MANAGEMENT DISCUSSION SECTION

管理层讨论环节

Operator: Please welcome Senior Vice President, Head of Global Investor Relations, Jennifer Como.

运营人员：请欢迎高级副总裁、全球投资者关系负责人 Jennifer Como。

Jennifer Como

Senior Vice President & Global Head - Investor Relations, Visa, Inc.

Visa 公司高级副总裁兼全球投资者关系负责人

Good morning. I'm Jennifer Como, the Head of Global Investor Relations here at Visa. It is so great to see all of you here in this room. And I know we have many, many more on the webcast. We have a very packed agenda.

大家早上好。我是 Jennifer Como，Visa 全球投资者关系负责人。非常高兴在这里见到各位，同时我们还有很多线上观众。今天的议程非常紧凑。

So I'll just cover a few items, and then we'll get started, of course, with the forward-looking statements page.

因此，我先介绍几项事项，然后我们将从前瞻性声明页面开始。

Over the course of today, we'll make many statements about the future. And as you know, actual outcomes may differ materially as the result of many factors. Please review our forward-looking statements disclosures and our filings with the SEC for additional information.

今天的会议中，我们将发表许多关于未来的陈述。如您所知，实际结果可能因多种因素而大相径庭。请查阅我们的前瞻性声明披露以及向美国证券交易委员会提交的文件，获取更多信息。

Unless otherwise noted in our Investor Day presentation, which is available on our IR website, our comments today will reflect Visa's total revenue on a GAAP basis and all other measures on a non-GAAP basis. The related GAAP measures and reconciliation are available at the end of the presentation.

除非另有说明（相关演示文稿已发布在我们的投资者关系网站），我们今天的评论将以 GAAP 口径披露 Visa 的总收入，其余指标均按非 GAAP 口径披露。相关 GAAP 指标及对账表位于演示文稿末尾。

Here is our agenda for today. We have a lot to share with you. Let me walk you through how the day will work.

以下是今天的议程。我们有大量内容与各位分享，我先简单介绍一下流程。

We've organized the day into three segments. Before the start of each segment, we will load the slides onto the IR website. Lunch today will be about 35 minutes. There is assigned seating, and your table assignments can be found on your badge.

我们将今天分为三个部分。每部分开始前，我们会将幻灯片上传至投资者关系网站。午餐时间约 35 分钟，座位已安排好，桌号可在您的胸牌上找到。

We encourage those of you who are here to visit our innovation showcase during the breaks, after lunch and at the end of the day, where you can experience many of the products, strategies and themes you'll hear on the main stage. For a neat part of the showcase experience, you've been provisioned a virtual card. If you haven't activated it yet, please do so. You can visit the information desk before you experience the showcase.

我们鼓励在场来宾于休息时间、午餐后及会议结束后参观我们的创新展示区，在那里您可以体验主舞台所提及的诸多产品、战略和主题。为提升体验，我们为您配备了一张虚拟卡，如尚未激活请尽快操作，您可在参观前前往服务台寻求协助。

And with that, I'd like to officially welcome you to Visa's 2025 Investor Day. Let's get started.

再次欢迎大家参加 Visa 2025 投资者日。让我们正式开始。

\[Video Presentation] (00:02:27-00:03:57)

【视频展示】（00:02:27-00:03:57）

Operator: Please welcome Chief Executive Officer, Ryan McInerney.

运营人员：请欢迎首席执行官 Ryan McInerney。

Ryan McInerney

Chief Executive Officer & Director, Visa, Inc.

Visa 公司首席执行官兼董事

Good morning and welcome to those in the room and those of you on the webcast. I'm very excited to be here today to talk about the Visa story. We have a powerful strategy, a deep bench of world-class talent, and a set of differentiated assets and capabilities that help make Visa one of the best businesses on the planet. We have enormous opportunities and runway for growth ahead of us all around the world.

大家早上好，欢迎现场以及线上观看的各位。今天能在此分享 Visa 的故事，我感到非常兴奋。我们拥有强大的战略、世界级人才队伍，以及一系列差异化资产与能力，这些都让 Visa 成为全球最佳企业之一。我们在全球范围内拥有巨大的增长机会和广阔的发展跑道。

The goals that we set for ourselves as a leadership team up and down the organization are rooted in a few key principles. First, ensuring we absolutely delight our clients. We are obsessed about serving our clients and wake up every morning thinking about what we can do to help our clients be successful today and in the future.

我们为整个组织设定的目标基于几条关键原则。首先，确保让客户完全满意。我们对服务客户充满热情，每天早上醒来就思考如何帮助客户在当下及未来取得成功。

Second, delivering innovation across the commerce ecosystem. We continue to deliver new capabilities, services and products that make us the best way to pay and be paid in every country that we do business around the world and across Consumer Payments, new flows and Value-Added Services. We are constantly determining how payments and commerce will evolve, and delivering new solutions and experiences that help buyers and sellers realize this future.

第二，持续在商业生态系统中推动创新。我们不断推出新的功能、服务和产品，使 Visa 在全球每一个经营国家中都成为“最佳支付与收款方式”，覆盖消费者支付、全新的资金流以及增值服务。我们持续洞察支付与商业的演进方向，提供新的解决方案和体验，帮助买家和卖家共同实现未来愿景。

And of course, the third underpins it all; maximizing shareholder value. When I took over as CEO, I created a new operating model for Visa with leaders who are well seasoned and well respected, both internally and by our clients. These leaders are responsible for growing Consumer Payments and Value-Added Services and new flows, reporting directly to me. They have strong and experienced management teams, full-stack product and engineering teams and go-to-market sales teams all around the world that are doing everything they can every day to deliver our strategy, and you'll hear from them today.

当然，第三点也是一切的基石：最大化股东价值。当我出任 CEO 时，我为 Visa 建立了一套新的运营模式，任命了备受内部与客户尊敬、经验丰富的领导者。这些领导者负责推动消费者支付、增值服务及新型资金流的增长，直接向我汇报。他们拥有实力雄厚的管理团队、全栈产品与工程团队以及遍布全球的市场销售团队，每天全力以赴执行我们的战略。今天各位将听到他们的分享。

Here, you can see our lineup of speakers. Right after me, Jack Forestell, will go into our consumer payment strategy and how it's evolving. Chris Newkirk will spend some time on new flows, which we digitize with our Commercial & Money Movement Solutions. Antony Cahill will discuss our Value-Added Services. And then, Frank Cooper will cover our brand. Rajat Taneja will discuss technology and AI at Visa. And then, we'll have a global spotlight on several market models so that you can see how our strategy is coming to life at the country and regional level with Oliver Jenkyn, Charlotte Hogg and Kim Lawrence. And then, Chris Suh will wrap it all up with the investment case, followed by some Q\&A.

在屏幕上，您可以看到今天的发言阵容。在我之后，Jack Forestell 将介绍我们的消费者支付战略及其演进；Chris Newkirk 将阐述我们通过商用与资金流动解决方案所数字化的“新型资金流”；Antony Cahill 将讲解增值服务；Frank Cooper 将分享品牌战略；Rajat Taneja 将探讨 Visa 的技术与 AI。随后，Oliver Jenkyn、Charlotte Hogg 与 Kim Lawrence 将从全球多市场模式角度，展示我们的战略如何在国家和地区层面落地。最后，Chris Suh 将以投资亮点作总结，并进行问答。

We have two board members in the room today that I would like to recognize, Lloyd Carney and Maynard Webb. And there are also a few members of our management team that I would like to introduce: Paul Fabara, Visa's Chief Risk and Client Services Officer; Julie Rottenberg, our General Counsel; and Kelly Mahon Tullier, our Chief People and Corporate Affairs Officer.

今天在场的两位董事会成员，我想特别致意：Lloyd Carney 和 Maynard Webb。同时也介绍几位出席的管理团队成员：Visa 首席风险与客户服务官 Paul Fabara；总法律顾问 Julie Rottenberg；以及首席人事与企业事务官 Kelly Mahon Tullier。

Now, I'll start with why we come to work every day, and that is our purpose: to uplift everyone, everywhere by being the best way to pay and be paid. If we deliver on our business objectives, we uplift individuals, businesses and communities around the world by removing barriers and connecting buyers and sellers to the global economy. Over the past 60-plus years, we have made great strides in advancing our purpose. As we look ahead, we'll continue to deliver on it to dream, design and build toward the next 60 years.

接下来，我想从每天驱动我们工作的核心说起——我们的使命：通过成为“最佳支付与收款方式”，让每个人、在任何地方都能受益。只要实现业务目标，我们便能破除壁垒，将买家和卖家链接到全球经济，从而提升全球个人、企业和社区的福祉。在过去 60 多年里，我们在践行使命方面取得了长足进步。展望未来，我们将继续追求梦想，精心设计并建设未来 60 年的发展蓝图。

It's always helpful to look at how it all began. Visa started with a simple, yet revolutionary idea to connect buyers and sellers through seamless, secure digital payments. We've made significant progress bringing this idea to life through continuous innovation. And over time, the industry has continued to evolve and new players have emerged, and we've evolved our strategy and network to expand our reach and our impact.

回顾初心总能带来启发。Visa 始于一个简单却具有革命性的想法：通过无缝且安全的数字支付连接买家与卖家。凭借不断创新，我们将这一理念变为现实。随着时间推移，行业持续演进，新参与者不断涌现，我们也不断调整战略和网络，拓展覆盖面并放大影响力。

Back in the 1960s, Bank of America changed what had been a closed loop network to become open loop by licensing the network to other financial institutions. This initial opening of our network to include all financial institutions all around the world was very important, and becomes important again in 50 years. I'll come back to that in a moment.

早在 1960 年代，美国银行将原本封闭的网络授权给其他金融机构，升级为开放式网络。这一首次开放，使全球所有金融机构均能接入，对我们意义重大，并且在 50 年后再次凸显其重要性，我稍后会再谈到这一点。

In the 1970s, VisaNet, a scaled payments platform well ahead of its time was born and processed its first transaction. And to think, in 2024, we processed more than 630 million transactions a day. We've come a long way. In the 1990s, the Internet gave rise to e-commerce, a clear instance of a major industry trend disrupting commerce, paving the way for new entrants and creating the need for a secure digital payments mechanism in a new online world.

1970 年代，领先时代的大规模支付平台 VisaNet 诞生并处理了首笔交易。而到了 2024 年，我们每天处理的交易量超过 6.3 亿笔，可谓日新月异。进入 1990 年代，互联网催生电子商务——这是一股颠覆商业格局的重大行业趋势，既为新入局者铺路，也在全新的线上世界中产生了对安全数字支付机制的需求。

Visa established itself as the go-to enabler for these early players, creating secure digital capabilities that gave buyers and sellers the ability and the confidence to engage in commerce online, including the first AI-based technology for risk and fraud management in payments, Visa Advanced Authorization, offering a risk score based on hundreds of attributes in milliseconds.

Visa 迅速成为这些早期参与者的首选赋能者，打造安全的数字能力，使买卖双方能够并且敢于在线进行交易；其中包括业内首个基于 AI 的支付风险与欺诈管理技术——Visa Advanced Authorization，可在毫秒级内基于数百项属性生成风险评分。

E-commerce almost certainly would not have grown as it did in those early years if not for Visa. 10 years later, we made e-commerce even safer and launched mobile commerce with the creation of Visa tokens, which replaced 16-digit account numbers with cryptographic keys, creating the mobile wallet ecosystem that exists today.

In 2016, we made the very deliberate decision to further open up our network, this time to developers of all kinds. We launched our Visa Developer Platform and Visa Fintech Fast Track, creating simple and easy ways for developers around the world to integrate Visa into their products, greatly accelerating the rise of fintech. This is another example of how we evolved our strategy to partner with and enable a surge of new entrants.

2016 年，我们再次果断开放网络，这一次面向全球各类开发者。我们推出 Visa Developer Platform 和 Visa Fintech Fast Track，为开发者轻松将 Visa 集成到其产品中提供简便途径，大幅加速了金融科技的崛起，彰显了我们通过合作和赋能新入局者而不断进化的战略。

As a result of this action, Visa became the payments platform of choice for fintech, big tech, crypto, digital wallets and more, growing to more than 2,900 API endpoints and more than 40 billion API calls per month at the end of 2024. And we also accelerated the innovation that sits on top of VisaNet, benefiting the entire payments ecosystem. A great example of the innovation enabled by our VisaNet APIs that many of you in the room would be familiar with are the capabilities developed by fintechs such as modern issuer processors or payment facilitators.

得益于这一举措，Visa 成为金融科技、大型科技公司、加密平台和数字钱包等的首选支付平台，截至 2024 年底，API 端点超过 2,900 个，月调用量超过 400 亿次。同时，我们加速了基于 VisaNet 的创新，惠及整个支付生态。相信在座许多人熟悉的现代发卡处理商或支付聚合商所构建的能力，就是 VisaNet API 赋能创新的绝佳例证。

Through the development of our API library, we started to componentize the capabilities of VisaNet, structuring them into logical, independently consumable services. I'll come back to this in a minute.

通过构建 API 库，我们开始将 VisaNet 的能力组件化，按逻辑拆分为可独立调用的服务。我稍后会再谈到这一点。

If you fast forward to 2020, we made another very deliberate decision to evolve from a single network, VisaNet, to a Network of networks that enables money movement seamlessly across 15 card-based networks, 75 domestic payment schemes, 15 RTP networks, and five payment gateways. This decision has also had several positive impacts for our business. It dramatically expanded the reach of the Visa platform. We now have the largest global money movement network with more than 11 billion endpoints.

时间来到 2020 年，我们再次果断转型：从单一的 VisaNet 升级为“网络中的网络”，实现 15 个卡组织网络、75 个国内支付系统、15 个实时支付网络及 5 个支付网关的无缝资金流动。这一决定对业务产生积极影响，大幅拓展了 Visa 平台的覆盖范围，如今我们拥有全球最大的资金流动网络，端点超过 110 亿个。

Visa's Network of networks has enabled us to build and grow entirely new businesses. Visa Direct is a great example with nearly 10 billion transactions in 2024. Visa Direct has become the global money movement platform of choice for fintechs, big techs, crypto, digital wallets and financial institutions. And it has allowed us to develop new partnerships with the operators of these networks, including many governments around the world.

“网络中的网络”让我们得以打造并发展全新的业务；Visa Direct 就是典型例子，2024 年交易量接近 100 亿笔。Visa Direct 已成为金融科技、大型科技公司、加密平台、数字钱包及金融机构的首选全球资金流动平台，并促使我们与这些网络的运营方乃至全球众多政府建立新的合作关系。

As we look ahead, the work we undertook through our Visa Developer Platform to componentize the capabilities of VisaNet, structuring them into logical, independently consumable services, together with the scale, reach and reliability of our Network of networks, has enabled an influx of innovation from our product and engineering teams that will continue to shape commerce and payments for the next decade and beyond.

展望未来，我们通过 Visa Developer Platform 将 VisaNet 能力组件化的工作，以及“网络中的网络”所具备的规模、覆盖和可靠性，正在激发产品与工程团队源源不断的创新，这些创新将在未来十年及更长时间持续重塑商业与支付。

We are now unbundling the Visa stack, taking these component solutions and offering them to a much broader array of customers and partners while expanding and enhancing our stack with an array of new solutions. This allows us to take our assets and capabilities and deliver these services to all types of clients to help power all types of payments.

如今，我们正在对 Visa 技术栈进行解耦，将这些组件化解决方案提供给更广泛的客户和合作伙伴，同时通过一系列新方案扩展并增强技术栈。这使我们能够把资产与能力输送给各类客户，助力各类支付场景。

A solution like Visa Protect for A2A is a great example of Visa-as-a-Service. We took the existing fraud protection capabilities of VisaNet, componentize them into a stand-alone service, enhance them to work in an A2A environment, and are now providing them to financial institutions and RTP networks around the world to make A2A payments safer.

类似 Visa Protect for A2A 的方案正是“Visa 即服务”的典范。我们将 VisaNet 现有的防欺诈能力组件化为独立服务，并增强其在账户到账户（A2A）环境中的适用性，目前已向全球金融机构和实时支付网络提供该服务，使 A2A 支付更安全。

Visa A2A, which we recently announced in the UK is another example, where we have unbundled our brand and our rules to deliver a version of the Visa network running across local A2A infrastructure. Visa A2A brings the power of Visa's brand, consumer protections, technology and risk management capabilities to enable simpler, safer and more secure account-to-account payments.

我们最近在英国发布的 Visa A2A 也是例证。在这一项目中，我们将 Visa 的品牌与规则进行解耦，使 Visa 网络能够运行在当地的 A2A 基础设施之上。Visa A2A 汇聚 Visa 的品牌影响力、消费者保护、技术和风险管理能力，实现更简单、更安全、更可靠的账户到账户支付。

Risk-as-a-Service is another example. We have a world-class risk management platform we use to mitigate fraud and cyber risk for the Visa network. We now have extracted this platform so that we can provide end-to-end risk management to our issuers and acquirers for their businesses. Throughout our history, we have embraced waves of change by evolving our strategy and network and expanding our set of clients and partners. Each of these steps, opening up our network to developers, launching our Network of networks and unbundling the Visa platform on their own were important steps of our evolution.

风险即服务（Risk-as-a-Service）亦是如此。我们拥有世界级的风险管理平台，用于降低 Visa 网络的欺诈和网络风险。如今，我们将该平台抽离出来，为发卡行和收单机构提供端到端的风险管理服务。一路走来，Visa 始终通过战略与网络的演进，以及客户和合作伙伴的扩展，积极拥抱变革。无论是向开发者开放网络、推出“网络中的网络”，还是对 Visa 平台进行解耦，每一步都是我们进化历程中的关键里程碑。

But the power really comes from bringing them together combined to create the Visa stack. The bottom of the Visa Payments Stack is the combination of our VisaNet platform plus the additional scale and reach that we get from our Network of networks. This is the foundational infrastructure that everything is built on. On the top of the infrastructure lies our Visa Developer Platform, which is how we deliver the power of not only VisaNet, but many of our innovations as easily consumable and configurable APIs for banks, merchants, fintechs, small businesses and more.

These alone create an incredibly compelling combination that enables anyone, whether the largest and most sophisticated bank or technology player in the world or a start-up, to instantly operate at global scale using VisaNet's six-9s reliability, sub-second response times in more than 200 countries and territories, in more than 150 currencies with world-class fraud prevention. We provide liquidity. We provide all these capabilities and more through a single connection.

仅凭此组合，任何机构——无论是全球最庞大、最先进的银行或科技巨头，还是初创公司——都能即刻借助 VisaNet 的“六个九”可靠性、亚秒级响应，在 200 多个国家和地区、150 多种货币中实现全球化运营，并享受世界级防欺诈保护。所有能力与流动性只需一次连接即可获得。

And now, on top of that, we've built Visa-as-a-Service, where we are unbundling Visa capabilities, enhancing them by building new features and acquiring new capabilities, and then offering those capabilities to all types of clients to power all types of payments. Now, of course, our clients and partners are also building their own services alongside Visa-as-a-Service, and we love that. It strengthens the Visa value proposition, it strengthens the Visa ecosystem and enhances the value of our underlying network infrastructure.

如今，我们在此基础上打造了“Visa 即服务”，将 Visa 的功能解耦出来，通过新增特性和收购引入新能力进行强化，再向各类客户输出，支持所有类型的支付。当然，客户和合作伙伴也会在 Visa-as-a-Service 之上开发自有服务，我们对此非常欢迎。这不仅强化了 Visa 的价值主张，也壮大了 Visa 生态系统，并提升了底层网络基础设施的价值。

We are excited about Visa-as-a-Service and the opportunity to grow and continue adding new high-growth, high-margin businesses, expanding our suite of solutions and selling them into a wide array of customers and ecosystem partners that are scaling Visa globally, all while helping to drive faster growth and diversification through new flows and VAS.

我们对 Visa-as-a-Service 充满期待，它带来增长契机，可持续引入高增速、高利润的新业务，扩充解决方案套件，并向全球不断扩张的客户与生态伙伴群体进行销售，同时借助新型资金流和增值服务推动更快的增长与多元化。

When I think about what makes Visa the leader that it is, it's our global scale, global reach, capabilities, services, network reliability, innovation, brand, our people and our maniacal focus on serving and delivering for our clients.

Visa 之所以领先，源于我们的全球规模、全球触达、强大能力、丰富服务、网络可靠性、创新精神、品牌实力、卓越人才，以及对服务客户的痴心专注。

We had over 300 billion total transactions and nearly \$16 trillion of total volume in 2024 across more than 200 countries and territories, bringing with it a tremendous amount of data. All of this was possible because of our nearly 14,500 financial institution clients who issued 4.7 billion Visa credentials that can be used at more than 150 million merchant locations globally.

And this is fully supported by VisaNet's six-9s reliability and the seventh most valuable brand in the world, as well as our 31,600 employees who wake up every day obsessing about our customers. And the proof of our leadership lies in how our clients rate us, with a Net Promoter Score of 76, an enviable number for anyone in any industry. This has all resulted in superior financial performance.

这背后是 VisaNet 的“六个九”可靠性、全球第七大品牌价值，以及 31,600 名每天都专注客户需求的员工作支撑。我们的领导地位也体现在客户评分上——净推荐值达到 76，任何行业都令人称羡，最终带来卓越的财务表现。

Throughout our history, Visa has driven strong financial returns with consistent double-digit revenue growth and high-teens EPS growth, supported by effective capital allocation. Since fiscal 2016, we have generated more than \$120 billion of free cash flow, which equates to more than 100% net income cash conversion. And we have a long-term track record of superior shareholder returns.

Visa 一直通过有效的资本配置实现强劲财务回报，保持双位数收入增速和高十几个百分点的每股收益增长。自 2016 财年以来，我们累计创造逾 1,200 亿美元自由现金流，现金转换率超过 100%，并长期为股东带来优越回报。

Over time, we have made the very deliberate decision to diversify our business in order to expand our runway for growth and serve existing and new clients in a much broader way, and we expect to continue to do this going forward. Even when we just compare back to our last Investor Day, the results are compelling.

我们一直有意识地推动业务多元化，以拓宽增长跑道，并以更广泛的方式服务现有及新客户，未来也将继续这样做。即便仅与上一次投资者日相比，成果亦十分亮眼。

First, we're much more global. Since 2019, international transactions as a percentage of process transactions are up 9 percentage points. Our revenue has more than doubled in over 100 countries and territories, with the total international net revenue now representing almost 60% of Visa's total net revenue. And we have added offices in 15 new countries, growing our international employee base 2.5 times faster than in the US, and we now have employees on the ground in 85 countries. Payments is a local business, and we're meeting our clients where they are, listening and learning from them to solve their needs and enable them to achieve their goals in their markets.

首先，我们更加全球化。自 2019 年以来，国际交易占处理交易量比例提升 9 个百分点；在 100 多个国家和地区，我们的收入翻倍增长，国际净收入现已占 Visa 总净收入近 60%。我们新设了 15 个国家办公室，国际员工增速是美国的 2.5 倍，如今在 85 个国家拥有本地员工。支付是本地业务，我们在客户所在之处与其并肩，倾听并学习，解决其需求，助其达成市场目标。

Later today, Oliver, Charlotte and Kim will share more on how we are focused on serving unique needs in markets around the world. We've also diversified with our growth levers and our client base, driving significant and resilient revenue growth as a result. Five years ago, we set a goal for our new flows and Value-Added Services revenue to collectively represent more than 30% of net revenue at the end of 2024, and we have exceeded that goal, driven by our strategy and our investments.

稍后，Oliver、Charlotte 和 Kim 将进一步介绍我们如何聚焦全球各市场的独特需求。与此同时，我们也通过多元化增长引擎和客户基础，推动了显著且稳健的收入增长。五年前，我们定下目标：到 2024 年末，新型资金流和增值服务收入合计占净收入逾 30%。凭借战略与投入，我们已超额完成该目标。

In 2019, new flows and Value-Added Services also contributed about a third of our annual net revenue growth. In 2024, it was about double that. So compared to five years ago, new flows and VAS are both a larger part of our business and are growing faster. This accelerated growth at scale is a testament to the strong momentum in these businesses, large parts of which are still very early in their development. As we look to what's next, the world is certainly not standing still. And that quickly shifting landscape affects how we will continue to succeed in the market going forward. And Visa is shaping that future. So let's look at the landscape, the key trends that we see, and what we're doing to effectively serve our clients and deliver long-term growth.

2019 年，新型资金流和增值服务约占我们全年净收入增长的三分之一；到了 2024 年，这一比例翻倍。与五年前相比，新型资金流和增值服务在业务中的占比更高、增速更快。这种规模上的加速增长证明了这些业务的强劲动能，其中很大一部分仍处于发展的早期阶段。放眼未来，世界显然不会停滞，快速变化的格局将影响我们持续取胜的方式，而 Visa 正在塑造这一未来。接下来，让我们审视行业格局、观察关键趋势，并介绍我们如何有效服务客户、实现长期增长。

We all know that the pandemic fundamentally changed many things in our lives, including how we interact, how we shop, how we buy. As a result, the payments industry continues to evolve and shift. Let me talk through five important trends and their implications.

众所周知，疫情从根本上改变了我们的生活方式，包括互动、购物和支付方式。由此，支付行业也在不断演变和转型。下面我将阐述五大重要趋势及其影响。

First, the rapid growth of digital commerce and the explosion in the number of sellers globally. New businesses are forming at a massively accelerated rate due to changes in technology and driven by the rise of social platforms, unlocking the ability for any individual anywhere in the world to become a seller that accepts digital payments. It has never been easier to set up a business, virtual or otherwise, and we're seeing traditional sellers looking to digitize and new sellers, from creators to gig economy workers, growing at a rapid rate to now total nearly 750 million globally.

第一，数字商务的高速增长以及全球卖家数量的激增。技术变革和社交平台的兴起极大加速了新企业的诞生，使全球任何个人都能成为接受数字支付的卖家。如今，无论线上还是线下，创建企业从未如此简单。我们看到，传统商户正积极数字化，而创作者、零工经济从业者等新型卖家也在快速增长，全球卖家总数已接近 7.5 亿。

And global e-commerce as a proportion of retail sales has more than doubled since 2016. It's grown 3 times faster than face-to-face. And we have delivered a number of innovations to help make e-commerce simpler, safer and easier for buyers and sellers. For example, in 2019, we had fewer than 1 billion tokens provisioned; by the end of 2024, there were 11.5 billion; and in our most recent quarter, 12.6 billion tokens. And these tokens have not only helped decrease fraud, they've also increased authorizations and generated more sales for sellers.

全球电商在零售销售中的占比自 2016 年以来已翻倍，其增速是线下零售的三倍。为助力电商更简单、安全、便捷，我们推出了多项创新。例如，2019 年我们的代币不足 10 亿枚；到 2024 年底已达 115 亿枚；最近一个季度则达到 126 亿枚。这些代币不仅降低了欺诈，还提高了授权率，为卖家带来更多销售。

Second, we have continued to see the adoption of new payment methods, creating more ways for people to pay and be paid. There are now more than 70 RTP networks globally, up 30% from 2019, with governments playing an increasingly active role in payments around the world. Digital wallets have become a more typical way for people to pay, accounting for 30% of in-person and 50% of e-commerce industry transactions in 2023, and that's expected to grow. And there are now more than 300 million BNPL users around the world, and it's estimated to be 600 million by 2028.

第二，新兴支付方式持续被采用，为人们提供更多支付与收款选择。全球实时支付（RTP）网络已超过 70 个，较 2019 年增长 30%，各国政府在支付领域中的角色日益积极。数字钱包已成为主流支付方式，2023 年在店内交易中占比 30%，在电商交易中占比 50%，且仍将增长。全球先买后付（BNPL）用户已超 3 亿，预计到 2028 年将达到 6 亿。

As is the case with many players in the payment ecosystem, many of these players are competitors, but also increasingly becoming important Visa partners who are scaling our solutions globally. In the case of alternate payment methods that are being built on RTPs, we will certainly continue to compete head-to-head with our card platform. However, we're also utilizing the same RTPs being leveraged by alternate payment methods to move money through our Open Banking and Visa Direct platforms. And as we further develop Visa-as-a-Service, we are providing consumer payment solutions and Value-Added Services to all participants using RTP and A2A networks.

像生态中的许多参与者一样，这些新兴支付方既是竞争对手，也日益成为 Visa 在全球推广解决方案的重要合作伙伴。对于基于 RTP 的替代支付方式，我们当然会继续与其在卡平台上直接竞争；但我们也利用同样的 RTP 网络，通过 Open Banking 和 Visa Direct 进行资金流转。随着 Visa-as-a-Service 的深入，我们正向所有使用 RTP 和 A2A 网络的参与者提供消费级支付解决方案及增值服务。

With wallets and BNPL, we've identified opportunities to partner with them and enable their growth as they leverage our acceptance footprint, whether it's through an embedded card in a digital wallet or a Flexible Credential with a BNPL option, even while we have grown our own network-based BNPL model. You see similar stories with leading players across fintech, big tech, crypto, digital wallets and many others.

对于数字钱包和 BNPL，我们发现了合作契机：它们可以借助我们的受理网络实现增长，无论是数字钱包内嵌卡片，还是带 BNPL 选项的灵活凭证——同时我们也在发展自有的网络型 BNPL 模式。金融科技、大型科技公司、加密平台、数字钱包等领先玩家也有类似故事。

We don't pick winners and losers. We enable the ecosystem and, ultimately, customers decide which experience is best. We have a strong track record of working with innovators to create win-win partnerships that benefit the broader ecosystem. This is why we have evolved our platform into Visa-as-a-Service to help power all types of payments and help these players with Value-Added Services and solutions.

我们不挑选赢家或输家，而是赋能生态，让客户最终决定最佳体验。我们与创新者合作、共创双赢的历史悠久，惠及整个生态。这正是我们将平台演进为 Visa-as-a-Service 的原因，以支持所有类型的支付，并向这些玩家提供增值服务和解决方案。

During 2022, two-thirds of all consumers in the US made person-to-person payments using a digital app. This is a good example of payment flows digitizing beyond consumer-to-business payments. We also see this well beyond P2P payments. The pandemic was a catalyst for business-to-business digital payments, which are proportionally up more than 20 percentage points since 2018 as a percentage of total B2B spend.

2022 年，美国有三分之二的消费者通过数字应用进行人对人（P2P）支付，这充分说明支付流已超越 C2B 场景并实现数字化。同样的趋势也出现在其他领域。疫情推动了企业对企业（B2B）数字支付，自 2018 年以来其在 B2B 总支出中的占比提升了 20 多个百分点。

We have developed specific capabilities to meet this demand, such as Visa Direct in the case of P2P, or many accounts receivable and accounts payable, as well as vertical-specific commercial solutions you will hear about later today, to address the B2B opportunity.

为满足这一需求，我们打造了针对 P2P 的 Visa Direct、针对应收应付的多种解决方案，以及稍后将提到的行业专属商用方案，以把握 B2B 机遇。

Fourth trend, fraud is increasingly moving upstream. For many years, fraud primarily proliferated at the transaction level. That was the biggest pain point for our clients. Today, it's moving upstream all the way to the identity level, as criminals use sophisticated techniques such as synthetic IDs and deepfakes to impersonate or deceive legitimate users. The foundation behind the ability to exchange money from one person to another is trust. And not being able to verify one of the parties in a transaction seriously threatens the trust and the security of the payments ecosystem as well as the privacy and safety of consumers.

第四大趋势是欺诈正日益前移到交易链上游。多年来，欺诈主要发生在交易层面，这是客户面临的最大痛点。如今，犯罪分子利用合成身份、深度伪造等复杂技术，已将欺诈延伸至身份层面，冒充或欺骗合法用户。人与人之间能够转账的根基是信任；若无法核实交易一方的身份，就会严重威胁支付生态系统的信任与安全，以及消费者的隐私和安全。

As I travel around the world and meet with clients and partners, this rapid rise in this upstream fraud, this identity fraud continues to come up as one of their biggest pain points, and they are increasingly looking for a trusted partner to help them. We are very focused on delivering the best solutions to help our clients meet these needs by offering a suite of enterprise risk solutions spanning the entire payments journey, all across all payment endpoints and all payment types. This includes our Risk-as-a-Service capabilities I mentioned a moment ago, where we use network-level data, AI capabilities and our risk experts to detect and prevent fraud, such as enumeration attacks, suspicious decline activity, and many more. You'll see a video later today where Navy Federal discusses how they are using some of these solutions.

在我走访全球、与客户和合作伙伴沟通时，“上游欺诈”——身份欺诈的迅猛增长反复被提及，成为他们最大的痛点之一，他们越来越需要可信赖的合作伙伴提供帮助。我们正专注于提供最佳解决方案，借由覆盖整个支付旅程、所有支付端点与支付类型的一整套企业级风险解决方案，满足客户需求。这包括我刚才提到的“风险即服务”能力，我们结合网络级数据、AI 技术与风险专家侦测并阻止诸如枚举攻击、可疑拒付等欺诈行为。稍后的视频中，海军联邦信用社将分享他们如何使用这些方案。

And then, lastly, fueling all of this is an emergence and expansion of new technologies and enablers. This includes underlying facilitators and platforms in the big tech and fintech space, as well as generative AI, digital identity, crypto and more. Stablecoin transactions have grown nearly 40% in the last two years, and we have continued to be a partner in the crypto space to both traditional and non-traditional players, whether through issuance, settlement or helping banks mint their own stablecoins.

最后，所有这些趋势的推手是新技术和新赋能者的涌现与扩张，其中包括大科技与金融科技领域的基础平台，以及生成式 AI、数字身份、加密货币等。过去两年，稳定币交易量增长近 40%；我们在加密领域持续与传统和非传统参与者合作，无论是稳定币发行、清算，还是帮助银行发行自有稳定币。

As I mentioned at the beginning, we came up with the first AI solution in payments, and Rajat will illustrate later our historic and current leadership role in AI and GenAI from risk, service, sales and engineering to, ultimately, enabling agentic commerce. We see many potential use cases for GenAI in payments. Our recent acquisition of Featurespace, a developer of real-time AI payments protection technology, is a great example of how we are leveraging the power of AI to solve a clear client pain point, fraud.

正如我开场所述，Visa 率先推出了支付领域的 AI 解决方案。稍后 Rajat 将介绍我们在风险、服务、销售与工程等环节——直至赋能“智能代理式”商业——所体现出的 AI 与生成式 AI 领先地位。我们看到了 GenAI 在支付中的诸多潜在应用场景。我们近期收购的 Featurespace（实时 AI 支付防护技术开发商）就是利用 AI 解决客户核心痛点——欺诈——的绝佳范例。

So with these trends, you can see how payments is a unique industry where Visa's addressable opportunity continues to grow. So how do these trends translate to dollars of opportunity in payments and revenue? In Consumer Payments, we estimate there is \$41 trillion in addressable Consumer Payments annually, excluding Russia and China. Visa captures about 25% of that today, with our primary global card competitors representing about 20% of the opportunity. It is a very competitive space with enormous opportunity in a growing market.

综上所述，支付是一个独特行业，Visa 的可服务机会正持续扩大。那么，这些趋势如何转化为支付及收入层面的潜在规模？在消费者支付领域（不含俄罗斯和中国），我们估算每年可服务市场为 41 万亿美元。Visa 目前占约 25%，全球主要卡组织竞争对手约占 20%。该领域竞争激烈，但市场规模不断增长、机会巨大。

We estimate that just over 55% or \$23 trillion represents consumers paying with cash, checks, A2A and RTP solutions or cards that run on domestic schemes. This \$23 trillion annually is a significant opportunity for us. In new flows, we estimate there is \$200 trillion of annual payments volume, with about \$145 trillion in B2B and \$55 trillion in other forms of new flows. Visa today has about \$1.7 trillion in commercial payments volume and nearly 10 billion Visa Direct transactions, a very small portion of the addressable opportunity.

我们估计，其中逾 55%（约 23 万亿美元）是消费者使用现金、支票、账户转账（A2A）、实时支付（RTP）或本地卡组织进行的支付，这 23 万亿美元是我们巨大的潜在机会。新型资金流的年支付量预计达 200 万亿美元，其中约 145 万亿来自 B2B，55 万亿来自其他新流。Visa 目前的商用支付额约 1.7 万亿美元，Visa Direct 交易近 100 亿笔，仅占可服务市场的一小部分。

In Value-Added Services, we estimate there is \$520 billion in potential revenue opportunity annually. And Visa's Value-Added Services fiscal 2024 revenue totaled \$8.8 billion, also a small portion of the opportunity.

To capture these enormous opportunities, we have a targeted strategy that will drive our future growth. As we evolve Visa-as-a-Service, we continue to see three growth drivers that will fuel our growth: Consumer Payments; new flows that are digitized with our Commercial & Money Movement Solutions, which we call CMS; and Value-Added Services, or VAS.

为抓住这些巨大机遇，我们制定了明确的增长战略。在 Visa-as-a-Service 的框架下，我们继续聚焦三大增长引擎：消费者支付；通过商用与资金流动解决方案（CMS）实现数字化的新型资金流；以及增值服务（VAS）。

CMS and VAS are directly adjacent to our Consumer Payments business, leveraging the same technology assets and, in some cases, the same customers. So we have strong know-how and expertise and are able to capture operational efficiencies. Even more, CMS and VAS reinforce our consumer business and help drive incremental growth in Consumer Payments.

CMS 与 VAS 紧邻消费者支付业务，使用相同技术资产，并在部分情况下共享客户。因此，我们拥有扎实的专业知识和经验，并能捕获运营效率。更重要的是，CMS 与 VAS 反哺消费者支付业务，推动其实现额外增长。

As we build on the momentum we've established over the past 60 years and look to achieve the bold aspirations that we've set out for the company, we have a clear North Star, to ensure that Visa is the best way to pay and be paid.

在传承 60 年发展动能的基础上，我们力争实现公司定下的宏伟目标，而我们的“北极星”十分明确：确保 Visa 始终是“最佳支付与收款方式”。

At a high level, our strategy consists of four critical actions. Let me run through each; and throughout today, you will hear much more from my partners. Starting with Consumer Payments, we have deliberately evolved our strategy to ensure that Visa is the best way to pay and be paid for all consumer transactions. Specifically, this means driving two actions: one, strengthen Visa's impact in card-based Consumer Payments; and two, expand our reach in Consumer Payments, including both card and non-card payments.

从宏观层面看，我们的战略包含四项关键举措。我将依次概述；在今天的会议中，您还将听到我的团队伙伴做更深入的阐述。首先是消费者支付，我们有意识地演进战略，确保在所有消费者交易中，Visa 都是“最佳支付与收款方式”。具体而言，这涉及两大行动：其一，强化 Visa 在卡片型消费者支付中的影响力；其二，扩大我们在消费者支付领域的覆盖范围，包括卡支付与非卡支付。

The way I think about it is simple, whether card or non-card, face-to-face or e-commerce, domestic or cross-border, human or agent, our goal is to offer the most innovative, frictionless and secure digital payments and commerce experience to help meet the needs of buyers and sellers all around the world and continue to drive engagement and preference. We believe these two actions, including an explicit focus on expanding our reach in non-card payments, will be critical to building on our existing momentum and capturing the \$23 trillion of annual opportunity ahead of us. And we are fueling this growth with an intense focus on innovation, all in pursuit of delivering the best buyer and seller experiences for our clients. Jack will be up shortly to share more detail on what we're doing across both of our Consumer Payments actions.

我的思路很简单：无论卡还是非卡，线下还是线上，境内还是跨境，人工还是智能代理，我们的目标都是为全球买卖双方提供最具创新性、零摩擦且安全的数字支付与商业体验，持续提升用户参与度和偏好。我们相信，这两项行动——尤其是对非卡支付覆盖的明确聚焦——对于巩固现有动能并捕获 23 万亿美元的年增长机会至关重要。我们将通过高度专注的创新驱动这种增长，致力于为客户打造最佳买卖体验。稍后 Jack 将详细介绍我们在消费者支付两大方向上的工作。

Over the long term, our Consumer Payments strategy will enable us to sustainably grow payments volume faster than the addressable consumer spend, while unlocking potential opportunities in Commercial & Money Movement Solutions and Value-Added Services.

长期来看，我们的消费者支付战略将推动支付交易量的增速持续快于可服务的消费支出，并激发商用与资金流动解决方案以及增值服务领域的潜在机遇。

In CMS, we are building on our decades of experience in payments and money movement to capture the \$200 trillion annual opportunity that I mentioned earlier. And we're doing this by driving and enabling further penetration of commercial payments and money movement.

在 CMS 方面，我们将凭借数十年的支付与资金流动经验，捕捉我之前提到的 200 万亿美元年度机遇，通过推动并加速商用支付与资金流动的渗透来实现这一目标。

In Visa Commercial Solutions, we're focused on being the best way to pay and be paid for commercial payments by creating tailored solutions for small businesses; scaling large and middle market use cases, including card and virtual payables; delivering product innovation to tap into new verticals and digitize underpenetrated spend in those verticals; and unlocking new commercial card acceptance.

在 Visa 商业解决方案板块，我们致力于成为商用支付领域的“最佳支付与收款方式”，具体举措包括：为小微企业打造定制化方案；在大中型企业场景（含卡片及虚拟应付）中扩大规模；通过产品创新切入新垂直领域并数字化其低渗透支出；以及拓展新的商用卡受理。

In Visa Direct, we're putting the power of money movement into the hands of our clients by growing our domestic business to strengthen P2P and expand to new use cases, enhancing our network capabilities to accelerate cross-border flows, and deepening our relationships with existing clients through new use cases, by entering new corridors, by selling a wide array of products and solutions. Chris Newkirk will bring this all to life in much more detail later today.

在 Visa Direct 方面，我们将资金移动的能力交到客户手中：通过发展本地业务强化 P2P 并拓展新场景；增强网络能力以加速跨境资金流动；并通过新用例、新通道以及丰富的产品与方案，深化与现有客户的合作。Chris Newkirk 将在今天稍晚详细介绍。

Finally, we are continuing to drive VAS growth with a strategy that is rooted in leveraging our deep client relationships and our data to unlock opportunities beyond the Visa network and beyond payments. I'm going to give a quick overview, and then Antony will be up here later today to share a lot more.

最后，在增值服务方面，我们将依托深厚的客户关系和数据优势，挖掘 Visa 网络之外、支付之外的机遇，持续推动 VAS 增长。我先做简要概述，稍后 Antony 会进行更深入的分享。

First, we provide a wide array of services for Visa payments. Today, this includes services such as loyalty and benefits, fraud prevention and token services, which all help ensure that Visa is the best way to pay and be paid.

第一，我们为 Visa 支付提供丰富的服务，包括忠诚度与权益、欺诈防控、代币化服务等，确保 Visa 始终是最佳支付与收款方式。

Second, we also deliver services for all types of payments, not just Visa. I mentioned Visa Protect earlier, Visa Protect for A2A. That's a great example of how we're expanding our innovative VAS solutions to strengthen non-Visa and non-card payments, resulting in diversification of our VAS revenue and even deeper relationships with our clients as we expand the various use cases.

第二，我们也面向所有类型的支付提供服务，而非仅限于 Visa。此前提到的 Visa Protect for A2A 正是我们将创新 VAS 解决方案拓展至非 Visa、非卡支付的典型案例；这不仅实现了 VAS 收入多元化，也在不断扩充用例的过程中与客户建立起更深的合作关系。

And then, finally, we provide services that go beyond payments. Here, too, we're expanding to a broader set of clients, but we're doing so by offering our expertise and assets through consulting, marketing services, data services and core banking. Already, we've seen strong demand and growth here and are excited about its potential.

最后，我们还提供超越支付范畴的服务，并借助咨询、营销、数据服务及核心银行等能力，将触角延伸至更广泛的客户群体。目前，这一领域已显现强劲需求与增长，我们对其潜力抱有期待。

As you will hear later, Visa-as-a-Service will help us to grow our Value-Added Services businesses for many, many years. We see this as a large and fast-growing business with very attractive margins and enormous opportunities going forward.

正如您稍后将听到的，Visa-as-a-Service 将在未来多年助力我们拓展增值服务业务。我们认为这是一个规模庞大、增速迅猛、利润率极具吸引力且蕴含巨大机遇的业务领域。

The four actions I just described are driven by a set of key foundational enablers that create strong competitive differentiation. One, our brand. As I talked about earlier, the foundation of payments is trust, and our brand is foundational to establishing that trust. Buyers prefer a brand they trust and sellers will promote a brand buyers trust. Additionally, any new entrant, start-up, fintech, a wallet, can instantly gain credibility and trust in the market by issuing Visa. Two, our continued focus on product innovation to build new capabilities and enhance our existing solutions. You'll have a chance to see some of our most recent and exciting innovations at our showcase outside. Three, our technology platforms, which form the backbone of what we do and provide world-class security, reliability, uptime and operational excellence, all while fueling our product development and innovation. Four, our engagement with governments across over 200 countries and territories in which we operate. Five, our focus on providing clients with products and services that anticipate and meet their needs while delivering superior customer service. Throughout the day, you'll see videos demonstrating how we have worked with our clients to drive their success.

我刚才提到的四项举措由一系列关键的基础赋能因素驱动，为我们塑造了强大的竞争差异化。第一，品牌。如前所述，支付的核心是信任，而我们的品牌是建立信任的基石。买家偏爱他们信任的品牌，卖家也会推广买家信任的品牌。此外，任何新入局者——无论是初创、金融科技公司还是数字钱包——只要发行 Visa 产品，就能立即获得市场信誉和信任。第二，我们持续专注于产品创新，构建新能力并强化现有解决方案；在外部展示区，您将看到我们最新、最令人振奋的多项创新。第三，我们的技术平台，这些平台是业务骨干，提供世界级的安全性、可靠性、在线时长与卓越运营，同时推动产品开发与创新。第四，我们在 200 多个国家和地区与政府保持紧密合作。第五，我们致力于为客户提供预见并满足其需求的产品与服务，同时交付卓越的客户体验。全天您将看到多段视频，展示我们如何携手客户共创成功。

And finally, our number one asset, our amazing people. So here it all is all pulled together in one place, our purpose, our strategy and our foundational enablers. And all of this is, of course, rooted in an ever-growing obsession for our customers as well as a focus on innovation and shareholder value creation. Let's talk a bit more about shareholder value creation.

最后，我们最宝贵的资产——卓越的人才。至此，我们的使命、战略和基础赋能因素汇聚一处。当然，这一切都植根于我们对客户不断加深的关注，以及对创新和股东价值创造的专注。接下来，让我们更深入地探讨股东价值创造。

As we continue to execute on our strategy, we expect to continue delivering strong revenue growth well into the future. Together with our disciplined expense management, industry-leading operating margins and consistent stock buybacks, we will continue to deliver compelling earnings growth over time. Chris Suh will break this down in a bit more at the end of the day.

随着战略的持续落实，我们预计未来将继续实现强劲的收入增长。结合严格的成本管控、行业领先的运营利润率以及持续的股票回购，我们有信心长期保持可观的盈利增速。今日会议尾声，Chris Suh 将对此进行更详细的说明。

So summing it all up, our strategy, rooted in a relentless focus on our clients and innovation, has been successful, and we have a proven track record of execution. The opportunity ahead is enormous across Consumer Payments, Commercial & Money Movement and Value-Added Services.

总而言之，我们以客户和创新为中心的战略已取得成功，并拥有经验证的执行力。在消费者支付、商用与资金流动以及增值服务领域，前景机遇巨大。

We continue to evolve our network and are unbundling our capabilities through Visa-as-a-Service to power all types of payments and serve all types of clients globally. By focusing on four key actions that drive our strategy, we will fuel future revenue growth and EPS growth, resulting in a more diverse and more global business that creates long-term value for our shareholders. And now more than ever, our purpose guides what we do as we strive to be the best way to pay and be paid for all transactions.

我们持续升级网络，并通过 Visa-as-a-Service 解耦能力，为全球各类支付及客户提供动力。聚焦战略驱动的四大关键行动，将推动未来收入和每股收益的增长，使业务更加多元化、全球化，为股东创造长期价值。如今，比以往任何时候都更需要以使命为引领，致力于让 Visa 成为所有交易中“最佳支付与收款方式”。

Now, I would like to invite Jack to the stage to cover Consumer Payments.

接下来，我邀请 Jack 上台，详细介绍消费者支付板块。

Jack Forestell

Chief Product & Strategy Officer, Visa, Inc.

Visa 公司首席产品与战略官

Thank you, Ryan, and good morning, everyone. I'm Jack Forestell, I'm Visa's Chief Product and Strategy Officer. And I'm going to dive deeper on the opportunities that we see in Consumer Payments and why it continues to be the foundation of our growth strategy.

谢谢你，Ryan。大家早上好。我是 Jack Forestell，Visa 首席产品与战略官。接下来我将深入探讨我们在消费者支付领域所看到的机会，以及为何这一领域始终是我们增长战略的基石。

Before I get started, let me highlight two key points that I really want to emphasize this morning. First, we see tremendous growth runway in carded Consumer Payments. More than half of all consumer payment volumes are still made using cash, check or other less effective forms of digital payment. We have confidence that we will continue to grow our Consumer Payments volumes faster than addressable consumer spend for a very long time.

在开始之前，我想强调两点。第一，卡片型消费者支付仍拥有巨大的增长跑道。目前超过一半的消费者支付量仍通过现金、支票或其他效率较低的数字支付方式完成。我们有信心在很长一段时间内，让消费者支付交易量的增速持续快于可服务的消费支出增速。

Second, we see payments currently transacted using non-card methods as an opportunity. Non-card payments are a newer focus for us, but they are one where we can leverage the scope and scale of our network connectivity and infrastructure as well as our long-standing strength in areas like fraud protection, dispute management and operating rules to offer differentiated products.

第二，我们把当前使用非卡方式完成的支付视为机遇。非卡支付是我们新的关注重点，我们可以借助网络连接与基础设施的广度和规模，以及在防欺诈、争议处理、运营规则等领域长期积累的优势，提供差异化产品。

In pursuing these two objectives, we're focused on ensuring Visa offers the best way to pay and be paid for all segments of Consumer Payments. We'll succeed by driving preference for Visa through our distinctive combination of innovative products, global reach and brand strength.

在推进以上两大目标时，我们致力于让 Visa 成为消费者支付各细分领域中“最佳支付与收款方式”。我们将凭借创新产品、全球覆盖和品牌实力的独特组合，持续提升市场对 Visa 的偏好度，从而取得成功。

So this morning, I want to show you how our products are enabling us to succeed in important high-value Consumer Payments use cases. Innovations like Tap to Everything, tokens, multi-currency cards, Flexible Credentials, account-to-account solutions, and our differentiated cardholder benefits platforms. These innovations, among many others, along with the secular tailwinds that contributed to our growth in the past will power our Consumer Payments growth well into the future.

今天，我将展示我们的产品如何帮助我们在关键的高价值消费者支付场景中取得成功，例如 Tap to Everything、代币、多币种卡、灵活凭证、账户到账户解决方案以及差异化持卡人权益平台等创新。这些创新以及过去推动我们增长的长期顺风因素将持续驱动消费者支付业务在未来的增长。

So to start, I want to talk about the enormous opportunity we still have ahead of us in Consumer Payments. In 2023, there was approximately \$41 trillion worth of annual addressable consumer spend globally. Approximately \$23 trillion of these payments were made using cash, check, legacy ACH, A2A and RTP, or other less effective forms of digital payment. We think of this \$23 trillion as our target opportunity. By continuing to gain share in this \$23 trillion, we will continue to grow our Consumer Payments volumes at a pace that exceeds growth in addressable consumer spend.

首先，让我们看看消费者支付领域仍然巨大的机遇。2023 年，全球可服务的年度消费支出约为 41 万亿美元，其中约 23 万亿美元通过现金、支票、传统 ACH、A2A、RTP 或其他效率较低的数字支付完成。我们将这 23 万亿美元视为目标机会。通过持续提升在这部分市场的份额，我们的消费者支付交易量将继续以快于可服务消费支出的速度增长。

The largest and most immediately addressable opportunity is still cash and check, which represents approximately \$11 trillion worldwide. For context, this is about the same size as the Consumer Payments business that we've already built. Legacy ACH and other electronic payment types are another highly addressable \$8 trillion of payment volume. These payment flows are in varying states of conversion to electronic payments, but still lack the sophisticated security and brand protections we can provide, and they certainly lack our global scale and reach.

当前最大且最直接可转换的机会仍然是现金和支票，占全球约 11 万亿美元。作为对比，这大体相当于我们现有消费者支付业务的规模。传统 ACH 及其他电子支付类型构成另一块约 8 万亿美元的可服务支付量。这些支付流正处于不同程度的电子化阶段，但仍缺乏我们能够提供的先进安全性与品牌保护，更不具备我们全球覆盖的规模优势。

We also have an opportunity to convert volume from domestic card schemes. These schemes make up over \$2 trillion of addressable consumer spend, and they are under pressure. They are generally less innovative and competitive than global players like ourselves.

我们同样有机会从本地卡组织手中争取交易量。这些本地卡组织对应的可服务消费支出超过 2 万亿美元，而且正面临压力，通常在创新性和竞争力方面不如我们这样的全球参与者。

Finally, there's a small, but growing pool of under \$2 trillion in consumer account-to-account payments. This category includes local payment methods like Swish in the Nordics, Pix in Brazil, UPI in India, as well as Open Banking and pay by bank in places like Europe. Here, we see opportunities to compete with our innovative card products, use these networks to deliver Visa-branded payment products like Tink, and provide Value-Added Services on top of these payment flows.

最后，消费者账户到账户支付虽然规模不足 2 万亿美元，但正在增长。这一类别包括北欧的 Swish、巴西的 Pix、印度的 UPI 等本地支付方式，以及欧洲的开放银行和 Pay by Bank。在这里，我们看到通过创新卡产品展开竞争的机会，也能利用这些网络推出如 Tink 这类 Visa 品牌支付产品，并在这些支付流之上提供增值服务。

So there's tremendous opportunity here, and it is truly global. As you can see, we have several trillions of dollars of Consumer Payments opportunity in each and every one of our operating regions. North America remains a huge priority for us with a \$5 trillion opportunity. We see plenty of runway for continued growth here via cash conversion and expansion within verticals that have traditionally been underpenetrated by cards.

由此可见，机遇巨大且遍布全球。在每个运营区域，我们都有数万亿美元的消费者支付潜力可挖。北美依然是我们的重中之重，潜在机会高达 5 万亿美元。通过现金转换以及在传统上卡渗透率较低的垂直领域扩张，我们在该地区仍拥有充足的增长空间。

Likewise, in Europe, there's a \$7 trillion untapped opportunity, and we see continued growth potential via cash to card conversion, share gains from ACH and domestic schemes and via Open Banking. We're also unlocking the huge potential of other international markets, which are growing faster than North America and Europe and where there's a significant amount of cash, check and other forms of digital payment. Almost half of our target opportunity is in Latin America, Asia Pacific and our CEMEA region.

同样，在欧洲还有 7 万亿美元的潜在机会，我们看到了通过现金转卡、从 ACH 及本地卡组织争取份额以及开放银行等方式实现持续增长的可能。我们也在释放其他国际市场的巨大潜力，这些市场的增长速度快于北美和欧洲，并且仍存在大量现金、支票及其他形式的数字支付。我们目标机会的近一半位于拉丁美洲、亚太和 CEMEA 地区。

So lots of opportunity globally. And as I said before, we will continue to grow our Consumer Payments volume faster than addressable consumer spend. Let's take a look at how that has tracked over time.

因此，全球范围内机会众多。正如我之前所说，我们将继续让消费者支付交易量增速快于可服务消费支出增速。让我们看看这一趋势随时间的表现。

The bars on the left of this page show the difference in growth rates between our global Consumer Payments volume and underlying addressable consumer spend. As you can see, we've consistently grown our Consumer Payments volume significantly faster than addressable consumer spend. In fact, over the six-year period from 2018 to 2023, we grew Visa's Consumer Payments volume at an annualized growth rate of 10%, while addressable consumer spend grew at 4% over the same period. So on average, over these six years, we grew our consumer payment volume 6 percentage points faster than addressable consumer spend. We did this by digitizing cash and check and legacy forms of digital payments. This is the Visa growth story you all know so well.

本页左侧柱状图显示了我们全球消费者支付交易量增速与可服务消费支出增速之间的差异。如图所示，我们的消费者支付交易量始终明显快于可服务消费支出。事实上，在 2018 至 2023 六年间，Visa 消费者支付交易量年复合增速达到 10%，而可服务消费支出同期增速为 4%。也就是说，在这六年里，我们的消费者支付交易量平均每年比可服务消费支出快 6 个百分点。我们通过将现金、支票及传统数字支付方式数字化实现了这一增长，这正是大家熟知的 Visa 增长故事。

All right. Let's double click. Let's take a look at the same chart comparing the US and the rest of the world. The bars on the left side of this page show the difference in growth rates between our Consumer Payments volume growth and underlying addressable consumer spend in the United States. Over the six-year period from 2018 to 2023, we grew Visa's Consumer Payments volume an average of 5 percentage points faster than addressable consumer spend here in the US. The bars on the right side of this page shows the same thing for our international business. There, we grew Visa's Consumer Payments volume an average of 7 points faster than addressable consumer spend.

好，让我们深入看看同一图表中美国与全球其他地区的对比。本页左侧柱状图显示了美国市场中消费者支付交易量增速与可服务消费支出增速的差异。2018 至 2023 六年间，我们在美国的消费者支付交易量平均每年比可服务消费支出快 5 个百分点。右侧柱状图则呈现了国际市场的数据，在这些市场，我们的消费者支付交易量平均每年比可服务消费支出快 7 个百分点。

We have confidence that we will continue to grow our Consumer Payments volume faster than addressable consumer spending in the US and beyond, particularly as our mix continues to shift to our international regions. Now, that said, as we continue to gain share of global consumer spend, we expect the difference in growth between our Consumer Payments volume and addressable consumer spend to narrow relative to the 6-point average growth premium we've seen over the last six years. And we've seen this happen. We've seen this happen in some countries, including the US, where you can see the narrowing in the recent years on the chart on the left. In that case, the narrowing took place during the COVID recovery period and coincided with significant increases in levels of digital payment penetration.

我们有信心继续在美国及全球范围内让消费者支付交易量增速快于可服务消费支出增速，尤其是随着业务结构进一步向国际市场倾斜。话虽如此，随着我们不断提升在全球消费支出中的份额，预计消费者支付交易量与可服务消费支出增速之间的差距将较过去六年平均 6 个百分点的溢价有所收窄。事实也确如此，在部分国家（包括美国）已出现这一趋势，左图近年数据即可见收窄迹象。这一收窄发生在疫情复苏期间，并伴随着数字支付渗透率的大幅提升。

It's important, though, to note that in 2022-2023, when the gap between Consumer Payments volume growth and addressable consumer spend narrowed, we delivered fiscal year net revenue growth of 22% and 11%, respectively. This strong revenue growth was a result of purposeful, multi-year investments we've made in higher yielding segments of Consumer Payments and in diversifying our business, as Ryan described just a few minutes ago.

但值得注意的是，即便在 2022-2023 年消费者支付交易量增速与可服务消费支出增速差距收窄之际，我们的财年净营收仍分别增长 22% 和 11%。这一强劲增长得益于我们多年来在高收益消费者支付细分领域及业务多元化方面的有目的投入，正如 Ryan 刚才所述。

When we met with you five years ago, our Value-Added Services and CMS businesses were already nearly a quarter of our revenues; now, they are more than 30% of our net revenues. And they've each delivered annualized revenue growth of 20% or more over the last few years.

五年前与各位见面时，增值服务和 CMS 业务已占公司收入近四分之一；如今，这一比例已超过 30%，过去几年它们的年化收入增速均在 20% 以上。

Now, I'm going to spend the rest of this presentation discussing in detail why we win in Consumer Payments, how we drive consumer and seller preference for Visa. And let me start by bringing it to life through some country-level data.

接下来，我将详细阐述我们在消费者支付领域取胜的原因，以及我们如何提升消费者和商户对 Visa 的偏好。首先用几个国家级的数据实例来说明。

This slide shows some examples of our Consumer Payments volume and growth in countries with high rates of digital penetration. There are seven countries that all have low levels of cash remaining, less than 10% of total addressable consumer spend in those countries. These figures show the difference between our Consumer Payments volume growth and the country's addressable consumer spend growth. And in all of these countries over the past five years, we have grown Consumer Payments volume at significantly faster rates than addressable consumer spend growth.

本页幻灯片展示了数字渗透率高的国家中，我们消费者支付交易量及其增长的示例。在这七个国家，现金使用占可服务消费支出的比例均低于 10%。图表呈现了我们消费者支付交易量增速与各国可服务消费支出增速之间的差异。过去五年里，在所有这些国家，我们的消费者支付交易量增速均显著快于可服务消费支出增速。

How have we done this? Well, we have incredibly talented teams on the ground in every one of these countries, who develop and execute specific country-level strategies to deliver these results. When we look across the country strategies, there are a lot of nuances, but a few common themes emerge. First, while there is less cash remaining, there is still a conversion opportunity. And our product features like Tap to Pay can act as a cash conversion accelerant in those markets. Second, many of these markets have local card schemes. Here, our technologies like tokenization, secure e-commerce and cross-border acceptance can attract volume onto our platform. Third, much of the non-card electronic payment volume in these markets remains on ACH, direct debit and other legacy forms of technology, which we seek to convert by focusing on verticals like bill pay, debt repayment and rent. And last, we also take share from our direct competitors by winning key issuer portfolios.

我们是如何做到的？秘诀在于，我们在每个国家都拥有才华横溢的本地团队，制定并执行针对该国的具体战略。各国策略不尽相同，但有几个共通点：第一，虽然现金占比已低，但仍存在转换空间，我们的 Tap to Pay 等产品功能能加速现金转换；第二，许多市场存在本地卡组织，我们可通过代币化、安全电商、跨境受理等技术把交易量吸引到 Visa 平台；第三，在这些市场，大量非卡电子支付仍停留在 ACH、直接借记等传统技术上，我们通过聚焦账单支付、债务还款、房租等垂直领域实现转换；最后，我们通过赢得关键发卡组合，从直接竞争对手手中夺取份额。

While the opportunity to convert cash remains large in many parts of the world today, we believe that our performance in low-cash countries like these serves as a strong template for Visa's continued ability to grow consumer payment volume above addressable consumer spend well, well into the future.

如今，全球许多地区仍有大量现金转换机会；我们在这些低现金国家取得的成绩，为 Visa 在未来持续实现消费者支付交易量增速领先可服务消费支出的能力树立了有力范例。

So how are we going to do that? In short, we will focus on areas where we can drive consumer and seller preference for Visa through a unique combination of innovation, global reach, scale and brand strength. We aim to make Visa the best way to pay and be paid for all types of Consumer Payments period.

那么，我们将如何达成？简言之，我们将依托创新、全球覆盖、规模及品牌实力的独特组合，在能够提升消费者和商户对 Visa 偏好的领域深耕，确保在所有消费者支付场景中，Visa 成为“最佳支付与收款方式”。

I want to bring this to life through six examples where we're investing to deliver continued leadership and differentiation: our Tap to Everything technology; our token technology; our cross-border capabilities; our leadership with affluent consumers; our emerging account-to-account products and services; and our strength in consumer credit.

为使之具象化，我将以六个投资重点举例，说明我们如何持续保持领先与差异化：Tap to Everything 技术、代币技术、跨境能力、高端客群领导力、新兴账户到账户产品与服务，以及在消费信贷领域的实力。

These innovations, along with many others, will drive our Consumer Payments volume and expand the scope of our transactions and our credentials on top of which we can deliver a growing array of Visa services.

这些创新以及其他众多举措，将推动消费者支付交易量增长，并拓宽交易与凭证的覆盖范围，为我们在其上提供更多样化的 Visa 服务奠定基础。

So let's dig in to each of these and talk a little bit about how they drive preference for Visa. I'm going to start with one of our core payments innovations that is now so ubiquitous. It's kind of hard to imagine paying without it: Tap to Pay. We introduced Tap to Pay technology in 2005. Tap to Pay uses near-field communication technology to quickly, accurately and securely transmit the consumers' payment credential information, which is stored on the payment chip either in their physical card or mobile device to the seller's point-of-sale terminal.

让我们逐一深入，看看它们如何提升 Visa 偏好度。先从如今无处不在的一项核心支付创新说起——Tap to Pay。2005 年，我们推出 Tap to Pay 技术。该技术利用近场通信（NFC），将存储在实体卡或移动设备支付芯片中的支付凭证信息快速、准确且安全地传输至商户收单终端。

Deploying Tap to Pay was a heavy, heavy lift over many years. It required activating our ecosystem on both sides. Issuers had to issue NFC-enabled cards, and sellers had to enable NFC capability in their POS devices. We knew it would be hard, but we also knew that Tap to Pay would deliver what most customers think is the best in-person payment experience for consumers and sellers alike; fast, seamless, secure.

推广 Tap to Pay 是一项历时多年的重大工程，需要激活生态系统的双端：发卡机构需发行 NFC 卡，商户需在 POS 终端启用 NFC 功能。我们深知难度，但也确定 Tap to Pay 能为消费者与商户提供客户认为最优的线下支付体验——快速、无缝且安全。

It also required changing consumer behavior. We found that deploying Tap to Pay in daily use cases like transit was a key, key factor in habituating customers to tap. Once they started tapping at the transit station, they started tapping at the grocery store, the coffee shop and eventually, basically, every time they spent money in-person.

This halo effect can lead to about 15% higher payments volume and an average of 18% more transactions compared to non-tappers, all else equal.

这种“光环效应”意味着，在其他条件相同的情况下，使用轻触支付的用户支付交易额可高出约 15%，交易笔数平均多出 18%。

So we've seen tremendous progress in terms of adoption and penetration globally. As is shown by the chart on the right-hand side of the slide, Tap to Pay now accounts for 74% of our face-to-face transactions globally. In the US, it's almost 60%. And our studies show that Tap to Pay debit users in the US have an average of two more transactions a month and spend \$70 more a month than non-tappers.

由此可见，轻触支付在全球的采用率和渗透率取得了巨大进展。如幻灯片右侧图表所示，Tap to Pay 目前占到我们全球线下交易的 74%；在美国，这一比例接近 60%。研究表明，美国使用轻触支付借记卡的用户每月平均多进行 2 笔交易，月消费额比未使用者多 70 美元。

But we're not stopping there because the same technology can be used in a lot of other use cases. A few years ago, we rolled out Tap to Phone for smartphones. This capability enables any mobile device with NFC capability to be converted into a payment acceptance terminal. During 2024, we had over 12 million unique Tap to Phone terminals that transacted on our network, and that number continues to grow. Tap to Phone provides an easy, low-cost method for micro sellers to begin accepting card payments, or large sellers to add additional mobile terminals.

然而，我们并未就此止步，因为同样的技术还可应用于多种场景。数年前，我们推出了面向智能手机的 Tap to Phone，使任何具备 NFC 功能的移动设备都能变成支付受理终端。2024 年，通过我们网络交易的 Tap to Phone 独立终端已超过 1,200 万台，并仍在增长。Tap to Phone 为微型商户提供了简便、低成本的刷卡受理方式，也帮助大型商户新增移动终端。

More recently, we launched our Tap to Provision capability, which enables a consumer to add a payment credential to a digital wallet, simply by tapping their card to their mobile device. The capability is designed to be faster than manual key entry and has the potential to increase approval rates and reduce fraud.

近期，我们又推出 Tap to Provision 功能，消费者只需将卡片轻触移动设备即可把支付凭证添加到数字钱包。该功能速度快于手动输入，有望提升交易批准率并降低欺诈风险。

Tap to Provision is now live in the US on nearly 60% of all eligible Visa credit and debit cards. It's only been a few months since launch, and we've already seen millions of Visa users tap to add their cards to their wallets, resulting in high success rates and provisioning cards to wallets and eliminating the overwhelming majority of provisioning fraud as compared to manual entry into a phone.

目前，美国近 60% 的符合条件的 Visa 信用卡和借记卡已支持 Tap to Provision。上线仅数月，就有数百万 Visa 用户通过轻触方式把卡片添加进钱包，成功率极高，与手动输入相比几乎完全杜绝了钱包开卡欺诈。

Finally, we're piloting our newest Tap to Everything capability, Tap to Confirm. In high-risk transaction types where an issuer might otherwise have declined the transaction, we're offering the issuer the opportunity to ask the consumer to tap to confirm the transaction, verifying that the consumer is in possession of the physical card. This technology's aim is to increase authorization rates, decrease fraud and streamline the consumer experience for e-commerce transactions, pain points that impact both consumers and sellers.

最后，我们正在试点最新的 Tap to Everything 功能——Tap to Confirm。在高风险交易场景下，发行方原本可能拒付，而现在可要求持卡人轻触卡片以确认交易、验证其持有实体卡。此技术旨在提升授权率、减少欺诈，并简化电商交易体验，解决消费者与商户的痛点。

Earlier, I showed you how our Consumer Payments volume growth has consistently outgrown addressable consumer spend. As a preferred payment method for sellers and consumers, Tap to Pay has been and will continue to be a significant factor in driving this overperformance.

此前我已展示，我们的消费者支付交易量增速长期超越可服务消费支出。作为商户和消费者的首选支付方式，Tap to Pay 过去并将继续成为推动这一优异表现的重要力量。

All right. Now, let me turn to one of the most foundational building blocks that enable us to deliver innovation at Visa levels of scale, security and performance; our token technology. It's no secret that digital commerce is growing faster than overall consumer spending. E-commerce as a proportion of industry retail sales has grown 3 times faster than face-to-face since 2016.

接下来，让我们关注支持 Visa 在规模、安全与性能上持续创新的关键基石之一——代币技术。众所周知，数字商务增速快于整体消费支出，自 2016 年以来，电商在零售销售中的占比增速是线下的 3 倍。

But digital commerce represents challenges. How do I know the users who they say they are? How do I ensure the transaction is secure? How do I make the payment experience simple and seamless? To solve these problems, we launched the Visa Token Service just over a decade ago. Our token technology delivers a digitally native payment credential designed for the unique characteristics in needs of digital commerce. About five years ago, we went beyond that and launched the Visa Cloud Token Framework to make tokens even more flexible, so they can be used across nearly all payments ecosystems, including mobile wallets, e-commerce platforms, IoT devices and a whole lot more, all while adding more dynamic data elements to mitigate fraud.

然而，数字商务也带来挑战：如何确认用户身份？如何确保交易安全？如何让支付体验简洁顺畅？为解决这些问题，我们在十多年前推出了 Visa 代币服务，提供专为数字商务特性打造的原生数字支付凭证。约五年前，我们又推出 Visa 云代币框架，令代币更加灵活，可跨移动钱包、电商平台、物联网设备等几乎所有支付生态使用，并加入更多动态数据元素以降低欺诈。

In the 10 years, since launch, our service has grown to 12.6 billion tokens. That is up from 700 million tokens at our last Investor Day five years ago. Visa tokens are now embedded in most Card-on-File databases and digital wallets around the globe, and we continue to integrate new partners every day.

在推出后的十年里，我们的服务已增至 126 亿个代币，相比五年前上一届投资者日时的 7 亿枚实现了飞跃式增长。如今，Visa 代币已集成进全球大多数卡片存档数据库和数字钱包中，并且我们每天都在持续接入新伙伴。

E-commerce payments made using tokenized Visa payment credentials have a 4.7 percentage point higher approval rate and a 34% reduction in fraud compared to non-tokenized payment credentials. These factors matter to consumers, sellers and issuers and help drive continued preference for Visa.

使用 Visa 代币化支付凭证的电商支付，批准率比非代币化凭证高 4.7 个百分点，欺诈率降低 34%。这些指标对消费者、商户和发卡机构都至关重要，并推动他们持续偏好 Visa。

Higher authorization rates on tokenized transactions allow us to capture additional transactions and, therefore, drive additional revenue for Visa. We also generate revenue from Value-Added Services that we provide as part of our token services offering, such as token life cycle management. We've got an array of services built on our tokens, with more planned. The revenue that we generate from these token-enabled services is meaningful and will be even more meaningful going forward.

代币化交易更高的授权率使我们能够获取更多交易，从而为 Visa 带来额外收入。同时，我们通过代币服务提供的增值服务（如代币生命周期管理）也创造收入。我们已基于代币构建多项服务，并规划推出更多相关产品。这些代币驱动的服务收入已相当可观，未来将更加重要。

And we're continuing to build new capabilities on top of our Token Service platform. For example, our Secure Remote Commerce directory service combines tokenized payment credentials with elements of identity, such as e-mail and phone number, to create an even more secure and seamless commerce experience. Our Visa Payment Passkey's technology adds another layer of security and simplicity to the payment experience by binding our token technology with user biometric information. And as we move forward, we're leaning into exciting new payments use cases like agentic commerce, where an AI agent completes shopping and payments tasks on a consumer's behalf.

我们还在代币平台之上持续构建新能力。例如，Secure Remote Commerce（SRC）目录服务将代币化支付凭证与电子邮件、电话号码等身份要素结合，打造更安全无缝的商务体验。Visa Payment Passkey 技术通过将代币和用户生物识别信息绑定，为支付再添一重安全与便捷。展望未来，我们正积极布局诸如“代理式商业”等令人兴奋的新支付场景，让 AI 代理代表消费者完成购物与支付任务。

We see tremendous potential for the role AI agents will play in a wide array of commerce use cases, ranging from those that require sophisticated search and decision-making, like booking a vacation, to those that involve streamlining, repetitive, chore-like tasks like ordering groceries and paying bills. In all of these agentic commerce use cases, the payment is a critical enabler of success. If there is no payment, there is no commerce.

我们认为，AI 代理在各种商业场景中大有可为：从需要复杂搜索和决策的订假期，到简化重复性家务式任务的订购杂货、支付账单等。无论哪种代理式商业场景，支付都是成功的关键环节——没有支付，就没有交易。

The requirements for delivering robust payment security in an agent-based environment present complex challenges relative to traditional e-commerce, challenges that we believe our token technology and advanced security tools are uniquely well suited to solve. We aim to be the best way to pay and be paid for everyone, everywhere, including agents. We look forward to sharing more on this one with you in the very near future.

在代理环境下实现强大的支付安全，对比传统电商更具挑战，我们认为 Visa 的代币技术与先进安全工具能够独特地解决这些难题。我们的目标是让每个人、在任何地方——包括 AI 代理——都能以最佳方式支付与收款。对此，我们期待在不久的将来与大家分享更多进展。

Now, the foundation of all these innovations is our token technology, which we continue to deploy at rapid pace. In fact, it's likely that by 2030, digital tokens will have fully replaced card-centric PAN technology further improving Visa's competitive positioning against cash, check and legacy forms of digital payments.

所有这些创新的根基都是我们的代币技术，而我们正以快速节奏推进其部署。事实上，到 2030 年，数字代币极有可能全面取代以卡号为中心的 PAN 技术，进一步提升 Visa 相对于现金、支票及传统数字支付形式的竞争地位。

Now, nowhere are our token capabilities, combined with our global acceptance network, more valued than in cross-border commerce. There remains an enormous opportunity for us to drive even more preference for Visa in cross-border and grow at an accelerated rate. Industry-wide, there is approximately \$2 trillion in annual global cross-border consumer spending across both travel and e-commerce, and much of it is still cash-based.

没有哪一个领域比跨境商务更能体现代币与全球受理网络结合的价值。我们在跨境领域仍有巨大的提升偏好和加速增长的空间。整个行业每年跨境消费（涵盖旅行及电商）约 2 万亿美元，其中相当一部分仍以现金形式完成。

Cross-border commerce is inherently complex and very scale-intensive. It requires scale to achieve geographic coverage, scale in transactions and data to deliver effective global fraud protection, and scale in payment volume to drive efficiency in FX conversion rates.

跨境商务天然复杂且高度依赖规模：需要覆盖范围的规模、交易与数据的规模以实现有效的全球防欺诈，还需要支付量的规模来提升外汇转换效率。

To build that scale demands a brand that is globally ubiquitous, a brand that consumers trust to work when they are somewhere unfamiliar, whether that's in person or online. Specifically, we bring together more than 150 million merchant locations in more than 200 countries and territories the most preferred global payment network by cross-border travelers in key markets, giving billions of account holders the confidence to pay using a Visa credential; our risk management and fraud prevention capabilities, including tokenization, which are especially valuable in cross-border digital commerce; and our cross-border currency and settlement capabilities, which includes FX solutions for over 150 different currencies around the world.

要打造这样的规模，需要一个全球无处不在、让消费者在陌生环境下——无论线下还是线上——都信赖的品牌。具体而言，Visa 将 200 多个国家和地区逾 1.5 亿商户据点联结为跨境旅客首选的全球支付网络，为数十亿持卡人提供支付信心；我们还拥有风险管理与防欺诈能力（包括代币化技术），在跨境电商领域尤为重要；以及支持 150 多种货币的跨境外汇和结算能力。

The net result, we can deliver significant value to cross-border transactions. And as a result, we're able to earn premium yields on those transactions.

凭借这些优势，我们能为跨境交易创造显著价值，并因此在该领域获得溢价收益。

Notably, post COVID, our cross-border volumes have continued to grow faster than our overall volumes. From 2022 to 2024, our cross-border volumes grew approximately 20% per year with strong growth in both travel and e-commerce. And we are continuing to invest in cross-border commerce in a number of different ways.

值得注意的是，疫情之后，我们的跨境交易量持续以快于总体交易量的速度增长。2022 年至 2024 年间，我们的跨境交易量年均增长约 20%，其中旅行和电商双双保持强劲增势。我们也在多方面持续加码跨境商务投资。

First, we're continuing to invest to expand the scope and the use of our cross-border network, specifically in travel corridors where there's still a high use of cash. We're building out more acceptance locations. Our recent agreements with Alipay and Weixin or WeChat Pay in China are great examples of how we're deploying our Network of networks approach to expand acceptance. Through our connectivity with Alipay and Weixin Pay, travelers can load those wallets with a Visa card and use it wherever those wallets are accepted inside China.

首先，我们持续投资，扩大跨境网络的覆盖和使用，特别是在现金使用率仍然较高的旅行通道中新增受理点。我们近期与中国的支付宝、微信支付达成合作，正是通过“网络中的网络”战略来拓展受理的典型案例。借助与支付宝和微信支付的互联互通，游客可将 Visa 卡绑定到这些钱包，并在中国境内所有支持场景使用。

We're also running targeted marketing campaigns to raise awareness that consumers can use their Visa cards when traveling abroad. For example, we've executed social media and video campaigns that promote Visa Zero Liability and Visa cards being a safer option than cash for Visa users when they travel. And we're expanding our global travel benefit programs to drive consumer preference for their Visa cards and, of course, improving cross-border transaction performance, particularly authorization rates through approaches like improving transaction data quality and consistency as it flows from the seller on one side of the world to the issuer on the other side of the world for authorization.

我们还开展定向营销活动，提醒消费者在境外旅行时可以使用 Visa 卡。例如，我们通过社交媒体与视频推广“Visa 零责任”政策，强调 Visa 卡比现金更安全。同时，我们扩大全球旅行权益计划，提升持卡人对 Visa 的偏好，并通过提升交易数据的质量与一致性来改善跨境交易表现，特别是授权通过率——让交易信息从世界一端的商户顺畅传递到另一端的发卡行。

We're also developing programs and solutions tailored for high-growth e-commerce verticals with a high mix of cross-border payments; think gaming, crypto, education, healthcare.

我们还在为跨境支付占比较高、且高速增长的电商垂直领域打造专属方案，例如游戏、加密资产、教育和医疗等行业。

Lastly, we're building more feature functionality with products like our multi-currency cards that enable travelers to easily hold and use different currencies. Great example is a recent deal we signed with Woori for a multi-currency solution in Korea.

最后，我们通过多币种卡等产品打造更多功能，让旅行者轻松持有并使用多种货币。近期与韩国友利银行签署的多币种解决方案合作就是一个很好的例子。

Cross-border, both e-commerce and travel are a key, key part of our consumer strategy. With our strengths and continued investments, we can foster even more consumer preference for Visa and we expect to continue growing faster in cross-border than our overall payment volume, helping to drive strong yields.

无论是电商还是旅行，跨境业务都是我们消费者战略的关键组成。凭借自身优势和持续投资，我们有望进一步提升消费者对 Visa 的偏好，并继续保持跨境交易量增速快于总体支付量，为公司贡献更高收益。

Now, speaking of cross-border, let's turn our attention to the affluent consumer. Within Consumer Payments, affluent consumers are a highly attractive segment. They have significantly higher spend per consumer and represent a disproportionate share of cross-border, credit and online commerce volumes. Our affluent Visa cardholders in the US generate greater than 30 times more revenue for Visa than an average US cardholder.

谈到跨境，就不得不关注高端客群。在消费者支付领域，富裕人群极具吸引力：他们的人均支出显著更高，在跨境、信用支付和线上消费中占据远超比例。以美国为例，Visa 高端卡持卡人为公司创造的收入是普通持卡人的 30 多倍。

As you can see from this table, attracting affluent consumers is nothing new for Visa. In major countries like the UK, Brazil, the US and Saudi Arabia, Consumer Payments volumes on our affluent tailored Infinite products has grown much faster than our standard credit products. We are a global leader in affluent and premium co-brands, many of which are travel-oriented, including programs like United Airlines, Marriott Bonvoy, Emirates Skywards, and many, many more.

从表中可以看到，吸引富裕客群对 Visa 来说并不新鲜。在英国、巴西、美国、沙特等主要市场，我们专为高端人士定制的 Infinite 产品交易量增速远超标准信用卡。我们还是全球高端、尊贵联名卡的领导者，合作对象多与旅行相关，例如美国联合航空、万豪旅享家、阿联酋航空 Skywards 等。

We're strong in affluent because many of our core capabilities are aligned with the needs of affluent consumers, including our global acceptance footprint, our differentiated credit products, our advanced fraud protection and dispute resolution services, our brand strength and our premium benefits. For example, in Brazil, our Infinite offering includes exclusive access to Visa airport lounges, faster security screening lanes, and even access to booking helicopter connections to and from the airport.

Visa 能够牢牢抓住高端市场，因为我们的核心能力与富裕消费者的需求高度契合：全球受理网络、差异化信用产品、先进的防欺诈与争议解决服务、强大的品牌以及尊享权益。例如，在巴西，Infinite 卡为持卡人提供 Visa 机场贵宾室专属通道、安检快速通道，甚至可预订往返机场的直升机服务。

Because this segment drives a disproportionate share of transactions, payments volume and revenue for us, we're going to continue to invest heavily in differentiating our affluent value proposition and driving preference for Visa with affluent consumers. We're investing to deliver new experiential benefits, such as concierge services and premier hotel and restaurant access, like the OpenTable Visa Dining Collection, you see here. We're also leveraging our unique portfolio of sponsorship assets to deliver distinctive experiences at events like the Super Bowl, the Olympic and Paralympic games, the FIFA World Cup, and through our partnership with Visa's two Red Bull Formula One racing teams.

鉴于高端客群为我们贡献了远高于比例的交易笔数、交易额和收入，我们将持续大力投入，深化高端价值主张，提升富裕消费者对 Visa 的偏好。我们正投资打造新型体验权益，如礼宾服务、顶级酒店和餐厅礼遇——例如眼前所示的 OpenTable Visa 精选餐厅计划。同时，我们也利用独特的赞助资源，在超级碗、奥运与残奥会、世界杯等赛事以及与 Visa 两支红牛 F1 车队的合作中，为持卡人带来差异化体验。

These unique benefits allow us to bring an even more premium value proposition to our issuing partners. For example, our invitation-only card product in UAE and Saudi Arabia, which is built on our Infinite platform offers access to 24/7 lifestyle managers, VIP dining, an exclusive yacht program, and a whole lot more.

这些独特权益使我们能够为发卡合作伙伴带来更具高端感的价值主张。例如，我们在阿联酋和沙特推出的只限受邀客户申请的 Infinite 平台卡产品，就提供 24 小时专属生活管家服务、贵宾餐饮礼遇、专属游艇计划等丰富权益。

All right. Let’s turn our attention to the opportunity in account-to-account payments. Over the last decade, many countries have invested in building domestic real-time clearing systems, essentially a modernized replacement to their legacy ACH networks. There are now more than 70 countries globally with at least one of these systems.

下面，让我们把注意力转向账户到账户（A2A）支付的机遇。过去十年，许多国家投资建设了本国实时清算系统，实质上是对传统 ACH 网络的现代化替代。目前全球已有 70 多个国家至少拥有一套此类系统。

The level of adoption of domestic real-time clearing systems varies, and it’s influenced by factors like the extent to which the country invests in building and promoting the infrastructure and, importantly, the prevalence of underserved payments use cases; that is to say whether there is a real problem to be solved.

各国实时清算系统的采用程度差异明显，受多种因素影响，例如政府对基础设施建设与推广的投入，以及更关键的——尚未被充分服务的支付场景是否普遍，也就是说是否存在亟待解决的真实需求。

These systems have notable limitations compared to the features one expects from a typical card transaction. They typically offer limited to no network-level fraud detection and management capabilities. They lack consumer fraud protections like charge-backs, dispute resolution or pre-authorization, and they are inherently local and thus lack scale across borders.

As a result, the volume of consumer-to-seller payments on these local payment platforms is still relatively small, but it’s growing. As these domestic real-time clearing systems grow, we see an opportunity to expand the scope of our network and the addressable market for our services.

因此，这些本地支付平台上的消费者到商户付款量仍相对有限，但在持续增长。随着本地实时清算系统的发展壮大，我们看到了扩大 Visa 网络覆盖范围及可服务市场的机会。

We’ve already made tremendous progress building the connectivity between VisaNet and these systems all over the world. Through the Network of networks expansion we started five years ago, we can now access more than 11 billion endpoints from our network, helped by our Earthport acquisition, which enabled connectivity to accounts. By the end of 2024, we connected 99 wallet partners to our network across 47 markets.

在将 VisaNet 与全球这些系统互联方面，我们已取得巨大进展。凭借五年前启动的“网络中的网络”扩张，加上收购 Earthport 带来的账户连接能力，如今我们的网络可触达逾 110 亿个端点。截至 2024 年底，我们已在 47 个市场将 99 家钱包合作伙伴接入 Visa 网络。

Just as we saw potential for account-to-account payment infrastructure years ago, we now also see stablecoin infrastructure as a potential means of delivering similar capabilities. Over the past year, we’ve been investing and piloting in the use of USDC to enable clients to fulfill settlement obligations on our network. As part of our pilot, we’ve now settled over $100 million of Visa payment volume using USDC, including receiving our first ever settlement payment from a participating issuer over a weekend.

正如我们数年前洞察到 A2A 支付基础设施的潜力一样，我们如今也将稳定币基础设施视为提供类似能力的潜在手段。过去一年，我们投资并试点使用 USDC，让客户通过稳定币履行在 Visa 网络上的结算义务。作为试点的一部分，我们已利用 USDC 结算了逾 1 亿美元的 Visa 交易量，其中包括首次在周末收到发行方通过稳定币支付的结算款。

We aim to add value and drive yield from Consumer Payments that are currently going over account-to-account rails through one of three ways.

对于目前通过 A2A 渠道完成的消费者支付，我们计划通过三种方式提升价值、创造收益。

First, we compete for these payment flows with our card products. We’re adapting our products to meet the unique needs of these use cases, which often have lower fraud risk and lower likelihood of a dispute or chargeback, such as bill payments or small dollar value payments.

第一，用卡产品直接竞争这些支付流。我们正在调整产品，以满足此类场景的独特需求——例如账单支付、小额支付——其欺诈风险和争议/拒付概率通常较低。

One example of our most recent innovations in this space is Visa Pay, which we announced last year and is being deployed in Africa. Visa Pay expands digital payment access, enabling instant account setup, digital card issuance, money transfers and online payments. Banks can use a simple SDK offered by Visa inside their own app, or a stand-alone Visa Pay app to offer their users the ability to set up an account and conduct payments instantly.

该领域最新创新之一是去年发布、已在非洲上线的 Visa Pay。Visa Pay 拓宽数字支付可及性，支持即时开户、数字卡发行、资金转账和线上支付。银行可在自家应用内集成 Visa 提供的简单 SDK，或使用独立的 Visa Pay 应用，让用户瞬间完成开户并进行支付。

Second, we use A2A networks to deliver Visa-branded A2A products. Tink, our Open Banking solution is the best example of this. Tink allows us to facilitate Open Banking, open data exchange and enable A2A transactions in ways we’ve never done before. Since acquiring Tink in 2022, we’ve been growing our Open Banking payments volumes, reaching over $9 billion of transaction value in fiscal 2024.

第二，我们借助 A2A 网络推出 Visa 品牌的 A2A 产品。我们的开放银行方案 Tink 正是最佳范例。Tink 让我们以前所未有的方式推动开放银行、数据交换并实现 A2A 交易。自 2022 年收购 Tink 以来，我们的开放银行支付交易量不断增长，2024 财年交易额已超过 90 亿美元。

Third, as we grow Visa-as-a-Service, we’re providing Value-Added Services to local payment methods that use A2A or RTP networks. Visa Protect for A2A payments, for example, allows us to leverage our deep, deep expertise in risk, providing transaction fraud scoring on non-carded account-to-account transactions. Our service has scored over 6 billion payments to-date in Argentina with up to a 73% fraud capture rate. It’s just one of a whole host of value-added service that we can layer on top of account-to-account networks.

第三，随着 Visa-as-a-Service 的发展，我们向使用 A2A 或 RTP 网络的本地支付方式提供增值服务。例如，Visa Protect for A2A Payments 利用我们在风险领域的深厚经验，为非卡 A2A 交易提供欺诈评分。迄今在阿根廷已为超过 60 亿笔支付进行评分，欺诈捕获率高达 73%。这只是我们可叠加在 A2A 网络之上的众多增值服务之一。

Now, we're often asked about the economic impact of all of this on our business model. We're commercializing these A2A opportunities in three ways: one, where we compete with our card products, we add volume to our network at similar yields to our existing business. Two, where we use RTP networks to deliver our non-card products like Tink, we add to our Consumer Payments volumes at yields that are relatively comparable to our domestic debit business. And three, where we provide Value-Added Services, we add to our revenue yields in the same way that growing our card-based Value-Added Services does.

现在，人们常常询问这一切对我们商业模式的经济影响。我们通过三种方式将这些 A2A 机会商业化：第一，当我们用卡产品参与竞争时，以与现有业务相似的收益率把交易量引入网络；第二，当我们利用 RTP 网络来提供诸如 Tink 之类的非卡产品时，以与国内借记业务大致相当的收益率增加消费者支付交易量；第三，当我们提供增值服务时，其带来的收益提升方式与扩展基于卡的增值服务相同。

All right. Let me touch on one last example of where we're investing in our innovation agenda. Over the last 60 years, we've been a pioneer in consumer credit, helping our issuing clients offer their customers safe, secure, flexible and real-time access to credit.

好了，接下来谈谈我们在创新议程中的最后一个投资示例。在过去 60 年里，我们一直是消费信贷领域的先行者，帮助发卡客户为其用户提供安全、可靠、灵活且实时的信贷渠道。

Visa facilitates more consumer credit volume than any other global payment network in the world, with \$5.4 trillion in volume in fiscal 2024. We have the leading payments volume share of the consumer credit market globally.

在全球所有支付网络中，Visa 处理的消费信贷交易量最多，2024 财年达到 5.4 万亿美元。我们在全球消费信贷市场的支付交易量份额位居首位。

Visa has built a reputation and brand around our credit products because we offer a high level of security, fraud mitigation, dispute management and certainty of funds. Over the years, we've also delivered many innovations to create differentiated credit products that drive additional preference Visa.

Visa 之所以凭借信用产品树立了声誉和品牌，是因为我们提供高水平的安全性、欺诈防护、争议管理以及资金确定性。多年来，我们也推出了大量创新，打造差异化信贷产品，进一步提升了市场对 Visa 的偏好。

For example, we were a pioneer in developing dual message technology that enables real-time transaction authorization, so a consumer and a seller can have confidence to proceed with the transaction like a hotel stay, while separating the clearing and the settlement of the funds part of the transaction so that it can happen later, like in the case of a hotel stay, when the hotel stay actually happens. We're still one of a small handful of payments providers globally that can provide this capability.

例如，我们率先开发了双报文技术，实现交易的实时授权，使消费者和商户在酒店入住等场景中可放心继续交易，同时将资金清算与结算分离，待实际入住时再完成结算。放眼全球，能够提供此项能力的支付服务商屈指可数，我们依旧是其中之一。

But as successful as we've been, there remains a significant opportunity in consumer credit around the world, where penetration of card-linked credit products as a percentage of consumer spending is less than half the level it is in the United States. The strengths I just mentioned, which have driven seller and consumer preference for our credit products over the years, will help us to capture the credit opportunity outside the US.

尽管我们已取得成功，但全球消费信贷仍存在巨大机遇：按消费支出计算，卡片关联型信贷产品的渗透率不到美国的一半。我刚才提到的那些长期促使商户和消费者偏好我们信用产品的优势，将帮助我们在美国以外市场把握这些信贷机会。

In addition, we're continuing to deliver new products that can put even more control and insight required to deliver robust consumer credit into the hands of our issuing clients and their users. Here, I am most excited about our Flexible Credential.

此外，我们还在持续推出新产品，将实现强劲消费信贷所需的更多控制和洞察交到发卡客户及其用户手中。其中最令我期待的就是我们的灵活凭证（Flexible Credential）。

In the past, we had to create separate credentials for different use cases, credit, debit, prepaid, small business, it goes on.

过去，我们必须针对不同的使用场景（信用卡、借记卡、预付卡、小型企业卡等等）创建各自独立的凭证。

We had to do this because we could not assume the user had an easy access to tools that they could use to configure or manage their funding sources and payment credentials.

之所以如此，是因为我们无法假设用户能够轻松地使用某些工具来配置或管理其资金来源和支付凭证。

Today, that's all changed. We can assume that most users have access to mobile devices, which gives them the ability to control, configure and manage their credentials.

而如今情况已彻底改变。我们可以假设大多数用户都拥有移动设备，从而能够自行控制、配置并管理其支付凭证。

This shift has enabled us to fundamentally rethink the card credential.

这一转变使我们能够从根本上重新思考卡片凭证的形态。

The Flex Credential is a breakthrough offering that enables consumers to use a single payment credential, built on our token technology, to access many underlying funding sources, including debit, installments, a secure line of credit, a traditional revolving line of credit, rewards balances and more.

“灵活凭证”（Flex Credential）是一项突破性产品，基于我们的代币技术，允许用户凭借一份支付凭证即可访问多种资金来源，包括借记账户、分期付款、安全信贷额度、传统循环信贷额度、奖励积分余额等。

Flex was first used in Japan in 2023 by SMBC and SMCC. They now have over 3 million account relationships built on Flex Credential.

Flex 首次应用于 2023 年的日本市场，由三井住友银行（SMBC）与三井住友信用卡公司（SMCC）推出，目前基于 Flex 凭证建立的账户关系已超过 300 万个。

In the short time since we launched Flex, the client demand for this product has been extraordinary, including our recent launch with Affirm in the US and upcoming launch with Liv in the UAE, a digital bank launched by Emirates NBD.

自 Flex 推出以来，客户需求异常旺盛：近期我们与美国 Affirm 合作上线该产品，并即将在阿联酋的 Emirates NBD 数字银行 Liv 推出。

We are actively accelerating our investments in Flex to speed up the rollout of this product around the world.

我们正积极加大对 Flex 的投资力度，以加快其在全球范围内的部署。

We believe that Flex has the potential to become the new standard for a consumer payment credential.

我们相信 Flex 有潜力成为新的消费支付凭证标准。

Think of it as a primary credential, acting as a means of establishing digital identity and authentication, and orchestrating stand-alone single product credentials like debit, credit, installment loans and, over time, maybe even account-to-account transfers, and it all comes from Visa.

可以将其视为一份主凭证，用于建立数字身份和认证，并统一管理单一产品凭证（如借记、信用、分期贷款），未来甚至可能扩展到账户间转账，而这一切皆由 Visa 提供。

We believe this unique innovation will serve as a compelling offering for issuers and consumers driving incremental consumer payment volumes to Visa's network.

我们认为，这项独特创新将成为发卡机构和消费者极具吸引力的方案，进一步提升 Visa 网络的消费支付交易量。

You can try out Flex in our showcase in a few minutes.

稍后各位可在展示区亲自体验 Flex。

So let me summarize. Visa has a proven track record of innovating to offer the best way to pay and be paid for all types of Consumer Payments.

我来总结一下：Visa 在为各类消费者支付场景提供“最佳支付与收款方式”方面拥有经过验证的创新记录。

We still have tremendous growth runway in Consumer Payments, \$23 trillion annually. More than half of all Consumer Payments are underserved today.

在消费者支付领域，我们仍拥有巨大的增长跑道，每年规模达 23 万亿美元；如今仍有超过一半的消费支付需求未被充分满足。

We will continue to convert this opportunity to Visa payment products by driving consumer and seller preference for Visa through innovation, global reach, scale and brand strength.

我们将凭借创新、全球覆盖、规模与品牌实力，持续提升消费者与商户对 Visa 的偏好，把这些机会转化为 Visa 的支付产品。

And we will continue to grow our Consumer Payments faster than addressable consumer spend with the products we have in market and in our pipeline.

借助现有及在研产品，我们的消费者支付交易量增速将继续快于可服务消费支出增速。

All right. Now, we're going to go to a break. I'm sure you're all eager to see for yourself some of the innovations that I just mentioned that are out there in the showcase along with many, many others. So please go see them, and we'll be back in here in a little while. Thank you.

好的，现在我们将进入休息时间。我相信各位都迫不及待想在展示区亲自体验我刚才提到的多项创新。请前往参观，我们稍后再见。谢谢大家。

Operator: Please take a quick break. We'll get started promptly at 9:45 AM Pacific Time.

运营人员：请大家稍作休息，我们将在太平洋时间上午 9:45 准时开始。

\[Break] (01:23:20-01:44:55)

【休息】（01:23:20-01:44:55）

\[Video Presentation] (01:44:58-01:46:58)

【视频展示】（01:44:58-01:46:58）

Operator: Please welcome President of Commercial & Money Movement Solutions, Chris Newkirk.

运营人员：请欢迎 Visa 商业及资金流动解决方案总裁 Chris Newkirk。

Chris Newkirk

President, Commercial & Money Movement Solutions, Visa, Inc.

Visa 公司商业及资金流动解决方案总裁

Hi, everyone. I'm Chris Newkirk, and I'm the President of Commercial & Money Movement Solutions. I'm excited to talk to you about the third key action of Visa's strategy, which is to drive and enable further penetration of commercial payments and money movement. At our last Investor Day, we launched new flows as a growth lever. Since then, our success with our clients has deepened our conviction in the new flows opportunity. We call this part of Visa Commercial & Money Movement Solutions, or CMS. CMS is the part of Visa focused on addressing payment flows beyond consumers paying merchants.

大家好，我是 Chris Newkirk，Visa 商业及资金流动解决方案总裁。很高兴与各位分享 Visa 战略的第三项关键举措：推动并加速商业支付和资金流动的进一步渗透。在上一次投资者日，我们将“新型资金流”确定为增长杠杆。自那以后，我们与客户的成功合作更加坚定了我们对这一机会的信心。我们把这部分业务称为 Visa 商业及资金流动解决方案（CMS）。CMS 专注于解决消费者向商户支付之外的各类支付流。

There are two key components to CMS: Visa Commercial Solutions and Visa Direct. Visa Commercial Solutions, which we call VCS is a card and virtual payments led business focused on addressing B2B payment flows, from small businesses up to large enterprises and governments. Visa Direct is our platform to address money movement and a subset of B2B flows. Visa Direct empowers end users, businesses, governments and clients to move money globally.

CMS 由两大核心组成：Visa Commercial Solutions（VCS）和 Visa Direct。VCS 以实体卡与虚拟支付为主导，覆盖从小微企业到大型企业及政府的 B2B 支付流。Visa Direct 则是我们的全球资金流动平台，处理包括部分 B2B 在内的资金迁移，赋能终端用户、企业、政府及客户实现全球资金移动。

Since 2021, we've grown CMS net revenue at an annualized growth rate of 22%. In fiscal 2024 alone, we delivered \$1.7 trillion in commercial payments volume, and nearly 10 billion Visa Direct transactions. And as you heard from Ryan, we've only penetrated a sliver of the enormous \$200 trillion CMS opportunity.

自 2021 年以来，CMS 的净收入年复合增速达到 22%。仅在 2024 财年，我们就实现了 1.7 万亿美元的商业支付交易量，并完成近 100 亿笔 Visa Direct 交易。如 Ryan 所言，我们在高达 200 万亿美元的 CMS 巨大市场中仅触及冰山一角。

We have the leading commercial card network and money movement platform in the world. Visa Commercial Solutions is the global leader in commercial card payments with 40% share, and we have grown faster than the competitive set over the past several years. Visa Direct is the largest money movement platform in the world by transactions, volumes and endpoints. Our strategy and execution are delivering results.

我们拥有全球领先的商用卡网络和资金流动平台。Visa Commercial Solutions 以 40% 市占率领跑全球商用卡支付，并在过去几年持续快于行业增速。按交易笔数、交易量和端点数量计算，Visa Direct 是全球最大的资金流动平台。我们的战略与执行正在产生显著成效。

We've grown Visa Direct transactions sixfold from just 1.6 billion in 2019 to nearly 10 billion transactions in our most recent fiscal year. We've grown endpoints more than 3 times from 3.5 billion in 2019 to 11 billion, and diversified to cover cards, accounts and digital wallets in over 195 countries and territories. And what is most exciting is that we are still in the very early days of Visa Direct.

Visa Direct 交易量已从 2019 年的 16 亿笔增长至最近一个财年的近 100 亿笔，增幅达六倍；端点数量从 35 亿增至 110 亿，覆盖卡片、账户及数字钱包，遍及 195 个国家和地区。更令人振奋的是，Visa Direct 仍处于发展的早期阶段。

So why is CMS important to Visa and how have we been successful? Let's take a look. CMS is a great growth engine for Visa. First, there's an enormous market opportunity, and our revenue growth is a clear demonstration of our successful strategy. Second, most CMS transactions run over VisaNet, utilizing existing infrastructure and capabilities, contributing to attractive margins. Third, by penetrating these new flows, we open large new opportunities to sell Value-Added Services beyond Consumer Payments. Fourth, CMS enables us to serve our clients in new ways, deepening our relationships. In sum, CMS delivers attractive revenue diversification, growth and profitability for Visa.

那么，CMS 对 Visa 为何重要？我们是如何取得成功的？首先，CMS 面向的市场机会巨大，收入增长证明了战略的有效性。其次，大多数 CMS 交易通过 VisaNet 处理，利用现有基础设施和能力，带来可观利润率。第三，渗透这些新型资金流，为我们在消费者支付之外销售增值服务打开了广阔空间。第四，CMS 让我们以全新方式服务客户，深化合作关系。总而言之，CMS 为 Visa 带来了有吸引力的收入多元化、增长与盈利能力。

So how do we succeed in this space? First and foremost, we bring world-class and Visa-grade reach, speed, technology, scalability, security and user experience to B2B payments and money movement. Second, we have deep established relationships with leading issuers, acquirers and fintechs who trust and respect the Visa brand. Working with them to penetrate these new flows is a natural extension of our relationships.

我们如何在该领域取胜？首先，我们将 Visa 级别的全球覆盖、速度、技术、可扩展性、安全与用户体验带入 B2B 支付和资金流动领域。其次，我们与主要发卡机构、收单机构和金融科技公司建立了深厚合作关系，他们信任并尊重 Visa 品牌，与他们合作渗透新型资金流是关系的自然延伸。

Importantly, in Visa Direct, we have developed over 65 use cases. In VCS, we have a wide range of innovative B2B offerings and tailored vertical solutions. These solutions are resonating in many markets, and we will continue to drive innovation.

值得一提的是，在 Visa Direct 中我们已开发 65+ 用例；在 VCS 中，我们提供丰富的 B2B 创新产品及定制垂直解决方案，这些方案在多国市场反响强烈，我们将持续推动创新。

Fourth, we harness our rich data enhanced by artificial intelligence to deliver better solutions to clients. For example, our B2B payables dashboard leverages artificial intelligence to provide analyses to clients beyond traditional reporting. And our commercial enhanced data program uses AI to ensure issuers and their clients have robust data for superior payments reconciliation.

第四，我们结合人工智能利用丰富数据，为客户提供更优方案。例如，B2B 应付账款仪表板通过 AI 超越传统报表，为客户提供深入分析；商用增强数据计划则运用 AI，确保发卡行及其客户拥有强大数据，优化支付对账流程。

In addition, our ability to plug these new solutions into our existing infrastructure provides key cost, scale, security, reach and capability advantages for Visa. For example, Visa Direct uses our existing consumer debit cards as endpoints for money movement. VCS leverages our vast Consumer Payments acceptance, both domestically and cross-border. These are just a few of the reasons why we're confident we will continue to grow CMS.

此外，我们能够把这些新解决方案接入现有基础设施，为 Visa 带来了成本、规模、安全性、覆盖面和能力等关键优势。例如，Visa Direct 直接将现有的消费者借记卡作为资金流动端点；VCS 则充分利用我们庞大的本地与跨境消费支付受理网络。这些都是我们有信心持续扩大 CMS 业务的原因之一。

Now, let's take a deeper look at the \$200 trillion opportunity. If we break down the CMS opportunity, there are \$55 trillion of money-movement flows, which includes consumer flows such as peer-to-peer and me-to-me, business-to-consumer payouts, and government-to-consumer flows, and \$145 trillion of B2B flows. We are pursuing the \$55 trillion in money-movement flows with our Visa Direct capabilities.

接下来，让我们深入了解这 200 万亿美元的机会。若将 CMS 细分，其中 55 万亿美元属于资金流动，包括点对点、个人内部转账、企业向个人付款以及政府向个人付款；145 万亿美元属于 B2B 流。针对这 55 万亿美元的资金流，我们依托 Visa Direct 能力进行布局。

Today, many of these flows, especially cross-border, are challenging for both the sender and the receiver: slow, expensive and not digitally native. Visa Direct is powering the modernization of these flows to faster, sleeker and easier payments by putting the power of money movement in our clients' hands.

目前，其中许多资金流——尤其是跨境流——对付款方和收款方而言都较为棘手：耗时长、成本高、缺乏数字化。Visa Direct 把资金移动的主导权交到客户手中，将这些资金流升级为更快、更顺畅、更便捷的支付方式。

The remainder of the \$200 trillion opportunity, \$145 trillion, is in B2B flows. Within the \$145 trillion of B2B flows, we're actively pursuing \$60 trillion with our existing product suite and targeted strategy.

这 200 万亿美元机会中余下的 145 万亿美元来自 B2B 流。在这 145 万亿美元里，我们正凭借现有产品组合和针对性策略积极争取其中 60 万亿美元的份额。

We're going after \$25 trillion of mostly cross-border flows with our Visa Direct platform. These flows could be, for example, a small online retailer looking to make payments to suppliers abroad, or a large corporate receiving royalty payments from their franchises around the world. Visa Direct, inclusive of our Currencycloud and Visa B2B Connect assets, is well suited to address these needs.

其中，约 25 万亿美元为主要跨境流，我们通过 Visa Direct 平台加以把握。这些流量可能是小型线上零售商向海外供应商付款，或大型企业从全球特许经营商收取特许权费用。整合 Currencycloud 和 Visa B2B Connect 资产后，Visa Direct 能够很好地满足这些需求。

We are actively pursuing an additional \$35 trillion in B2B flows with our Visa Commercial Solutions card and virtual payments capabilities. This \$35 trillion is a mix of both domestic and cross-border payments. For example, this may be a small business owner using a commercial card to purchase goods from a domestic supplier, or it may be an employee of a large corporation using their corporate card to pay for meals while abroad on business travel or to pay a supplier.

我们还利用 Visa Commercial Solutions 的实体卡和虚拟支付能力，积极开拓另外 35 万亿美元的 B2B 流，其中既有本地支付，也有跨境支付。例如，小企业主用商用卡向国内供应商购货；又如，大型企业员工出差海外用公司卡支付餐费或向供应商付款。

These flows have been and will continue to be a key focus area for us for two primary reasons. First, we believe these \$35 trillion represent 80% of the transaction-related revenue pools within the B2B opportunity. Second, while we have been in this space for many years, starting with our corporate T\&E and small business portfolios, this segment of B2B payments is ripe for change.

我们之所以将这些资金流作为重点，有两大原因：第一，这 35 万亿美元占 B2B 交易相关收入池的 80%；第二，虽然我们早在企业差旅和小微商户领域深耕多年，但该领域的 B2B 支付正处于变革风口。

Business users are now used to frictionless experiences in their consumer lives, yet still need to navigate a B2B payments landscape full of manual work. But not for long.

如今，企业用户在个人生活中已习惯无摩擦体验，却仍要面对大量人工流程的 B2B 支付环境。但这种状况即将改变。

We are seeing what we call the consumerization and digitization of B2B payments all around the world. This macro trend is transforming B2B payments, and GenAI will only accelerate the pace of change. For instance, in calendar 2024, 35% of enterprise fintech VC funding was in B2B payments digitization. The near future is simpler, smarter, more automated, yet highly configurable accounts receivable and accounts payable.

全球正出现 B2B 支付的“消费化”和数字化趋势。这一宏观潮流正在重塑 B2B 支付，而生成式 AI 将加速变革。例如，2024 年企业金融科技 VC 投资中有 35% 流向 B2B 支付数字化。未来的应收应付将更简洁、更智能、更自动化，同时保持高度可配置。

Visa's increasingly flexible, embeddable, digitally-native card and virtual payment capabilities are helping to drive that consumerization of B2B payments. The inroads we've made in capturing a portion of the \$60 trillion in B2B flows illustrate the success of our continued investment in both innovation, such as virtual payments and acquisitions, such as Currencycloud.

Visa 日益灵活、易于集成、原生数字化的实体卡和虚拟支付能力，正在推动 B2B 支付的消费化。我们已经成功撬动 60万亿美元 B2B 流的一部分，印证了我们在虚拟支付等创新和 Currencycloud 等收购上的持续投入所取得的成效。

The remaining \$85 trillion of accounts payable and receivable flows is more of an R\&D opportunity for us, where, over time, we believe we will continue to increase the salience of our solutions for a growing portion of these flows. For the remainder of my time with you, we'll walk through the specific strategies we're executing and how they come to life.

剩余的 85 万亿美元应收应付资金流更多属于我们的研发机会。我们相信，随着时间推移，Visa 解决方案在这部分资金流中的重要性将不断提升。接下来，我将向各位详细介绍我们正在执行的具体策略及其落地方式。

Let's start with Visa Direct. I think it's helpful to begin what Visa Direct is and how it has evolved. We have built the world's leading money movement platform in Visa Direct through years of product innovation and targeted acquisitions. Visa Direct began with cards. We took our existing Visa network and reversed it, allowing users to receive money to their bank accounts via their debit card as an endpoint. But we didn't stop at cards. We expanded our Network of networks by adding connectivity to accounts through our Earthport acquisition. And then, through further innovation, we added digital wallets.

让我们从 Visa Direct 说起。我认为先介绍一下 Visa Direct 的定义及其演进历程会很有帮助。通过多年的产品创新和定向收购，我们在 Visa Direct 中构建了全球领先的资金流动平台。Visa Direct 最初从卡片端点起步：我们将既有的 Visa 网络“反向”使用，让用户能通过借记卡端点把资金直接汇入银行账户。但我们并未止步于卡片，而是通过收购 Earthport 将网络扩展到银行账户；随后又继续创新，把数字钱包纳入版图。

And we have continued to strengthen our position in the money movement space through additional assets we've acquired and built, like Currencycloud, YellowPepper, Visa B2B Connect, our homegrown solution, which is uniquely suited for large, complex cross-border B2B transactions.

此后，我们通过收购和自研进一步夯实在资金流动领域的领先地位，例如并入 Currencycloud、YellowPepper，以及专为大型复杂跨境 B2B 交易打造的自有方案 Visa B2B Connect。

We've combined our expertise, products and technology into a single, ever stronger Visa Direct value proposition that offers the key capabilities our clients need to collect or receive funds. To hold these funds, for instance, in a virtual wallet or bank account in a foreign currency, to convert funds into other currencies, and to send or disburse funds to over 11 billion endpoints in over 195 countries and territories and over 150 currencies.

我们将专业能力、产品与技术融合为不断强大的 Visa Direct 价值主张，向客户提供收款与付款所需的关键能力：可将资金存入虚拟钱包或外币账户，可进行多币种兑换，并能向遍布 195 个国家和地区、逾 150 种货币的 110 亿+ 端点汇款与分发。

We offer these capabilities across an expanding range of use cases. Visa Direct now supports over 65 use cases across all types of payment flows. Regardless of how clients want to move money, we can help enable that payment flow. We started with P2P and have quickly expanded to gig economy payouts, so a driver for a ride-hailing service can get what she earned for the day; to earned wage access and tipping payouts; and to B2C payouts such as insurance to make sure your insurance claim payouts are in your bank account as soon as possible; and with governments and NGOs to deliver benefits quickly and digitally, both domestically and overseas, and many, many more. We will continue to strengthen and enhance our network so that we remain a differentiated player.

这些能力覆盖的应用场景不断扩展。Visa Direct 现已支持 65 + 种用例，涵盖各类支付流。无论客户想如何移动资金，我们都能赋能：从最初的 P2P，到快速拓展的零工经济发薪，让网约车司机当日收入秒到；到预支工资、打赏结算；再到保险理赔等 B2C 付款，确保理赔金尽快入账；甚至协助政府与 NGO 在国内外高效数字化发放补助，等等。我们将继续强化网络，保持差异化优势。

Now, let's get into our strategy. Our Visa Direct strategy has three components: growing our domestic business by continuing to strengthen our core P2P use case and penetrating new use cases; growing our cross-border flows through enhanced network capabilities; and deepening relationships with existing Visa Direct clients by selling additional use cases, corridors and services. Let's start with growing our domestic business.

接下来谈战略。Visa Direct 的策略分三部分：其一，通过巩固核心 P2P 用例并渗透新场景来扩大本地业务；其二，借助强化的网络能力提升跨境资金流；其三，通过新增用例、走廊和服务深化与现有客户的合作。先说本地业务增长。

Domestic use cases make up the majority of our transactions, and they have grown at an annualized rate of over 40% over the last five years. We will continue to grow domestically through product innovation in existing use cases and unlocking new use cases. As I mentioned, our first use case was domestic P2P. And today, we work with over 300 partners globally, where we help consumers move money in and out of digital wallets.

本地用例占我们交易的大头，过去五年年复合增速超 40%。我们将持续通过现有场景的产品创新和新场景开拓来推动本地增长。正如此前所述，我们的第一个用例是本地 P2P，如今已与全球 300 + 合作伙伴携手，帮助消费者在数字钱包之间收付资金。

Our digital wallet partners include Cash App, PayPal, Apple and, more recently, X Money. Outside of North America, we work with clients like Vipps MobilePay in the Nordics and Kash in Latin America. In me-to-me, which is when you move money among your own accounts, we enable instant account funding for partners such as Chime, Robinhood and Dave.

合作钱包涵盖 Cash App、PayPal、Apple 以及最新的 X Money。北美以外，我们与北欧 Vipps MobilePay、拉美 Kash 等客户合作。在个人内部转账（me-to-me）方面，我们为 Chime、Robinhood、Dave 等伙伴提供即时入账能力。

We've continued to improve the end user experience with capabilities, including aliasing, such as Visa+ with PayPal and Venmo and interoperability between Yape and PLIN, the two largest P2P apps in Peru, or to Tap2P2P, allowing P2P users to tap each other's mobile phones to pay friends and family, which we're piloting with Samsung.

我们还通过诸多功能改进终端体验，例如：与 PayPal、Venmo 合作的 Visa+ 别名转账；秘鲁两大 P2P 应用 Yape 与 PLIN 的互联互通；以及与三星试点的 Tap2P2P，允许用户轻触彼此手机向亲友转账。

Beyond P2P and me-to-me with digital wallets and neobanks, we are seeing strong domestic growth with other use cases such as earned wage access, gig economy payouts and merchant settlement. Our strong growth in these use cases is possible due to many, many partners such as DailyPay, Lyft and Stripe. And we continue to unlock new use cases such as faster refunds for merchants and marketplace payouts.

除数字钱包及新兴银行的 P2P 与 me-to-me 外，预支工资、零工发薪、商户结算等场景也在国内实现高速增长，这得益于 DailyPay、Lyft、Stripe 等众多合作伙伴的支持。我们还在解锁更快商户退款、平台商家分账等新用例。

Our Visa Direct capabilities are also well-positioned to serve governments. For example, using Visa Direct, we helped a government in Latin America quickly reach nearly 3 million residents with pandemic relief aid. In sum, we continue to see significant and attractive opportunities to expand and diversify our Visa Direct domestic payments volume.

Visa Direct 同样适用于政府服务。例如，我们曾协助拉美某国政府，通过 Visa Direct 快速向近 300 万居民发放疫情救助金。总而言之，我们在扩大并多元化 Visa Direct 本地支付量方面仍有大量诱人机会。

The second part of our Visa Direct strategy is to substantially increase penetration of cross-border flows. Just as Jack spoke about all that Visa brings to cross-border Consumer Payments, there is a great opportunity for us to bring our capabilities to cross-border transactions in CMS and earn higher yields.

Visa Direct 战略的第二个重点是大幅提升跨境资金流的渗透率。正如 Jack 刚才谈到 Visa 在跨境消费者支付中的优势，我们同样有机会将这些能力延伸至 CMS 的跨境交易，从而获得更高收益。

We have the assets and our comprehensive Visa Direct platform to be a differentiated player in cross-border flows, providing services across a full spectrum of consumers, small businesses and large corporates. And we have partnered with our clients to grow cross-border Visa Direct transactions at an annualized rate of more than 50% over the past five years. Our Visa Direct platform serves individual senders and recipients in P2P and B2C cross-border flows.

凭借扎实的资产基础和完备的 Visa Direct 平台，我们在跨境资金流领域形成了差异化优势，可为消费者、小微企业及大型企业提供全方位服务。过去五年里，我们携手客户将跨境 Visa Direct 交易量实现年复合 50% 以上的增长。Visa Direct 平台已覆盖跨境 P2P 与 B2C 资金流中的个人付款人与收款人。

In P2P flows, which is our largest cross-border use case today, we partner with major remitters such as MoneyGram, Western Union, Remitly and Xoom, a PayPal service. We also work with banks to provide remittances for their customers, including OCBC in Singapore, Banco Pichincha in Ecuador, Taishin Bank in Taiwan, and CIBC in Canada. We are growing directly, with total Visa Direct cross-border P2P transactions growing over 80% in the last fiscal year.

在目前最大的跨境用例——P2P 资金流方面，我们与 MoneyGram、Western Union、Remitly 以及 PayPal 旗下 Xoom 等大型汇款机构合作。同时，我们还携手多家银行为其客户提供汇款服务，包括新加坡华侨银行、厄瓜多尔 Pichincha 银行、台湾台新银行以及加拿大 CIBC。上个财年，跨境 P2P 的 Visa Direct 总交易量同比增长逾 80%。

In cross-border B2C flows, we have many partners, including Hyperwallet, a PayPal service, who uses Visa Direct to process disbursements on behalf of their corporate clients for cross-border use cases such as gig economy payouts and insurance claim payouts. Another partner, Global Blue, the tax-free shopping pioneer, uses Visa Direct to distribute real-time refunds to shoppers at the airport before they return home. And because they use Visa Direct, Global Blue offers this service to travelers from over 180 countries.

在跨境 B2C 资金流方面，我们拥有众多合作伙伴。例如，PayPal 旗下 Hyperwallet 借助 Visa Direct 为企业客户处理跨境款项，如零工经济发薪与保险理赔；免税购物先驱 Global Blue 通过 Visa Direct 为旅客在机场实时退税，服务覆盖 180 多个国家的游客。

In cross-border B2B, our Visa Direct capabilities, enhanced by our Currencycloud acquisition, dramatically simplify and improve B2B flows. Let's start with serving small businesses. Aspire, an all-in-one financial platform for small businesses in Singapore, recognize that small and midsized businesses struggle with cross-border payments that are often opaque, time-consuming and costly. Visa Direct's multi-currency digital wallet, powered by Currencycloud, enables Aspire's business customers to seamlessly receive payments, hold funds in multiple currencies, convert money at real-time FX rates, and pay out in their preferred currency, essentially allowing them to operate like a local business in a cross-border transaction. We have also worked with financial technology companies like Payoneer and Tide to offer cross-border payment solutions for their small and midsized corporate clients.

在跨境 B2B 领域，借助收购 Currencycloud 带来的增强能力，Visa Direct 显著简化并优化了 B2B 资金流。先看小微企业场景：新加坡一站式金融平台 Aspire 发现中小企业在跨境支付中面临不透明、耗时且费用高昂的问题。整合 Currencycloud 技术的 Visa Direct 多币种数字钱包，让 Aspire 的客户可无缝收款、持有多种货币、按实时汇率兑换并以所选货币付款，使其在跨境交易中如同本地企业般运作。我们还与 Payoneer、Tide 等金融科技公司合作，为其中小企业客户提供跨境支付方案。

Staying in cross-border B2B, Visa B2B Connect is our other key solution on the Visa Direct platform, primarily aimed at serving corporate senders and receivers. Visa B2B Connect is an innovative multilateral network that enables global transactions to be sent directly between financial institutions. This means businesses are able to have real-time visibility and expedited payment processing and robust monitoring capabilities for their B2B transactions. And this resonates with our clients, from CB International Bank in Puerto Rico to CiBanco in Mexico, to Bank Muamalat in Malaysia, clients are finding that Visa B2B Connect enables them to send and receive cross-border B2B payments with minimal additional development work.

继续聚焦跨境 B2B，Visa B2B Connect 是 Visa Direct 平台的另一关键解决方案，主要面向企业级付款方与收款方。Visa B2B Connect 是一张创新的多边网络，支持全球金融机构直接互发交易，使企业能够实时掌握交易进度，加快支付处理，并获得强大的监控能力。从波多黎各 CB International Bank、墨西哥 CiBanco，到马来西亚 Muamalat 银行，众多客户都认可：借助 Visa B2B Connect，他们几乎无需额外开发即可轻松收付跨境 B2B 款项。

Let's move on to the final piece of our Visa Direct strategy, deepening our relationships with our clients by selling additional use cases, corridors and services. What we've found is that after we go live with a client, whatever the original use case or corridors, we can continue to work closely together to expand our mutual business. We enable our clients to use more of the Visa Direct platform by adding use cases and corridors to better serve their existing customers or acquire new ones.

下面让我们谈谈 Visa Direct 战略的最后一环：通过新增用例、走廊和服务深化与客户的合作关系。我们的经验表明，项目上线后，无论最初的用例或走廊是什么，我们都能继续紧密协作，扩大双方业务规模。我们通过叠加新用例和走廊，帮助客户更好地服务现有客户或开拓新客户，从而充分利用 Visa Direct 平台。

I said a few minutes ago that we are still in the very early days of Visa Direct. Our success growing and deepening with our clients will give you a sense for what I mean by that. Let me give you three examples.

我几分钟前提到，Visa Direct 仍处于早期阶段。我们与客户共同成长、持续深化合作的成功案例可以说明这一点。下面分享三个例子。

Paysend is a global digital payment network that serves over 10 million customers directly and allows enterprises to connect to their network and send to billions of endpoints. In 2022, Paysend launched their cross-border service with Visa Direct from the UK and US to over 100 countries and territories. Then, we partnered with Paysend to improve their end user value proposition while providing their customers with real-time currency conversion, multi-currency wallets and business disbursements, all part of Visa Direct, powered by Currencycloud. These new capabilities drove meaningful incremental growth in our mutual business. Then, in 2024, Paysend dramatically expanded corridors with us, enabling not just US and UK customers, but all of Paysend customers across the globe to send money in real-time to eligible Visa cards across more than 170 countries and territories.

Paysend 是一家全球数字支付网络，直接服务逾 1,000 万客户，并允许企业接入其网络向数十亿端点汇款。2022 年，Paysend 通过 Visa Direct 在英美两国开通跨境服务，覆盖 100 多个国家和地区。随后，我们与 Paysend 合作，在 Currencycloud 技术支持下，为其客户提供实时汇率转换、多币种钱包和商务付款，提升终端价值主张，带动双方业务显著增长。2024 年，Paysend 大幅扩展与我们的走廊，使全球所有 Paysend 用户均可实时向 170 多个国家和地区的 Visa 卡汇款。

CIBC is another great example. CIBC started as a client of our pay to account capabilities. Then, in 2021, CIBC added Visa Direct to card. In 2022, we expanded our mutual business with remittances for CIBC's digital bank, Simplii. Then, in 2024, CIBC used Visa Direct so that their customers could send money to digital wallets in key remittance destinations, including the Philippines, China and Bangladesh.

加拿大帝国商业银行（CIBC）也是一个成功案例。CIBC 最初使用我们的 pay-to-account 功能；2021 年加入 Visa Direct push-to-card；2022 年我们在其数字银行 Simplii 中扩展汇款业务；2024 年，CIBC 通过 Visa Direct 使客户可以向菲律宾、中国、孟加拉等主要汇款目的地的数字钱包汇款。

A third example is our growth of Western Union. We originally signed a deal with Western Union to enable a select number of Visa Direct card routes. Over time, we have added Visa Direct account corridors in such key markets as Mexico, Turkey and India. This was the result of close collaboration with Western Union. This collaboration has unlocked an additional 20 new card corridors and 23 push to account markets. These are just a few of the many examples of how we work with our clients to grow and expand our mutual business with Visa Direct. So that's the Visa Direct strategy.

第三个例子是我们与西联的合作扩张。最初，我们与西联签约开通部分 Visa Direct 卡走廊；此后又在墨西哥、土耳其、印度等关键市场新增 Visa Direct 账户走廊。通过与西联的紧密合作，我们又解锁了 20 条新卡走廊和 23 个账户走廊。这只是我们与客户通过 Visa Direct 拓展业务的众多案例之一。以上便是 Visa Direct 的战略。

Now, let's move to VCS. In Visa Commercial Solutions, our strategy is focused on driving deeper penetration of our card and virtual payments in the \$35 trillion opportunity. We will do this by: one, converting small and medium business spend to our solutions, riding the B2B payments consumerization and digitization wave; two, scaling our existing large and middle market use cases to more countries, corporates and partners; third, delivering product innovation and network flexibility that solves long-standing buyer and supplier pain points, driving more B2B spend to cards and virtual payments, and enabling new and emerging B2B verticals; and finally, unlocking new commercial card acceptance with suppliers.

接下来谈 VCS。在 Visa Commercial Solutions 中，我们的策略是抓住 35 万亿美元机会，深入渗透卡片与虚拟支付。具体做法：第一，顺应 B2B 支付消费化、数字化浪潮，将中小企业支出转化至我们方案；第二，将现有大中型市场用例扩展到更多国家、企业与合作伙伴；第三，通过产品创新和网络灵活性解决买卖双方长期痛点，把更多 B2B 支出引向卡片与虚拟支付，并赋能新兴 B2B 垂直领域；最后，与供应商合作拓展新的商用卡受理场景。

A key priority in VCS is to grow our small and medium business portfolio by both driving issuance and acceptance with our existing SMB issuers and acquirers and by partnering in more markets. Small and medium businesses have distinct needs, establishing or expanding their customer base, securing working capital for initial start-up and ongoing operations, efficiently managing their expenses and cash flow to ensure business sustainability.

VCS 的一大重点是通过提升现有中小企业发卡行与收单行的发卡和受理量，并在更多市场开展合作，扩大我们的中小企业业务。中小企业面临独特需求：建立或扩展客户基础、获取启动和运营所需的营运资金，并高效管理支出与现金流，以确保业务可持续发展。

Commercial cards are a great solution for these needs. However, today, only a relatively small fraction of SMBs use commercial cards for their B2B spend. Many small businesses today use their personal bank account or personal cards for B2B spend. We have identified over 65 million potential small businesses in our issuers' consumer portfolios, who could benefit from a small business card's access to business credit and additional capabilities like virtual payments. And in many markets, while small businesses have business banking accounts, many lack any associated debit or credit product.

商用卡是解决这些需求的理想工具，但目前仅有相对较少的中小企业在 B2B 支出中使用商用卡。许多小企业仍以个人银行账户或个人卡进行 B2B 交易。我们在发卡机构的消费客户库中识别出逾 6,500 万潜在小企业，如果获得小企业卡提供的商业信用和虚拟支付等功能，将大有裨益。同时，在许多市场，即便小企业拥有对公账户，也普遍缺少配套的借记或信用产品。

So how do we get more SMB products into the hands of SMBs? First, we're working closely with our issuing clients to activate and increase spend on existing SMB portfolios, shifting spend from cash, check and ACH to card. This can be through deploying products such as our recently launched SMB Supplier Match portal that helps businesses find card-accepting suppliers, or our virtual card capabilities that enable invoice-based spend.

那么，我们如何让更多针对中小企业的产品真正落到中小企业手中？首先，我们与发卡客户紧密合作，激活并提升他们现有中小企业卡组合的使用量，将现金、支票和 ACH 支出转移到卡片支付。这可以通过推广新近推出的“中小企业供应商匹配”门户（帮助企业寻找支持刷卡的供应商），或通过我们的虚拟卡功能（为发票类支出提供解决方案）来实现。

We also help our clients grow with Visa's advisory team and our VCS specialists, who work together to address the challenges issuers face in growing their SMB spend. For example, in Europe, we launched a sales campaign to accelerate SMB payment growth that leveraged our Paris 2024 Olympic and Paralympic assets. Visa trained our clients' sales forces, leading to a 14% uplift in spend by SMBs. In CEMEA, we embedded resources with our issuers to help our issuers reach and onboard their non-carded business customers to Visa products, driving a 62% increase in year-over-year spend at one issuer.

此外，我们还通过 Visa 咨询团队与 VCS 专家携手，帮助客户解决提升中小企业卡支出时面临的挑战。例如，在欧洲，我们借助 2024 年巴黎奥运会与残奥会赞助资产开展销售活动，加速中小企业支付增长；Visa 对客户销售团队进行培训，使中小企业支出提升了 14%。在 CEMEA 地区，我们向发卡机构派驻资源，协助其将未持卡的企业客户转化为 Visa 产品用户，使某家机构的年同比支出增长 62%。

Secondly, we are bringing more cards to more markets by enabling our partners across the world. We've focused our efforts in several of our key markets, including the UAE, France, Turkey, Taiwan and Spain, and we are seeing exciting results. We are working with fintechs globally to reach more issuers and untapped SMBs.

第二，我们通过赋能全球合作伙伴，将更多商用卡带入更多市场。我们在阿联酋、法国、土耳其、台湾和西班牙等重点市场投入资源，并取得了令人鼓舞的成果。我们正与全球金融科技公司合作，触达更多发卡行以及尚未服务到的中小企业。

We want to make sure that any innovative company that provides services to small business can offer their customers Visa products backed by Visa issuers. For example, in Brazil, we're partnering with Celero, who is helping SMBs through a combination of payments and financial management; in the Nordics with Mynt, who integrates Visa virtual cards and spend management; in Germany, with Pliant, who is bringing Visa SMB debit and credit to large institutions across Europe; and in Indonesia, with Paper.id, who is helping more SMBs access working capital through their Visa product and invoice payment capabilities. By helping our partners enter and grow in the SMB space, we have seen very strong growth across the globe, with credentials more than doubling outside the US over the last five years.

我们希望确保任何面向小企业提供创新服务的公司都能为其客户提供由 Visa 发卡机构支持的 Visa 产品。例如：在巴西，我们与 Celero 合作，通过支付与财务管理结合来帮助中小企业；在北欧，我们与 Mynt 合作，将 Visa 虚拟卡与支出管理集成；在德国，我们与 Pliant 合作，将 Visa 中小企业借记卡和信用卡推广至欧洲各大机构；在印尼，我们与 Paper.id 合作，利用其 Visa 产品和发票支付功能，帮助更多中小企业获得营运资金。通过帮助合作伙伴进入并扩展中小企业市场，我们在全球实现了强劲增长，过去五年美国以外的发卡量增长超过一倍。

Now, moving on to our large and middle market, or LMM segment. Historically, this segment has been driven by corporate T\&E and purchasing cards. There is continued runway for growth here and we're focused on winning large deals across key clients like we've recently done with Citibank, Lloyds, Standard Chartered and Cornèr Bank. However, for a lot of corporate buyer-supplier LMM flows, customer challenges are vertical-specific. Let's talk about a few of our priority verticals.

接下来谈谈我们的大型与中型市场（LMM）客户。过去，该细分市场主要依靠企业差旅卡及采购卡带动增长，未来仍有很大成长空间。我们正专注于与花旗、劳合社、渣打、科纳银行等关键客户签订大型合作。而在众多企业买卖双方的 LMM 资金流中，客户痛点往往具有行业特性。下面介绍几个重点垂直领域。

In B2B travel, we've grown our payments volume nearly tenfold since 2021. We offer a holistic issuing and acquiring platform capability, allowing our clients to better service the liquidity and working capital needs of online travel agencies. We've achieved this growth through the value we bring to clients with our carded solutions such as Adyen, with whom we recently signed a B2B issuing travel deal with.

在 B2B 旅行领域，自 2021 年以来我们的支付量增长近十倍。我们提供一体化的发卡与收单平台，帮助客户更好地满足在线旅行社对流动性和营运资金的需求。近期我们与 Adyen 签署 B2B 旅行发卡合作就是凭借此类卡方案为客户创造价值并实现增长的实例。

Fleet and fuel is another vertical where we're delivering great value for our clients. Fleet clients have unique needs, such as wanting to be able to track vehicle numbers and mileage when drivers pay for gas using a fleet card. This has traditionally been solved with a closed loop limited functionality card. Our Fleet 2.0 solution offers fleet managers the data benefits of closed loop while also providing key Visa enhancements such as chip cards, digital wallet provisioning, and contactless payments. And unlike a close looped fuel card, our global open loop acceptance enables fleet drivers to spend on fuel as well as employee mobility and general business spend, consolidating spend and spend management.

车队及燃料行业是我们为客户创造价值的又一垂直领域。车队客户有独特需求，例如要求在司机使用车队卡加油时记录车牌号和里程。过去通常通过功能受限的封闭式卡片来解决。我们的 “Fleet 2.0” 方案不仅保留了封闭式卡片的数据优势，还提供芯片卡、数字钱包开卡、非接支付等 Visa 关键升级功能。与传统封闭式油卡不同，我们的全球开放式受理网络既可用于加油，也支持员工出行和一般商务支出，实现支出汇总与管理。

Beginning in early 2025, Standard Bank South Africa will introduce Fleet 2.0, replacing approximately 220,000 legacy cards and transitioning customers from a closed loop to Visa's open-loop system. This next-generation fleet card will enable increased spending, including cross-border transactions, while enhancing security with advanced fraud protection measures.

自 2025 年初起，南非标准银行将推出 Fleet 2.0，替换约 22 万张旧版车队卡，并将客户从封闭式系统迁移至 Visa 的开放式网络。新一代车队卡将支持更高支出额度（包括跨境交易），同时借助先进的防欺诈措施提升安全性。

We also partner with fleet platform providers for distribution like Coast, who provides fleet cards and expense management solutions. We're excited about partnering to move more of the \$1.4 trillion of global fleet and fuel volume on to a Visa credential.

我们也与 Coast 等车队平台提供商合作发行，Coast 提供车队卡及费用管理解决方案。通过合作，我们期待将全球 1.4 万亿美元的车队及燃料支出更多转移到 Visa 凭证上。

And in government, we partner with clients to deliver solutions like Visa IntelliLink Compliance Manager that supports seamless and secure payments for government procurement. Together with our clients, we serve governments around the world, ranging from 40 of 50 states in the US, to the UK, to Singapore and Australia.

在政府领域，我们与客户合作推出 Visa IntelliLink Compliance Manager 等解决方案，为政府采购提供无缝安全的支付支持。联合客户，我们已服务于全球多地政府——从美国 50 个州中的 40 个州，到英国、新加坡及澳大利亚。

These are just some examples. There are many more verticals like healthcare and employee benefits, where our cards provide enormous value to corporates.

以上仅为部分案例。在医疗健康、员工福利等更多垂直领域，Visa 商用卡同样为企业创造巨大价值。

The third part of our strategy is to deliver product innovation and network flexibility to reach underpenetrated spend. We've invested considerably in our virtual payment suite and Value-Added Services to address pain points in accounts payable and accounts receivable cycles.

战略第三步是通过产品创新和网络灵活性触达渗透不足的支出领域。我们已大量投资于虚拟支付套件和增值服务，以解决应付与应收账款流程中的痛点。

First, we have been developing a set of features to help consumerize and digitize the B2B experience for any business in any industry shifting more spend to Visa virtual payments. For example, Visa Commercial Pay is an app that allows a corporate to issue cards, including into digital wallets, and set limits and controls so buyers can intuitively manage their employee spend.

首先，我们开发了一系列功能，帮助各行业企业将更多支出转向 Visa 虚拟支付，实现 B2B 体验的消费化与数字化。例如，Visa Commercial Pay 应用可让企业发行实体或数字钱包卡片，并设置额度与控制，使采购方直观管理员工支出。

For Lloyds, we brought together corporate, purchasing and virtual cards within Visa Commercial Pay to enable their corporate integrated payment suite. Another example is Visa Spend Clarity for Enterprise that allows the CFO suite to manage and control spend at the program and the cardholder level, based on important investments that we've made in delivering accurate, actionable data.

在劳合社项目中，我们将公司卡、采购卡与虚拟卡整合进 Visa Commercial Pay，构建了一体化企业支付套件。再如 Visa Spend Clarity for Enterprise，借助我们在精准可用数据上的重要投入，使 CFO 团队能够在项目和持卡人层面管理并控制支出。

Our commercial enhanced data program ensures that commercial transactions carry the enriched data necessary to automate expenses or scan for misuse. Our VCS Hub, in pilot phase now and launching broadly later this year, will reduce the administrative burden of B2B payments for both our clients and their end users. The VCS Hub is a centralized platform that gives our clients access and visibility to all their Visa Commercial products, payments and real-time insights in one place, while doing likewise for their business and corporate clients.

我们的商用增强数据计划确保商业交易携带自动报销或滥用扫描所需的丰富数据。正在试点、今年晚些时候全面上线的 VCS Hub 将减轻客户及其终端用户在 B2B 支付中的管理负担。VCS Hub 作为集中平台，让客户在单一界面访问并洞察其所有 Visa 商用产品、支付及实时数据，同时亦惠及其商户与企业客户。

And our embedded finance integrations make it possible for businesses to make virtual payments directly in their ERP and software platforms where they manage their business. For example, we recently signed a deal with Taulia to embed Visa and SAP's applications.

我们的嵌入式金融集成，让企业能在自身 ERP 与业务软件内直接执行虚拟支付。例如，近期我们与 Taulia 签署协议，将 Visa 与 SAP 的应用深度嵌入。

Second, we are unlocking new B2B verticals which haven't yet adopted card or virtual payments at scale, but have unmet needs that we are uniquely positioned to address if we deploy our VCS capabilities in a more configurable way, including, but not limited to, configurable economics. Our priority verticals represent \$11 trillion of payments volume opportunity.

其次，我们正在开拓尚未大规模采用卡片或虚拟支付、但存在未满足需求的 B2B 新垂直领域。通过更灵活配置 VCS 能力（包括可定制经济模型等），Visa 有独特优势满足这些需求。我们的优先垂直领域含 11 万亿美元支付量机遇。

For example, we built an agriculture product in Latin America, anchored around the seasonal working capital needs of small farmers. The payments volume on this product has grown 55% in the last year. In supply chain, we're launching a solution with Kob in Brazil to maximize payments and working capital efficiency in B2B using our Visa network to streamline and digitize sales from large and medium companies to their business buyers, reducing risk and optimizing the entire sales and supply chain.

例如，我们在拉美推出一款面向农业的小农户产品，围绕其季节性营运资金需求设计，过去一年交易量增长 55%。而在供应链领域，我们与巴西 Kob 合作推出解决方案，利用 Visa 网络提升 B2B 付款与营运资金效率，帮助大中型企业向商业买家进行数字化销售，降低风险并优化整体销售及供应链。

In import/export, we recently went live with a platform that enables overseas buyers to pay South Korean exporters using their Visa cards at custom rates. Up until now, these buyers and suppliers were using international wires. Our Visa solution gives buyers and suppliers a far better experience and better economics.

在进出口领域，我们最近上线了一套平台，让海外买家可以按照定制汇率，用 Visa 卡向韩国出口商付款。此前，这些买卖双方一直通过国际电汇结算。Visa 解决方案为买家和供应商带来了更优的体验和更高的经济效益。

These are a few examples, but the key insight is that Visa commercial cards and virtual payments offer so much value, security, working capital and a seamless payments experience domestically and cross-border. By making our capabilities more flexible and configurable for a growing list of B2B verticals, we are confident that we can continue to shift entire new categories of B2B spend to Visa.

以上只是少数案例。关键洞察在于：无论在本国还是跨境场景，Visa 商用卡与虚拟支付都能为企业提供巨大的价值、安全性、营运资金优势以及无缝支付体验。通过让我们的能力更加灵活、可配置，以适配不断扩大的 B2B 细分行业，我们有信心持续将全新的 B2B 支出类别转移到 Visa 网络上。

The final pillar of our VCS strategy is acceptance. Just as in Consumer Payments, there’s a virtuous cycle for VCS growth by driving issuance, acceptance and engagement. But unlike Consumer Payments, the B2B accounts receivable and accounts payable processes are complex. For example, a supplier may need to screen their buyers, record a purchase order and generate an invoice, among other activities in the order-to-cash cycle. In addition, the perceived cost of acceptance for the carded B2B flows has been a barrier for sellers.

VCS 战略的最后一大支柱是受理。正如在消费者支付领域那样，驱动发卡、受理和使用可形成 VCS 增长的良性循环。但不同于消费者支付，B2B 的应收应付流程相当复杂，例如在从下单到收款的流程中，供应商可能需要审查买家、记录采购订单并开具发票等。此外，供应商对卡类 B2B 流程的受理成本感知，也一直是制约其接受卡支付的障碍。

From an ROI perspective, however, Visa’s commercial card and virtual payments can create benefits that significantly outweigh incremental seller acceptance costs. Suppliers that accept card payments can trust that the card issuer has already screened and underwritten their buyers, reducing their administrative and debt-collection burden.

然而，从投资回报率角度看，Visa 商用卡与虚拟支付带来的收益远超新增的受理成本。接受卡支付的供应商可放心，发卡机构已对买家进行审核与授信，从而降低其行政与催收负担。

Taking buyers’ preferred payment methods, namely cards, also increases supplier sales and revenue. And by paying with Visa cards, buyers have increased spend capacity and built-in working-capital benefits which further allow them to spend more at suppliers. Likewise, the supplier reduces their days sales outstanding, improving the suppliers’ working capital.

采用买家偏好的支付方式——即刷卡——还能提升供应商的销售额和收入。买家使用 Visa 卡付款可获得更高的消费额度与内嵌的营运资金优势，进而在供应商处增加采购。同样，供应商的应收账款周转天数减少，营运资金状况得到改善。

In addition, we’re continuing to innovate to further strengthen the B2B acceptance value proposition. Two examples. First, our suite of Commercial Choice products allows our clients to provide unique and flexible interchange for buyer and supplier flows, making sure our card solution is priced competitively for the specific use case it is serving. For example, Citi has rolled out Commercial Choice in Hong Kong, enabling a unique buyer-and-supplier flow.

此外，我们不断创新，以进一步强化 B2B 受理的价值主张。举两个例子：其一，我们的 Commercial Choice 产品组合让客户可针对买卖双方的资金流提供灵活定制的手续费结构，确保 Visa 卡解决方案在特定用例中具有竞争力的定价。例如，花旗已在香港部署 Commercial Choice，实现独特的买卖双方资金流转。

Second, Visa Accounts Receivable Manager automates supplier reconciliation with the intake of a virtual payment. In other words, enabling straight-through processing on virtual card acceptance—a dramatically superior seller experience versus alternatives like ACH and wires.

其二，Visa Accounts Receivable Manager 通过接收虚拟支付自动完成供应商对账。换言之，在虚拟卡受理上实现了端到端直通处理，让卖方体验远优于 ACH、电汇等替代方式。

All of this adds up to a compelling case for card acceptance for B2B sellers, as shown in a recent third-party study conducted by Forrester, the market research group. Based on supplier interviews, Forrester quantified the total return on investment for card acceptance in North America could be 132% over a three-year period. According to the study, the merchant discount rate and personnel costs for card processing was 3.2%.

所有这些因素共同构成了 B2B 卖家接受卡支付的强有力理由。市场研究机构 Forrester 最近的一项第三方研究表明：基于对供应商的访谈，在北美地区接受卡支付三年内的总投资回报率可达 132%。研究显示，商户手续费率及卡处理相关人力成本合计为 3.2%。

Too often, the cost of acceptance is where the supplier conversations have stopped. But as the study demonstrates, incremental benefits more than outweigh those costs. One, a 20% improvement in the collection rates from buyers. That’s the equivalent of 3.9% on a \$10,000 transaction, more than enough on its own to offset the merchant discount rate. But there’s more; improved revenue yield by allowing buyers to pay with their preferred method, worth another 3.1%.

过去，讨论常常止步于受理成本。但研究表明，新增收益远超这些成本。首先，买家付款到账率提高 20%，以一笔 1 万美元交易为例，相当于增加 3.9% 的收益，足以抵消商户手续费率。更进一步，通过让买家使用其偏好方式付款，供应商的收入产出得到提升，额外收益达 3.1%。

Third, getting paid more quickly. On average, a two-thirds reduction in days sales outstanding for another 30 basis points of value to suppliers.

第三，回款速度更快。平均来看，应收账款周转天数减少三分之二，为供应商再带来约 30 个基点的价值。

And fourth, more efficient accounts receivable processes on cards once stood up worth another 10 basis points of value.

第四，一旦迁入卡支付体系，更高效的应收账款流程还能再为供应商带来 10 个基点的价值。

All told, suppliers could see a cost of 3.2% and benefits worth 7.4% of sales for a net benefit of 4.2% and a very compelling 132% ROI over three years. While these specific figures are for North America, we have commissioned similar studies in other regions, and they've all shown a clear net benefit of card acceptance.

综合来看，供应商会承担 3.2% 的成本，却能获得相当于销售额 7.4% 的收益，净收益 4.2%，三年期投资回报率高达 132%，极具吸引力。尽管这些具体数据来自北美，但我们在其他地区委托进行的类似研究也都显示出卡受理的明显净收益。

We are successfully converting this research into a value-based set play to the supplier CFO suite, and it is resonating. In the last year alone, we added nearly 30,000 new B2B suppliers as card acceptors and generated over \$150 billion in incremental payments volume from new B2B acceptance. We're in the very early days here, but I'm thrilled that we're adding very large suppliers across the world, such as Serena Energy in Brazil. So that is our VCS strategy.

我们已将这项研究成功转化为面向供应商 CFO 的价值型推广方案，并获得了积极反响。仅在过去一年，我们就新增近 30,000 家接受卡支付的 B2B 供应商，并由此带来逾 1,500 亿美元的新增支付量。虽然仍处于早期阶段，但我非常高兴看到包括巴西 Serena Energy 在内的全球大型供应商加入我们的网络。这就是我们的 VCS 战略。

The final important element of our CMS strategy across both Visa Direct and Visa Commercial Solutions is how we go to market with tight interlock between our CMS specialists and frontline market leaders around the world.

在 Visa Direct 与 Visa Commercial Solutions 共同组成的 CMS 战略中，最后一项关键要素是让 CMS 专家与全球一线市场领导者紧密协作、协同拓展市场。

Over the last few years, we have been moving very fast to mature our go-to-market as we build out CMS by leveraging Visa's unparalleled scale and client network. We have strong existing client relationships and a proven track record in our Consumer Payments business that is a great launching off point to discuss CMS.

过去几年里，我们借助 Visa 无与伦比的规模和客户网络，迅速完善了 CMS 的市场推广体系。我们与客户的合作关系深厚，在消费者支付业务中也拥有经过验证的成功记录，为发展 CMS 奠定了坚实基础。

Yet, winning share in these newer to Visa flows requires getting connected to the right buying center at the right clients on both sides of the network, understanding their needs and delivering the right solutions to those clients.

然而，要在对 Visa 而言较新的资金流中赢得份额，就必须在网络两端触达合适客户的正确采购中心，洞悉其需求，并提供契合的解决方案。

That's why we have CMS specialized sellers out in our regions and markets who are experts on the client needs in the segments we're serving and experts, of course, on CMS solutions.

因此，我们在各地区和市场配备了 CMS 专业销售人员，他们既深谙所服务细分市场客户需求，又精通 CMS 解决方案。

We have made enormous progress operating as a world-class B2B sales organization, serving our clients seamlessly across an increasingly broad set of CMS and VAS solutions in addition to our Consumer Payments capabilities. Today, we have a very tight interlock between our CMS specialized sellers and our frontline market leaders around the world.

我们已在打造世界级 B2B 销售组织方面取得巨大进展，除消费者支付能力外，还可通过日益广泛的 CMS 与增值服务组合，为客户提供无缝服务。如今，CMS 专业销售与全球各地一线市场领导者之间形成了高度协同。

From sales strategy, account planning, target setting, key account management, sales processes, pipeline management and tooling, training and enablement, to incentives, compensation structures, performance reporting, sales technology and deal management, we have driven CMS shared goals down below the region, below the sub-region into the markets and in the right places down to the client level, where our generalist seller and account executive and our in-market sales specialists have the same target for CMS. And with this sales engine working, we've been able to confidently invest in growing our CMS specialized sellers meaningfully over the last three years, driving the revenue growth we've shared with you today and playing a key role in continuing that growth going forward.

从销售战略、账户规划、目标设定、重点客户管理、销售流程、管线管理与工具、培训赋能，到激励机制、薪酬结构、绩效报告、销售技术与交易管理，我们将 CMS 的共同目标层层下沉至地区、分区、市场乃至客户层面，使通用销售、客户经理和本地销售专家在 CMS 上拥有相同目标。依托这一销售引擎，过去三年我们大幅扩充了 CMS 专业销售团队，推动了今日与各位分享的收入增长，并将在未来持续发挥关键作用。

In closing, I'd like to emphasize the following. We have delivered strong growth over time. We have differentiated assets that make us a world leader in commercial payments volume and money movement reach. The opportunity is enormous, and our growth strategy is clear, focused and working.

最后，我想强调几点：我们长期实现了强劲增长；我们拥有差异化资产，使我们在商用支付交易量和资金流动覆盖方面位居全球领先；机会巨大，而我们的增长战略清晰、专注且行之有效。

In Visa Direct, we will continue to expand our domestic business, grow cross-border flows and expand our business with existing clients. In commercial, we're focused on continuing to grow SMB, serve LMM, penetrate new use cases with tailored solutions, and drive commercial acceptance. Our go-to-market strategy is resonating across a large addressable market and client base.

在 Visa Direct 方面，我们将继续扩展本地业务、提升跨境资金流，并深化现有客户合作。在商用领域，我们将持续发展 SMB 业务，服务 LMM 客户，以定制化方案渗透新用例，并推动商用卡受理。我们的市场推广战略正在庞大的可服务市场和客户群中产生强烈共鸣。

Last, we believe that with further penetration of these flows, CMS can continue to be a significant driver of Visa’s revenue growth in the future.

最后，我们相信，随着这些资金流的进一步渗透，CMS 将持续成为 Visa 未来收入增长的重要引擎。

And now, I’d like to welcome my friend and colleague, Antony.

现在，请允许我邀请我的朋友兼同事 Antony 上台。

Antony Cahill

President, Value- Added Services, Visa, Inc.

Visa 增值服务总裁

Hello, everyone. I’m Antony Cahill, the President of Value-Added Services at Visa, and it’s great to join you today to discuss Value-Added Services, or VAS for short. During our last Investor Day, we committed to building out VAS to deepen relationships with our clients and generate additional revenue. I believe we have made great progress. And today, we now offer more than 200 solutions, covering a wide range of use cases for clients and partners across the world. We’ve also been expanding our reach and accelerating growth by unbundling Visa capabilities and selling them in new and different ways, in line with our Visa-as-a-Service strategy.

大家好！我是 Antony Cahill，Visa 增值服务（VAS）总裁。很高兴今天与大家探讨增值服务。上次投资者日，我们承诺要拓展 VAS，以加深客户关系并创造更多收入。我相信我们已取得重大进展。目前，我们提供 200 多项解决方案，覆盖全球客户和合作伙伴的广泛用例；同时，通过“Visa 即服务”战略，将 Visa 能力解耦并以全新方式销售，加速扩张和增长。

Today’s session will cover three main topics: firstly, how VAS has expanded and evolved over the past three years; secondly, why we believe VAS will continue to thrive and succeed in the future and thirdly, a deeper analysis of the solutions within VAS.

今天的分享将讨论三个主题：一是过去三年 VAS 如何扩张和演进；二是为何我们相信 VAS 未来仍将蓬勃发展；三是对 VAS 解决方案进行更深入的分析。

Let’s now turn to how VAS has expanded and evolved in recent years. Since 2021, VAS has consistently increased revenue, achieving a 20% annualized growth rate on a constant-dollar basis. VAS revenue has increased from around $5 billion in fiscal year 2021 to $8.8 billion in fiscal year 2024 and now represents 24% of Visa’s total net revenue, compared to 22% three years ago.

首先看 VAS 近年来的扩张与演进。自 2021 年以来，VAS 收入持续增长，在恒定汇率下年复合增速达 20%。VAS 收入从 2021 财年的约 50 亿美元增至 2024 财年的 88 亿美元，占 Visa 总净收入的比重由三年前的 22% 提升至 24%。

Over this period, we have also diversified our revenue within VAS. For example, last year, almost 60% of VAS revenue was generated outside the United States compared to 57% three years ago. In summary, we have made significant progress in VAS over the last three-plus years.

同期，我们也实现了 VAS 收入来源多元化。例如，上一财年 VAS 收入中近 60% 来自美国以外地区，而三年前该比例为 57%。总之，在过去三年多里，VAS 取得了显著进展。

I’ll now outline five key reasons why VAS is beneficial for Visa. VAS is a fast-growing business that offers significant future growth potential with more than $500 billion of revenue opportunity. Many of our solutions produce recurring revenue at attractive margins, helping to fuel this growth. Furthermore, many of our services support and strengthen Visa’s core products, resulting in higher payments volume and increased transaction yields. The nature and breadth of VAS solutions deepen client relationships and increase client retention. And finally, VAS is helping to diversify Visa revenue by monetizing non-Visa transactions, including those on domestic card schemes and alternative payment rails.

接下来，我将概述 VAS 对 Visa 有利的五大原因：第一，VAS 增长迅速，未来潜在收入机会超过 5,000 亿美元；第二，我们的许多解决方案能带来高利润的经常性收入，为增长提供动力；第三，多项服务可支持并强化 Visa 核心产品，从而提升支付量和交易收益；第四，VAS 解决方案的性质与广度能加深客户关系并提高客户留存；最后，VAS 通过对国内卡方案和替代支付轨道等非 Visa 交易进行变现，帮助 Visa 实现收入多元化。

So why are we succeeding in VAS? First, VAS uses the technology and skills that underpin VisaNet, one of the most reliable networks in the world. Our deep expertise in scalability and resiliency ensures we can confidently deliver core banking, acceptance infrastructure, cybersecurity and other mission-critical solutions to clients. Along with this are Visa’s trusted relationships with thousands of clients globally. Our position of being a long-standing and approved partner means clients typically include VAS in their consideration for new solutions.

那么，VAS 为何能获得成功？首先，VAS 依托于全球最可靠网络之一的 VisaNet 技术与能力。我们在可扩展性和弹性方面的深厚专长，确保能自信向客户交付核心银行、受理基础设施、网络安全等关键解决方案。同时，Visa 与全球数千家客户长期互信的伙伴关系，也意味着客户在评估新方案时通常会把 VAS 列入考虑。

We have great talent and continually innovate to offer leading products and solutions across multiple domains. For example, last year, we released 30 new or enhanced products and extended our reach into new areas such as account-to-account fraud prevention, cybersecurity and core banking. VAS also benefits from Visa’s significant scale and reach. We have operations in more than 200 countries and territories and access to hundreds of petabytes of data, which we use to power our many AI models and solutions. And finally, we offer access to a unique roster of sponsorship assets, including the FIFA World Cup, NFL, Visa’s two Red Bull Formula One teams, and the Olympic and Paralympic Games. These assets, paired with our marketing expertise, allow us to deliver highly differentiated benefits and experiences to Visa cardholders with our clients.

我们拥有卓越人才并不断创新，在多领域提供领先产品与解决方案。例如，去年我们发布 30 款新产品或功能升级，并将业务扩展到账户间反欺诈、网络安全、核心银行等新领域。VAS 还受益于 Visa 的庞大规模与覆盖——我们在 200 多个国家和地区运营，掌握数百 PB 数据，为众多 AI 模型和解决方案提供动力。最后，我们还能利用独一无二的赞助资产，如 FIFA 世界杯、NFL、两支红牛 F1 车队及奥运和残奥会。依托这些资产及营销专长，我们与客户一起为 Visa 持卡人提供高度差异化的权益与体验。

Now, to our areas of focus in driving VAS growth. Looking forward, we are focused on three outcomes to diversify our business while maintaining strong growth. Let’s start with enhancing Visa payments. VAS provides many solutions to ensure Visa is the best way to pay and be paid. We continue to enrich issuer, seller and cardholder experiences by innovating across the customer journey in areas such as card benefits, fraud prevention and token services.

接下来谈推动 VAS 增长的重点方向。展望未来，我们专注于三大成果，在保持强劲增长的同时实现业务多元化。首先是增强 Visa 支付。VAS 提供众多解决方案，确保 Visa 成为最佳支付方式。我们通过在卡权益、防欺诈、令牌服务等客户旅程环节持续创新，进一步丰富发卡行、商户和持卡人的体验。

We are also increasingly focused on enabling all payments and expanding our coverage to non-Visa and non-card payments. Examples include enabling sellers to accept a broad range of non-card payment methods and protecting account-to-account payments from fraud. These solutions diversify VAS revenue by increasing client coverage and capturing value for transactions on non-Visa networks.

我们还越来越专注于支持所有支付方式，并将覆盖范围扩大到非 Visa 和非卡类支付。例如，帮助商户受理多种非卡支付方式，以及为账户到账户（A2A）支付提供防欺诈保护。这些解决方案通过扩大客户覆盖面并捕获非 Visa 网络交易的价值，实现了 VAS 收入多元化。

And finally, going beyond payments. We are expanding client coverage and addressable segments through other services, such as consulting, data solutions, marketing services and core banking. This area is expanding rapidly, and we expect the momentum to continue.

最后，我们还在支付之外拓展边界。我们通过咨询、数据解决方案、营销服务和核心银行等其他服务，扩大客户覆盖面和可服务细分市场。该领域正在迅速增长，我们预计这种势头将持续。

I will now provide an overview of the four portfolios that make up VAS.

接下来，我将概述构成 VAS 的四大产品组合。

Our largest portfolio is Issuing Solutions. We serve a vast range of clients from the largest financial institutions to emerging fintechs. We offer our clients a broad solution stack, including front-end digital user experiences, cloud-based issuer processing, and core banking infrastructure.

第一大组合是发卡解决方案（Issuing Solutions）。我们的客户覆盖从大型金融机构到新兴金融科技公司。我们为其提供广泛的解决方案组合，包括前端数字用户体验、云端发卡处理以及核心银行基础设施。

The second largest portfolio is Acceptance Solutions, which serves sellers, acquirers, payment facilitators and software companies who accept in-store and online digital payments.

第二大组合是受理解决方案（Acceptance Solutions），服务对象为商户、收单机构、支付服务商及接受店内和线上数字支付的软件公司。

The third portfolio, Risk & Security Solutions, protects clients from fraud and financial crime. Here, we strive to ensure payments are safe and secure while maximizing the success rate of good transactions via a range of leading identity, authentication, authorization and cybersecurity solutions.

第三个组合为风险与安全解决方案（Risk & Security Solutions），旨在防范欺诈和金融犯罪。我们通过一系列先进的身份识别、身份验证、授权及网络安全方案，确保支付安全可靠，并最大化合法交易的成功率。

Our final portfolio is Advisory & Other Services. This includes marketing services, consulting, managed services, data solutions and Open Banking. While the smallest portfolio by revenue, it is the fastest growing in percentage terms, performing strongly across all regions.

最后一个组合是咨询及其他服务（Advisory & Other Services），涵盖营销服务、咨询、托管服务、数据解决方案和开放银行。虽然该组合收入规模最小，但增速最快，且在各地区表现强劲。

In fiscal year 2024, each portfolio expanded at a rapid pace and generated more than \$1 billion of revenue.

在 2024 财年，四大组合均实现快速扩张，且各自创收均超过 10 亿美元。

Issuing Solutions delivered \$3.5 billion of revenue with an annualized growth in the mid-teens over the last two years. Key revenue drivers are Visa network transactions and premium cards in force, along with subscription fees for a number of solutions.

发卡解决方案收入达到 35 亿美元，过去两年年化增长率保持在中双位数。主要收入驱动因素包括 Visa 网络交易量、高端卡在用量，以及多项解决方案的订阅费用。

Acceptance Solutions delivered \$2.5 billion of revenue with annualized growth in the low-20s. Many Acceptance Solutions are agnostic to payment type, and we generate revenue on all transactions we process or handle. Here, we typically charge clients on a transaction basis while also collecting subscription fees for certain products.

受理解决方案收入为 25 亿美元，年化增长率在 20% 初段。许多受理解决方案不区分支付类型，我们对处理的所有交易收取费用，并对部分产品收取订阅费。

Risk & Security Solutions delivered \$1.5 billion of revenue, with annualized growth in the high-teens. Within this portfolio, we are increasingly broadening our coverage, including a wider range of cybersecurity solutions. The key revenue driver in this portfolio is the number of transactions protected, and we also charge non-transaction fees for certain products.

风险与安全解决方案收入 15 亿美元，年化增长率达高双位数。该组合正不断扩大覆盖范围，新增更多网络安全方案。其主要收入驱动是受保护的交易数量，同时我们也针对部分产品收取非交易类费用。

Advisory & Other Services generated \$1.3 billion of revenue and delivered annualized growth in the mid-30s. While the majority of advisory revenue is generated through engagement fees from clients, we also generate subscription fees from data and Open Banking solutions. Importantly, our advisory activities also act as revenue enablers and multipliers as our advisory work helps clients drive higher usage of Visa credentials as well as other VAS solutions.

咨询及其他服务组合实现了 13 亿美元收入，年均增速超过 30%。虽然大部分咨询收入来自客户委托费用，但我们也通过数据与开放银行解决方案收取订阅费。值得强调的是，咨询业务还能充当收入“加速器”，帮助客户提升 Visa 凭证及其他增值服务的使用率，从而放大整体营收。

In summary, VAS is a high-growth area with significant recurring revenue. We believe we are well-positioned for future growth as each portfolio can expand significantly, with \$520 billion of annual revenue opportunity available from current and planned solutions. Today, we are capturing around 2% of the overall opportunity, and no individual portfolio is capturing more than 3%. Furthermore, we continue to expand our revenue opportunity by adding new capabilities, including the recent acquisitions of Pismo and Featurespace. Pismo has also enabled significant geographic expansion for our Issuing Solutions business.

总而言之，增值服务是高增长、强经常性收入的领域。凭借现有与规划中的解决方案，四大组合合计可触达 5,200 亿美元的年度收入机遇，我们目前仅占约 2%，且任何单一组合的渗透率都未超过 3%。此外，我们通过引入新能力（包括最近收购的 Pismo 和 Featurespace）持续扩大营收机会。其中，Pismo 还显著拓展了发卡解决方案的地域版图。

I will now provide more detail on each of the four VAS portfolios and our approach to innovation and services.

接下来，我将更详细地介绍四大 VAS 组合及我们的创新与服务模式。

Let's begin with Issuing Solutions. Issuing Solutions is organized as four sub-segments, with Cardholder Engagement solutions being the largest revenue contributor.

首先是发卡解决方案。该组合下设四个子板块，其中持卡人互动解决方案是最大的收入来源。

Cardholder Engagement solutions provides issuers with various benefits, including airport lounge access, dining reservations, shopping experiences, event tickets, merchant offers and access to unique cardholder experiences, which, in turn, drive higher engagement and spend on Visa credentials.

持卡人互动解决方案为发卡机构提供机场贵宾室、餐饮预订、购物体验、活动门票、商户优惠及独特持卡人体验等多元权益，从而提升 Visa 凭证的使用频率与消费额。

As Jack referenced earlier, this solution set is key to driving preference with affluent Visa cardholders and is an important driver of revenue through premium card fees. Over the past three years, we have seen the power of this preference with an increasing number of high-spending cardholders choosing premium Visa products to access associated card benefits.

正如 Jack 先前所述，该方案对于赢得高端 Visa 持卡人偏好至关重要，也是通过高端卡年费带动收入的重要引擎。过去三年，越来越多高消费客群选择 Visa 高端产品以享受相应权益，充分体现了这种偏好的力量。

For example, in Brazil, we have grown Infinite cards in force nearly 6 times faster than all other consumer credit tiers over the last three years. This rapid growth is thanks to investments in programs such as Vai de Visa, which provides exclusive merchant offers, Airport Fast Pass, and Visa Lounge access in São Paulo's largest airport.

以巴西为例，过去三年，Visa Infinite 卡的在用量增速几乎是其他消费信贷等级的 6 倍。这一高速增长得益于我们在 “Vai de Visa” 等项目上的投入——该项目提供专属商户优惠、机场快速安检通道以及圣保罗最大机场的 Visa 贵宾室权益。

Switching to another region. We now offer ultra-high-net-worth cardholders in the Gulf Cooperation Council a host of valued benefits, including meet-and-assist services in 24 airports as well as special shopping experiences at Harrods, Knightsbridge; Saks Fifth Avenue; Louis Vuitton and more. We see high demand for these solutions globally. And looking forward, we will continue developing new and differentiated services for affluent cardholders.

再看另一地区：在海湾合作委员会国家，我们为超高净值持卡人提供一系列尊享权益，包括 24 个机场的 VIP 接机服务，以及哈罗德百货、骑士桥、第五大道百货、路易威登等高端购物体验。全球市场对此类方案需求旺盛；展望未来，我们将持续为高端持卡人开发更多差异化服务。

Next is cardholder experiences. These solutions cover a wide range of use cases, enabling issuers to offer leading payment experiences to their cardholders.

接下来是持卡人体验板块。该方案覆盖广泛用例，帮助发卡机构为持卡人提供领先的支付体验。

Our network products are designed to meet a broad range of issuer needs. One example is Smarter Stand-In Processing, which ensures cardholders can use their Visa card in the event of an issuer outage or planned issuer maintenance.

我们的网络类产品旨在满足发卡方的多样需求。其中，“智能替代授权（Smarter Stand-In Processing）”可在发卡行系统中断或计划维护期间，确保持卡人仍能刷 Visa 卡。

In such a situation, VAS uses AI to replicate the issuers' logic to provide a decision on their behalf. Issuers benefit from higher transaction revenue, retention of top-of-wallet status and protection from reputational damage associated with operational downtime.

此时，增值服务通过 AI 复制发卡行的决策逻辑，代行授权判断。发卡行由此获得更高交易收入、保持“首选支付”地位，并避免系统停机导致的声誉风险。

Today, more than 1,500 issuers have adopted our solution. And thanks to our advanced AI and machine-learning models, we achieved a match rate exceeding 95% when compared to the issuer's own decision-making processes.

目前已有逾 1,500 家发卡机构采用此方案。凭借先进的 AI 与机器学习模型，我们的替代授权与发卡行原有决策逻辑的匹配率超过 95%。

As an example, last December, we authorized over 2 million transactions on behalf of clients, experiencing processing challenges. As soon as issues were detected, Smarter Stand-In Processing was activated to ensure cardholders could continue to use their Visa cards as normal during the busiest time of the year.

以去年 12 月为例，我们替受处理故障影响的客户授权了 200 多万笔交易。一旦检测到问题，“智能替代授权”立即启动，确保持卡人在全年最繁忙时期仍能正常使用 Visa 卡。

Our digital enablement solutions allow issuers to easily build and deploy new functionality to their customers. For example, our subscription manager solution provides visibility of card on file transactions and empowers cardholders to stop unwanted recurring payments.

我们的数字赋能解决方案让发卡机构能够轻松为客户构建并部署新功能。例如，我们的订阅管理工具可显示卡片预留交易情况，并使持卡人能够停止不想要的循环扣款。

The last two sub-segments are Issuer Processing and Core Banking delivered by our DPS and Pismo platforms.

最后两个子板块是由 DPS 与 Pismo 平台提供的发卡处理和核心银行服务。

Our DPS platform offers highly resilient and secure debit card processing to most of the largest US issuers.

DPS 平台为美国多数大型发卡行提供高弹性且安全的借记卡处理服务。

Beyond the largest issuers, DPS is securing additional growth by deploying new functionality to meet the distinct needs of next-gen providers, such as Current, who selected DPS as their debit processor.

除大型发卡行外，DPS 还通过部署新功能满足新一代服务商的独特需求（如选择 DPS 作为借记卡处理方的 Current），从而获得额外增长。

Our Issuing Solutions suite expanded last year with the acquisition of Pismo, a modern cloud-based platform, which offers both core banking and all types of card processing.

去年我们收购了现代云平台 Pismo，使发卡解决方案套件进一步扩展，可同时提供核心银行和各类卡片处理服务。

Many issuers around the world are seeking to upgrade their technology stacks to ensure they can deliver for customers in a digital age. Pismo is designed to serve this need and is particularly well-suited for clients seeking to rapidly launch new banking and payments offerings.

全球许多发卡机构正寻求升级技术栈，以满足数字时代客户需求。Pismo 专为此而生，尤其适合希望快速推出新型银行与支付产品的客户。

For example, BTG Pactual, Latin America's largest investment bank, used Pismo to launch its digital retail bank, BTG Pactual Banking in just eight months. The bank leverages Pismo for core banking, card issuing and payment processing. Since launching in 2021, BTG Pactual has won multiple innovation awards for delivering one of Brazil's top mobile banking customer experiences.

By 2024, Pismo had created approximately 130 million accounts and on average, processed nearly 12 billion API calls per month. We are continuing to build a healthy sales pipeline. And overall, we feel very optimistic about Pismo's prospects and the potential to sell more VAS.

截至 2024 年，Pismo 已创建约 1.3 亿个账户，平均每月处理近 120 亿次 API 调用。我们正持续建立稳健的销售管线，并对 Pismo 的前景以及销售更多增值服务的潜力感到非常乐观。

Now, to our Acceptance Solutions portfolio. Acceptance Solutions is organized as three sub-segments, with network products being the largest revenue contributor.

下面介绍受理解决方案组合。该组合分为三个子板块，其中网络产品是最大的收入来源。

Network products are a suite of solutions designed to enhance Visa transactions for sellers and acquirers. For example, our account verification service checks card integrity before a purchase to prevent the use of invalid or compromised credentials.

网络产品是一系列旨在提升商户和收单机构 Visa 交易体验的解决方案。例如，我们的账户验证服务可在交易前检查卡片有效性，防止使用无效或被盗用凭证。

Beyond network products, many Acceptance Solutions are network-agnostic, which allows VAS to generate revenue on all payment types. We continue to enhance our acceptance capabilities within the Visa Acceptance Platform, which includes Cybersource, Authorize.net and a number of other commerce services.

除网络产品外，许多受理解决方案与支付网络无关，使增值服务能够对所有支付类型创收。我们持续完善 Visa 受理平台（含 Cybersource、Authorize.net 及其他多项商务服务）的受理能力。

Many of you are familiar with Cybersource, our enterprise gateway solution, sold directly to sellers. The reach and scope of Cybersource continues to grow. And today, the platform offers omni-channel digital payments to more than 500,000 customers across 160-plus countries and territories.

许多人熟悉 Cybersource，这是面向商户直销的企业级网关解决方案。其覆盖面不断扩大，目前已在 160 多个国家和地区为逾 50 万家客户提供全渠道数字支付。

Cybersource is also integrated with more than 250 acquirer/processor and 800 technology partners.

Cybersource 还与 250 多家收单/处理机构及 800 家技术合作伙伴完成集成。

Furthermore, we have created a new growth channel by unbundling key capabilities such as payment acceptance, token management and fraud prevention, as part of our Visa-as-a-Service strategy. The approach has gained strong traction with acquirers, including Wells Fargo and SMBC and SMCC from Japan, now consuming multiple modular services.

此外，作为“Visa-即服务”战略的一部分，我们将支付受理、令牌管理、防欺诈等关键能力解耦，开辟了新的增长渠道。该做法已受到收单机构的强烈关注，包括富国银行以及日本的三井住友银行和三井住友卡公司，他们现已采用多项模块化服务。

This is our largest sales channel in the Visa Acceptance platform with more than 50% of revenue being sourced via third parties in fiscal year 2024. We continue to see strong interest from third parties, and we are supporting further growth by progressively adding new functionality through an open platform approach.

这是 Visa 受理平台最大的销售渠道，2024 财年超过 50% 的收入来自第三方。第三方需求依然旺盛，我们将通过开放平台模式持续新增功能，以支持进一步增长。

I also want to briefly highlight our work regarding acceptance for small and medium-sized businesses, or SMBs, a key focus area for Visa, as highlighted by my colleagues earlier today. Authorize.net sits alongside Cybersource and is a leading payment gateway for SMBs in the United States, processing roughly \$200 billion in annual total volume. Later this year, we will launch a reimagined version of Authorize.net with a new interface and a streamlined user experience. With quick actions, easy-to-use dashboards and assistance from Annette, our new AI agent. The experience allows sellers to effectively manage their day-to-day operations and spend more of their time focusing on their customers.

我还想简要强调我们在中小企业（SMB）受理方面的工作，这是 Visa 的重点领域，早些时候我的同事已作介绍。Authorize.net 与 Cybersource 并列，是美国领先的 SMB 支付网关，每年处理的总交易额约 2,000 亿美元。今年晚些时候，我们将推出全新改版的 Authorize.net，配备全新界面和更加简洁的用户体验，结合快速操作、易用仪表盘以及全新 AI 助手 Annette 的帮助，使商户能够高效管理日常运营，将更多时间投入到客户服务中。

We are also introducing support for in-person card readers in multiple form factors to provide flexible payment solutions within a cohesive and intuitive app interface. Pilot feedback has been strong, including significant interest from channel partners. We intend to move to general availability within the United States in the third quarter with deployment across additional countries to follow next year.

我们还将新增对多种形态线下刷卡设备的支持，在一个统一直观的应用界面中提供灵活的支付解决方案。试点反馈积极，渠道伙伴兴趣浓厚。我们计划在第三季度于美国全面上线，并于明年推向更多国家。

Revenue from the Visa Acceptance platform is generated through a mix of recurring subscription fees and usage-based transaction fees. Our last sub-segment is Post-Purchase solutions, including Verifi, where we provide services to sellers and issuers to prevent, manage and resolve disputes. We primarily charge for these services on a per transaction basis.

Visa 受理平台的收入来源包括经常性订阅费和按使用计费的交易费。最后一个子板块是售后解决方案，其中包括 Verifi，我们为商户和发卡机构提供防范、管理和解决争议的服务，主要按交易计费。

Now, let's move to Risk & Security Solutions. Our Risk & Security Portfolio offers risk detection and prevention solutions underpinned by real-time AI-driven scores. These solutions are increasingly payment-type and card-network agnostic, with revenue primarily driven by underlying transactions. The portfolio is organized as four sub-segments with transaction risk being the largest revenue contributor. Issuers use our Visa Advanced Authorization transaction scores and the Visa Risk Manager decisioning platform to minimize fraud losses while maximizing authorizations.

下面进入风险与安全解决方案。我们的风险与安全产品组合通过实时 AI 评分提供风险检测与防控，这些方案越来越不依赖特定支付类型或卡网络，收入主要来自基础交易量。该组合分为四个子板块，其中交易风险是最大收入来源。发卡机构借助 Visa 高级授权（VAA）交易评分和 Visa Risk Manager 决策平台，在最大化授权通过率的同时，尽量减少欺诈损失。

Last year, we bolstered our transaction scores in the United States with the launch of Visa Deep Authorization, an enhanced risk score for card-not-present transactions. This solution has improved client fraud detection levels by up to 20%, and we are now working to make the solution available in other countries.

去年，我们在美国推出 Visa Deep Authorization，为无卡交易提供增强型风险评分，提升了交易评分能力。该方案将客户的欺诈检测水平提高了最高 20%，我们正致力于将其推广至其他国家。

We also offer a range of authentication and transaction risk solutions. We help acquirers and sellers identify customers and limit fraud across multiple payment methods and sales channels via Cardinal Commerce. We are working to improve the authentication experience through a combination of AI-powered risk engines, passkeys, cyber signals and device-based biometrics.

我们还提供多款身份验证和交易风险解决方案。通过 Cardinal Commerce，我们帮助收单机构和商户在多种支付方式与销售渠道中识别客户并降低欺诈。我们正结合 AI 风险引擎、Passkey、网络信号和设备生物识别，进一步优化身份验证体验。

We aim to make one-time passwords and other legacy methods obsolete. As highlighted earlier, a key focus for VAS is to unbundle our services and enable all payments. And last year, we launched two new solutions that operate beyond Visa's network. Visa Protect for A2A is a solution for scoring and helping clients capture false real-time payment transactions.

我们的目标是淘汰一次性密码等传统方式。如前所述，VAS 的关键在于解耦服务、支持所有支付。去年我们推出了两项超越 Visa 网络的新方案。其一是 Visa Protect for A2A，为账户到账户实时支付交易提供评分并帮助客户拦截可疑交易。

As Jack mentioned, the solution is live in LAC with Argentina's A2A network, COELSA, where we achieved fraud capture rates of up to 73%. While in the UK, we have completed a successful trial with eight banks, currently representing half the RTP network, and we achieved a 54% fraud capture rate. We are now in the process of a commercial rollout across the UK and intend to pilot the service in 10 countries this year, including Brazil.

正如 Jack 提到的，该方案已在拉美地区上线，并接入阿根廷 A2A 网络 COELSA，欺诈捕获率高达 73%；在英国，我们与 8 家银行（占当地 RTP 网络一半）完成试点，捕获率达到 54%。目前正推进英国商业化，并计划今年在包括巴西在内的 10 个国家试点。

The second solution is network-agnostic Visa Advanced Authorization, which allows issuers to score transactions processed on card networks other than Visa. Key benefits of the solution include high levels of fraud detection and reduced operating costs for issuers. Several issuers are deploying the service later this year. Both the transaction risk and authentication sub-segments primarily charge on a per transaction basis.

第二项方案是网络无关型 Visa Advanced Authorization，可对非 Visa 卡网络的交易进行评分，优势在于高效的欺诈检测和降低发卡机构运营成本。多家发卡机构将于今年晚些时候上线此服务。交易风险与身份验证两个子板块均主要按每笔交易计费。

Now to cybersecurity. Since 2021, we have progressively built out new capabilities. One example is in defending against enumeration attacks. This is when a fraudster seeks to gain knowledge of cardholder information by attempting a large number of transactions over a short period of time. As Ryan mentioned, we have utilized AI in our cybersecurity offerings to defend the Visa network from these types of attacks. In fiscal year 2024 we blocked over 150 million attempted fraudulent transactions. Last year as part of our Visa-as-a-Service strategy, we made the capability available to clients through our Visa Account Attack Intelligence Score. It is now being used by issuers to make more informed decisions on when to block a transaction. We also offer a range of managed services to help clients enhance their cybersecurity. I will build on this topic when we cover advisory and other services.

现在谈谈网络安全。自 2021 年以来，我们不断构建新功能。其中一项就是防御枚举攻击——欺诈者在短时间内尝试大量交易以获取持卡人信息。正如 Ryan 所述，我们已在网络安全产品中应用 AI 来保护 Visa 网络免受此类攻击。2024 财年，我们阻止了逾 1.5 亿次欺诈交易尝试。去年，作为 Visa-即-服务战略的一部分，我们通过 Visa 账户攻击情报评分（Visa Account Attack Intelligence Score）向客户开放了此功能，发卡机构现可据此更明智地决定何时拦截交易。我们还提供多种托管服务，帮助客户提升网络安全水平；在稍后讲到咨询及其他服务时，我将进一步阐述。

Now, let me introduce Featurespace, our latest acquisition. Featurespace is a leading AI-based risk and financial crime platform, which has received multiple innovation awards since inception 10 years ago. Today, the solution is used by many leading banks and payment providers across the world. A key benefit of the Featurespace acquisition has been an expansion of our overall fraud capabilities. This now includes payments beyond cards as well as upstream events outside the transaction such as account application and seller fraud. Moving forward, we plan to integrate the Featurespace platform into the broader Visa risk suite, and offer clients a single decisioning platform to manage all types of risk events across the payments value chain.

接下来介绍我们最新收购的 Featurespace。Featurespace 是领先的 AI 风险与金融犯罪平台，自 10 年前成立以来斩获多项创新大奖。目前，全球众多大型银行和支付机构已在使用该解决方案。收购 Featurespace 的关键益处是扩大了我们的整体反欺诈能力，覆盖范围不仅限于卡支付，还包括账户申请、商户欺诈等交易上游事件。未来，我们计划将 Featurespace 融入 Visa 更广泛的风险产品套件，为客户提供单一决策平台，以管理支付价值链中的各类风险事件。

Now to our final portfolio, Advisory & Other Services. The Advisory & Other Services portfolio has five sub-segments, with Marketing Services being the largest revenue contributor. Our Marketing Services team brings customized solutions and deep expertise to Visa clients powered by the creativity and intelligence of more than 300 world-class professionals. In fiscal year 2024 alone, the team delivered more than 900 client marketing campaigns to more than 500 clients across more than 100 countries. Our team delivers value to clients in three ways. First, we offer a full suite of marketing services that spans across the full campaign lifecycle. This includes research, strategy, campaign design, execution and measurement. Our access to brand, the data and expertise gained from building the Visa brand, makes us uniquely qualified to provide these services to clients.

最后是咨询及其他服务组合。该组合分为五个子板块，其中市场营销服务贡献的收入最高。我们的营销团队由 300 余名世界级专业人士组成，凭借其创造力和洞察力，为 Visa 客户提供定制化方案与深度专业知识。仅在 2024 财年，团队就为 100 多个国家的 500 多家客户交付了 900 余个营销活动。团队通过三种方式为客户创造价值：首先，提供覆盖完整活动生命周期的一揽子营销服务，包括调研、策略、活动设计、执行与效果衡量。我们对 Visa 品牌的深度理解、数据资源和长期打造品牌所积累的专长，使我们具备独特优势来向客户提供此类服务。

Second, we help clients understand trends shaping the industry, and work to advance their brand message, acquire new customers and drive engagement and loyalty. For example, a sampling of recent client engagements confirmed their marketing campaigns generated an average weekly uplift in weekly transactions of almost 7%.

其次，我们帮助客户洞察行业趋势，推动品牌信息传递、获取新客户，并提升互动和忠诚度。例如，近期部分客户案例显示，其营销活动使每周交易量平均提升近 7%。

Finally, we enable clients to tell compelling stories and offer differentiated customer experiences by engaging with more than 70 high-impact sponsorship assets across sports, entertainment, gaming and music. Clients expressed high satisfaction, giving us an average score of 9.5 out of 10 in post engagement surveys.

最后，我们通过横跨体育、娱乐、电竞和音乐的 70 多项高影响力赞助资产，帮助客户讲述引人入胜的品牌故事，打造差异化客户体验。客户对合作高度满意，事后调查平均评分达 9.5 分（满分 10 分）。

Let me provide an example of a recent client marketing campaign. Over the past three years, we have worked closely with Revolut to drive customer acquisition and engagement by leveraging Visa's sponsorship assets, including the NFL International Games and FIFA Women's World Cup. In 2023, we launched a joint out-of-home campaign with instant Visa debit card issuance via vending machines in the Rome airport. Travelers were able to pick up a card instantly and the campaign resulted in Revolut distributing more than 100,000 cards via the machines.

下面举一则近期客户营销活动的例子。过去三年，我们与金融科技公司 Revolut 紧密合作，借助 Visa 的赞助资产（如 NFL 国际系列赛、国际足联女足世界杯）推动客户获取与互动。2023 年，我们在罗马机场共同推出户外广告活动，通过自助售卡机即时发行 Visa 借记卡，旅客可当场领取，该活动促使 Revolut 通过机器发卡超过 10 万张。

Now, let's look at the remainder of the portfolio. Consulting is the second largest sub-segment, and together with Managed Services creates a powerful flywheel effect for Visa.

接着来看组合的其他部分。咨询是第二大子板块，与托管服务相结合，为 Visa 形成强大的飞轮效应。

Across these two sub-segments, we offer more than 40 discrete types of engagements. And last year, we delivered more than 3,000 projects, helping clients generate an estimated \$5 billion in incremental revenue. In addition to driving VAS revenue, this lift in client performance typically drives higher payments volume and yield for Visa.

在这两个子板块中，我们提供 40 多种细分服务类型。去年，我们交付了 3,000 余个项目，帮助客户创造约 50 亿美元的增量收入。除直接带动 VAS 收入外，客户业绩提升通常也会增加 Visa 的支付交易量和收益率。

One area of specialist consulting capability relates to card migration from other networks to Visa. Over the last 10 years our consulting teams have helped clients in 34 countries successfully migrate approximately 150 million cards to our network. As part of the migration effort, these projects have driven spend uplift of up to 20% for active accounts, while also re-engaging up to 15% of previously dormant accounts.

其中一个专业咨询领域是将其他网络的卡片迁移至 Visa。过去 10 年，我们的咨询团队已帮助 34 个国家的客户成功迁移约 1.5 亿张卡至 Visa 网络。迁移项目实施后，活跃账户消费提升最高可达 20%，并重新激活多达 15% 的休眠账户。

Our Managed Service teams often deploy onsite and carry out a broad range of activities such as product implementation, systems integration and risk optimization. Embedding our teams with clients allows us to understand them deeply, and in turn facilitate the rollout of additional Visa products and services that meet their needs. For example, our Visa Risk Operation Center provides enumeration defense as a managed service to further strengthen client risk capabilities. Last year, the service blocked \$1 billion of payments volume and helped North American clients avoid \$60 million in estimated fraud losses and incremental operating expenses.

我们的托管服务团队常驻客户现场，执行产品实施、系统集成和风险优化等广泛工作。团队深度嵌入帮助我们充分了解客户，从而推动更多符合需求的 Visa 产品与服务落地。例如，Visa 风险运营中心作为托管服务提供枚举攻击防御，进一步强化客户的风险能力。去年，该服务阻止了 10 亿美元支付流水，帮助北美客户避免约 6,000 万美元的预估欺诈损失和额外运营成本。

Now, to the last two sub-segments, Data Solutions and Open Banking.

下面介绍最后两个子板块：数据解决方案和开放银行。

Our Data Solutions suite uses Visa transaction data to help clients analyze and improve performance across a range of areas, including consumer spend, peer benchmarking, credit scoring and fraud performance. And finally, our Open Banking platform powered by Tink, provides payment initiation and account information services to sellers and payment providers across Europe and the United States. Tink continues to expand both its product suite and reach. For example, the platform recently launched new services in Europe, such as variable recurring payments and payment initiation for business accounts. The platform now has 13,000 connections to banks and financial institutions across 20 countries, including the United States.

我们的数据解决方案套件利用 Visa 交易数据，帮助客户在消费者支出、同业对标、信用评分及欺诈表现等多方面进行分析与提升。最后，由 Tink 驱动的开放银行平台为欧洲和美国的商户及支付服务商提供付款发起和账户信息服务。Tink 不断扩展产品线与覆盖范围，例如近期在欧洲推出可变周期支付和企业账户支付发起等新服务。目前，该平台已在 20 个国家（含美国）连接 13,000 家银行和金融机构。

I now want to demonstrate how our solutions power the customer journey by delivering an integrated customer experience. Let’s take an example of how a financial institution can use VAS to acquire new customers and increase cardholder spend.

接下来，我将展示我们的解决方案如何通过整合体验助力客户旅程。以金融机构利用 VAS 获取新客户并提升持卡人消费为例。

The journey starts with a new customer acquisition campaign delivered by our Marketing Services team through our Visa Campaign Solutions Service. The issuer uses Tink, our Open Banking platform to assist with the credit decision by checking applicant’s real-time financial history and activity with other institutions. As a card holder transacts, our risk solutions, including Cardinal Commerce and Visa Deep Authorization, work in the background to ensure transactions are conducted in a safe and secure manner.

旅程首先由我们的营销服务团队通过 Visa Campaign Solutions 发起新客获客活动；发卡机构借助开放银行平台 Tink 调取申请人在其他机构的实时财务记录，辅助信用决策。当持卡人开始交易，Cardinal Commerce 与 Visa Deep Authorization 等风险解决方案在后台运行，确保交易安全可靠。

Next, the new card holder uses card controls enabled by a digital enablement toolkit to set card usage parameters within the issuer’s mobile banking app.

随后，新持卡人通过数字赋能工具包提供的卡片控制功能，在发卡行手机银行应用内设定卡片使用参数。

The cardholder can view digital receipts, check their spending and raise a dispute if required, using our post-purchase solutions, including Verifi and Visa Resolve Online.

借助我们的售后解决方案（如 Verifi 和 Visa Resolve Online），持卡人可查看电子收据、核对支出，并在需要时提出争议。

And finally, we help issuers drive spend and increase cardholder engagement through our benefits and loyalty solutions.

最后，我们通过权益和忠诚度解决方案，助力发卡机构提升消费并增强持卡人黏性。

It is also worth noting that our advisory teams often play an important role in helping clients with the design, implementation and delivery of these experiences throughout the user journey.

值得一提的是，我们的咨询团队在整个用户旅程中协助客户设计、实施和交付上述体验，发挥着重要作用。

The final topic I will discuss is our go-to-market approach, built around commercial excellence.

我将讨论的最后一个主题是以商业卓越为核心的市场进入策略。

Commercial excellence is driven through a strong focus on increased sales efficiency and productivity using four key levers.

商业卓越依托四大杠杆来提升销售效率与生产力。

First, like the CMS business, we have significantly expanded our specialist sales force and now we have approximately 450 VAS experts to support our generalist salespeople. These specialists are experts in their field. They are fully dedicated to VAS, and their compensation is aligned to the growth in VAS revenue.

第一，与 CMS 业务类似，我们大幅扩充了专业销售团队，目前约有 450 名 VAS 专家支持通用型销售人员。这些专家专注于 VAS，其薪酬与 VAS 收入增长挂钩。

Second, we continuously monitor solution performance and optimize pricing to ensure we are competitive, while improving transaction yield for Visa as a whole with attractive margins.

第二，我们持续监控解决方案表现并优化定价，确保具备竞争力的同时，以可观利润率提升 Visa 整体交易收益。

Third, we use vast amounts of sales data combined with AI to identify the most relevant products and solutions to the clients.

第三，我们结合大量销售数据与 AI，识别最契合客户需求的产品和解决方案。

And fourth, we have designed key solution bundles and created detailed sales plays and training to maximize sales conversion rates.

第四，我们设计了关键解决方案包，并制定详尽的销售打法与培训，以最大化成交率。

Commercial excellence has amplified our sales growth, and we plan to continue the momentum by further expanding our specialist sales force and increasing productivity in 2025.

商业卓越放大了我们的销售增长，我们计划在 2025 年通过进一步扩充专业销售团队并提升生产力来延续这一势头。

So in conclusion, we have developed a proven and resilient growth model for VAS, which has delivered an annualized growth rate of 20% fueled by client-centric innovation that deepens our relationships. Our capabilities leverage Visa’s broader strengths. We provide our clients with a leading solution suite and continue to build new capabilities across our four portfolios. The opportunity for us is significant. And today VAS has a low penetration of the identified available market. And lastly, VAS has built a highly focused go-to-market function to drive continued revenue growth and yield for Visa.

总之，我们已为 VAS 建立一套行之有效、具备韧性的增长模型，凭借以客户为中心的创新深化合作关系，实现 20% 的年化增长。我们的能力依托 Visa 的整体优势，为客户提供一流的解决方案套件，并在四大组合上持续拓展新功能。机遇广阔，而 VAS 在可识别市场中的渗透率仍然较低。最后，VAS 已打造高度聚焦的市场进入体系，为 Visa 持续带来收入增长与收益提升。

Thank you for your time today. I will now hand it over to Frank to discuss the power of the Visa brand.

感谢各位的聆听。接下来，请弗兰克阐述 Visa 品牌的力量。

Good morning. I'm Frank Cooper, the Chief Marketing Officer for Visa. It's great to be with you here today. I'm very excited to have the opportunity to speak with you about the power of the Visa brand. I will show you why our brand is a critical part of the payments ecosystem, and I will also show you how our brand serves as an important source of differentiation and growth for the company, powering our key drivers and helping to drive our financial results. But let's start with a foundational truth. Brand really matters in payments. On some level, this should not be surprising. We're moving people's money. We're facilitating the exchange of value among people, and therefore, consumers want and need and deserve a brand that they trust.

大家早上好！我是 Visa 的首席营销官 Frank Cooper。今天能与各位相聚于此，我感到十分荣幸。我非常期待向大家阐述 Visa 品牌的强大力量。我将说明为何我们的品牌是支付生态系统的关键组成部分，并展示品牌如何成为公司差异化与增长的重要源泉，驱动核心业务、助力业绩提升。但首先要强调一个基本事实：在支付领域，品牌至关重要。这并不令人意外——我们在移动人们的钱，在促进人们之间的价值交换，因此，消费者理所当然地希望、需要并且值得拥有一个值得信赖的品牌。

The Visa brand is widely recognized as one of the most trusted brands in the world, and as a result, one of the company's most powerful and valuable assets. We have built a global payments network connecting buyers and sellers who do not know one another and who have no reason to trust one another, and yet we have enabled them to confidently exchange value in milliseconds in more than 200 countries and territories around the world. The ability to do that hundreds of millions of times every single day is because of the Visa brand. Consumers know they can use their Visa card at more than 150 million merchant locations around the world. Cardholders perceive Visa as having the best acceptance globally.

Visa 品牌被公认为全球最值得信赖的品牌之一，因此也是公司最强大、最有价值的资产之一。我们构建了一个全球支付网络，将彼此陌生、缺乏信任基础的买家与卖家连接起来，却依然能够让他们在全球 200 多个国家和地区于毫秒间安全完成价值交换。每天数亿次的这种能力正是源于 Visa 品牌。消费者知道，凭借 Visa 卡，他们可以在全球超过 1.5 亿家商户使用支付；持卡人认为 Visa 拥有全球最佳的受理网络。

A simple sign on a window anywhere in the world lets consumers know that they have a simple, frictionless way to pay for the goods and services of that establishment. That's powerful. And the data shows that consumers are 2 times more likely to repeat purchases when they see the Visa brand displayed at the merchant location.

世界上任何地方的一块简单贴牌，都能让消费者明白自己拥有一种简单无阻的方式来购买该店的商品和服务，这种力量不容小觑。数据显示，当消费者在商户处看到 Visa 标识时，他们再次购买的可能性会提高两倍。

Consumers also know that with Visa Zero Liability, they are protected from unauthorized charges made with their Visa card. Likewise, when sellers accept that Visa payment, they know they will get paid. The Visa brand gives them that confidence and trust as well. In short, at the most foundational layer, the Visa brand enables payments through the trust and confidence that it instills in consumers, merchants and banks.

消费者同样清楚，凭借 Visa“零责任”政策，他们可免受未经授权的收费影响。同样，当商户接受 Visa 付款时，他们也确信能够收到款项。Visa 品牌为他们带来了这种信任与信心。简而言之，从最根本层面来看，Visa 品牌正是通过在消费者、商户及银行之间建立信任与信心来实现支付。

And our brand strength goes beyond trust. The brand is also preferred by consumers across geographies. Globally, consumers prefer Visa nearly 2:1 over the next largest payments network. Preference for Visa over competitors proves out in countries and territories around the world, big and small, as diverse as the United States or Japan or Mexico or the UAE.

我们的品牌实力不仅体现在信任，更体现在偏好。全球范围内，消费者对 Visa 的偏好度几乎以 2:1 领先于第二大支付网络。无论是美国、日本、墨西哥，还是阿联酋，世界各大小国家和地区的消费者都表现出对 Visa 的更高偏好。

In some instances, Visa brand preference is more than 3 times higher than the next largest payments network. And our brand strength is also demonstrated across diverse consumer demographic segments. Preference for Visa extends across Gen Z and millennials, cross-border travelers, and up and down the spectrum of socioeconomic levels. This preference advantage helps us to accelerate the adoption of product developments that Jack mentioned earlier, whether it's cross-border solutions, affluent offerings, Flex Credential, or simply Tap to Pay.

在某些市场，Visa 的品牌偏好度更是超过第二大支付网络 3 倍以上。我们的品牌实力同样体现在各种不同消费群体中：Z 世代与千禧一代、跨境旅行者以及各社会经济阶层都偏好使用 Visa。这一偏好优势有助于加速 Jack 先前提到的各类产品创新的普及，无论是跨境方案、高端卡权益、Flex Credential，还是简单的“挥卡支付”。

Equally important, we know that consumers who prefer Visa spend more using their Visa payment credentials. In other words, when we compare Visa to the competition, we see that the Visa brand drives higher payments volume.

同样重要的是，我们知道偏好 Visa 的消费者会在 Visa 凭证上花费更多。换言之，与竞争对手相比，Visa 品牌能够驱动更高的支付交易量。

Notably, US consumers using Visa credit cards spent 16% more on average and had a 3% increased imbalance lift as compared to the next closest competitor.

值得注意的是，在美国，使用 Visa 信用卡的消费者平均消费额比第二大竞争对手高出 16%，余额提升也高出 3%。

And in digital wallets we know that the majority of the consumers who do not yet use them said they feel more confident adopting digital wallets when they know that their payment is secured by Visa.

在数字钱包领域，大多数尚未使用这类工具的消费者表示，如果知道支付由 Visa 保障，他们会更有信心采用数字钱包。

And this is true for emerging platforms that are seeking to scale up. For example, it was Visa that enabled many of the crypto exchanges and platforms with a Visa card that their customers could use anywhere Visa was accepted.

这一点同样适用于希望快速扩张的新兴平台。例如，许多加密货币交易所和平台正是通过发行 Visa 卡，使其客户能够在所有接受 Visa 的场所消费。

Similarly in our CMS business, when we link the Visa brand to new product solutions such as real-time payouts, it drives a 25% to 35% lift in acquisition and adoption. We also see the impact of the Visa brand in our ability to win portfolios and deepen our relationships with our clients. Clients recognize and acknowledge that the Visa brand not only drives volume for Visa, it also drives value for them, for our clients. In our client-engagement survey, we asked what aspects of our business matter the most to our clients. Consistently, across sellers, issuers, fintechs and processors, the most important aspect of our business that they cited was our brand. And they rated us much higher than any other payment brand.

同样在我们的 CMS 业务中，当我们将 Visa 品牌与实时付款等新产品解决方案结合时，可推动客户获取与使用率提升 25%–35%。我们也看到 Visa 品牌在争取大客户组合、深化客户关系方面产生的影响。客户认识并认可，Visa 品牌不仅为 Visa 带来交易量，也为他们自身创造价值。我们在客户调研中询问哪些业务要素最重要——无论商户、发卡行、金融科技公司还是处理机构，始终把“品牌”列为首位，并且给予 Visa 的评分远超其他支付品牌。

Now, when you combine this client preference for Visa with our key sponsorship assets, it results in a really powerful combination. You can see on the left, there's a wide array of clients across geographies, different sizes, different industries. And on the right we have a collection of sponsorship assets that we are connected to. Many of my colleagues mentioned these investments earlier, those flagship properties like FIFA, FIFA Men's and Women's World Cup, the Olympics and Paralympics, the NFL, and Visa's two Red Bull Formula One racing teams. The assets on the right definitely help us in building our brand and we do that. We build awareness and relevance through those sponsorship assets, but we take it one step further, by driving consumer credential ownership and supporting merchant acceptance.

当客户对 Visa 的偏好与我们的核心赞助资产结合时，就形成了极具威力的组合。左侧是遍布全球、规模与行业各异的客户；右侧是我们所拥有的一系列赞助资产。此前同事们提到的 FIFA（男女足世界杯）、奥运会与残奥会、NFL 以及 Visa 的两支红牛 F1 车队，都是其中的旗舰资源。这些资产无疑帮助我们打造品牌，我们利用它们提升知名度与关联度，并进一步推动消费者持有 Visa 凭证、支持商户受理。

From last year's Olympic and Paralympic Games in Paris, we drove the issuance of more than 7 million Paris 2024-branded cards and added more than 130,000 merchant locations in Europe. That is the power of these global sponsorships to help drive the Visa brand. But as Antony mentioned, our Value-Added Services team brings our marketing expertise and sponsorship to life for our clients. For example, staying with the Paris Olympic Games in 2024, we executed 327 client marketing campaigns across 89 markets, resulting in over \$100 million in Value-Added Services marketing revenue alone. Collectively, all of these efforts drive growth in credentials, payments volume, transactions and client retention, all resulting in strong revenue growth for our company.

在去年巴黎奥运会和残奥会上，我们促成了 700 多万张“巴黎 2024”主题卡的发行，并在欧洲新增 13 万多个商户受理点，这正是全球赞助助推 Visa 品牌的力量。但正如 Antony 所说，我们的增值服务团队把这份营销专长和赞助资源切实赋能给客户。例如，仅围绕 2024 巴黎奥运会，我们就在 89 个市场为 327 家客户执行了营销活动，仅此就带来超过 1 亿美元的增值服务营销收入。所有这些努力共同推动了凭证数量、支付额、交易量和客户留存的增长，为公司实现了强劲的营收提升。

And the more clients that we engage with marketing services, the more we extend the reach and impact of our brand. In fiscal year 2024, we spent about \$1.6 billion total in marketing globally. That includes everything from our global sponsorships to our brand-building efforts in advertising to client marketing to our local campaigns in more than 200 countries and territories. The impact and reach of these investments in our brand are magnified through several vectors.

我们为更多客户提供营销服务，品牌的覆盖面和影响力也随之扩大。2024 财年，我们在全球市场营销方面总投入约 16 亿美元，涵盖全球赞助、品牌广告建设、客户营销以及遍布 200 多个国家和地区的本地活动。这些品牌投入的影响力和覆盖面通过多个维度被放大。

First, through our 4.7 billion credentials that bear the Visa brand and that consumers and small businesses pull out of their wallets often multiple times a day.

首先，依靠全球 47 亿张印有 Visa 标识的凭证，消费者和小微企业每天都会多次从钱包中取出使用。

Second, through our more than 150 million merchant acceptance locations that prominently display the Visa brand at checkout to all of their shoppers.

第二，凭借 1.5 亿多个商户受理点，这些商户在收银处醒目展示 Visa 标识，面向所有顾客。

Third, through the marketing services we provide to issuing clients, which may include providing access to their Visa cardholders to our distinctive sponsorship assets.

第三，通过我们向发卡客户提供的营销服务，例如让其 Visa 持卡人享受到我们独家的赞助权益。

And finally, many of our nearly 14,500 financial institution clients make their own marketing investments that also amplify the Visa brand.

最后，我们近 14,500 家金融机构客户也会进行自有营销投入，同样能放大 Visa 品牌影响。

As Ryan mentioned earlier, the payments ecosystem continues to change at an accelerating rate. And as the world becomes more digital and we have a new generation of Visa users, we continue to evolve marketing at Visa to meet these new consumer expectations and behaviors, while building our brand strength. I'll share with you just a few examples.

正如 Ryan 早先所说，支付生态正加速演变。随着世界日益数字化、全新一代 Visa 用户的出现，我们也在持续进化 Visa 的营销方式，以契合新消费者的期待与行为，同时巩固品牌实力。下面分享几个案例。

In Osaka, Japan, we launched a campaign to increase awareness and use of Tap to Pay.

在日本大阪，我们发起了一场推广 Tap to Pay 的活动，以提升知晓度和使用率。

In addition to the "hero videos" and the social-media activation, we introduced additional layers of activity to engage consumers beyond that Tap to Pay transit moment. We engage key influencers in Japan to demonstrate that Tap to Pay had gone mainstream. We developed how-to videos featuring everyday people. We developed app-based gamification with rewards when they shopped with Visa. And we curated local merchant offers.

除了“主打视频”和社媒互动外，我们还加入多重互动环节，让消费者在交通场景之外也能参与。我们邀请日本关键意见领袖展示 Tap to Pay 已成主流；制作普通人演绎的操作指南视频；在应用中设计购物奖励式游戏化体验；并整合当地商户优惠。

That campaign produced compelling results, increasing the number of contactless users by more than 20 points and generating an even higher lift in transactions. In addition, we drove a 15% increase in Visa brand relevance. We are also adapting our marketing to drive brand relevance in an increasingly digital world.

该活动成效显著，使非接用户数量提升逾 20 个百分点，交易量增幅更高；同时 Visa 品牌关联度提升了 15%。我们也正持续调整营销策略，以在愈发数字化的世界中保持品牌相关性。

Again, some of these changes are foundational, such as integrating visual and sensory branding and haptics into the Tap to Pay experience, or leveraging our advantages as a more secure way to pay, connecting those brand claims to Click to Pay and Payment Passkey products.

同样，其中一些变革具有基础性意义，例如在 Tap to Pay 体验中融入视觉与感官品牌元素及触觉反馈，或是发挥我们更安全的支付优势，将这些品牌主张与 Click to Pay 和 Payment Passkey 产品相结合。

We're also providing a Visa branded all-in-one solution that Jack mentioned earlier, like Flex Credential.

我们还推出 Jack 早前提到的 Visa 品牌一体化方案，例如 Flex Credential。

But we're also meeting consumers where they are, such as expanding our presence in social media and video gaming.

同时，我们也走进消费者所在的场景，比如在社交媒体和视频游戏领域扩大存在感。

One example, we gamified Google Pay by enabling Visa cardholders in 87 countries to collect Paris 2024-themed digital mascot stickers in the Google Wallet when they Tap to Pay or if they pay it online with Visa.

举例来说，我们对 Google Pay 进行游戏化设计，让 87 个国家的 Visa 持卡人在 Tap to Pay 或在线使用 Visa 付款时，可在 Google Wallet 收集巴黎 2024 主题的数字吉祥物贴纸。

We also worked with the International Olympic Committee to partner with one of the largest gaming platforms in the world, Roblox, which has over 85 million daily active users, half of them Gen Z.

我们还与国际奥委会合作，携手全球最大游戏平台之一 Roblox——其日活用户超 8,500 万，其中一半是 Z 世代。

Within the Roblox game, we developed a series of mini games that were organic to the experience that ultimately became known as Olympic World presented by Visa.

在 Roblox 中，我们打造了一系列与平台体验自然融合的迷你游戏，最终形成“奥运世界·Visa 呈现”。

That experience attracted over 11 million visits during the games, and became, during the month of August, the number one branded sports game on Roblox.

在赛事期间，该体验吸引逾 1,100 万次访问，并于 8 月成为 Roblox 平台排名第一的品牌体育游戏。

More important, these activations, activations of this type have started to position Visa as the payment method of choice within video gaming for Gen Z.

更重要的是，此类活动正逐步将 Visa 塑造为 Z 世代视频游戏领域的首选支付方式。

The third item is, we are communicating and reinforcing some of the functional advantages that the Visa brand has, such as reinforcing trust.

第三点，我们正在传递并强化 Visa 品牌的部分功能优势，例如加强信任。

Open Banking in the US is a great example, where before a customer initiates a pay by bank transaction, we communicate and make visible the Visa brand so that they know that Visa is behind the connection to the customer's account.

美国开放银行就是一例——在用户发起银行账户支付前，我们会显著展示 Visa 品牌，让他们知道 Visa 为其账户连接提供支持。

Again, these are just a few examples of how we're leveraging the Visa brand, but also evolving our marketing approaches to meet new consumer expectations and behaviors.

再次强调，这些只是我们利用 Visa 品牌并不断革新营销方式以满足新消费期望与行为的几个示例。

So I'll close by summarizing just a few of the key points.

最后，我用几条要点作结。

In payments, brand really matters.

在支付领域，品牌至关重要。

Our brand is number one in payments.

我们的品牌在支付行业位居第一。

It's number seven globally out of all brands.

在全球所有品牌中位列第七。

And that preference that consumers have demonstrated and their clients have demonstrated applies across the globe and across important demographic groups.

消费者和客户展现出的这种偏好遍布全球，覆盖所有关键人群。

Clients and customers choose Visa for our brand, and this brand strength drives financial results for Visa in cards, in payments volume, in transactions, in client retention and in revenue.

客户和消费者因品牌选择 Visa，而这种品牌实力在卡量、支付额、交易笔数、客户留存及收入方面推动了 Visa 的业绩。

That's the power of the Visa brand, and we'll continue to make investments in the Visa brand, and we'll continue to evolve our approach to marketing the brand.

这就是 Visa 品牌的力量。我们将持续投资于 Visa 品牌，并不断升级品牌营销策略。

So with that, I'm going to hand it over to Rajat to talk about technology and AI.

接下来，我把时间交给 Rajat，他将介绍技术与人工智能的相关内容。

Thank you, Frank. I am Rajat Taneja, Visa's President of Technology. It's great to be here with you today, and I'm excited to talk about our technology. I want to show you why technology is so critical in payments, why Visa is the payments technology partner of choice for thousands of financial and technology companies around the world, and how we are investing for the future in key areas like AI. Let's start with the fundamentals. Why does technology matter in payments? Payments, first and foremost, are about trust and ubiquity. Trust that the transaction will be completed, that the money will be transferred in a timely fashion, and that both parties will be protected in the event of fraud or a dispute over the goods or services provided.

感谢 Frank 的介绍。我是 Rajat Taneja，Visa 的技术总裁。今天能与大家相聚，我倍感荣幸，也非常期待分享我们的技术实力。我想阐述技术为何对支付至关重要，为何全球数千家金融与科技公司都将 Visa 视为首选支付技术伙伴，以及我们如何在 AI 等关键领域为未来持续投入。让我们从基础谈起：为何技术对支付如此重要？支付首先关乎信任与普及——信任交易能够顺利完成、资金能及时到账，并且在发生欺诈或对所购商品与服务产生争议时，交易双方都能获得保护。

And both the buyers and the sellers in that transaction must also have confidence in the ubiquity of the payment system that it will be available for use wherever and whenever they want to use it. These foundations of digital payments are enabled by technology, technology that excels in four key areas; scale, reliability, speed and security. In payments technology, scale is the number of countries and territories, currencies, acceptance points, user credentials and tokens. Reliability is uptime, authorization rates, 24x7x365 availability, and the integrity and accuracy of the settlement process.

同时，交易中的买卖双方还必须对支付系统的普及性抱有信心——无论何时何地都能使用。这些数字支付的基石由技术支撑，而卓越技术体现在四大要素：规模、可靠性、速度与安全。支付技术的“规模”涵盖支持的国家和地区、货币、受理点、用户凭证及令牌数量；“可靠性”指系统在线率、授权成功率、全年无休的可用性以及清算流程的完整性和准确性。

Speed is fast and high quality payment authorization so a user can make a payment and get on their way. Security is accurate user and credential authentication, fraud prevention and detection and effective dispute resolution.

“速度”意味着高质量、极速的支付授权，让用户即付即走；“安全”则是精准的用户与凭证认证、欺诈预防与检测，以及高效的争议解决机制。

Security is also rigorous prevention against cyber threats, data breaches and denial of service attacks. Combined, these four technology elements – scale, reliability, speed and security – form the cornerstones of digital commerce. They create a payment system users trust will work quickly, safely and effectively with protections against bad actors and fraud, and is available to anyone, anywhere in the world any time of the day always. Visa is a leader in these technologies. They are embedded in VisaNet and extended to our Network of networks and they form the foundation of the Visa Payments Stack that Ryan introduced earlier. Scale, Visa operates in over 200 countries and territories globally, across nearly 14,500 financial institution clients, and more than 150 million merchant locations and 4.7 billion credentials. But our scale extends far beyond those numbers.

安全同样意味着严防网络威胁、数据泄露及拒绝服务攻击。规模、可靠性、速度与安全四大要素共同奠定了数字商务的基石，打造出一个用户信赖、运行迅捷、安全高效、能抵御不法分子和欺诈、且随时随地可用的支付体系。Visa 在这些技术领域均处于领先地位——它们深植于 VisaNet，并延伸至我们的“网络中的网络”，构成 Ryan 早前介绍的 Visa 支付栈的根基。就规模而言，Visa 的业务遍及 200 多个国家和地区，服务近 14,500 家金融机构客户，覆盖逾 1.5 亿商户受理点和 47 亿张凭证，而我们的规模远不止于此。

Over the past several years, we have dramatically expanded our scale through our Network of networks strategy. Our payments platform now encompasses more than 100 other payment schemes and networks globally, creating the largest global money movement network with the potential to reach more than 11 billion endpoints. Reliability: VisaNet, our core payments platform operates at over 99.9999% uptime. We operate at these levels of reliability while making over 1,000 updates to our code and our infrastructure on average every day. When our bank partners have challenges processing transactions, we have solutions like AI-powered stand-in-processing that allows transactions to continue to be processed seamlessly across our network.

过去数年，我们通过“网络中的网络”战略大幅扩展了规模，如今平台已整合全球 100 多个支付方案与网络，打造出全球最大的钱款流转网络，潜在触达逾 110 亿终端。可靠性方面：核心支付平台 VisaNet 的在线率超过 99.9999%。即便我们平均每天要对代码和基础设施进行 1,000 多次更新，仍能保持这一可靠水平。当银行合作伙伴在交易处理上遇到困难时，我们可通过 AI 赋能的“替代授权”等方案，确保交易在网络内无缝继续。

Speed: we process over 630 million transactions per day. Our processing times are in the milliseconds. During that time, we use sophisticated AI techniques to check for hundreds of transaction attributes detecting fraud and adding risk scores and other insights. Security: in 2024 Visa's security posture once again achieved the highest rating category from an independent research organization. We continue to outperform peers in our high risk, highly regulated business sector. We use AI models and billions of real time system signals per day to catch and nip any threat in the bud. Security is directly woven into the lines of code we write, allowing us to seamlessly block about 660 million attacks targeting our APIs and web applications, about 10 million phishing attempts and about 295 million bot attacks on average each month.

速度方面：我们每日处理逾 6.3 亿笔交易，处理时间以毫秒计。在此过程中，我们运用先进 AI 技术对数百个交易属性进行检测，识别欺诈并生成风险评分等洞察。安全方面：2024 年，独立研究机构再度将 Visa 的安全水平评为最高等级。我们在高风险、强监管的行业中持续领先同行。我们每天利用 AI 模型和数十亿条实时系统信号，迅速发现并扼杀威胁。安全深入代码基因，使我们每月平均可无缝阻挡约 6.6 亿次针对 API 和 Web 应用的攻击、约 1,000 万次钓鱼尝试及约 2.95 亿次机器人攻击。

Our scale, reliability, speed and security help differentiate Visa from other networks around the world. We invest billions of dollars improving these metrics every year to continue raising the bar for consumers, businesses and financial institutions. Visa operates one of the world's largest electronic payments networks, with nearly \$16 trillion of total volume running over our network annually. As Ryan mentioned earlier, about a decade ago, we opened up our network, making many of our payments capabilities easily available through standard APIs and creating the Visa Developer Platform, the next layer in the Visa Payments Stack. This decision was critically important to our business model and competitive differentiation.

我们的规模、可靠性、速度与安全使 Visa 与全球其他网络形成鲜明区隔。我们每年投入数十亿美元，不断提升这些指标，为消费者、企业及金融机构树立更高标准。Visa 运营着全球最大的电子支付网络之一，年处理总交易额近 16 万亿美元。正如 Ryan 之前所说，大约十年前我们开放了网络，通过标准 API 让众多支付能力轻松可用，并打造出 Visa Developer Platform——Visa 支付栈的下一层。这一决策对我们的商业模式和竞争差异化至关重要。

Now, any startup or large established company can access our capabilities. They choose the Visa platform because they instantly gain the trust and ubiquity that Visa brings. They immediately have global scale with access to 4.7 billion credentials, and over 150 million merchant locations. They get availability and high-quality performance, and they get access to all our innovations, tokens, Flexible Credential, passkeys and more, to help grow and improve their own products and solutions, and they get all of this through a single partner, Visa. Literally thousands of companies have chosen to partner with us in order to accelerate their growth and scale. As a result, Visa has become the payments platform of choice for fintech, big tech, crypto, digital wallets and more, growing to more than 2,900 API endpoints and more than 40 billion API calls per month at the end of 2024.

如今，无论是初创企业还是大型成熟公司，都能使用我们的能力。他们之所以选择 Visa 平台，是因为能够即刻获得 Visa 所带来的信任与普及性。通过 Visa，他们可瞬间拥有全球规模，接入 47 亿张凭证、逾 1.5 亿家商户受理点，并享有高可用、卓越性能，同时获取我们的全部创新——令牌、Flexible Credential、Passkey 等——以助力自身产品与解决方案的成长和升级，而这一切都可通过单一伙伴 Visa 实现。数以千计的公司已选择与我们合作，加速自身扩张与规模化。因此，Visa 已成为金融科技、科技巨头、加密货币、数字钱包等领域首选的支付平台，截至 2024 年底已拥有超过 2,900 个 API 端点，每月 API 调用量超过 400 亿次。

This ecosystem of partners building their payments capabilities on the Visa Stack creates a virtuous cycle of innovation that further differentiates our platform, and in turn, all of these partners scale our products and solutions globally.

这一生态系统中的合作伙伴在 Visa Stack 上构建支付能力，形成了创新的良性循环，进一步凸显了我们平台的差异化优势，并反过来帮助所有合作伙伴在全球范围内扩展我们的产品和解决方案。

In addition to enabling partners to access our payments platform, we are also unbundling our capabilities and building new services, what we call Visa-as-a-Service. Let's take disputes as an example. We started by unbundling our disputes capabilities from VisaNet. We also acquired Verifi to enhance these capabilities, including by gaining network-agnostic dispute capabilities and expertise. And our partners are building their own solutions on top of our capabilities. Stripe is a great example of this as they distribute our dispute solutions through a self-service dispute management platform for their merchants.

除了让伙伴接入我们的支付平台外，我们还在将自身能力拆分并构建新服务，即 Visa-as-a-Service。以争议处理为例，我们首先将争议处理能力从 VisaNet 中拆分出来，又收购了 Verifi 以加强此功能，获得跨网络的争议处理能力与专业知识。合作伙伴也在我们的能力之上构建自身解决方案，Stripe 便是典型案例——他们通过面向商户的自助争议管理平台分销我们的争议处理服务。

And we have many other examples like our network-agnostic tokens, Visa Protect for A2A, Risk-as-a-Service, Cybersource and Pismo. We are excited about Visa-as-a-Service and the opportunity to continue expanding our suite of solutions and selling them into a wide array of customers and ecosystem partners.

此外，我们还有众多实例，如网络无关的令牌、Visa Protect for A2A、Risk-as-a-Service、Cybersource 以及 Pismo。我们对 Visa-as-a-Service 充满期待，并将持续扩展解决方案套件，面向更广泛的客户与生态伙伴进行销售。

Pulling it all together, we are tremendously excited about how we have evolved our network over the past decade as we have created the Visa Payments Stack. We have a rich set of capabilities and partners on our platform which creates a virtuous cycle that attracts more networks, more partners, more client engagement and more innovation, further differentiating Visa and scaling our products and services globally.

总的来说，我们对过去十年间网络的演进及 Visa 支付栈的打造感到无比振奋。平台上丰富的能力与伙伴形成良性循环，吸引更多网络、更多合作伙伴、更多客户参与及更多创新，进一步凸显 Visa 的差异化，并在全球范围内扩展我们的产品与服务。

Let me spend a minute talking about how we develop products. First, everything starts with the needs of our clients, what are the pain points and how can we solve them, what are the opportunities they have and how can we help clients capture them. Second, we have a rigorous product development system that allows us to build products in an agile way with a short time between concept and production. This is how we make over 1,000 updates to our code and our infrastructure on average, every day. Third, we use leading edge tools and technologies to build our software. We leverage open source software and also build our own proprietary tools.

接下来谈谈我们的产品开发方式。首先，一切始于客户需求：他们的痛点是什么、我们如何解决、他们有哪些机遇、我们如何帮助把握。其次，我们拥有严格的产品开发体系，以敏捷方式将概念迅速落地生产，这也是我们平均每天对代码和基础设施进行 1,000 多次更新的原因。第三，我们使用前沿工具和技术构建软件，既利用开源软件，也开发自有专有工具。

Two good examples of our product development capabilities are Visa Tokens and Visa Direct. In both cases, we identified a market need, built a capability into our vast network to meet this need, and scaled tokens and Visa Direct transactions into the billions.

Visa Token 与 Visa Direct 是我们产品开发能力的两个典型案例。我们先洞察市场需求，再将相应能力嵌入庞大网络，从而满足需求，并将令牌和 Visa Direct 交易规模提升至数十亿级。

And we continue to innovate like this with products like Visa Protect for A2A and the Flex Credential, the new standard in payments credential. The power of the Visa Payments Stack is that we can build products centrally and then rapidly scale them to our more than 200 countries and territories, and to the thousands of clients that are building on our platform.

我们也在不断推出类似的创新产品，如 Visa Protect for A2A 及支付凭证新标准 Flex Credential。Visa 支付栈的强大之处在于，我们能在中心化环境下构建产品，并迅速扩展至 200 多个国家和地区，以及数千家在平台上开发的客户。

Now, let's talk about AI. At Visa, we have been investing in AI for decades. We were a pioneer in the use of AI to reduce risk and fraud. Our first machine learning model, using our data for this purpose, was released in 1993. Over the past 30 years, we have built enormous strength and expertise in AI with our own GPU clusters, strict policies and governance for responsible and ethical use of data, and hundreds of petabytes of data. Our data platform is amongst the most sophisticated and secure in the world.

现在谈谈 AI。Visa 在 AI 领域拥有数十年的投入，是利用 AI 降低风险与欺诈的先驱。1993 年，我们就推出了基于自有数据的首个机器学习模型。过去 30 年，我们凭借自建 GPU 集群、严格的数据责任与伦理治理政策，以及数百 PB 级数据，积累了深厚的 AI 实力与专长，打造了全球最先进、安全的数据平台之一。

A decade ago, we shifted to predictive AI and neural networks, deploying these capabilities to improve infrastructure availability, cybersecurity, risk, fraud prevention and more. These AI capabilities benefit our products like Visa Advanced Authorization, Visa Consumer Authentication Service, Advanced Identity Score, and Smarter Stand-in-Processing.

十年前，我们转向预测型 AI 和神经网络，将其应用于提升基础设施可用性、网络安全、风险与欺诈防控等方面，并赋能 Visa 高级授权、Visa 消费者身份验证服务、Advanced Identity Score 及 Smarter Stand-in-Processing 等产品。

As GenAI emerged, we dove deep into it. First, we are incorporating GenAI into our day-to-day work to make us more effective and efficient. We now have thousands of developers using GenAI tools to help us code, identify and resolve bugs, complete documentation and streamline our deployment and operational processes. We see gains in other areas of our business as well.

随着生成式 AI 的兴起，我们深度投入。首先，我们已将 GenAI 融入日常工作，以提高效率与成效。如今，数千名开发者使用 GenAI 工具协助编码、发现并修复漏洞、完善文档，并简化部署和运营流程。我们也在业务的其他领域看到了显著成效。

Second, we are building GenAI into our products such as Visa Assist, Visa Protect for A2A and Visa Account Attack Intelligence. And our in-house GenAI layer allows us to utilize multiple models in a secure, compliant and responsible way. Finally, we are building new products to meet the payments needs of GenAI driven or agentic commerce. We are fully embracing the potential for GenAI to transform many aspects of commerce, payments and our business.

第二，我们正在将生成式 AI 融入 Visa Assist、Visa Protect for A2A 以及 Visa Account Attack Intelligence 等产品。同时，我们的内部生成式 AI 层使我们能够以安全、合规且负责任的方式使用多种模型。最后，我们正打造新产品，以满足由生成式 AI 驱动或代理式商务的支付需求。我们全面拥抱生成式 AI 在商业、支付及公司业务诸多方面的变革潜力。

To summarize, technology matters in payments, trust and ubiquity are the foundation of digital payments, and these benefits are enabled by technology capabilities such as security, speed, reliability and scale. Visa is a leader in these technologies. They are embedded in VisaNet and extend to our Network of networks and they form the foundation of the Visa Payments Stack.

总而言之，技术在支付中至关重要；信任与普及是数字支付的基石，而安全、速度、可靠性与规模等技术能力赋予了这些优势。Visa 在这些技术领域居于领先地位。这些能力深植于 VisaNet，并延伸至我们的“网络中的网络”，共同构成 Visa 支付栈的基础。

Our leading Visa Developer Platform makes us the platform of choice for banks and tech providers who use our platform for their payment needs, accelerating their business and expanding our ecosystem in a virtuous cycle.

业界领先的 Visa Developer Platform 使我们成为银行和科技提供商满足支付需求的首选平台，加速其业务发展，并以良性循环扩大我们的生态系统。

We also have an extensive, ever-expanding library of Visa products and services built and distributed on our platform, what we call Visa-as-a-Service. These services create differentiation and increase engagement with our clients.

我们还在平台上构建并分发着规模庞大且不断扩展的 Visa 产品与服务库，我们称之为 Visa-as-a-Service。这些服务实现差异化，并提升了与客户的互动。

Our investments in product development capabilities, AI and other technologies help us further differentiate our business and prepare for future trends. We have been investing in AI for more than 30 years, and more recently we are deploying GenAI internally and adapting our products for AI-driven commerce.

我们在产品开发能力、AI 及其他技术方面的投资，进一步强化了业务差异化，并助力我们为未来趋势做好准备。三十多年来，我们持续投入 AI，近期更在内部部署生成式 AI，并将产品调整为面向 AI 驱动的商业。

So I will end it there. I'm sure you're all excited to talk more about AI over lunch. Thank you.

我就先分享到这里。相信大家午餐时会更加热烈地讨论 AI。谢谢各位！

Oliver Jenkyn

Group President, Global Markets, Visa, Inc.

Good afternoon, everyone. I'm Oliver Jenkyn, Group President at Visa with responsibility for our Global Markets. The purpose of this portion of the agenda is to share with you life on the frontline around the globe, and the progress we are making in delivering on our strategy from Australia to Zimbabwe.

大家下午好。我是 Oliver Jenkyn，Visa 集团总裁，负责全球市场。本环节的目的，是向大家介绍我们在世界各地前线的实际情况，以及从澳大利亚到津巴布韦在落实战略方面取得的进展。

At Visa, we operate in over 200 countries and territories. These roll into five regions: Asia Pacific, North America, Europe, Latin America and the Caribbean, and CEMEA, Central Europe, Middle East and Africa. Each of these five regions is led by a regional president. Those five are on my team, and we meet every week to share insights, concerns, opportunities, innovations that we see in one part of the world which can help inform strategies in another part of the world.

在 Visa，我们的业务遍及 200 多个国家和地区，归入五大区域：亚太、北美、欧洲、拉丁美洲及加勒比海，以及 CEMEA（中欧、中东与非洲）。每个区域都有一位区域总裁，他们都在我的团队里。我们每周召开会议，分享来自世界各地的洞察、关注点、机会与创新，以便将一地经验用于指导另一地的战略。

Now, you have heard the dimensions of our strategy, and I can attest that this strategy is clear in our markets around the world. When I travel to any market, the teams are finishing each other's sentences, and that's great.

大家已经了解了我们的战略维度，我可以证明这一战略在全球各市场都得到充分理解。当我走访任何市场时，当地团队都能一拍即合、相互补充，这非常令人欣慰。

However, a strategy is only as good as its ability to be executed on the front line, in-market with our local teams, with our local clients, via the thousands of conversations that we have every single day. It all comes together in market across Consumer Payments, CMS, VAS, brand, product, government engagement, et cetera.

然而，再好的战略也必须在一线落地——这取决于我们每天与本地团队、当地客户的数千次对话，取决于在市场层面把消费支付、CMS、VAS、品牌、产品、政府关系等全部结合起来。

While our strategy is consistent globally, how we bring that strategy to life in specific markets varies depending on stage of market development challenges and opportunities. There are a lot of insights to be shared across our markets when we harness it.

尽管我们的战略在全球保持一致，但在具体市场的落地方式会因市场发展阶段、挑战与机遇而异。充分利用这一点，可在各市场之间共享大量洞察。

Therefore, while we are organized by region, we complement that with an approach of market models. The purpose of these market models is to enable like markets to share strategies that have been successful with clients in one market, with clients in another market that are facing similar dynamics, even if these like markets are on the other side of the globe.

因此，除了按区域组织外，我们还采用“市场模型”的方法。市场模型的目标，是让性质相似的市场彼此分享成功策略——即便这些市场相隔半个地球，也能将一方面向客户的成功经验复制到另一方。

For example, Australia neighbors Indonesia, but has much more in common with digitally mature countries like Canada, Sweden and South Korea. Likewise, our approach in Indonesia benefits from knowledge sharing from our strategies in Pakistan, Egypt and El Salvador.

例如，澳大利亚与印尼毗邻，但在数字成熟度方面却与加拿大、瑞典、韩国等国更为相似。同样，我们在印尼的做法也受益于巴基斯坦、埃及和萨尔瓦多等市场战略的经验共享。

We have several market models that roll into four types; one, cash rich; two, high potential; three, high potential challenger; and four, digitally mature. Each market model comes with a unique set of strategies and actions for how we can most effectively drive growth.

我们设立了几种市场模型，归为四类：第一类，现金占比高；第二类，高潜力；第三类，高潜力挑战者；第四类，数字成熟。每种模型都配有独特的策略与行动，以便最有效地推动增长。

Let's start with the cash rich model. We often spend a great deal of time focused on advanced payments markets like the United States. However, it's important to remember that there are numerous markets around the world that are still in a cash rich stage of development. These markets usually have at least 50% of addressable consumer spend in cash, often over 80%. That's approximately \$2 trillion in cash.

首先看“现金占比高”模型。我们常把大量注意力放在美国等先进支付市场，但必须记住，全球仍有众多市场处于“现金占比高”阶段。这些市场的可服务消费支出中，现金通常至少占 50%，往往超过 80%，约合 2 万亿美元现金规模。

These are exciting markets for Visa and an important part of our long-term growth portfolio. The strategy for this market model, build, getting the Consumer Payments basics right is job number one, more credentials, more acceptance, more usage and more engagement. Laying this foundation with our partners across infrastructure, brand, and habituation provides near-term growth, as well as enables longer term opportunities for CMS and VAS.

对 Visa 而言，这些市场令人振奋，是我们长期增长组合的重要组成部分。该模型的策略是“建设”——首先把消费支付的基础打牢：更多凭证、更多受理、更多使用、更高参与度。通过与合作伙伴在基础设施、品牌与用户习惯等方面夯实基础，不仅带来近期增长，也为 CMS 和 VAS 的长期机会奠定基础。

This market model includes countries and regions such as Egypt, Indonesia, Vietnam, Central America and more. To bring this to life, I'll give you the example of CARCAM, Central America and Caribbean, a collection of over 30 markets that we manage as a group.

该模型涵盖埃及、印尼、越南、中美洲等国家和地区。为便于理解，我以 CARCAM（中美洲与加勒比地区）为例——这是我们整合作为一体管理的 30 多个市场。

This cluster is delivering over 15% annualized revenue growth with a cash runway of over 45% of addressable consumer spend. Visa has an excellent foundation for continued success. Strong client partnerships, card share leadership, strong cross-border opportunity for both travel and remittance, strong approval rates for cross-border and e-commerce, and a healthy, affluent population. We are focused on getting the basics right in Consumer Payments.

该集群实现了超过 15% 的年化收入增长，可服务消费支出中仍有逾 45% 为现金。Visa 拥有持续成功的坚实基础：稳固的客户伙伴关系、银行卡份额领先、旅行与汇款的跨境机会巨大、跨境及电商授权率高，以及健康的富裕人群结构。我们正专注于把消费支付的基础工作做到位。

Growing credentials is always a priority. We have 50 million credentials today and growing through partnerships with Banco Popular de Puerto Rico, BAC, Grupo Promerica and more.

扩大发卡始终是首要任务。目前我们拥有 5,000 万张凭证，并通过与波多黎各大众银行、BAC、Promerica 集团等合作伙伴的合作持续增长。

On acceptance, this is critical in cash rich markets to build habituation in everyday spend. Contactless plays an important role by ensuring that Visa is the easiest and most secure way to pay. In CARCAM, we have over 80% contactless penetration. This enables us to drive transactions and engagement. Transit, we have contactless transit in Guatemala, Dominican Republic, Panama and Costa Rica. We are seeing more than 100% annualized growth in transit transactions. And as Jack covered, when you habituate contactless in transit, all payments around it shift as well, creating a halo effect.

在受理方面，提升日常消费的习惯养成对“现金占比高”的市场至关重要。非接触式支付确保 Visa 成为最便捷且最安全的支付方式，在 CARCAM 地区的渗透率已超过 80%，从而推动交易和用户参与。交通领域方面，危地马拉、多米尼加共和国、巴拿马和哥斯达黎加均已启用非接触式公交支付，相关交易年化增速超过 100%。正如 Jack 所述，一旦交通场景养成非接支付习惯，周边所有支付也会随之转移，形成“光环效应”。

We're also taking creative actions in merchant acceptance to bring the smallest of sellers into our ecosystem. We're doing this by tiering our economic model and graduating merchants as they grow from nano to micro to small and to medium businesses. And we're innovating our product solutions to enable faster onboarding and more frictionless experiences, including mobile-based Tap to Phone acceptance and our new micro seller solution where all you need is a mobile phone and a debit credential and you can accept Visa payments.

我们在商户受理方面也采取创新举措，将最小规模的卖家纳入生态。具体做法是分层经济模式，随着商户从纳米型、微型到小型、再到中型逐级成长而升级；同时推出创新产品方案，加快商户入网并提供无摩擦体验，例如基于手机的 Tap to Phone 受理，以及我们的全新微型商户解决方案——只需一部手机和借记卡凭证即可受理 Visa 付款。

In CMS, we are also getting the basics right. For example, the video you saw before I came on stage. In the Dominican Republic, there's a network of about 60,000 individual, proprietor-owned colmados or convenience stores, which are central to the community.

在 CMS 领域，我们同样把基础工作做好。例如在我上台前视频中看到的多米尼加共和国案例，当地约有 6 万家个体经营的便利店（Colmado），是社区生活的核心。

The supply chain for the colmados was a legacy one. Sales representatives placed orders by phone, orders were paid in cash, and all transactions were tracked on paper. Delivery trucks drove around the island, dropping off supplies and carrying large levels of cash. Not ideal. AB InBev developed BEES, a B2B digital commerce platform enabling colmados to order products and manage inventory seamlessly. Visa then worked with local partners and AB InBev to digitize the payments in the BEES ecosystem, by providing credit card credentials for business owners to make the payments, and providing mobile point-of-sale devices for drivers to accept the payments. The new model has no cash, no paper receipts, it is seamless, secure and digital. We are getting the basics right in commercial, just like we are in Consumer Payments.

这些便利店的供应链相当传统：业务员电话下单，现金付款，交易凭纸质记录，送货卡车满岛跑并携带大量现金，极不理想。百威英博开发了 BEES——一个 B2B 数字商务平台，让便利店能无缝订货和管理库存。随后 Visa 与当地合作伙伴及百威英博合作，为店主提供信用卡凭证完成付款，并为送货司机配置移动 POS 设备收款，将 BEES 生态中的支付全面数字化：无现金、无纸质小票，流程无缝、安全且数字化。我们在商用领域的基础工作与消费支付一样扎实。

And we invest in VAS to drive more engagement. In cash rich markets, VAS services are always in high demand to help our clients lay a strong foundation to run their business. This is especially true of Advisory Services and Managed Services, where Visa embeds teams on site with clients to jointly execute to drive growth and transfer knowledge. For example, in Costa Rica, we partnered with a client to manage their full card acquisition process, from call center sales to card delivery. Our consulting work in CARCAM brings clients' best practices, benchmarking and insights on new global trends. All of this helps drive engagement with the flywheel effect for Consumer Payments. And in CARCAM, engagement is strong, with more than a 15% increase in average transactions per active card in fiscal year 2024.

我们还投资 VAS 以提升互动。在“现金占比高”市场，VAS 服务始终需求旺盛，可帮助客户夯实业务基础，尤其是咨询与托管服务——Visa 派驻团队与客户共同执行、促进增长并传授经验。例如在哥斯达黎加，我们与客户合作，管理其完整的发卡获客流程，从呼叫中心销售到卡片递送。我们在 CARCAM 的咨询工作，为客户带来最佳实践、基准对标及全球新趋势洞察。这一切都助推消费支付的飞轮效应，2024 财年 CARCAM 区域每张活卡平均交易量增长超过 15%。

Now, let's talk about high potential markets. These are large markets with sophisticated partners, digitally-aware citizens, strong technology infrastructure, and healthy innovation, but that also still have significant upside due to high cash levels. The strategy here accelerates. These markets have all the ingredients for growth across Consumer Payments, CMS and VAS. The Consumer Payments foundation is in place, and our focus is on accelerating growth to capture the cash. Further, with this solid base, the receptivity and capability of our clients to expand into new CMS flows is high, and the demand for VAS is greater. This market model includes markets such as Japan, Mexico, United Arab Emirates, Saudi Arabia and much of Continental Europe.

接下来谈“高潜力”市场。这些大市场拥有成熟伙伴、数字化意识强的居民、坚实技术基础和良好创新环境，但因现金比例高仍有巨大发展空间。我们的战略是在此“加速”。这些市场在消费支付、CMS 与 VAS 方面具备所有增长要素：消费支付基础已就位，我们的重点是加速成长、抢占现金；此外，在这一坚实基础上，客户对于拓展新 CMS 流量的接受度与能力都很高，对 VAS 的需求也更大。该模型涵盖日本、墨西哥、阿联酋、沙特及欧洲大陆的多数市场。

Let's start with Japan as an emblematic example. Enormous economy, sophisticated bank, merchant and fintech partners, strong card infrastructure, enormous cross-border opportunity, and Visa has a leading position – twice the share of the next network competitor, brand health scores of around twice our next competitor, as Frank mentioned earlier, and volume growth of approximately 2.5 times the overall Japan card market. Yet, despite all of this, cash remains over 50% of addressable consumers spend largely for cultural reasons. This is an incredible opportunity. All the ingredients are in place for growth across Consumer Payments, CMS and VAS. First on Consumer Payments, we lead with innovative client partnerships. Consider SMBC and SMCC where, as Jack mentioned, we partnered on Olive, the first instance of our Flex Credential to great success with over 3 million accounts.

以日本为典型例子：庞大经济体，银行、商户和金融科技伙伴成熟，卡基础设施强劲，跨境机会巨大，Visa 处于领先地位——市场份额为下一位网络竞对的两倍，品牌健康度也约为对手两倍（Frank 早前提到），交易量增速约为日本整体卡市场的 2.5 倍。然而，尽管如此，现金仍占可服务消费支出的 50% 以上，主要由文化因素导致。这是极大的机遇，消费支付、CMS 与 VAS 的所有增长要素齐备。先说消费支付：我们通过创新的客户合作保持领先。正如 Jack 所述，与三井住友银行和三井住友卡公司合作推出了 Olive——Flex Credential 的全球首例，大获成功，账户数突破 300 万。

On acceptance, we have worked with our partners to innovate and nearly double the number of merchant locations over three years, driving acceptance in historically cash heavy segments like small ticket, quick-service restaurants, vending, food delivery and government.

在受理方面，我们与合作伙伴携手创新，在三年内几乎将商户网点数量翻倍，推动历来以现金为主的小额消费、速食餐厅、自动售货、外卖和政府等细分领域的受理度。

Transit is another critical lever given how central it is to Japanese life. We have over 100 projects underway across the country. This will change behavior and drive engagement beyond transit and into everyday spend.

公共交通是另一项关键抓手，因为它在日本人的生活中至关重要。我们在全国范围内推进 100 多个项目，这将改变消费行为，并将参与度从交通场景延伸到日常支出。

On every day spend, more broadly, Visa has several initiatives targeting behavioral change, including Project Osaka, which Frank mentioned, where we're investing to accelerate cash displacement and win with younger consumers through direct-to-consumer marketing campaigns, app-based gamification and local merchant offers.

在更广泛的日常消费领域，Visa 推出多项旨在改变行为的计划，包括 Frank 提到的“大阪计划”。我们通过直面消费者的营销活动、应用内游戏化以及本地商户优惠，加大投入，加速取代现金，并赢得年轻消费群体。

Cross-border is also a priority. Inbound travel spend hit historic highs last year with over \$50 billion in inbound tourist spend. Cross-border outbound travels from Japan was still below pre-COVID levels in the first quarter, and we believe that a stronger yen will help to accelerate that growth and unlock significant potential.

跨境业务同样是重点。去年入境旅游支出创历史新高，超过 500 亿美元。第一季度日本居民跨境出境游仍低于疫情前水平，我们相信更强劲的日元将有助于加速增长并释放巨大潜力。

Turning to CMS, we are innovating with fintechs, for example, with new B2B credit programs, targeting commercial segments with partners like UPSIDER. We're partnering with large corporates like Nintendo and SAP on commercial payables solutions. And of course, we're collaborating with our bank partners with a specific focus on SMB, including in our ongoing partnership with SMBC and SMCC. Together, this is resulting in annualized revenue growth of 30% in CMS between FY 2022 and FY 2024.

谈到 CMS，我们与金融科技公司共同创新，例如与 UPSIDER 等伙伴合作推出新的 B2B 信贷项目，面向企业客户群。我们还与任天堂、SAP 等大型企业合作推出商用应付解决方案。当然，我们也与银行伙伴密切协作，重点关注中小企业，包括与三井住友银行和三井住友卡公司的持续合作。上述举措使 CMS 在 2022—2024 财年间实现了年化收入增长 30%。

Finally on VAS, demand is strong across our full suite of services, as our clients seek to keep up in the rapidly evolving payments space. Our overall annualized VAS revenue growth is 45% from FY 2022 to FY 2024. And over that time, our advisory business nearly doubled, with teams deeply embedded with clients at Rakuten, EPOS, Toyota Finance, Japan Airlines, and many more. This enables us to jointly drive our shared growth agenda across Consumer Payments, affluent, cross-border, business-to-business, risk management, marketing services and operations.

最后在 VAS 方面，随着客户力求在快速演变的支付领域保持领先，对我们整套服务的需求依然强劲。自 2022 财年至 2024 财年，我们的 VAS 整体年化收入增长达 45%。同期，咨询业务几乎翻倍，团队深度嵌入乐天、EPOS、丰田金融、日本航空等客户，共同推动消费支付、富裕客群、跨境、B2B、风险管理、营销服务及运营等领域的增长议程。

Another great high potential market example is Continental Europe.

另一个高潜力市场的优秀范例是欧洲大陆。

And for that, I'd like to bring up my colleague, Charlotte.

为此，我想请我的同事 Charlotte 上台。

Charlotte M. Hogg

I’m the Regional President of Europe, Visa, Inc.

我是 Visa 欧洲区总裁。

Thank you, Oliver. I’m Charlotte Hogg and I’m the Regional President of Europe. And I’m delighted to join you today.

谢谢你，Oliver。我是 Charlotte Hogg，Visa 欧洲区总裁，很高兴今天与大家见面。

As Oliver mentioned, Visa also places much of Continental Europe in the high-potential market model. Obviously, Continental Europe is a huge payments and commerce market: \$9 trillion in addressable consumer spend. Digitally advanced, sophisticated partners, ample innovation and active payment regulations. In some ways, it resembles the digitally mature market model. However, we see a high-potential opportunity for several reasons. First, there’s still a large amount of cash. Second, the opportunity vis-à-vis local domestic payment networks. Third, share-gain upside. Fourth, exciting innovation opportunities. And finally, the CMS and VAS growth upside.

正如 Oliver 所说，Visa 也将欧洲大陆的大部分地区归入高潜力市场模型。毫无疑问，欧洲大陆是一个巨大的支付和商业市场，可触达的消费者支出高达 9 万亿美元。这里数字化程度高、合作伙伴成熟、创新充足且支付监管活跃。从某些方面看，它类似于数字成熟市场模型。但我们认为这里蕴藏着高潜力机会，原因有几个：第一，现金规模仍然庞大；第二，本地国内支付网络带来的机会；第三，市占率提升空间；第四，令人振奋的创新机会；最后，CMS 和 VAS 的增长潜力。

Let’s talk about these. First on cash. Continental Europe has a significant cash runway. Cash and check are still over \$2 trillion in consumer spend. That’s 20% of the global cash runway. Most is concentrated in Italy, Germany, France and Spain. We still have significant work across our Consumer Payments levers, and we’re partnering with our clients to do so. In addition, there’s opportunity vis-à-vis the domestic networks. Several European markets have domestic payment networks, including Cartes Bancaires in France, girocard in Germany and Bancomat in Italy. These networks can have up to 70% consumer card share and thereby represent a large portion of card share across continental Europe. In Germany, about 80% of face-to-face addressable spend is on girocard and cash.

下面来谈谈这些机会。首先是现金。欧洲大陆仍有可观的现金替代空间——现金和支票在消费者支出中仍占 2 万亿美元以上，约占全球现金替代空间的 20%。其中大部分集中在意大利、德国、法国和西班牙。我们在消费支付各项杠杆上仍有大量工作要做，并正与客户携手推进。此外，国内网络也蕴含机会。法国的 Cartes Bancaires、德国的 girocard、意大利的 Bancomat 等国内支付网络在当地持卡消费中份额高达 70%，在欧洲大陆整体卡市场中占比巨大。在德国，面对面可触达支出的约 80% 落在 girocard 和现金上。

These networks will continue to have an important role to play. However, keeping up in payments can be hard for local networks. The expertise and investments required are significant across technology, feature functionality, digital, UI/UX, security, fraud, AI, et cetera. Many local schemes will be hard-pressed to keep up. And Visa’s focus on scale, reliability, speed and security, which Rajat mentioned, help us stay on the cutting edge. Customers and sellers continue to expect the latest in technology and innovation in payments and the best experiences win. This is an opportunity, be it through partnership or more directly gaining share, we’re very focused on this dynamic.

这些网络未来仍将发挥重要作用。然而，要在支付领域保持领先对本地网络而言并非易事——在技术、功能、数字化、用户体验、安全、反欺诈、AI 等方面都需要巨额投入和深厚专长，许多本地方案将难以跟上。而 Visa 在规模、可靠性、速度与安全方面的专注（正如 Rajat 所述）使我们保持领先。客户与商户持续期待支付领域的最新技术和创新，最佳体验者终将获胜。无论是通过合作还是直接提升份额，这都是我们的关注重点。

For example, in France, Cartes Bancaires lost 6 points of share versus 2023 and Visa gained 5 points. In Germany, Visa’s 2023 payments volume growth is four times that of addressable consumer spend growth. And our share opportunity is broader than just the domestic networks. Over the last three years, Visa has gained over six points of share in Continental Europe against all card players. Specifically versus our global competitors Visa has gained over four points with a clear focus on portfolio gains that are affluent and cross-border rich. Across Continental Europe, we’ve added around 100 million credentials since 2019.

例如，在法国，Cartes Bancaires 的份额较 2023 年下降 6 个百分点，而 Visa 上升了 5 个百分点。在德国，Visa 2023 年的支付交易额增长是可触达消费者支出增速的 4 倍。我们的份额机会不仅限于国内网络。过去三年，Visa 在欧洲大陆整体卡市场份额提升超过 6 个百分点；与全球竞争对手相比，Visa 份额提升超过 4 个百分点，重点在于获取富裕及跨境交易占比较高的组合。自 2019 年以来，我们在欧洲大陆新增约 1 亿张凭证。

Finally on VAS and CMS. Continental Europe is an enormous high-potential opportunity. Both businesses have strong growth in net revenue, similar to Visa overall with healthy demand and pipelines. For CMS, some of our best global thinking and progress is coming from Europe. A few examples. SMB growth with key partners is a focus, including Pliant in Germany, which Chris mentioned. B2B travel growth is also strong. As our investments in virtual card capabilities tailored to enable overseas travel agencies to pay their supplier networks seamlessly is delivering strong returns, by partnering with Worldline, Adyen and others. Visa Government Solutions in Germany, where nearly all of the 16 federal states are using Visa credentials for the German Disbursement Card for benefits disbursements.

最后谈 VAS 和 CMS。欧洲大陆在这两块业务中都是巨大且高潜力的市场，两者净收入增速强劲，与 Visa 整体增速相当，需求和管线健康。就 CMS 而言，我们全球最优秀的一些思路与进展来自欧洲。举几例：与关键伙伴合作推动中小企业增长，包括 Chris 提到的德国 Pliant；B2B 差旅增长同样强劲，我们在虚拟卡能力上的投资让海外旅行社可以无缝支付供应商网络，并通过与 Worldline、Adyen 等合作伙伴强力回报；在德国的 Visa 政府解决方案方面，16 个联邦州中几乎所有州都在福利发放的 German Disbursement Card 上使用 Visa 凭证。

For VAS, strong traction across all VAS business and a healthy pipeline, provision of affluent benefits and loyalty services to millions of affluent cardholders in France, Tink penetration across several markets and successful marketing services for our clients with the Olympics and Paralympic Games in Paris last year and Milano Cortina in 2026. We are pleased to announce that we signed a consumer and SMB issuing deal with JPMorgan Chase in Europe. Visa will be the network of choice when Chase launches relevant products as part of its European expansion. This presents a significant opportunity for Visa to further tap into high potential markets like Germany.

在 VAS 方面，所有子业务均取得强劲进展，管线健康：为法国数百万高端持卡人提供富裕人群权益与忠诚度服务；Tink 在多个市场迅速渗透；去年巴黎奥运及残奥、以及 2026 年米兰科尔蒂纳冬奥会为客户提供了成功的营销服务。我们很高兴宣布已与摩根大通在欧洲签署个人及中小企业发卡合作协议。当 Chase 在欧洲扩张并推出相关产品时，Visa 将是其首选网络。这为 Visa 进一步进入德国等高潜力市场提供了重要机遇。

Second, we have just signed a long-term agreement with Commerzbank in Germany to be their strategic partner as they bring innovation to their consumer and corporate clients with Visa.

其次，我们刚刚与德国商业银行签署了一项长期协议，成为其战略合作伙伴，借助 Visa 为其个人与企业客户带来创新体验。

Now, I’ll turn it back to Oliver to cover the next market model.

现在，我把话筒交还给 Oliver，为大家介绍下一个市场模型。

Oliver Jenkyn

Group President, Global Markets, Visa, Inc.

奥利弗·詹金

Visa公司全球市场集团总裁

Thanks, Charlotte. Now, let's turn to the high potential challenger markets. These are markets with attractive growth prospects, but where the local A2A scheme has meaningfully scaled. Our strategy for these markets is to adapt and drive growth by, one, competing with our leading capabilities across Consumer Payments, CMS and VAS, two, utilizing the A2A networks where additive to our services, like with Open Banking and Visa Direct, and three, providing our world class VAS capabilities to these A2A networks to enhance the functionality and security for our clients.

感谢你，Charlotte。现在，让我们谈谈高潜力挑战型市场。这些市场具有可观的增长前景，但当地的账户到账户（A2A）机制已大规模发展。针对这些市场，我们的战略是：第一，凭借我们在消费者支付、CMS和VAS方面的领先能力开展竞争；第二，在开放银行、Visa Direct等可为我们服务添砖加瓦的场景中利用A2A网络；第三，将我们世界级的VAS能力赋能于这些A2A网络，以提升客户的功能性和安全性。

Brazil and India are the two key markets in this model. Today I'll cover Brazil. As we know, Brazil is a huge and growing market with sophisticated financial institution, merchant and fintech partners, attractive demographics with digitally savvy youth, significant card infrastructure, large affluent population with appetite for cross-border travel and Visa has a strong set of partnerships and a strong brand to build on. And of course, Brazil has a large national real-time payment network, Pix.

巴西和印度是这一模型中的两个关键市场。今天我将介绍巴西。如大家所知，巴西市场庞大且持续增长，拥有成熟的金融机构、商户和金融科技伙伴；其人口结构富有吸引力，年轻人精通数字技术；拥有完善的卡基础设施；高净值人群规模庞大且热衷跨境旅行；而Visa在当地拥有稳固的合作网络和强大的品牌基础。当然，巴西还拥有规模庞大的国家级实时支付网络——Pix。

So before we dive in to Visa's Brazil strategy, let's talk for a minute about RTP to put Pix into context. As you know, many markets have RTP networks. This is not new. However, the impact of these RTP networks is very different by country. Most have gained traction in only certain narrow verticals such as B2B or bill pay. The number that has any broad impact in Consumer Payments is actually very small, but includes Brazil and India.

在深入讨论Visa的巴西战略之前，先花一分钟谈谈实时支付（RTP），以便更好地理解Pix。如你所知，许多市场都拥有RTP网络，这并不新鲜。然而，RTP网络在各国的影响大相径庭。大多数RTP仅在B2B或账单支付等少数垂直领域获得进展，真正对消费者支付产生广泛影响的市场其实很少，巴西和印度便是其中代表。

Now why is that? Why do most RTP network stay niche while a few gain traction? There are two primary drivers. First, is there a problem that needs to be solved? Two, is the RTP operator willing and able to make the investments that are necessary? If you understand these two dynamics, then you have a good idea and a good handle on how RTP will evolve in any given market. In Brazil, the answer to both of these questions was affirmative. Yes, there was a need. Certain consumers and sellers were not being well-served. And yes, the RTP operator, the Central Bank, pushed the industry to make the necessary investments.

为什么会这样？为什么多数RTP网络止步于小众，而少数却能大获成功？背后有两个主要因素：第一，是否存在亟待解决的痛点；第二，RTP运营方是否愿意且有能力投入必要资源。如果理解这两点，就能大致判断RTP在任何市场的发展路径。在巴西，这两个问题的答案都是肯定的：确实存在服务不足的消费者和商家需求；而且RTP的运营方——巴西央行——推动整个行业进行了必要投资。

Thus, Pix scaled and is now a core part of the Brazilian payments infrastructure. Given this, Visa developed a constructive adapt strategy to drive growth by competing with innovative card-based solutions, utilizing Pix infrastructure to deliver our solutions, and providing VAS on Pix transactions for our clients. Let's talk about each element. First, compete with our leading capabilities across Consumer Payments, CMS and VAS. In Consumer Payments, more credentials. Around 60% of Brazilian adults still don't have a credit card. We are focused on improving this through targeted segment-specific partnerships with both traditional issuers and neobanks. We are making strong progress and have driven about 25% annualized credential growth over the past four years with much more ahead.

因此，Pix迅速扩张，并已成为巴西支付基础设施的核心组成部分。基于此，Visa制定了一项“建设性适应”战略，通过三大举措推动增长：一是以创新的基于卡片解决方案参与竞争；二是利用Pix基础设施交付我们的解决方案；三是为客户在Pix交易中提供VAS服务。具体来看：第一，在消费者支付、CMS和VAS各领域发挥我们的领先实力开展竞争。就消费者支付而言，需要更多支付凭证。目前约有60%的巴西成年人仍未持有信用卡，我们正通过与传统发卡机构和新型数字银行的定向分群合作来改善这一状况。过去四年，我们的凭证数量年复合增速约25%，且未来仍有巨大空间。

On acceptance, while Visa has great reach with over 20 million merchant locations and growing at an annualized rate of about 30%, there is more we need to do with micro sellers. One example of our success is Tap to Phone, which, as I mentioned before, replaces point of sale hardware with a simple software download. Brazil is Visa's second largest Tap to Phone market with payment volume growing at 9 times and 19 payment facilitators and acquirers live with others launching soon.

在受理端，Visa已覆盖超过2000万家商户，且年增长率约30%，但在微型商户领域仍大有可为。例如我们取得成功的Tap to Phone方案，如前所述，它通过简单的软件下载即可替代POS硬件。巴西是Visa全球第二大Tap to Phone市场，交易额增长达9倍，目前已有19家支付机构和收单行上线，更多伙伴即将加入。

On affluent, we're laser-focused on the large growing affluent segment in Brazil, as Jack mentioned. Visa was voted best affluent network in Brazil, best ultra-high net worth card, best airport lounge. We are constantly investing in our affluent value proposition and are launching a super-premium ultra-high net worth version of our Visa Infinite platform later this year.

在高端客群方面，正如Jack所说，我们聚焦巴西这一庞大且持续增长的富裕人群。Visa被评为巴西最佳高端网络、最佳超高净值卡和最佳机场贵宾室。我们持续加码高端价值主张，并计划今年晚些时候推出Visa Infinite超高净值人群的顶级版本。

Our affluent strategy is doubly important since the segment accounts for nearly 85% of cross-border payment volume. On cross-border, it is worth also noting that we see significant upside for Brazil cross-border as a legacy tax structure that deterred cardholder shopping has begun to wind down. E-commerce continues its strong growth in Brazil, and we're focused on being the best way to pay and be paid online. To accomplish this, we've increased token penetration in e-commerce from 9% to 66% in the past three years. And in this last year alone, this resulted in an approval rate uplift of nearly 15 percentage points with 4.5 times less fraud. We've implemented targeted solutions for over 25 clients to boost debit volume for streaming and recurring services by reducing friction, enhancing security and ensuring a seamless experience.

高端战略格外关键，因为该客群贡献了近85%的跨境支付交易量。就跨境业务而言，随着曾经抑制持卡人境外购物的遗留税制逐步取消，巴西跨境业务具备显著上升空间。巴西电商仍保持强劲增势，我们致力于成为线上支付与收款的最佳选择。为此，我们在电商领域的令牌化渗透率已在三年内从9%提升至66%，仅去年一年就使授权率提升近15个百分点，欺诈率下降4.5倍。我们还为25多家客户部署了定向方案，通过降低摩擦、提升安全并确保顺畅体验来提升流媒体和循环扣款的借记卡交易量。

Another example is with iFood, a leading food delivery platform in Brazil, where we are – where we increased approval rates to the mid-90%, which is a strong improvement for their business. We're also piloting Tap to Pay online to allow consumers to authenticate online purchases by tapping their cards to their smartphone. In CMS, the most valuable opportunity is serving Brazil's over 20 million SMBs with carded solutions. Working through partners like Itaú and Bradesco, we think there's a great opportunity to meaningfully grow our SMB card penetration. There's also a lot happening in the LMM space, including our partnership with Kob, which Chris Newkirk mentioned earlier.

另一个例子是与巴西领先的外卖平台 iFood 的合作，我们将其交易审批率提升至 90% 以上，这对于他们的业务而言是一次重大改进。我们还在试点“在线轻触支付”（Tap to Pay Online），允许消费者通过将卡片轻触智能手机来验证线上购物。在 CMS 领域，最有价值的机会是为巴西超过 2000 万家中小企业提供基于卡的解决方案。通过与 Itaú 与 Bradesco 等合作伙伴携手，我们认为扩大中小企业卡片渗透率大有可为。在大型及中型企业（LMM）领域也有诸多进展，包括我们与 Kob 的合作——正如 Chris Newkirk 早前所提。

And, of course, we are very active with VAS in Brazil. Pismo, Cybersource and our Risk Solutions are all performing well. Our Advisory Services are growing revenue at an annualized rate of over 25% with strong demand. On Loyalty, as Antony mentioned, we operate Vai de Visa, our direct-to-consumer platform that we run on behalf of our partners. This platform has over 180 million credentials across more than 20 issuers, including Banco do Brasil, Bradesco, Caixa, and Mercado Pago. This platform offers valuable benefits to consumers and sellers which ultimately benefits Visa as well. Taken together on the first dimension of our adapt strategy in Brazil, there is much we are doing to compete where Visa has an attractive opportunity.

当然，我们在巴西的 VAS 业务也十分活跃。Pismo、Cybersource 以及我们的风险解决方案均表现强劲。我们的咨询服务年化营收增长率超过 25%，市场需求旺盛。正如 Antony 所说，在忠诚度方面，我们运营着直面消费者的平台“Vai de Visa”，代表合作伙伴直接服务终端用户。该平台覆盖 20 多家发行方、超过 1.8 亿张凭证，包括巴西银行、Bradesco、Caixa 及 Mercado Pago。该平台为消费者和商户提供了宝贵权益，最终也惠及 Visa。综合来看，在我们在巴西“适应”战略的第一维度上，Visa 正在抓住富有吸引力的机遇积极竞争。

Turning to the other dimensions of the adapt strategy, providing VAS on Pix transactions and utilizing Pix infrastructure to deliver VAS solutions. Here, let me give an example of our focus. Payments is not just moving money from A to B. Payments is security, customer service, dispute resolution, chargebacks, liability protection, cybersecurity, AI-based scoring, six-9s reliability and more. Pix has scaled, but it has capability gaps and we see an opportunity.

再来看“适应”战略的其他维度：在 Pix 交易上提供 VAS，并利用 Pix 基础设施交付 VAS 解决方案。举例说明我们的关注点：支付不仅是把资金从 A 点转到 B 点，还涉及安全、客服、争议处理、拒付、责任保护、网络安全、基于 AI 的评分、六个 9 的可靠性等。Pix 虽已规模化，但仍存在能力缺口，我们看到了机遇。

Consistent with our strategy, Visa's offering solutions to our issuers to support their Pix transactions. A great example is Visa Protect for A2A, which was mentioned by my colleagues earlier, which is a risk management solution uniquely built for RTPs powered by our Visa capabilities. This solution is currently being piloted by five clients in Brazil to help manage their Pix fraud. This will continue to grow and Visa will continue to support our clients with VAS solutions for Pix transactions. Brazil is a wonderful market for us and our adapt strategy is working very well.

按照这一战略，Visa 向发行方提供支持其 Pix 交易的解决方案。一个典型案例是此前同事提到的 Visa Protect for A2A，这是一款专为 RTP 打造、依托 Visa 能力的风险管理工具。目前已有 5 家巴西客户试点，用以管理其 Pix 欺诈。该项目将持续扩大，Visa 也将继续通过 VAS 解决方案支持客户的 Pix 交易。巴西对我们而言是绝佳市场，而我们的“适应”战略正在顺利推进。

Now let's turn to the digitally mature market model. This is a segment where sophistication is high, payment technology is developed and deployed, card has penetrated, consumers and sellers are well-served and cash is less than 10% of consumer spending. The strategy here: innovate and extend, maintain consumer payment leadership through cutting edge innovation to win against legacy platforms and to partner with new players such as digital wallets, crypto and A2A. From this position of consumer payment strength, leverage the sophisticated infrastructure and capabilities to accelerate expansion into CMS flows across Commercial & Money Movement, and provide clients with a comprehensive suite of advanced VAS solutions. This market model includes markets such as the Nordics, Canada, Australia, South Korea and the United Kingdom.

接下来讨论数字成熟型市场模型。这些市场高度成熟，支付技术已充分发展并大规模落地，卡片渗透率高，消费者与商户得到良好服务，现金占消费支出不足 10%。在此的战略是：创新与延伸，通过前沿创新保持消费者支付领先地位，击败传统平台，并与数字钱包、加密货币和 A2A 等新玩家合作。在消费者支付的稳固基础上，借助先进基础设施和能力，加速向商业与资金流（CMS）扩展，并为客户提供全面的先进 VAS 解决方案。该模型涵盖北欧、加拿大、澳大利亚、韩国和英国等市场。

Let's focus on the Nordics, which includes countries like Sweden, Norway, Denmark and Finland, among others. Since these are among the most digitally mature markets in the world, the Nordics have sophisticated banks, merchants and fintechs, deep digital wallet penetration such as with Swish and Vipps MobilePay, strong innovation, cash is generally less than 10% of addressable consumer spend, deep card penetration, established domestic payment networks and Open Banking and A2A infrastructure.

让我们聚焦北欧，包括瑞典、挪威、丹麦和芬兰等国。作为全球数字化最成熟的市场之一，北欧拥有成熟的银行、商户和金融科技生态，数字钱包渗透率高（如 Swish 和 Vipps MobilePay），创新活跃；现金通常占可寻址消费支出的比例低于 10%；卡片渗透率深厚；已建成本地支付网络，并具备开放银行和 A2A 基础设施。

Despite this maturity, Visa's strategy is working and you can see this in our results. Even with cash at under 10% of addressable consumer spend and addressable consumer spend annual growth of 7%, our annualized net revenue growth is approximately 15%. We accomplished this by adjusting our strategy and actions to local market realities. A few examples, compete in Consumer Payments. Addressable spend is still growing and cash still exists. So we continue to add credentials and deepen usage with a focus on affluent, digital and cross-border portfolios. This will never stop. There's an attractive opportunity to win share against the domestic card networks, including Dankort in Denmark and BankAxept in Norway. As Charlotte mentioned, keeping up in payments can be hard for the domestic networks. The expertise and investments required are significant. This is an opportunity for Visa and we are having success. We gained 7 points of card network share in the Nordics over the past three years.

尽管市场成熟，Visa 的战略依然奏效，业绩亦印证这一点。在现金占比不足 10%、可寻址消费支出年增 7% 的背景下，我们的净收入年化增长约 15%。秘诀在于根据当地市场现实调整战略与行动。举几个例子：在消费者支付领域竞争——可寻址支出仍在增长，现金仍然存在，因此我们不断新增凭证、深化使用，重点面向富裕群体、数字场景和跨境组合，这一进程永不停歇。我们也有机会从国内卡网络手中赢得份额，包括丹麦的 Dankort 和挪威的 BankAxept。正如 Charlotte 所言，本土网络要跟上支付变革并不容易，需要巨额专业投入，这对 Visa 是机遇，而我们也已取得成功——过去三年间，Visa 在北欧的卡网络份额提升了 7 个百分点。

We're also partnering with digital wallets. Wallets in the Nordics are great and they're ubiquitous, but they too have gaps where we can work together. Three examples.

我们也在与数字钱包合作。北欧地区的钱包应用非常出色且无处不在，但它们同样存在我们可以共同发力的空白。举三个例子。

First, in e-commerce, we're partnering with Vipps MobilePay to drive growth and win share. They're using Visa tokens to provide a smooth consumer checkout with improved conversion rates and lower fraud.

首先，在电子商务领域，我们与 Vipps MobilePay 合作以促进增长并赢得份额。他们利用 Visa 令牌，为消费者提供流畅的结账体验，提高转化率并降低欺诈。

In face-to-face, we partnered with Swish to improve the acceptance experience by enabling Visa credentials to be loaded into their wallet for contactless Tap to Pay card payments from their mobile devices.

在线下支付方面，我们与 Swish 合作，通过将 Visa 凭证加载到其钱包中，使用户可以用移动设备进行非接触式“轻触支付”卡交易，从而改善受理体验。

Finally in P2P, where we're partnering with Vipps MobilePay for both cross-border and domestic P2P by providing card-based money movement for Vipps' 12 million users via our Visa Direct capabilities thereby providing greater choice especially across borders and currencies.

最后在 P2P 领域，我们与 Vipps MobilePay 合作，针对跨境和本地 P2P 场景，通过 Visa Direct 能力为 Vipps 的 1200 万用户提供基于卡的资金转移，从而在跨境和多币种支付中提供更多选择。

A2A is active across the Nordics and Visa is embedded. Tink has 13,000 bank connections globally including Nordea and SEB in the Nordics. And the Nordics are the next market for our Visa A2A solution that we announced last year in the UK and that Ryan mentioned earlier today.

A2A 在北欧十分活跃，而 Visa 已深度融入其中。Tink 在全球拥有 13,000 个银行连接，其中包括北欧的 Nordea 和 SEB。去年我们在英国发布的 Visa A2A 解决方案将把北欧作为下一个市场，Ryan 今天早些时候也提到了这一点。

On CMS, although card penetration is nearly 60% of addressable consumer spend, card is less than 1% of B2B spend, leaving a nearly \$3 (sic) \[\$3.5] trillion B2B opportunity. Carding SMB spend is our focus and we're partnering with players like Mynt and K Group on commercial card issuance to capture it. For example, in our Mynt partnership, we've signed up major Nordics SaaS accounting platforms to issue Visa cards into their SMB base.

在 CMS 方面，尽管卡在可服务的消费者支出中渗透率接近 60%，但在 B2B 支出中的占比还不到 1%，这留下了近 3.5 万亿美元的 B2B 机会。我们重点是将中小企业支出卡化，并与 Mynt、K Group 等合作伙伴合作发行商用卡以抓住这一机会。例如，在与 Mynt 的合作中，我们已与北欧主要的 SaaS 会计平台签约，为其中小企业客户发行 Visa 卡。

Finally, VAS is central to our strategy in the Nordics, enabling Visa to increase our yield by deepening the services we add to transactions. VAS is growing at over 35% in the Nordics. Strong growth in Risk and Identity services. Featurespace is a strong base in the Nordics that we will build on. Our advisory business has doubled in the past two years as we expanded our offerings to operational excellence, managed services and data services with our clients.

最后，VAS 是我们在北欧战略的核心，通过在交易中嵌入更多服务，帮助 Visa 提升收益。北欧的 VAS 业务增速超过 35%。风险与身份服务实现强劲增长。Featurespace 在北欧拥有坚实基础，我们将继续在此基础上扩展。随着我们向客户提供卓越运营、托管服务和数据服务，过去两年我们的咨询业务翻了一番。

In sum, in the digitally mature market model, our strategy is working. We are successfully driving sustainable, multi-year growth, even in markets with less cash runway. While we can't talk about every country today, we should speak about our largest market, the United States. And for that, I would now like to bring up my colleague, Kim Lawrence.

总之，在数字成熟型市场模型中，我们的战略正在奏效。即使在现金空间有限的市场，我们也成功实现了可持续的多年增长。虽然今天无法谈到每一个国家，但我们应该讨论最大的市场——美国。为此，我现在请我的同事 Kim Lawrence 上台。

Kim Lawrence

金·劳伦斯

Regional President, North America, Visa, Inc.

Visa 北美区总裁

Thank you, Oliver, and hello. I'm Kim Lawrence, I'm the Regional President of our North America business, and I am excited to join you today to speak about the US. If we try to force the US into a market model, it would be somewhere in between high potential and digitally mature. It is certainly digitally mature from a level of innovation, functionality, card penetration and client sophistication. However, it still has lots of cash. Cash is in decline, but about 18% of addressable consumer spend remains on cash and check, not to mention meaningful legacy ACH volume. Lots of upside remains hence the US is a market model unto itself. The US continues to be a bright spot for Visa with leading share, leading brand, strong innovation and great partners. We are leveraging our capabilities to continue to lead the opportunity in Consumer Payments, expand into new flows with CMS and deepen our relationships with clients with more VAS.

谢谢你，Oliver，大家好。我是金·劳伦斯，负责 Visa 北美业务的区域总裁，非常高兴今天与各位讨论美国市场。如果硬要给美国套用某种市场模型，它应该介于“高潜力”与“数字成熟”之间。从创新水平、功能性、卡片渗透率和客户成熟度来看，美国无疑已属数字成熟；然而，现金仍然大量存在。现金使用的确在下降，但约有 18% 的可服务消费者支出仍以现金和支票形式进行，更不用说仍具规模的传统 ACH 交易量。因而，美国仍有巨大的上行机会，可谓自成一格的市场模型。美国持续成为 Visa 的亮点，凭借领先份额、卓越品牌、强大创新力和优质合作伙伴。我们正运用自身能力，在消费者支付继续保持领先、借助 CMS 拓展新流、并通过更多 VAS 深化与客户的合作关系。

Let me give a few examples to bring this to life, starting with Consumer Payments. Continue to win cash, there is still over \$2.2 trillion in cash and check and \$2.5 trillion in legacy ACH. Americans still make 14 cash, check or ACH transactions every month. We are focused on converting this to Visa. And we are doing this with our partners. Visa has the leading issuing partners and the leading co-brand partners, including 7 of the top 10 US co-brand programs. We added 400 fintech programs, 450 million new credentials and 6 billion tokens since we last met with this group. We are targeting numerous emerging acceptance segments like rent, loan repayment, education and gaming, where card penetration remains low at about 15% on average versus overall market penetration of around 60%. Great upside. And we are utilizing all of our assets to capture this opportunity.

我先从消费者支付说起，用几个例子来说明。持续拿下现金份额：美国仍有超过 2.2 万亿美元的现金与支票交易，以及 2.5 万亿美元的传统 ACH 交易。美国人每月仍平均进行 14 次现金、支票或 ACH 交易。我们专注于将这些交易转化为 Visa 交易，并与合作伙伴携手推进。Visa 拥有领先的发卡伙伴及联名卡伙伴，囊括美国前十大全国联名卡项目中的七个。自上次与各位见面以来，我们新增 400 个金融科技项目、4.5 亿张新凭证及 60 亿枚令牌。我们瞄准租金、贷款偿还、教育、游戏等多个新兴受理领域，这些领域的卡片渗透率平均仅约 15%，而整体市场渗透率约为 60%，上升空间极大。我们将动用所有资源来抓住这一机会。

We are leading the evolution of acceptance. Since we last met, contactless has taken off in the US. Tap to Phone has successfully launched. Transit is live at over 30 US locations. This is an 8x increase since our last Investor Day. And acceptance has meaningfully evolved through the pandemic, both online and face-to-face. And Visa has partnered to ensure our credentials are central to and embedded in the new acceptance models. Our brand matters. As Frank mentioned, there is a 16% spend lift in credit on average relative to our closest competitor. And we continue to invest in world-class sales excellence to make sure we are effectively bringing the best of Visa to all of our clients. And this is just Consumer Payments.

我们正引领受理方式的演变。自上次见面以来，非接触式支付在美国迅速普及，Tap to Phone 已成功推出，公共交通领域已有超过 30 个城市上线，这是自上届投资者日以来的 8 倍增长。受理环境在疫情期间无论在线还是线下都发生了深刻变化，Visa 与伙伴合作，确保我们的凭证在新受理模式中处于核心地位并深度嵌入。品牌力量至关重要，正如 Frank 提到的，Visa 信用卡平均消费额相较最接近竞争对手提升了 16%。我们也持续投资世界级销售能力，确保将 Visa 的最佳方案有效带给所有客户。而这些仅仅是消费者支付层面的成果。

Let's look at CMS and VAS. On CMS, Visa is the largest and most preferred commercial network and those are great assets to compete for the \$55 trillion B2B spend opportunity. Card may be well penetrated into addressable consumer spend, but in B2B spend, penetration is less than 5%. So decades of growth ahead. Our recent wins illustrate our ability to execute on this opportunity. For example, Toast, DoorDash, Ramp and several of the top US issuers like US Bank and JPMorgan Chase. On money movement, it is becoming more ubiquitous among the average US consumer. For example, we have approximately 1.4 billion card endpoints in the US that can enable a Visa Direct transaction.

再来看 CMS 与 VAS。就 CMS 而言，Visa 是规模最大、最受青睐的商用网络，这是我们争夺 55 万亿美元 B2B 支出机会的强大资产。卡片在可服务消费者支出中渗透率虽高，但在 B2B 支出中的渗透率不足 5%，未来几十年仍有巨大发展空间。我们近期的成功案例印证了我们的执行能力，例如 Toast、DoorDash、Ramp，以及美国银行、摩根大通等多家顶级发卡行。在资金流动方面，即时支付在普通美国消费者中的普及程度正不断提高，例如，美国约有 14 亿张卡可作为 Visa Direct 交易的端点。

Cross-border is a key money movement opportunity with over \$4 trillion in outbound payments from the US annually and Visa Direct cross-border P2P transactions from the US have grown 95% over the last fiscal year. On VAS, we are expanding our VAS offerings to meet client demand and adding or enhancing 30 products last year with more than 25 of them available in the US. And growth continues across the VAS lines, including, for example, around 50% annualized growth in Advisory. And we see a great opportunity in the US to further expand Visa-as-a-Service. Great progress on our strategy across the board. We have numerous examples of this all coming together across Consumer Payments, CMS and VAS, with clients who started as issuers but are now also acquirers, with clients that issued only consumer cards and now also have thriving commercial businesses, and with clients that built everything themselves and are now using Visa's VAS solutions. We wouldn't trade our position in the US for anything and feel great about our strategy in this unique market.

跨境支付是资金流动的关键机遇，美国每年对外支付超过 4 万亿美元，而美国通过 Visa Direct 进行的跨境 P2P 交易在上个财年增长了 95%。在 VAS 方面，我们持续扩充产品以满足客户需求，去年新增或升级 30 项产品，其中超过 25 项已在美国上线。VAS 各条产品线继续保持增长，例如咨询业务年化增速约 50%。我们认为在美国进一步扩大 Visa-as-a-Service 大有可为。我们的战略全面取得显著进展：一方面，原本仅做发卡的客户现在也成为收单方；另一方面，仅发行消费者卡的客户如今也建立了蓬勃发展的商用卡业务；还有一些客户以往完全自建体系，如今也在使用 Visa 的 VAS 解决方案。我们无比珍视在美国的市场地位，并对在这一独特市场的战略充满信心。

Now, I'll hand it back over to Oliver to wrap things up.

现在，我把时间交还给 Oliver 作总结。

Oliver Jenkyn

奥利弗·詹金，Visa 全球市场集团总裁

Thanks, Kim. So that completes our Visa tour around the world in payments. A strategy is only as good as its ability to be executed on the front line in market with our local clients via the thousands of conversations that we have every single day.

谢谢你，Kim。这就完成了我们在支付领域的 Visa 环球之旅。一个战略只有在市场一线、通过我们每天与本地客户进行的成千上万次对话得以执行时才算成功。

It all comes together in the markets. Hopefully you now have a clear sense that our strategy is being deployed successfully and that we have both a consistent global strategy and the ability to tailor the appropriate deployment effectively by market.

一切都在各个市场中汇聚。希望现在你们已经清楚地看出，我们的战略正在成功落地，我们既拥有一致的全球战略，也具备按市场有效定制部署的能力。

My key takeaways. The opportunity ahead of us across Consumer Payments, CMS and VAS is enormous. A strategy is only as good as our ability to execute with clients in unique local market conditions. Market models enable us to effectively deliver our strategy in a locally-tailored globally informed way. Visa's range of markets from long-term cash rich to near-term high potential represent a great portfolio for long-term sustained growth.

我的几点关键结论：在消费者支付、CMS 和 VAS 领域，我们面前的机遇巨大。战略的成败取决于我们在各具特色的本地市场环境中与客户协同执行的能力。市场模型使我们能够以本地化定制、全球化洞见的方式高效落地战略。Visa 所覆盖的市场从长期现金占比高到短期高潜力，构成了实现长期可持续增长的优质组合。

Thank you very much for your time. And with that, I'm now going to turn it over to Chris Suh.

非常感谢各位的时间。接下来，我将把话筒交给 Chris Suh。

Christopher Suh

克里斯托弗·苏

Chief Financial Officer, Visa, Inc.

Visa 公司首席财务官

Thanks, Oliver. Good afternoon. I'm Chris Suh, Visa's CFO. We've covered a lot of content today across our entire business, and in my time with you, I'll pull it all together into Visa's growth story.

谢谢你，Oliver。大家下午好。我是 Visa 的首席财务官克里斯·苏。今天我们已讨论了公司各业务领域的大量内容，接下来我将把这些内容汇聚成 Visa 的增长故事。

Our goals for today were, one, to share our updated strategy and key priorities. Two, to align on our view of the enormous opportunity still in front of us. Three, to showcase how we're going about capturing it with our strategic focus, industry-leading product innovation and continued strong execution. And finally, to share additional disclosures with you to give you more insights into our expanded business opportunities. And of course, most important, this is all because we want to be aligned with you, our shareholders, and for you to share the same excitement and confidence that we have in Visa's ability to continue the strong growth trajectory into the future.

今天的目标是：第一，分享我们更新后的战略和重点事项；第二，就我们面前仍然巨大的机会达成共识；第三，展示我们如何通过战略聚焦、行业领先的产品创新和持续强劲的执行来把握这些机会；最后，提供更多信息披露，让各位更深入了解我们拓展的业务机会。当然，最重要的是，我们希望与各位股东保持一致，让你们与我们一样，对 Visa 未来持续强劲的增长轨迹充满激情和信心。

So, let's recap what we've heard. Starting with Ryan and throughout the day we've been speaking to you about the strength of our network. It's that strength that positions us to deliver superior business and financial outcomes. We're the world leader in payments with the seventh most valued brand, number one brand in payments and an expansive and compelling set of opportunities across our growth pillars. All of this has created meaningful value by every measure in strong free cash flow, our leading operating margin, compelling EPS growth and shareholder return.

让我们回顾一下今天的重点。从 Ryan 开始，我们整天都在谈论我们网络的强大，而正是这种强大使我们能够实现卓越的业务和财务成果。我们是全球支付行业的领导者，拥有全球第七、支付领域第一的宝贵品牌，并在各大增长支柱上拥有广阔而吸引人的机会。这一切通过强劲的自由现金流、行业领先的运营利润率、有吸引力的每股收益增长和股东回报，在各项指标上都创造了显著价值。

Ryan spoke about the evolution of the business. As we have innovated, we have enabled a surge of new entrants and this has created a larger, more scaled, diversified and highly durable business. We've gone from 450 million credentials in the 1990s to 4.7 billion as of the end of 2024, and we've scaled our tokens from just under 50 million in 2016 to 11.5 billion in 2024, and more recently, the 12.6 billion tokens.

Ryan 讲述了业务的演进。随着我们的创新，大量新参与者得以加入，这打造了一个更大规模、更具多样性且高度持久的业务体系。我们的凭证数量已从 1990 年代的 4.5 亿张增长到 2024 年底的 47 亿张；代币数量也从 2016 年的不到 5,000 万枚扩大到 2024 年的 115 亿枚，最近更达到 126 亿枚。

Our payments volume continue to grow. It's up nearly 100% since 2016 and up more than 2,000% versus the 1990s. Merchant locations have increased more than 3x since 2016 and more than 10 times since the 1990s. And as several of my colleagues have mentioned, with the growth of Tap to Phone, becoming a Visa-enabled seller is easier than ever. In the future, with the focus on Visa-as-a-Service, we expect our network to continue to grow in ways that it has before, but also new ways with new solutions.

我们的支付交易量持续增长，自 2016 年以来几乎翻了一番，比 1990 年代增长超过 20 倍。自 2016 年起，商户受理点数量增长了 3 倍以上，相比 1990 年代增长超过 10 倍。如多位同事所提，随着 Tap to Phone 的发展，成为 Visa 受理商户比以往任何时候都更容易。展望未来，随着我们聚焦 Visa 即服务（Visa-as-a-Service），我们的网络不仅会以既有方式继续扩张，也将通过新方案以全新方式扩展。

As my colleagues have discussed in detail today, the opportunity ahead is significant. In Consumer Payments, we see \$41 trillion in addressable consumer spend with just about 55% as underserved today in cash, check, A2A and cards that run on domestic schemes. In Commercial & Money Movement Solutions, we see \$200 trillion of annual volume opportunity with about \$145 trillion in B2B, of which we think \$60 trillion is addressable today, as is \$55 trillion in non-B2B flows. In Value-Added Services, we see \$520 billion in potential revenue opportunity, and we're confident in our ability to expand our share with our strong portfolio of market-leading solutions.

正如同事们今天详细阐述的那样，我们面前的机会十分巨大。在消费者支付领域，可服务的消费支出规模为 41 万亿美元，其中约 55% 仍被现金、支票、A2A 及本地卡方案所覆盖而服务不足。在商业与资金流动解决方案领域，年交易量机会高达 200 万亿美元，其中约 145 万亿美元为 B2B 支付，我们认为目前可触及约 60 万亿美元，另有 5.5 万亿美元来自非 B2B 流。增值服务方面，潜在收入机会达 5,200 亿美元，我们凭借行业领先的强大解决方案组合，有信心持续扩大份额。

Across Consumer Payments, Commercial & Money Movement Solutions and Value-Added Services, we see a powerful combination of our network's unparalleled scale and reach, our valued brand, secular tailwinds and expanding addressable markets. When you take this combination, plus our proven strategy, we see a long runway for sustained growth ahead. Ryan shared with you our updated strategic areas of focus. Our growth goal is built and driven by four clear actions that will position us to build on our strengths, plus expand into new opportunities and drive long-term growth and value creation for our shareholders. Number one, strengthen Visa's impact in card-based Consumer Payments. Number two, expand Visa's reach in Consumer Payments, including in non-card payments. Number three, drive and enable further penetration of commercial payments and money movement. And number four, deliver innovative Value-Added Services to deepen our partnerships.

在消费者支付、商业与资金流动解决方案以及增值服务等领域，我们的网络规模与覆盖无与伦比，品牌价值卓越，再加上结构性顺风和不断扩大的潜在市场，这些强大组合叠加验证过的战略，使我们拥有持续增长的广阔跑道。Ryan 已与大家分享我们更新后的战略重点。我们的增长目标由四项明确举措驱动：第一，强化 Visa 在基于卡的消费者支付中的影响力；第二，扩大 Visa 在消费者支付中的触达范围，包括非卡类支付；第三，推动并加深商业支付与资金流动的渗透；第四，提供创新增值服务，加深合作伙伴关系。

Let's dive into each. First, Jack shared with you an update on our approach to Consumer Payments. We believe there is significant runway for growth, and our focus will be on both carded as well as non-carded opportunities. Our strategy is focused on driving consumer and seller preference for Visa through unmatched innovation, global reach and brand strength. We're driving digitization through Tap to Pay and Tap to Everything. We're accelerating engagement in digital commerce through tokenization. We're improving our cross-border experiences through increased global acceptance, targeting specific segments and driving innovation. We're extending our lead in serving affluent customers and co-brand partners through compelling benefits and sponsorship assets.

让我们逐项深入。首先，Jack 更新了我们在消费者支付方面的方法。我们相信仍有巨大的增长空间，重点将同时放在卡类与非卡类机会。我们的策略是通过无与伦比的创新、全球覆盖和品牌实力，推动消费者与商户偏好 Visa。我们通过 Tap to Pay 与 Tap to Everything 推动数字化；通过代币化加速数字商务参与；通过扩大全球受理、锁定细分群体并推动创新来改善跨境体验；通过引人入胜的权益与赞助资产，深化对高端客户和联名伙伴的服务领先地位。

We're expanding further into non-card payments through A2A and RTP, enhanced card capabilities and Open Banking. We're powering credit at the point of sale through our best-in-class security, as well as our new Flexible Credential offering. We see attractive opportunities across all markets, each with unique dynamics and at different stages of evolution. And as Oliver articulated, we have specific regional and country strategies that are customized to allow us to succeed by addressing their individual needs and economies. Consumer Payments volume has historically grown at about 10% CAGR, with an average gap of 6 points above addressable card spend. We expect continued strength in carded volume from our solutions and a strong yield from our continued focus in cross-border and affluent. Our strategies will help us grow from non-carded areas as well as with new products that provide enhanced value to A2A.

我们正通过 A2A 与 RTP、增强的卡片功能以及开放银行，进一步进军非卡类支付；通过行业领先的安全性以及全新的灵活凭证，为销售点信用赋能。我们在所有市场都看到诱人机会，各具动态，处于不同发展阶段。正如 Oliver 所言，我们制定了贴合各地区与国家特定需求和经济状况的策略以确保成功。消费者支付交易量历来以约 10% 的复合年增长率增长，平均比可服务的卡类支出高 6 个百分点。我们预计得益于解决方案，卡类交易量将继续强劲增长，同时凭借对跨境与高端客户的持续关注，实现高收益。我们的策略不仅将助力非卡类领域增长，也将通过为 A2A 提供更高价值的新产品推动增长。

While the gap between payments volume and addressable Consumer Payments has narrowed in recent years, we believe that we will continue to grow faster than addressable consumer spend in the US and beyond. And most important, we believe that we can still drive strong revenue growth, which I'll cover in a moment.

尽管近年支付交易量与可服务消费者支出之间的差距已缩小，但我们相信在美国及全球范围内仍将继续实现快于可服务消费支出的增长。最重要的是，我们相信仍可推动强劲的收入增长，稍后我会进行说明。

You heard from Chris Newkirk about the incredible opportunity we have in Commercial & Money Movement. These solutions add to our overall payments volume and represent another high quality lever for revenue growth. B2B and money movement flows are not just massive, they are ripe for disruption. Over time, we see our role in helping these transactions become as seamless as today's Consumer Payments experience. Businesses and consumers alike are demanding this consumerization. Our deep payments expertise, embedded relationships and ability to innovate puts us in a unique position to make this vision a reality. As we continue to innovate, we will continue to win in our domestic business, grow in cross-border flows, and provide an integrated set of solutions and capabilities for our clients. And of course, how we go to market remains paramount to our success. We've made sizable progress in this business over the last three years growing at a 22% CAGR.

正如 Chris Newkirk 所言，我们在商业与资金流动领域拥有巨大的机会。这些解决方案不仅提升整体支付交易量，也成为收入增长的又一高质量杠杆。B2B 与资金流动规模庞大，且亟待变革。长期来看，我们将助力此类交易像当今消费者支付一样无缝化。企业与消费者均期待这种消费级体验。我们在支付领域的深厚专长、深植的合作关系及创新能力，使我们能够独一无二地实现这一愿景。随着持续创新，我们将在本土业务中继续取胜，扩大跨境资金流，并为客户提供一体化解决方案与能力。当然，市场拓展方式始终是成功的关键。过去三年，该业务实现了 22% 的复合年增长率，取得了显著进展。

In fiscal 2024, we had \$1.7 trillion in commercial payments volume and nearly 10 billion transactions for Visa Direct. When we look at the monetization of these flows, we see that commercial has had a revenue yield of about 17 basis points to 19 basis points. This is slightly lower than the consumer revenue yield because of the transaction size, which tends to be about 3x plus the consumer transaction size. Visa Direct has generated approximately \$0.09 to \$0.10 per transaction, which is reflective of our current mix of business and is slightly better than Visa's total data processing yield. And because Commercial & Money Movement Solutions largely utilize Visa's existing infrastructure, they allow us to achieve additional returns at a scale with similar economics as we continue to grow into new areas. This business has grown significantly since our last Investor Day.

2024 财年，我们的商业支付额为 1.7 万亿美元，Visa Direct 交易近 100 亿笔。从资金流的货币化来看，商业业务的收入收益率约为 17–19 个基点，略低于消费者业务收益率，原因在于商业交易笔均金额通常是消费者交易的三倍以上。Visa Direct 每笔交易约带来 0.09–0.10 美元收入，反映了当前业务结构，且略高于 Visa 整体数据处理收益率。由于商业与资金流动解决方案主要利用 Visa 现有基础设施，随着我们进入新领域，它们可在类似经济模型下实现规模化的额外回报。自上次投资者日以来，该业务已显著增长。

Going forward, we'll continue to expand our offerings and partnerships as we build comprehensive solutions that continue to unlock new portions of the \$200 trillion opportunity each year.

展望未来，我们将持续扩充产品与合作伙伴关系，构建综合性解决方案，每年不断解锁 200 万亿美元机会中的新部分。

Antony shared with you how far we've come in Value-Added Services and really conveyed the optimism across the company for the growth opportunity that VAS continues to represent. VAS provides us with high quality recurring revenue streams that improve our net revenue yield while also deepening our client relationships. It enables us to tap into broader ecosystems and expand our reach across the transaction lifecycle, while leveraging our strong customer relationships with our consumer and commercial clients. First, we have a \$520 billion revenue opportunity to go after. Of which, we've captured just \$8.8 billion in 2024, a huge opportunity for VAS, and we've demonstrated our ability to execute and maintain strong revenue growth. We have a specific strategy to enhance Visa payments, enable all payments, and go beyond payments with Marketing, Advisory and more. This will involve continued investment and product development as well as commercial excellence.

Antony 向大家展示了增值服务取得的长足进步，并充分传达了公司对 VAS 持续增长机会的乐观态度。VAS 为我们提供高质量的经常性收入流，提升净收入收益率，同时加深客户关系。它使我们能够触达更广泛的生态系统，扩展在交易生命周期中的覆盖范围，并借助我们与消费和商业客户的牢固关系。首先，我们面前有 5,200 亿美元的收入机会，而 2024 年我们仅捕获 88 亿美元，VAS 机遇巨大，也展现了我们执行并保持强劲收入增长的能力。我们制定了明确策略，通过强化 Visa 支付、赋能所有支付并通过营销、咨询等服务超越支付。这将持续依赖投资、产品开发及卓越的商业执行。

The evolution of our Visa-as-a-Service capabilities is important to that future growth. The power of VAS lies in our ability to partner holistically with existing and new clients to solve some of their most complex challenges, whether it's combating fraud, improving customer loyalty, or leveraging data-driven insights to make smarter business decisions. And the real impact is when we work with partners to help them grow, to make the payments ecosystem safer and healthier, it's good for all network participants and in turn helps grow transactions and payments volume around the globe. You can see that all four of our portfolios exceeded \$1 billion in revenue in 2024 and equally important, have continued to grow strongly at this scale in the mid-teens or better with Acceptance Solutions and Advisory & Other Services both growing significantly better than that.

Visa 即服务能力的演进对未来增长至关重要。VAS 的力量在于我们能够与现有及新客户开展全面合作，解决其最复杂的挑战，无论是打击欺诈、提升客户忠诚度，还是利用数据洞察做出更明智的业务决策。当我们与合作伙伴携手，共同促进其成长、让支付生态系统更安全健康时，真正的影响就会显现；这对所有网络参与者都有利，并进而推动全球交易量和支付额的增长。可以看到，2024 年我们四大产品组合的收入均已超过 10 亿美元，更重要的是，在这一规模上仍保持中双位数以上的强劲增长，其中受理解决方案和咨询及其他服务的增长更为突出。

As we look at the businesses and key drivers of growth, we see Visa processed transactions and premium cards in force as the drivers for Issuing Solutions. Visa and non-Visa transactions as the primary drivers for Acceptance and Risk & Security Solutions, and total number of projects as the primary driver for Advisory & Other Services as we expand beyond payments.

当我们审视业务及其关键增长驱动时，发行解决方案的驱动力是 Visa 处理的交易量与高端卡在册量；受理及风险与安全解决方案的主要驱动力是 Visa 与非 Visa 的交易量；而随着我们向支付之外拓展，咨询与其他服务的主要驱动力则是项目总数。

The majority of Value-Added Services utilize recurring transactional or subscription revenue models. The remainder Advisory & Other Services are offered to improve the long-term value of our customer relationships by helping our customers drive that transaction volume that powers our business. In total, VAS revenue was nearly \$9 billion in 2024, up 22% year-over-year, made up of four \$1 billion plus portfolios each growing double digits or higher, and each powered by a reliably recurring or durable driver of growth. And with the benefit of the global scale of our network and operating model, this growth came at an attractive margin as it shares many similar characteristics to Visa in total. VAS is a powerful engine of both revenue and profit growth for Visa at levels that would exceed the benchmark for most SaaS companies already. As we continue to evolve Visa-as-a-Service with the ample runway still in front of us, we remain as excited and as optimistic as ever about the future of our VAS business.

大多数增值服务采用经常性交易或订阅式收入模型。其余的咨询与其他服务则通过帮助客户提升交易量来增强长期客户关系价值，而交易量正是驱动我们业务的核心。2024 财年，VAS 收入接近 90 亿美元，同比增长 22%，由四个收入超过 10 亿美元且均实现两位数及以上增长的产品组合构成，并且均依托于可靠可持续的增长动力。凭借我们网络和运营模式的全球规模优势，VAS 增长保持了有吸引力的利润率，与 Visa 整体呈现出诸多相似特征。VAS 已成为 Visa 收入与利润增长的强劲引擎，其水平已超过多数 SaaS 公司的基准。随着 Visa-as-a-Service 的持续演进，未来仍有充足成长空间，我们对 VAS 业务的前景依旧充满期待与信心。

As these strategies come together, how do we think about our framework for growth? First, consider that even with the high growth of CMS and VAS over the last several years, together they still only represent about 30-plus-percent of the business today. We see a long runway ahead and expect both to continue to grow meaningfully faster than our Consumer Payments business.

当这些战略协同推进时，我们如何看待增长框架？首先，即便过去几年 CMS 和 VAS 高速增长，两者合计目前仍仅占整体业务约三成多。我们认为未来增长空间广阔，预期二者增速将继续显著快于消费者支付业务。

From a financial standpoint, the mix shift that results in our faster growing CMS and VAS businesses becoming over 50% of net revenue should help to power durable growth for years to come. More specifically, being a larger part of our revenue base helps to drive the overall growth of the company as we have discussed and it reinforces our consumer business.

从财务角度看，随着增速更快的 CMS 与 VAS 业务在净收入中的占比超过 50%，这种业务结构的转变将为未来多年提供持续增长动力。更具体来说，它们在收入基盘中的比重提升不仅直接推动公司整体增长，也进一步强化了我们的消费者业务。

In Consumer Payments, underlying payments volume has continued to outgrow addressable consumer spend and transaction growth has also remained stable and strong. We expect this to continue. If CMS and VAS combined revenue growth grows at 16% to 18% and Consumer Payments volume grows at a rate of 5% to 7%, the total revenue growth would be in the 9% to 12% range.

在消费者支付方面，基础支付量持续跑赢可服务消费支出，交易增速亦保持稳定强劲，我们预计这一趋势将延续。若 CMS 与 VAS 合并收入增速达到 16%–18%，而消费者支付交易量增速为 5%–7%，则总体收入增速将处于 9%–12% 区间。

Now keep in mind, this is a long-term growth framework, not a forecast, and there are many variables that can impact that growth. We'll work hard to execute well, as we've proven time and time again our ability to do so against the many things that are within our control, driving our strategic priorities, enhancing our client relationships and our ability to maintain and win business, leading on product and technical innovation and delivering all of this incremental value to our clients in a way that enables us to appropriately price for that value.

请注意，这是一项长期增长框架而非预测，期间存在诸多可能影响增长的变量。我们将竭力出色执行——事实已多次证明我们具备做到这一点的能力——专注推动战略重点、深化客户关系以及维系并赢取业务领先地位，在产品与技术创新领域引领行业，并以恰当的价值定价方式将所有新增价值传递给客户。

And we'll also ensure that we manage our business around variables outside of our control, like how the global macro economy, including travel, continues to perform and FX volatility. Visa has built a strategy that plays to the company's unique strengths to promote long-term success for shareholders.

同时，我们也将妥善应对宏观经济（包括旅行行业表现）与汇率波动等不可控变量，确保业务稳健。Visa 制定的战略充分发挥公司独特优势，旨在实现长期的股东价值。

So with that being the revenue side of the story, let's talk about the expense side a bit. We're excited about the future for Visa in the industry and the vast and ever-expanding set of opportunities that lay ahead. It takes thoughtful investment to capture this opportunity. And as we look historically at our operating expense mix, you can see we have continued to do that. Growing revenue is a key focus as it drives maximum value creation. And accordingly, a significant portion of our operating expense mix is spent on product, sales and service, and technology, which powers our growth.

谈完收入端，再简要谈谈费用端。我们对 Visa 的未来及其广阔且不断扩大的机遇感到振奋，把握这些机会需要深思熟虑的投资。从历年运营费用构成可见，我们始终坚持如此。收入增长是价值创造的核心，因此我们将大量运营开支投入至产品、销售与服务及技术领域，为增长提供动力。

You could see on the right side of this slide that we've allocated our investments across the following areas. Still focusing on consumer and foundational elements of our business, while also investing increasingly in VAS and CMS and expanding our Visa-as-a-Service capabilities.

在本页右侧可以看到，我们已将投资分配至以下领域：继续聚焦消费者及业务基础要素，同时加大对 VAS 和 CMS 的投入，并扩展 Visa-as-a-Service 能力。

We've made the very deliberate decision to invest back in our business in areas with addressable opportunities that are larger and broader than ever. As a leadership team, we strive to be responsible stewards of our financial resources, prioritizing investments into our most strategic and highest return initiatives through a combination of new investment as well as rebalancing across the portfolio.

我们经过深思熟虑，决定在机会规模更大、更广的领域对业务进行再投资。作为领导团队，我们致力于做财务资源的负责任管理者，通过新增投资与组合再平衡并行，将资金优先投入最具战略性且回报最高的举措。

We've made deliberate investments over the years in sales and innovation, which have driven tangible outcomes from a product, revenue, and customer value perspective. For those that have joined us in person, I hope you take a minute to visit with our amazing product managers who will demonstrate examples of the innovation that has powered our growth.

我们多年持续在销售及创新方面进行有针对性的投资，从产品、收入与客户价值角度均已产生了实实在在的成果。对于亲临现场的各位，希望你们抽空与我们的优秀产品经理交流，他们将展示推动我们增长的创新案例。

Some of the booths you saw today are from recent acquisitions. And so, I want to take a moment to talk about acquisitions and minority investments in the build to buy calculus. Our approach to both organic and inorganic initiatives is aligned with our growth strategy. We're deliberate in our organic investments, looking to develop new solutions that build on our existing capabilities and competitive advantages as I just covered. Going forward, our approach to M\&A remains unchanged. As we evaluate whether we build or buy, it's really a question of speed, capability and talent. If we can get to market faster, if we can access capabilities that we otherwise couldn't, or if we can enhance our talent through M\&A, we're going to look for compelling inorganic opportunities. We look for very targeted acquisitions that enhance our business, meet customer needs, and deliver compelling shareholder returns. As for our approach to minority investments, we are opportunistic. We have the luxury of patience, given we don't have to – don't have an incentive – to deploy capital like a typical venture firm and we've invested in over 65 deals in over 50 different companies over the last five years.

今天您看到的一些展位来自我们近期的收购。因此，我想借此机会谈谈在“自建还是收购”考量中的收购与少数股权投资。我们在有机与非有机举措上的方法均与我们的增长战略保持一致。在有机投资方面，我们十分审慎，致力于开发基于现有能力和竞争优势的新解决方案。展望未来，我们的并购（M\&A）策略保持不变。当评估“自建还是收购”时，核心在于速度、能力与人才：若通过并购能更快进入市场、获取 otherwise 无法获得的能力，或提升我们的人才水平，我们就会寻找有吸引力的外部机会。我们倾向于极具针对性的收购，以增强业务、满足客户需求并为股东带来有吸引力的回报。对于少数股权投资，我们采取机会主义策略。由于无需像典型创投那样急于部署资本，我们拥有从容不迫的优势；过去五年，我们已在 50 多家公司的 65 多笔交易中进行了投资。

We've really developed a muscle for this over time. For example, in 2024, we announced the launch of a \$100 million generative AI ventures initiative and we're making investments. When we meet a company, whether early, medium or late stage, with a particularly attractive payments technology, we now have many ways to engage, whether it's providing guidance, striking a commercial agreement, establishing a deeper partnership, investing our own capital, or some of all of the above. As you heard from Ryan and Frank, for many of these companies, Visa is their partner of choice due to the credibility and trust that our brand can convey. We're mindful of that credibility and trust in the marketplace when we evaluate minority investments.

随着时间推移，我们已在这方面形成了“肌肉记忆”。例如，2024 年我们宣布启动 1 亿美元的生成式 AI 创投计划并已开始投资。当我们遇到一家在支付技术领域尤具吸引力的公司——无论其所处阶段早、中或晚——我们目前拥有多种合作方式：提供指导、签署商业协议、建立更深层伙伴关系、投入自有资本，或上述方式的组合。正如 Ryan 和 Frank 所言，由于 Visa 品牌所传递的信誉与信任，这些公司中的许多都将 Visa 视为首选合作伙伴。在评估少数股权投资时，我们十分珍视并关注这种市场信誉与信任。

I've just laid out our approach to organic and inorganic investments from a strategic growth lens, but let's step back for a moment and talk about our capital allocation approach more broadly. Our capital allocation priorities also remain unchanged. We approach capital allocation with a disciplined, long-term perspective acting as stewards of capital focused on maximizing shareholder value. Our first priority, as I mentioned, is to invest in the business. We take a balanced approach to investments, looking for opportunities with compelling return profiles and growth prospects that are additive to Visa as a whole. Our goal is to build on our leading position in the payments ecosystem and to capitalize on new growth opportunities. With our strong and durable free cash flow conversion, we're committed to maintaining a capital structure that provides us with optionality for growth – optionality to invest for growth and we carefully optimize for business needs and shareholder value creation. We've invested over \$8 billion into the business and completed five acquisitions over the last five years.

我刚刚从战略增长角度阐述了我们在有机与非有机投资方面的方法，但现在让我们从更宏观的层面谈谈资本分配。我们的资本分配优先级同样保持不变。我们以纪律严明、着眼长期的视角进行资本配置，充当资本管家，专注于最大化股东价值。如前所述，我们的第一优先级是投资于业务。我们采用平衡的投资方法，寻求能够为 Visa 整体增值、并具有诱人回报曲线与增长前景的机会。我们的目标是在支付生态系统中进一步巩固领先地位，并抓住新的增长机遇。凭借强劲且持久的自由现金流转化能力，我们致力于保持能够为增长提供选择性的资本结构——即投资增长的选择性，同时谨慎优化以满足业务需求和创造股东价值。过去五年里，我们已向业务投资逾 80 亿美元，并完成了五笔收购。

Our second and third priorities are dividends and buybacks. We remain committed to returning excess capital to our shareholders continuing a strong track record of both dividends and buybacks. Over the last five years, we've returned \$17 billion in the form of dividends and \$58 billion in the form of buybacks. In fact, since the IPO, we've returned more than \$140 billion to shareholders. Our fourth priority is to manage our capital structure to sustain our current credit ratings. Now that we've touched on revenue growth, expenses and capital allocation, I want to bring everything together in one complete picture for you from top to bottom line. We spent much of the day sharing with you our key growth levers. We understand the criticality of all of it coming together to drive bottom line performance.

我们的第二和第三优先级是股息与回购。我们将持续向股东返还多余资本，延续股息与回购的良好记录。过去五年，我们通过股息返还 170 亿美元，通过回购返还 580 亿美元。事实上，自上市以来，我们已累计向股东返还超过 1,400 亿美元。第四优先级是管理资本结构以保持当前的信用评级。谈完收入增长、费用及资本分配后，我想为您呈现自上而下的完整图景。我们今天花了大量时间分享关键增长杠杆，深知在它们协同作用下推动盈利表现至关重要。

From a financial standpoint, our approach is straightforward. Together, our strong revenue growth, leading operating margins and consistent stock buybacks will generate continued compelling EPS growth. Our strong revenue growth will benefit from a mix shift to CMS and VAS, underpinned by consistent Consumer Payments growth.

从财务角度看，我们的方法很直接：强劲的收入增长、领先的运营利润率以及持续的股票回购共同推动每股收益（EPS）持续亮眼增长。强劲的收入增长将受益于业务组合向 CMS 和 VAS 的转变，并由稳健的消费者支付增长支撑。

As we shift our mix, we expect strong yields in our higher-growth businesses to allow us to continue to achieve strong operating margin levels. And our capital return strategy will benefit from our continued best-in-class free cash flow generation, and this all drives compelling EPS growth into the future. Remember, we're not only aligned with shareholders, we are shareholders. So let me wrap it up and then we'll go to questions.

随着业务结构调整，我们预计高增长业务的强劲收益将使我们继续保持高水平运营利润率。我们的资本回报战略则受益于持续业界领先的自由现金流，这一切共同驱动未来 EPS 的卓越增长。请记住，我们不仅与股东目标一致，我们本身也是股东。下面我总结一下，然后进入问答环节。

Visa is one of the best businesses in the world with a world-class brand, leading technology, unparalleled network and global scale. This foundation gives Visa a significant opportunity to continue to tap into persistent and expanding secular trends and enormous opportunities from payments digitization and increasing transaction complexity.

Visa 拥有世界级品牌、领先技术、无与伦比的网络与全球规模，是全球最佳企业之一。这一基础让 Visa 能持续深耕并拓展支付数字化与交易复杂性提升带来的持久且不断扩大的结构性机遇。

Visa has a differentiated ability to innovate and commercialize new products and solutions that build on existing capabilities with trust from our customers and scale from our operating model. Expanding on our existing leadership position, these innovative products and solutions will help drive sustained and compelling growth through our strategy.

凭借客户信任及运营模式带来的规模优势，Visa 在创新并商业化新产品与解决方案方面具备独特能力。这些在既有领先地位上进一步扩展的创新产品与解决方案，将通过我们的战略推动持续而强劲的增长。

Our disciplined capital allocation strategy balances investment and growth opportunities with consistent returns to shareholders. Our strong revenue growth and operating margin drive sustainable cash flow, EPS growth and shareholder value creation. We're very excited about the next phase of our growth as we work to capture the enormous opportunities ahead of us, securing more consumer and business transactions all around the world.

我们纪律严明的资本分配策略在投资及增长机会与持续回报股东之间实现平衡。强劲的收入增长与运营利润率推动了可持续现金流、EPS 增长及股东价值创造。面对前方巨大机遇，我们将努力捕捉并持续拓展全球消费者与企业交易，对下一阶段增长前景倍感振奋。

So before we go to Q\&A, I'd like to play a short video from our partners at Navy Fed.

在进入问答环节前，我想播放一段来自我们合作伙伴——美国海军联邦信用社的简短视频。

QUESTION AND ANSWER SECTION

问答环节

Jennifer Como

Senior Vice President & Global Head -Investor Relations, Visa, Inc.

詹妮弗·科莫

Visa 公司高级副总裁兼全球投资者关系主管

All right. We've made it to the Q\&A portion of the day. Thank you so much for joining us. We're going to take questions in the room for about 30 minutes. If you'd like to ask a question, please raise your hand. Wait for a mic runner to reach you and indicate that it's your turn. Please state your name and firm. And please limit – I could see all the hands already – limit to one question only. Go ahead.

好了，我们进入今天的问答环节。非常感谢各位的参与。接下来大约 30 分钟时间我们将在会场内回答提问。如果您有问题，请举手示意，等到工作人员递送麦克风并示意轮到您发言时，再行提问。请先说明您的姓名和所在机构。由于提问者众多，请每人仅提一个问题。开始吧。

David John Koning

Analyst, Robert W. Baird & Co., Inc.

大卫·约翰·科宁

罗伯特 W. 贝尔德公司分析师

Hey, guys. Thanks. Dave Koning at Baird. And I guess my question, commercial volumes in the US. I think they slowed a little last year to mid-single digits. I guess, A, was that macro? Was that really what it was? And then, B, as you think about relationships with the B2B providers, if you would reduce interchange, you could get a lot more volumes, which would be great for you, but then you have to balance that with their feelings about their interchange. So maybe those two kind of questions.

大家好，谢谢。我是贝尔德的戴夫·科宁。我想问一下，美国的商业支付量。去年似乎放缓到中个位数增长。第一，这是宏观因素吗？真的是因为宏观吗？第二，关于您与 B2B 服务商的关系，如果降低刷卡手续费（interchange），可能会带来更多交易量，这对你们有利，但你们也必须平衡合作伙伴对手续费的看法。请就这两个问题进行说明。

Ryan McInerney

Chief Executive Officer & Director, Visa, Inc.

瑞安·麦克纳尼

Visa 首席执行官兼董事

Hey, Dave. Chris Newkirk, do you want to take both those?

嗨，戴夫。克里斯·纽柯克，你来回答这两个问题好吗？

Chris Newkirk

President, Commercial & Money Movement Solutions, Visa, Inc.

克里斯·纽柯克

Visa 商业与资金移动解决方案总裁

Absolutely. So in terms of commercial PV growth, the first part of your question, as you know, for a very long time, we've grown commercial PV at relatively high rates. And then, of course, we had the pandemic sort of interrupt payment volumes across the board. And what we saw in commercial was essentially lagged impacts versus what we saw in consumer. So lagged recovery and, therefore, we had really strong commercial PV performance in FY 2022 and FY 2023. With respect to FY 2024, really what we saw there is the impact of some portfolio turnover, which will lap in the second half of this year; and to your macro point, a little bit of drag on ticket size dynamics.

当然可以。关于商业支付量（PV）的增长，这是你的第一个问题。众所周知，多年来我们的商业支付量一直保持较高增速。但疫情的出现中断了整体支付量。商业端受到的影响相对于消费端有所滞后，因此其复苏也相对滞后，这就是为什么在 2022 和 2023 财年商业支付量表现非常强劲。至于 2024 财年，我们看到的主要是部分组合更替的影响，这将在今年下半年完成基数效应；至于你提到的宏观层面，交易票面金额的变化也带来了一些压力。

So that's the commercial PV front.

这就是商业支付量方面的情况。

In terms of how do we more deeply penetrate B2B flows, certainly, there's an opportunity to try to make sure that we've got for the particular flows we're trying to penetrate the right exchange of value, as you said. And so, I talked a little bit about our Commercial Choice suite that we've launched and we're rolling out into more and more markets, and that's exactly what that's after. So we have a set of solutions in that Commercial Choice suite that are bespoke, for instance, for verticals like online travel.

关于如何更深入渗透 B2B 流量，正如你所说，关键在于确保针对特定流量实现正确的价值交换。为此我提到了我们推出的 Commercial Choice 产品套件，并正逐步推向更多市场，目的正是如此。该套件中包含一系列定制化解决方案，例如专为在线旅行等垂直行业设计。

We have another set of capabilities in that Commercial Choice suite, where buyers and suppliers can actually negotiate their own bespoke interchange. And what we've done, when I said we're trying to make VisaNet more configurable to B2B flows, we've both enabled buyers and suppliers to set their interchange and we've enabled the ability for us to, frankly, just automate that inside of VisaNet. So I agree with you certainly that making sure that we've got the exchange of value right is an important unlock for acceptance.

在 Commercial Choice 套件中我们还提供另一项能力：买方和供应商可以协商专属的手续费费率。当我说我们在让 VisaNet 对 B2B 流更具可配置性时，就意味着我们既让买卖双方能够自行设定手续费，也让 VisaNet 能够自动化处理这些费率设置。的确，确保价值交换机制恰当是提升受理度的重要钥匙，我完全同意你的看法。

Jennifer Como

Senior Vice President & Global Head -Investor Relations, Visa, Inc. A

Visa 公司全球投资者关系高级副总裁兼负责人 A

Next question.

下一个问题。

Bryan Keane

Analyst, Deutsche Bank Securities, Inc. Q

Hi. It's Bryan Keane, Deutsche Bank. Thanks for the great day. Really helpful. Just thinking back at the last Analyst Day, the long-term growth framework on revenue, I think was pretty similar, 10% to 12%. I think, now, we're talking about 9% to 12%. I think one of the differences, though, would be in Consumer Payments. Previously, I think it was thought to be maybe 8% to 10%. Now, we're talking about 5% to 7%. So how much of that is a little bit of saturation, a pull-forward maybe through COVID of digital transformation versus how much is left on A2A and some other opportunities that will still lift the growth rate in Consumer Payments? Thanks.

你好，我是德意志银行的 Bryan Keane。感谢今天的精彩活动，非常有帮助。回想上一次分析师日，长期收入增长框架大致是 10% 到 12%，而现在我们讲的是 9% 到 12%。我认为其中一个变化是在消费支付方面。之前预计可能是 8% 到 10%，而现在是 5% 到 7%。请问这其中有多少是由于市场略显饱和，或者是在 COVID 期间数字化转型带来的前期拉动？又有多少增长空间仍然存在，比如 A2A 和其他仍可能推动消费支付增长的机会？谢谢。

Ryan McInerney

Chief Executive Officer & Director, Visa, Inc. A

Yeah. I'll let Chris answer that. I'll just also observe one of the other big changes on that growth framework was just the size that VAS and CMS has achieved and what we've put out there in the future of what we believe they can achieve the greater than 30% and the greater – or the 50% number.

But Chris Suh, do you want to address Bryan's question?

好的，我会让 Chris 回答这个问题。我还想补充指出，在这个增长框架中，另一个重大变化是 VAS 和 CMS 已经取得的规模，以及我们对它们未来可以达到超过 30%，甚至达到或超过 50% 所表达的预期。

Chris Suh，你要不要来回应一下 Bryan 的问题？

Christopher Suh

Chief Financial Officer, Visa, Inc. A

Yeah, happy to. So I'll start by referencing back to some points that Jack and Oliver made about the performance of our Consumer Payments. So two things stand out to me in particular. One is obviously the enormous opportunity that was articulated today in the US and abroad and the size of the \$23 trillion that is still in front of us that's sizably bigger than our payment volume today. So that's one.

当然，很高兴回答这个问题。我想先引用一下 Jack 和 Oliver 提到的关于我们消费支付业务表现的一些要点。首先，今天无论是在美国还是在海外所描述的增长机会都非常巨大，目前我们还面临着 23 万亿美元的市场空间，这远远超过我们当前的支付交易规模。这是第一点。

Two is, obviously, going after that with a very, very clear strategy, which we've articulated as well across Consumer Payments and across the business. So when we sort of add that all up, the other point, I think, that's important is that through all of that, as we saw the payment volume and PCE gap narrow, which it did through the acceleration of digitization that we saw and then the normalization that we've seen post that, through all of that, we've continued to deliver double-digit revenue growth consistently strongly, building on what Ryan said, across Consumer Payments, across Value-Added Services, across Commercial & Money Movement. So we feel good about the revenue performance. And like I said, we have confidence that we'll continue to outgrow underlying Consumer Payments volume.

第二，我们对此拥有一套非常明确的战略，我们在消费支付和整个业务层面都进行了阐述。当我们把这些都整合起来看，还有一点也很重要，那就是，在数字化加速带来支付量与个人消费支出（PCE）之间的差距缩小，以及后续的常态化过程中，我们依旧持续稳定地实现了两位数的收入增长，正如 Ryan 所说，涵盖了消费支付、增值服务以及商业与资金流动业务。因此我们对收入表现非常满意，并且正如我所说，我们有信心继续超越基础消费支付的增长水平。

Jennifer Como

Senior Vice President & Global Head -Investor Relations, Visa, Inc. A

Tien-Tsin? Go ahead.

Tien-Tsin？请提问。

Tien-Tsin Huang

Analyst, JPMorgan Securities LLC Q

Thank you, Jennifer. It's Tien-Tsin Huang from JPMorgan. I really like the Value-Added Services and the discussion on unbundling. So I had a clarification on the unbundling first. On unbundling, are those services incremental to the bundled services that you're doing today? I just want to make sure that it's additive and we won't see maybe some of the bundled services get broken up. That was my first question.

Then, on the acceptance on the issuing side, at scale, those are growing pretty close to where some of the best-in-class tech players are growing. So just wondering how you benchmark that and the sustainability of that since you're so large, but still growing as fast as some of the well-known high-growth players there. So sustainability question on the second one. Thank you.

谢谢你，Jennifer。我是摩根大通的 Tien-Tsin Huang。我非常喜欢今天关于增值服务和服务拆分（unbundling）的讨论。首先，我想澄清一下，您所说的这些“拆分服务”，是否是在现有打包服务基础上的增量服务？我只是想确认它们是新增的，而不是将现有服务打散。这是我的第一个问题。

第二个问题是关于发卡端的接入业务。在规模化方面，你们的增长速度接近一些一流科技公司的表现。我想了解你们如何进行对标，并评估这种增长的可持续性？毕竟你们的基数已经很大，但仍然保持着如此快速的增长速度。谢谢。

Ryan McInerney

Chief Executive Officer & Director, Visa, Inc. A

Yeah. I'll take those, Tien-Tsin. On the first one, incremental. So the Visa-as-a-Service, the unbundling of the capabilities is helping us to deliver incremental services out into the ecosystem above and beyond what are in, if you will, the bundled payment money movement services that we've put out there today. So that's all opportunity. And by the way, as we talked about, it's opportunity to deliver on top of Visa payments, it's opportunity to deliver on top of other types of payments, and it's opportunity to deliver those types of services unrelated to payments for a broad set of clients around the world.

好的，Tien-Tsin，我来回答你的问题。关于第一个问题，是的，这是增量的。Visa-as-a-Service 以及功能模块的拆分，使我们能够将增值服务扩展到生态系统中，超出我们目前提供的打包支付和资金流转服务的范围。这些都是新的增长机会。而且正如我们所说的，这些机会不仅能在 Visa 支付之上实现，还可以应用于其他支付类型之上，甚至可以为全球广泛客户群提供与支付无关的服务。

And I appreciate your second observation, which I think is probably more of an observation than a question. But yeah, I mean, if you look at that chart that Antony put up and then Chris put up in his presentation, where we break down what is close to a \$9 billion Value-Added Services business that has grown consistently at 20% plus or minus annual year-over-year growth. And then, you go into that and you look at the size of those businesses, the \$3.5 billion issuing business, the \$2.5 billion acceptance business, the \$1.7 billion risk business and so on and so forth, what we've been able to build – in the ways that Antony described and Oliver and Kim and Charlotte described, what we've been able to build is an at-scale, fast-growing, strong margin global business that in its own right has very attractive economic dynamics.

对于你提到的第二点，我想这更像是一个观察而不是一个问题。但没错，如果你看看 Antony 展示的图表，随后 Chris 在他的演讲中也展示了，我们目前接近 90 亿美元规模的增值服务业务每年保持着大约 20% 的增长率。再深入看看这些业务的规模，发行业务达到 35 亿美元，受理业务达到 25 亿美元，风控业务达到 17 亿美元，等等。正如 Antony、Oliver、Kim 和 Charlotte 所描述的，我们打造出了一个规模化、高增长、高利润率的全球性业务板块，它本身就具备极具吸引力的经济模型。

But I think what's also really important to remember is it reinforces and feeds our other two businesses. It's reinforcing our Visa Consumer Payments business and driving growth and sustainability and all the good things in that business, as well as driving the CMS business that Chris Newkirk described.

但我认为更重要的是，它还强化并反哺了我们另外两大业务板块。它增强了 Visa 的消费支付业务，推动其增长和可持续性，以及所有相关的积极因素；同时也推动了 Chris Newkirk 所描述的商业与资金流动（CMS）业务。

So feel good about the progress that we've made there. We feel good about our ability to continue to sustain that growth. If you go back to what Antony put up on the slide around where we are against the TAMs of each of those four businesses, 2%, 3%, 4% of the TAM that we've been able to capture so far.

So thanks, Tien-Tsin.

因此我们对取得的进展感到满意，也有信心持续保持这种增长。回顾 Antony 展示的幻灯片，我们在那四大业务板块的总体可服务市场（TAM）中，目前仅占据了 2%、3%、4% 的份额左右。

谢谢你，Tien-Tsin。

Jennifer Como

Senior Vice President & Global Head -Investor Relations, Visa, Inc. A

Next question here, James.

下一个问题，James。

James E. Faucette

Analyst, Morgan Stanley & Co. LLC Q

Thanks, Jennifer. James Faucette, Morgan Stanley. I wanted to ask about cross-border. If we go back to kind of things that you showed, especially cross-border, both e-commerce and travel-related, continuing to grow really well. It seems like that's probably faster than it was pre-pandemic, even though we're well beyond that. Can you talk a little bit about if that's, A, accurate? But what you think has changed? And then, how are you adjusting your business? And I would imagine, including Value-Added Services can play an important component of that because it seems like a really big driver still.

谢谢你，Jennifer。我是摩根士丹利的 James Faucette。我想问一下关于跨境支付的问题。如果回顾你们展示的内容，尤其是跨境电商和旅游相关业务仍在持续增长，似乎增长速度甚至超过了疫情前的水平，尽管我们早已走出疫情影响。你能谈谈这是否准确？以及你们认为背后发生了什么变化？此外，你们是如何调整业务以应对这种趋势的？我猜增值服务在其中可能也扮演了重要角色，因为这似乎仍是一个非常重要的增长动力。

Ryan McInerney

Chief Executive Officer & Director, Visa, Inc. A

Yeah. I'll hit a couple points, and then I'll hand it to Chris Suh to just talk a little bit about the numbers. I think go back to what Jack talked about in his presentation, a little bit of what Frank talked about in his presentation. If you wake up anywhere in the world at this point and you have a Visa card in your wallet, your purse, or your phone, you have confidence that you can step on a train or a plane and you can go pretty much anywhere in the world and you know you're going to be able to buy what you need to buy. That is a remarkable thing that we've built over decades, and it's something that continues to allow us to earn more than our fair share of that spending volume that happens around the world. And I think that's why you're seeing some of the growth happen there. And then, you add to it the affluent benefits that Jack and Frank and Oliver and Kim and Charlotte talked about, the product benefits, you then add the e-commerce kind of capabilities that have enabled the tokenization. One of the things if you go back in time that was a real challenge in cross-border e-comm was authorization rates. So when we talk about the 12-plus billion tokens that have been embedded in the global e-commerce ecosystem that's driving higher authorization rates, that again drives more share to the Visa platform on cross-border.

好的，我来讲几个重点，然后请Chris Suh来介绍一些具体的数据。我想回到Jack和Frank在他们的演讲中提到的内容。如果你今天在世界上任何一个地方醒来，钱包、手提包或手机里有一张Visa卡，你就有信心可以乘火车或飞机前往世界各地，而且你知道你能买到你需要的东西。这是我们几十年来所建立的一个令人惊叹的系统，也正是这个系统让我们能够在全球消费中持续获得高于市场平均的份额，我认为这就是你们看到跨境增长的原因之一。再加上Jack、Frank、Oliver、Kim和Charlotte提到的高端客户权益、产品优势，以及我们在电子商务方面实现代币化的能力。如果回顾过去，跨境电商中最大的挑战之一就是授权通过率。而我们现在谈到的120多亿个嵌入全球电商生态系统的Token正是在提升授权率，这再次推动Visa在跨境交易中获取更高的市场份额。

So Chris, do you want to add to some of the numbers?

Chris，你来补充一些数字方面的信息吧？

Christopher Suh

Chief Financial Officer, Visa, Inc. A

Yeah. I mean, Ryan covered a lot of it. I'll touch on one point that you raised about sort of pre-pandemic/post-pandemic, like what do our cross-border numbers look like. You're correct in the sense that the total cross-border numbers are stronger than they were, and it's really attributed to a couple of things. One is, obviously, e-commerce was strong pre-pandemic, it was strong through the pandemic, and it continues to be strong post-pandemic and stronger than the total cross-border number. And so, it's actually a bigger mix of the business today. And so, that in itself, just a faster-growing portion being a bigger mix, is a tailwind to the total cross-border.

是的，Ryan已经涵盖了大部分内容。我补充一点你提到的疫情前后对比的问题，即我们的跨境业务数据情况。你说得没错，从总体上看跨境交易的数据确实比以前更强劲了，这归因于几个方面。首先显而易见的是，电子商务在疫情前就已经很强劲，疫情期间依然强劲，疫情之后更是持续增长，目前甚至超过了整体跨境交易的增长速度。因此，现在电子商务在我们业务中的占比更高，而这一更快速增长的部分占据更大权重，本身就为整个跨境交易提供了顺风助力。

Now, travel has gone through a lot of ups and downs over the last five years. Post-pandemic, it's remained at elevated levels. It's remained at elevated levels in all regions across, save AP, that we've talked about extensively. And that really seems to be consistent with the personal habits of people, consumers, business travelers around the world. We're continuing to see elevated levels of physical travel. That's going to continue to be a tailwind to the total cross-border.

另外，旅行在过去五年经历了很多波动。疫情之后，旅游交易保持在较高的水平，几乎所有地区都是如此，除了亚太地区，我们已经对其做了较多的讨论。而这与全球消费者和商务旅行者的个人习惯变化相一致。我们仍在持续观察到较高的出行频率，这也将继续成为整体跨境交易增长的有利因素。

And so, both of those elements are in play. We're obviously watching the trends very carefully every quarter, and we talk to you about them, and we'll continue to talk about it as we see how the trends play out.

因此，这两方面因素都在发挥作用。我们每个季度都会密切关注这些趋势，也会持续与你们沟通，并根据实际走势进一步更新。

Jennifer Como

Senior Vice President & Global Head -Investor Relations, Visa, Inc. A

Don?

Don？

Donald Fandetti

Analyst, Wells Fargo Securities LLC Q

Thanks. Don Fandetti with Wells Fargo. You mentioned affluent push a couple of times. So I was wondering if you could dig in a little bit more. Is that on the international side? And would that be more emerging markets, or would it be both emerging and developed?

谢谢。我是富国银行的Don Fandetti。你们多次提到了推动高端客户战略。我想请你们更深入地说明一下，这是主要发生在国际市场吗？这种策略是更侧重于新兴市场，还是既包括新兴市场也包括发达市场？

Ryan McInerney

Chief Executive Officer & Director, Visa, Inc. A

Jack, do you want to take the affluent?

Jack，你要不要来回答关于高端客户的问题？

Jack Forestell

Chief Product & Strategy Officer, Visa, Inc. A

Sure. I think the simple answer to that question is yes. It's really across the board. It's in every market in which we operate. We see tremendous opportunity outside the US. So your emerging markets question is spot on. As I mentioned earlier, the penetration rate for credit outside of the US is about 50% of what we observe inside the US. A lot of that is about getting credit cards and credit products and credentials in the hands of affluent consumers. So we have teams on the ground all over the world who are working hard every day to identify those issuers, those platforms where we have opportunity to try and drive stronger relationships and preference with affluent consumers. But it's in the US, it's in Western Europe. It's in our emerging markets. It's all over the world.

当然。这个问题的简单答案是：是的。这确实是一个全面性的战略，涵盖了我们运营的每一个市场。我们在美国以外的市场看到巨大机会，所以你关于新兴市场的提问非常准确。正如我之前提到的，美国以外的信用卡渗透率大约只有美国的一半。而其中很大一部分机会就在于如何将信用卡、信贷产品和支付凭证交到高端消费者手中。我们在全球都有团队每天努力寻找合适的发卡方和平台，力求在高端消费者群体中建立更强的偏好和忠诚关系。不仅在美国、西欧，在我们的新兴市场中，这种战略也同样重要，遍布全球。

Jennifer Como

Senior Vice President & Global Head -Investor Relations, Visa, Inc. A

Harshita?

Harshita？

Harshita Rawat

Analyst, Bernstein Institutional Services LLC Q

Hi. Harshita Rawat, Bernstein. So I want to follow up on Visa-as-a-Service and kind of unbundling of your services. How do you balance the kind of opportunities from new sources of revenue versus the risk from helping kind of competition through things like Visa A2A Protect?

你好，我是 Bernstein 的 Harshita Rawat。我想就 Visa-as-a-Service 以及你们服务的解构（unbundling）做进一步提问。你们如何平衡从新收入来源中获得的机会，与像 Visa A2A Protect 这类产品可能帮助潜在竞争对手所带来的风险？

Ryan McInerney

Chief Executive Officer & Director, Visa, Inc. A

Yeah. I think it's a great example of what we've shown over time. What we've shown over the last 5, 10, 15 years is that we've been able to take what otherwise would have been threats or competitors, but leaned into them with our capabilities, our network, our strategy and turn them essentially into scalers or distributors of our products and services around the world. As we gave some examples through the day, whether it's big tech or fintech or crypto or the like.

是的，我认为这是一个很好的例子，说明了我们这些年来一直在做的事情。在过去的五年、十年、十五年里，我们已经证明，我们能够将那些原本可能成为威胁或竞争对手的力量，借助我们的能力、网络和战略，转化为推动我们产品和服务在全球范围内扩展的渠道或合作伙伴。正如我们今天举的例子所示，无论是大型科技公司、金融科技公司，还是加密货币等领域。

And so, as we think about the two actions around Consumer Payments of both competing with our card platform, which we will do as vigorously as we've ever done and continue to win all around the world, we view it as an opportunity to lean into that second action, to lean into expanding into non-card payments and other card payments and bring our assets and capabilities through the Visa-as-a-Service, as you referenced, to create yield, to drive revenue, to further distribute our products and services around the world.

所以，当我们思考关于消费者支付的两个动作时：一方面是通过我们自己的卡平台继续激烈竞争，这我们会一如既往地坚定推进，并在全球范围内继续取得胜利；另一方面，我们也将这种趋势视为一个机会，积极拓展非卡支付和其他卡类支付领域，并通过你提到的 Visa-as-a-Service 模式，带入我们的资产与能力，创造收益，推动营收增长，并进一步将我们的产品与服务扩展到全球各地。

But also, I think if you just step way back from that for a second, I mentioned this several times during my prepared remarks, we wake up every day in service of our clients. All of us travel around the world meeting with our clients. And when we hear from our clients that they have problems, for example, in account-to-account payments, which they do. If you go talk to bankers in Brazil or in India, two of the countries that Oliver mentioned, but really anywhere, the US, the UK, Europe, Southeast Asia, they are struggling with it.

但我还想说，如果你退一步看这个问题，我在之前的发言中多次提到，我们每天醒来所做的一切，都是为了服务我们的客户。我们整个团队在世界各地与客户会面。当客户告诉我们他们在账户对账户（A2A）支付方面遇到问题时——而他们确实存在问题——无论是在 Oliver 提到的巴西、印度，还是美国、英国、欧洲或东南亚，银行都在这方面面临挑战。

And so, if Visa can help our clients solve a big problem they have, whether it's reducing fraud, it's addressing scams that their customers are finding trouble with, whether it's giving their customers more confidence to use those products, if that's what the banks want to do, I mean, that's at the core of it all, right? We're helping our clients. That then deepens the relationship that we have with them, which then, ultimately, strengthens that flywheel of everything we talked about today.

因此，如果 Visa 能帮助客户解决这些重大难题，无论是降低欺诈、解决他们客户所遭遇的诈骗问题，还是增强客户对这些产品的使用信心，只要这是银行希望解决的问题——这正是我们一切工作的核心。我们是在帮助客户。这也会加深我们与客户之间的关系，进而推动我们今天谈到的整个飞轮效应持续运转。

Jennifer Como

Senior Vice President & Global Head -Investor Relations, Visa, Inc. A

Go ahead.

请继续。

Craig Maurer

Analyst, FT Partners Q

Craig Maurer from FT Partners. I wanted to ask, in the US, there could be a material shift with Capital One buying Discover. How do you think about someone with the resources of Cap One investing in a new debit system to compete against DPS? I think it will be the first time in decades that there's been a challenge to DPS. Thanks.

我是 FT Partners 的 Craig Maurer。我想请问一下，美国市场上 Capital One 收购 Discover 可能会带来重大变化。你们怎么看 Capital One 这样一家有实力的公司会不会投资建设一个新的借记卡系统，以对抗 DPS？我认为这可能是几十年来首次出现对 DPS 的实质性挑战。谢谢。

Ryan McInerney

Chief Executive Officer & Director, Visa, Inc. A

Yeah. I think, as I've said in other forums, I think Capital One as an owner of Discover will make Discover an even more viable, strong and competitive platform. And that's true in US debit. That's true in credit. That might be true internationally. They are extraordinarily smart, they are very well resourced, they know what they are doing, and they have a very strategic long-term view of things.

是的，正如我在其他场合也说过的，我认为 Capital One 作为 Discover 的拥有者，会让 Discover 成为一个更有活力、更强大、更具竞争力的平台。这不仅适用于美国的借记卡业务，也适用于信用卡，甚至可能扩展到国际业务。他们非常聪明，资源雄厚，战略清晰，而且对未来有着非常长远的视角。

So as we've said before, back to your question around US debit, US debit is extraordinarily competitive, we compete every day at every merchant on every card for every transaction. And it's going to be one more competitor in that marketplace. It's going to push us to up our game in terms of our product, our customer relationships, our brand, our technology, our reliability. And the more competitive pressures, the better – that gets us up in the morning and, ultimately, makes us a better company in service of our clients.

所以回到你关于美国借记卡市场的问题，正如我们一直所说，这是一个竞争极其激烈的市场。我们每天都在每一笔交易、每一个商户、每一张卡上与其他对手竞争。Capital One 将成为这个市场中的又一位强劲竞争者。这会促使我们在产品、客户关系、品牌、技术和可靠性等各方面不断提升。而竞争越激烈，我们越有动力每天奋起，这最终也会让我们成为一家更优秀的公司，更好地服务我们的客户。

Jennifer Como

Senior Vice President & Global Head -Investor Relations, Visa, Inc. A

Next question.

下一个问题。

Andrew G. Schmidt

Analyst, Citigroup Global Markets, Inc. Q

Hi. Andrew Schmidt from Citi. Thank you for the comments on the CMS and VAS yields. Those were helpful. But as we think about the incremental margins over the next few years, how should we think about this trending versus historical patterns as we think about the mix shifts and then also perhaps stepped up product velocity, things like that? Thank you.

你好，我是花旗的 Andrew Schmidt。感谢你们关于 CMS 和 VAS 收益率的评论，那些信息非常有帮助。但在我们展望未来几年新增利润率时，如何理解其趋势与历史模式的对比？尤其考虑到业务组合的变化，或者产品推进速度可能加快等因素？谢谢。

Christopher Suh

Chief Financial Officer, Visa, Inc. A

Yeah. Let me address it maybe in a couple of ways because I think there's a question about VAS and CMS, and then maybe broaden that to talk about the company-wide margins. As we shared in great detail today, in the VAS business, in particular, you saw the four portfolios that Antony described for you. And in the majority of them, they really benefit from the scale of Visa, the operating scale, the scale of our network. And as we've described, they come at very attractive margins. The one that may be slightly different is the Advisory. There, it was a fast-growing portfolio in 2024, but we love that business because also, as Antony described, it has the sort of the flywheel benefit of helping our clients be successful and creating more volumes in the ecosystem, which is, again, good for all of us as well as deepening those client relationships.

好的，我分几个方面来回答这个问题，因为我认为这其实包含了关于 VAS 和 CMS 的提问，然后我会再扩展到整个公司层面的利润率。正如我们今天详细介绍的，在 VAS（增值服务）业务中，你已经看到了 Antony 描述的四大业务组合。在其中的大多数组合中，它们确实从 Visa 的规模效应、运营规模以及网络规模中获得了巨大益处。正如我们所说，这些业务组合具有非常有吸引力的利润率。唯一可能略有不同的是顾问服务部分。在 2024 年，该业务组合增长迅猛，但我们非常看好这项业务，正如 Antony 所描述的，它具有飞轮效应，能够帮助客户获得成功，在整个生态系统中创造更多交易量，这对我们所有人都有利，同时也加深了与客户的关系。

So we've grown the VAS business to be almost a quarter of our revenue today, and it hasn't – we've sustained strong margins across the company. So again, we feel good that we can continue to grow that business at very attractive margins. Now, the mix will change as the mix of the business changes, but we've managed that pretty well. CMS, we've also talked about the fact that it benefits from the scale of the VisaNet in total and the operating model that we have. And so, from a business unit perspective or from a growth pillar perspective, we feel like we got a handle on what's happening with margins.

如今，VAS 业务已经增长到几乎占我们总收入的四分之一，而我们在整个公司层面仍保持着强劲的利润率。所以我们有信心，这项业务可以继续以非常有吸引力的利润率增长。虽然业务组合会随着整体结构的变化而改变，但我们一直在很好地管理这一点。至于 CMS（商业与资金流动解决方案）业务，我们也提到，它同样受益于 VisaNet 的整体规模和我们的运营模式。从业务单元的角度，或者从增长支柱的角度来看，我们都能很好地掌握利润率的变化趋势。

Now, at the company-wide level, we've achieved a great operating margin. And you've heard me say and you've heard others in this company say, we don't manage the company to an operating margin target specifically. But I should take a minute to expand on that. It's not that we don't care about profitability. We care deeply about profitability. We just do it in a way that maybe is different than sort of that question and first, one is because we really approach it in two ways, right? One, we're focused on delivering for our clients. And when we're focused on making them successful, then it's good for the ecosystem, it's good for all participants, and it drives top line.

现在，从整个公司层面来看，我们已经实现了非常优秀的营业利润率。你听我说过，也听公司其他人说过，我们并不是以特定的利润率目标来管理公司。但我想稍微展开解释一下，这并不是说我们不关心盈利能力。事实上，我们非常重视盈利能力。只是我们在处理这件事时的方式可能与问题所暗示的不同。首先，我们从两个方面着手：第一，我们专注于为客户提供成果。当我们专注于帮助客户取得成功时，这对整个生态系统有利，对所有参与者有利，并推动收入增长。

Two, we're focused on running the company in the most disciplined and efficient way possible. That sometimes means being efficient, it means making sure that every dollar spent is spent in the best way. It also means investing where there's huge opportunities to go after. And so, we try to do both of those and balance the short, medium and long-term opportunities.

第二，我们致力于以最有纪律、最高效的方式运营公司。这有时意味着提高效率，确保每一美元的支出都用在最有效的地方；也意味着在存在巨大机会的领域进行投资。因此，我们试图在这两者之间取得平衡，把握短期、中期和长期的机会。

When we do both well – and I think we've done both well, by the way, which has created the business model that we have today and the profile that we have today. When we do that well, and we'll continue to focus on doing both of those well, I think the margins will continue to be leading, and it will take care of itself, frankly, if we can do both of those levers. And that's the way we really run the company to deliver strong profits.

当我们能把这两点都做好时——我认为我们确实做得很好——这也成就了我们今天的业务模式和公司形象。如果我们持续专注于将这两方面都做到极致，我相信我们的利润率将会持续保持领先，并且说实话，这样做自然就会带来优秀的利润表现。这才是我们真正运营公司、实现强劲盈利的方式。

Jennifer Como

Senior Vice President & Global Head -Investor Relations, Visa, Inc. A

Next question?

下一个问题？

Jeff Cantwell

Analyst, Seaport Global Securities LLC Q

Hey, thanks. It's great. Jeff Cantwell, Seaport Research. I wanted to follow up on a couple of things you touched on, on your Value-Added Services. And I guess what stood out about today is you've clearly stepped up your focus there over the years, and you're putting a lot of resources behind that. Yet, it's only 2% penetrated. So I guess what that suggests is there's this massive opportunity for you there. And I wonder if your long-term growth outlook you've provided everybody and how you're talking about the future growth in Value-Added Services over the next period might be conservative because I would think by the time we're sitting here for your next Investor Day, the penetration might be a lot higher than 2% or 4% or 5%. So just given how much you're focused on VAS and Issuing and Acceptance, Risk and so forth, could you maybe talk a little bit about that and why you feel this is the right growth outlook for yourselves in Value-Added Services?

你好，谢谢。这里是 Seaport Research 的 Jeff Cantwell。我想跟进一下你们提到的增值服务（VAS）相关内容。今天让我印象最深的是，你们显然多年来一直在加强对这块业务的关注，并投入了大量资源。但目前渗透率仍仅为 2%。这可能意味着这里存在巨大的机会。我想知道，你们为投资者提供的长期增长前景，以及对未来一段时间内 VAS 增长的展望，会不会显得过于保守？因为依照你们在 VAS、发卡、受理、风控等领域的专注程度，到下一次投资者日时，渗透率可能远不止 2%、4% 或 5%。你能不能就此多谈一些，以及你们为什么认为目前这个增长前景是合适的？

Ryan McInerney

Chief Executive Officer & Director, Visa, Inc. A

Yeah. What Chris gave you was a framework. And we're doing our best throughout the course of the day and including Chris' presentation to give you all the numbers, the details, the examples, the client success stories that go underneath and support a lot of things we've been talking about for a while now. And we are proud of the progress that we've made in service of our clients in the VAS business, and we're excited and optimistic that we're going to continue to be able to drive real growth given the TAMs that we have, as you said.

是的，Chris 提供给大家的是一个框架。我们在今天的整个会议中，包括 Chris 的演讲，都在尽力为大家提供所有数据、细节、示例和客户成功案例，这些都是我们过去一段时间在谈论的重点内容背后的支撑。我们为自己在 VAS 业务方面为客户服务所取得的进展感到自豪，同时也对未来能够持续推动真正增长充满信心和乐观，正如你提到的，我们面前有庞大的可服务市场（TAM）。

So I'm not sure there's much to add on to the economics of all of it, but we're very excited about it. And what we really feel like, as we sit here today in early 2025, certainly versus five years ago when we were together, we – five years ago when we were together, we set some bold aspirations. As we sit here today, we feel that we've done a great job delivering. Again, in service of our clients and in service of our shareholders. And now, we have real businesses with real full stack management teams. We have built the instrumentation across the company. We have full stack sales teams and product teams and engineering teams driving these at-scale businesses that have really, really attractive growth rates with, as you said, a ton of opportunity in front of us. So we're going to continue to do our best to execute. We're going to continue to do our best to understand what our clients need from us around the world, and the results will be the results.

所以我觉得在经济学角度上也没必要再多说太多，但我们确实对此非常兴奋。更重要的是，我们在 2025 年初的今天回顾，与五年前我们一起召开投资者日时相比——当时我们设定了一些大胆的目标——我们现在坐在这里，感到我们已经很好地实现了那些目标。无论是为了客户，还是为了股东。如今，我们已经建立起了真正的业务部门，拥有完整的管理团队，在整个公司建立了系统化的运营架构，并配备了完整的销售、产品、工程团队，推动这些具备规模的业务持续发展，这些业务增长率非常有吸引力，而且，正如你所说的，前方仍有大量机会。所以我们会继续全力执行，继续努力了解全球客户对我们的需求，最终结果会反映这一切。

Jennifer Como

Senior Vice President & Global Head -Investor Relations, Visa, Inc. A

Next question.

下一个问题。

Q

Hi. Thanks. That was a great set of presentations today. What are some of the milestones or challenges, whichever way you want to look at it, that's kind of stopping you from going to like a Google-style authentication for all things payments? Is that the end goal and what do we see as you progress along that trend?

提问者

你好，谢谢。今天的演讲内容都非常精彩。我想问的是，目前阻碍你们实现类似 Google 式身份验证在支付领域全面落地的关键节点或挑战有哪些？你们是否将其视为终极目标？我们接下来还能看到哪些进展？

Ryan McInerney

Chief Executive Officer & Director, Visa, Inc. A

Yeah, thanks. Jack?

好的，谢谢。Jack 来回答这个问题？

Jack Forestell

Chief Product & Strategy Officer, Visa, Inc. A

Sure. Digital identity, I'll start there, critical enabler in the future of payments. We need to be able to authenticate the user. We need to be able to do that in real time, and we need to be able to do that in digital space. We did an amazing job of that in physical space, right? We created a credential that had an encrypted chip on it. We made sure that that credential with the chip was delivered in person through a branch or an address to a human being, and then they showed up with the terminal. We had a great deal of confidence that's who they were. It's hard to do in digital space. That is part of the reason why we introduced our token technology because it replaces the encrypted chip with an encrypted token.

当然。数字身份是未来支付中的关键驱动因素。我们必须能够验证用户身份，必须能够实时进行验证，而且必须能在数字空间完成验证。在物理世界中我们做得很好，对吧？我们创建了带有加密芯片的凭证，确保这种带芯片的凭证通过网点或邮寄交到用户手中，然后他们再使用终端设备，我们对他们的身份有高度信心。但在数字空间中就很难做到。这也是我们推出代币技术（Token Technology）的部分原因，它用加密代币取代了加密芯片。

We just now need to make sure that we've got the appropriate ability to validate that the identity of the individual and possession of the encrypted token is the right person. That's why we're investing in the expansion of our tokenization service to include a directory, our Secure Remote Commerce directory that includes identifiers and adding in our payment passkey capability, which combine the token to the identity of the individual. So we're absolutely going down the path that you just described.

我们现在要做的，就是确保我们有适当的能力来验证，拥有加密代币的人确实是正确的身份。这也是我们正在扩大代币化服务投资的原因，加入一个目录，即我们的“安全远程支付目录（Secure Remote Commerce directory）”，这个目录包含用户标识符，我们还增加了支付通行密钥功能（payment passkey），可以将代币与个人身份绑定。所以我们确实正在沿着你刚才描述的那条路径前进。

Jennifer Como

Senior Vice President & Global Head -Investor Relations, Visa, Inc. A

Any other questions? One here.

还有其他问题吗？这里有一位。

Kenneth Suchoski

Analyst, Autonomous Research US LP Q

Hi. Ken Suchoski, Autonomous Research. Thanks for all the detail today. I wanted to ask about cross-border. I think Jack might have highlighted the \$2 trillion cross-border consumer spending opportunity. I guess, just a couple of questions there. One, how much of that is still cash-based today, and what's your share of that \$2 trillion opportunity?

你好，我是 Autonomous Research 的 Ken Suchoski。感谢今天分享的所有详细内容。我想问一下有关跨境业务的问题。我记得 Jack 可能提到过，跨境消费支出有 2 万亿美元的市场机会。我有两个相关的问题。第一，现在其中还有多少是以现金形式存在的？我们在这 2 万亿美元中的市场份额又是多少？

And then, I guess related to – I think James might have asked about this, but the split within cross-border between e-comm and travel. I think pre-COVID, it was like 30-70. Today, are we sort of running in that 40-60, 45-55 type of range? I just wanted to confirm that. Thank you.

其次，我想这是 James 刚才提到过的问题，关于跨境交易中电子商务和旅游的占比。疫情前大概是 30% 对 70%，那么现在是否大致是 40-60 或 45-55 的范围？我想确认一下，谢谢。

Ryan McInerney

Chief Executive Officer & Director, Visa, Inc. A

So Jack, why don't you talk about the first part of the question just; and then, Chris, you can follow up on the share of e-comm and travel.

Jack，你先来回答第一个问题；然后 Chris 你再补充一下关于电子商务和旅游的占比情况。

Jack Forestell

Chief Product & Strategy Officer, Visa, Inc. A

Yeah. Look, I don't have the numbers to hand in terms of exactly what our current share is, and we can follow up with you on that. But suffice to say, the \$2 trillion opportunity is out there. Our share of it is significant, but it's by no stretch of the imagination close to saturation, either in travel, where there remains an extraordinary opportunity – I'm always surprised as we start digging into these travel corridors, just how much cash there is remaining and how much convincing we still need to do and how much work we need to do to get users, consumers to a level where they really understand that they are okay leaving their country and entering a new one without having to worry about cash. So there's still a lot of cash in the travel part of the segment, and we could follow up with some numbers.

是的，我现在手头没有我们目前具体市场份额的数字，我们之后可以再跟进。但可以明确地说，2 万亿美元的机会是存在的，我们在其中的份额是有一定规模的，但远远没有达到饱和状态。尤其是在旅游方面，还有巨大的增长空间——我每次深入研究这些旅游走廊时，都对剩余现金的规模感到惊讶，我们仍需要大量努力去说服和引导消费者，让他们真正理解，不带现金也能安心地离境、入境。所以在旅游相关交易中，现金仍占据不小比例，我们稍后可以提供一些相关数据。

On the e-commerce side, there's still opportunity there for us as well. I mean, Ryan talked about driving authorization rates and really streamlining, improving transaction, making sure that we've absolutely nailed authentication and security. And so, there's a lot of work for us to do there to make sure that our transactions on a cross-border basis remain the gold standard that they are today.

至于电子商务领域，也还有不少机会。Ryan 提到过，我们在推动授权率、优化交易流程、确保认证和安全性方面做了很多工作。因此，我们在确保跨境交易继续保持今天这种“黄金标准”方面，还有很多工作要做。

Christopher Suh

Chief Financial Officer, Visa, Inc. A

And then, the second part of your question, you actually had the sizing pretty close to right, yeah. So it went from roughly a third to about 40% of the business post-pandemic.

然后你问题的第二部分，其实你估算得非常接近，没错。疫情前电子商务占比大约三分之一，如今已经上升到占整体跨境业务的约 40%。

Jennifer Como

Senior Vice President & Global Head -Investor Relations, Visa, Inc. A

Any other questions?

还有其他问题吗？

.....................................................................................................................................................................................................................................................................

Q

Hi It's Chris Barker from Hengistbury Investment Partners. I was wondering if you could just talk a little bit more about how you calculated the \$500 billion revenue opportunity in VAS. I mean, I guess, it goes back to an earlier question about the pace of growth in that business. If we're thinking about things that have got 2% penetration, we'd assume that they'd be growing much quicker than mid to high-teens or 20%. So I just wondered where those opportunities really sit within the buckets of VAS that you laid out and who's earning those revenues today that you're going to displace. Thank you.

提问者

你好，我是 Hengistbury Investment Partners 的 Chris Barker。我想了解更多关于你们如何计算出 VAS 业务中 5000 亿美元收入机会的内容。我想这也回到早前关于该业务增长速度的问题。如果目前渗透率只有 2%，那我们通常会预期增长速度应该远高于中到高双位数的水平（即 15%-20%）。所以我想知道，这些机会在你们划分的 VAS 各个板块中具体是哪些？以及目前这些收入是由哪些公司赚取的，而你们将取代他们的位置？谢谢。

Ryan McInerney

Chief Executive Officer & Director, Visa, Inc. A

Antony?

Antony？

Antony Cahill

President, Value-Added Services, Visa, Inc. A

Yeah. Thanks, Ryan. So in relation to the \$520 billion, I guess it was a three-step process. Firstly, we spend a fair bit of time understanding the types of product solutions, and I guess also some of the challenges that some of our clients and partners are seeking to deal with today and how they are looking to grow their business. And we match those against our four portfolios that we have.

是的，谢谢你，Ryan。关于这5200亿美元的市场机会，我们是通过三个步骤来估算的。第一，我们花了大量时间了解客户和合作伙伴当前正在使用的产品解决方案类型，以及他们正面临的一些挑战，同时他们也在思考如何实现业务增长。我们将这些需求与我们目前拥有的四大产品组合相匹配。

Secondly, we spoke to clients to understand, well, how much are they spending on those, how are they thinking about their revenue equation on that, what's the commercial outcome they are looking for. We also pulled in a lot of industry research looking across that to get market sizing.

第二，我们与客户交流，了解他们在这些服务上投入了多少资金，他们如何看待这些服务的收益模型，以及他们期望实现的商业成果。我们还借助了大量行业研究资料，以便对市场规模进行合理估算。

And then, thirdly, we overlaid our current solution suite and solutions that we're looking to take to market to really understand what was the level of penetration that we had today and what could we hope to capture in the future. So that's the sort of the three-step process that we adopted.

第三，我们将现有的解决方案组合以及计划推出的新解决方案与这些机会重叠，分析我们当前的市场渗透率，并评估未来可争取的潜在份额。这就是我们采用的三步估算流程。

Jennifer Como

Senior Vice President & Global Head -Investor Relations, Visa, Inc. A

Great. Any last question? Okay. I'll hand it over to Ryan to wrap up.

很好，还有最后一个问题吗？如果没有，那我将交给 Ryan 来做总结。

Ryan McInerney

Chief Executive Officer & Director, Visa, Inc.

Sure. A couple of things. One is thank you. Thank you for those of you in the room for being here. Many of you traveled here. Thank you for those of you that are on the webcast. Thanks for hanging in. It can be a long time on TV. And thank you to the amazing Jennifer Como and her team and everybody else at Visa that made this happen.

好的，我想说几点。首先是感谢。感谢在座各位的到来，很多人是远道而来。也感谢通过网络直播观看的各位，辛苦你们坚持到了最后，看这么长时间确实不容易。同时也要感谢杰出的 Jennifer Como 和她的团队，以及所有为这次活动付出努力的 Visa 同仁。

A couple of messages just to wrap up. The first is, hopefully, you have the conviction that we do that this company is very well-positioned to drive future growth. We have a compelling strategy powered by Visa-as-a-Service. We have the brand, the technology stack, the network, the scale, the talent and the people here in this room and around the world.

我想做一些总结。第一点，希望大家能和我们一样有信心，相信这家公司具备强劲的未来增长潜力。我们有一套极具吸引力的战略，由“Visa即服务（Visa-as-a-Service）”驱动。我们拥有强大的品牌、技术架构、网络、规模、人才，以及遍布全球的出色团队。

The Consumer Payments opportunity ahead of us is enormous. We went through that in a lot of detail. And we have diversified the business and our growth in CMS and VAS, both very fast-growing at scale, very attractive businesses.

我们面前的消费者支付市场机会巨大，我们今天已经详细讨论了这部分内容。同时，我们也实现了业务的多元化，CMS 和 VAS 两大板块都在快速扩张，且具备可观的商业吸引力。

And hopefully, you also have the conviction that the strategy that we have put in place is being executed in market around the world. Oliver and Charlotte and Kim gave you a very quick tour to some markets, but a strategy is only as good as our ability to deliver it for our clients in market in 200 countries and territories around the world. And we feel great about our track record and our progress there.

希望你们也能相信，我们制定的战略正在全球范围内有效落地。Oliver、Charlotte 和 Kim 已经带大家快速游览了一些市场。但战略的成功不只是制定得好，还必须能够在全球 200 多个国家和地区真正落地执行，而我们对此的执行力和过往的成果非常有信心。

And then, finally, we will continue to deliver long-term shareholder value through a combination of durable top line growth, leading operating margins and consistent capital returns, coming all the way back to the comments I made at the beginning of my presentation around our focus on creating shareholder value.

最后，我们将继续通过稳健的营收增长、领先的运营利润率以及持续的资本回馈，向股东提供长期价值回报，这也正是我在演讲一开始强调的，我们始终专注于为股东创造价值。

So thank you for your attention. Thank you for being here. The showcase is going to be open for another hour. So please take the time if you have it available, to spend time with our product managers who are there. Thank you very much, everybody.

Thank you, guys, and the team. Great job.

再次感谢大家的关注和到场。展示区还将开放一个小时，如果大家还有时间，请一定前往和我们的产品经理进行交流。非常感谢大家。

谢谢大家，谢谢各位团队成员，干得漂亮！

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