Visa Inc (V) 2026 Q1 法說會逐字稿

Welcome to the Visa's fiscal first-quarter 2026 earnings conference call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

歡迎參加 Visa 2026 財年第一季財報電話會議。（操作員說明）今天的會議正在錄音。如果您有任何異議，可以立即斷開連接。

I would like to now introduce to your conference -- to your host, Ms. Jennifer Como, Senior Vice President and Global Head of Investor Relations, Ms. Como, you may begin.

現在我謹向各位來賓介紹——主持人，高級副總裁兼全球投資者關係主管詹妮弗·科莫女士，科莫女士，您可以開始了。

Thank you. Good afternoon, everyone, and welcome to Visa's fiscal first-quarter 2026 earnings call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer; and Chris Suh, Visa's Chief Financial Officer.

謝謝。各位下午好，歡迎參加 Visa 2026 財年第一季財報電話會議。今天和我們一起的是 Visa 執行長 Ryan McInerney 和 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. A slide deck containing financial and statistical highlights has been posted on our IR website.

本次電話會議正在我公司網站投資者關係頁面（investor.visa.com）進行網路直播。錄音回放將在我公司網站存檔30天。一份包含財務和統計要點的幻燈片已發佈在我們的投資者關係網站上。

Let me also remind you that this presentation includes forward-looking statements. These statements are not guarantees of future performance and our actual results, outcomes, or timing could differ materially as a result of many factors. Additional information concerning those factors is available in our most recent annual report on Form 10-K and any subsequent reports on Forms 10-Q and 8-K, which you can find on the SEC's website and the Investor Relations section of our website.

我還要提醒各位，本次簡報包含前瞻性陳述。這些聲明並非對未來績效的保證，由於許多因素的影響，我們的實際結果、績效或時間安排可能會與這些聲明有重大差異。有關這些因素的更多信息，請參閱我們最新的 10-K 表格年度報告以及任何後續的 10-Q 表格和 8-K 表格報告，這些報告可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。

Except as required by law, we do not undertake any responsibility to update these forward-looking statements. Our comments today regarding our financial results will reflect revenue on a GAAP basis and all of the 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.

除法律要求外，我們不承擔更新這些前瞻性陳述的任何責任。除非另有說明，我們今天對財務業績的評論將反映按美國通用會計準則 (GAAP) 計算的收入，所有業績均按非美國通用會計準則 (non-GAAP) 名義基礎計算。相關GAAP指標和調整表可在今天的獲利報告以及我們投資者關係網站上的相關資料中找到。

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

那麼，現在讓我把電話交給瑞恩。

Thanks, Jennifer. In our fiscal first quarter, we delivered strong financial results with net revenue up 15% year over year to $10.9 billion and EPS up 15%. Payments volume grew 8% year over year in constant dollars to nearly $4 trillion and process transactions grew 9% year over year, totaling $69 billion, demonstrating resilient consumer spending.

謝謝你，珍妮弗。在我們的第一財季，我們取得了強勁的財務業績，淨收入年增 15% 至 109 億美元，每股收益成長 15%。以不變美元計算，支付額年增 8%，達到近 4 兆美元；處理交易額年增 9%，總計 690 億美元，顯示消費者支出具有韌性。

We continue to build and deliver innovations and scalable technologies across the Visa as a Service stack acting as a payments hyperscaler to enable anyone in the ecosystem to build, launch and scale money movement and payments businesses across the globe. Let me share some more detail on the recent progress we have made in the services and solutions layers of our Visa as a Service stack.

我們持續建構和交付 Visa 即服務堆疊中的創新和可擴展技術，作為支付超大規模供應商，使生態系統中的任何人都能在全球範圍內建構、啟動和擴展資金流動和支付業務。讓我再詳細介紹一下我們在 Visa 即服務堆疊的服務和解決方案層最近的進展。

More specifically, in the evolution of Visa credentials, agentic commerce, stablecoins as well as in B2B and P2P money movement, issuer processing and risk and security. The core of our consumer payments business is the Visa credential. It is much more than a physical card, it can be digital, in a wallet, online, mobile; it's the connection point to the Visa network on top of which we're able to layer all types of services, solutions and access, now totaling more than 5 billion Visa credentials.

更具體地說，在 Visa 憑證、代理商務、穩定幣以及 B2B 和 P2P 資金流動、發卡機構處理以及風險和安全方面的發展中。Visa 憑證是我們消費者支付業務的核心。它不僅僅是一張實體卡，它可以是數位的，放在錢包裡，在線，行動端；它是連接 Visa 網路的入口，我們可以在此基礎上疊加各種服務、解決方案和存取權限，目前 Visa 憑證總數已超過 50 億。

We have continued to enhance Visa credentials in a few important ways this past quarter, Tap to Pay, Visa Flex Credential and Tokens. Our Tap To Pay penetration has now crossed the 80% mark of all face-to-face transactions with the US at nearly 70%. Transit acceptance remains a key enabler with our recent launches in San Francisco and more than 10 other systems globally this quarter.

在過去的一個季度裡，我們繼續從幾個重要方面增強了 Visa 憑證，包括 Tap to Pay、Visa Flex 憑證和代幣。我們的「一觸即付」滲透率目前已超過 80%，在美國所有面對面交易中接近 70%。公共交通的普及仍然是我們近期在舊金山以及本季在全球其他 10 多個系統中推出的關鍵推動因素。

In our first quarter, we have continued to enable Tap To Pay use cases for the different form factors of the credential. For example, in Europe, we recently announced new digital wallet enablement of iOS wallets such as Klarna in 14 countries and Vipps MobilePay in the Nordics. We also will soon launch a pilot in Italy with the domestic scheme BANCOMAT.

在第一季度，我們繼續為不同形式的憑證啟用「輕觸支付」用例。例如，我們最近在歐洲宣布，將在 14 個國家/地區啟用 iOS 錢包，例如 Klarna，並在北歐地區啟用 Vipps MobilePay。我們也將很快在義大利啟動一項試點項目，採用國內的 BANCOMAT 方案。

In addition, we enabled Apple Pay for Visa cards issued in China for cross-border, face-to-face, in-app, and online transactions. This spans eight issuers representing nearly 60 million Visa credentials supporting the many Chinese consumers traveling or living abroad with more issuers coming soon.

此外，我們也為中國發行的 Visa 卡啟用了 Apple Pay，用於跨境、面對面、應用程式內和線上交易。這涵蓋了八家發卡機構，代表著近 6000 萬張 Visa 憑證，為眾多在海外旅行或居住的中國消費者提供支持，未來還將有更多發卡機構加入。

Our Tap to Phone capability, which has helped to grow our acceptance locations to more than 175 million globally has added more than 20 new markets and more than doubled transactions in the last year. A second important area of progress enhancing Visa credentials is enabling multiple funding sources from one single credential with our Visa Flex Credential.

我們的「輕觸手機」功能幫助我們將全球受理點擴展到超過 1.75 億個，去年新增了 20 多個市場，交易量翻了一番以上。提升 Visa 憑證的第二個重要進展領域是，透過我們的 Visa Flex 憑證，使用戶能夠從單一憑證獲得多種資金來源。

This past quarter, Block announced the pilot launch of a new Cash App Visa Debit Flex Card, which enables Afterpay as a feature for their customers to pay over time anywhere Visa is accepted and leverages Visa's DPS issuer processing solution for the debit component.

上個季度，Block 宣布試行推出一款新的 Cash App Visa 金融卡 Flex，該卡支援 Afterpay 功能，讓客戶可以在任何接受 Visa 的地方分期付款，並利用 Visa 的 DPS 發卡處理解決方案來實現借記卡功能。

Globally, we have about 20 million Visa Flex Credentials, just a small fraction of our total credentials but growing fast. They are offering funding sources such as debit, credit, multicurrency accounts, rewards, installments and more, and we expect to expand to more than 20 additional issuers this year.

在全球範圍內，我們擁有約 2,000 萬張 Visa Flex 憑證，雖然只占我們憑證總數的一小部分，但成長迅速。他們提供的資金來源包括金融卡、信用卡、多幣種帳戶、獎勵、分期付款等，我們預計今年將擴展到 20 多家發卡機構。

The third and maybe most revolutionary credential technology is the Visa Token. Our Token technology delivers a digitally native payment credential designed for the unique characteristics and needs of digital commerce. We have more than 17.5 billion tokens globally, over 3 times the number of physical cards, which means that the solution has been embraced broadly across the ecosystem.

第三種，或許也是最具革命性的憑證技術是 Visa Token。我們的代幣技術提供了一種專為滿足數位商務的獨特特徵和需求而設計的原生數位支付憑證。我們在全球擁有超過 175 億個代幣，是實體卡數量的 3 倍多，這意味著該解決方案已在整個生態系統中廣泛應用。

We continue to make progress on the tokenization of e-commerce transactions to our ultimate goal of fully replacing card-centric pan technology, further improving Visa's competitive positioning against cash, check, and legacy forms of digital payment. We utilize a variety of tools such as incentives, sales-oriented case studies, performance compliance programs and enhancements to encourage tokenization and enhanced data sharing to make the e-commerce environment as safe as it can be. Issuer enrollment efforts are underway across Europe, CEMEA and LAC as we expand the Click to Pay directory to enable credentials to be always digital.

我們不斷推動電子商務交易的代幣化，最終目標是完全取代以卡片為中心的泛型技術，進一步提升 Visa 在現金、支票和傳統數位支付方式方面的競爭地位。我們利用各種工具，如激勵措施、以銷售為導向的案例研究、績效合規計畫和改進措施，來鼓勵代幣化和增強資料共享，從而使電子商務環境盡可能安全。我們正在歐洲、中東歐及非洲地區和拉丁美洲地區開展發卡機構註冊工作，以擴展「點擊支付」目錄，使憑證始終保持數位化。

Globally, we have also been working with acquirers and payment facilitators to ultimately eliminate the guest checkout that occurs today, which we have reduced from 44% of all Visa e-commerce transactions in 2019 to about 16% in fiscal 2025. And among our top 25 sellers, it's less than 4%. This means that at our top 25 sellers 96% of transactions now require only a simple click or biometric authentication and do not require a burdensome and error-prone form filling.

在全球範圍內，我們也一直在與收單機構和支付服務商合作，以最終消除目前存在的訪客結帳現象。我們已將訪客結帳佔 Visa 所有電子商務交易的比例從 2019 年的 44% 降低到 2025 財年的約 16%。在我們銷售前 25 名的產品中，這一比例不到 4%。這意味著，在我們排名前 25 名的賣家中，96% 的交易現在只需要簡單的點擊或生物識別認證，而不需要填寫繁瑣且容易出錯的表格。

We continue to build new capabilities on top of our Token Service platform, positioning our credentials and tokens as the fundamental building blocks for the future of payments. One of those capabilities that is enabled with Visa Tokens is an important area of innovation, agentic commerce. Our Visa Intelligent Commerce solution utilizes tokens and their configurability as the core underlying foundation for agentic payments.

我們不斷在令牌服務平台的基礎上建立新功能，將我們的憑證和令牌定位為未來支付的基本建置模組。Visa Tokens 所具備的功能之一是重要的創新領域－代理商務。我們的 Visa 智慧商務解決方案利用令牌及其可配置性作為代理支付的核心底層基礎。

We're working to enable agentic commerce with more than 100 partners across the commerce ecosystem globally. Over 30 partners are actively building in our sandbox with multiple agents and agent enablers running live production transactions and more partners expected in the future. Just this quarter, we expanded into B2B agentic payments with Ramp, streamlining corporate bill payments, enabling their business customers to capture cash back on card payments and optimizing working capital.

我們正與全球商業生態系統中的 100 多個合作夥伴攜手，共同推動智慧商務。超過 30 家合作夥伴正在我們的沙盒中積極構建，多個代理和代理啟用程序正在運行實時生產交易，預計未來會有更多合作夥伴加入。就在本季度，我們透過與 Ramp 合作，拓展了 B2B 代理商支付業務，簡化了企業帳單支付流程，使他們的企業客戶能夠獲得信用卡支付返現，並優化營運資金。

We also reached an agreement with AWS to make Visa Intelligent Commerce available on AWS marketplace to support developers building agentic commerce solutions connecting secure, automated payment workflows at scale through blueprints for workflows such as travel bookings or retail purchases. In our CEMEA region, Aldar, a leading real estate developer, investor and manager, is integrating Visa Intelligent Commerce to make reoccurring payments such as property service charges on their Live Aldar app.

我們也與 AWS 達成協議，將 Visa Intelligent Commerce 上架 AWS Marketplace，以支援開發人員建立代理商務解決方案，透過旅遊預訂或零售購買等工作流程藍圖，大規模連接安全、自動化的支付工作流程。在我們 CEMEA 地區，領先的房地產開發商、投資者和管理商 Aldar 正在整合 Visa Intelligent Commerce，以便在其 Live Aldar 應用程式上進行物業服務費等定期付款。

Our Visa Trusted Agent Protocol continues to help define the connectivity and data elements required to bring trust to the agentic environment. In Q1, we announced partnerships with leading Internet security players, first Cloudflare and then Akamai, who collectively serve millions of businesses globally, including 9 of the world's top 10 retailers. In addition, we are building interoperability between key elements of Visa Intelligent Commerce and Google's new Universal Commerce Protocol as part of our global effort to help ensure that Visa transactions are securely supported as different protocols evolve.

我們的 Visa 可信任代理協定將繼續協助定義為代理環境帶來信任所需的連接性和資料元素。第一季度，我們宣布與領先的網路安全廠商建立合作夥伴關係，先是 Cloudflare，然後是 Akamai，這兩家廠商共同為全球數百萬家企業提供服務，其中包括全球十大零售商中的九家。此外，作為我們全球努力的一部分，我們正在建立 Visa 智慧商務的關鍵要素與 Google 新的通用商務協議之間的互通性，以幫助確保隨著不同協議的發展，Visa 交易得到安全支持。

Our agentic solutions are live in the US and CEMEA and we are initiating pilot programs in Asia Pacific and Europe. LAC is soon to follow where we have already begun token enrollment for agentic commerce with issuers. We believe that we are well positioned to be the infrastructure provider and key enabler in agentic commerce so that every agent interaction is trusted and secure.

我們的智能體解決方案已在美國和中東歐地區投入使用，我們正在亞太地區和歐洲啟動試點計畫。LAC 也將很快跟進，我們已經開始與發行方進行代理商務的代幣註冊。我們相信，我們有能力成為代理商務的基礎設施提供者和關鍵推動者，從而確保每一次代理互動都是可信和安全的。

Like agentic commerce, stablecoins have tremendous growth and disruption potential but are still in the very early stages of adoption for payments use cases. As new stablecoins and blockchains continue to emerge and show the promise of true utility, Visa's goal remains clear: build the secure and seamless interoperable layer between stablecoins and traditional fiat payments at scale across the world.

與代理商業類似，穩定幣具有巨大的成長和顛覆潛力，但在支付應用領域仍處於非常早期的採用階段。隨著新的穩定幣和區塊鏈不斷湧現並展現出真正的實用價值，Visa 的目標依然明確：在全球範圍內大規模地建立穩定幣與傳統法幣支付之間安全無縫的互通層。

This past quarter, we expanded our capabilities across several fronts. First, we added stablecoin card issuance in nine additional countries in Q1 to surpass 50 countries worldwide, and payments volume continues to grow at a fast rate as we enable more consumers and businesses to spend stablecoins with Visa.

上個季度，我們在多個方面拓展了自身能力。首先，我們在第一季新增了九個國家的穩定幣卡發行，使全球發行國家超過 50 個國家，隨著越來越多的消費者和企業使用 Visa 卡消費穩定幣，支付量持續快速成長。

This quarter, we also expanded our stablecoin settlement capabilities with USDC into the US improving speed and liquidity for banks and fintechs and providing interoperability to modernize treasury operations for our clients. And total stablecoin settlement has reached an annualized run rate of $4.6 billion globally as demand has grown among both stablecoin native and more traditional clients.

本季度，我們還將穩定幣結算能力（USDC）擴展到了美國，提高了銀行和金融科技公司的結算速度和流動性，並提供了互通性，從而實現了客戶資金運營的現代化。全球穩定幣結算總額已達年化 46 億美元，穩定幣原生客戶和傳統客戶的需求都在增加。

We're finding that more and more participants in the payments ecosystem financial institutions, merchants, acquirers and consumer-facing technology companies are looking to develop and refine their stablecoin strategy. As such, we recently launched our stablecoins advisory practice globally, where we are working closely with our clients, providing access to training, strategy and market entry planning and technology enablement.

我們發現，支付生態系統中越來越多的參與者——金融機構、商家、收單機構和麵向消費者的科技公司——正在尋求發展和完善他們的穩定幣策略。因此，我們最近在全球推出了穩定幣諮詢業務，與客戶緊密合作，提供培訓、策略和市場進入規劃以及技術支援。

In addition to being a design partner with the Tempo Layer 1 blockchain initiative, we recently announced our participation in the testnet of Arc, a Layer 1 blockchain from Circle. With both, we see Visa's role in supporting both transaction processing and delivering Value-Added Services.

除了成為 Tempo Layer 1 區塊鏈計畫的設計合作夥伴之外，我們最近還宣布參與了 Circle 的 Layer 1 區塊鏈 Arc 的測試網。透過這兩方面，我們看到了 Visa 在支援交易處理和提供增值服務方面所發揮的作用。

Finally, we are piloting Visa Direct stablecoin payouts allowing platforms and businesses in the US to send payouts directly to users' or workers' or employees' stablecoin wallets. This innovation expands the reach of Visa Direct by providing creators, freelancers, and marketplaces with a stable store of value and faster access to funds, even in markets facing currency volatility or limited banking infrastructure.

最後，我們正在試行 Visa Direct 穩定幣支付，讓美國境內的平台和企業直接向用戶、工人或員工的穩定幣錢包支付款項。這項創新擴大了 Visa Direct 的覆蓋範圍，為創作者、自由工作者和市場提供穩定的價值儲存和更快的資金獲取途徑，即使在面臨貨幣波動或銀行基礎設施有限的市場中也是如此。

The stablecoin opportunity remains additive to what Visa is doing today, and we will continue to invest where we see the greatest demand, on-ramps and off-ramps, settlement, money movement, consulting, and other Value-Added Services. We believe that Visa is well positioned as a global trusted technology provider to deliver a full stack of bank and enterprise-grade infrastructure that our clients need to build the future of their business on chain.

穩定幣的機會仍然是 Visa 目前業務的補充，我們將繼續投資於需求最大的領域，例如資金流入和流出通道、結算、資金轉移、諮詢和其他增值服務。我們相信，作為全球值得信賴的技術供應商，Visa 擁有良好的市場地位，能夠提供客戶建構未來鏈上業務所需的全套銀行級和企業級基礎設施。

Stablecoin is just one way that we are enabling money movement. We also have continued to make enhancements in our Visa Direct and Commercial Solutions capabilities. In Visa Direct, we have continued to deepen relationships with existing partners like acquirer Nuvei, who has expanded their agreement to include Visa Direct to account in addition to card in more than 30 countries.

穩定幣只是我們實現資金流動的一種方式。我們也不斷提升 Visa Direct 和商業解決方案的功能。在 Visa Direct 方面，我們繼續深化與現有合作夥伴的關係，例如收單機構 Nuvei，他們已擴大協議範圍，將 Visa Direct 納入 30 多個國家/地區的帳戶以及卡片服務中。

After initially enabling Visa Direct in 25 markets in 2023, PayPal's Xoom recently expanded its Visa Direct cross-border reach to more than 60 markets. In our B2B or Commercial Solutions, we continue to create compelling purpose-built offerings with a number of our services.

PayPal 旗下的 Xoom 在 2023 年率先在 25 個市場開通了 Visa Direct 服務，最近又將其 Visa Direct 跨境服務範圍擴大到 60 多個市場。在我們的 B2B 或商業解決方案中，我們繼續利用我們的多項服務打造引人注目的客製化產品。

In Europe, we have expanded our partnership with Revolut to launch Titan in the UK, an ultra premium card designed for high-growth companies that attracted thousands of business customer sign-ups on day one. Also in Europe, Edenred PayTech has chosen Visa as its strategic partner to expand across multiple B2B use cases with our solutions, including open-loop workplace benefits, open loop fleet and mobility, B2B travel, insurance payouts, and procure to pay.

在歐洲，我們擴大了與 Revolut 的合作，在英國推出了 Titan，這是一款專為高成長公司設計的超高階信用卡，在推出的第一天就吸引了數千名企業客戶註冊。此外，在歐洲，Edenred PayTech 選擇 Visa 作為其策略合作夥伴，以透過我們的解決方案擴展到多個 B2B 用例，包括開放式工作場所福利、開放式車隊和行動旅行、B2B 旅行、保險賠償和採購到付款。

Another area of innovation and expansion in the services and solutions layers of the Visa as a Service stack has been issuer processing. Visa has been in the issuer processing business for over 30 years. We have continued to invest in this space by enhancing DPS, but also through the acquisition of Pismo.

Visa 即服務堆疊的服務和解決方案層中另一個創新和擴展的領域是發卡機構處理。Visa從事發卡處理業務已有30多年歷史。我們透過提升 DPS 以及收購 Pismo 等方式，持續投資於此領域。

Many issuers around the world are seeking to upgrade their technology stacks to ensure they can deliver for customers in a digital age. Visa's issuer processing capabilities enable clients to have one connection to Visa from which they can access our other solutions and services such as network products, Value-Added Services, tokenization, risk products and more.

世界各地的許多發卡機構都在尋求升級其技術架構，以確保能夠在數位時代為客戶提供服務。Visa 的發卡機構處理能力使客戶能夠透過一個連接存取 Visa 的其他解決方案和服務，例如網路產品、增值服務、代幣化、風險產品等。

One of the two agreements I would highlight this quarter is Pismo's first commercial offering since the acquisition with Banco BICE in Chile. In collaboration with expense management platform, Mendel, we will offer a business credit corporate issuer processing program for Banco BICE and their large and middle market B2B clients.

本季度我要​​重點介紹的兩項協議之一是 Pismo 自被智利 Banco BICE 收購以來推出的首個商業產品。我們將與費用管理平台 Mendel 合作，為 Banco BICE 及其大中型 B2B 客戶提供企業信貸發行人處理方案。

The second agreement is Pismo's first fleet card offering with Finance Now in New Zealand. Visa will also provide fleet card issuance, tokenization, and risk services as well. We will continue to look for ways to invest in processing to both modernize and enhance payment systems globally and accelerate the adoption of our Value-Added Services.

第二項協議是 Pismo 與 Finance Now 在新西蘭推出的首張車隊信用卡。Visa也將提供車隊卡發行、代幣化和風險管理服務。我們將繼續尋找投資支付處理的方法，以實現全球支付系統的現代化和增強，並加速推廣我們的增值服務。

The final area I want to highlight is our risk and security solutions. As you know, we closed on our acquisition of Featurespace just over a year ago, and we have continued to invest in this platform to provide a holistic AI-driven solution for our clients before, during, and after a transaction. Nets, part of Nexi Group in Europe, has chosen Featurespace to expand fraud prevention for 150 banks across Nordic and Central Europe regions, leveraging cloud hosting and advanced fraud models.

最後我想重點介紹的是我們的風險和安全解決方案。如您所知，我們在一年多前完成了對 Featurespace 的收購，並且我們一直在持續投資該平台，以便在交易前、交易中和交易後為客戶提供全面的 AI 驅動解決方案。Nets 是 Nexi Group 在歐洲的一部分，它選擇 Featurespace 來擴展其在北歐和中歐地區的 150 家銀行的詐欺預防能力，利用雲端託管和先進的詐欺模型。

Another AI-powered solution, Visa Account Attack Intelligence was announced in 2024 in the US to help clients prevent enumeration attacks which are when bad actors systematically initiate e-commerce transactions to obtain valid payment credentials. The results of this solution in the US have been impressive, with over 60 billion transactions scored and nearly 600 million suspicious transactions identified in the last 12 months. We are now investing in its market expansion with launches in the rest of our regions where we are also seeing strong results.

另一個由人工智慧驅動的解決方案 Visa Account Attack Intelligence 於 2024 年在美國發布，旨在幫助客戶防止枚舉攻擊，即不法分子有系統地發起電子商務交易以獲取有效的支付憑證。該解決方案在美國取得了顯著成效，在過去 12 個月內，已對超過 600 億筆交易進行了評分，並識別出近 6 億筆可疑交易。我們現在正投資擴大其市場規模，在其他地區也推出了該產品，並且在這些地區也取得了強勁的成效。

In LAC, for example, in just six months, we have almost 90% of clients already activated and have prevented more than $10 billion of fraud. We have brought our network-agnostic risk solution, Visa Advanced Authorization, to more countries as well, including recently securing the business from Morocco's National Switch, Switch Al Maghrib to score all domestic transactions.

例如，在拉丁美洲和加勒比地區，短短六個月內，我們已經啟動了近 90% 的客戶，並阻止了超過 100 億美元的詐欺行為。我們已將與網路無關的風險解決方案 Visa 高級授權推廣到更多國家，包括最近與摩洛哥國家交換中心 Switch Al Maghrib 達成合作，為其所有國內交易提供評分。

We have also expanded our A2A risk solution, Visa Protect for A2A, to two more countries this past quarter, with half a dozen more planned by the end of the year. Of course, these represent just a small set of examples. And throughout the quarter, we have developed many more solutions that will help us drive long-term growth.

上個季度，我們還將 A2A 風險解決方案 Visa Protect for A2A 擴展到了另外兩個國家，並計劃在年底前擴展到六個國家。當然，這些只是一小部分例子。在本季度，我們開發了更多解決方案，這將有助於我們推動長期成長。

Collectively, all of our efforts produced 15% year-over-year net revenue growth with our growth pillars continuing to deliver very strong results. Commercial and money movement solutions constant dollar revenue grew 20% with 10% constant dollar commercial payments volume growth and 23% Visa Direct transaction growth. Value-Added Services, constant dollar revenue grew 28% and represented around 50% of our overall revenue growth in the first quarter.

綜合來看，我們所有的努力使淨收入年增了 15%，我們的成長支柱繼續取得非常強勁的成果。商業和資金流動解決方案的固定美元收入增長了 20%，其中固定美元商業支付額增長了 10%，Visa Direct 交易量增長了 23%。增值服務收入以固定美元計算成長了 28%，約占我們第一季總營收成長的 50%。

These results and our feedback from our clients give us confidence that our strategy is working, and we are investing in the right capabilities to position Visa and our clients and partners for the future. Visa is delivering breakthrough innovations that redefine what's possible in payments as we enable our partners to achieve global scale quickly and securely.

這些結果以及客戶的回饋讓我們確信我們的策略是有效的，我們正在投資正確的能力，以使 Visa 以及我們的客戶和合作夥伴為未來做好準備。Visa 正在帶來突破性的創新，重新定義支付領域的可能性，同時幫助我們的合作夥伴快速、安全地實現全球規模化發展。

Now to Chris, where he will discuss our financial performance.

接下來由克里斯來談談我們的財務表現。

Thanks, Ryan, and good afternoon, everyone. We had a very strong start to our 2026 fiscal year, driven by strong driver growth, a strong holiday season and continued execution of our strategy across Consumer Payments, Commercial and Money Movement Solutions, and Value-Added Services.

謝謝你，瑞恩，大家午安。在強勁的驅動因素成長、強勁的假期季節以及我們在消費者支付、商業和資金流動解決方案以及增值服務領域持續執行策略的推動下，我們在 2026 財年取得了非常強勁的開局。

Business drivers remain strong and relatively consistent with Q4. In constant dollars, global payments volume was up 8% year over year. Cross-border volume excluding intra-Europe was up 11%, and total processed transactions grew 9%.

業務驅動因素依然強勁，與第四季基本保持一致。以不變美元計算，全球支付額年增 8%。除歐洲內部交易外，跨境交易量增加了 11%，處理交易總量增加了 9%。

Fiscal first quarter net revenue was up 15% year over year with the outperformance largely driven by stronger-than-expected Value-Added Services revenue, lower-than-expected incentives and stronger-than-expected commercial and money movement solutions revenue. These three factors more than offset lower-than-expected currency volatility.

財年第一季淨收入年增 15%，業績超預期主要得益於增值服務收入強於預期、激勵措施低於預期以及商業和資金流動解決方案收入強於預期。這三個因素足以抵銷低於預期的貨幣波動性。

First quarter revenue was up 13% in constant dollars. EPS was up 15% year over year, better than expected, primarily due to stronger-than-expected net revenue growth. EPS was up 14% in constant dollars. Let's go into the details.

第一季營收以固定匯率計算成長了13%。每股盈餘較去年同期成長 15%，優於預期，主要原因是淨收入成長強於預期。以固定匯率計算，每股收益成長了14%。讓我們深入了解一下細節。

US payment volume was up 7%, with e-commerce growing faster than face-to-face spend, reflecting resilience in consumer spending. Credit was up 7% and debit was up 6%. The slight step down in US PV throughout the quarter was driven by debit primarily as a result of a Visa Direct client moving the remainder of its volume to its own solution and a number of other small factors, including the loss of some Interlink volumes to the Capital One debit migration and severe weather that affected certain spend categories.

美國支付額成長了 7%，其中電子商務的成長速度超過了面對面消費，反映出消費者支出的韌性。信用卡消費成長7%，金融卡消費成長6%。本季美國 PV 略有下降，主要原因是 Visa Direct 客戶將其剩餘交易量轉移到自己的解決方案，以及其他一些小因素，包括部分 Interlink 交易量因 Capital One 借記卡遷移而流失，以及影響某些消費類別的惡劣天氣。

Growth across consumer spend bands remained relatively consistent with Q4, with the highest spend band continuing to grow the fastest. We did not see a deterioration in the lower spend band and across our volume, both discretionary and nondiscretionary spend remain strong.

各消費支出區間的成長與第四季基本保持一致，其中最高支出區間的成長速度仍然最快。我們沒有看到低消費水準出現惡化，而且就我們的消費總量而言，無論是可自由支配的消費還是不可自由支配的消費，都保持強勁。

Honing in on the holiday season specifically, which we define as the period from November 1 to December 31. I would note a few items. In the US, consumer holiday spending growth was in line with last year, reflecting continued strength in retail, an improvement in fuel and some moderation in other spend categories.

專注於假期，我們將其定義為 11 月 1 日至 12 月 31 日這段時間。我想指出幾點。在美國，消費者假期支出成長與去年持平，反映出零售業持續強勁，燃油支出有所改善，以及其他支出類別有所放緩。

Focusing on retail, holiday spending growth was slightly better than last year, driven by strong growth in e-commerce, which continues to take on a greater share of consumer retail spend. In several key countries around the globe, we saw similar trends with consumer retail holiday spending growth up from last year, led primarily by e-commerce growth. First quarter total international payments volume was up 9% year over year in constant dollars, generally consistent to the growth we've seen over the past several quarters.

從零售業來看，假日消費成長略好於去年，這主要得益於電子商務的強勁成長，電子商務在消費者零售支出中所佔份額持續擴大。在全球幾個主要國家，我們看到了類似的趨勢，消費者零售假期支出較去年有所成長，這主要得益於電子商務的成長。第一季國際支付總額以不變美元計算年增 9%，與過去幾季的成長趨勢基本一致。

Now to cross-border volume, which I'll speak to in constant dollars and excluding intra-Europe transactions. Q1 total cross-border volume was up 11% year over year, consistent with Q4. Cross-border e-commerce volume was up 12%, slightly below Q4, primarily from lower growth in cryptocurrency purchases. Travel-related cross-border volume was up 10%, consistent with Q4. We saw continued strength in commercial volumes, and we started to see improvement in US inbound from Canada.

現在來說說跨國交易量，我將以不變美元計算，並且不包括歐洲內部的交易。第一季跨國交易總量年增 11%，與第四季持平。跨境電子商務交易金額成長12%，略低於第四季度，主要原因是加密貨幣購買成長放緩。與第四季度相比，旅遊相關的跨境交易量增加了 10%。我們看到商業貨運量持續強勁成長，並且開始看到從加拿大進口到美國的貨運量有所改善。

With that as a backdrop, I'll move to discuss our financial results, starting with the revenue components. Service revenue grew 13% year over year versus the 9% growth in Q4 constant dollar payment volume primarily due to pricing and card benefits. Data processing revenue grew 17% versus the 9% growth in process transactions, primarily due to pricing, strong Value-Added Services performance, and higher cross-border transaction mix.

在此背景下，我將開始討論我們的財務業績，首先從收入組成部分開始。服務收入年增 13%，而第四季以固定匯率計算的支付額僅成長 9%，主要是由於定價和信用卡優惠所致。資料處理收入成長了 17%，而流程交易收入僅成長了 9%，這主要是由於定價、強勁的增值服務表現以及跨境交易比例的提高。

International transaction revenue was up 6%, below the 11% increase in constant dollar cross-border volume growth, excluding intra-Europe. Even with the favorable FX, we saw a much lower than expected volatility with additional negative pressure from mix and hedging. Other revenue grew 33%, primarily driven by growth in advisory and other Value-Added Services and pricing. Client incentives grew 12%, lower than our expectations due to onetime true downs related to client performance and deal timing.

國際交易收入成長 6%，低於以固定美元計算的跨國交易金額成長 11%（不包括歐洲內部交易）。即使匯率有利，我們也看到波動性遠低於預期，此外，投資組合和對沖活動還帶來了額外的負面壓力。其他收入成長了 33%，主要得益於諮詢和其他增值服務以及定價的成長。客戶激勵成長了 12%，低於我們的預期，這是由於與客戶業績和交易時機相關的一次性真實下滑所致。

Now to our three growth engines. Consumer Payments revenue was driven by strong payments volume, cross-border volume, and process transaction growth. Commercial and Money Movement Solutions revenue grew 20% year over year in constant dollars. CMS revenue was better than expected, driven primarily by our Commercial Solutions business. Commercial Payments volume grew 10% in constant dollars, consistent with Q4 and faster than Visa's overall payments volume growth, primarily due to strong client performance driven by both new wins and continued cross-border strength.

接下來介紹我們的三大成長引擎。消費者支付收入主要得益於支付量、跨境支付量和流程交易量的成長。商業及資金流動解決方案收入以固定匯率計算年增 20%。CMS 收入超出預期，主要得益於我們的商業解決方案業務。商業支付額以固定美元計算增長了 10%，與第四季度持平，且增速高於 Visa 的整體支付額增速，這主要得益於新客戶的強勁表現以及跨境業務的持續強勁增長。

Visa Direct transactions grew 23% to 3.7 billion transactions, with strength in both domestic and cross-border. Value-Added Services revenue grew 28% year over year in constant dollars to $3.2 billion, driven by strength across all portfolios. Value-Added Services revenue growth was better than expected, primarily due to greater demand for our advisory and other services, especially in marketing services.

Visa Direct交易量成長23%，達到37億筆交易，國內和跨國交易均表現強勁。增值服務收入以固定匯率計算年增 28% 至 32 億美元，主要得益於所有業務組合的強勁表現。增值服務收入成長優於預期，主要原因是市場對我們的諮詢和其他服務（尤其是行銷服務）的需求增加。

Operating expenses grew 16%, above our expectations, primarily due to an unfavorable FX impact from balance sheet remeasurement and higher-than-expected marketing from both timing of marketing spend and marketing services related expenses, some of which are associated with the stronger Value-Added Services revenue I just mentioned.

營運費用增加了 16%，超出預期，主要原因是資產負債表重新計量帶來的不利匯率影響，以及行銷支出和行銷服務相關費用高於預期，其中一些與我剛才提到的增值服務收入增加有關。

Non-operating expense was $4 million, better than our expectations, primarily due to investment income. Our tax rate for the quarter was 18.4%, slightly higher than expected due to the timing of the resolution of a tax matter. EPS was $3.17, up 15% year over year, with an approximate 1 point benefit from exchange rates and a minimal impact from acquisitions.

非經營性支出為 400 萬美元，優於我們的預期，主要原因是投資收益。本季我們的稅率為 18.4%，略高於預期，這是由於稅務問題解決的時間表所致。每股收益為 3.17 美元，年增 15%，匯率帶來約 1 個百分點的收益，收購的影響微乎其微。

In Q1, we bought back approximately $3.8 billion in stock and distributed approximately $1.3 billion in dividends to our shareholders. We also funded the litigation escrow account by $500 million, which had the same effect on EPS as a stock buyback. At the end of December, we had $21.1 billion remaining in our buyback authorization.

第一季度，我們回購了約 38 億美元的股票，並向股東發放了約 13 億美元的股利。我們也向訴訟託管帳戶注資 5 億美元，這對每股盈餘的影響與股票回購相同。截至12月底，我們的股票回購授權額度還剩211億美元。

Now let's look at drivers through January 21, with volume growth in constant dollars. US payments volume was up 8% with credit up 9% and debit up 6% year over year. Our constant dollar cross-border volume, excluding transactions within Europe, total volume grew 11% year over year with e-commerce up 12% and travel up 10%. Process transactions grew 9% year over year.

現在讓我們來看看截至 1 月 21 日的駕駛人數，以及以不變美元計算的銷售成長。美國支付額年增 8%，其中信用卡支付額年增 9%，簽帳卡支付額年增 6%。以固定美元計算，不包括歐洲境內的交易，我們的跨國交易量較去年同期成長 11%，其中電子商務成長 12%，旅遊成長 10%。處理交易量較去年同期成長 9%。

Moving to our guidance. Now that a quarter has passed since our initial FY26 commentary, I would note the following on our key assumptions. As we regularly say, we are not economic forecasters. So we're assuming the macroeconomic environment stays generally where it has been and consumer spending remains resilient. So no change.

按照我們的指導進行操作。距離我們最初對 2026 財年的評論已經過去了一個季度，我想就我們的關鍵假設指出以下幾點。正如我們常說的，我們不是經濟預測者。因此，我們假設宏觀經濟環境基本上保持不變，消費者支出保持韌性。所以沒有變化。

On pricing, we also have no material changes with the benefits of new pricing expected to be similar in magnitude as last year and the majority in the back half. What that means from a cadence perspective is Q2 would see a relative step down in the year-over-year growth pricing contribution from Q1.

在定價方面，我們也沒有任何實質的變化，預計新定價帶來的收益將與去年類似，大部分收益將在下半年反映出來。從節奏角度來看，這意味著第二季年比價格成長貢獻將相對下降。

On incentives, we had true downs and deal timing that helped in Q1 that we do not expect will carry into Q2. As such, this implies a step-up in the growth rate from Q1 to Q2 with Q3 continuing to have the highest year-over-year incentive growth rate and the full year remaining relatively unchanged.

在激勵措施方面，我們確實遇到了一些不利因素，例如第一季的交易時機和一些我們預計不會延續到第二季​​的因素。因此，這意味著從第一季到第二季度，成長率有所提高，第三季將繼續保持最高的年比激勵成長率，而全年則保持相對不變。

On volatility, it has been much lower than we expected so far this year. And we are assuming that that volatility continues at current levels for the rest of the year, implying a larger drag for the rest of the year than in Q1 and with Q3 having the toughest comparable to last year's higher levels.

今年迄今為止，市場波動性遠低於我們的預期。我們假設這種波動性將在今年餘下的時間裡繼續維持在目前的水平，這意味著今年餘下的時間裡，市場將比第一季度承受更大的拖累，而第三季度由於去年同期市場水平較高，將面臨最嚴峻的挑戰。

We pulled these assumptions together on an adjusted basis, defined as non-GAAP results in constant dollars and excluding acquisition impacts. You can review these disclosures in our earnings presentations for more detail.

我們以調整後的基礎將這些假設匯總起來，調整後的基礎定義為以不變美元計算的非GAAP結果，並且不包括收購的影響。您可以在我們的盈利報告中查看這些披露信息，以了解更多詳情。

For the full year, we have no material changes in our expectations for our adjusted and nominal net revenue growth. We still expect our full year adjusted net revenue growth to be in the low-double-digits, reflecting an anticipated weaker volatility environment for the rest of the year that is offset by the Q1 outperformance and higher utilization of our products and services.

對於全年而言，我們對調整後和名目淨收入成長的預期沒有實質變化。我們仍然預計全年調整後淨收入成長將達到兩位數低段，這反映出今年剩餘時間市場波動性預計會減弱，但第一季度業績優異以及我們產品和服務的利用率提高抵消了這一影響。

On the expense side, we have no material changes to our prior full year guidance and still expect adjusted operating expense growth to be in the low-double-digits for the year. As a result of Q1, our expectations for non-operating expense are now between approximately $100 million and $125 million.

在支出方面，我們對先前的全年預期沒有實質變化，仍然預計全年調整後的營運支出成長將保持在兩位數的低點。受第一季業績影響，我們預計非經營性支出目前約為 1 億至 1.25 億美元。

On our tax rate, as a result of the claim of right tax benefits related to recent and anticipated legal settlements, we now expect our full year rate to be lower than we guided between 18% and 18.5%. I should reiterate that we still expect our long-term tax rate to be between 19% and 20%. This implies adjusted EPS growth in the low-double-digits, albeit a bit higher in the range than previously guided, primarily due to the change in tax rate.

關於我們的稅率，由於主張與近期和預期法律和解相關的稅收優惠，我們現在預計全年稅率將低於我們先前預期的 18% 至 18.5%。我需要重申，我們仍然預計長期稅率將在 19% 到 20% 之間。這意味著調整後的每股盈餘成長將達到兩位數的低位，儘管比之前預期的要高一些，這主要是由於稅率的變化。

Moving to Q2 financial expectations. We expect Q2 adjusted net revenue growth in the low-double-digits. The primary reasons for the step down from Q1 net revenue growth include the lower contribution from pricing, lower volatility, and higher incentive growth. We expect adjusted operating expense growth in the mid-teens, about 1 point above Q1 adjusted operating expense growth. This reflects the step-up in marketing-related expenses, primarily due to the Olympics and FIFA, and you may recall that Q2 last year had lower-than-expected operating expense growth due to timing.

接下來談談第二季財務預期。我們預計第二季調整後淨收入成長將達到兩位數低點。導致淨收入成長較第一季下降的主要原因包括定價貢獻降低、波動性降低以及激勵成長增加。我們預計調整後的營業費用成長率將達到 15% 左右，比第一季調整後的營業費用成長率高出約 1 個百分點。這反映了行銷相關費用的增加，主要是由於奧運和國際足總的緣故。您可能還記得，由於時間因素，去年第二季的營運費用成長低於預期。

Non-operating expense is expected to be about $30 million. And our tax rate in the second quarter is expected to be around 16.5%, primarily as a result of the claim of right benefits I mentioned previously that we expect to realize in the second quarter. As a result, we expect adjusted second quarter EPS growth to be in the high-end of low-double-digits.

非經營性支出預計約 3,000 萬美元。我們第二季的稅率預計在 16.5% 左右，這主要是由於我之前提到的我們預計將在第二季實現的權利權益主張所致。因此，我們預計調整後的第二季每股收益成長將達到兩位數低段的高端水準。

As always, if the environment changes, and there are events that impact our business, we will remain flexible and thoughtful on balancing short- and long-term considerations. It's an exciting time in payments, and we're confident in our strategy and investments to fuel Visa's future growth. And now, Jennifer, I'll hand it back to you.

與以往一樣，如果環境發生變化，出現影響我們業務的事件，我們將保持靈活和深思熟慮，平衡短期和長期的考慮。支付領域正處於令人興奮的發展時期，我們對我們的策略和投資充滿信心，相信它們將推動 Visa 的未來成長。現在，珍妮弗，我把它還給你。

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

謝謝你，克里斯。接下來，我們準備好回答問題。

(Operator Instructions) Dan Perlin, RBC Capital Markets.

（操作員說明）丹‧珀林，加拿大皇家銀行資本市場。

Thanks. Good evening, everyone. I just -- I wanted to dig in a little bit on the opportunities around Value-Added Services, but specifically, around purpose-built offerings for events. So here, we're really talking about the Olympics and World Cup given that Value-Added Services is a much bigger part of the business today than the last time that occurred.

謝謝。各位晚上好。我只是想深入探討加值服務的機遇，特別是針對活動量身訂製的服務。所以，我們現在真正談論的是奧運會和世界杯，因為增值服務在當今業務中所佔的比重比上次舉辦奧運會和世界杯時要大得多。

Yeah. So see if I hit the sore of the question, Dan. So we -- first of all, let me start with the sponsorship assets that we have. They're obviously marquee sponsorship partnerships, talking about, for example, this year, FIFA, this year, Winter Olympics, global -- very, very global in nature.

是的。丹，看看我有沒有說到你問題的痛點。所以，首先，讓我從我們擁有的贊助資源開始說起。這些顯然都是重量級的贊助合作關係，例如今年的國際足總、今年的冬季奧運會，都是全球性的——本質上是非常非常全球性的。

And what we have through our sponsorships is the ability to pass through those rights to our clients and partners all over the world; and that's what we do. Our Value-Added Services sales teams go to market. They sit with our clients many, many months in advance of these programs, and they design programs that are bespoke and custom built for our clients to help them grow their businesses.

我們透過贊助活動所獲得的權益，就是將這些權益轉移給世界各地的客戶和合作夥伴；而這正是我們所做的。我們的增值服務銷售團隊進軍市場。他們會在這些項目開始前很多很多個月與我們的客戶會面，並設計為客戶量身定制的項目，以幫助他們發展業務。

So for some clients, those might be advertising campaigns that we developed together with them in support of maybe a sweepstakes for their cardholders, things like that. For other clients, they might want to create client events for their private banking clients at one of the FIFA games in the US, Canada, or Mexico. So in that example, our team works with them to build bespoke events, obviously branded for the bank or financial institution and those types of things.

所以對某些客戶來說，這些可能是我們與他們共同開發的廣告宣傳活動，例如支持他們對持卡人的抽獎活動等等。對於其他客戶，他們可能希望在美國、加拿大或墨西哥舉行的 FIFA 比賽期間，為他們的私人銀行客戶舉辦客戶活動。所以在這個例子中，我們的團隊與他們合作，打造客製化活動，顯然是為銀行或金融機構等品牌設計的。

So it's a very busy time of year for us -- it's a very busy year for us. There is a ton of demand from our clients. And the great thing about this is not only are we helping our clients, not only are we generating revenue from these services, we're deepening our partnerships with our clients. And so we get more renewals because of them, we get more business because of them. And so we feel really good about it.

所以，這是一年中我們最忙碌的時候──也是我們一年中最忙碌的一年。客戶需求量大。這樣做的好處不僅在於我們幫助了客戶，不僅從這些服務中獲得了收入，而且還加深了與客戶的合作關係。因此，我們因為他們而獲得更多續約，獲得更多業務。所以我們對此感到非常滿意。

Next question, please.

下一個問題。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Thanks, guys. Maybe we just touch on what you're seeing strength and that's actually -- it seems like it's offsetting the lower-than-expected FX volatility such that you're able to maintain your full year guide for revenue growth. I know VAS and CMS seems to be standing out pretty well.

謝謝各位。或許我們可以談談您目前看到的優勢所在，而這實際上似乎抵消了低於預期的外匯波動，從而使您能夠維持全年收入成長預期。我知道VAS和CMS似乎表現相當出色。

And just if I can just throw one more about capital return. Have you guys thought through any change just given where the market is placing valuations now over capital allocation, buybacks, maybe it is picking up a notch?

最後，我再補充一點關於資本回報的問題。鑑於目前市場對資本配置和回購的估值水平，你們有沒有考慮過做出一些改變，也許會有所提升？

Okay. Hi, Darrin. Yeah, let me jump in. Value-Added Services, in particular, we saw in Q1 really great performance, strong execution, strong client demand. Ryan talked about some of that around some of the events, but the strength was really quite broad-based.

好的。你好，達林。好，我也來說兩句話。特別是增值服務，我們在第一季看到了非常出色的表現、強勁的執行力和強勁的客戶需求。瑞安在一些事件中談到了這一點，但這種力量實際上是相當廣泛的。

We saw strong growth year over year in all four of the portfolios that we talk about: issuing solutions, acceptance, risk and security, and advisory. The team continues to execute very well across that.

我們看到，我們所談論的四個投資組合均實現了強勁的同比增長：發行解決方案、承銷、風險與安全以及諮詢。團隊在各方面都繼續表現出色。

And so when we think about the performance and then, of course, CMS had a very high growth quarter as well, performing above what we expected. So when we think about the full year expectations, those are the moving parts that we talked about we said volatility -- obviously, it's hard to determine where that's going to go. But given the persistent low that we saw in Q1, if we extend that throughout the rest of the year, that does provide for more downside than our original expectation, but that is being offset by strong performance that we saw in Q1. And the momentum that we have in the business that we anticipate will continue throughout the rest of the year, and those two become largely offsetting.

因此，當我們考慮業績時，當然，CMS 也實現了非常高的成長，業績超出了我們的預期。所以，當我們考慮全年預期時，我們談到的那些變動因素，例如波動性——顯然，很難確定它會走向何方。但鑑於我們在第一季看到的持續低迷，如果這種情況延續到今年剩餘時間，那麼下行空間確實會比我們最初的預期更大，但這被我們在第一季看到的強勁表現所抵消。我們業務的良好發展勢頭預計將持續到今年年底，而這兩件事在很大程度上會相互抵消。

To your second point around capital return, as you know, Darrin, our approach to capital return and share buyback has largely been programmatic. We've executed on that very consistently throughout our history. But at the same time, we do take advantage when we see opportunities when we think the market is underpricing our stock, and we see an opportunity we'll lean in as well, and we'll continue to look for opportunities to do that as well.

關於你提出的第二點，即資本回報，如你所知，達林，我們對資本回報和股票回購的態度很大程度上是系統性的。縱觀我們的發展歷程，我們一直始終如一地貫徹執行這項原則。但同時，當我們認為市場低估了我們的股票時，我們也會抓住機會，我們會積極佈局，並繼續尋找這樣的機會。

Next question, please.

下一個問題。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

Hi. Thanks for taking the question today. I wanted to ask just the obligatory question on the regulatory environment. CCCA has been in the news quite a bit. Just if you could share your updated thoughts on how you're thinking about, I guess, the risk of the business from that potentially going forward, as well as how you're thinking about recent conversations on the Hill and the likelihood of that becoming a reality.

你好。感謝您今天回答這個問題。我只想問一個關於監管環境的例行問題。CCCA最近頻頻出現在新聞頻道。如果您能分享您對未來業務可能面臨的風險的最新看法，以及您對最近國會山莊的討論及其成為現實的可能性有何看法，那就太好了。

Hey, Will, you cut a little out when you asked about the specific thing. Was it CCCA you mentioned or something else?

嘿，威爾，你問具體問題的時候有點離題了。你提到的是CCCA還是別的什麼？

Yeah, it was CCCA kind of affects implementation as well as recent conversations on the Hill and likelihood of passing.

是的，CCCA 的實施以及最近國會山莊的討論和通過的可能性都會產生影響。

Yeah. So as you'd expect, we're very engaged on the Hill. We're very engaged with members. As you know, well, there's many things floating around. And we view it as our job to educate elected representatives on the impacts that the various policies that are being floated around could have.

是的。不出所料，我們在國會山莊非常活躍。我們與會員的互動非常頻繁。如你所知，現在有很多事情在流傳。我們認為，我們的職責是向民選代表普及各種正在討論的政策可能產生的影響。

In the case of CCCA specifically, we've talked extensively in this call and other places about our view, and it hasn't changed. It's very harmful and it's just simply not needed. So when I have a chance to talk to elected officials and the rest of my leadership team does, like they're listening, their understanding, these people don't live in our industry every day. So they do need the time to understand it.

就 CCCA 而言，我們已經在這次電話會議和其他地方廣泛討論了我們的觀點，而且我們的觀點沒有改變。這非常有害，而且完全沒有必要。所以當我有機會與民選官員交談時，我的領導團隊的其他成員也會這樣做，他們會認真傾聽，表示理解，因為這些人並不是每天都生活在我們這個行業裡。所以他們需要時間來理解。

When we talk to them about why it's not necessary, we explain the competitive environment in this business, it is intense. We have new players entering all the time. We talk on this call about crypto, stablecoins, BNPL. Obviously, all the competition in the credit card and debit card markets, wallet players, A2A, we take them through and explain this competitive environment. And we also explained why the market is working so well, and there's no need for government intervention.

當我們向他們解釋為什麼沒有必要這樣做時，我們會解釋這個行業的競爭環境非常激烈。我們一直都有新玩家加入。我們在這次電話會議中討論了加密貨幣、穩定幣和先買後付。顯然，信用卡和金融卡市場、電子錢包、A2A 等所有競爭領域，我們都會帶他們去了解並解釋這種競爭環境。我們也解釋了為什麼市場運作如此良好，以及為什麼不需要政府乾預。

The second thing we explained to was just how harmful it would be. I mean this legislation would have far reaching negative consequences at a time when the economy certainly doesn't need that. Consumers and small businesses would see reduced access to credit, rewards would be eliminated entirely. There will be fewer credit card options. And by the way, weaker security protections, less innovation, all these things we explain why.

我們解釋的第二件事就是它會造成多大的傷害。我的意思是，這項立法將會產生深遠的負面影響，而目前經濟狀況絕對不需要這些影響。消費者和小型企業獲得信貸的機會將減少，獎勵也將完全取消。信用卡選擇將會減少。順便說一句，安全保護措施薄弱、創新減少，所有這些問題我們都會解釋原因。

So I think this is going to be part of what we all do regularly because there's elections, you have new elected officials. They're very busy with lots of other things. And so we just have to continue to remind them of the impacts, whether it's CCCA or anything else for that matter.

所以我認為這將成為我們所有人定期做的事情的一部分，因為有選舉，會有新的當選官員。他們有很多其他事情要忙。因此，我們必須不斷提醒他們注意這些影響，無論是 CCCA 還是其他任何事情。

Next question, please.

下一個問題。

Adam Frisch, Evercore ISI.

Adam Frisch，Evercore ISI。

Thanks, guys. Nice results. Could you double click into the much better-than-expected growth in commercial and what you saw there if it was just a great quarter? Or did something unlock in a market with immense potential. But I think previously, it was supposed to be a little bit more slow and steady.

謝謝各位。結果不錯。您能否雙擊查看商業領域遠超預期的成長情況，以及您認為這是否只是一個出色的季度？或者說，某個具有巨大潛力的市場出現了新的突破。但我認為以前應該是更緩慢、更穩定的。

And then I would appreciate if you can provide just a quick perspective on spending trends around the world, maybe some color on what you're seeing in the major regions and to the extent you can some insight on affluent versus mass.

然後，如果您能簡要介紹一下世界各地的消費趨勢，特別是主要地區的消費趨勢，並儘可能深入地分析一下富裕階層與大眾階層之間的差異，我將不勝感激。

Hey, Chris, let me start a little bit on commercial from a business perspective, then you can follow up on the numbers and then you can hit the other question spending trends. Yeah, I think what you're seeing in Commercial is the results of the strategy we've been talking to you about now for -- really for a few years. And I think just a credit to our teams, like we've been shipping great product. Our sales teams have been engaging with players all around the world, we've been winning.

嘿，克里斯，讓我先從商業角度談談商業，然後你可以跟進數字，再來探討另一個問題，例如支出趨勢。是的，我認為你在商業領域看到的，正是我們這幾年一直在跟你談論的策略所帶來的成果。我認為這要歸功於我們的團隊，我們一直在交付優秀的產品。我們的銷售團隊一直在與世界各地的玩家互動，我們取得了成功。

When we think about the Commercial space, we've been talking with you all about three different types of opportunities, and we're having great success across all three of them. We talked about converting more small business and medium business spending.

當我們談到商業領域時，我們一直在和大家討論三種不同的機遇，而且我們在所有這三種機會中都取得了巨大的成功。我們討論如何提高中小企業的消費轉換率。

And what's an example, I'd point to there. I point to the Chase Sapphire Reserve for Business product. That was a portfolio win that we announced, a great product in the market that's doing exactly that.

至於例子，我可以指出這一點。我推薦 Chase Sapphire Reserve for Business 這款產品。那是我們宣布的一項投資組合中的成功案例，市場上有一款非常棒的產品，它恰好滿足了我們的需求。

And the second opportunity we talked about is scaling large and middle market card and virtual payables use cases. And again, that's an area where we've been shipping some great product and having some great client wins. I'd point to our Trip.com, global virtual travel card issuing business. I think it's a great example there.

我們討論的第二個機會是擴大大型和中型市場信用卡和虛擬支付用例的規模。再次強調，在這個領域，我們推出了一些很棒的產品，也贏得了一些很棒的客戶。我會重點介紹我們的 Trip.com，一家全球虛擬旅行卡發行公司。我認為這是一個很好的例子。

And then the third opportunity -- the third leg of the strategy, and we've been talking to you all about, is delivering product innovation and network flexibility to help our partners reach underpenetrated spend. And I think it was maybe the last call or call before that, I mentioned our win at BMO up in Canada, where we launched our network-agnostic, enhanced spend management capabilities with them, and that's going to allow them to really capture some of that underpenetrated spend.

然後是第三個機會——也是該策略的第三個支柱，我們一直在和大家談論它，那就是提供產品創新和網路靈活性，以幫助我們的合作夥伴達到尚未充分滲透的支出水平。我想那可能是上一次通話，或者更早的一次通話中，我提到了我們在加拿大 BMO 取得的成功，我們與他們合作推出了與網絡無關的增強型支出管理功能，這將使他們能夠真正抓住一些尚未充分滲透的支出機會。

So I think it's the strategy. It's the results. We've been shipping great product, having great client wins like the ones that I mentioned. And then, Chris, do you want to pick up on some of the numbers?

所以我認為這是策略問題。結果才是關鍵。我們一直在交付優質產品，也贏得了像我剛才提到的那些優秀客戶。那麼，克里斯，你想關註一下這些數字嗎？

Sure. I think Ryan covered CMS and BCS. So let me just hit on some of the questions you had around some of the regional volume numbers. So when we look at our international volume in total, which was 9% this quarter, that was largely in line with what we saw last quarter. And if you think -- which was 10%, and if you think about the difference in that in Q4, we did see some idiosyncratic things that sort of help the international volume growth to be 10%. And so when you normalize for some of those things, we see a lot of stability.

當然。我認為瑞恩已經講解了CMS和BCS。那麼，讓我來回答一下你們提出的關於一些區域銷售數據的問題。因此，當我們查看本季國際業務總量時，該比例為 9%，這與上個季度的情況基本一致。如果你想想——當時是 10%，再想想第四季與第一季的差異，我們確實看到了一些特殊情況，這些情況在某種程度上幫助國際銷量成長了 10%。因此，當對其中一些因素進行標準化處理後，我們看到了很大的穩定性。

As you click into each of these regions, some of these things do show up in some of the regional stories. So if I do sort of a tour around the world and give a little bit of a high-level commentary. In Europe, payments volumes are relatively consistent with Q4. We continue to execute well, and we're seeing the benefit of some of the wins that we've had there.

當你點擊進入這些地區時，其中一些內容確實會出現在一些地區性的故事中。所以，如果我進行環球旅行，並做一些高水準的評論。歐洲的支付量與第四季基本持平。我們繼續保持良好的執行力，並且已經開始看到之前取得的一些勝利帶來的好處。

In CEMEA, also that was down maybe a couple of points from Q4, and that's being impacted by some of those idiosyncratic things that I talked about. But still very strong growth. Very strong growth. Let me be very clear about that, one of our fastest-growing regions. But it was really related to the timing of promotional campaigns that we saw in Q4.

在 CEMEA 地區，這一數字也比第四季度下降了幾個點，這受到了我之前提到的一些特殊因素的影響。但成長動能依然非常強勁。成長勢頭非常強勁。讓我明確指出，這是我們成長最快的地區之一。但這實際上與我們在第四季度看到的促銷活動的時機有關。

And maybe the last one I'd call out is AP as well. AP is growing low single digits, a little bit slower than Q4. But that was one that we also called out before in terms of timing of tax payments that we saw in Asia. And so when we normalize for some of these timing differences, we're seeing relative stability across international payments volume.

最後，我還要特別提一下AP。AP 的成長速度為個位數低位，比第四季略慢。但就我們在亞洲看到的稅收繳納時間問題而言，這也是我們之前指出的問題。因此，當我們消除這些時間差異的影響後，就會發現國際支付量相對穩定。

Next question, please.

下一個問題。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

I know you talked about VAS a decent amount already, but just curious if that 28% growth this quarter can sort of sustain itself for the remainder of the year, or do you think there's some specific factors in the quarter that drove the strength and that may not reoccur? And then just, Chris, you mentioned that there were some expenses that were higher as a result of the stronger VAS revenue growth. I'm just curious, is that a variable component? Or can that be leverageable in the future?

我知道您已經多次談到了增值服務 (VAS)，但我只是好奇本季度 28% 的增長能否在今年剩餘時間裡保持下去，或者您認為本季度的一些特定因素推動了這種強勁增長，而這些因素可能不會再次出現？然後，克里斯，你剛才提到，由於增值服務收入的強勁增長，一些費用也隨之增加。我只是好奇，那是一個可變部件嗎？或者說，這在未來能否被利用？

Let me try to address it. Yeah. Just building on what I said earlier about the strong start to the year in VAS. Obviously, we don't guide to growth pillars, but a lot of the things that we've talked about, Q1 being 28%, that is above where we expected it to go in, but it's also in line with the momentum that we've seen.

讓我來試著解釋一下。是的。我剛才說的VAS今年開局強勁，這只是個開始。顯然，我們不會指導成長支柱，但我們討論過的很多事情，例如第一季成長 28%，高於我們的預期，但也與我們看到的成長勢頭一致。

We've seen growth in the 25%, 24%, mid-20s for some period of time. It's really a reflection of -- similar to what Ryan was saying about CMS, it's a reflection of the fact that we're executing against our strategy. We're investing behind it. We have a clear strategy and a clear addressable market that we're going after. The teams are certainly doing a really, really great job about that.

我們已經看到一段時間內成長率在 25%、24% 和 25% 左右。這實際上反映了——類似於 Ryan 先前對 CMS 的評價——這反映了我們正在執行我們的策略。我們正在為此進行投資。我們有明確的策略和明確的目標市場。各隊在這方面確實做得非常好。

Some of the things also just to tie into some of the other conversations we've been having, the first question is around events. And this year is a unique year that we do have two events, both FIFA World Cup and the Olympics. We've talked about how that's going to benefit marketing services, in particular, which lands in sort of the other revenue line. That is a business where clients are super excited to engage with us and activate and have access to these sponsorships and we're excited about that.

有些事情也與我們一直在進行的其他一些對話聯繫起來，第一個問題是關於事件的。今年是特別的一年，我們有兩場賽事，分別是國際足總世界盃和奧運。我們已經討論過這將如何使行銷服務受益，特別是行銷服務，它屬於另一個收入來源。在這個行業裡，客戶非常熱衷於與我們互動、參與活動並獲得這些贊助機會，我們也為此感到興奮。

But that does also contribute to some of the revenue -- some of the expense reasoning that we talked about. And so let me talk about that real quick. So with those two big events, from an expense standpoint, we see a little bit more quarterly variability this year than a normal, let's say, a typical year.

但這確實也為部分收入做出了貢獻——也就是我們之前討論過的部分支出原因。那麼，我就簡單談談這個問題吧。因此，由於這兩件大事，從支出角度來看，今年的季度波動比往年更大。

When we went into the year, we said the expense associated with these two events will be in primarily peaking in Q2 and Q3. And so therefore, as we look at sort of Q1 and Q2, we do think half one expense is a little bit higher than half two as a result of that. But it really is associated with incremental revenue that we're capturing related to these two events. And so we're happy to do that. And obviously, clients are thrilled as well.

年初的時候，我們就說過，與這兩件事相關的費用主要會在第二季和第三季達到高峰。因此，當我們審視第一季和第二季時，我們認為第一季的支出略高於第二季的支出，原因就在這裡。但這確實與我們從這兩個事件中獲得的增量收入有關。所以我們很樂意這樣做。顯然，客戶們也非常滿意。

Next question.

下一個問題。

Andrew Jeffrey, William Blair.

安德魯傑弗裡，威廉布萊爾。

Thank you. Good afternoon. Appreciate you taking the question. I wanted to ask a question on the Flex Credential, which is really intriguing, and recognizing it's very small as a percent of your total credentials today. Could you maybe sort of frame out growth trajectory for us.

謝謝。午安.感謝您回答這個問題。我想問一個關於靈活證書的問題，它真的很有意思，儘管它目前在您所有證書中所佔的比例非常小。您能否為我們大致勾勒一下成長軌跡？

Is there a point in time when you think about Flex really bending the growth curve for Visa? And I'm just trying to dimensionalize what it can mean over the next, say, three, five, seven years for your revenue growth.

你認為在哪個時間點，Flex 真正改變了 Visa 的成長曲線？我只是想分析一下，在未來三、五、七年內，這對你們的收入成長意味著什麼。

It's still early in the development of Flex. I talked about some of the wins we had this quarter and others. I also talked, I think, in my prepared remarks about some of the expansion opportunities we have in the pipeline. Clients are very excited about it.

Flex 仍處於早期開發階段。我談到了我們本季取得的一些勝利以及其他一些勝利。我認為，我在事先準備好的演講稿中也談到了我們正在籌劃的一些擴張機會。客戶們對此非常興奮。

We -- like if you just step back for a second, we think about the Flex Credential like the Swiss Army Knife of payments. Like it's got multiple funding options that are all packed into one card. And that resonates with different players across the ecosystem. You look at a SMCC in Japan who -- they're more of a traditional bank and they launched this product to bundle credit, debit, rewards, et cetera, all into one product.

我們——就像你稍微退後一步，我們會把 Flex Credential 看作是支付領域的瑞士軍刀。它就像一張卡里包含了多種支付方式。這一點引起了整個生態系統中不同參與者的共鳴。你看看日本的SMCC，他們更像是一家傳統銀行，他們推出了這款產品，將信用卡、金融卡、獎勵等全部捆綁到一個產品中。

I've mentioned on this call in the past, BNPL players like Affirm and Klarna and now, as you heard in my prepared remarks, Block, who are able to take BNPL offerings that they used to have to go build out merchant by merchant by merchant around the world, which is obviously very difficult, time consuming, and costly. Now they can offer their users a Visa Flex Credential and they can go use the BNPL offering anywhere where Visa is accepted, which is all over the world and kind of goes on and on.

我之前在這個電話會議上提到過，像 Affirm 和 Klarna 這樣的 BNPL 服務商，以及現在，正如你們在我準備好的發言稿中聽到的，還有 Block，他們能夠提供 BNPL 服務，而他們過去必須逐個在全球範圍內與商家建立合作關係，這顯然非常困難、耗時且成本高昂。現在他們可以向使用者提供 Visa Flex 憑證，使用者可以在任何接受 Visa 的地方使用 BNPL 服務，而 Visa 服務遍布全球，而且覆蓋範圍非常廣泛。

So in terms of like the growth impact it's going to have, we're still early in the sales cycle, like you said, these numbers at this point are small in the context of our 5 billion credentials. But when you look at other things that we've done like tokenization, when you look at Visa Direct, you look at some of the other innovations that we brought to market, we follow a similar strategy and path: build great product, get it out there in the ecosystem and then go at it year after year after year to ultimately help serve our clients and grow the business.

所以就其對成長的影響而言，我們仍處於銷售週期的早期階段，正如你所說，就我們 50 億的信用額度而言，這些數字目前還很小。但是，當你看看我們所做的其他事情，例如代幣化，看看 Visa Direct，看看我們推向市場的其他一些創新，你會發現我們遵循著類似的策略和路徑：打造優秀的產品，將其推向生態系統，然後年復一年地努力，最終幫助服務我們的客戶並發展業務。

Next question.

下一個問題。

Tien-Tsin Huang, J.P. Morgan.

黃天心，J.P.摩根大通。

Thanks so much. Hi, Ryan, Chris, and Jennifer. I wanted to ask on the issuer processing side, if that's okay. Just I heard some good wins in DPS like Block and you talked about the Pismo expansion. So it just got me to thinking, how much have you invested in both of these assets from a tech perspective, especially, it feels like there's some momentum on the processing side. And maybe can you discuss if the TAM has changed around issuer processing. I'd love to hear just an update on that.

非常感謝。嗨，瑞恩、克里斯和珍妮佛。我想問一下發卡機構的處理流程，可以嗎？我聽說DPS（輸出）方面取得了一些不錯的勝利，例如Block，而且你還談到了Pismo擴充包。所以這讓我開始思考，從技術角度來看，你在這兩項資產上投入了多少資金，尤其是處理方面，感覺勢頭不錯。您能否討論一下TAM在發卡機構處理上是否有所變化？我很想知道這方面的最新進展。

Hey, Tien-Tsin. No change in the TAM. It's enormous. I mean you think about the opportunity, every bank on the planet except a few needs to go through the process of modernizing their tech stack, whether that be debit issuer processing, which is where DPS is focused in the US in a more narrow place. But more broadly, their whole entire issuer processing stacks in their core banking stacks.

嘿，天心。TAM 沒有變化。它非常巨大。我的意思是，想想這個機會，除了少數幾家銀行之外，地球上的每一家銀行都需要對其技術堆疊進行現代化改造，無論是藉記卡發卡機構的處理，還是DPS在美國更專注於的領域。但更廣泛地說，是他們核心銀行系統中的整個發卡機構處理堆疊。

And yeah, we've been -- we've definitely been investing product and engineering resources into both. I think we've been shipping some great products in both, which is what's driving the wins, both with more traditional financial institutions and with fintechs like you referenced. And Pismo especially, our thesis when we bought Pismo was that our clients were facing big decisions on how they could modernize their tech stacks and ultimately move into the cloud.

是的，我們一直在——我們確實一直在這兩方面投入產品和工程資源。我認為我們在這兩方面都推出了一些很棒的產品，這正是我們取得成功的原因，無論是與更傳統的金融機構，還是與像您提到的那種金融科技公司。尤其是Pismo，我們收購Pismo的理念是，我們的客戶在如何實現技術堆疊現代化並最終遷移到雲端方面面臨著重大決策。

And that's what's proving out is we're having great sales interactions with financial institutions all around the world. And when we're able to take them through the Pismo capabilities and show them that it's cloud-native, provides issuer processing, core banking, it does it for all products, debit, credit, commercial, current accounts, DDAs, et cetera, we're getting a lot of uptick.

事實證明，我們與世界各地的金融機構都保持著良好的銷售互動。當我們能夠向他們展示 Pismo 的功能，並向他們展示它是雲端原生的，提供發卡機構處理、核心銀行服務，適用於所有產品，包括借記卡、信用卡、商業帳戶、活期帳戶、活期存款帳戶等等，我們就獲得了很大的成長。

Now these are long sales cycles. A bank kind of changing out its core banking infrastructure, moving from on-prem into the cloud, like these are big decisions they take time. And we knew that going into buying Pismo and we'll continue at the sales cycle, continue to ship great product on it, and we're very excited about the space.

現在這些銷售週期都很長。銀行正在對其核心銀行基礎設施進行某種程度的改造，從本地部署遷移到雲端，這些都是重大決策，需要時間。我們收購 Pismo 時就知道這一點，我們將繼續推進銷售週期，並繼續推出優秀的產品，我們對這個領域感到非常興奮。

Next question, please.

下一個問題。

Ramsey El-Assal, Cantor Fitzgerald.

拉姆齊·艾爾-阿薩爾，坎托·菲茨杰拉德。

Hi. Thank you for taking my question this evening. I wanted to ask about your commentary on stablecoins of $4.6 billion of settlement. It's a small number, but it's ramping seemingly quite quickly. Do you expect more growth in stablecoin flows to be related to settling consumer retail payments? Or do you see the bigger opportunity for Visa on sort of the disbursements money movement side of things?

你好。感謝您今晚回答我的問題。我想問您對46億美元穩定幣結算的評論。雖然數量不多，但成長速度似乎相當快。您認為穩定幣流量的更多成長是否與消費者零售支付結算有關？或者您認為Visa在資金支付方面的發展機會更大嗎？

And just one quick point of clarification for Chris. You said there was some pressure on cross-border revenues from low FX, hedging and mix. What did you mean by mix?

還有一點要向克里斯澄清一下。您提到，由於匯率低迷、避險和產品組合等因素，跨境收入面臨一定壓力。你說的「混合」是什麼意思？

Yeah. So let me just try to frame this. I think the short answer is the latter, but let me unpack that. In terms of stablecoins, the areas where we see product market fit are generally the areas around the world with significant TAMs and areas where we're actually underpenetrated today.

是的。讓我試著解釋一下。我認為簡短的答案是後者，但讓我詳細解釋一下。就穩定幣而言，我們發現產品與市場契合的領域通常是全球範圍內具有巨大潛在市場規模的地區，以及我們目前實際滲透率較低的地區。

What is that? So one is it's countries around the world where there's high currency volatility or hard to access US dollars. And we've had great success issuing Visa credentials. I think I said in my prepared remarks, I talked about this now in more than 50 markets around the world to provide on and off-ramp for stablecoins. And that's an area where there's great product fit -- product market fit.

那是什麼？一是世界上貨幣波動性大或難以獲得美元的國家。我們在簽發簽證證方面取得了巨大成功。我想我在準備好的演講稿中說過，我已經在世界各地 50 多個市場談到了這一點，即為穩定幣提供流入和流出的管道。而這正是產品與市場契合度極高的領域──產品與市場非常契合。

The second area where we see good product market fit is around cross-border, whether that's remittances at the consumer level or whether that's B2B payments or even B2C payments for disbursements, another area of opportunity, another area where we're generally underpenetrated, another gigantic TAM.

我們看到產品市場契合度較高的第二個領域是跨國領域，無論是消費者層面的匯款，或是 B2B 支付，甚至是 B2C 支付，這都是另一個充滿機會的領域，也是我們滲透率普遍較低的領域，另一個巨大的潛在市場。

And then coming back to the beginning of your question, we're seeing a lot of interest, as you noted, the numbers are still small in the big scheme of things, but the growth rates are very high of settlement on our network with stablecoins. When we have partners that settle on our network with stablecoins, they're able to get access to seven-day a week settlement, for example, because with stablecoins, we can settle on Saturdays, and we can settle on Sundays even when correspondent banking is not generally available. And that creates more liquidity for our partners and clients, they're able to get access to settlement flows faster.

回到你問題開頭的部分，正如你所指出的，我們看到了很多興趣，雖然從整體來看數量仍然很小，但我們網路上使用穩定幣進行結算的增長率非常高。例如，當我們的合作夥伴使用穩定幣在我們的網路上結算時，他們就可以獲得每週七天的結算服務，因為使用穩定幣，我們可以在周六進行結算，即使在代理銀行服務通常不可用的情況下，我們也可以在周日進行結算。這樣一來，我們的合作夥伴和客戶就能獲得更多流動性，他們也能更快獲得結算資金。

In the case of some instances where they might otherwise have to hold collateral during a weekend. They don't have to do that. So yeah, I mean, we're very excited about the opportunities. I guess just to be very clear about it, to the beginning of your question, we don't see a lot of product market fit in developed digital payment markets like the United States or like UK or Europe for stablecoin payments.

在某些情況下，他們可能不得不在周末期間持有抵押品。他們不必那樣做。是的，我的意思是，我們對這些機會感到非常興奮。我想先明確一點，回到你問題的第一個問題，在像美國、英國或歐洲這樣的發達數位支付市場中，我們並沒有看到很多穩定幣支付產品與市場的契合度。

As I said before, in the US, if a consumer wants to pay for something using a digital dollar, they have ample ways to do that today. They can pay from their checking account or their savings account, it's become quite easy to do. So we don't see a lot of product market fit for stablecoin payments and consumer payments in digitally developed markets.

正如我之前所說，在美國，如果消費者想用數位貨幣支付某樣東西，他們現在有很多方法可以做到這一點。他們可以從支票帳戶或儲蓄帳戶付款，這已經變得非常容易了。因此，在數位化發達的市場中，我們看不到穩定幣支付和消費者支付之間存在太多的產品市場契合度。

Hey, Ramsey, I'm going to tackle the second part. I'm glad you asked the question about the commentary -- the prepared commentary on international transaction revenue. And that's the first place I'd start, I differentiate because of the way you asked the question, you said cross -- pressure on cross-border yields.

嘿，拉姆齊，接下來我要處理第二部分了。很高興你問到了關於評論的問題——關於國際交易收入的預先準備好的評論。而這正是我要從頭說起的地方，我之所以區別對待，是因為你提問的方式不同，你說的是跨國收益率面臨的壓力。

International transaction revenue does not equal one-to-one cross-border revenue, cross-border revenue lands in all of our service lines. It lands -- it contributes to the 15% growth we saw across the business, contributes to the 17% growth in data processing. And it also obviously, contributes to the international transaction line.

國際交易收入並不等於跨國收入，跨國收入會分攤到我們所有的服務項目。它成功落地——它為我們整個業務實現了 15% 的成長，也為資料處理業務實現了 17% 的成長。而且顯然，它也促進了國際交易額的成長。

And I will say when we look at the cross-border business in total, obviously, the volumes have remained strong and stable. This business remains high yielding and very profitable. And so it remains a very healthy business.

總的來說，從跨境業務的角度來看，顯然，交易量一直保持強勁穩定。這項業務依然收益豐厚，利潤非常可觀。因此，它仍然是一個非常健康的行業。

Now to your specific question around -- the commentary around the difference between international transaction revenue, I called out three things. I won't go through them all, but the first one and the biggest one was volatility and we talked about sort of the low currency volatility. And the second one was mix, which is the one that you've talked -- that you brought up.

現在回到你提出的具體問題——關於國際交易收入差異的評論，我指出了三點。我不會一一贅述，但第一個也是最重要的問題是波動性，我們討論了貨幣波動性較低的情況。第二個是混合，也就是你剛才提到的那個。

So as we've talked about mix in prior quarters, and really, this is talking about the composition of yields across our business, different clients, different products, different regions, have different yields. And as growth rates across these different items vary, then it can have a mix impact. This quarter, the one I'd note is Visa Direct, which continues to grow fast and also very profitable but typically has a lower yield than carded transactions. So to the extent Visa Direct cross-border transactions are growing faster than carded, then that's going to mix the yield down. And so that's an example of mix.

正如我們在前幾個季度討論過的組合一樣，實際上，這裡討論的是我們業務中收益的組成，不同的客戶、不同的產品、不同的地區都有不同的收益。由於這些不同項目的成長率各不相同，因此可能會產生混合影響。本季度，我特別想指出的是 Visa Direct，它繼續快速成長，而且獲利能力很強，但通常收益率低於刷卡交易。因此，如果 Visa Direct 跨境交易的成長速度超過銀行卡交易，那麼收益率就會下降。這就是混合的一個例子。

Next question.

下一個問題。

Dan Dolev, Mizuho.

Dan Dolev，瑞穗銀行。

Oh hey, guys, great quarter. Thanks for letting me ask the question. I just have a follow-up on the Pismo update. It sounds like it's off to a really good start, and you're making a lot of progress.

嘿，夥計們，這季度很棒。謝謝您允許我提問。我還有一些關於皮斯莫更新的後續資訊。聽起來開局非常順利，你取得了很大的進展。

Ryan, can you maybe update us on how Pismo is trending in terms of wins with large versus small banks? And how much bigger do you think Pismo could be in two to three years? Because it sounds like it's a great business here, and you're making a lot of -- getting a lot of traction.

Ryan，能否更新一下Pismo賭場在大銀行和小型銀行的勝率趨勢？你認為皮斯莫海灘在兩到三年內會擴大多少？因為聽起來這是一家很棒的企業，而且你們也取得了很大的成功——獲得了很大的發展勢頭。

Yeah. Thanks, Dan. Yeah. As I mentioned, we remain very excited about it. The large versus small bank question, it's really both. The smaller players tend to be the fintechs.

是的。謝謝你，丹。是的。正如我之前提到的，我們對此仍然感到非常興奮。關於大型銀行與小型銀行的問題，其實兩者兼具。規模較小的參與者往往是金融科技公司。

The other part of our thesis when we bought Pismo beyond what I said earlier was fintechs are limited in their capabilities that they have to drive international expansion in many markets around the world. Often, a fintech will grow up in one country and then want to expand. And what they quickly run into is a challenge. They can't find a technology partner that can help them scale for the next 5, 10, 15 countries.

除了我之前提到的，我們收購 Pismo 的另一個理由是，金融科技公司在推動全球許多市場的國際擴張方面能力有限。通常情況下，金融科技公司會在一個國家發展壯大，然後希望擴張。他們很快就遇到的就是挑戰。他們找不到能夠幫助他們將業務擴展到接下來的 5、10、15 個國家的技術合作夥伴。

So on the smaller fintech side of things, that's where Pismo has been a great fit, right? Because it's cloud native, we're able to move with fintechs and help them expand broadly around the world. By the way, that helps the fintech. That's great news for Pismo because it drives revenue, but it's really good news for Visa because we're able to help more fintechs scale more broadly into markets that are underserved with Visa Credentials. So it's a real win-win-win in that sense.

所以，在規模較小的金融科技領域，Pismo 剛好非常適合，對吧？由於它是雲端原生技術，我們能夠與金融科技公司共同發展，並幫助他們在全球廣泛擴張。順便說一句，這對金融科技公司很有幫助。這對 Pismo 來說是個好消息，因為它能帶來收入，但對 Visa 來說也是個好消息，因為我們能夠幫助更多金融科技公司更廣泛地擴展到 Visa 憑證服務不足的市場。從這個意義上講，這真是三贏的局面。

On the more traditional financial institutions and the bigger banks, as you referred to them is, it's more about kind of engaging with clients on this journey that they're embarking on, moving from on-prem legacy technology stacks to the cloud. And that's for issuer processing, that's for core banking. And what we're finding is that when these big sophisticated, large clients really dig through the Pismo capabilities, they're extraordinarily impressed and they find what we found, which is when we found Pismo, that it really is the best cloud native issuer processing and core banking stack on the planet.

正如您所提到的，對於更傳統的金融機構和大型銀行而言，更重要的是與客戶互動，幫助他們踏上從當地傳統技術堆疊向雲端遷移的旅程。這是用於發卡機構處理的，這是用於核心銀行系統的。我們發現，當這些大型、成熟的客戶真正深入了解 Pismo 的功能時，他們印象深刻，並且發現，正如我們發現 Pismo 時所發現的那樣，它確實是地球上最好的雲端原生發卡機構處理和核心銀行系統堆疊。

All right. We'll take one more question, please.

好的。請容許我們再回答一個問題。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

Hi, good afternoon. I want to ask about tokens. As you said, they've grown to over 17 billion, 3 times the number of cards you have. We know the authorization rates and fraud reduction benefits, which are meaningful, it's also enabling the agentic capability.

您好，下午好。我想諮詢一下代幣的問題。正如你所說，它們已經成長到超過 170 億張，是你擁有的卡片數量的 3 倍。我們知道授權率和減少詐欺的好處是有意義的，它也賦予了代理能力。

My question is, how does this proliferation of Token and the benefits it brings changes the conversation you have with your issuer customers and merchants and merchant acquirers. Does it further change the nature of those conversations from network fees to the value you're bringing, and I know there could also be more opportunity for pricing for value here.

我的問題是，代幣的普及及其帶來的好處，會如何改變您與發卡機構客戶、商家和商家收單機構之間的對話？這是否會進一步改變這些對話的本質，從網路費用轉變為你所帶來的價值？我知道這裡也可能有更多按價值定價的機會。

Thank you. As I mentioned in my prepared remarks, we're in the progress that we've made with Token and excited about the opportunities that we have to ultimately meet our goal of 100% tokenized transactions.

謝謝。正如我在準備好的演講稿中提到的，我們在 Token 方面取得了進展，並對我們最終實現 100% 代幣化交易的目標充滿期待。

I want to -- before I answer your question directly, I want to go back to something I alluded to earlier. To get to the point where we are right now, with 17.5 billion tokens and 50% plus of transactions, it has been a multiyear journey. Our teams in countries around the world have had to go client by client, both the issuers and the acquirers and merchants as you asked about, get them to embed the tokenization into their tech stack, help them understand the value of it. And do that work for many, many years, which has led us to where we are.

我想——在直接回答你的問題之前，我想先回到我之前提到的一些事情。達到目前的水平，擁有 175 億個代幣和超過 50% 的交易量，這已經是多年的歷程了。如您所問，我們世界各地的團隊必須逐一與客戶溝通，包括發卡機構、收單機構和商戶，讓他們將代幣化技術嵌入到他們的技術堆疊中，幫助他們理解代幣化的價值。多年來我們一直堅持這項工作，才有了今天的成就。

The nature of the dialogue, both with issuers and especially with merchants and acquirers has been great. If you're a retailer, big or small, like your number one goal is more sales. And when we're able to show the sales uplift that tokenization provides, it's a real aha moment. The other thing that is very much on the minds that you alluded to of merchants and acquirers all around the world is fraud reduction. And when we're able to show them the impact that tokenization can have on their fraud rates, they're very impressed.

與發卡機構，尤其是與商家和收單機構的對話性質非常好。如果你是一家零售商，無論規模大小，你的首要目標都是提高銷售額。當我們能夠展示代幣化帶來的銷售成長時，那真是一個令人恍然大悟的時刻。您提到的另一個令全世界的商家和收單機構都非常關注的問題是減少詐欺。當我們向他們展示代幣化對降低詐欺率的影響時，他們都非常印象深刻。

So what we're doing right now is we're just continuing that journey. We're engaging with merchants and acquirers and issuers on case studies and showing them the impact, like I described in my prepared remarks. We're really focused on merchants who have large stored credentials cards on file. And we're showing them the benefits of converting those cards on file to Visa Tokens.

所以，我們現在所做的，就是繼續這段旅程。我們正在與商家、收單機構和發卡機構就案例研究進行交流，並向他們展示其影響，就像我在準備好的發言稿中所描述的那樣。我們主要關注那些儲存了大量憑證卡資訊的商家。我們正在向他們展示將已存檔的銀行卡轉換為 Visa Token 的好處。

We're focused on guest checkout. I mentioned in my prepared remarks, the enormous progress we've made reducing guest checkout, but it's still 16% of Visa e-commerce around the world. That means 16% of the transactions, our customers aren't as delighted as they could be if those were as simple as a tap or a biometric authentication using a Visa Token. So we're working with those merchants to try to put in place the Visa Token solutions to improve those user experiences.

我們專注於客人退房。我在事先準備好的演講稿中提到，我們在減少訪客結帳方面取得了巨大進展，但它仍然佔全球 Visa 電子商務的 16%。這意味著，如果交易能像使用 Visa Token 進行生物辨識認證那樣簡單，我們的客戶在 16% 的交易中就不會像現在這樣滿意。因此，我們正在與這些商家合作，努力實施 Visa Token 解決方案，以改善使用者體驗。

And we're also focused on new markets, bringing tokens to new markets, both with issuers and acquirers in places like Europe and CEMEA and Latin America. So we're excited about the progress, but we still have a lot of work ahead of us, and we're very focused on it.

我們也專注於新市場，將代幣引進新市場，包括歐洲、中東歐和拉丁美洲等地的發行方和收單方。所以我們對取得的進展感到興奮，但我們還有很多工作要做，我們會全力以赴。

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，我們衷心感謝各位今日的參與。如果您還有其他疑問，請隨時致電或發送電子郵件至我們的投資者關係團隊。再次感謝，祝您今天過得愉快。

Thank you all for participating in Visa's fiscal first-quarter 2026 earnings conference call. That concludes today's conference. You may disconnect at this time, and please enjoy the rest of your day.

感謝各位參加 Visa 2026 財年第一季財報電話會議。今天的會議到此結束。您可以斷開連接了，祝您今天餘下的時間愉快。