Visa Inc (V) 2025 Q3 法說會逐字稿

Welcome to the Visa fiscal third-quarter 2025 earnings conference call. (Operator Instructions)

歡迎參加 Visa 2025 財年第三季財報電話會議。（操作員指示）

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

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 Jennifer Como 女士。科莫小姐，您可以開始您的會議了。

Thank you. Good afternoon, everyone, and welcome to Visa's fiscal third-quarter 2025 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. A slide deck containing financial and statistical highlights has been posted on our IR website.

謝謝。大家下午好，歡迎參加 Visa 2025 財年第三季財報電話會議。今天與我們一起出席的有 Visa 執行長 Ryan McInerney 和 Visa 財務長 Chris Suh。本次電話會議將在我們網站 investor.visa.com 的投資者關係板塊進行網路直播。重播將在我們的網站上存檔 30 天。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. These statements are not guarantees of future performance and our actual results could differ materially the 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.

我還要提醒您，本簡報包含前瞻性陳述。這些聲明並不能保證未來的表現，我們的實際結果可能因多種因素而有重大差異。有關這些因素的更多信息，請參閱我們最新的 10-K 表年度報告以及 10-Q 表和 8-K 表的任何後續報告，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. The related GAAP measures and reconciliation are available in today's earnings release and related materials available on our IR website.

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，所有其他結果將反映基於非 GAAP 名義的結果。相關的 GAAP 指標和對帳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.

說完這些，讓我把電話轉給瑞安。

Thanks, Jennifer. This quarter, our financial performance once again demonstrated the power of Visa's diverse business model, global scale, commitment to innovation, and relentless focus on our clients. We delivered net revenue of $10.2 billion, up 14% year over year and EPS up 3% year over year.

謝謝，珍妮佛。本季度，我們的財務表現再次證明了 Visa 多元化業務模式、全球規模、創新承諾以及對客戶的不懈關注的力量。我們的淨收入達到 102 億美元，年增 14%，每股收益較去年同期成長 3%。

Our key business drivers were strong. In constant dollars, overall payments volume grew 8% year over year. US payment volume grew 7%, and international payments volume grew 10%. Cross border-volume excluding intra-Europe rose 11% in constant dollars and process transactions grew 10% year over year.

我們的關鍵業務驅動力非常強勁。以不變美元計算，整體支付額年增 8%。美國支付量成長7%，國際支付量成長10%。不包括歐洲內部的跨國交易量以不變美元計算年增 11%，流程交易年增 10%。

We are obsessed about serving our clients and wake up every morning thinking about what we can do to help them be successful today and in the future. We recently completed our annual global client engagement survey where Visa, again, received a net promoter score of 76, a tangible sign of how our clients feel about Visa and our capabilities, services, and products.

我們熱衷於為客戶服務，每天早晨醒來都會思考我們能做些什麼來幫助他們在今天和將來取得成功。我們最近完成了年度全球客戶參與度調查，其中 Visa 再次獲得了 76 的淨推薦值，這切實表明了客戶對 Visa 以及我們的能力、服務和產品的感受。

And as I'm sure you all saw, we hosted our product drop on April 30. We shared how we're continuing to evolve the Visa as a service stack to advance our product developments and lead in a number of areas, including AI and stablecoins across consumer payments, commercial and money movement solutions, and value-added services.

我相信大家都看到了，我們在 4 月 30 日舉辦了產品發表會。我們分享瞭如何繼續發展 Visa 作為服務堆疊，以推進我們的產品開發並在多個領域處於領先地位，包括消費者支付領域的人工智慧和穩定幣、商業和資金流動解決方案以及增值服務。

Now, let's look at some of the specific innovations and progress across our growth pillars this quarter. In consumer payments, we continued to grow through a focus on solutions to address both carded and non-carded volumes across the globe. Total credentials were up 7% year over year, marking the ninth consecutive quarter of at least 7% growth. We are nearing 15 billion tokens and now more than 50% of our e-commerce transactions are tokenized globally, getting closer to our ultimate goal of reaching 100% penetration.

現在，讓我們來看看本季我們在成長支柱方面的一些具體創新和進展。在消費者支付方面，我們透過專注於解決全球有卡和無卡支付問題的解決方案，持續成長。總證書數量年增 7%，這是連續第九個季度實現至少 7% 的成長。我們的代幣數量已接近 150 億，目前全球超過 50% 的電子商務交易都已代幣化，距離我們實現 100% 普及率的最終目標越來越近。

As we continue to transform Visa cards for a more digital future, our Flex Credential is an important solution. We have seen interest across various use cases, such as buy now pay later, small business, multi-currency, and more. This quarter, we announced that Klarna will be launching a Klarna card powered by our Flex Credential in both the US and Europe. We also expanded Flex Credential geographically with inaugural clients in Vietnam, the Philippines, and Bangladesh. And we have a pipeline of more than 200 client opportunities.

隨著我們繼續改造 Visa 卡以實現更數位化的未來，我們的 Flex Credential 是一個重要的解決方案。我們已經看到了各種用例的興趣，例如先買後付、小型企業、多幣種等等。本季度，我們宣布 Klarna 將在美國和歐洲推出由我們的 Flex Credential 提供支援的 Klarna 卡。我們也擴大了 Flex Credential 的地理範圍，在越南、菲律賓和孟加拉擁有首批客戶。我們擁有超過 200 個客戶機會。

Another way that we are advancing a more digital future is with Visa Intelligent Commerce, which enables consumers to shop and buy with AI agents. It combines a suite of integrated APIs. Including AI-ready cards with tokenization and authentication together with a commercial partner program for AI platforms enabling developers to deploy Visa's AI commerce capabilities securely and at scale. We are excited to announce that we have more than 30 partners testing in our live sandbox and we will soon enter the live transaction pilot phase with general availability to follow later this year as we see agentic commerce becoming a reality.

我們推動數位化未來的另一種方式是使用 Visa 智慧商務，它使消費者能夠與人工智慧代理商一起購物和購買。它結合了一套整合的 API。包括具有標記化和身份驗證功能的 AI 就緒卡以及針對 AI 平台的商業合作夥伴計劃，使開發人員能夠安全、大規模地部署 Visa 的 AI 商務功能。我們很高興地宣布，我們有超過 30 個合作夥伴在我們的即時沙盒中進行測試，隨著代理商務成為現實，我們將很快進入即時交易試點階段，並在今年稍後全面上市。

In the face-to-face environment, we continue to drive cash digitization and habituation through our tap-to-everything use cases. Tap to pay penetration is now at 78% of face-to-face transactions globally. As a result of our efforts to increase issuance and acceptance, especially transit which drives habituation, we now have 75 US cities at 60% penetration or higher, up from 30 cities just last year. And New York City and San Francisco have now surpassed 85% and 80% respectively. Tap-to-phone added a record 3 million transacting devices this quarter, and tap-to-add-card continues to expand with more than 275 issuers participating globally, almost doubling from last quarter.

在面對面的環境中，我們繼續透過「觸及一切」的用例推動現金數位化和習慣化。目前，點擊支付在全球面對面交易的滲透率已達到 78%。由於我們努力提高發行量和接受度，特別是透過運輸推動習慣養成，現在美國有 75 個城市的普及率達到或超過 60%，而去年只有 30 個城市。而紐約市和舊金山目前分別超過85%和80%。本季度，點擊手機交易設備數量創歷史新高，達到 300 萬台；點擊添加卡業務繼續擴張，全球參與的發卡機構超過 275 家，幾乎比上一季翻了一番。

For affluent consumers, we are excited to launch Visa Infinite Privilege in Brazil. A new super-premium offering with personalized exclusive experiences enabled by dedicated lifestyle managers for each affluent user. Itau, Unicred, and exp International are inaugural issuer partners. Itaú, Unicred, and XP International are inaugural issuer partners. In Canada, our Visa Infinite Affluent offerings for fintech, Wealthsimple, has been their most-requested product with tens of thousands of cards issued in just two months, and hundreds of thousands on the waitlist.

對於富裕的消費者，我們很高興在巴西推出 Visa Infinite Privilege。這是一項全新的超高端服務，由專門的生活方式經理為每位富裕用戶提供個人化的專屬體驗。Itau、Unicred 和 exp International 是首批發行合作夥伴。Itaó、Unicred 和 XP International 是首批發行人合作夥伴。在加拿大，我們為金融科技公司提供的 Visa Infinite Affluent 產品 Wealthsimple 是他們最受歡迎的產品，在短短兩個月內就發行了數萬張卡，還有數十萬張在候補名單上。

Throughout all these innovations, we have continued to deepen our relationships with our clients across the globe. We renewed our partnership with Absa, a leading Pan-African bank in consumer and commercial issuance, consulting, and CyberSource across nine countries. And India, we renewed our consumer credit agreements with ABSAand Axis Bank this quarter, two of the country's top five credit card issuers.

透過所有這些創新，我們不斷加深與全球客戶的關係。我們與 Absa（一家領先的泛非銀行，在消費者和商業發行、諮詢領域）以及 CyberSource 續簽了合作夥伴關係，業務遍及九個國家。在印度，我們本季與 ABSA 和 Axis Bank 續簽了消費者信貸協議，這兩家銀行是印度五大信用卡發行商之一。

Our consumer payment strategy is also focused on non-carded solutions like Visa A to A in the UK. With this offering, we bring together Visa's brand, consumer protections, technology, and risk management capabilities to enable simpler, safer, and more secure account to account payments. We released APIs on the Visa-developer platform a few months ago, and we now have several partners on board and even more in our pipeline with a formal launch soon.

我們的消費者支付策略也專注於非卡片解決方案，例如英國的 Visa A to A。透過此項服務，我們整合了 Visa 的品牌、消費者保護、技術和風險管理能力，以實現更簡單、更安全、更可靠的帳戶到帳戶支付。幾個月前，我們在 Visa 開發者平台上發布了 API，現在我們已擁有多家合作夥伴，並且還有更多合作夥伴正在籌備中，很快就會正式發布。

Also in the A to A space, we're making a very deliberate effort to focus on open banking in the markets that have the greatest potential such as Europe and Latin America. As an example, in Brazil, we have developed Visa Conecta, a payment initiator that connects with pics to facilitate open-banking payments through Tink technology both in the face-to-face environment, but more specifically in e-commerce, where conversion is a challenge due to the current customer experience.

此外，在 A 到 A 領域，我們正在非常刻意地專注於最具潛力的市場（例如歐洲和拉丁美洲）的開放銀行業務。例如，在巴西，我們開發了 Visa Conecta，這是一種支付發起程序，它與 pics 連接，透過 Tink 技術促進面對面環境中的開放銀行支付，更具體地說是在電子商務中，由於當前的客戶體驗，轉換是一個挑戰。

Now moving to commercial and money movement solutions, or CMS, where we continue to pursue new use cases and verticals, domestic and cross-border flows, and develop unique products. This quarter, commercial payments volume was up 7% in constant dollars, Visa Direct transactions grew 25%, and CMS revenue rose 13% year to year in constant dollars.

現在轉向商業和資金流動解決方案（CMS），我們繼續尋求新的用例和垂直領域、國內和跨境流動，並開發獨特的產品。本季度，商業支付量以固定美元計算成長了 7%，Visa Direct 交易量成長了 25%，CMS 營收以固定美元計算年增了 13%。

In Visa Commercial Solutions, one of our key strategies is addressing the day-to-day challenges of small and large businesses through our vertical-specific solutions. In the health care and benefits vertical, we are very active, including providing solutions for employee benefits to more than half of the top HSA providers in the US. A recent example of our activity in the benefit space is with Sunny, a health care fintech that will issue Visa prepaid disbursement cards to their millions of US consumers to spend integrated health benefits and rewards.

在 Visa 商業解決方案中，我們的關鍵策略之一是透過垂直特定的解決方案解決大型企業的日常挑戰。在醫療保健和福利垂直領域，我們非常活躍，包括為美國一半以上的頂級 HSA 提供者提供員工福利解決方案。我們在福利領域活動的一個例子是與 Sunny 合作，這是一家醫療金融科技公司，它將向數百萬美國消費者發行 Visa 預付費卡，以消費綜合健康福利和獎勵。

In the travel vertical, checkout.com will begin using Visa virtual cards for online travel agencies, or OTAs, in the UK and Europe. In addition, Pliant, already an important issuing partner across numerous verticals in Europe, will be expanding into the US, bringing their virtual card-as-a-service offerings with spend management capabilities to OTAs, travel management companies, and others in the travel vertical.

在旅遊垂直領域，checkout.com 將開始為英國和歐洲的線上旅行社（OTA）使用 Visa 虛擬卡。此外，Pliant 已經是歐洲眾多垂直行業的重要發卡合作夥伴，它將擴展到美國，為 OTA、旅遊管理公司和旅遊垂直行業的其他公司提供具有支出管理功能的虛擬卡即服務產品。

And in the fleet and fuel vertical, we continue to make progress with our Fleet 2.0 solution, providing key Visa enhancements such as EMV chips, digital wallet provisioning, and contactless payments. In Europe, Octopus Energy is one of the region's largest energy suppliers and they selected Visa as their partner as they start issuing cards to fleet managers seeking a single-payment solution to manage mobility expenses.

在車隊和燃料垂直領域，我們繼續推進 Fleet 2.0 解決方案，提供關鍵的 Visa 增強功能，例如 EMV 晶片、數位錢包配置和非接觸式支付。在歐洲，Octopus Energy 是該地區最大的能源供應商之一，他們選擇 Visa 作為合作夥伴，並開始向尋求單一支付解決方案來管理行動費用的車隊經理發行卡片。

In Visa Direct, we have made some important progress in facilitating cross-border flows to further our positioning as the largest money movement platform by transactions, volumes, and endpoints. One of the biggest banks in the UAE with over 60 branches serving over 1 million customers, ADIB, will use Visa Direct to power Remit, their newly launched remittances program by offering access to cards, accounts, and wallets across all corridors.

在 Visa Direct，我們在促進跨境流動方面取得了一些重要進展，進一步鞏固了我們作為交易量、交易量和終端數量最大的資金流動平台的地位。ADIB 是阿聯酋最大的銀行之一，擁有 60 多家分行，服務超過 100 萬客戶，該銀行將使用 Visa Direct 為其新推出的匯款計劃 Remit 提供支持，透過提供所有管道的卡、帳戶和錢包訪問權限。

In Bangladesh, we have signed our first four partners to enable Visa Direct, Meghna Bank, Trust Bank, Midland Bank, and BRAC Bank, specifically for outbound cross-border payments. And in the US and Canada, Paysend, who we have discussed before is an important Visa Direct remittance client with 10 million customers, is now expanding to add more cross-border use cases such as gig-economy worker payouts, payroll disbursements, and accounts payable flows as a reseller to third parties.

在孟加拉國，我們已與首批四家合作夥伴簽約，以支持 Visa Direct，即梅克納銀行 (Meghna Bank)、信託銀行 (Trust Bank)、米德蘭銀行 (Midland Bank) 和 BRAC 銀行，專門用於對外跨境支付。在美國和加拿大，我們之前討論過的 Paysend 是 Visa Direct 的重要匯款客戶，擁有 1000 萬客戶，目前正在擴展業務，以增加更多跨境用例，例如零工經濟工人付款、工資支付和作為第三方經銷商的應付帳款流。

Before I go to value-added services, I think it is important to touch on a topic that has had a lot of interest lately, stablecoins. We are supportive of the GENIUS Act and we believe that it marks a key milestone on the path to regulatory clarity for stablecoins. We have been active in this space for almost a decade and believe that stablecoins can solve important payments problems for certain use cases. We believe that Visa's role is to do what we always do, provide trust, standards, connectivity, billions of endpoints, scale, and interoperability to the payments ecosystem.

在討論加值服務之前，我認為有必要先談談最近備受關注的一個話題，即穩定幣。我們支持《GENIUS 法案》，並相信它標誌著穩定幣監管清晰化道路上的一個重要里程碑。我們在這個領域活躍了近十年，並相信穩定幣可以解決某些用例的重要支付問題。我們相信 Visa 的角色就是做我們一直在做的事情，為支付生態系統提供信任、標準、連結、數十億個端點、規模和互通性。

Beyond capital markets use cases, we see product market fit for stablecoins in two important areas: one, in emerging markets where the local fiat currency is volatile and/or where consumers do not have easy or affordable access to US dollars; and two, in cross-border money movement, both B2B payments and consumer. Our in-market solutions, partnerships, market activity, and product road map reflect our commitment to this space. For example, we have deployed stablecoin-linked cards in many markets around the world with partners such as Bridge, Rain, and Baanx.

除了資本市場用例之外，我們認為穩定幣的產品市場適合兩個重要領域：一是新興市場，當地法定貨幣波動較大，且/或消費者無法輕鬆或負擔得起美元；二是跨境資金流動，包括 B2B 支付和消費者。我們的市場解決方案、合作夥伴關係、市場活動和產品路線圖反映了我們對這一領域的承諾。例如，我們與 Bridge、Rain 和 Baanx 等合作夥伴在全球許多市場部署了穩定幣掛鉤卡。

In the emerging market use case I mentioned earlier, consumers and businesses are using stablecoins to save money in US dollars. But they also want easy and safe ways to spend that money, and there's no better way to do that than using a Visa card. Stablecoin-linked Visa cards are an extension of what we have been doing in the crypto space for years. Since 2020, we have enabled crypto users to spend more than $25 billion in Bitcoin, Ethereum, and an array of other cryptocurrencies, and now stablecoins.

在我之前提到的新興市場用例中，消費者和企業正在使用穩定幣來節省美元。但他們也希望以簡單、安全的方式來花這筆錢，沒有比使用 Visa 卡更好的方法了。與穩定幣掛鉤的 Visa 卡是我們多年來在加密領域所做工作的延伸。自 2020 年以來，我們已幫助加密貨幣用戶在比特幣、以太坊和一系列其他加密貨幣以及現在的穩定幣上花費超過 250 億美元。

We are also enabling cross-border money movement capabilities for P2P and B2B in certain emerging markets. And we are piloting and partnering with stablecoin-payments companies who specialize in these markets as we build out our stablecoin treasury stack for settlement and money movement flows. A recent example is with Yellow Card in Sub-Saharan Africa. Together, we are working to streamline treasury operations, improve liquidity management, and enable quick and more cost-efficient cross-border transactions.

我們也為某些新興市場的 P2P 和 B2B 提供跨國資金流動能力。我們正在與專門從事這些市場的穩定幣支付公司進行試點和合作，以建立用於結算和資金流動的穩定幣資金堆疊。最近的例子是撒哈拉以南非洲的黃卡。我們正共同努力，簡化財務運營，改善流動性管理，並實現快速、更具成本效益的跨國交易。

Additionally, we are also helping banks issue their own stablecoins and realize the benefits of programmable money through our Visa Tokenized Asset Platform. And we offer multichain and multi-coin, stablecoin settlement on the Visa network. We recently expanded our capabilities by adding a euro-backed stablecoin, EURC, and through a partnership with Paxos, two additional regulated stablecoins, USDG and PYUSD.

此外，我們也透過 Visa 代幣化資產平台幫助銀行發行自己的穩定幣並實現可程式貨幣的好處。我們在 Visa 網路上提供多鏈、多幣種、穩定幣結算。我們最近透過添加歐元支援的穩定幣 EURC 擴展了我們的能力，並透過與 Paxos 合作，增加了另外兩種受監管的穩定幣 USDG 和 PYUSD。

We are also adding support for two additional blockchains, Stellar and Avalanche, enabling us to support four stablecoins running on four unique blockchains, representing two currencies that we can then accept and convert to over 25 traditional fiat currency across the world for our clients within our settlement infrastructure. There is so much more to come in this space and we are excited about enabling commercial and money movement flows globally across networks, currencies, and form factors.

我們還增加了對另外兩個區塊鏈 Stellar 和 Avalanche 的支持，使我們能夠支持在四個獨特的區塊鏈上運行的四種穩定幣，代表兩種貨幣，然後我們可以在我們的結算基礎設施內為我們的客戶接受並轉換為全球 25 多種傳統法定貨幣。這個領域還有很長的路要走，我們很高興能夠實現跨網路、跨貨幣、跨形式的全球商業和資金流動。

Now to value-added services, which had one of our strongest revenue growth quarters, up 26% year over year in constant dollars. Let me walk through some of the highlights in our four portfolios.

現在談談增值服務，這是我們營收成長最強勁的季度之一，以固定美元計算年增 26%。讓我來介紹一下我們四個投資組合中的一些亮點。

In Issuing Solutions, Pismo continues to expand, benefiting from Visa's deep client relationships and trusted-partner status. We have now entered Europe with ABN Amro's neobank, BUUT, in the Netherlands and have also partnered with Lunar, who serves over 1 million consumers and business users for the first Pismo-powered Visa card across Denmark, Sweden, and Norway. This quarter, we signed with EML Payments in Australia to deploy Pismo for their global issuance strategy, enabling them to consolidate their multiple processing platforms to one across Australia, North America, the UK, and Europe.

在發卡解決方案方面，Pismo 繼續擴張，受益於 Visa 深厚的客戶關係和值得信賴的合作夥伴地位。我們現已與荷蘭銀行 (ABN Amro) 的新銀行 BUUT 合作進入歐洲，並與 Lunar 合作，為丹麥、瑞典和挪威的 100 多萬消費者和商業用戶提供首張由 Pismo 提供支援的 Visa 卡。本季度，我們與澳洲的 EML Payments 簽約，為其全球發行策略部署 Pismo，使他們能夠將其多個處理平台整合為橫跨澳洲、北美、英國和歐洲的平台。

In Acceptance Solutions, we continue to grow through both direct relationships with merchants as well as with acquirers. I'll give two examples of each.

在驗收解決方案方面，我們透過與商家以及收單機構的直接關係不斷發展。我將分別給出兩個例子。

First, direct with merchants. We renewed our agreement with ShopeePay, a leading digital-payments platform serving tens of millions of users and expanded geographically from Singapore, Malaysia, and Vietnam, to include the Philippines, Indonesia, and Thailand, and also expanded with additional products such as tokenization. Careem Pay, part of Super App Careem that serves over 50 million customers across Middle East and North Africa, will utilize several value-added services, including CyberSource and account verification.

第一，直接與商家合作。我們與 ShopeePay 續簽了協議，ShopeePay 是一家領先的數位支付平台，服務於數千萬用戶，業務範圍從新加坡、馬來西亞和越南擴展到菲律賓、印尼和泰國，同時也擴展了代幣化等附加產品。Careem Pay 是超級應用程式 Careem 的一部分，為中東和北非的 5,000 多萬客戶提供服務，它將利用 CyberSource 和帳戶驗證等多項增值服務。

On the acquiring side, in Saudi Arabia, Arab National Bank has selected Visa as their new partner for our CyberSource and risk solutions to offer to their merchant clients. We also signed with BAC, largest acquirer in Central America to provide CyberSource and tokenization to their merchant clients.

在收單方面，沙烏地阿拉伯的阿拉伯國家銀行已選擇 Visa 作為其新的合作夥伴，為其商家客戶提供 CyberSource 和風險解決方案。我們也與中美洲最大的收單機構 BAC 簽約，為其商家客戶提供 CyberSource 和標記化服務。

In Risk and Security Solutions, our feature-based capabilities continue to resonate with our clients. This quarter, TSYS, an existing and important partner of Featurespace, will begin transitioning their tens of billions of transactions to our next-gen SaaS platform so they can benefit from continued innovation in our advanced AI-scoring models in a scale away.

在風險和安全解決方案方面，我們基於功能的能力繼續引起客戶的共鳴。本季度，Featurespace 現有的重要合作夥伴 TSYS 將開始將其數百億筆交易轉移到我們的下一代 SaaS 平台，以便他們能夠從我們先進的 AI 評分模型的持續創新中受益。

Moving on to advisory and other services, where our payments, consulting, and marketing experience, data and analytics capabilities and sponsorships help us to deepen our relationships with our clients. For example, AEON Financial Service, one of our largest clients in Japan, renewed their credit relationship and will add consulting, managed services, and marketing services to help them grow. I'll call out two other examples of our consulting and marketing services at work.

在諮詢和其他服務方面，我們的支付、諮詢和行銷經驗、數據和分析能力以及贊助幫助我們加深與客戶的關係。例如，我們在日本最大的客戶之一永旺金融服務公司 (AEON Financial Service) 續簽了信貸關係，並將增加諮詢、託管服務和行銷服務以幫助他們發展。我將列舉我們在工作中提供的諮詢和行銷服務的另外兩個例子。

In Brazil, our consulting and technical teams are working with Caixa to help develop a Super App for their over 40 million customers, enhancing digital engagement and loyalty. In the US, fintech Shine utilized our marketing-services capabilities to support their brand campaign during the NBA playoffs this past quarter. With each of these four portfolios growing at strong levels, value-added services remains a powerful engine of revenue growth for our business.

在巴西，我們的諮詢和技術團隊正在與 Caixa 合作，為其超過 4000 萬客戶開發一款超級應用程序，以增強數位參與度和忠誠度。在美國，金融科技公司 Shine 利用我們的行銷服務能力來支持他們上個季度 NBA 季後賽期間的品牌活動。隨著這四個產品組合的強勁成長，增值服務仍然是我們業務收入成長的強大引擎。

In conclusion, our third-quarter results were strong. In Q3 and through July 1, even with the continued uncertainty, consumer spending remains resilient. Within the US, while spending growth differed among consumer spend bands, all spend bands in Q3 remained resilient and consistent with past quarters. Within spend categories in the US, we saw relative stability to Q2 when adjusted for leap year impacts. Both US discretionary and nondiscretionary spend growth remains strong, and we see no meaningful impact from tariffs.

總而言之，我們第三季的業績表現強勁。在第三季直至 7 月 1 日，即使不確定性持續存在，消費者支出仍保持強勁。在美國，雖然不同消費者支出區間的支出成長有所不同，但第三季所有支出區間均保持彈性並與前幾季保持一致。在美國的支出類別中，經閏年影響調整後，我們看到與第二季相比相對穩定。美國可自由支配和非可自由支配的支出成長依然強勁，我們認為關稅不會產生重大影響。

For cross-border, total volume growth, excluding intra-Europe remained strong and above pre-COVID levels, even with continued impacts from currency weakness and travel to specific countries. While we're not immune to macroeconomic impacts, our business has proven to be diverse, resilient, and well-positioned to capture the significant opportunities ahead. We all know that as commerce evolves, so do buyer and seller preferences. We have proven our ability to anticipate these changes and deploy solutions that enable our expanding network of partners to meet and exceed the needs of their users.

對於跨境而言，儘管受到貨幣疲軟和前往特定國家旅行的持續影響，但不包括歐洲內部的總量增長仍然強勁且高於新冠疫情之前的水平。雖然我們無法免受宏觀經濟的影響，但我們的業務已證明是多元化的、有彈性的，並且能夠抓住未來的重大機會。我們都知道，隨著商業的發展，買家和賣家的偏好也不斷發展。我們已經證明我們有能力預測這些變化並部署解決方案，使我們不斷擴大的合作夥伴網路能夠滿足並超越其用戶的需求。

Visa has become a hyperscaler that enables anyone around the world to access the breadth, scale, and resiliency of our network across more than 200 countries and territories, 150 currencies, and nearly 5 billion credentials. Anybody that wants to be in the money movement business or the payments business can build on top of the Visa stack. And as we connect billions of buyers and sellers through seamless secure digital payments, we're very excited about how that will help us enable innovative commerce as we drive Visa's growth forward well into the future.

Visa 已成為超大規模供應商，讓世界各地的任何人都可以存取我們覆蓋 200 多個國家和地區、150 種貨幣和近 50 億個憑證的網路的廣度、規模和彈性。任何想要從事資金流動業務或支付業務的人都可以在 Visa 堆疊的基礎上進行建置。當我們透過無縫安全的數位支付連接數十億買家和賣家時，我們非常高興這將幫助我們實現創新商業，並推動 Visa 在未來的發展。

Now I'll hand it over to Chris.

現在我將把它交給克里斯。

Thanks, Ryan, and good afternoon, everyone. Visa reached a record $10.2 billion in quarterly net revenue in our third quarter, up 14% year over year, better than expected driven by lower incentives, a lower FX headwind, and higher value-added services revenue. Net revenue was also up 14% year over year in constant dollars.

謝謝，瑞安，大家下午好。第三季度，Visa 的季度淨收入達到創紀錄的 102 億美元，年增 14%，好於預期，這得益於較低的激勵措施、較低的外匯逆風以及較高的增值服務收入。以固定美元計算，淨收入也較去年同期成長了 14%。

Underlying business drivers remain strong. In constant dollars, global payments volume was up 8% year over year, and cross-border volume, excluding intra-Europe, was up 11% year over year. Total processed transactions grew 10% year over year. EPS was up 23% year over year in nominal and constant dollars, better than expected, primarily due to the strength in net revenue growth.

潛在的業務驅動力依然強勁。以不變美元計算，全球支付量年增 8%，不包括歐洲內部的跨國支付量年增 11%。總處理交易量較去年同期成長 10%。每股盈餘以名目美元和固定美元計算年增 23%，優於預期，主要得益於淨收入成長強勁。

Let's go into the details. Total international payments volume was up 10% year over year in constant dollars in Q3, relatively consistent with Q2 when adjusted for leap year. US payments volume was up 7%, with e-commerce growing faster than face-to-face spend. Credit was up 6% and debit was up 7%.

讓我們來詳細了解一下。第三季國際支付總額以不變美元計算年增 10%，閏年調整後與第二季基本持平。美國支付量成長了 7%，其中電子商務的成長速度快於面對面支付。信用卡成長 6%，金融卡成長 7%。

When we look at US payments volume year-over-year growth on a monthly basis, April was stronger than March, primarily due to Easter timing and some portfolio loss lapping that continued throughout the quarter, May was relatively in line with April, and June was softer primarily due to the impact of both days mix and bill pay timing. Putting it all together, total Q3 US payments volume growth was generally consistent with Q2, adjusted for leap year.

當我們按月查看美國支付量同比增長時，4 月份表現強於 3 月份，這主要是由於復活節的時間安排以及整個季度持續存在的一些投資組合損失重疊，5 月份與 4 月份基本持平，而 6 月份表現較弱，主要是由於日期組合和賬單支付時間的影響。整體來看，經閏年調整後，第三季美國支付總額成長與第二季基本一致。

Now to cross-border volume, which I'll speak to in constant dollars and excluding intra-Europe transactions. You may recall that we expected Q3 total cross-border volume growth to moderate from Q2 and be slightly below Q4 of FY24, primarily due to the impacts of weaker currencies in certain countries and the Canada to US travel corridor.

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。您可能還記得，我們預計第三季度跨境總交易量成長將較第二季度放緩，並略低於24財年第四季度，這主要是由於某些國家貨幣疲軟以及加拿大至美國旅行走廊的影響。

In Q3, those impacts generally played out as we expected, with total cross-border volume year-over-year growth at 11%, e-commerce up 13%, and travel up 9%, even with some monthly variability. April benefited from Easter and Ramadan timing, and May moderated from April without this timing benefit. In June, we saw the growth step down from May, primarily due to further weakening of the US dollar and a few smaller factors that largely reversed in July. As Ryan said, Visa's Q3 total cross-border volume growth was strong and remained above the pre-COVID trend.

在第三季度，這些影響總體上如我們預期的那樣，儘管每月存在一些變化，但跨境總交易量同比增長 11%，電子商務增長 13%，旅遊業增長 9%。四月受益於復活節和齋戒月的時機，而五月則因沒有這個時機優勢而從四月開始放緩。6月份，我們看到經濟成長較5月份有所放緩，這主要是由於美元進一步走弱以及一些較小因素，而這些因素在7月份基本上得到逆轉。正如 Ryan 所說，Visa 第三季的跨境總交易量成長強勁，並且仍高於疫情之前的趨勢。

With that as a backdrop, I'll move to discuss our financial results, starting with the revenue components. Service revenue grew 9% year over year versus the 8% growth in Q2 constant-dollar payments volume, helped by pricing and card benefits that more than offset the exchange rate drag.

在此背景下，我將開始討論我們的財務業績，首先是收入部分。服務收入年增 9%，而第二季固定美元支付量成長 8%，這得益於定價和卡優惠抵銷了匯率拖累。

Data processing revenue grew 15% versus 10% in processed transaction growth primarily due to pricing. International transaction revenue was up 14%, above the 11% increase in constant-dollar cross-border volume, excluding intra-Europe, helped by elevated currency volatility and exchange rates, partially offset by hedging and mix. Other revenue grew 32%, primarily driven by advisory and other value-added services and pricing.

資料處理收入成長 15%，而處理交易量成長 10%，主要歸因於定價。國際交易收入成長 14%，高於不包括歐洲內部在內的恆定美元跨境交易量 11% 的增幅，這得益於貨幣波動性和匯率的上升，但對沖和混合部分抵消了這一增長。其他收入成長 32%，主要受諮詢和其他增值服務和定價的推動。

Client incentives grew 13%, lower than expected, primarily due to two factors. First, deal timing as we saw some expected deals shift out of Q3; second, we expanded several client relationships, which led to updated incentive terms and onetime reductions in the associated accruals.

客戶激勵成長 13%，低於預期，主要由於兩個因素。首先，交易時機方面，我們發現一些預期交易從第三季轉移出去；其次，我們擴大了幾個客戶關係，這導致了激勵條款的更新和相關應計費用的一次性減少。

Now to our three growth engines. Consumer payments revenue was driven by strong payments volume, cross-border volume, and processed transaction growth. Commercial and money movement solutions revenue grew 13% year over year in constant dollars. Commercial payments volume grew 7% year over year in constant dollars, accelerating slightly from Q2 adjusted for leap year, primarily due to the lapping of certain portfolio losses. Visa Direct transactions grew 25% year over year to 3.3 billion transactions with strength in both domestic and cross-border P2P.

現在來談談我們的三個成長引擎。消費者支付收入受到強勁的支付量、跨境交易量和處理交易成長的推動。商業和資金流動解決方案收入以固定美元計算年增 13%。以不變美元計算，商業支付額年增 7%，較閏年調整後的第二季略有加快，主要原因是某些投資組合損失的重疊。Visa Direct 交易量年增 25%，達到 33 億筆，在國內和跨境 P2P 領域均表現強勁。

Value-added services revenue was $2.8 billion with growth accelerating to 26% year over year in constant dollars. This was driven by strength across all portfolios and pricing. Operating expenses grew 13%, higher than expected, primarily due to a lower-than-expected FX benefit and higher-than-expected personnel expenses. Nonoperating income was $191 million, helped by investment income from higher cash balances.

加值服務收入為 28 億美元，以不變美元計算，年增 26%。這是由所有投資組合和定價的強勁表現所推動的。營業費用成長 13%，高於預期，主要原因是外匯收益低於預期，而人事費用高於預期。非營業收入為 1.91 億美元，得益於現金餘額增加所帶來的投資收入。

Our tax rate for the quarter was 17.3%, in line with expectations. EPS was $2.98, up 23% over last year with minimal impacts from both exchange rates and acquisitions. During the quarter, we issued EUR 3.5 billion of fixed rate senior notes with maturities ranging between 3 and 19 years and interest rates from 2.25% to 3.875%. In addition, we bought back approximately $4.8 billion in stock and distributed $1.2 billion in dividends to our stockholders. At the end of June, we had $29.8 billion remaining in our buyback authorization.

我們本季的稅率為 17.3%，符合預期。每股盈餘為 2.98 美元，較去年同期成長 23%，受匯率和收購的影響極小。本季度，我們發行了 35 億歐元固定利率優先票據，期限為 3 至 19 年，利率為 2.25% 至 3.875%。此外，我們還回購了約 48 億美元的股票，並向股東發放了 12 億美元的股利。截至 6 月底，我們的回購授權餘額為 298 億美元。

Now let's move to what we've seen so far in Q4. Through July 21, US payment volume was up 9% with debit up 10%, and credit up 9% year over year. Even when adjusting for lapping the weather and technology outages impacts from last July, we saw strong growth, primarily due to the timing of July 4, the days mix impact I mentioned for June now helping July, and the timing of promotional shopping events. Processed transactions grew 11% year over year.

現在讓我們來看看第四季迄今為止的情況。截至 7 月 21 日，美國支付量年增 9%，其中藉記卡支付成長 10%，信用卡支付成長 9%。即使考慮到去年 7 月的天氣和技術故障影響，我們仍然看到了強勁的增長，這主要是因為 7 月 4 日的時間、我提到的 6 月份的日期組合影響現在對 7 月份有幫助，以及促銷購物活動的時機。處理的交易量較去年同期成長11%。

For constant dollar cross-border volume, excluding transactions within Europe, total volume grew more than 10% year over year with e-commerce up 13%, and travel up 9%. July cross-border volume growth accelerated more than 1 point from June as we saw improvement in both e-commerce and travel, primarily due to strong retail spend in e-commerce, the dollar strengthening versus certain currencies, and the reversal of a few smaller factors that impacted June.

以不變美元計算的跨境交易量（不包括歐洲境內交易）較去年同期成長超過 10%，其中電子商務成長 13%，旅遊業成長 9%。由於電子商務和旅遊業均有所改善，7 月份跨境交易量增速較 6 月份加快了 1 個百分點以上，這主要歸因於電子商務零售支出強勁、美元兌某些貨幣走強以及影響 6 月份的一些較小因素的逆轉。

Now on to our expectations. Remember that adjusted basis is defined as non-GAAP results in constant dollars and excluding acquisition impacts. You can review these disclosures in our earnings presentation for more detail.

現在談談我們的期望。請記住，調整後基礎定義為以不變美元計算的非 GAAP 結果，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以了解更多詳細資訊。

For Q4, when we take the latest trends for business drivers and volatility as well as our current view of deal timing, our adjusted net revenue expectations are unchanged in the high-single digits to low-double digits. On a nominal basis, this puts Q4 net revenue growth generally in line with first half of FY25 nominal net revenue growth, which was about 10%.

對於第四季度，當我們考慮業務驅動因素和波動性的最新趨勢以及我們目前對交易時機的看法時，我們的調整後淨收入預期保持不變，保持在高個位數到低兩位數之間。從名義上看，第四季淨收入成長與 2025 財年上半年的名義淨收入成長（約 10%）基本持平。

Moving to adjusted operating expenses, which we expect to grow in the high-single digits to low-double digits. Nonoperating income in the fourth quarter is expected to be minimal, and our tax rate in the fourth quarter is expected to be between 18.5% and 19%. As a result, we expect adjusted fourth-quarter EPS growth to be in the high-single digits. For acquisition impacts, we expect a minimal benefit 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 fourth quarter.

轉向調整後的營運費用，我們預計將以高個位數到低兩位數的速度成長。預計第四季的非營業收入將很少，預計第四季的稅率將在18.5％至19％之間。因此，我們預計調整後的第四季每股收益成長率將達到高個位數。對於收購的影響，我們預期第四季淨收入成長將受益甚微，營業費用成長將貢獻約 1.5 個百分點，每股收益成長將受到約 0.5 個百分點的阻力。

Pulling it all together, for the full year, we have no changes to our full-year adjusted guidance except for nonoperating income, which we expect to be about $250 million as a result of the third quarter. However, it is important to note that when you incorporate our performance year to date with our Q4 guidance, even though the full-year guidance ranges are unchanged, we now expect our net revenue growth and EPS growth to be stronger than previously anticipated. It's also a good reminder of the strength of Visa's diverse business model, where in the face of changing conditions throughout the year, we still expect to deliver strong growth and leading profitability.

綜合起來，對於全年而言，除了非營業收入外，我們對全年調整後的指導沒有變化，我們預計第三季的非營業收入約為 2.5 億美元。然而，值得注意的是，當你將我們今年迄今為止的業績與我們的第四季度指引結合起來時，儘管全年指引範圍保持不變，但我們現在預計我們的淨收入增長和每股收益增長將強於之前的預期。這也很好地體現了 Visa 多元化業務模式的優勢，面對全年不斷變化的環境，我們仍然預計將實現強勁增長和領先的盈利能力。

As we look ahead and plan for 2026, while we're contemplating a variety of economic scenarios, the strength and diversity of our business model that I just mentioned, the resilience of the consumer, and our clear and effective strategy, together give us the confidence as we make investment decisions to build the future of payments and drive long-term growth.

當我們展望並規劃2026年時，我們正在考慮各種經濟情景，我剛才提到的我們商業模式的優勢和多樣性、消費者的適應力以及我們清晰有效的戰略，共同給予我們信心，讓我們做出投資決策，構建支付的未來並推動長期增長。

And now, Jennifer, time for some Q&A.

詹妮弗，現在是問答時間。

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

謝謝，克里斯。現在，我們準備好回答問題了。

(Operator Instructions)

（操作員指示）

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

Hi, good afternoon. Chris, I want to follow up on the fourth-quarter guide if you can provide more color. Can you maybe help us kind of bridge the kind of deceleration from the third quarter? I know you talked about kind of FX volatility, to some extent, incentive. But anything else to call out also, I think, with regards to fourth quarter. Thank you.

嗨，下午好。克里斯，如果您能提供更多信息，我想跟進第四季度的指南。您能否幫我們彌補第三季以來的減速？我知道您談到了外匯波動，在某種程度上是一種激勵。但我認為，關於第四季度，還有其他需要注意的嗎？謝謝。

Okay, good. Hi, Harshita. Yeah, so let's talk about Q4. We're expecting a fundamentally strong Q4 with strong drivers and continued resilient consumer spending. Now the guide reflects reported growth in Q4, that is being impacted by the lapping of some items that we spoke about last Q4. Specifically, there were onetime impacts that reduced incentives, the lowest growth quarter of last year. If you recall, Q4 last year grew 6% incentive.

好的，很好。你好，Harshita。是的，那麼我們來談談第四季。我們預計第四季將表現強勁，驅動力強勁，消費者支出將持續保持強勁。現在，該指南反映了第四季度報告的增長情況，這受到了我們去年第四季度談到的一些項目的影響。具體來說，一次性影響降低了激勵措施，這是去年成長最低的季度。如果你還記得的話，去年第四季的激勵增加了 6%。

And also we had a very strong last quarter related to the Summer Olympics, again, last Q4. If you normalize for those lapping items -- those onetime lapping items for last year, Q4 growth (technical difficulty). So that's sort of the absolute description of Q4.

而且，我們上個季度的業績也非常強勁，這與夏季奧運有關，也就是上個第四季。如果你將這些重疊項目（去年的一次性重疊項目）標準化，那麼第四季度的成長（技術難度）。這是對 Q4 的絕對描述。

Now, versus Q3, which was your specific question, Q3 was a very strong quarter driven by strong drivers, higher currency volatility, strong VAS and lower incentives as we talked about. And if I compare the two quarters, really the big differences are going to be currency volatility, which was high in Q3, especially early in the quarter, has settled down and that's our assumption through the rest of Q4.

現在，與您所問的第三季度相比，第三季度表現非常強勁，這得益於強勁的驅動力、更高的貨幣波動性、強勁的增值服務和更低的激勵措施，正如我們所討論的。如果我比較這兩個季度，那麼真正的大差異就是貨幣波動，貨幣波動在第三季度，尤其是本季初很高，現在已經穩定下來，這是我們對第四季剩餘時間的假設。

And the second one is incentives, where again, Q3 benefited from onetime incentives that we talked about -- that I talked about in my prepared comments. And Q4 is anniversarying the benefits that we saw incentives from a year ago. So normalized for those two things, Q3 is a strong quarter, Q4 is a strong quarter. And when you add it up, we're going to finish a very strong FY25, higher than we thought entering the quarter.

第二個是激勵措施，第三季再次受益於我們談到的一次性激勵措施——我在準備好的評論中談到了這一點。第四季是我們一年前看到的激勵措施帶來的好處的周年紀念。因此，就這兩件事而言，第三季度是一個強勁的季度，第四季也是一個強勁的季度。綜合起來，我們的 25 財年業績將會非常強勁，高於我們進入本季時的預期。

Next question, please.

請回答下一個問題。

Tien-Tsin Huang, JP Morgan.

黃天進，摩根大通。

Tien-Tsin, are you there?

天津，你在嗎？

I am. Can you hear me, Jennifer? I'm sorry.

我是。你聽得到我說話嗎，詹妮弗？對不起。

Yeah, now we can.

是的，現在我們可以了。

Okay. Thanks. Kind of my name is the hard one. Just want to -- maybe I'll ask on investment priorities, if that's okay. I'm just curious if that's changing at all, given I know, Ryan, you talked a lot about AI and stablecoin to us here intra-quarter. So I'm just curious if your priorities have changed because it does look like OpEx is running a little bit higher and fourth-quarter reported implies not much operating leverage. I'm just curious if you're changing some of your investments there, given some of the news, GENIUS Act, et cetera.

好的。謝謝。我的名字有點難。我只是想——如果可以的話，也許我會問投資重點。我只是好奇這種情況是否正在改變，因為我知道，瑞安，你在本季與我們談了很多關於人工智慧和穩定幣的話題。所以我只是好奇您的優先事項是否發生了變化，因為看起來營運支出確實略高一些，而第四季度的報告表明營運槓桿並不大。我只是好奇，考慮到一些新聞、《天才法案》等等，您是否會改變那裡的一些投資。

Hi, Tien-Tsin, let me talk about your question around priorities, and then I'm actually going to have Chris just talk briefly about OpEx because I think there's a very clear explanation that will be helpful to you.

你好，Tien-Tsin，讓我來談談你關於優先事項的問題，然後我會讓 Chris 簡單談談 OpEx，因為我認為有一個非常清晰的解釋會對你有所幫助。

In terms of priorities, no change from what I've been talking about publicly. We have a deep and rich product pipeline. We feel great about the products that we put out into market, both the ones that we've deployed and the ones that we announced at our Product Drop in April. And we're always nipping and tucking in certain markets and adjusting kind of where we're going to go launch in this country versus that country.

就優先事項而言，與我公開談論的相比沒有任何變化。我們擁有深厚而豐富的產品線。我們對投放到市場上的產品感到非常滿意，包括我們已部署的產品和我們在四月的產品發表會上宣布的產品。我們總是在某些市場上進行仔細的調查，並調整我們在這個國家和那個國家推出產品的地點。

But no, overall, priorities remain the same. We feel great about the momentum that we have in market and continue to drive that forward.

但總體而言，優先事項保持不變。我們對市場的發展勢頭感到非常滿意，並將繼續推動這一發展。

But Chris, I think he was teed off a little bit at the OpEx part of this question. Do you want to just address that (multiple speakers)

但是克里斯，我認為他對這個問題的營運支出部分有點不滿。你想解決這個問題嗎（多位發言者）

Yes, let me address that. So I'll talk about Q3 and Q4. So Q3 OpEx did come in a little higher than we anticipated. There was a couple of things. One was the FX benefit was less than expected. And then the second one, which I mentioned on the call, was higher personnel costs. And just to click into that, specifically the overage came from higher costs related to the mark-to-market of the deferred compensation liability but just for clarity, that's EPS-neutral is because we recorded the equivalent gain on that mark-to-market in NOI and that contributed part to the NOI overperformance.

是的，讓我來解決這個問題。所以我將談論 Q3 和 Q4。因此第三季的營運支出確實比我們預期的要高一些。有幾件事。一是外匯收益不如預期。第二個問題，我在電話中提到過，就是人員成本上升。具體來說，超額部分來自與遞延薪酬負債的市價計價相關的更高成本，但為了清楚起見，這對 EPS 是中性的，因為我們在 NOI 中記錄了按市價計價的等值收益，這部分導致了 NOI 的超額表現。

As far as Q4 goes, as Ryan talked about, we're investing in many things across our broad business to drive growth. And we're anticipating to grow OpEx in the high-single digits to low-double digits. We're doing all that investment and growing OpEx in line with revenue for Q4.

就第四季度而言，正如 Ryan 所說，我們正在廣泛業務的許多方面進行投資以推動成長。我們預計營運支出將成長 10% 至 20%。我們正在進行所有投資，並根據第四季的收入增加營運支出。

Next question please.

請問下一個問題。

Trevor Williams, Jefferies.

崔佛威廉斯 (Trevor Williams)，傑富瑞 (Jefferies)。

Great. Thanks very much. I wanted to go back to the spread between international transaction fees and the nominal cross-border volume. I think this quarter, that spread was less than 1 point, even though, Chris, you called out currency vault being up pretty significantly year over year. And I think hedging and mix were the main offsets that were also mentioned.

偉大的。非常感謝。我想回到國際交易費和名目跨境交易量之間的差距。我認為本季度，這一差距不到 1 個百分點，儘管克里斯，你說過貨幣儲備量同比大幅增加。我認為對沖和混合也是提到的主要抵消因素。

If you could just expand on both of those and then especially on mix, you guys have been clear about US inbound travel having slowed. I'm just curious how much of an impact that's having overall on the yield dynamic there. Thanks very much.

如果您可以對這兩者進行擴展，然後特別是對混合進行擴展，那麼您已經清楚美國入境旅遊已經放緩。我只是好奇這對那裡的收益率動態總體有多大影響。非常感謝。

Yeah. Sure, Trevor. Let's go into all the different components as you called out. Well, the two numbers that I'll reference is the 11% growth in total cross-border versus the 14% international, and as you pointed out, the spread shrinks on a nominal basis. So the three factors were higher currency volatility. We've talked about that at length.

是的。當然，特雷弗。讓我們來詳細了解您所說的所有不同組件。嗯，我要引用的兩個數字是跨境總額增加 11%，國際成長 14%，正如你所指出的，名義上差距正在縮小。因此這三個因素導致貨幣波動性上升。我們已經詳細討論過這個問題了。

And then the other two items, hedging, which is in line with our strategy to mitigate cash flow impacts of FX movements. And in this quarter, we had a hedging loss that offset a portion of the favorable impact of the weaker US dollar. And then the third one being mix. You mentioned Canada to the US, that is a variable in here. So across our business, the composition of our yields does -- can and does vary, different clients, different regions. And that's an example I'll use. US inbound is one of our higher-yielding corridors and that's being impacted by the Canada to U.S. volume.

另外兩項是對沖，符合我們減輕外匯變動對現金流影響的策略。本季度，我們的對沖損失抵消了美元疲軟帶來的部分有利影響。第三個是混合。您提到了加拿大和美國，這是一個變數。因此，在我們的業務中，收益的組成確實會有所不同，不同的客戶，不同的地區。這就是我要用的例子。美國入境是我們收益較高的通道之一，並且受到加拿大至美國貨運量的影響。

So the mix can certainly be an offset to the higher volatility. Those are the puts and takes for the quarter within that line specifically. But all in all, we're pleased, again, that revenue, whether it's in international or in data processing or service, we're outgrowing volumes in all three categories.

因此，這種組合肯定可以抵消更高的波動性。這些是該線內本季的具體收益和損失。但總而言之，我們很高興看到，無論是國際業務還是資料處理或服務業務，我們的收入都在這三個類別中成長。

Next question, please.

請回答下一個問題。

Timothy Chiodo, UBS.

瑞銀的提摩西·奇奧多。

Great. Thank you for taking the question. I want to see if we can dig in a little bit to Visa Direct. So on our estimates, it's becoming a more important part of the volume-growth algorithm and particularly for debit.

偉大的。感謝您回答這個問題。我想看看我們是否可以對 Visa Direct 進行一些深入研究。因此，根據我們的估計，它正在成為交易量成長演算法中更重要的一部分，特別是對於金融卡而言。

I wanted to see if we could hit two topics. One is some of the newer or faster growth use cases. One in particular that you mentioned earlier in the prepared remarks around banks signing up to use Visa Direct as their cross-border platform.

我想看看我們是否可以討論兩個主題。一是一些較新或較快成長的用例。特別是您在先前準備好的發言中提到的關於銀行註冊使用 Visa Direct 作為其跨境平台的發言。

And then the second item I was hoping we could touch on is some of the pricing dynamics. At the Investor Day, there was a slide that showed the roughly $0.09 to $0.10 yield on Visa Direct. I was hoping you could talk a little bit about the pricing strategy there and to the extent that, that may or may not be evolving, to maybe add some ad valorem fees and whether or not that might have contributed at all to any of the strength in data processing. Thank you.

我希望我們可以討論的第二件事是一些定價動態。在投資者日，有一張幻燈片顯示 Visa Direct 的收益率約為 0.09 美元至 0.10 美元。我希望您能稍微談談那裡的定價策略，以及可能會或可能不會發展的程度，也許會增加一些從價費用，以及這是否會對數據處理的優勢做出貢獻。謝謝。

Hi. It's Ryan. I'll try to hit the high points of what you're asking there. Thanks for the question on Visa Direct. We love talking about Visa Direct. Coming back to the top of your comments -- and we shared this at Investor Day as well, we now crossed the 10 billion-transaction mark, at least on a rolling 12 months, which we're very excited about. So I think Visa Direct has really scaled in a meaningful way.

你好。我是瑞安。我會盡力回答你所問的重點問題。感謝您就 Visa Direct 提出的問題。我們喜歡談論 Visa Direct。回到您剛才的評論——我們也在投資者日分享了這一點，我們的交易額現在已經突破了 100 億大關，至少連續 12 個月都是如此，我們對此感到非常興奮。所以我認為 Visa Direct 確實實現了有意義的擴充。

As I mentioned in my prepared remarks, it is the largest at-scale money movement platform in the world, however you want to measure it, whether it's endpoints or transactions or volumes or partners or what have you. And the investments that we've made in that platform over time are what are helping our sales teams and client teams around the world sell into a lot of these new and exciting use cases.

正如我在準備好的演講中提到的那樣，它是世界上最大的規模資金流動平台，無論你想如何衡量它，無論是端點、交易、交易量、合作夥伴還是其他什麼。我們長期以來對該平台的投資正在幫助我們在世界各地的銷售團隊和客戶團隊實現許多新的、令人興奮的用例。

You mentioned the banks enabling and embedding Visa Direct as their cross-border money movement platform. That's something we've been very focused on and we're having good success. And I believe there's a big opportunity here. I think there's a big opportunity for banks around the world to play a more direct role in money movement.

您提到銀行啟用並嵌入 Visa Direct 作為其跨境資金流動平台。這是我們一直非常關注的事情，並且取得了良好的成功。我相信這裡存在著巨大的機會。我認為世界各地的銀行都有很大機會在資金流動中發揮更直接的作用。

When we're sitting and talking to our bank partners around the world, they often recognize that a lot of their users are leaving their bank app and maybe going to another fintech or another money movement platform to send remittances for example. And they view that as a lost opportunity. And so they're using Visa Direct to power a remittance platform and a money movement platform and embed that in their app so that they can deepen their relationship with their users. Their users are getting more value from their financial institution and ultimately driving more value as well.

當我們與世界各地的銀行合作夥伴坐下來交談時，他們經常意識到很多用戶正在離開他們的銀行應用程序，並可能轉向另一個金融科技或另一個資金流動平台來匯款。他們認為這是一次失去的機會。因此，他們使用 Visa Direct 來支援匯款平台和資金流動平台，並將其嵌入到他們的應用程式中，以便加深與用戶的關係。他們的用戶從金融機構獲得了更多的價值，並最終帶來了更多的價值。

In terms of the pricing and the yield dynamics, it really differs. We price to value as we always talk about on this call. The competitive dynamics are different in every vertical and every use case in every country around the world. We're going up against different competitors in CEMEA than we are in Latin America than we might be in Europe. And the pricing has different components to it as well.

就定價和收益動態而言，確實存在差異。正如我們在這次電話會議上經常討論的那樣，我們的定價是按價值計算的。世界上每個國家、每個垂直領域和每個用例的競爭動態都不同。我們在中東歐和非洲面臨的競爭對手與我們在拉丁美洲面臨的競爭對手以及在歐洲面臨的競爭對手有所不同。而且定價也由不同的部分組成。

Just because we talked about the yield in cents per transaction don't necessarily assume that reflects all the different pricing, whether it's the remittance topic that you asked about specifically or just Visa Direct in general. We talked about it in that way because that's generally the right way that we think to think about the revenue dynamics is kind of what are we earning in cents per transaction. And as we said during Investor Day, it's similar yields to what we're seeing in the debit business globally. So feeling good about all those -- on all those fronts and the momentum that we have in the Visa Direct business.

僅僅因為我們討論了每筆交易的收益率（以美分為單位），並不一定認為這反映了所有不同的定價，無論是您具體詢問的匯款主題，還是一般的 Visa Direct。我們以這種方式談論它，因為我們認為思考收入動態的正確方式通常是每筆交易我們賺多少錢。正如我們在投資者日所說的那樣，它的收益率與我們在全球借記卡業務中看到的收益率相似。因此，我們對所有這些方面以及 Visa Direct 業務的發展勢頭都感到滿意。

Next question, please.

請回答下一個問題。

Gus Gala, Monness, Crespi, Hardt.

格斯·加拉、蒙內斯、克雷斯皮、哈特。

Hey, Chris and Ryan, thank you for letting me on through the call. Street is currently looking for an acceleration in volume transaction in fiscal '26. If we think of the macro comp persisting in June, July levels kind of there and bank activity level kind of staying where it is, does that have a realistic expectation?

嘿，克里斯和瑞安，謝謝你們讓我接通電話。Street 目前正在尋求 26 財年交易量加速成長。如果我們認為宏觀經濟將維持在 6 月、7 月的水平，而銀行活動水平將維持現狀，那麼這是否具有現實的預期？

And then on the comments on the lower -- there was a large peer sort of commented on lower bank activity levels. You mentioned deal timing being moved back in the prep remarks. Any part of the stack or transaction where that's maybe happening within that or parts of Basel that's more acute? I mean, granted you guys are still accelerating in the quarter. But just any color around that would be very helpful. Thanks.

然後，關於較低的評論——有大量同行對較低的銀行活動水平發表了評論。您在準備發言中提到交易時間被延後了。堆疊或交易中的任何部分是否可能發生這種情況，或者巴塞爾的部分情況是否更為嚴重？我的意思是，假設你們在本季仍在加速發展。但周圍的任何顏色都會非常有幫助。謝謝。

Why don't I take the second part of the question on VAS, and then you can address the first part of the question, which I think the question. You were going a little in and out so sorry to -- I think it was a question around 2026. We really feel great about the momentum in the value-added services business. As you heard in both my and Chris's prepared remarks, firing on all cylinders across all of the different businesses. Maybe just as a reminder in terms of how we're thinking about the overall VAS strategy because I think you're seeing the results of that strategy now.

我為什麼不先回答有關 VAS 的問題的第二部分，然後你再回答問題的第一部分，我認為這才是問題所在。您剛才有點猶豫，所以很抱歉——我認為這是一個關於 2026 年左右的問題。我們對增值服務業務的發展動能感到非常滿意。正如您在我和克里斯的準備好的演講中所聽到的，各個業務部門都開足馬力開展工作。也許只是提醒我們如何看待整體 VAS 策略，因為我認為您現在看到了該策略的結果。

We've been focused on our VAS business for a long time about enhancing Visa transactions, making Visa payments safer, simpler, easier, more reliable. And that has been, historically, how we've generated most of the VAS revenue that we've generated. Where we've really seen a lot of success is in the two additional strategic levers that we talked about.

我們長期專注於加值業務，致力於增強 Visa 交易，讓 Visa 支付更安全、更簡單、更輕鬆、更可靠。從歷史上看，這就是我們產生大部分加值服務收入的方式。我們真正看到很大成功的地方在於我們談論的兩個額外的戰略槓桿。

The second is putting our VAS to work, enabling all different types of payments, other card payments, account-to-account payments, digital wallet payments, partnering with RTP networks around the world and digital-wallet players. I mentioned in my prepared remarks the partnership that we have in Brazil to power Pix payments. So we're really starting to see a lot of momentum in this second leg of the strategy by putting our VAS to work to enable all different types of payments.

第二是讓我們的增值服務發揮作用，支援所有不同類型的支付，其他卡片支付、帳戶到帳戶支付、數位錢包支付，並與世界各地的 RTP 網路和數位錢包玩家合作。我在準備好的演講中提到了我們在巴西建立的合作夥伴關係，以支持 Pix 支付。因此，透過使我們的增值服務能夠支援所有不同類型的支付，我們確實開始看到該策略第二階段的巨大發展勢頭。

And then the third area, which is really going beyond payments in helping our clients with a whole range of things from marketing to managed services, the strategy, the analytics to data. And there too, in my prepared remarks, you heard a lot of great examples from all around the world of the success we're having in that area. So good progress, good momentum, and you're starting to see kind of the strategy that we talked about a couple of years ago really start to come through in the performance in the numbers.

第三個領域實際上超越了支付領域，幫助我們的客戶解決從行銷到託管服務、策略、分析到數據等一系列問題。在我的準備好的演講中，你們也聽到了來自世界各地的許多關於我們在該領域取得的成功的例子。因此，進展良好，勢頭良好，您開始看到我們幾年前談到的策略在數位表現中真正開始顯現出來。

I think, Chris, I think there was a question about 2026.

克里斯，我認為有一個關於 2026 年的問題。

Yeah. Let me comment on '26. Obviously, we're focused on closing Q4 and finishing FY25 strong, but we are also in the planning phases for FY26. And broadly, we see tremendous opportunity across our three growth engines, consumer payments, CMS, and VAS. And as we think about 2026, we're evaluating several drivers and parameters, including various macroeconomic scenarios, expected client renewals, and pricing in both the card-present and card-not-present environment as well as the investments we want to make to build the future payments.

是的。讓我對 '26 做出評論。顯然，我們專注於結束第四季並強勢完成 25 財年，但我們也處於 26 財年的規劃階段。總體而言，我們在三大成長引擎，即消費者支付、CMS 和 VAS 中看到了巨大的機會。當我們考慮 2026 年時，我們正在評估幾個驅動因素和參數，包括各種宏觀經濟情景、預期的客戶續約、持卡和無卡環境下的定價以及我們為建立未來支付而進行的投資。

Now we'll have a lot more to say about '26 in our next earnings call.

在下次收益電話會議上，我們將對 26 年有更多話要說。

Next question please.

請問下一個問題。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

Hey, guys. You got all the way to me here without getting a stablecoin question, so I'll ask one on the remittance space, which you guys called out as a potential use case. Could you talk a little bit about how you see what the role of stablecoins in that space? Is it on the pricing side, the settlement side? And do you expect the value of the role that stablecoins play to accrue to the service providers in that space? Or do you expect it to accrue to the consumers in the form of lower pricing? Thank you.

嘿，大家好。您一路走到我這裡，卻沒有問到有關穩定幣的問題，所以我會問一個有關匯款領域的問題，你們稱這是一個潛在的用例。您能否稍微談談您如何看待穩定幣在該領域的作用？是在定價方面，還是結算方面？您是否預期穩定幣所發揮的作用的價值會為該領域的服務提供者帶來收益？或者您希望以較低價格的形式讓利給消費者？謝謝。

Thanks, Will. A lot in there. And as you know, it's early days but we see a lot of opportunity, specifically in remittances. And as I said in my prepared remarks, more broadly in cross-border, whether it's P2P or B2B. So let me hit a couple of points.

謝謝，威爾。裡面有很多東西。如您所知，現在還處於早期階段，但我們看到了很多機會，特別是在匯款方面。正如我在準備好的演講中所說的那樣，更廣泛地說，是跨境，無論是 P2P 還是 B2B。因此，請容許我談幾點。

First is Visa Direct. Visa Direct, as you know, is our remittance platform. And it is a network of networks that enables money movement all around the world and lots of different currencies. We're able to push money and to -- I think it's 14 billion different endpoints now, whether it's cards, wallets, or bank accounts. And for some of those use cases, in some of those corridors, the money movement and transactions are near-instant. But sometimes, for example, sending money from a Visa card to a bank account in an emerging market, we're reliant on local bank infrastructure.

首先是 Visa Direct。如您所知，Visa Direct 是我們的匯款平台。它是一個網絡的網絡，可以實現全球範圍內的資金流動和多種不同貨幣的流通。我們能夠推動資金流通——我認為現在有 140 億個不同的終端，無論是卡片、錢包還是銀行帳戶。對於某些用例，在某些管道中，資金流動和交易幾乎是即時的。但有時，例如，從 Visa 卡匯款至新興市場的銀行帳戶時，我們需要依賴當地的銀行基礎設施。

So in these types of use cases, stablecoins could enable us to have faster cross-border transactions that, by the way, that's true for consumers or for businesses. And we've been testing that out and having some good results. We've been testing a series of corridors and putting stablecoins to work directly versus the fiat currency money movement options that we're able to deliver to our clients and their users today. And at this point, we've got a pretty good sense on which corridors we can provide faster money movement, cheaper money movement, which ultimately is value, I think, that will accrue both to end users and to our clients.

因此，在這些類型的用例中，穩定幣可以使我們進行更快的跨國交易，順便說一句，這對於消費者或企業來說都是如此。我們一直在測試這一點並取得了一些良好的結果。我們一直在測試一系列管道，並將穩定幣直接用於我們今天能夠向客戶及其用戶提供的法定貨幣資金流動選項。目前，我們已經非常清楚哪些管道可以提供更快、更便宜的資金流動，我認為這最終會為最終用戶和我們的客戶帶來價值。

So we're working through all of those things. I do think, as I said in my prepared remarks, that there is real product market fit for stablecoins in remittances for certain corridors. And as the largest money movement platform around the world, we're going to be an early adopter of a lot of those things on behalf of our clients and their end users.

所以我們正在努力解決所有這些問題。正如我在準備好的演講中所說，我確實認為，在某些管道的匯款中存在適合穩定幣的真正產品市場。作為全球最大的資金流動平台，我們將代表我們的客戶及其最終用戶率先採用這些技術。

Next question, please.

請回答下一個問題。

Dan Dolev, Mizuho.

瑞穗的丹‧多列夫 (Dan Dolev)。

Thank you, and just tying the two things together, really strong VAS growth and stablecoins, have you been -- has the growth been helped by your services and consulting that you're providing on stablecoins? And are you monetizing that? If I could squeeze in one housekeeping question on sort of the right way to think about incentives, mid-20s in the fourth quarter and heading into the [26] if you can answer it. Thank you.

謝謝，將這兩件事聯繫在一起，真正強勁的增值服務增長和穩定幣，您在穩定幣上提供的服務和諮詢是否有助於這種增長？您是否將其貨幣化了？如果我可以插入一個關於正確思考激勵措施的內部問題，那麼在第四季度中期以及進入[26]時，如果您可以回答的話。謝謝。

Okay, I'll let Chris answer the question on incentives. Thanks for your question on advisory. Our advisory business has been doing strong growth all around the world for a while now. And as you alluded to -- and as you I think you would expect, the most complicated, most impactful topics that are happening around the world in money movement are the ones where we're engaging with our clients. So yes on stablecoins and crypto more broadly.

好的，我請克里斯回答有關激勵的問題。感謝您就諮詢提出的問題。一段時間以來，我們的諮詢業務在全球範圍內一直保持強勁成長。正如您所提到的—我想您也會想到，全球資金流動中最複雜、最具影響力的話題正是我們與客戶接觸的話題。所以，對於穩定幣和加密貨幣，更廣泛的看法是肯定的。

We launched our crypto advisory practice about several years ago, I can't remember now. But our clients, both issuers and people on the seller side of the ecosystem have really come to rely on our team of experts around the world to help them form their strategies. And also that leads to opportunities for us to put our products and services to work. So for example, the Visa Tokenized Asset Platform is a platform that we've built to help financial institutions issue and mint and burn stablecoins. And when we're working with them on their stablecoin strategies, that's a natural opportunity for us to kind of embed a platform like that.

我們大約幾年前啟動了加密諮詢業務，我現在記不清了。但我們的客戶，包括發行人和生態系統賣方，都真正依賴我們遍布全球的專家團隊來幫助他們制定策略。這也為我們的產品和服務帶來了機會。例如，Visa 代幣化資產平台是我們建構的平台，旨在幫助金融機構發行、鑄造和銷毀穩定幣。當我們與他們合作制定穩定幣策略時，這對我們來說是一個嵌入此類平台的自然機會。

We're also having a lot of success working with our clients on agentic, both AI broadly in terms of how they're running their companies, but specifically, as you'd imagine, the implications and the products and services that they're going to need to bring to market to win kind of in the agentic space. And those are just a couple of examples. I just want to say -- take the opportunity to say thank you to our teams all around the world that have been working with our clients on all those top topics and really helping them and serving our clients in a meaningful way.

我們在代理領域與客戶的合作也取得了很大成功，從廣泛的角度來說，人工智慧不僅應用於他們的公司運營，而且具體來說，正如您所想像的，還應用於他們需要推向市場的產品與服務，以便在代理領域取得勝利。這些只是幾個例子。我只想說——藉此機會向我們遍布全球的團隊表示感謝，他們一直與我們的客戶合作解決所有這些重要問題，並真正幫助他們，並以有意義的方式為我們的客戶服務。

Chris, I think he had a question about incentives.

克里斯，我認為他對激勵措施有疑問。

Yes. Q4 incentives was the question. So I want to provide a little bit of context. A lot of what I'm going to say is things that were in my prepared comments, but also reminding you of some of the things that we said in previous quarters. As we've communicated all this year and earlier in my comments, we expect Q4 -- we expected incentives to step up sequentially into Q3 and into Q4.

是的。問題是第四季的激勵措施。所以我想提供一些背景資訊。我要說的很多內容都是我準備好的評論中的內容，同時也提醒大家我們在前幾季說過的一些話。正如我們今年以及之前在我發表的評論中所傳達的那樣，我們預計第四季度——我們預計激勵措施將在第三季和第四季陸續加強。

And as a result, we have always consistently expected Q4 to be the highest growth quarter of FY '25 from an incentive point of view, in part because of the lapping that I talked about in the Q4 number when we talked about the lapping of onetime items. But also, what I spoke about last quarter, which was the impact of performance adjustment and some deal timing that occurred prior to Q3. And so when you add that all up, Q4 was going to be the high point for incentives.

因此，從激勵的角度來看，我們始終一致預計第四季度將成為 2025 財年增長最快的季度，部分原因是我在第四季度數據中談到一次性項目的重疊時提到的重疊。但同時，我上個季度談到了業績調整和第三季之前發生的一些交易時機的影響。所以，當你把所有這些加起來時，第四季將成為激勵措施的最高點。

But that all said, again I'll just reiterate, our guidance today, our view of adjusted net revenue for Q4 is unchanged from the view that we had a quarter ago, even after contemplating all the re-estimation of the current volatility outlook drivers and our latest view of deal closures into Q4. It's going to be a fundamental strong Q4 to cap off a strong FY25.

但儘管如此，我還是要再次重申，我們今天的指導，我們對第四季度調整後淨收入的看法與一個季度前的看法相比沒有變化，即使在考慮了對當前波動前景驅動因素的所有重新估計以及我們對第四季度交易完成的最新看法之後。這將是強勁的第四季度，為強勁的 25 財年畫下完美句點。

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。

Hey, thanks guys. Could we just touch on, number one, the pricing dynamic that we're seeing in data processing? The spread between growth on revenue and volume was obviously strong. Just maybe explain a little more of what's going on behind it. Where you're seeing the value on raising price there and just the timing on it, is it sustainable?

嘿，謝謝大家。第一，我們能否談談我們在數據處理中看到的定價動態？收入和銷售量的成長之間的差距顯然很大。也許可以進一步解釋一下背後發生的事情。您認為提高價格的價值以及提高價格的時機是否可持續？

And then just to revisit incentives also on timing also because I think this year, fiscal '25 was supposed to be a higher year of renewals. I think you had talked about 20% of the book or something along those lines versus a norm more like 15%. So is that still the case? And would we expect that to be more normalized next year? Thanks, guys.

然後重新審視激勵措施以及時機問題，因為我認為今年，也就是 25 財年，應該是續約率較高的一年。我認為您談論的是這本書的 20% 或類似內容，而通常的比例是 15%。那麼情況仍然如此嗎？我們是否期望明年這種情況會更加正常化？謝謝大家。

I'll take both these, Darrin. So pricing, again, I'm going to go back to some of the things that we said earlier in this year. When we entered this year, we said the pricing benefit in FY25 is going to be similar to FY24, but the timing would be more back half weighted. And if you recall, in Q1 and Q2 when we were having these conversations about revenue versus yield, pricing was less benefit than we might typically see in half one, consistent with that timing of pricing.

我要這兩個，達林。因此，關於定價，我將再次回顧我們今年早些時候說過的一些事情。當我們進入今年時，我們說過 25 財年的定價優勢將與 24 財年相似，但時間將更多地向後半部加權。如果你還記得的話，在第一季和第二季度，當我們討論收入與收益時，定價的收益低於我們在第一季通常看到的收益，這與定價時機一致。

And so now pricing back half loaded, we're having a more concentrated impact in Q3 and Q4 and that's really sort of what's happening. And so it's great that we see revenue outperforming volumes on data processing and a number of other spots.

因此，現在定價已回落一半，我們在第三季和第四季受到的影響更為集中，而這正是正在發生的事情。因此，我們很高興看到數據處理和其他一些領域的收入超過了數量。

In terms of your second part of your question around the amount of volume of deals and deal timing, you are correct, '25 is a bigger year for renewals than '24. You quoted the 20% number. We still believe 20% of our PV is impacted this year above the 15% last year. It's just more deal activity. And as you know, the deals are long in duration, increasingly more expansive, which inherently brings the level of complexity. These are important deals. And so sometimes they take a long time to get right, and we're going to take the time to get them right.

關於您問題的第二部分，即交易量和交易時機，您說得對，2025 年的續約數量比 2024 年要多。您引用了 20% 這個數字。我們仍然認為，今年我們的 PV 有 20% 受到影響，高於去年的 15%。這只是更多的交易活動。如你所知，交易持續時間長，涉及範圍廣，這必然帶來複雜性。這些都是重要的交易。所以有時需要花很長時間才能做好，我們會花時間做好。

The good news is we feel really good about the success we're having renewing and expanding our client partnerships. But as you can see, the timing can vary a bit from quarter to quarter.

好消息是，我們對更新和擴大客戶合作關係所取得的成功感到非常高興。但正如您所見，每個季度的時間可能會略有不同。

Next question, please.

請回答下一個問題。

Fahed Kunwar. Rothschild & Co Redburn.

法赫德·昆瓦爾。羅斯柴爾德公司雷德伯恩。

Hi, thanks for all the answer to the questions. Super helpful. I had one more on incentives, if you don't mind. If I go back a little further, incentive growth as a percentage of revenue has been going up about 1 percentage point a year for the best part of 10 years. It does feel like in the last kind of 1.5 years, it has stabilized or at least in last year, that 28% level. I know you talked about renewal cycles now. But is this an inflection point?

你好，謝謝你回答我的所有問題。超有幫助。如果你不介意的話，我還有一個關於激勵的問題。如果我回顧一下，激勵成長佔收入的百分比在過去 10 年的大部分時間裡每年都上升約 1 個百分點。確實感覺在過去的 1.5 年裡，它已經穩定下來，或者至少在去年，穩定在 28% 的水平。我知道您現在談論的是更新周期。但這是一個轉捩點嗎？

Do we think that incentive growth now broadly runs in line of revenues and that kind of trend lineup has kind of inflected to be flat? Or is there something else that we're missing or some of the change as to why we might see an inflection back upwards of that old growth rate? Thanks.

我們是否認為激勵成長現在大致與收入保持一致，而這種趨勢線已經變得平穩？或者我們忽略了其他一些東西，或者為什麼我們可能會看到舊成長率回升的一些變化？謝謝。

Sure. I'll take this one as well. No, I mean, it's just honestly not the way that we think about our business. This is consistent with the way we've been talking about net revenue growth and that's our focus. We're growing volumes. We're growing net revenues along with our partners, and incentives are simply a tool for us to achieve mutual goals.

當然。我也要這個。不，我的意思是，這確實不是我們思考業務的方式。這與我們談論淨收入成長的方式一致，這也是我們的重點。我們的產量正在增加。我們與合作夥伴一起增加淨收入，激勵措施只是我們實現共同目標的工具。

And it does get impacted, of course, by the volume of expirations and renewals and it can vary from year to year. But I certainly am not going to comment on sort of the relationship between those two. We're driving net revenue growth and driving volumes, and that's the most important thing.

當然，它確實會受到到期和續約數量的影響，並且每年都會有所不同。但我當然不會評論這兩者之間的關係。我們正在推動淨收入成長和銷售成長，這是最重要的事情。

Next question please.

請問下一個問題。

Nate Svensson, Deutsche Bank.

德意志銀行的 Nate Svensson。

Hi, guys. Thanks for the question. I want to talk a little more about cross-border trends, especially travel. I know you gave some color in the prepared remarks, but it looks like we've had a couple of soft months here in June, maybe a little bit of recovery in July month to date. I'm hoping you can give an update on what you're seeing specifically in international travel in your book of business, maybe what bookings look like, what impact recent FX moves are doing to consumer demand, et cetera.

嗨，大家好。謝謝你的提問。我想再多談談跨國趨勢，特別是旅遊。我知道您在準備好的發言中給出了一些說明，但看起來我們在 6 月經歷了幾個月的疲軟，7 月迄今可能有所復甦。我希望您能介紹一下您的業務簿中國際旅行的具體情況，例如預訂情況、最近的外匯走勢對消費者需求的影響等等。

And then anything to call out on specific corridors? I know we talked about inbound US from Canada, but anything like Europe to US or any other changing dynamics you've seen maybe over the last three months or July month to date.

那麼在具體的走廊上有什麼需要注意的嗎？我知道我們談論了從加拿大入境美國的遊客數量，但從歐洲到美國的遊客數量，或過去三個月或 7 月至今您可能已經看到的其他變化動態。

Sure, okay. Let's talk cross-border, and this one, we'll sort of try to break into a fair level of detail so bear with me. Just starting from the top, just so we have sort of a complete picture, cross-border growth in Q3, as we reported, 11%. That's ex intra-Europe and constant dollar, largely in line with the directional expectations that we had set at the beginning of the quarter. We did see variations from month to month for the factors that we talked about, holiday, timing of Easter, Ramadan, weakness in currency, US to Canada, all those things that we had anticipated to happen in Q3 did play out.

當然可以。讓我們談談跨國問題，這次，我們將嘗試深入到相當詳細的程度，所以請耐心聽我說完。從頂部開始，這樣我們就能看到一個完整的畫面，正如我們所報告的，第三季的跨境成長為 11%。這是不包括歐洲內部和美元不變的情況，與我們在本季初設定的方向預期基本一致。我們確實看到，我們所談論的因素每個月都有所不同，包括假期、復活節時間、齋月、貨幣疲軟、美國對加拿大的影響，所有這些我們預計會在第三季度發生的事情都發生了。

We did see the US dollar weaken further, which may have impacted the June month as well. And then obviously, in July, you reference this as well, we've seen it accelerate more than 1 point from June. And we've seen that improvement in both travel and e-commerce, related, we believe, due to the dollar strengthening again in July versus certain currencies. But also we see strong retail spend in e-commerce and the reversal of some of the few of the smaller factors that we referenced in June.

我們確實看到美元進一步走弱，這可能也對六月產生了影響。然後顯然，在 7 月份，您也提到了這一點，我們看到它比 6 月份加速了 1 個多點。我們看到旅遊業和電子商務都出現了改善，我們認為，這與 7 月份美元兌某些貨幣再次走強有關。但我們也看到電子商務零售支出強勁，以及我們在六月提到的一些較小因素的逆轉。

So obviously, the growth rates month to month, it's a little bit fluid, and we're likely to see it continue to be fluid as long as we continue to see currency exchange movements at the speed and pace that we're seeing it. But we also don't believe circumstances like the current Canada, the US corridor are permanent structural changes either. And so we could see some strengthening there or we could see further sort of impact from sentiment around the world.

因此，顯然，每月成長率有點不穩定，只要我們繼續看到貨幣匯率以我們現在的速度和節奏變動，我們就可能會看到它繼續不穩定。但我們也不認為像目前加拿大、美國走廊這樣的情況是永久性的結構性改變。因此，我們可以看到那裡的一些加強，或者我們可以看到來自世界各地情緒的進一步影響。

In specific to corridors, which is the second part of your -- I'll give a few examples. We've talked extensively about Canada and the US. That's remaining relatively consistent. US outbound, historically, that's been very sensitive to the strength or weakness of the US dollar. And with the recent weakening, US outbound, we believe, has been impacted in a correlated way. AP currency has remained weak as well and has continued to remain weak across a number of markets in AP and that's impacting travel there as well.

具體到走廊，這是你的第二部分——我將舉幾個例子。我們已經廣泛討論了加拿大和美國。這保持了相對的一致性。從歷史上看，美國的對外投資對美元的強度非常敏感。我們認為，隨著近期經濟的疲軟，美國對外貿易也受到了相關影響。亞太地區的貨幣也一直保持疲軟，並且在亞太地區的許多市場也持續疲軟，這也對當地的旅遊業產生了影響。

And then, of course, the timing of various holidays, Easter, which had a larger impact in Europe. And Ramadan, of course, had a larger impact in CEMEA. Those are some of the things that we're seeing from a corridor standpoint. But again, if we zoom out of the month to month and we look at cross-border in total, the overall level, the data, the trends and we understand sort of the currency impacts that can have -- that can be -- that can show up, cross-border volume, we think, in total, has remained strong and above pre-COVID levels.

當然，還有各種節日的時間，復活節對歐洲的影響更大。當然，齋戒月對中歐和中東及非洲地區的影響更大。這些是我們從走廊角度看到的一些情況。但是，如果我們從月度角度來看，並查看跨境整體情況，那麼總體水平、數據、趨勢以及我們了解可能產生的貨幣影響，我們認為，總體而言，跨境交易量仍然保持強勁，並且高於新冠疫情之前的水平。

Last question, please, Michelle.

請問最後一個問題，米歇爾。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thank you. Had a bigger picture stablecoin question. Totally understand that Visa can add stablecoins to its suite of payment methods, link it to its products and services and acceptance network. But I think as we pull up on the long runway to tap into the large revenue TAM in payments, Ryan, do you think stablecoins dilute that? Or do you think it keeps it the same? Does it add to it?

謝謝。有一個更大的穩定幣問題。完全理解 Visa 可以將穩定幣添加到其支付方式套件中，並將其連結到其產品和服務以及接受網路。但是我認為，當我們在漫長的跑道上停下來，利用支付的巨大收入 TAM 時，Ryan，你認為穩定幣會稀釋這一點嗎？或者您認為它會保持不變？這樣有增加嗎？

When does it become a material contributor in your view? And by the way, those chime ads during the NBA playoffs are pretty good. Thanks.

在您看來，它什麼時候會成為實質貢獻者？順便說一句，NBA 季後賽期間的那些鈴聲廣告非常不錯。謝謝。

Sanjay, you're the best. Maybe we back to the product market fit that I described. If you agree with that, which clearly I do, I think it's a lot of opportunity for us. And why do I say that? The first, on the emerging markets use cases, the bulk of those markets around the world are very cash-rich markets. The bulk of those markets around the world are markets where we haven't been as successful digitizing cash as we have in more mature markets.

桑傑，你是最棒的。也許我們回到我所描述的產品市場契合度。如果您同意這一點，我顯然同意，我認為這對我們來說是一個巨大的機會。我為什麼這麼說呢？首先，就新興市場用例而言，全球大部分新興市場都是現金充裕的市場。在全球大多數市場中，我們在現金數位化方面還沒有像在更成熟的市場那樣成功。

And so to the extent that stablecoins get adopted in a broad-based way by both consumers and businesses, and assuming that we are able to continue to have success with our playbook of making Visa cards the preferred way for people who have stablecoins in those markets to pay for things, I think that could accelerate our progress digitizing consumer payments and business -- small business and commercial payments in those markets.

因此，如果穩定幣能被消費者和企業廣泛採用，並且我們能夠繼續成功地使 Visa 卡成為這些市場中擁有穩定幣的人的首選支付方式，我認為這可以加速我們在這些市場中實現消費者支付和企業（小型企業和商業支付）數位化的進程。

The second product -- area of product market fit that I mentioned was cross-border. And as you know well, the cross-border TAM in terms of whether it's remittances or B2B money movement, those are enormous TAMs that we're still relatively low in terms of our penetration of those as well. And so I think to the extent that we can do the types of things I was mentioning in the question that Will asked earlier for remittances on our Visa Direct platform, that's going to be an opportunity for us to continue to expand and accelerate our growth in remittances.

我提到的第二個產品－產品市場契合領域是跨國的。眾所周知，無論是匯款還是 B2B 資金流動，跨國 TAM 都是巨大的，而我們在這些方面的滲透率仍然相對較低。因此，我認為，只要我們能夠做到我之前在 Will 提出的問題中提到的有關 Visa Direct 平台上的匯款業務，我們就會有機會繼續擴大匯款業務並加速其成長。

So I'm genuinely optimistic about what stablecoins could do to accelerate our progress digitizing flows, whether it's consumer payments or opportunities in CMS and we'll continue to update you as we learn more.

因此，我由衷地看好穩定幣能夠加速我們數位化流程的進程，無論是消費者支付還是 CMS 中的機會，我們會在了解更多資訊後繼續向您通報。

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

最後，我們感謝您今天的參與。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。再次感謝並祝您有個愉快的一天。

Thank you, all, for participating in Visa's fiscal third-quarter 2025 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 2025 財年第三季財報電話會議。今天的會議到此結束。現在您可以斷開連接，並享受剩餘的一天。