2022-05-04 Bill Sheedy.Visa.Credit Card Competition Act
Chairman Durbin, Ranking Member Grassley, members of the Committee, my name is Bill Sheedy and I am Senior Advisor to the Chairman and CEO at Visa Inc. My career at Visa spans over 29 years where I have served as the Executive Vice President of our Corporate Strategy Group, and President of the Americas, among other roles. Thank you for the opportunity to testify today about Visa and the competitive landscape in the payments industry. I am pleased to be able to share with the Committee the many ways that Visa strives every day to be the best way to pay and be paid.
杜宾主席、资深成员格拉斯利、委员会成员们，我叫比尔·希迪，是 Visa 公司董事长兼首席执行官的高级顾问。我在 Visa 的职业生涯超过 29 年，曾担任公司战略集团执行副总裁、美洲区总裁等职务。感谢您给我今天这个机会就 Visa 和支付行业的竞争格局作证。我很高兴能够与委员会分享 Visa 每天努力成为最佳支付方式的多种方式。
For more than 60 years, we have invested heavily to ensure we deliver an innovative, reliable, and secure transaction processing network globally. Our network is the connective tissue which brings consumers and merchants together to enable commerce no matter where they are in the world. Our success is contingent on consumers being able to engage in safe and secure commerce and merchants being able to confidently complete sales and grow their business. If merchants do not complete sales and submit transactions, we do not have a network to operate. It is as simple as that.
60 多年来，我们进行了大量投资，以确保在全球范围内提供创新、可靠和安全的交易处理网络。我们的网络是连接消费者和商家的纽带，使他们能够在世界各地进行商业活动。我们的成功取决于消费者能够进行安全的商业活动，以及商家能够自信地完成销售并发展业务。如果商家不完成销售并提交交易，我们就没有网络可供运营。就是这么简单。
In addition to significant investments in the security and safety of our network, we stand behind every Visa transaction. This includes, as discussed in more detail below, zero liability for consumers on fraudulent transactions that they did not authorize, as well as guaranteeing payment to merchants. Likewise, our financial institution clients who provide the payment options that run over our network also invest tremendously to protect and improve payment experiences for consumers and merchants.
除了对我们网络的安全性和安全性进行重大投资外，我们还支持每一笔 Visa 交易。这包括，如下文更详细讨论的那样，消费者对他们未授权的欺诈交易不承担任何责任，并保证向商家付款。同样，我们的金融机构客户也提供通过我们网络运行的支付选项，并投入大量资金以保护和改善消费者和商家的支付体验。
The security, reliability, and protections that Visa provides have never been more critical than during the pandemic. We have taken a number of proactive steps to ease the burden of the pandemic on consumers and merchants, including by adjusting our interchange rates to address evolving market and economic developments.
Visa 提供的安全性、可靠性和保护在疫情期间比以往任何时候都更加重要。我们采取了一系列积极措施，以减轻疫情对消费者和商家的负担，包括调整我们的交换费率以应对不断变化的市场和经济发展。
Visa competes in one of the most innovative and dynamic industries in the country and world right now, and it is an industry that is continuing to evolve rapidly. Consumer and merchant demands, technological innovations, and new use cases and payment options have spurred tremendous competition and investment. We believe this intense market competition is good for everyone. At the same time, regulatory interventions in a thriving sector often do lead to unintended consequences. Furthermore, regulationsthat exclusivelyfocusoncardpayments, anddo nottakeinto accounttheinfluxofnew players and payment methods in our industry, could shift consumer spending to payment options that are less secure and more expensive, and that do not demonstrate the same commitment to efficiency, transparency, and security that payment networks like Visa have dedicated themselves to for decades.
Visa 目前在国内和全球最具创新性和活力的行业之一竞争，而这个行业正在迅速发展。消费者和商家的需求、技术创新以及新的用例和支付选项激发了巨大的竞争和投资。我们相信这种激烈的市场竞争对每个人都有好处。同时，在一个繁荣的行业中，监管干预往往会导致意想不到的后果。此外，专注于卡支付的监管而不考虑我们行业中新玩家和支付方式的涌入，可能会将消费者支出转向不那么安全且更昂贵的支付选项，而这些选项并未表现出与 Visa 等支付网络几十年来致力于的效率、透明度和安全性相同的承诺。
About Visa 关于Visa
Visa enables people, businesses of all sizes, and governments to make and receive payments through its innovative, reliable, and secure payment network. Visa’s advanced transaction processing network operates in over 200 countries and territories around the world. Because of the rapid evolution of our industry, we must continuously innovate to meet the challenges of changing technology and payment methods, the growing sophistication of threats to payment system security, and the ever-changing needs of all those who use Visa’s payment network.
Visa 通过其创新、可靠和安全的支付网络，使个人、各类规模的企业和政府能够进行和接收支付。Visa 的先进交易处理网络在全球 200 多个国家和地区运营。由于我们行业的快速发展，我们必须不断创新，以应对不断变化的技术和支付方式、对支付系统安全日益复杂的威胁以及所有使用 Visa 支付网络的用户不断变化的需求。
While Visa is one of the world’s most recognized brands, our role in the payments industry is not well understood. Visa is an open network that enables financial institutions and technology companies – from established players to entrepreneurial start-ups – to connect their consumer and merchant customers, so that people on both sides of our network can pay, and receive payment, for goods and services.
虽然 Visa 是全球最知名的品牌之一，但我们在支付行业的角色并不为人所熟知。Visa 是一个开放的网络，使金融机构和科技公司——从成熟的参与者到创业初创公司——能够连接他们的消费者和商户客户，以便我们网络两端的人们可以为商品和服务支付和接收付款。
Visa facilitates global commerce, enabling secure and efficient transactions between consumers, merchants, and financial institutions, whether it be via traditional means or any of the new, innovative payment methods we will discuss today. Every day we connect consumers with millions of merchants through thousands of financial institution customers across the globe. We do all of this while investing and innovating to deliver the highest levels of operational resilience, cyber security, and fraud prevention.
Visa 促进全球商业，支持消费者、商家和金融机构之间的安全高效交易，无论是通过传统方式还是我们今天将讨论的任何新型创新支付方式。每天，我们通过全球数千家金融机构客户将消费者与数百万商家连接在一起。在此过程中，我们不断投资和创新，以提供最高水平的运营弹性、网络安全和欺诈预防。
Visa’s network is capable of processing more than 65,000 transaction messages per second. To ensure near-constant availability and security, Visa maintains a set of geographically separated, synchronized, state-of-the art data processing centers, each one capable of processing every transaction on the Visa system by itself. 1 As I explain below, our cutting-edge security technology reduces fraud and controls many types of risk, delivering secure, efficient transactions for merchants big and small, across numerous types of cards and other payment devices, and for many types of payment uses.
Visa 的网络能够每秒处理超过 65,000 条交易信息。为了确保几乎恒定的可用性和安全性，Visa 维护了一组地理上分开的、同步的、最先进的数据处理中心，每个中心都能够独立处理 Visa 系统上的每一笔交易。正如我在下面解释的那样，我们的尖端安全技术减少了欺诈并控制了多种类型的风险，为大大小小的商家、各种类型的卡和其他支付设备以及多种支付用途提供安全、高效的交易。
Importantly, Visa is just one player in the payments landscape. We participate in a multiparty payment system, which includes financial institutions known as “acquirers” that sign up merchants to accept payment cards and “issuers” that sign up cardholders to enable them to transact using credit, debit, prepaid, and small business accounts.
重要的是，Visa 只是支付领域的一个参与者。我们参与一个多方支付系统，其中包括被称为“收单机构”的金融机构，这些机构签约商户以接受支付卡，以及签约持卡人的“发卡机构”，使他们能够使用信用卡、借记卡、预付卡和小型企业账户进行交易。
Visa does not issue cards. It is the financial institutions, including banks and credit unions of all sizes, that issue Visa cards, set interest rates and consumer fees on those products, and compete to offer rewards and other benefits to cardholders. Similarly, acquiring banks sign up merchants for card acceptance, competing for merchant business based on the services they offer and the fees they charge. Visa does not earn revenue from interchange fees. Visa’s revenue comes from fees we charge financial institutions who issue cards and process transactions over our network.
Visa 不发行卡。发行 Visa 卡的是金融机构，包括各种规模的银行和信用社，它们为这些产品设定利率和消费者费用，并竞争为持卡人提供奖励和其他福利。同样，收单银行为商户签约接受卡支付，基于它们提供的服务和收取的费用竞争商户业务。Visa 不从交换费中赚取收入。Visa 的收入来自我们向发行卡和通过我们网络处理交易的金融机构收取的费用。
As a service provider to thousands of regulated financial institutions, Visa meets stringent regulatory standards of safety, security, and reliability. Regulators abroad and in the United States frequently examine Visa. For instance, the Federal Financial Institutions Examination Council closely reviews our compliance with applicable regulatory requirements. We have regular and constructive engagement with many regulators on issues across the payments, financial services, and technology spectrums, as well as with members of the law enforcement community.
作为数千家受监管金融机构的服务提供商，Visa 符合严格的安全性、保密性和可靠性监管标准。美国和国外的监管机构经常审查 Visa。例如，联邦金融机构审查委员会会仔细审查我们对适用监管要求的合规性。我们与许多监管机构在支付、金融服务和技术领域的问题上，以及与执法界成员进行定期和建设性的互动。
I am pleased to share with the Committee more about Visa and how we make payments more innovative, secure, and accessible. To that end, I am going to cover three topics:
我很高兴与委员会分享更多关于 Visa 的信息，以及我们如何使支付更加创新、安全和便捷。为此，我将讨论三个主题：
1. Providing Security to Visa’s Customers
1.为 Visa 客户提供安全保障
2. New Security Challenges, and Visa’s Recent Interchange Adjustments
2. 新的安全挑战和 Visa 最近的交换调整
3. Competition in the Payments Sector is Thriving
3.支付领域的竞争正在蓬勃发展
1 As a result of the reliability and resilience of our operations, Visa’s flagship data center recently received a Management & Operations approval award from the Uptime Institute, which is the premier independent IT advisory organization assessing digital infrastructure performance.
1.由于我们运营的可靠性和弹性，Visa 的旗舰数据中心最近获得了 Uptime Institute 的管理与运营批准奖，该机构是评估数字基础设施性能的首要独立 IT 咨询组织。
Providing Security to Visa’s Customers 为 Visa 客户提供安全保障
For over six decades, Visa’s employees have strived to make electronic payments what they are today – convenient, reliable, and secure. We help expand and accelerate digital payments, providing opportunities for consumers to transact at millions of merchants around the world, and helping economies thrive. Our early innovation in online authorization and transaction processing – predating the internet – vastly increased transaction speed and fraud control. We introduced the debit card nearly five decades ago as a convenient means of making everyday payments and worked with multiple stakeholders to expand the reach of our network, connecting businesses of all sizes and consumers across geographies. As payments evolve, we have forged partnerships with fintechs and others to enable emerging payment form factors, new consumer and merchant experiences, and to expand access to electronic payments.
六十多年来，Visa 的员工一直努力使电子支付变得如今天般便捷、可靠和安全。我们帮助扩大和加速数字支付，为消费者提供在全球数百万商户进行交易的机会，并帮助经济繁荣。我们在在线授权和交易处理方面的早期创新——早于互联网——极大地提高了交易速度和欺诈控制。我们在近五十年前推出了借记卡，作为一种便捷的日常支付方式，并与多个利益相关者合作，扩大我们网络的覆盖范围，连接各地的各种规模的企业和消费者。随着支付方式的发展，我们与金融科技公司和其他公司建立了合作伙伴关系，以支持新兴支付形式、新的消费者和商户体验，并扩大电子支付的使用范围。
At Visa, nothing is more important than trust. Trust and security are the foundation of everything we do – they are a fundamental component of our brand promise and value proposition to all consumers and businesses who we are proud to serve. We invest heavily and continuously in network security. For instance, we have spent more than $9 billion over the past five years alone on reducing fraud and enhancing network security. We work tirelessly to intercept and prevent would-be attacks, thanks to a team of people dedicated to cybersecurity across the payments lifecycle, from protection to detection and response. In addition to our secure data centers, we operate a series of integrated cyber command hubs globally that handle 24/7 security monitoring, incident response, and investigations. Visa also utilizes a team of fraud experts to monitor 24/7 the integrity of the transactions on our network. In 2021 alone, our fraud prevention capabilities helped prevent nearly $26 billion in attempted fraudulent transactions for merchants and financial institutions.
在 Visa，没有什么比信任更重要。信任和安全是我们所做一切的基础——它们是我们品牌承诺和价值主张的基本组成部分，面向我们自豪地服务的所有消费者和企业。我们在网络安全方面投入巨大且持续不断。例如，在过去五年中，我们仅在减少欺诈和增强网络安全方面就花费了超过 90 亿美元。我们不懈努力地拦截和防止潜在攻击，这要归功于一支专注于支付生命周期网络安全的团队，从保护到检测和响应。除了我们安全的数据中心外，我们还在全球运营一系列综合网络指挥中心，负责全天候的安全监控、事件响应和调查。Visa 还利用一支欺诈专家团队全天候监控我们网络上交易的完整性。仅在 2021 年，我们的欺诈预防能力就帮助商家和金融机构防止了近 260 亿美元的欺诈交易企图。
Giventhe dramaticexpansionine-commercesincethestartofthepandemic, wehaveincreasedourfocus on securing online commerce. To stay ahead of a massive upsurge in insidious malware, social engineering, and brute-force attacks, we invested to accelerate the speed and intelligence of our automated systems. We have built a deep bench of PhD researchers, data scientists, and engineers who collectively have more than 150 patents in Artificial Intelligence (“AI”) and machine learning. Our flagship AI-based platform, Visa Advanced Authorization, a risk management tool that evaluates transactions over Visa’s network in real time, analyzed billions of Visa transactions in 2021. Each transaction is scored against hundreds of risk factors in one millisecond. Visa cardholders benefit from the greater effectiveness of our fraud controls on their cards, receiving helpful real-time alerts or other support from their financial institutions when a suspicious transaction is spotted.
鉴于自疫情开始以来电子商务的显著扩张，我们加大了对在线商务安全的关注。为了应对恶意软件、社会工程和暴力攻击的大幅增加，我们投资加速了自动化系统的速度和智能化。我们组建了一支由博士研究员、数据科学家和工程师组成的深厚团队，他们在人工智能（“AI”）和机器学习领域共同拥有超过 150 项专利。我们的旗舰 AI 平台 Visa Advanced Authorization 是一种风险管理工具，能够实时评估 Visa 网络上的交易，2021 年分析了数十亿笔 Visa 交易。每笔交易在一毫秒内根据数百个风险因素进行评分。Visa 持卡人受益于我们卡片欺诈控制的更高效能，当发现可疑交易时，他们会从金融机构获得有用的实时警报或其他支持。
All Visa cardholderscan count onourzero liability protectionsonunauthorized orfraudulent transactions, ensuring that they do not have to pay for transactions they did not authorize. In addition, we maintain well-established dispute resolution processes to implement the consumer protections embedded in our network rules. The value of these protections has been especially evident throughout the pandemic, when consumers were able to tap into simple, widely used processes to dispute charges or to get refunds on purchases that did not work out as planned, including protections from unauthorized or fraudulent charges.
所有 Visa 持卡人都可以依靠我们的零责任保护来防止未经授权或欺诈交易，确保他们不必为未授权的交易付款。此外，我们保持完善的争议解决流程，以实施嵌入在我们网络规则中的消费者保护措施。在整个疫情期间，这些保护的价值尤为明显，消费者能够利用简单、广泛使用的流程来对费用提出异议或获得未按计划进行的购买退款，包括防止未经授权或欺诈性收费的保护。
Visa also stands behind every transaction authorized on our network. For Visa merchants, this means they are guaranteed to receive payment on Visa transactions authorized by the issuer in accordance with Visa rules. This protection extends through our bank and credit union partners to every merchant, irrespective of size, resources, or sophistication. The security of our guarantee allows merchants everywhere to confidently transact with any Visa account holder, from any corner of the world.
Visa 还为我们网络上授权的每笔交易提供支持。对于 Visa 商户，这意味着他们有保证根据 Visa 规则获得发卡行授权的 Visa 交易的付款。这种保护通过我们的银行和信用合作伙伴延伸到每个商户，无论其规模、资源或复杂程度如何。我们的担保安全性使得全球各地的商户能够自信地与任何 Visa 账户持有人进行交易，无论他们来自世界的哪个角落。
Given the scope and scale of payments we support, ensuring these promises and providing unparalleled reliability requires enormous investment, infrastructure, processing capacity, fraud and risk tools, and financial resources. It also requires constant, ongoing investment and state-of-the-art innovation, both to live up to the needs and expectations of consumers and merchants in our highly competitive industry, as well as to stay ahead of the increasingly challenging fraud and cyber landscape globally.
鉴于我们支持的支付范围和规模，确保这些承诺并提供无与伦比的可靠性需要巨大的投资、基础设施、处理能力、欺诈和风险工具以及财务资源。这也需要持续不断的投资和最先进的创新，既要满足我们竞争激烈的行业中消费者和商家的需求和期望，也要在全球日益严峻的欺诈和网络环境中保持领先。
Most recently, our focus has been on removing sensitive account data from the flow of payments, so compromised information cannot be used by criminals for fraud:
最近，我们的重点是从支付流程中移除敏感账户数据，以防止被泄露的信息被犯罪分子用于欺诈
The introduction of chip cards, which utilize a far richer level of card and security information, has made it so that more good transactions can be authorized and more fraudulent transactions prevented. Chip technology introduces dynamic data into each transaction. When used properly, it makes it more difficult for fraudsters to use counterfeit cards at the point of sale. Introducing chip technology into the complex U.S. payments ecosystem was a multi-year effort, including coordination across many payment system participants, significant investment, and the use of incentives to encourage the upgrading of existing payment technologies. By 2021, as a result of the widespread adoption of this chip technology, counterfeit fraud at the point of sale declined by approximately 90% among merchants for whom chip cards represent the bulk of their Visa payment volume. In addition, the recent adoption of chip technology at automated fuel dispensers (“AFDs”) is having a meaningful impact on reducing fraud at the pump. Since fuel merchants began to implement chip technology at AFDs, we have seen counterfeit fraud drop by almost 80%. Our efforts to continue to enhance security throughout the payments industry remains one of our highest priorities.
芯片卡的引入利用了更丰富的卡片和安全信息，使得更多的良好交易可以被授权，更多的欺诈交易可以被阻止。芯片技术在每笔交易中引入了动态数据。正确使用时，它使得欺诈者在销售点使用伪造卡片变得更加困难。将芯片技术引入复杂的美国支付生态系统是一个多年的努力，包括跨多个支付系统参与者的协调、重大投资以及使用激励措施来鼓励现有支付技术的升级。到 2021 年，由于这种芯片技术的广泛采用，销售点的伪造欺诈在芯片卡占其 Visa 支付量大部分的商家中下降了约 90%。此外，最近在自动燃料加油机（“AFDs”）上采用芯片技术对减少加油站的欺诈行为产生了显著影响。自燃料商家开始在 AFDs 上实施芯片技术以来，我们看到伪造欺诈下降了近 80%。 我们继续加强整个支付行业安全的努力仍然是我们的最高优先事项之一。
Visa has facilitated the widespread use of contactless payments, which employ the security of a chip using a touchless, tap-and-go interaction with the terminal. Contactless interactions have grown significantly during the pandemic and continue to be the preferred technology in environments like transit, where speed and convenience are critical.
Visa 促进了非接触式支付的广泛使用，这种支付方式利用芯片的安全性，通过无接触的轻触与终端进行交互。在疫情期间，非接触式交互显著增长，并在如交通等对速度和便利性要求较高的环境中继续成为首选技术。
Tokenization, another recent innovation, further secures the payments ecosystem. A token is a substitute proxy number that effectively creates a payment credential separate from the account number displayed on the physical card. Tokens also offer dynamic data elements, making them more secure, and they can be added to a mobile wallet, an app environment, a web browser, or hosted in the cloud. If a token is somehow compromised by fraudsters, it can be replaced behind the scenes without requiring a new card number or physical card to be issued. To date, Visa has invested hundreds of millions of dollars to develop, test, and roll out token technology to issuers, acquirers, mobile partners, and merchants. As token adoption continues to accelerate, we have already seen a 28% year-over-year reduction in fraud rates for digital payments.
代币化是最近的另一项创新，进一步保障了支付生态系统。代币是一个替代代理号码，有效地创建了一个与实体卡上显示的账户号码分开的支付凭证。代币还提供动态数据元素，使其更安全，并且可以添加到移动钱包、应用程序环境、网络浏览器或云中托管。如果代币被欺诈者以某种方式破坏，可以在后台更换，而无需重新发行新的卡号或实体卡。迄今为止，Visa 已投资数亿美元开发、测试和推出代币技术，面向发行方、收单方、移动合作伙伴和商家。随着代币采用的加速，我们已经看到数字支付的欺诈率同比下降了 28%。
In addition to its security benefits, tokenization has also unleashed innovation across the ecosystem, enabling digital wallets on smartphones like Apple Pay, Google Pay, and Samsung Pay, giving rise to wearables like rings or watches that you can simply wave to make a payment, and adding efficiency and security to various online subscription services. The use of tokenized payments will also unlock efficient and secure purchase experiences from cars, household appliances, and virtually endless other devices as part of the “internet of things.” And over time, by reducing the use of the account numbers displayed on cards and replacing them with dynamic data, widespread token adoption in the e-commerce environment will greatly reduce the need for physical cards to be replaced and account numbers updated following a data breach, saving significant time and expense for cardholders, merchants, and financial institutions.
除了安全方面的好处，代币化还在整个生态系统中释放了创新，支持智能手机上的数字钱包，如 Apple Pay、Google Pay 和 Samsung Pay，催生了可以简单挥动即可支付的戒指或手表等可穿戴设备，并为各种在线订阅服务增加了效率和安全性。代币化支付的使用还将解锁从汽车、家用电器以及几乎无穷无尽的其他设备中获得高效和安全的购买体验，作为“物联网”的一部分。随着时间的推移，通过减少卡片上显示的账号的使用并用动态数据替代它们，电子商务环境中广泛的代币采用将大大减少在数据泄露后更换实体卡片和更新账号的需求，为持卡人、商家和金融机构节省大量时间和费用。
银行卡的储存是个问题，放在哪里都有问题。
While we have steadily grown and expanded our network for over 60 years, we recognize that we will only have the privilege to serve consumers and businesses if we can continue to maintain the highest standards of safety, security, and innovation in a rapidly evolving, dynamic, and competitive environment. Our brand promise is rooted in being the best way to pay and be paid. We remain steadfast in our focus to deliver on this commitment and enable the commerce of tomorrow.
在过去 60 多年里，我们稳步增长并扩展了我们的网络，我们认识到，只有在快速变化、充满活力和竞争激烈的环境中继续保持最高的安全、保障和创新标准，我们才能有幸为消费者和企业服务。我们的品牌承诺植根于成为支付和收款的最佳方式。我们始终专注于履行这一承诺，并推动未来的商业发展。
New Security Challenges, and Visa’s Recent Interchange Adjustments 新的安全挑战和 Visa 最近的交换调整
Since the start of the pandemic, digital payments have enabled businesses to continue serving their customers, both in their local communities and online. We launched programs to bring more small businesses online and to provide them essential digital capabilities to support their continued recovery.
自疫情开始以来，数字支付使企业能够继续为其客户服务，无论是在当地社区还是在线。我们启动了项目，以帮助更多小企业上线，并为其提供必要的数字能力以支持其持续复苏。
Businesses that had access to digital payments weremore resilient and better able to compete than those that did not. Visa has taken a number of steps and invested considerable resources since the beginning of the pandemic to maintain the security, reliability, and stability in our payments system, including adjusting our interchange rates to address dynamic market and economic developments.
能够使用数字支付的企业比那些不能使用的企业更具韧性和竞争力。自疫情开始以来，Visa 采取了多项措施并投入了大量资源，以维护我们支付系统的安全性、可靠性和稳定性，包括调整我们的交换费率以应对动态的市场和经济发展。
Here are a few of the more recent steps we have taken to support efficient commerce and economic growth:
以下是我们为支持高效商业和经济增长而采取的一些最新措施：
First, since the pandemic, we lowered interchange rates for certain segments including grocery stores and supermarkets, restaurants, travel, small ticket, education, rent, telecommunications, healthcare, and insurance.
首先，自疫情以来，我们降低了某些领域的交换费率，包括杂货店和超市、餐馆、旅行、小额票、教育、租金、电信、医疗保健和保险。
Second, in April of this year, Visa instituted changes to our credit interchange rates to help U.S. small businesses compete and grow by lowering key in-store and online consumer credit interchange rates for more than 90% of American businesses by 10%.
其次，在今年四月，Visa 对我们的信用卡交换费率进行了调整，通过降低超过 90%美国企业的关键店内和在线消费者信用卡交换费率 10%，以帮助美国小企业竞争和发展。
Finally, effective in April, Visa introduced two targeted interchange modifications for credit, focused on enhancing the security and integrity of the network, which were previously delayed. These changes are part of Visa’s efforts to promote behaviors that will help protect the entire payments ecosystem and are described below.
最终，自四月起，Visa 推出了两项针对信用卡的目标互换修改，重点在于增强网络的安全性和完整性，这些修改此前曾被推迟。这些变化是 Visa 努力促进有助于保护整个支付生态系统的行为的一部分，具体描述如下。
Visa counters fraud risks by bolstering our many layers of security and encouraging the use of secure tokens for Card Not Present (“CNP”) transactions, transactions that take place remotely or online and not at the physical point of sale. When merchants have a data breach, use of a token (a substitute proxy number) will help protect the account number. To incentivize merchants to use technology that reduces fraud and risk in the Visa payments system, we are increasing our CNP rate on transactions at merchants that have not adopted secure Visa Payment Tokens, while maintaining current rates on transactions at merchants that adopt this fraud-reducing technology.
Visa 通过加强我们多层次的安全措施和鼓励使用安全令牌来应对欺诈风险，特别是在非面对面（“CNP”）交易中，这些交易是在远程或在线进行的，而不是在实体销售点进行的。当商家发生数据泄露时，使用令牌（替代代理号码）将有助于保护账户号码。为了激励商家使用减少 Visa 支付系统中欺诈和风险的技术，我们将提高未采用安全 Visa 支付令牌的商家的 CNP 交易费率，同时对采用这种减少欺诈技术的商家维持现行费率。
We are also implementing changes designed to improve the quality and integrity of merchantand transaction dataon our network. Among other benefits, this and related efforts will provide better information for consumers about their transactions. Merchants who meet these data quality and processing requirements will keep their current rates, but more importantly consumers and merchants will benefit from a safer and more efficient payment network.
我们还在实施旨在提高我们网络上商户和交易数据质量和完整性的变更。除其他好处外，这项及相关努力将为消费者提供更好的交易信息。符合这些数据质量和处理要求的商户将保持现有费率，但更重要的是，消费者和商户将从更安全和更高效的支付网络中受益。
Already, many merchants have adopted these best practices, and as a result will see no change to their current interchange rates. We are making these adjustments to improve the health of the payments ecosystem and consumer experience.
已经有许多商家采用了这些最佳实践，因此他们当前的交换费率将不会发生变化。我们正在进行这些调整，以改善支付生态系统的健康和消费者体验。
As a payment network, Visa takes its role in setting interchange rates very seriously with the goal of fostering balance, security, and stability, while growing the overall payments ecosystem. Consistent with this goal, within the Visa system the average effective rate for consumer credit in the United States remains at the same level as it was in 2015. As mentioned above, Visa does not earn revenue from interchange fees. Visa’s interest is in optimizing secure transactions on our payment network, and therefore we have no interest in setting interchange rates too high or too low. Financial institutions receive these fees, which support the extension of credit to consumers and businesses across the country, and fund efforts in fraud prevention, cybersecurity, customer support, and payments innovation.
作为支付网络，Visa 非常认真地对待设定交换费率的角色，目标是促进平衡、安全和稳定，同时发展整体支付生态系统。与这一目标一致，在 Visa 系统内，美国消费者信用卡的平均有效费率仍然与 2015 年持平。如上所述，Visa 不从交换费中赚取收入。Visa 的兴趣在于优化我们支付网络上的安全交易，因此我们无意将交换费率设定得过高或过低。金融机构收取这些费用，以支持向全国的消费者和企业提供信贷，并资助防止欺诈、网络安全、客户支持和支付创新的努力。
信用卡的发卡行收了两笔钱，一笔是信用卡的贷款利息，一笔是交换费。
Competition in the Payments Sector is Thriving 支付行业的竞争蓬勃发展
Visa sets interchange in the context of a highly competitive market, with major new players and technologies in use today, and on the horizon. Some of the most significant players and brands in payments now include names like Paypal/Venmo, Square (Block), Affirm, Afterpay, Klarna, and Zelle, as well as large technology platforms including Facebook (Meta) and Amazon, among others, who have expressed ambitions to internalize payments into their platforms. We also see new forms of payment, like cryptocurrencies, open banking solutions, and significant investments in real-time payments by financial institutions, the Federal Reserve, and others. These rapid developments are changing how consumers and merchants think of payments. When this Committee last held hearings on competition in this industry, many of these names and trends would not have been mentioned in connection with payments; some did not even exist.
Visa 在一个竞争激烈的市场环境中设定了互换费，如今有主要的新参与者和技术在使用，并且在不久的将来会出现。支付领域的一些最重要的参与者和品牌现在包括 Paypal/Venmo、Square (Block)、Affirm、Afterpay、Klarna 和 Zelle，以及包括 Facebook (Meta)和 Amazon 在内的大型技术平台，他们都表示有将支付内化到其平台中的雄心。我们还看到新的支付形式，如加密货币、开放银行解决方案，以及金融机构、联邦储备和其他机构对实时支付的重大投资。这些快速发展正在改变消费者和商家对支付的看法。当该委员会上次就该行业的竞争举行听证会时，许多这些名字和趋势都不会与支付联系在一起；有些甚至不存在。
Indeed, competition in the payments sector is more dynamic than it has ever been, a trend that has accelerated rapidly over the past several years. New competitors, new ways of paying, and advances in security are increasingly technology driven. As payments go digital and become more and more smartphone-based, getting into payments has become as easy as developing and marketing an attractive app. The sheer number of payment options now available at checkout, especially online, is an indication of the many payment capabilities accessible to consumers. In this fast-moving environment, Visa’s success is contingent upon innovating to deliver safer, more secure payments and a stronger value proposition compared to the numerous alternatives now available to consumers and businesses.
事实上，支付行业的竞争比以往任何时候都更加激烈，这一趋势在过去几年中迅速加速。新的竞争者、新的支付方式和安全方面的进步越来越多地由技术驱动。随着支付数字化并越来越多地基于智能手机，进入支付领域变得像开发和营销一个有吸引力的应用程序一样简单。现在结账时可用的支付选项数量之多，尤其是在网上，是消费者可以访问的众多支付功能的一个标志。在这个快速变化的环境中，Visa 的成功取决于创新，以提供更安全、更有保障的支付和更强的价值主张，与消费者和企业现在可用的众多替代方案相比。
Competition in our industry exists among forms of payment, among business models, among established players and new entrants, and among an explosion of new, disruptive technologies. Even with the transformation taking place across the payments landscape, we continue to compete with cash, checks, and money orders, which, despite their high costs and inefficiency, still make up one out of four consumer payments in the United States.
在我们的行业中，竞争存在于支付形式之间、商业模式之间、老牌企业与新进入者之间，以及新兴颠覆性技术的爆炸式增长之间。即使支付领域正在发生变革，我们仍然与现金、支票、和汇票竞争，尽管它们成本高且效率低下，但在美国仍占消费者支付的四分之一。
Across all payments, we also compete against “traditional” U.S. network competitors such as Mastercard, American Express, Discover/Pulse, STAR, and NYCE, for example, for card issuance, for merchant acceptance, and ultimately for consumer and merchant preference on each transaction at the point of sale. Specifically, competition in the credit space is intense. Consumers often carry multiple credit cards, and there are a wide range of products available from thousands of issuers who compete by offering different features, including benefits like purchase protections, co-branding with the consumer’s favorite merchants, and travel-related cards that offer airline, hotel, or loyalty discounts.
在所有支付中，我们还与“传统”的美国网络竞争对手竞争，例如万事达卡、美国运通、Discover/Pulse、STAR 和 NYCE，竞争领域包括发卡、商户受理，最终在销售点的每笔交易中争夺消费者和商户的偏好。具体来说，信用领域的竞争非常激烈。消费者通常持有多张信用卡，并且有成千上万的发行商提供各种产品，这些发行商通过提供不同的功能进行竞争，包括购买保护、与消费者喜爱的商户联合品牌以及提供航空公司、酒店或忠诚度折扣的旅行相关卡等福利。
There are also an increasing number of players within payments operating outside the traditional banking regulatory structure, some of which promote account transfer rather than card-based payment methods. These players offer digital prepaid wallets, digital marketplaces, closed commerce ecosystems, real-time payments, Buy-Now-Pay-Later solutions, open banking systems, and cryptocurrency solutions. Each has experienced rapid growth over a very short period of time, transforming the competitive landscape for payments. In 2021 alone, the venture capital funding for payments start-ups more than doubled globally to $32.7 billion (up from $14.6 billion in 2020).2
在支付领域中，越来越多的参与者在传统银行监管结构之外运营，其中一些推动账户转账而非基于卡的支付方式。这些参与者提供数字预付钱包、数字市场、封闭商业生态系统、实时支付、先买后付解决方案、开放银行系统和加密货币解决方案。每一种都在很短的时间内经历了快速增长，改变了支付的竞争格局。仅在 2021 年，支付初创公司的风险投资资金就全球范围内翻了一倍多，达到 327 亿美元（2020 年为 146 亿美元）。
Recent innovations that are most notable include:
最近最显著的创新包括：
Digital pre-paid wallets have emerged in recent years as alternatives to card-based payment technologies. Consumers increasingly view digital pre-paid wallets as convenient payment options. They provide a platform onto which users can load funds and then make payments using those funds and/or receive additional funds. For instance, one of the most prevalent digital wallets in the United States today offering a pre-paid solution, PayPal, reports 429 million active accounts and an acceptance network that spans the globe.
近年来，数字预付钱包作为基于卡的支付技术的替代方案出现。消费者越来越将数字预付钱包视为便捷的支付选项。它们提供了一个平台，用户可以在其上加载资金，然后使用这些资金进行支付和/或接收额外资金。例如，今天在美国最普遍的提供预付解决方案的数字钱包之一，PayPal，报告称拥有 4.29 亿个活跃账户和遍布全球的接受网络。
Buy-Now-Pay-Later solutions have emerged as a widely available payment method. Fintech companies such as Affirm, Afterpay and Klarna – as well as incumbent offerings (e.g., “Pay in 4” by PayPal) – allow consumers in the United States to make purchases in a predetermined number of installments over a fixed period of time. These solutions provide an alternative to traditional credit cards and are particularly attractive to younger buyers. Many of these Buy-Now-Pay-Later solutions have achieved widespread merchant acceptance.
先买后付解决方案已成为一种广泛可用的支付方式。金融科技公司如 Affirm、Afterpay 和 Klarna，以及现有的产品（例如，PayPal 的“分四期付款”）允许美国消费者在固定时间内分期付款。这些解决方案为传统信用卡提供了替代方案，尤其吸引年轻买家。许多先买后付解决方案已获得广泛的商家接受。
The biggest tech companies in the world have also made substantial investments in payments. Apple, Amazon, Alphabet, Facebook (Meta), and others have all announced significant initiatives in this space. Their offerings include mobile or digital wallets similar to PayPal, which sometimes use payment cards, and other times favor pre-paid wallets, bank-to-bank or other non-card payment systems.
全球最大的科技公司也在支付领域进行了大量投资。Apple、Amazon、Alphabet、Facebook（Meta）等公司都在这一领域宣布了重大举措。它们的产品包括类似于 PayPal 的移动或数字钱包，有时使用支付卡，有时则偏向于预付费钱包、银行间或其他非卡支付系统。
“Real-time payments” systems are designed to enable “faster payments” in the U.S. ecosystem. Large and small U.S. financial institutions, as well as the Federal Reserve, have implemented or have plans to build significant systems to enable “faster payments,” giving consumers additional options for electronically transferring money from their account to an individual or business using a mobile device or a participating bank’s website. These systems are described as having the potential to offer consumer-to-merchant payment options at lower cost than existing payment networks.
“实时支付”系统旨在实现美国生态系统中的“更快支付”。美国的大型和小型金融机构以及联邦储备系统已经实施或计划建立重要系统，以实现“更快支付”，为消费者提供更多选择，通过电子方式将资金从他们的账户转移到个人或企业移动设备或参与银行的网站。这些系统被描述为具有以比现有支付网络更低的成本提供消费者到商户支付选项的潜力。
2 CB Insights Research, State of Payments 2021 Report, https://www.cbinsights.com/research/report/payments-trends-2021/ (last visited April 30, 2022).
2 CB Insights 研究，2021 年支付状况报告，https://www.cbinsights.com/research/report/payments-trends-2021/（最后访问日期 2022 年 4 月 30 日）。
Finally, cryptocurrencies and “stablecoins” are growing as a means of payment, with many well-funded crypto enterprises seeking to offer disruptive alternatives to existing payment options. CentralBanks globally haveshowninterest aswellasinpotentially developingCentralBankDigital Currencies.
最后，加密货币和“稳定币”作为支付手段正在增长，许多资金充足的加密企业寻求提供对现有支付选项的颠覆性替代方案。全球各国央行也表现出了兴趣，并可能开发央行数字货币。
Each and every one of these competitors is seeking to enable consumers to transact in diverse environments, in new and convenient ways, wherever consumers and merchants want to transact: at the checkout counter in a physical store; online from computers or mobile devices; using chip or contactless cards, mobile payment wallets, QR codes, or buy-online and pick up at the store; on social media sites; for everyday purchases, necessities, luxury items, travel and entertainment, subscription-based services, streaming services, bill payment, person-to-person transfers, and more. The merchant “point of sale,” which in the not-too-distant past involved the need for magnetic-stripe payment terminals, is demonstrating similarly dynamicinnovation in thetechnologiesavailableto servetheneedsofmerchants, from acceptance technology for physical sales environments integrated into tablets and smartphones, to software solutions offering ease for rapid adoption when setting up online sales. Dynamic innovation and consumer demand are driving the entrance of large numbers of new players into the sector and the level of investment, creativity, and opportunity to compete is high.
这些竞争者都在努力使消费者能够在多种环境中以新的、便捷的方式进行交易，无论是消费者和商家希望在哪里交易：在实体店的结账柜台；通过计算机或移动设备在线购物；使用芯片卡或非接触式卡片、移动支付钱包、二维码，或在线购买并到店自取；在社交媒体平台上；用于日常消费、必需品、奢侈品、旅游和娱乐、订阅服务、流媒体服务、账单支付、个人对个人转账等更多场景。商家的“销售点”技术，曾经依赖于磁条支付终端，现正呈现出同样的动态创新，从集成在平板电脑和智能手机中的实体销售环境接收技术，到提供便捷的软件解决方案，以便快速部署在线销售。动态创新和消费者需求推动了大量新兴玩家进入这一领域，投资水平、创造力和竞争机会都非常高。
Finally, payments are global, and so are payments competitors. China UnionPay, or CUP, for instance, operates one of the largest card-based payment systems in the world. In addition, closed commerce ecosystems developed in foreign countries are growing rapidly and expanding their influence around the globe. Alipay and WeChat Pay, created by China’s e-commerce giants Alibaba and Tencent, respectively, are prime examples of the growing influence of foreign payment giants. They are sophisticated players that have transformed the payments market in China and are now expanding their business model globally. We have already seen widespread acceptance of CUP, for example, in the United States.
最后，支付是全球性的，支付竞争者也是如此。例如，中国银联（CUP）运营着世界上最大的基于卡的支付系统之一。此外，外国开发的封闭商业生态系统正在迅速增长，并在全球范围内扩大其影响力。由中国电商巨头阿里巴巴和腾讯分别创建的支付宝和微信支付，是外国支付巨头影响力日益增长的典型例子。他们是改变了中国支付市场的成熟参与者，现在正在全球扩展其商业模式。例如，我们已经看到中国银联在美国被广泛接受。
As new and emerging payment options continue to grow, it is critical that policymakers focus on these market developments. Digital payments increase sales for both large and small businesses. Adoption of more efficient digital payments has been shown, time and time again, to drive overall economic growth.
随着新的和新兴支付选项的不断增长，政策制定者关注这些市场发展是至关重要的。数字支付增加了大大小小企业的销售额。更高效的数字支付的采用已多次证明能够推动整体经济增长。
The dramatically evolving landscape we see in payments competition and innovation is delivering new payment uses, new business models, and more frictionless commerce. We believe this intense market competition is good for everyone, encouraging greater adoption of digital payments. At the same time, regulatory interventions that embrace outdated and historic narratives by exclusively focusing on card payments could result in a shift of consumer spending to payment methods that do not offer the same consumer protection benefits as cards, thataremoreexpensiveto merchants,or that do not demonstrate the same commitment to efficiency, transparency, and security that payment networks like Visa have dedicated themselves to for decades.
我们在支付竞争和创新中看到的剧烈变化正在带来新的支付用途、新的商业模式以及更加无缝的商业交易。我们认为，这种激烈的市场竞争对所有人都有利，能够促进数字支付的更广泛采用。与此同时，如果监管干预仍然依赖过时的历史观念，仅仅关注卡支付，可能会导致消费者支出转向那些无法提供与卡支付相同消费者保护优势、对商家成本更高，或者无法展示像Visa这样的支付网络几十年来致力于的效率、透明度和安全性的支付方式。
这个事很值得观察，同样的情景，不一样的处理方式。
Competition drives all players to excel. We frequently partner with new and emerging players, who find value in the ability to work with Visa and utilize the security and reach of our payment network. In fact, Visa continues to be a catalyst and enabler of innovation. We invest and seek to improve constantly, so that the next time a consumer and merchant are making the choice of what payment option to use, no matter how many options are available, they will elect to use Visa.
竞争促使所有参与者追求卓越。我们经常与新兴的参与者合作，他们发现与 Visa 合作并利用我们支付网络的安全性和覆盖范围具有价值。事实上，Visa 一直是创新的催化剂和推动者。我们不断投资和寻求改进，因此当消费者和商家下次选择使用哪种支付方式时，无论有多少选项可用，他们都会选择使用 Visa。
Conclusion 结论
Finally, as a participant in the highly competitive payments industry, it is important to note Visa’s commitment to conducting our business with the highest integrity and doing things the right way. For the tenth consecutive year, Visa has been named one of the World’s Most Ethical Companies by the Ethisphere Institute.3 The 2022 award reflects continuing recognitionof how Visa employees consistently conduct business and interact with others in ways that are ethical, respectful, and responsible.
最后，作为竞争激烈的支付行业的参与者，重要的是要注意 Visa 致力于以最高的诚信开展业务并以正确的方式行事。Visa 连续第十年被 Ethisphere Institute 评为全球最具道德的公司之一。2022 年的奖项反映了 Visa 员工始终以道德、尊重和负责任的方式开展业务和与他人互动的持续认可。
Visa is also deeply committed to advancing inclusive financial growth and helping drive financial inclusion. We do this by supporting debit, credit, prepaid, and other solutions that benefit consumers broadly in their payment needs, whether through receipt of a stimulus payment, or access to credit to help with a pressing emergency, and by encouraging greater adoption of digital payments, which give small, Main Street, and rural businesses tools to reach more customers and grow more efficiently and securely.
Visa 还致力于推动包容性金融增长并帮助推动金融普惠。我们通过支持借记卡、信用卡、预付卡和其他解决方案来实现这一目标，这些解决方案广泛满足消费者的支付需求，无论是通过接收刺激付款，还是通过获得信贷来应对紧迫的紧急情况，并通过鼓励更多地采用数字支付，为小型、主街和农村企业提供工具，以更高效和安全地接触更多客户并实现增长。
Financial literacy has been a longstanding priority at Visa. In the United States, our award-winning Practical Money Skills program strives to link consumers, educators, financial institutions, and governments to the tools they need to help people of all ages develop money management skills. Visa believes that great financial knowledge can empower people to better manage their money and improve their quality of life.
金融素养一直是 Visa 的长期优先事项。在美国，我们屡获殊荣的实用理财技能计划努力将消费者、教育工作者、金融机构和政府与他们所需的工具联系起来，以帮助各年龄段的人们发展理财技能。Visa 相信，良好的金融知识可以使人们更好地管理资金并提高生活质量。
Visa levels the playing field between small and large merchants. Every merchant that accepts Visa can transact securely with billions of Visa cards across the globe and know that they will get paid because we stand behind every Visa transaction. By tapping into our network, any small e-commerce site can benefit from Visa’s world-class security and fraud-fighting tools so they can better compete with big technology players. Similarly, every small community bank and credit union has access to the same payment products, processing capabilities, dispute tools and fraud-fighting technologies from Visa as the largest financial institutions. Visais proudof the roleweplay in ensuring that the American and global economies are secure and will continue to grow.
Visa 为大小商户提供了公平的竞争环境。每个接受 Visa 的商户都可以通过全球数十亿张 Visa 卡进行安全交易，并且知道他们会收到付款，因为我们支持每一笔 Visa 交易。通过接入我们的网络，任何小型电子商务网站都可以受益于 Visa 的世界级安全和防欺诈工具，从而更好地与大型科技公司竞争。同样，每个小型社区银行和信用社都可以获得与最大金融机构相同的支付产品、处理能力、争议工具和防欺诈技术。Visa 为我们在确保美国和全球经济安全并持续增长中所扮演的角色感到自豪。
We appreciate the opportunity to address the Committee on these important issues, and I look forward to answering your questions.
我们感谢有机会就这些重要问题向委员会发表意见，并期待回答你们的问题。
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