這可怕事件影響的人們，特別是受害者的家人和朋友表示慰問。

Turning now to our results.

現在來談談我們的結果。

We had a strong start to our fiscal year with $9.5 billion in net revenue, up 10% year over year and EPS up 14%.

我們的財年開局強勁，淨收入達 95 億美元，年增 10%，每股收益成長 14%。

Our key business drivers improved from the fourth quarter.

我們的關鍵業務驅動力從第四季開始有所改善。

In constant dollars, overall payments volume grew 9% year over year.

以固定美元計算，總支付額年增 9%。

US payments volume grew 7% and international payments volume grew 11%.

美國支付量成長7%，國際支付量成長11%。

Cross border volume excluding intra-Europe rose 16% in constant dollars and process transactions grew 11% year over year.

不包括歐洲內部的跨國交易量以固定美元計算年增了 16%，而流程交易則較去年同期成長了 11%。

Our strategy across consumer payments, new flows and value-added services continues to resonate with our clients and is reflected in our business results.

我們的消費者支付、新流程和加值服務策略持續與客戶產生共鳴，並反映在我們的業務成果中。

Back in February 2020, when we articulated our strategy, our total first quarter volume on our network had just crossed $3 trillion.

早在 2020 年 2 月，當我們闡明我們的策略時，我們網路的第一季總交易量剛剛超過 3 兆美元。

Just five years later, our total quarterly volume was above $4 trillion.

僅僅五年後，我們的季度總額就超過了 4 兆美元。

At the same time, CEMEA and Latin America had more volume from people using their cards to get cash than to make payments.

同時，在中、歐亞地區以及拉丁美洲，使用卡片獲取現金的人數比使用卡片支付的人數多。

Five years later, as a result of double-digit constant dollar payments volume growth in both regions, the situation has flipped, and we now have more than 60% of our volume from digital payments.

五年後，由於兩個地區的美元支付量均實現了兩位數的固定增長，因此情況發生了逆轉，目前我們的支付量中有 60% 以上來自數位支付。

I'm looking forward to our Investor Day next month to discuss our strategy and our plans for future growth for now.

我期待下個月的投資者日，討論我們的策略和未來成長計劃。

Let's look at some of the quarterly highlights that have helped to deliver this impressive progress. (technical difficulty) we now have 4.7 billion credentials up 7% year over year and 12.6 billion tokens, up 44% year over year.

讓我們來看看實現這一令人矚目的進步的一些季度亮點。 （技術難度）我們現在擁有 47 億個憑證，較去年同期成長 7%，以及 126 億個代幣，較去年同期成長 44%。

We continue to grow our credentials in an increasingly digital world.

在日益數位化的世界中，我們持續提升自己的資歷。

Interest in our Visa Flexible Credential continues to grow.

對我們的 Visa 靈活憑證的興趣持續增長。

We have now launched with the Affirm Card in the US, expanded the funding options with SMCC in Japan by adding small business cards and announced a multi-currency solution with FinTech LIVE in the UAE.

我們目前已在美國推出了 Affirm 卡，透過在日本與 SMCC 合作添加小型企業卡來擴展融資選擇，並在阿聯酋與 FinTech LIVE 合作宣布推出多幣種解決方案。

Tap to add card is now live in the US for nearly 60% of all Visa consumer credit and debit cards.

目前，美國近 60% 的 Visa 消費者信用卡和金融卡均支援「點擊新增卡」功能。

Since the launch, millions have added their cards to their wallets by tapping, eliminating the overwhelming majority of provisioning fraud as compared to manual entry into a phone and 74% of all face-to-face transactions are now Tap to Pay.

自推出以來，已有數百萬人透過輕觸將卡片添加到錢包中，與手動輸入手機相比，這消除了絕大多數配置欺詐，並且現在 74% 的面對面交易都是透過輕觸支付。

A few countries I would like to call out.

我想提到幾個國家。

Japan, where Tap to Pay penetration grew 20 percentage points since last year to 44%.

日本的Tap to Pay普及率比去年以來增加了20個百分點，達到44%。

Argentina, where Tap to Pay penetration was up 22 percentage points to 78%.

阿根廷的Tap to Pay普及率上升了22個百分點，達到78%。

And the US, where it was up 13 percentage points to 57%.

美國則上升了 13 個百分點，達到 57%。

Several key initiatives contributed to the growth in these countries including targeted marketing campaigns, the launch of transit acceptance in certain cities and increased issuance of Tap to Pay enabled credentials.

有幾項關鍵措施促進了這些國家的成長，包括有針對性的行銷活動、在某些城市推出交通接受服務以及增加支持 Tap to Pay 的憑證的發行。

Finally Tap to Phone is now live in 118 markets.

最後，Tap to Phone 現已在 118 個市場上線。

And in the last year, the number of phones enabled has more than doubled and the number of transactions has more than tripled.

去年，啟用該服務的手機數量增加了一倍多，交易數量增加了兩倍多。

Now let me turn to a few deal highlights from across the globe.

現在讓我來談談全球範圍內的一些交易亮點。

First in Mainland China, we renewed our partnership with ICBC, the largest bank in the world in terms of assets and the biggest credit card issuer in Mainland China in terms of number of cards.

首先在中國大陸，我們與中國工商銀行續簽了合作夥伴關係。

In India, we renewed our long-standing credit agreements with ICICI Bank, SBI Card and Kotak Mahindra Bank, three of our largest issuers in the country with a focus on growing affluent and cross border volume.

在印度，我們與印度最大的三家發卡機構 ICICI 銀行、SBI Card 和 Kotak Mahindra 銀行續簽了長期信貸協議，重點是富裕人群和跨境業務量。

We also renewed our debit agreement with Kotak Mahindra Bank.

我們也與科塔克馬辛德拉銀行續簽了借記協議。

Also in our Asia Pacific region, we signed a long-term renewal with Bank of New Zealand, one of the largest banks in the country across consumer debit, consumer credit and business credit.

此外，在亞太地區，我們與紐西蘭銀行簽署了長期續約協議，該銀行是紐西蘭最大的銀行之一，涉及消費者藉記、消費者信貸和商業信貸領域。

In Argentina and Uruguay, we renewed our portfolios with Santander for a long-term agreement with a focus on growing affluent.

在阿根廷和烏拉圭，我們與桑坦德銀行續簽了投資組合長期協議，重點是富裕階層的成長。

Also, in Latin America, we have deepened our partnership with [BACH] to grow acceptance with a goal to enable 300,000 nano and small merchants and to grow in new verticals.

此外，在拉丁美洲，我們深化了與 [BACH] 的合作夥伴關係，以提高接受度，目標是為 30 萬家微型和小型商家提供支持，並在新的垂直領域實現成長。

We also won the issuance of their largely cross border credit portfolio, [Mehos Plus] offering our expertise and value-added services.

我們也透過提供專業知識和加值服務，贏得了他們大部分跨境信貸組合的發行[Mehos Plus]。

Similarly, in Brazil, we extended our partnership with digital bank Neon, which includes the launch of a new credit portfolio.

同樣，在巴西，我們擴大了與數位銀行 Neon 的合作夥伴關係，其中包括推出新的信貸組合。

We are also pleased to have renewed a Pan European agreement with BNP Paribas, which also includes the winning of additional portfolios in France and Belgium.

我們也很高興與法國巴黎銀行續簽了泛歐協議，其中還包括贏得法國和比利時的更多投資組合。

When we talk about the total addressable opportunity in consumer payments, we often talk about the opportunity to win share from domestic networks and we are continuing to have success, converting credentials from domestic networks to Visa.

當我們談論消費者支付的整體可尋址機會時，我們經常談論從國內網路贏得份額的機會，並且我們正在繼續取得成功，將憑證從國內網路轉換為 Visa。

In Bangladesh, we secured nearly 6 million credentials with Dutch Bangla Bank from their closed loop system and Banco Popular Puerto Rico, the largest issuer in a choir in Puerto Rico renewed a multi-year credit and debit partnership with Visa that aims to expand digital penetration in the country through the launch of new products including a co-badge card with the local network.

在孟加拉國，我們從荷蘭孟加拉銀行的閉環系統中獲得了近 600 萬個憑證，波多黎各最大的發卡機構波多黎各大眾銀行與 Visa 續簽了多年的信用卡和借記卡合作夥伴關係，旨在擴大數位滲透率在該國推出新產品，包括與當地網路合作推出的聯合徽章卡。

And we've renewed our business with RBC Royal Bank in 10 countries across the Caribbean.

我們也與加拿大皇家銀行在加勒比地區 10 個國家續簽了業務協議。

And we also expanded our relationship to include the transfer of debit credentials in the Dutch Caribbean to Visa and are supporting the development of new credit and commercial products.

我們也擴大了我們的合作關係，包括將荷屬加勒比地區的借記憑證轉移給 Visa，並支持新信貸和商業產品的開發。

And co-brand cards remain a key area of strength for us and this quarter was no exception.

聯名卡仍然是我們的主要優勢領域，本季也不例外。

In India, we launched two very important cards.

在印度，我們推出了兩張非常重要的卡片。

First, the Times Black ICICI Bank Credit Card, catering to high net-worth individuals with travel and lifestyle benefits.

首先是 Times Black ICICI 銀行信用卡，為高淨值人士提供旅遊和生活方式優惠。

Second, the HSBC Taj Credit Card, India's first premium co-branded hospitality credit card.

第二張是匯豐泰姬信用卡，這是印度首張高階聯名飯店信用卡。

In our CEMEA region, we signed with real estate developer, investor and manager Aldar for a co-brand card for its Darna Rewards by all our loyalty program in the UAE with issuing bank Emirates NBD.

在中東和非洲地區，我們與房地產開發商、投資者和管理者 Aldar 簽約，與發卡銀行 Emirates NBD 合作，在阿聯酋推出一張針對其 Darna Rewards 的聯名卡，涵蓋我們所有忠誠度計劃。

We also launched a new co-brand card in Saudi Arabia with Al Rajhi Bank and Marriott Bonvoy, the global travel program by Marriott International.

我們也與Al Rajhi Bank以及萬豪國際集團旗下的全球旅遊計畫萬豪旅享家在沙烏地阿拉伯推出了新的聯名卡。

In the airline category, we won the portfolio for EGYPTAIR, Africa's second largest airline.

在航空公司類別中，我們贏得了非洲第二大航空公司埃及航空的投資組合。

We also expanded our business in the Swiss card Miles & More program and in the retail segment, we signed with Casas Bahia, one of the top retailers in Brazil for co-brand cards and with Bolt a leading ride, hailing and food delivery operator in Ukraine.

我們也拓展了瑞士信用卡Miles & More 計畫的業務，在零售領域，我們與巴西最大的零售商之一Casas Bahia 簽署了聯名卡協議，並與巴西領先的乘車、叫車和食品配送業者Bolt簽署了協議。

So through traditional issuance, winning share from domestic networks and leveraging our brand products and innovation to secure important co-brands, our consumer payments business is strong.

因此，透過傳統發行、贏得國內網路的份額以及利用我們的品牌產品和創新來獲得重要的聯合品牌，我們的消費者支付業務表現強勁。

Now to new flows, where revenue grew 19% year over year in constant dollars.

現在談談新流量，以固定美元計算，營收年增 19%。

Visa Direct has now crossed the 10 billion transaction mark over the last 12 months with nearly 3 billion transactions this quarter.

過去 12 個月，Visa Direct 的交易筆數已突破 100 億筆大關，本季交易筆數已接近 30 億筆。

We continue to expand Visa Direct in several ways, one of which is building and deepening partnerships directly with issuers and fintechs.

我們繼續透過多種方式擴展 Visa Direct，其中之一就是直接與發行商和金融科技公司建立和深化合作夥伴關係。

We are excited to partner with X Money for their much anticipated launch of the X Money account including P2P payment functionalities set for later this year.

我們很高興與 X Money 合作，推出備受期待的 X Money 帳戶，包括定於今年稍後推出的 P2P 支付功能。

Through the partnership, X Money will utilize Visa Direct to enable secure and instant funding of their X Wallet with a user's debit card.

透過合作，X Money 將利用 Visa Direct 實現用戶透過金融卡向其 X Wallet 進行安全、即時的注資。

Users will also have the option to instantly transfer funds back into their bank account via the same debit card.

用戶還可以選擇透過同一張借記卡立即將資金轉回他們的銀行帳戶。

This quarter, we signed an agreement with OnePay, a fintech company with more than 3 million monthly active users for Visa Direct as the engine for wallet loads.

本季度，我們與每月活躍用戶超過 300 萬的金融科技公司 OnePay 簽署了一項協議，以使用 Visa Direct 作為錢包充值的引擎。

In Ecuador, Banco Pichincha, one of the country's largest issuers will begin using Visa Direct for cross border remittance payments.

在厄瓜多爾，該國最大的發卡機構之一皮欽查銀行 (Banco Pichincha) 將開始使用 Visa Direct 進行跨境匯款支付。

Our broad and deep cross border capabilities continue to be important differentiators.

我們廣泛而深入的跨境能力仍然是重要的區別因素。

And this quarter, Libra Internet Bank in Romania launched a real time multi-currency FX service for their business customers utilizing our Currencycloud solution.

本季度，羅馬尼亞的 Libra Internet Bank 利用我們的 Currencycloud 解決方案為其商業客戶推出了即時多幣種外匯服務。

In Asia Pacific, OCBC has launched a cross border P2P solution the OCBC app, allowing their customers in singapore to send money to Chinese wallets using Visa Direct, all they need is the recipient's China national ID name and mobile number.

在亞太地區，華僑銀行推出了跨境 P2P 解決方案 OCBC 應用程序，允許其新加坡客戶使用 Visa Direct 向中國錢包匯款，他們只需要收款人的中國身份證姓名和手機號碼。

Now moving to commercial, where volumes were up 6% year over year this quarter in constant dollars.

現在轉向商業，本季商業交易量以固定美元計算年增 6%。

We had some notable progress in specific verticals.

我們在特定垂直領域取得了一些顯著進展。

First, in the food and grocery delivery vertical, we had two recent wins.

首先，在食品和雜貨配送垂直領域，我們最近取得了兩場勝利。

In the US, we are pleased that DoorDash's shopper card program will soon be using Visa virtual commercial credit cards to enable Dashers to pay for customer orders at physical merchant outlets.

在美國，我們很高興 DoorDash 的購物者卡計劃很快就會使用 Visa 虛擬商業信用卡，以便 Dashers 在實體商家網點支付客戶訂單。

This is in addition to our Visa Direct relationship with DoorDash in the US, Australia and Canada to enable Dasher payouts.

這是我們與美國、澳洲和加拿大的 DoorDash 建立的 Visa Direct 合作關係的補充，以實現 Dasher 支付。

In Brazil, we signed a commercial business card deal for commercial customers of iFood Pago, the fintech for the largest food delivery platform in the country.

在巴西，我們為該國最大的食品配送平台的金融科技公司 iFood Pago 的商業客戶簽署了商業名片協議。

In the health care vertical, we reached a virtual card agreement with an insuretech company in France, My Sophie, offering medical policy holders an easy way to pay for their health care.

在醫療保健垂直領域，我們與法國的保險科技公司 My Sophie 達成了虛擬卡協議，為醫療保險持有人提供一種便捷的支付醫療費用的方式。

In the T&E vertical, we recently renewed and deepened our partnership with Airwallex, a global financial platform enabling more than 150,000 businesses to manage payments and money movement across borders.

在差旅和娛樂垂直領域，我們最近更新並深化了與Airwallex的合作夥伴關係，Airwallex是一個全球金融平台，可幫助超過150,000家企業管理跨境支付和資金流動。

Today, Visa and Airwallex have live card programs in Australia, Hong Kong, the UK, United States, Canada, Netherlands and Singapore to enable businesses to easily make digital card payments around the world and soon we will be expanding to new geographies across our use cases and expense cards and B2B travel.

目前，Visa 和 Airwallex 在澳洲、香港、英國、美國、加拿大、荷蘭和新加坡均已上線信用卡項目，使企業能夠輕鬆地在世界各地進行數位卡支付，很快我們將擴展到使用範圍以外的新地區案例、費用卡和B2B 旅行。

In both Visa Direct and Commercial, we continued to develop innovative new solutions and use cases that helped us retain and secure business.

在 Visa Direct 和 Commercial 領域，我們都不斷開發創新的新解決方案和用例，幫助我們保留和確保業務。

Now, the value-added services, where in the first quarter revenue grew 18% in constant dollars.

現在，增值服務第一季的營收以固定美元計算成長了 18%。

Across our solutions, we continue to grow revenue as we enhance Visa payments, enable services for all types of payments and go beyond payments.

透過我們的解決方案，我們不斷增加收入，因為我們正在增強 Visa 支付、支援各種類型的支付服務並超越支付範圍。

We often partner with acquirers who utilize Visa's Acceptance Platform to offer their merchant clients compelling solutions.

我們經常與利用 Visa 的受理平台的收單機構合作，為他們的商家客戶提供引人注目的解決方案。

When this happens, we generate revenue on both Visa and non-Visa transactions.

當這種情況發生時，我們會從 Visa 和非 Visa 交易中產生收入。

Three examples this quarter are European acquirer, emerchantpay, Guatemalan acquire NeoNet and Paraguayan acquire Bancard who all offer CyberSource to their merchants.

本季的三個例子是歐洲收單機構 emerchantpay、危地馬拉收單機構 NeoNet 和巴拉圭收單機構 Bancard，它們均向其商家提供 Cyber​​Source。

We are also partnering with Fiserv to include our CyberSource Gateway as a solution for their acquirers and merchants in Europe and Asia Pacific.

我們也與 Fiserv 合作，將我們的 Cyber​​Source Gateway 作為其在歐洲和亞太地區的收單機構和商家的解決方案。

This is in addition to Fiserv expanding their use of cardholder authentication from Cardinal Commerce to further extend our global partnership into additional Fiserv platforms.

除此之外，Fiserv 也擴大了對 Cardinal Commerce 持卡人身份驗證的使用，從而進一步將我們的全球合作夥伴關係拓展到更多的 Fiserv 平台。

In our Risk Solutions, in 2024, we launched Visa Protect for A2A payments with plans to expand to 10 new RTP networks in 2025.

在我們的風險解決方案中，我們於 2024 年推出了用於 A2A 支付的 Visa Protect，並計劃在 2025 年擴展到 10 個新的 RTP 網路。

Powered by AI-based fraud detection models, this new service provides a real-time risk score that can be used to identify fraud on account-to-account payments.

這項新服務由基於人工智慧的詐欺檢測模型提供支持，可提供即時風險評分，可用於識別帳戶到帳戶支付中的詐欺行為。

We are now piloting the solution with five significant players in Brazil who represent more than 20% of Pix transactions.

我們目前正在與巴西的五家重要參與者一起試行該解決方案，這五家公司佔 Pix 交易量的 20% 以上。

We are also very pleased to have closed our acquisition of Featurespace, enabling us to provide an expanded set of fraud prevention tools to our clients and protect consumers in real time across various payment methods.

我們也很高興完成對 Featurespace 的收購，這使我們能夠為客戶提供更廣泛的詐欺預防工具，並透過各種支付方式即時保護消費者。

In Advisory Services, we continue to see strong demand.

在諮詢服務方面，我們持續看到強勁的需求。

One example of our recent project is with Al Rajhi Bank, where we are expanding our advisory relationship into risk, digital enablement and data analysis across their portfolios.

我們最近的一個專案範例是與 Al Rajhi Bank 合作，我們將我們的諮詢關係擴展到其投資組合的風險、數位支援和數據分析領域。

So across our value-added services portfolio, we are innovating with new solutions and deepening our partnerships with clients to drive growth.

因此，在我們的增值服務組合中，我們正在透過新的解決方案進行創新，並深化與客戶的合作夥伴關係以推動成長。

To wrap it up, we began our fiscal year with strong performance an ever-growing obsession for our clients and a focus on continued innovation as we build the future of payments.

總而言之，我們以強勁的業績開啟了新的財年，對客戶的關注與日俱增，並致力於在建立支付未來的過程中持續創新。

I look forward to seeing you in February at our Investor Day.

我期待在二月份的投資者日上見到您。

And now over to Chris.

現在交給克里斯。

Thanks, Ryan.

謝謝，瑞安。

Good afternoon, everyone.

大家下午好。

Our first quarter results reflected improving underlying drivers and effective execution of our business.

我們的第一季業績反映了基礎驅動因素的改善和業務的有效執行。

In constant dollars, global payments volume was up 9% year-over-year and cross-border volumes, excluding intra-Europe was up 16% year over year.

以固定美元計算，全球支付量年增 9%，不包括歐洲內部的跨國支付量年增 16%。

Process transactions grew 11% year-over-year.

流程交易年增11%。

Fiscal first quarter net revenue was up 10%, higher than our expectations, primarily due to strong international transaction revenue and value-added services revenue.

第一財季淨收入成長 10%，高於我們的預期，主要得益於強勁的國際交易收入和增值服務收入。

Net revenue was up 11% in constant dollars.

以固定美元計算，淨收入成長了 11%。

EPS was up 14% year-over-year and 15% in constant dollars, higher than expected, primarily due to revenue outperformance and a lower-than-expected tax rate.

每股盈餘年增 14%，以固定美元計算成長 15%，高於預期，主要由於收入表現優異且稅率低於預期。

Now let's go into the details.

現在讓我們來詳細了解一下。

In the US, total payment volume grew 7% year-over-year, up 2 points from Q4.

在美國，總支付額年增 7%，較第四季上升 2 個百分點。

Credit grew 7% and debit grew 8%.

信貸成長 7%，扣款成長 8%。

The US benefited from a strong holiday shopping season which is the period from November 1 to December 31, and the lapping of the impact of Reg II implementations, which had a modest drag in Q1 of last year.

美國受惠於 11 月 1 日至 12 月 31 日期間強勁的假期購物季，以及 Reg II 實施影響的疊加，去年第一季 Reg II 實施略有拖累。

In the US consumer holiday spending growth was in the upper mid single-digits on a year-over-year basis.

與去年同期相比，美國消費者假期支出的增幅處於中高個位數。

The consumer categories with the strongest growth were discretionary categories such as retail, travel and entertainment.

成長最強勁的消費類別是零售、旅遊和娛樂等非必需消費類別。

Focusing on retail, holiday spending growth was a couple of points higher than last year and retail spending growth on key shopping days from Thanksgiving to Cyber Monday was several points higher.

聚焦零售業，假日支出增幅比去年高出幾個點，感恩節至網絡星期一等關鍵購物日的零售支出增幅也高出幾個點。

E-commerce was a higher share of retail holiday spending versus last year.

與去年同期相比，電子商務在假日零售支出中所佔的份額更高。

In key countries around the globe, we saw similar trends with consumer retail holiday spending growth improving from last year.

在全球主要國家，我們看到了類似的趨勢，消費者零售假期支出成長較去年有所提高。

Moving to international markets.

進軍國際市場。

Total payment volume was up 11% in constant dollars, up from Q4.

以固定美元計算，總支付額較第四季上漲了 11%。

In most of our regions, payments volume year-over-year growth rates in constant dollars were strong for the quarter, with Latin America, up 22%; CEMEA, up 18%; and Europe, up 13%.

在我們大多數地區，本季以恆定美元計算的支付量同比增長率強勁，其中拉丁美洲增長了 22%；中東歐和非洲 (CEMEA)，上漲 18%；歐洲則成長了13%。

Asia Pacific payments volume growth saw a slight improvement from Q4 in constant dollars to just above 1% year-over-year for the quarter, reflecting a still somewhat muted macroeconomic environment.

以固定美元計算，亞太地區支付量增幅較第四季略有改善，年增率略高於 1%，反映出宏觀經濟環境仍略顯低迷。

Now to cross-border volume, which I'll speak to in constant dollars and excluding intra-Europe transactions.

現在談談跨國交易量，我將以不變美元計算，不包括歐洲內部交易。

Total cross-border volume was up 16% year-over-year in Q1, 3 points above Q4.

第一季跨國交易總額較去年同期成長 16%，較第四季成長 3 個百分點。

E-commerce, measured as card-not-present volume ex travel, and cross-border travel volume were both up 16% year-over-year for Q1.

第一季度，以無卡旅行量衡量的電子商務和跨境旅行量均較去年同期成長 16%。

E-commerce volumes continued to benefit from the strength in retail, in part due to the strong holiday shopping season.

電子商務交易量持續受益於零售業的強勁成長，部分原因是假期購物季的強勁成長。

Travel volumes performed well across our regional corridors due to broader strength in both consumer and commercial spending.

由於消費者和商業支出的強勁增長，我們各區域走廊的旅行量均表現良好。

Outbound Europe and Asia Pacific travel volume growth also benefited from solid performance of client portfolios.

歐洲和亞太地區出境旅遊數量成長也受益於客戶組合的穩健表現。

For the US, both outbound e-commerce and travel volume growth were all helped by the strong dollar.

對美國來說，出境電子商務和旅遊量的成長都得益於美元走強。

Now let's review our first quarter financial results.

現在讓我們回顧一下第一季的財務表現。

I'll start with the revenue components.

我先從收入組成說起。

Service revenue grew 8% year-over-year versus the 8% growth in Q4 constant dollars payments volume.

服務收入年增 8%，而第四季恆定美元支付額則成長 8%。

Data processing revenue grew 9% versus 11% process transaction growth due largely to the back half loaded 2025 pricing impact that was included in our initial guidance.

資料處理收入成長了 9%，而流程交易成長了 11%，這主要歸因於我們初步指引中包含的 2025 年定價影響的後半部分。

Had pricing been more evenly spread across the year, as in the prior year, these two growth metrics would have been more in line for the first quarter.

如果定價像前一年一樣在全年更均勻地分佈，那麼這兩個成長指標在第一季就會更加一致。

International transaction revenue was better than expected, benefiting from higher cross-border volumes and higher currency volatility than we expected.

國際交易收入優於預期，受惠於跨國交易量增加和貨幣波動性高於我們的預期。

Year over year growth was up 14%, below the 16% increase in constant dollar cross-border volume, excluding intra-Europe due primarily to foreign exchange and lapping higher currency volatility from last year.

年增 14%，低於以美元計算的跨境交易量（不包括歐洲內部）16% 的增幅，這主要歸因於外匯和去年同期貨幣波動加劇。

Other revenue grew 32%, primarily driven by better-than-expected consulting and market services growth and select pricing modifications.

其他收入成長 32%，主要得益於諮詢和市場服務成長優於預期以及精選價格修改。

Client incentives grew 13%, reflecting a strong renewal quarter.

客戶激勵成長了 13%，反映出續約季度的強勁表現。

Now to our three growth engines.

現在來談談我們的三大成長引擎。

Consumer payments revenue growth was driven by improving payments volume, cross-border volume and process transaction growth.

消費者支付收入的成長得益於支付量、跨境交易量和流程交易成長的推動。

New flows revenue grew 19% year-over-year in constant dollars, driven by better-than-expected commercial cross-border performance across all regions and Visa Direct transaction growth.

受各地區商業跨國表現優於預期及 Visa Direct 交易成長的推動，新流收入以固定美元計算年增 19%。

Commercial payments volume rose 6% year-over-year in constant dollars, mainly driven by favorable days mix impact as well as strong cross-border volumes.

商業支付量以固定美元計算年增 6%，主要得益於有利的日子組合影響以及強勁的跨國支付量。

Visa Direct transactions grew 34% year-over-year, helped by growth in Latin America for interoperability among P2P apps.

由於拉丁美洲 P2P 應用程式互通性的成長，Visa Direct 交易量較去年同期成長 34%。

Value-added services revenue grew to $2.4 billion, a growth rate of 18% in constant dollars, led by strong growth in consulting and marketing services, issuing solutions and risk and identity solutions.

增值服務收入成長至 24 億美元，以固定美元計算成長率為 18%，其中諮詢和行銷服務、發行解決方案以及風險和身分解決方案的強勁成長功不可沒。

Operating expenses grew 11%, in line with our expectations, driven by increases in personnel and general and administrative expenses.

營業費用增加 11%，符合我們的預期，主要是由於人事費用和一般及行政費用的增加。

In our GAAP results, we had $213 million in severance costs related to changes to our workforce, reflecting our efforts to focus investment on the highest growth opportunities for our business as well as accelerating our innovation to better serve our clients.

在我們的 GAAP 結果中，我們有 2.13 億美元的遣散費與員工變動有關，這反映了我們努力將投資集中在業務最高的成長機會上，並加快創新以更好地服務客戶。

Our tax rate was 17.7%, better than expected due to various items, including a change in our geographic mix of earnings.

我們的稅率為 17.7%，優於預期，原因包括多種因素，包括我們的收入地理結構的變化。

EPS was $2.75, up 14% over last year with an approximately 1 point drag from exchange rates and an approximately 0.5 point drag from acquisitions.

每股收益為 2.75 美元，較去年同期成長 14%，匯率拖累約 1 個百分點，收購拖累約 0.5 個百分點。

In Q1, we bought back approximately $3.9 billion in stock and distributed $1.2 billion in dividends to our stockholders.

第一季度，我們回購了約 39 億美元的股票，並向股東發放了 12 億美元的股利。

At the end of December, we had $9.1 billion remaining in our buyback authorization.

截至 12 月底，我們的回購授權餘額還剩 91 億美元。

Now let's move to what we've seen so far in Q2.

現在讓我們來看看第二季目前的情況。

Through January 28, driver trends have remained strong.

截至 1 月 28 日，駕駛趨勢依然強勁。

US payments volume was up 8%, with debit up 9% and credit up 7% year-over-year.

美國支付量年增 8%，其中藉記卡成長 9%，信用卡成長 7%。

Process transactions grew 11% year-over-year.

流程交易年增11%。

For constant dollar cross-border volume, excluding transactions within Europe, we saw total volume grew 17% year-over-year.

以固定美元計算的跨境交易量（不包括歐洲境內交易）年增了 17%。

Travel-related cross-border volume grew 17% year-over-year and cross-border card not present ex travel volume grew 16%.

旅遊相關跨國旅遊量較去年同期成長17%，跨國無卡旅遊量成長16%。

Now on to our expectations.

現在來談談我們的期望。

Remember that adjusted basis is defined non-GAAP results in constant dollars and excluding acquisition impacts.

請記住，調整後基礎是以不變美元計算的非 GAAP 結果，且不包括收購影響。

You can review these disclosures in our earnings presentation for more detail.

您可以在我們的收益報告中查看這些揭露以了解更多詳細資訊。

For the second quarter, we expect adjusted net revenue growth to be in the high single-digits to low double-digits.

對於第二季度，我們預期調整後的淨收入成長率將達到高個位數至低兩位數。

I would note that the primary difference between Q1 and Q2 adjusted net revenue growth is the lapping of leap year.

我要指出的是，第一季和第二季調整後淨收入成長之間的主要差異在於閏年的重疊。

We expect second quarter adjusted operating expense growth to be in the high single to low double digits.

我們預期第二季調整後的營業費用成長率將達到高個位數至低兩位數。

Non-operating income in the second quarter is expected to be negligible.

預計第二季的非營業收入將微不足道。

And our tax rate in the second is expected to be around 17.5%.

我們第二季的稅率預計在17.5%左右。

As a result, we expect second quarter adjusted EPS growth to be in the high single-digits.

因此，我們預計第二季調整後的每股盈餘成長率將達到高個位數。

We have now closed the acquisition Featurespace and lapped the impact of Pismo in January.

我們現在已經完成了對 Featurespace 的收購，並在一月抵消了 Pismo 的影響。

For acquisition impacts, we expect a minimal impact to net revenue growth and approximately 1.5 point contribution to operating expense growth and an approximately 0.5 point headwind to EPS growth in the second quarter.

就收購的影響而言，我們預期對淨收入成長的影響很小，對第二季營業費用成長的貢獻約為 1.5 個百分點，對每股盈餘成長的阻力約為 0.5 個百分點。

Now let's cover our full year expectations.

現在讓我們來談談全年預期。

We now expect full year adjusted net revenue growth to be in the low double-digits.

我們現在預計全年調整後淨收入成長率將達到兩位數。

There are no material changes to our adjusted operating expense growth and non-operating income expectations for the full year.

我們對全年調整後的營業費用成長和非營業收入的預期沒有重大變化。

Based on our lower-than-expected tax rate in Q1 and an updated view for the rest of the year, we're lowering our expected tax rate to be between 17.5% and 18%.

根據我們第一季低於預期的稅率和今年剩餘時間的最新預測，我們將預期稅率下調至 17.5% 至 18% 之間。

Taking all of this together, we now expect adjusted EPS growth to be in the low-teens.

綜合考慮所有這些因素，我們現在預計調整後的每股盈餘成長率將達到百分之十幾。

Featurespace and Pismo are expected to have a minimal impact on full year net revenue growth and approximately 1 point contribution operating expense growth and an approximately 0.5 point headwind to EPS growth.

預計 Featurespace 和 Pismo 對全年淨收入成長的影響將很小，對營業費用成長的貢獻將約為 1 個百分點，對 EPS 成長的貢獻將約為 0.5 個百分點。

In summary, we're off to a strong start to the year.

總而言之，我們今年開局良好。

We remain focused on the execution of our growth strategy for the rest of 2025 and look forward to Investor Day in a few weeks.

我們將繼續專注於 2025 年剩餘時間的成長策略的執行，並期待幾週後的投資者日。

And now, Jennifer, it's time for some Q&A.

詹妮弗，現在是問答時間。

Thanks, Chris.

謝謝，克里斯。

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

現在，我們準備好回答問題了。

(Operator Instructions)

（操作員指令）

Sanjay Sakhrani, KBW.

桑傑薩克拉尼（Sanjay Sakhrani），KBW。

Thank you.

謝謝。

I had a question the improved outlook.

我對改善的前景有疑問。

Obviously, the volumes did better and they accelerated.

顯然，交易量表現更好，而且速度加快了。

Does the improved outlook assume the growth rate sort of sustain themselves or maybe you just go through sort of what the drivers are?

改善的前景是否假設成長率能夠自我維持，或者您只是研究一下驅動因素是什麼？

Thanks.

謝謝。

Yeah.

是的。

Hi Sanjay.

你好，桑傑。

Thanks for the question.

謝謝你的提問。

Yeah, we feel great about the Q1 results as I (technical difficulty) end one quarter in the year and we'll have more of an update on half two as we get closer to it.

是的，隨著我（技術難度）結束今年的一個季度，我們對第一季的業績感到非常滿意，隨著第二季的臨近，我們將對第二季的業績進行更多更新。

Next question please.

請回答下一個問題。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Hey, guys, I appreciate you taking the question.

嘿，夥計們，感謝你們回答這個問題。

I also wanted to follow up on some of the stronger spending results that you've seen -- you called out the strong results that's been pretty evident in some of the prints so far this quarter.

我還想跟進一下您所看到的一些更強勁的支出結果——您指出了本季度迄今為止的一些印刷品中相當明顯的強勁結果。

I just wanted to know if there's anything kind of when you peel back the onion and some of the data that you guys have.

我只是想知道當你剝開洋蔥時是否有什麼東西以及你們擁有的一些數據。

You know, if there's anything obvious that you would attribute this acceleration over the past couple of months toward that I know.

你知道，如果有什麼明顯的事情可以歸因於過去幾個月的這種加速，我知道。

You called out some things around holiday spending and obviously there's been a lot of days mix things going on, but we spent I think a year talking about ticket size being a headwind.

您提到了一些有關節日消費的事情，顯然有很多天發生了很多混亂的事情，但我想我們花了一年的時間來討論票價規模是一個阻力。

So I'm wondering how much of this is sort of a new run rate and lapping, kind of tougher comps over the last couple of years versus kind of an outright acceleration and kind of spending above trend.

所以我想知道這在多大程度上是一種新的運行率和重疊，在多大程度上是過去幾年更嚴格的比較，而不是徹底的加速和高於趨勢的支出。

Curious to see if you have any thoughts on that.

好奇想知道您對此是否有什麼想法。

Thanks.

謝謝。

Yeah, thanks for the question Will.

是的，感謝威爾的提問。

Well, let's try to break down unpack a little bit a few things in there.

好吧，讓我們嘗試分解其中的一些東西。

We talked about strength in the US and international markets.

我們討論了美國和國際市場的實力。

The strength in the US, we did have a strong holiday.

美國實力雄厚，我們確實度過了一個強勁的假期。

I gave some of those numbers in the prepared comments that you heard about.

我在你們聽到的準備好的評論中給了一些數字。

It also helped discretionary categories, retail travel entertainment.

它還幫助了可自由支配的類別、零售、旅遊娛樂。

And then the lapping of (inaudible), that was really the step up that we saw in the US, we feel really good about that.

然後是（聽不清楚）的重疊，這確實是我們在美國看到的進步，我們對此感覺非常好。

And then, like we talked about as well across the regions.

然後，就像我們在各個地區討論的那樣。

And so, from a payment volume standpoint, feel really good about that.

因此，從支付量的角度來看，對此感到非常高興。

Cross border, maybe the added commentary on cross border was, if you look at e-commerce, e-commerce was up a point from Q4.

跨境，也許對跨境的補充評論是，如果你看電子商務，電子商務比第四季度上升了一個點。

Cross border e-commerce benefiting from the stronger retail in holiday.

跨境電商受惠於假期零售業的強勁成長。

And then travel though did step up, by 4 points from Q4 and not just Q4, but maybe the last two quarters which had been around that same level.

然而，旅行業確實有所進步，從第四季度開始增加了 4 個百分點，而且不只是第四季度，可能過去兩個季度都保持在同一水平。

We're seeing strong travel results from across all the regions.

我們看到所有地區的旅行業績都表現強勁。

And so we again, we feel really good about that, but all that said, it's a quarter into the year and we're going to obviously wait to see how Q2 plays out, but we feel pretty good about looking into the second quarter.

因此，我們再次對此感到非常高興，但儘管如此，今年才剛剛過去一個季度，我們顯然要等著看第二季度的表現，但我們對第二季度的前景感到十分樂觀。

Next question please.

請回答下一個問題。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

Guys, thanks.

大家，謝謝。

Just a couple of two parts to a question.

一個問題僅由兩個部分組成。

But first one is really to do with the underlying trends we're going to see through the year with regard to the moving parts on some of your easier lapping.

但第一個問題實際上與我們今年將要看到的一些潛在趨勢有關，這些趨勢與一些較容易研磨的活動部件有關。

Given that there was some business as you talked about that had come off last year that lapse.

正如您所說，考慮到去年有一些業務已經中斷。

How does that impact your volume trajectory in the US.

這對您在美國銷售走勢有何影響？

As the year progresses, we can think about that.

隨著時間的推移，我們可以思考這個問題。

Obviously Reg II started to help already.

顯然 Reg II 已經開始提供協助。

And then maybe just a quick follow up on rebates incentives.

然後也許只是快速跟進回扣激勵措施。

I know you talked about this being the higher quarter, that we were going to start the year off at.

我知道您說過這是我們年初的一個較高季度。

Maybe just if you could help us, was this in line with your expectations in terms of the results that we saw, or is anything changing around timing on it or did it really come in as expected?

也許您能幫助我們，就我們看到的結果而言，這是否符合您的預期，或者時間上是否有任何變化，或者它是否真的符合預期？

Thanks again guys.

再次感謝大家。

Okay.

好的。

Let me try to tackle all three of those things there.

讓我試著解決這三個問題。

You know, in terms of the full year guide, you are recalling correctly.

您知道，就全年指南而言，您記得是正確的。

You know, when we started the year, we talked about sort of the dynamics in half one and half two and why we anticipated growth to be accelerating throughout the course of the year.

你知道，當我們今年年初時，我們討論了上半年和下半年的動態，以及為什麼我們預計全年成長將會加速。

Incentives was part of that story.

激勵措施是這個故事的一部分。

We are -- as we said before -- as expected, this is going to be a big year for renewals with more than 20% of our payment volume impacted and starting really meaningfully with that renewal cycle in the first half of the year that has occurred.

正如我們之前所說，正如預期的那樣，今年將是續約的重要一年，我們的付款量將受到 20% 以上的衝擊，上半年的續約週期將真正開始，發生。

You saw incentives grow 13% in Q1 versus the 6% we saw in Q4 that will continue.

您會看到，第一季的激勵措施成長了 13%，而第四季的激勵措施成長了 6%，而這種成長也將持續。

We anticipate Q2 incentives growth will continue to reflect that renewal cycle.

我們預計第二季的激勵成長將繼續反映這一更新周期。

You mentioned Reg II, I think we've covered that.

您提到了 Reg II，我想我們已經討論過這個主題了。

We are lapping what was modest impact from a year ago?

我們正在彌補一年前產生的適度影響？

And then there are some lapping benefits from portfolio as well that are more centered toward the second half of the year as well.

然後，投資組合中也有一些重疊收益，這些收益也更集中在今年下半年。

That all said again, I just has said it before -- so the last question when we lap -- it's a quarter of the year.

再說一遍，我之前就說過了——所以當我們繞圈時，最後一個問題是——這是一年中的四分之一。

We reflected the Q1 upside and adjusted our Q2 outlook to reflect that and we'll certainly talk about half two as we get closer to it.

我們反映了第一季的上行趨勢，並調整了第二季的展望以反映這一點，我們肯定會在接近第二季時討論第二季的下半年。

Next question.

下一個問題。

Andrew Jeffrey, William Blair.

安德魯傑弗瑞、威廉布萊爾。

Andrew, are you there?

安德魯，你在嗎？

Operator, maybe we can go to the next caller and come back to Andrew in a bit.

接線員，也許我們可以先接聽下一位來電，然後再過一會兒再聯絡安德魯。

One moment please.

請稍等。

Andrew, you may go ahead, sir.

安德魯，先生，您繼續。

Hi, thank you.

你好，謝謝。

Can you hear me now?

現在你能聽到我的聲音嗎？

Yes, now we can.

是的，現在我們可以了。

I apologize for that.

我對此表示歉意。

I'm sorry.

對不起。

I wanted to ask on value-added services, given the recent closure of feature space and I think some emphasis in Pismo.

我想問一下增值服務，考慮到最近功能空間的關閉以及我認為 Pismo 的一些重點。

Can you talk, Ryan, has there been a philosophical change or a change in emphasis perhaps in Visa's value-added services initiatives.

瑞安，您能否談談 Visa 的增值服務計劃是否發生了理念變化或重點變化？

And going forward, as we think about greater opportunities in that area, should we think about Visa maybe emphasizing some more security offerings versus processing and gateway?

展望未來，當我們考慮該領域的更大機會時，我們是否應該考慮 Visa 可能強調一些安全產品而不是處理和網關？

Just trying to frame that up.

只是想將其框定下來。

Yes.

是的。

We continue to be very excited about the progress that we're making in value-added services across the board.

我們對全面增值服務領域所取得的進展感到非常興奮。

There's no change in emphasis as it relates to the priority or the prioritization of kind of the areas where we've been building products and serving clients.

就我們一直致力於打造產品和服務客戶的領域的優先順序或優先順序而言，重點並沒有改變。

So we continue to be very focused on delivering solutions to merchants and acquirers, very focused on delivering solutions to issuers.

因此，我們繼續高度重視向商家和收單機構提供解決方案，並高度重視向發行商提供解決方案。

Very focused on delivering fraud and risk solutions broadly across the ecosystem as well as advisory business.

非常注重在整個生態系統和諮詢業務中廣泛提供詐欺和風險解決方案。

I talked about some examples in my prepared remarks.

我在準備好的發言中談到了一些例子。

We have had some great acquisitions.

我們進行了一些重大的收購。

The way that we think about acquisitions is we're constantly kind of looking for companies around the world that we can bring into our ecosystem, accelerate their growth, accelerate our kind of products that we're bringing to our clients and Pismo and Featurespace are 2 great examples of those.

我們對收購的看法是，我們一直在尋找世界各地的公司，將其納入我們的生態系統，加速它們的成長，加速我們為客戶帶來的產品，而 Pismo 和 Featurespace 就是其中之一。個很好的例子。

In terms of Pismo we're having real good success kind of with our sales pipeline all around the world.

就 Pismo 而言，我們的全球銷售管道取得了真正的成功。

We're having conversations with clients that I don't think Pismo ever would have had certainly not this early in their evolution.

我們正在與客戶進行對話，我認為 Pismo 在其發展初期絕對不會有這樣的對話。

And the reason we're able to do that is we're bringing kind of the amazing capabilities that Pismo offers together with the deep relationships and partnerships that we have as well as kind of our long track record of delivering resilient solutions to our clients and partners.

我們之所以能夠做到這一點，是因為我們結合了 Pismo 提供的出色功能、我們之間的深厚關係和合作夥伴關係，以及我們長期為客戶提供彈性解決方案的良好記錄。

Featurespace is early, but we're already having a ton of success.

雖然 Featurespace 還處於早期階段，但我們已經取得了大量的成功。

I got a ton of great client and partner feedback on that acquisition.

我收到了大量關於此次收購的客戶和合作夥伴的良好回饋。

We've known Featurespace for many, many years.

我們已經認識 Featurespace 很多年了。

We partnered with them.

我們與他們合作。

We also competed against them.

我們也與他們競爭。

We know their capabilities really well.

我們非常了解他們的能力。

One of the things that you're seeing from us is that we're continuing to take the amazing capabilities that we have at Visa, whether that's our fraud capabilities, our network capabilities, our processing capabilities, we're unbundling those from the Visa stack, we're enhancing them and then we're delivering them to a broader array of clients and partners, many times unrelated to Visa transactions or the VisaNet platform itself.

你們從我們這裡看到的一件事是，我們將繼續發揮Visa 所擁有的驚人能力，無論是我們的反詐騙能力、我們的網路能力、我們的處理能力，我們正在將這些從Visa 中分離出來。

So we continue to focus on all those areas in value-added service.

因此，我們將繼續關注增值服務的所有領域。

We continue to have good success and you'll continue to see us kind of move down this kind of program of unbundling our capabilities, enhancing them and delivering them to a much broader set of clients.

我們繼續取得成功，您將繼續看到我們繼續實施這種分解我們的能力、增強它們並將其提供給更廣泛的客戶的計劃。

Next question, please.

請回答下一個問題。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特（Harshita Rawat）、伯恩斯坦。

Good afternoon.

午安.

So Ryan, I want to follow up on your comments on kind of this unbundling of the capabilities and ask about Visa A2A.

所以 Ryan，我想跟進你對這個功能分割的評論，並詢問有關 Visa A2A 的問題。

We talked about 10 new RTP network partnerships.

我們討論了 10 個新的 RTP 網路合作夥伴關係。

What are you hearing from your issuer and merchant customers, bill pays, probably now there's use case.

您從發行人和商家客戶、帳單支付聽到了什麼，可能現在有用例。

How should we think about the road map of use cases, monetization models and also the dynamics Visa debit in terms of cannibalization.

我們應該如何看待使用案例路線圖、貨幣化模型以及 Visa 金融卡在蠶食方面的動態。

Yes. you're right.

是的。你說得對。

And this notion of unbundling our capabilities is very relevant in the value-added services space for some of the reasons that I mentioned.

由於我提到的一些原因，這種拆分我們的能力的概念與增值服務領域非常相關。

It's also very relevant in the consumer payment space.

這與消費者支付領域也非常相關。

And Visa account-to-account is a great example.

Visa 帳戶到帳戶就是一個很好的例子。

A great example where we've unbundled kind of our brand and acceptance, our rules in terms of chargebacks, disputes and returns and how things work as well as kind of our risk management capabilities, we've unbundled that from the Visa stack, and now we're delivering that to our partners initially in the UK with Visa A2A and then more broadly across Europe and other places over time.

一個很好的例子是，我們已經將我們的品牌和接受度、退款、爭議和退貨方面的規則、運作方式以及我們的風險管理能力從 Visa 堆疊中分離出來，並且現在我們首先通過Visa A2A 在英國向我們的合作夥伴提供這項服務，然後隨著時間的推移，將這項服務更廣泛地推廣到歐洲和其他地方。

We still are on track to launch Visa A2A in early 2025.

我們仍有望在 2025 年初推出 Visa A2A。

After we announced it, we've done what we always do, which is have a bunch of great conversations with clients and partners and regulators in the UK.

宣布這一消息後，我們做了一貫的事情，與英國的客戶、合作夥伴和監管機構進行了一系列精彩的對話。

As you mentioned, the initial use case is targeted at bill pay.

正如您所說，最初的用例是針對帳單支付。

And what we found through those conversations is there's a real need.

透過這些對話我們發現確實存在需求。

There's a real need to add the types of processes and rules and the trusted brand that we have to account-to-account payments starting in bill pay to give consumers more confidence to use it merchants more reason and confident offer it, and we're excited about it.

我們確實需要增加各種流程和規則，以及從帳單支付開始的帳戶到帳戶支付的可信任品牌，以便讓消費者更有信心使用它，讓商家更有理由和信心提供它，我們對此感到興奮。

I mean obviously, bill pay in UK is just the start.

我的意思是，顯然，英國的帳單支付才剛開始。

But we think the power of kind of taking some of these Visa capabilities into the account-to-account space is going to be a great benefit for our clients and our partners in the ecosystem.

但我們認為，將 Visa 的一些功能引入帳戶到帳戶領域，將為我們的客戶和生態系統中的合作夥伴帶來巨大的利益。

You mentioned Visa account to account.

您提到了 Visa 帳戶到帳戶。

It's a similar story kind of on what we've been doing in account-to-account protect, where we've taken our kind of decades of risk experience, our data, our scoring algorithms and unbundle that from kind of the Visa stack, and we're delivering that to, as I said in my prepared remarks, we're targeting up to 10 RTP networks during the course of this year.

這和我們在帳戶到帳戶保護方面所做的類似，我們利用了數十年的風險經驗、數據、評分演算法，並將其從 Visa 堆疊中分離出來，我們正在實現這一目標，正如我在準備好的發言中所說的那樣，我們的目標是在今年內覆蓋多達10 個RTP 網路。

I mentioned that the banks we're now working with in Brazil to reduce fraud on Pix transactions.

我提到，我們目前正在與巴西的銀行合作，以減少 Pix 交易中的詐欺行為。

We've had great success with Pay.UK in the UK reducing fraud on account-to-account transactions.

我們在英國與 Pay.UK 合作取得了巨大成功，減少了帳戶間交易的詐欺行為。

And you're going to hear a lot more on -- from other partners and other networks around the world.

您還會聽到更多來自世界各地其他合作夥伴和其他網路的消息。

These 2 examples are both driven by client needs.

這兩個例子都是由客戶需求所驅動的。

I mean that is what drives our innovation agenda.

我的意思是，這就是推動我們創新議程的動力。

That's what drives our product delivery agenda.

這就是推動我們產品交付計畫的動力。

We've been hearing from clients all around the world that they're looking for Visa to help them with these types of challenges, both driving safe and secure account-to-account payments around the world.

我們聽到來自世界各地客戶的聲音，他們正在尋求 Visa 來幫助他們應對此類挑戰，推動全球範圍內安全可靠的帳戶到帳戶支付。

So very excited about it, and you'll continue to hear more from us on it.

我對此感到非常興奮，您將繼續聽到我們關於此事的更多消息。

Next question.

下一個問題。

Timothy Chiodo, UBS.

瑞銀的提摩西‧奇奧多 (Timothy Chiodo)。

Great.

偉大的。

Thank you.

謝謝。

I wanted to dig a little bit into the mix components of the cross-border business.

我想深入了解跨國業務的混合成分。

So you said in the past that roughly about 60% of it is travel and the other roughly 40% is e-commerce.

所以您過去說過，其中約 60% 是旅遊，另外約 40% 是電子商務。

And I know that evolved a little bit throughout COVID and now into the recovery period.

我知道這種情況在新冠肺炎疫情期間有了一些發展，現在已進入恢復期。

But when we think about the e-commerce component, I believe that some of the Visa Direct-related pieces are sitting there.

但當我們考慮電子商務組件時，我相信一些與 Visa Direct 相關的部分就在那裡。

So whether it be the remittances that are cross-border or the marketplace payouts.

無論是跨境匯款或是市場支付。

I was hoping you could dig into those 2 or that broader bucket if there's any rough growth rates or growth contribution or sizing?

我希望您能夠深入研究這兩個或更廣泛的領域，看看是否存在任何粗略的成長率或成長貢獻或規模？

And if not, just any general comments around that aspect of the cross-border business.

如果沒有，那麼請就跨境業務的這個方面提出任何一般性評論。

Thanks for the question, Tim.

謝謝你的提問，提姆。

Yes, let's unpack that as well.

是的，我們也來解開它。

We've been doing some unpacking here.

我們一直在這裡拆包。

In terms of e-commerce, you have the mix that you've shared is the mix that we've shared in terms of travel and e-commerce with e-commerce having sustained slightly better over the last few quarters.

在電子商務方面，您所分享的組合與我們在旅遊和電子商務方面所分享的組合相同，並且電子商務在過去幾個季度中保持了略好的表現。

Obviously, this quarter, the two growth rates converge, that was good to see.

顯然，本季度，兩個成長率趨於一致，這是令人欣喜的。

And within that, Visa Direct does have a cross-border component Visa Direct cross order.

其中，Visa Direct 確實有一個跨境元件 Visa Direct 交叉訂單。

We talked about Visa Direct transactions growing 34%.

我們談到了 Visa Direct 交易量成長 34% 的情況。

The cross-border portion of that is growing much faster.

其中跨境部分的成長速度更快。

It's obviously a small portion of the total transactions.

這顯然只是總交易量的一小部分。

It's growing much faster than that.

它的成長速度比這快得多。

And so we continue to appreciate that Visa Direct in total.

因此，我們繼續對 Visa Direct 表示讚賞。

The momentum is great and continue to be a really good opportunity.

這一勢頭很好，並且將繼續成為一個非常好的機會。

But yes, when you add it all together, we're seeing great growth across e-commerce and cross-border.

但確實，當你把所有這些加在一起時，我們看到電子商務和跨境業務的巨大成長。

And as you know, the yields are accretive as well.

而且正如您所知，收益率也在增加。

Yeah.

是的。

The only thing I'd add is that in the very big scheme of things, with all the success we're having in cross-border Visa Direct, which is great, and we are having great success, it's still a very small portion of our cross-border transactions and payment volume around the world in the big scheme of things.

我唯一想補充的是，從宏觀角度來看，儘管我們在跨境 Visa Direct 方面取得了巨大成功，但這仍然只是我們業務的一小部分。量。

Next question, please.

請回答下一個問題。

James Faucette, Morgan Stanley.

摩根士丹利的詹姆斯·福塞特（James Faucette）。

Hi, thanks.

嗨，謝謝。

I wanted to just follow up a little bit on the cross-border question.

我想稍微討論一下跨境問題。

How much benefit -- in the past, we've seen different periods when cryptocurrencies have done well, but that's also helped the cross-border kind of e-commerce component.

有多少好處呢？

I'm wondering how much of an uplift you saw from that.

我想知道您從中看到了多大的提升。

And I guess, tied in with that, as we've seen kind of growth rates to decelerate a little bit here in January, what's your current visibility on particularly travel and what are you seeing around bookings there?

我想，與此相關的是，我們看到 1 月份的成長率有所放緩，您目前對旅行的了解程度如何？

Any color you could provide on those two things would be great.

如果您能為這兩件事提供任何顏色，那就太好了。

Thanks.

謝謝。

Sure.

當然。

Crypto.

加密。

So how and where does crypto impact our business?

那麼加密貨幣如何以及在哪些方面影響我們的業務？

Well, there are a few ways that crypto can show up in our underlying drivers.

嗯，加密可以透過幾種方式出現在我們的底層驅動程式中。

But typically, when we see an impact, we do see it in our cross-border e-commerce volumes.

但通常情況下，當我們看到影響時，我們確實會在跨境電子商務量中看到它。

I talked about some of the drivers of that this quarter relative to Q4.

我談到了本季相對於第四季的一些驅動因素。

But obviously, given the recent demand and sort of activity around crypto, it is a modest benefit, I would say, to our cross-border e-commerce, but it's one of the smaller benefits I talked about sort of the other things. that impact that.

但顯然，考慮到最近圍繞加密貨幣的需求和活動，我想說，這對我們的跨境電子商務來說是一個適度的好處，但這是我談到的其他事情中較小的好處之一。那會影響那一點。

And so that's where we do see it typically.

這就是我們通常看到的情況。

Next question, please.

請回答下一個問題。

Jason Koperberg, Bank of America.

美國銀行的傑森‧科珀伯格（Jason Koperberg）。

Thank you, guys.

謝謝你們。

I wanted to touch on tokenization for a minute.

我想稍微談談標記化。

I think you said number of tokens were up 44% in the quarter, obviously, a pretty robust number.

我記得你說過本季代幣數量上漲了 44%，顯然這是一個相當強勁的數字。

So if you can just give us a general update on tokenization strategy and any potential timing or magnitude of actual monetization opportunity from tokenization?

那麼，您能否向我們提供有關代幣化策略的一般更新，以及代幣化帶來實際貨幣化機會的潛在時間或規模？

Obviously, understanding the benefits of it from a fraud and security perspective.

顯然，從詐欺和安全的角度來理解它的好處。

But just wondering if there's any direct monetization we should be thinking about?

但只是想知道我們是否應該考慮直接貨幣化？

Happy to talk about tokens.

很高興談論代幣。

You did get the number right, and we agree that it's significant.

你確實給了正確的數字，我們也認為這個數字很重要。

Let me step back and maybe put the whole token kind of road map in perspective, Visa network tokens have been and will be one of our most important investment priorities across the company.

讓我退一步考慮整個代幣路線圖，Visa 網路代幣一直是、也將是我們整個公司最重要的投資重點之一。

In many ways, we led the wave of token innovation and adoption.

在許多方面，我們引領了代幣創新和採用的浪潮。

I think it's been about a decade since we issued the first Visa token.

我認為從我們發行第一個 Visa 代幣以來已經過去了大約十年。

And I remember, I think in 2020, we got to one billion tokens.

我記得，到 2020 年，我們的代幣數量將達到 10 億。

And that was a big milestone.

這是一個重要的里程碑。

But in hindsight, like we were really just approaching the beginning of the steep part of the S curve.

但回想起來，我們其實只是接近 S 曲線陡峭部分的起點。

You go back to what you said about 44% growth.

回到你剛才說的 44% 的成長。

So we've now got more than 12.5 billion tokens across the ecosystem.

所以現在我們的整個生態系統已經擁有超過 125 億個代幣。

We got 8,400 issuers around the world that are issuing them in 200-plus markets around the world.

我們在全球擁有 8,400 家發行機構，在全​​世界 200 多個市場發行債券。

And we've got 1/3 of all Visa transactions that are now tokenized.

現在，我們已將 1/3 的 Visa 交易標記化。

We did 21 billion, 22 billion token transactions in the last quarter.

上個季度我們完成了 210 億到 220 億個代幣交易。

And as you alluded to, the adoption is proliferating because the performance improvement is meaningful.

正如您所提到的，採用率正在不斷提高，因為效能改進是有意義的。

If you just look at e-commerce, on tokenized transactions, we have 6 percentage point higher approval rates.

如果你只看電子商務，在標記化交易方面，我們的批准率高出 6 個百分點。

That is significantly higher sales for our merchant partners and 30% reduction in run rates, which is good for everybody in the ecosystem.

這顯著提高了我們的合作商家的銷售額，並降低了 30% 的運行率，這對生態系統中的每個人來說都是有利的。

It's also -- tokens have become one of our most important platforms for enabling innovation.

而且，代幣已經成為我們實現創新的最重要的平台之一。

For example, I think it was last quarter I talked about in Europe.

例如，我想上個季度我談到了歐洲的情況。

We're using tokens to simplify the e-commerce checkout experience.

我們正在使用代幣來簡化電子商務結帳體驗。

We've embedded passkeys via Visa tokens in the click to pay and we're making e-commerce checkout as easy as it is that you and I unlock our phone with our face or fingerprint.

我們在點擊付款過程中透過 Visa 代幣嵌入了金鑰，讓電子商務結帳變得像您我使用臉部或指紋解鎖手機一樣簡單。

So that's an example of tokens being a platform to drive innovation around the world.

這就是代幣作為推動全球創新的平台的一個例子。

They're also a critical enabler of our value-added services and those we deepen relationships with partners, and we also grow revenue.

它們也是我們增值服務的重要推動因素，也是我們深化與合作夥伴的關係並增加收入的重要因素。

To your question around monetization, what would be a couple of examples.

對於您關於貨幣化的問題，可以舉幾個例子嗎？

We've got merchants that are using our token credential enrichment service.

我們有一些商家正在使用我們的令牌憑證豐富服務。

So we embed this in Visa tokens so that we continually update Visa credentials for merchants that subscribe to this service.

因此，我們將其嵌入到 Visa 令牌中，以便我們可以不斷更新訂閱此服務的商家的 Visa 憑證。

And then they don't have to worry about consumers updating their credentials when their cards expire so they don't miss a subscription renewal or a sale, and we earn revenue for that service.

這樣，他們就不必擔心消費者在卡片過期時更新他們的憑證，這樣他們就不會錯過訂閱續約或銷售，而我們則可以透過這項服務賺取收入。

We also offer a service, if you think about on the issuer side, that allows our issuers to create a heat map of all their consumers' tokens across the entire ecosystem.

如果您從發行方考慮，我們還提供一項服務，該服務允許我們的發行人創建整個生態系統中所有消費者代幣的熱圖。

And they pay for this service from us so that they can enable their customers to add, view and manage their Visa cards across merchants that they use in their daily lives.

他們向我們支付這項服務費用，以便讓他們的客戶能夠在日常生活中使用的商家中新增、查看和管理他們的 Visa 卡。

So we have a vast array of services that we both shipped and that we're building and plan to ship built on our tokens and the revenue that we generate from these token-enabled services is meaningful, and it will be even more meaningful going forward.

因此，我們擁有大量基於我們的代幣交付、正在建構和計劃交付的服務，我們從這些基於代幣的服務中獲得的收入是有意義的，而且在未來將更加有意義。

Next question.

下一個問題。

Bryan Keane, Deutsche Bank.

德意志銀行的布萊恩·基恩。

Hi, thanks for taking my question.

你好，謝謝你回答我的問題。

Ryan, I just wanted to ask about X Money.

瑞安，我只是想問一下有關 X Money 的事情。

How long does a project like that take for you guys to implement with X?

你們用 X 實現這樣的專案要花多久時間？

Any kind of idea on how fast and how much volume that might ramp?

對於上升速度和數量可能會增加多少，您有什麼想法嗎？

And any thoughts on economics, or it's just kind of Visa Direct type transactions.

對經濟有什麼看法嗎，或者這只是一種 Visa Direct 類型的交易。

Thanks.

謝謝。

I think the X partnership is a great example in what's been a kind of long list of fintech and big tech, crypto, digital wallets, social messaging apps and the like that have looked around at their options and concluded that the Visa platform, the Visa network and the Visa network of networks is kind of the best, most reliable, biggest money movement platform that's really engineered to enable their developers to quickly implement the types of solutions that they're looking to implement.

我認為X 的合作是一個很好的例子，在眾多金融科技和大型科技公司、加密貨幣、數位錢包、社交訊息應用程式等公司中，他們已經審視了自己的選擇，並得出結論，Visa 平台、Visa網路和 Visa 網路是最好、最可靠、最大的資金流動平台，其設計真正是為了使開發人員能夠快速實施他們想要實施的解決方案類型。

And it's another great spin that journey that we've been taking.

這是我們踏上的另一個偉大旅程。

As you said, the partnership is built on the Visa Direct platform.

正如您所說，合作關係建立在 Visa Direct 平台上。

It's going to allow the 600 million or so active monthly users of X to fund their X Money accounts or to move money into it, they're going to be able to transfer funds back to their bank account any from their X Money account.

它將允許 X 的 6 億左右月活躍用戶為他們的 X Money 帳戶注資或將資金轉入其中，他們可以將資金從他們的 X Money 帳戶轉回他們的銀行帳戶。

There's going to be creators on the X platform that can now get paid much faster when they use Visa Direct to move money back to their bank accounts.

X 平台上的創作者現在可以透過使用 Visa Direct 將錢轉回他們的銀行帳戶更快地獲得付款。

So it's a great credit to the partnership between our team and the X Money team and I think building out those use cases, and we're just excited to continue to expand the number of use cases on our platform.

因此，這極大地歸功於我們團隊和 X Money 團隊之間的合作，我認為這些用例的建立，我們很高興能夠繼續擴大我們平台上的用例數量。

Next question please.

請回答下一個問題。

Dominick Gabriele, Compass Point.

多米尼克·加布里埃爾 (Dominick Gabriele)，Compass Point。

Hey, thanks so much for taking my question.

嘿，非常感謝您回答我的問題。

I was actually just curious if you've heard through your partners on either the consumer or commercial side, if the threat of tariffs pushed up any commercial spending or consumer spending, and if you've tracked that in the past?

我實際上只是好奇，您是否從消費者或商業方面的合作夥伴那裡聽說，關稅威脅是否推高了商業支出或消費者支出，以及您是否在過去跟踪過這種情況？

Thanks so much.

非常感謝。

Yeah, we haven't seen anything directly related to that.

是的，我們還沒有看到任何與此直接相關的內容。

And I think just like I guess, broadening the question a bit.

我認為，就像我猜測的那樣，將問題稍微擴大一點。

I think on tariffs broadly, we're going to have to wait and see what happens.

我認為，就關稅而言，我們將不得不拭目以待。

I think it's going to be very difficult to predict what's going to get implemented, where it's going to get implemented.

我認為，預測將會實施什麼、在哪裡實施將會非常困難。

And as we see these things potentially get implemented, we'll have a better sense on what impact it has for our business and we can let you know then.

當我們看到這些事情有可能實施時，我們將更了解它對我們的業務有何影響，然後我們會通知您。

Next question please.

請回答下一個問題。

Bryan Bergin, TD Cowen.

布萊恩·伯金（Bryan Bergin），TD Cowen 公司。

Hi, good.

你好，很好。

Afternoon.

下午。

Thank you.

謝謝。

I wanted to ask on commercial.

我想問一下商業方面的問題。

So I think I called 6% growth, so one point improvement there quarter-on-quarter.

所以我認為成長率是 6%，也就是說比上一季提高了 1 個百分點。

Can you talk more about the trends in commercial spend in 1Q and further improvement expected or I guess, sustainable here in the '25 outlook relative to what you saw in '24?

您能否詳細談談第一季商業支出的趨勢，以及相對於 24 年的情況，25 年預期是否會進一步改善，或是否會持續下去？

Thanks for the question.

謝謝你的提問。

You got the numbers right.

你的數字是對的。

Commercial volumes up from Q4, a little over one point.

商業交易量較第四季上升了略高於一個點。

And that Q1 growth was aided by a couple of things: favorable days mix in the US and internationally, which was the inverse of what I talked about in Q4 where days mix was a little bit of a headwind.

第一季的成長得益於以下幾個因素：美國和國際上有利的銷售天數組合，這與我在第四季談到的情況正好相反，當時的銷售天數組合有些不利。

I also referenced stronger commercial cross-border volumes as well.

我也提到了更強勁的商業跨國交易量。

And maybe the third one, it's small, but there was less of a drag from ATS as it continues to evolve.

也許是第三個，它很小，但隨著它的不斷發展，ATS 的阻力較小。

I also referenced strong results from client portfolios that help cross-border volumes in Europe and AP that also benefited commercial.

我還引用了客戶組合的強勁業績，這些業績有助於歐洲和亞太地區的跨國交易，同時也使商業受益。

This all contributed nicely to our strong new flow revenue performance.

這一切都為我們強勁的新流收入表現做出了貢獻。

That in terms of commercial volumes that is embedded into -- our expectations are embedded into our Q2 guidance.

就商業交易量而言，我們的預期已融入我們的第二季指引中。

We anticipate they remain steady, stable and strong through the remainder of the year.

我們預計，今年剩餘時間內，它們將保持穩健、強勁的勢頭。

Next question please.

請回答下一個問題。

Dan Perlin, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Dan Perlin。

Thanks.

謝謝。

I was wondering if you could just speak to the point around the strength of the dollar and really like the purchasing power parity associated with that.

我想知道您是否可以談談美元的強勢以及與此相關的購買力平價。

So for I guess it plays into cross-border, obviously, for outbound US, but it's higher for people to come into the United States, but also in terms of just spending patterns.

因此，我猜這顯然與跨境有關，對於出境美國遊客來說，但對於進入美國的人來說，這更高，也與消費模式有關。

I mean, obviously, this is going to be a strong period for a little while.

我的意思是，顯然，這段時間將會是一段強勁的時期。

And I'm just wondering to what extent there is a proportional benefit to your business.

我只是想知道這對您的業務有何影響？

Thank you.

謝謝。

Yes.

是的。

I mean clearly, the dollar has strengthened meaningfully and quickly.

我的意思是，美元顯然已經顯著且迅速地走強。

You got it right, which is all else equal with a stronger dollar, you have stronger purchasing power for Americans outside of America, in kind of historical periods where we've had a stronger dollar, we have only seen that lead to some travel patterns outbound from the US.

你說得對，在其他條件相同的情況下，美元走強，美國人在美國以外的購買力更強，在美元走強的歷史時期，我們只看到這導致了一些旅行模式從美國出境。

The opposite of that is, obviously, it's more expensive for people to travel to the US in kind of, again, historical periods of relatively stronger dollars.

與此相反的是，顯然在美元相對走強的歷史時期，人們前往美國旅遊的費用會更高。

We've seen some shift in travel patterns of people who might otherwise have traveled to the US going to other places around the world.

我們發現一些原本可能前往美國的遊客的出行模式發生了變化，他們轉向了世界其他地方。

Having said that, it's still early.

話雖如此，現在還為時過早。

This particular situation, we're going to have to monitor.

對於這種特殊情況，我們必須進行監控。

And even though in past times, you have seen some changes in travel corridors as a result of the strengthening dollar.

儘管在過去，由於美元走強，你會看到旅行路線發生了一些變化。

We typically have seen the travel spending overall remain consistent.

我們通常看到旅遊支出大致保持穩定。

People just plan their holidays in different places around the world, but that takes time.

人們只是在世界各地計劃他們的假期，但這需要時間。

We're a pretty short period into this stronger dollar period so far.

到目前為止，美元走強的時期才剛開始。

So assuming we stay at this point, we'll be able to give you more insight next quarter and future quarters.

因此，假設我們停留在這一點，我們將能夠為您提供下個季度和未來幾季的更多見解。

Next question, please.

請回答下一個問題。

Andrew Schmidt, Citi Global Markets.

花旗環球市場部安德魯‧施密特 (Andrew Schmidt)。

Hey, Ryan.

嘿，瑞安。

Hey, Chris, thanks for taking my question.

嘿，克里斯，謝謝你回答我的問題。

Just wanted to ask on the regulatory environment in the US, obviously, a new regulatory regime here.

只是想問美國的監管環境，顯然這裡有一個新的監管制度。

I'm wondering just your view on that and just conversations maybe you've had with issuers or other parties.

我只是想知道您對此的看法以及您可能與發行人或其他方進行過的對話。

Just trying to get a better sense.

只是想獲得更好的理解。

I know there's a few things going on in the US, obviously, curious how you're feeling.

我知道美國發生了一些事情，顯然，我很好奇你的感受。

Thanks so much.

非常感謝。

Yeah.

是的。

We're optimistic.

我們很樂觀。

Our clients are optimistic.

我們的客戶很樂觀。

I think what we've heard so far is that the administration wants to move quickly to reduce and simplify regulations and they're doing it with a goal of spurring economic growth, efficiency, innovation, all very good things.

我認為到目前為止我們聽到的是，政府希望迅速減少和簡化監管，他們這樣做的目的是刺激經濟成長、效率、創新，這些都是非常好的事情。

So we're optimistic that these changes are going to reduce the regulatory burden for businesses in general in America, which is good for America and ultimately should be good for Visa.

因此，我們樂觀地認為，這些變化將減輕美國企業的監管負擔，這對美國有利，最終也對 Visa 有利。

We're optimistic, and our clients are that they're going to reduce the regulatory burden specifically in the financial sector, which will in turn help our FI clients accelerate digital payments and in general, run their businesses more efficiently and more effectively which is very good for them, which is in turn good for us.

我們和我們的客戶都持樂觀態度，他們將減少監管負擔，特別是在金融領域，這反過來會幫助我們的金融機構客戶加速數位支付，整體上更有效率、更有效地經營他們的業務，這是這對他們來說非常好，反過來對我們來說也是好事。

So we're optimistic.

因此我們很樂觀。

But again, it's early, and we just have to see what gets implemented, where it gets implemented and how quickly it does.

但是，現在還為時過早，我們只需要觀察實施了什麼、在哪裡實施以及實施速度有多快。

Next question, please.

請回答下一個問題。

Craig Maurer, FT Partners.

克雷格·莫瑞爾（Craig Maurer），FT Partners 合夥人。

Yeah, hi.

是的，你好。

Thanks for taking the question.

感謝您回答這個問題。

I wanted to go back to some of the big deal renewals you discussed early in the call and ask about the interplay of the different revenue lines in these renewals.

我想回顧一下您在通話開始時討論過的一些重大交易續簽，並詢問這些續簽中不同收入來源之間的相互作用。

What I'm trying to understand is, you're obviously making pricing concessions when you make these large -- when you enter into these large renewals or deal expansions, to what degree are you able to make up for that with other revenue or VAS being sold into these issuers?

我想了解的是，當你進行這些大規模的續約或交易擴張時，你顯然在價格上做出了讓步，你能在多大程度上用其他收入或增值服務來彌補這一點被賣給這些發行人嗎？

And I know this is complicated, but how much is that accounting for the expansion we're seeing in some of the other revenue?

我知道這很複雜，但這在多大程度上解釋了我們看到的其他一些收入的擴張？

Thanks.

謝謝。

Yeah.

是的。

First, just reflecting on this quarter, the last quarter, as you've seen, we've just been having tremendous success with clients all over the world.

首先，回顧本季度，也就是上個季度，正如您所看到的，我們與世界各地的客戶取得了巨大的成功。

And they continue to choose Visa because of our brand, because of our products, because of our innovation, because of our people, but increasingly because of our value-added services and because of our CMS or new flows capabilities.

他們繼續選擇 Visa，是因為我們的品牌、我們的產品、我們的創新、我們的員工，但越來越多是因為我們的增值服務和我們的 CMS 或新流程能力。

And I guess I would answer your question this way, when we engage and our teams engage with partners on these types of renewal, extension, new business deals that you're talking about, it is vastly different than it was three or four years ago.

我想我會這樣回答你的問題，當我們和我們的團隊與合作夥伴就你提到的這些類型的續約、延期、新業務交易進行接觸時，情況與三四年前有很大不同。

The types of conversations that we're having with our clients are much more multi-faceted.

我們與客戶進行的對話類型更加多元。

They're very rich conversations about a broad array of services that we can provide them, one of which is, of course, network services for their debit cards and credit cards.

他們就我們可以為他們提供的廣泛服務進行了非常豐富的討論，其中之一當然是藉記卡和信用卡的網路服務。

But in a much more significant way we're having conversations about processing, about services, about fraud and risk services, about ways that is part of the multifaceted agreement we can expand from historical relationships and consumer payments to small business cards, commercial cards, fleet specific priorities -- or I'm sorry, specific priorities around fleet, for example, or around agricultural verticals or different types of B2B verticals.

但更重要的是，我們正在討論處理、服務、詐欺和風險服務，以及我們如何將其作為多方面協議的一部分，從歷史關係和消費者支付擴展到小型企業卡、商業卡，車隊特定優先事項- 或抱歉，例如圍繞車隊的特定優先事項，或圍繞農業垂直行業或不同類型的B2B 垂直行業。

It's a very different sales motion.

這是一種非常不同的銷售動議。

It's a very different type of negotiation.

這是一種非常不同的談判類型。

But importantly, as you alluded to, it involves a lot of different revenue levers than we historically would have had.

但重要的是，正如您所提到的，它涉及許多與我們過去所擁有的收入槓桿不同的收入槓桿。

So it varies from client to client and market to market and what's important to them but our teams are increasingly having success building on deep relationships historically in consumer payments, and taking the opportunity of these renewals to really expand our partnerships, especially into new flows opportunities into VAS opportunities, deepening our relationship with those partners and creating new revenue growth opportunities.

因此，對於不同的客戶和市場來說，情況是不同的，對他們來說什麼是重要的，但我們的團隊在消費者支付領域建立了深厚的關係，並藉此機會真正擴大了我們的合作夥伴關係，尤其是進入新的流量機會轉化為增值服務機會，加深與合作夥伴的關係並創造新的收入成長機會。

Next question, please.

請回答下一個問題。

Jeff Cantwell, Seaport Research Partners.

傑夫‧坎特韋爾（Jeff Cantwell），海港研究夥伴。

Great.

偉大的。

Thank you.

謝謝。

Does the news this week on DeepSeek influence how you're thinking about your business strategy, possibly in terms of what are you thinking about stepping up the usage of AI to help with managing internal cost or maybe in terms of whether you're thinking about using AI as a tool to support your growth and unlock new revenue opportunities.

本周有關 DeepSeek 的新聞是否影響了你對商業策略的看法？ 。

Because it does appear from an outsiders perspective, AI potentially could help improve operating efficiency.

因為從外部人的角度來看，人工智慧確實有可能幫助提高營運效率。

It might even perhaps support some of your revenue areas like authorization or fraud prevention.

它甚至可能支援您的某些收入領域，例如授權或詐欺預防。

So I wanted to ask you for your view of DeepSeek and the rise of AI generally means for Visa as far as strategy and where you see opportunity going forward?

所以我想問一下您對 DeepSeek 的看法，以及人工智慧的興起對 Visa 的戰略意義以及您認為未來的機會在哪裡？

Yes, we agree with you.

是的，我們同意你的看法。

Everything happening in the world, whether it's DeepSeek or the many, many things that have happened before or that will happen after it. all are examples of opportunities for us broadly across Visa.

世界上發生的一切，無論是 DeepSeek，還是之前發生過的或之後將要發生的很多很多的事情。所有這些都是 Visa 為我們帶來的廣泛機會的例子。

We were very early adopters of artificial intelligence, and we continue to drive hard at the adoption of AI as we have for the last couple of years.

我們是人工智慧的早期採用者，並且在過去幾年中我們繼續大力推動人工智慧的採用。

So we've been working to embed AI and AI tooling into our company's operations, I guess, broadly.

因此，我們一直致力於將人工智慧和人工智慧工具廣泛地嵌入我們公司的營運中。

we've seen material gains in productivity, particularly in our engineering teams.

我們看到了生產力的實質提高，特別是在我們的工程團隊中。

We've deployed AI tooling and client services, sales, finance, marketing, really everywhere across the company.

我們已在整個公司的各個地方部署了 AI 工具和客戶服務、銷售、財務、行銷等。

And we were a very early adopter of applied AI in the analytics and modeling space.

我們是分析和建模領域應用人工智慧的早期採用者。

Very early by like decades, we've been using AI in that space.

幾十年前我們就已經在該領域使用人工智慧了。

So our data science and risk management teams have -- at this point, decades of applied experience with AI, and they're aggressively adopting the current generations of AI technology to enhance both our internal and our market facing predictive and detective modeling capabilities.

因此，我們的資料科學和風險管理團隊目前已擁有數十年的人工智慧應用經驗，並且他們正在積極採用當前的人工智慧技術來增強我們內部和麵向市場的預測和偵查建模能力。

Our product teams are also aggressively adopting G AI to build and ship new products.

我們的產品團隊也正在積極採用 G AI 來建立和發布新產品。

I think I talked last quarter about data token, that's a great example.

我想我上個季度談到了資料令牌，這是一個很好的例子。

And just as the Internet itself fundamentally changed the way that we all shop and buy and the way commerce works itself

正如互聯網本身從根本上改變了我們購物和購買的方式以及商業運作的方式一樣

.We deeply believe that AI is going to be a driving force that is going to change the way digital commerce works.

我們深信人工智慧將成為改變數位商務運作方式的驅動力量。

And we have an amazing team of people that are working really hard to ensure that Visa plays a central and sustainable role in the next version of digital commerce.

我們擁有一支出色的團隊，他們正在努力工作，確保 Visa 在下一代數位商務中發揮核心且可持續的作用。

And I think we'll have more to say about that in future quarters.

我認為我們將在未來幾季對此有更多評論。

Last question, please.

請問最後一個問題。

Tianyi Wang, J.P. Morgan.

王天一，摩根大通。

Hey, thanks.

嘿，謝謝。

I'll close it out with a question and a clarification, if you don't mind.

如果您不介意的話，我將以一個問題和澄清來結束本文。

Just on the question with Asia Pac, it looks like that's the only laggard again as a region.

就亞太地區的問題而言，看起來亞太地區再次成為唯一落後的地區。

Otherwise, growth is really good.

否則，成長確實很好。

Any change in outlook for Asia Pac and the usual macro versus structural question there.

亞太地區的前景以及常見的宏觀與結構性問題有何變化？

Just curious if there's any change in thinking in the region.

只是好奇該地區的想法是否有任何變化。

My clarification was just on the restructuring, was that contemplated in your prior guide?

我只是澄清一下重組，這在您之前的指南中是否考慮到了？

And will I presume that the savings that you get from that will be reinvested pretty quickly?

我是否可以假設您從中獲得的節省很快就會被重新投資？

Sorry if I missed that.

如果我錯過了，很抱歉。

Thank you.

謝謝。

Correct.

正確的。

Let me quickly get to it.

讓我快速開始吧。

Maybe the latter one first, just to clear it.

也許首先是後者，只是為了清除它。

Restructuring, it reflects -- we took -- we recorded a charge this quarter, it's reflected in the guide for the full year, it's really focusing on our expenses.

重組反映了——我們採取了——我們本季記錄了一項費用，它反映在全年指南中，它真正關注的是我們的開支。

We don't expect another charge this year.

我們預計今年不會再收取任何費用。

And sorry, remind me your question again, I

抱歉，再次提醒我你的問題，我

--

--

Asia Pac.

亞太地區

Asia Pacific.

亞太地區。

Yeah, sorry.

是的，抱歉。

So AP growth, I think you characterized it right.

因此，我認為您的 AP 成長描述是正確的。

It is moderately up from Q4, about a one point, a little bit more than a point, but it still reflects a somewhat muted environment.

與第四季度相比，該數字略有上升，大約上升了一個點，略高於一個點，但仍反映出市場環境略顯低迷。

So it's growing at 1% in total.

所以整體成長率是 1%。

So moving in the right direction but still quite muted.

因此，雖然朝著正確的方向發展，但仍然相當低調。

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

最後，我們非常感謝您今天的參與。

If you have additional questions, please feel free to call or email 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 day.

再次感謝並祝您有愉快的一天。

Thank you all for participating in Visa's fiscal first quarter 2025 earnings conference call.

感謝大家參加Visa 2025財年第一季財報電話會議。

That concludes today's conference, you may now disconnect at this time and please enjoy the rest of your day.

今天的會議到此結束，您可以暫時退出並享受剩餘的一天。