2025-03-11 Visa Inc. (V) Wolfe Research FinTech Forum (Transcript)

Visa Inc. (NYSE:V) Wolfe Research FinTech Forum March 11, 2025 10:50 AM ET

Visa Inc. (纽约证券交易所代码: V) Wolfe Research FinTech 论坛 2025 年 3 月 11 日上午 10:50（东部时间）

Company Participants 公司参与者

Christopher Suh - Chief Financial Officer

克里斯托弗·苏 - 首席财务官

Conference Call Participants

会议电话参与者

Darrin Peller - Wolfe Research

达林·佩勒 - 沃尔夫研究

Christopher Suh 克里斯托弗·苏

[Starts Abruptly] [突然开始]

It was obviously also the first one with Ryan now as CEO, myself certainly new as CFO. And as you looked across the leadership -- all the presenters for the day, many of them are Visa veterans, but many of them are doing the new role. Leading a new business that they want to leading in 2020. So we thought, we would take the opportunity to give a pretty comprehensive update.

这显然也是瑞安作为首席执行官的第一次会议，而我作为首席财务官也是全新的。当你看到领导层时——今天的所有演讲者，许多人都是 Visa 的老兵，但许多人正在担任新的角色。领导一个他们希望在 2020 年引领的新业务。因此我们认为，我们可以借此机会提供一个相当全面的更新。

Darrin Peller 达林·佩勒

Okay. 好的。

Christopher Suh 克里斯托弗·苏赫

We feel good about how the day went. We shared a lot of information. This is actually my first time now out speaking, since that Investor Day so we have a lot a really good conversations with investors, but maybe I’ll give you a handful of sort of reflection I guess. We did do a lot. We gave a lot of information. I think we shared with you progress on a number of fronts.

我们对今天的进展感到满意。我们分享了很多信息。这实际上是我自投资者日以来第一次公开发言，所以我们与投资者进行了很多非常好的对话，但也许我可以给你一些反思。我想我们做了很多。我们分享了很多信息。我认为我们向你们展示了在多个方面的进展。

Four things that I would point to. One is, we took the time to really articulate our view on the addressable opportunity still in front of us, which is significant across consumer payments, across value-added services, across what we had previously called new flows, now rebranded as commercial and money movement solutions. So across both -- all three growth pillars, very significant opportunity.

我想指出四件事。首先，我们花时间真正阐明了我们面前仍然存在的可寻址机会，这在消费者支付、增值服务以及我们之前称之为新流的领域（现在重新命名为商业和资金流动解决方案）中都是显著的。因此，在这三个增长支柱中，机会非常显著。

Two, we gave an update on our strategy, our strategy around consumer payments, value-added services, new flows, card and non-card and gave very specific strategies by each of those pillars, but how we're going to go after that addressable opportunity.

第二，我们更新了我们的战略，围绕消费者支付、增值服务、新流、卡和非卡的战略，并针对每个支柱给出了非常具体的策略，说明我们将如何去追求这个可寻址的机会。

Three is we gave a lot of disclosure around the state of the business, the sizing of the various businesses, the yields across various businesses, how we're doing market by market, showing you sort of how we do on cash-rich markets or in more developed markets, and we were pretty transparent about that.

我们提供了很多关于业务状况的披露，包括各个业务的规模、各个业务的收益、我们在各个市场的表现，展示了我们在现金丰富市场或更发达市场的表现，我们对此非常透明。

And then the fourth thing, of course, we sort of wrapped it all together into a growth framework that we thought made sense. Clicking into that a little bit, just to hit some of the high points. This is like Investor Day in a 30-second summary. In consumer payments, $23 trillion addressable opportunity still in front of us, cash, ACH, wire, other form of domestic schemes, other forms of less effective. That's more than twice the current PV that we have today with Visa, and we shared a number of strategies to go after that.

然后第四点，当然，我们将所有内容整合成一个我们认为合理的增长框架。稍微深入一点，简单总结一下重点。这就像是投资者日的 30 秒总结。在消费者支付方面，仍然有 23 万亿美元的可寻址机会，现金、ACH、汇款、其他国内方案以及其他形式的低效方案。这是我们今天在 Visa 拥有的当前 PV 的两倍多，我们分享了一些策略来追求这一目标。

In CMS, $200 trillion. That's a number we shared before, but we got pretty specific about what we're doing around Visa Direct and B2B to go after that opportunity and VAS. We've probably shared the most new disclosures around VAS, shared with you four, the four portfolios, each over $1 billion, each growing at very healthy rates and the very significant addressable market that we have available there.

在 CMS 中，200 万亿美元。这是我们之前分享过的一个数字，但我们对 Visa Direct 和 B2B 在追求这个机会和 VAS 方面所做的工作进行了相当具体的说明。我们可能分享了关于 VAS 的最多新披露，向您展示了四个组合，每个组合超过 10 亿美元，每个组合都在以非常健康的速度增长，并且我们在这里拥有非常可观的可寻址市场。

And then we wrapped it all up, foundational elements, our brand, the power of our network, the security, the reliability of the network, how we're executing from a sales and market standpoint. And so we put that all together, we showed off some products. We had a showcase demonstrating our product innovation as well. And so altogether, put that together. I think it was a good day. We've had good conversations.

然后我们将所有基础要素汇总在一起，包括我们的品牌、网络的力量、网络的安全性和可靠性，以及我们在销售和市场方面的执行情况。因此，我们将这些全部结合在一起，展示了一些产品。我们还进行了产品创新的展示。因此，总体而言，将这些结合在一起，我认为这是一个好日子。我们进行了良好的对话。

A lot of interest in the value-added services and CMS disclosures and the state of the business. You asked about sort of -- if I would call out one other thing in terms of the post Investor Day conversation that has been around the notion of Visa as a service. So Visa as a service is an evolution of our network and platform strategy. It's really where we've unbundled the Visa stack, and we've made many of our class-leading components available to a broader set of customers. I think that's an interesting evolution of our network, and there's been good conversations there as well.

对增值服务和 CMS 披露以及业务状况的关注很多。你问到的一个问题是——如果我提到在投资者日会后谈话中关于“Visa 作为服务”的概念。Visa 作为服务是我们网络和平台战略的演变。它实际上是我们将 Visa 堆栈进行拆分，并将许多领先的组件提供给更广泛的客户。我认为这是我们网络的一个有趣演变，那里也有很好的对话。

Question-and-Answer Session

问答环节

Q - Darrin Peller 问 - 达林·佩勒

It was nice to come away from that day with a company of your size, five years later and still having that, call it, 10% or 9% to 12% algorithm from a top line standpoint in terms of what you can achieve from a growth rate standpoint, medium term, which just impressive, given the magnitude and the size of the business. But look, before we go further down the down the focus on the Investor Day and key takeaways in the strategy. Just a quick update on recent trends, given so much noise from a macro standpoint, both policy-driven and some just economic questions.

能够在五年后与您这样规模的公司一起走出那一天，并且仍然保持 10%或 9%到 12%的算法，从顶线的角度来看，您可以在中期实现的增长率，这令人印象深刻，考虑到业务的规模和规模。但在我们进一步关注投资者日和战略的关键要点之前，先快速更新一下最近的趋势，鉴于宏观层面上有如此多的噪音，包括政策驱动和一些经济问题。

And so your recent quarter and your -- even January 28 data obviously showed some decent trends accelerating. I think you accelerated actually about 1 point even into January across the U.S., cross-border international was still strong. So maybe just help us understand what you're seeing in the state of the consumer now, the health of the consumer. Any comment you can give us on recent trends even since then would be helpful.

所以你最近的季度和 1 月 28 日的数据显然显示出一些良好的趋势在加速。我认为你实际上在美国的加速大约有 1 个百分点，跨境国际依然强劲。所以也许请帮我们理解一下你现在对消费者状态的看法，消费者的健康状况。任何关于最近趋势的评论，即使是自那时以来的，也将是有帮助的。

Christopher Suh 克里斯托弗·苏

Great. Yes. It is a little noisy out there admittedly. But maybe then the best place to then start is to just like sort of try to be as clear as possible. Let's go back to what I said in the January earnings call, which is a little over a month ago, maybe 1.5 months ago. As you pointed out, we were coming off of a strong first quarter, where we saw our drivers performed very well. And through the first four weeks of January, through January 28, we commented on our earnings call that in the U.S. payment volumes in the month of January were pretty consistent with the month of December, although we did point out that January was benefiting from severe weather, a little easier comp from a year ago.

很好。是的，外部环境确实有点嘈杂。但也许最好的开始是尽量清晰。让我们回到我在 1 月份的财报电话会议上所说的，大约一个多月前，也许是 1.5 个月前。正如你所指出的，我们刚刚经历了一个强劲的第一季度，我们看到我们的驱动因素表现非常好。在 1 月份的前四周，直到 1 月 28 日，我们在财报电话会议上提到，美国 1 月份的支付量与 12 月份基本一致，尽管我们指出 1 月份受到了恶劣天气的影响，去年的基数相对较低。

Since then, through the month of February, now we have seen U.S. payment volumes moderate a bit. That was as expected, as we talked about as well in our earnings call, because of the impact -- primarily the biggest single driver being the impact of the leap year, the extra day that we got in February of last year for leap year. And so quarter-to-date, if you put that together through February, U.S. payment volumes down slightly from Q1 largest driver being the day benefit from leap year, a quarter ago. Those trends have, if I think that outside the U.S., whether it's transactions, cross-border or other key markets, those dynamics have largely kind of been consistent as well.

从那时起，通过二月份，我们看到美国的支付量略有减缓。这是预期之中的，正如我们在财报电话会议中所讨论的，因为影响因素——主要是影响最大的单一驱动因素是闰年的影响，去年二月份多出的一天。因此，从季度开始到现在，如果将二月份的数据汇总，美国的支付量相比于第一季度略有下降，最大的驱动因素是来自于闰年的那一天的好处。那些趋势，如果我考虑到美国以外的情况，无论是交易、跨境还是其他关键市场，这些动态在很大程度上也保持了一致。

It's also worth pointing out that in the month of March, the timing of Easter could have an impact. Easter was in March a year ago. It's late April this year. And so the timing -- relative timing between March and April could have an impact as well.

还值得指出的是，在三月份，复活节的时间可能会产生影响。去年复活节是在三月份，而今年是在四月底。因此，三月和四月之间的相对时间也可能会产生影响。

And then maybe the final thing, just reflecting again, back to what I said in January, from a revenue perspective, given the strong underlying drivers, we said Q2 revenue growth -- net revenue growth is expected to be pretty similar to Q1 with two notable exceptions. One, leap year, which I just talked about; and two, with the stronger U.S. dollar, the FX headwind would be about 1.5 points greater than in Q1. And so those are the sort of the two big differences. Otherwise, the two quarters we indicated at that time should look relatively similar.

然后也许最后一件事，再次反思一下我在一月份所说的，从收入的角度来看，考虑到强劲的基本驱动因素，我们说第二季度的净收入增长预计与第一季度非常相似，有两个显著的例外。一个是闰年，我刚才提到过；另一个是由于美元走强，外汇逆风将比第一季度大约多 1.5 个百分点。因此，这就是两个主要的区别。除此之外，我们当时提到的两个季度应该看起来相对相似。

Obviously, there's still a few weeks left to go. There's -- as you started in your question, there's a little bit of uncertainty whether it's macro or inflation concerns or whatever the case might be, we'll continue to focus on the things we can execute and control, and we'll see how the rest of the quarter plays out.

显然，还有几周的时间。正如你在问题中提到的，是否存在宏观经济或通货膨胀的担忧等不确定性，我们将继续关注我们可以执行和控制的事情，看看本季度的其余部分会如何发展。

Darrin Peller 达林·佩勒

Okay. So it sounds like -- I mean, you're calling out obviously the February impact from leap year, you're calling out what could be, obviously, the timing on Easter being an impact. I mean, outside of that, the consumer sounds, is it similar to what you'd expect?

好的。所以听起来——我意思是，你显然提到了闰年对二月份的影响，你提到了复活节的时间可能会产生影响。我是说，除此之外，消费者的情况是否与你预期的相似？

Christopher Suh 克里斯托弗·苏

Well, as I just shared in terms of -- as it's reflected in our volume it's kind of played out so far, as through the month of February, as we had anticipated, leap year being the biggest single driver of the differential from, I'd say, Q4 -- or Q1 to Q2.

嗯，正如我刚才所分享的，从我们的交易量来看，这种情况到目前为止已经显现出来，正如我们在二月份所预期的那样，闰年是导致第一季度与第二季度之间差异的最大单一因素。

Darrin Peller 达林·佩勒

Okay. Chris, we're getting a lot of questions on inflation potential and what it could be for the mean for the business. So maybe just remind us a bit, if you can on how sensitive you've seen consumers to the inflation expectations. And more importantly than that, I mean, just how inflation impacts your business? Obviously, there's the volume-based aspect of it and then there's the demand aspect of it.

好的，克里斯，我们收到了很多关于通货膨胀潜在影响的问题，这对业务意味着什么。所以如果可以的话，请提醒我们一下，您观察到消费者对通货膨胀预期的敏感程度如何。更重要的是，通货膨胀如何影响您的业务？显然，有基于交易量的方面，还有需求方面。

Christopher Suh 克里斯托弗·苏

Yes. Inflation, it's hard to tell. The real answer is it's sort of hard to tell what's happening today as we've seen higher inflation over the last several quarters as well. You've seen in the reported volumes, volumes have been -- there's been variability in quarters. It's impacted our average ticket sizes as you've seen in the U.S., the average ticket sizes have trended -- had been through the course of FY '24, below year-over-year, down year-over-year, but that had been improving throughout the course of the year, and some of that may have been related to inflationary aspects.

是的。通货膨胀，很难判断。真正的答案是，今天发生的事情有点难以判断，因为我们在过去几个季度看到更高的通货膨胀。你在报告的交易量中看到，交易量在各个季度之间存在波动。这影响了我们的平均票据大小，正如你在美国看到的，平均票据大小在 2024 财年期间，年比年下降，但在这一年中有所改善，其中一些可能与通货膨胀因素有关。

But it also -- it's a basket of goods, as you know, in our payment volume. And so it really has to -- it really depends on sort of the mix of the different categories of spend. It's -- there's no direct correlation. I wish I could give you sort of an algorithm that says, X equals Y, but it really just depends on which categories we're seeing. And overall, what we saw through the last cycle of inflation is that the consumer remained relatively resilient through all of that. And so we're not macroeconomists, but we continue to be data-driven from that standpoint. And we'll just share with you as we see it, when we see it in the data.

但这也是——这是一篮子商品，正如你所知道的，在我们的支付量中。因此，这真的要看不同消费类别的组合。没有直接的关联。我希望我能给你一个算法，说 X 等于 Y，但这真的取决于我们看到的类别。总体而言，我们在上一个通货膨胀周期中看到的是，消费者在这一切中保持了相对的韧性。因此，我们不是宏观经济学家，但我们仍然从这个角度以数据为驱动。我们会在看到数据时与您分享我们的观察。

Darrin Peller 达林·佩勒

Okay. Okay. Another key driver obviously is cross-border, right? It's one of the most important variables for your business model. And so if you could just revisit what you're seeing. I mean, obviously, it's been holding up extremely well. So is e-com actually for that matter. So cross-border e-com, regular travel cross-border, what are you embedding in your outlook from a cross-border standpoint? And maybe just help us understand what's driving that strength?

好的。好的。另一个关键驱动因素显然是跨境支付，对吧？这是您商业模式中最重要的变量之一。因此，如果您能重新审视一下您所看到的情况。我是说，显然，它一直保持得非常好。所以电子商务也是如此。那么跨境电子商务，常规的跨境旅行，从跨境的角度来看，您在展望中嵌入了什么？也许只是帮助我们理解是什么推动了这种强劲的表现？

Christopher Suh 克里斯托弗·苏赫

Yes, cross-border has been sort of a strength. It was a strength pre-pandemic. It was -- after going through the valley, it was in a sort of a major strength post-pandemic, and it's continued to normalize a bit with travel as we've all seen in the data. As you pointed out, in this last quarter, 16% cross -- in Q1, 16% total volume growth cross-border -- total cross-border volume. And it was actually the same growth in travel, cross-border travel and cross-border e-commerce, both at 16%. That wasn't always the case.

是的，跨境业务一直是我们的强项。在疫情前它就是一个强项。在经历了低谷之后，疫情后它又成为了一个主要的强项，并且随着旅行的恢复，数据也显示它持续在正常化。正如你所指出的，在最近的一个季度，跨境总交易量增长了 16%——在第一季度，跨境总交易量的增长也是 16%。而且，跨境旅行和跨境电子商务的增长都是 16%。这并不总是如此。

And in fact, if you go, again, pre-pandemic e-commerce with a smaller share of the business and growing a little bit faster than travel. In Q4, in fact, even before this last Q1, e-commerce had grown at 15%. So that's been more of the steady grower and travel had dipped down to 12% before we saw the acceleration into the first quarter.

事实上，如果你回顾一下疫情前，电子商务在业务中所占的份额较小，并且增长速度比旅行稍快。在第四季度，实际上，在这个最近的第一季度之前，电子商务的增长达到了 15%。因此，电子商务一直是一个更稳定的增长者，而旅行在我们看到第一季度加速之前，曾降至 12%。

So that's -- it continues to be a strength in terms of sustainability and what we have embedded into our expectations. I don't guide on cross-border travel numbers specifically. Travel, in particular, is kind of inherently hard to predict, especially in different geos and different corridors. But at the start of the year, I did indicate what was embedded in our planned guidance for the year.

所以这仍然是可持续性方面的一个优势，以及我们在期望中所嵌入的内容。我并没有具体指导跨境旅行的数字。旅行，尤其是在不同的地区和不同的走廊中，固有地很难预测。但在年初，我确实指出了我们对今年计划指导中所嵌入的内容。

We said, hey, the Q4 trends are basically what we've assumed throughout FY '25. That's the planning assumption that we used. Q1 came in a little better than that, and then we've kind of extrapolated that into the Q2, what was embedded into the Q2 guide. We'll have to see how the second-half of the year plays out.

我们说，嘿，第四季度的趋势基本上是我们在整个 2025 财年中所假设的。这是我们使用的规划假设。第一季度的表现比预期稍好，然后我们将其推断到第二季度，这也是我们在第二季度指导中所嵌入的内容。我们需要看看下半年的情况如何发展。

Maybe the final comment then is then sustainability of that. Two things I'd point to. One is the mix, we talked about e-commerce and travel, well pre-pandemic, e-commerce, again, the higher growing portion of it was about one-third of total cross-border volumes. Today, it's about 40%. And so just the mix of the faster-growing piece of the component of cross-border is a net benefit if things continue the way they are.

也许最后的评论是关于其可持续性。我想指出两件事。首先是组合，我们谈到了电子商务和旅行，疫情前，电子商务的增长部分大约占总跨境交易量的三分之一。今天，这一比例约为 40%。因此，如果事情继续按目前的方式发展，跨境交易中增长更快的部分的组合将是一个净收益。

And then the second thing is, it is broad-based, which is cross corridors. So put it Asia aside for a second. LAC, EMEA, Europe and the U.S. in and out, travel has continued to be strong, growing faster than domestic. That's -- all things equal, broad-based strength is better than narrow in terms of durability.

第二件事是，它是广泛的，跨走廊的。所以暂时把亚洲放在一边。拉美、欧洲、中东和美国的进出，旅行持续强劲，增长速度快于国内。这一切都相等的情况下，广泛的强度在耐久性方面优于狭窄的强度。

And in Asia, it continues to recover, continues to improve. There's two markets we're watching in particular. I would say, inbound to China, outbound out of Japan. They both continue to be below 2019 levels. Presumably at some point, they will sort of revert to the mean at some level. And when that happens, that could be a tailwind to growth, but we'll continue to watch those markets very carefully.

在亚洲，它继续复苏，继续改善。我们特别关注两个市场。我想说，进入中国的市场和从日本出境的市场。它们的水平仍然低于 2019 年。可以推测，在某个时刻，它们会在某种程度上回归均值。当那发生时，这可能会成为增长的助力，但我们会继续非常仔细地关注这些市场。

So all in all, continue to see strong cross-border. It's important for our business. It's important for our economics. And like I said, we'll continue to be data-driven and share with you what we see.

总的来说，跨境交易仍然强劲。这对我们的业务很重要，对我们的经济也很重要。正如我所说，我们将继续以数据为驱动，与你们分享我们所看到的情况。

Darrin Peller 达林·佩勒

Right. And on that note, I mean, it's maybe related to cross-border, but FX volatility, obviously, has been getting -- it's getting higher, right? It's been higher now for some time, although albeit it was a headwind quite a bit of the year last year and even into this year. Where are we now on it? And what's embedded on the FX vol side relative to your guidance? Any maybe conservatism in your outlook for that?

对。关于这一点，我的意思是，这可能与跨境交易有关，但外汇波动性显然在增加，对吧？它已经持续了一段时间，尽管去年大部分时间以及今年初它是一个阻力。我们现在的情况如何？在外汇波动方面，相对于你的指导，有什么嵌入的内容吗？在你的展望中是否有一些保守的看法？

Christopher Suh 克里斯托弗·苏赫

So you're exactly right. Last year, it was pretty much a headwind. We had the highest point of volatility last year it was in Q1, and then it sort of meaningfully declined throughout the course of the year. And so that was a drag on year-over-year growth throughout most of FY '24. Going into this year, Q1 was better than Q4 but still down a little bit year-over-year. And our expectation that we shared was that should volatility remain at those levels, it no longer becomes a drag starting in the current quarter that we're in. We'll let you know how we did in a few weeks.

你说得完全正确。去年，这几乎是一个逆风。我们去年波动性最高的时期是在第一季度，然后在整个年度中显著下降。因此，这在大多数 2024 财年的年度增长中造成了拖累。进入今年，第一季度的表现好于第四季度，但同比仍然略有下降。我们分享的预期是，如果波动性保持在这些水平，那么从我们当前所在的季度开始，它将不再成为拖累。几周后我们会告诉你我们的表现如何。

Darrin Peller 达林·佩勒

Okay. Let's shift to a little bit of a bigger picture question. Now in terms of your outlook and your medium-term targets. And starting off with the fact that we just did exit a quarter where your growth rate on U.S. volume was 7% to 8% on U.S. You had 10% to 11% international volume. But you're guiding medium term to consumer payments volume growth of 5% to 7%. So just help us understand and reconcile the trajectory we're in right now versus the 5% to 7% embedded in your outlook.

好的。让我们转向一个更宏观的问题。现在谈谈你的前景和中期目标。首先要提到的是，我们刚刚结束了一个季度，你在美国的交易量增长率为 7%到 8%。你在国际交易量方面的增长率为 10%到 11%。但你对消费者支付交易量的中期指导是 5%到 7%。所以请帮助我们理解并调和我们目前的轨迹与你们前景中嵌入的 5%到 7%之间的关系。

Christopher Suh 克里斯托弗·苏赫

I mean the first place I'll start is that the growth framework that we shared at Investor Day, which you're referring to the 5% to 7%, and for your information, it's not guidance. I just want to be clear. What we shared with you is a framework for growth and a long-term framework for growth where we said, we've given you the opportunity and the strategies by which we're going after this growth, as you can see how it all sort of plays out, it will impact the total growth of Visa. So let's focus a little bit on the consumer payments, but I kind of want to bring it back to that growth framework a little bit because I think that's instructive as well.

我的意思是，我首先要提到的是我们在投资者日分享的增长框架，您提到的 5%到 7%，供您参考，这不是指导。我只是想澄清一下。我们与您分享的是一个增长框架和一个长期增长框架，我们说过，我们给了您机会和策略，通过这些策略我们在追求这种增长，正如您所看到的，这一切如何展开，将影响 Visa 的整体增长。因此，让我们稍微关注一下消费者支付，但我想稍微回到那个增长框架，因为我认为那也是有指导意义的。

So on the consumer payment side of it, I think the most important takeaway from Investor Day is, a, number one, we have great confidence that we'll continue to outgrow. We have outgrown. We'll continue to outgrow the addressable underlying PCE. We have great confidence in our ability to do that. And why do we have the ability? I know this has been a topic of conversation, obviously, in the U.S. and in other places. A few things I'll point out. Jack Forestell, our Chief Product Officer -- our Chief Product and Strategy Officer, did, I think, a really good job. If you haven't had a chance to go back and watch his sort of the -- his Investor Day presentation, I think it's worthwhile.

在消费者支付方面，我认为投资者日的最重要收获是，第一，我们对继续超越市场潜力充满信心。我们已经超越了。我们将继续超越可寻址的基础 PCE。我们对自己能够做到这一点充满信心。那我们为什么有这个能力呢？我知道这在美国和其他地方一直是一个讨论的话题。

He pointed to six things. Number one, that we've talked about the opportunity that we have in the $23 trillion. Two, he talked about these six ways, among many other ways that we're going to go after it. That's along focused strategy around cross-border, across affluent from sort of an innovation standpoint with tokenization, with credit solutions and with A2A. And so we're going after it in sort of a multipronged approach. And he also showed you that we've continued to execute really, really well. Seven markets that he showed, all with cash remaining under 10% of its total PCE. And in all those markets, we've continued to grow really strongly.

他指出了六件事。第一，我们谈到了在 23 万亿美元中我们所拥有的机会。第二，他谈到了这六种方式，以及我们将要采取的许多其他方式。这是围绕跨境、富裕人群的集中战略，从创新的角度来看，包括代币化、信用解决方案和账户对账户（A2A）。因此，我们将以多管齐下的方法来追求这个目标。他还向你展示了我们继续非常出色地执行。七个市场，他展示的所有市场现金占其总个人消费支出（PCE）的比例均低于 10%。在所有这些市场中，我们的增长一直非常强劲。

So the consumer payment story, again, we continue to expect that we'll outgrow even though that gap between PV and addressable PCE has narrowed and likely to continue to narrow. We'll continue to outgrow it. We have great confidence in our ability to do so. And then zooming out to the overall growth framework where a big part of Visa's strategy has been to diversify outside of consumer payments. And so with the strong growth in value-added services and new flows, when you add that all together over the last few years, as that PV, PCE gap has narrowed. We've continued to deliver double-digit revenue growth, and I think that's an important point as well.

所以消费者支付的故事，我们继续预计我们将超越尽管 PV 和可寻址 PCE 之间的差距已经缩小，并可能继续缩小。我们将继续超越它。我们对自己做到这一点的能力充满信心。然后放眼整体增长框架，Visa 战略的一个重要部分是多元化，超越消费者支付。因此，随着增值服务和新流的强劲增长，当你把过去几年的所有这些加在一起时，随着 PV 和 PCE 差距的缩小，我们继续实现两位数的收入增长，我认为这也是一个重要的点。

Darrin Peller 达林·佩勒

All right. So it's almost like you're putting it in as a placeholder that you're going to outperform the market. And even with whatever that number is outperforming the market, you're going to show us that double-digit given value-added services and new flows, and the other pieces of the pie are really that strong.

好吧。这几乎就像你把它作为一个占位符，表明你将超越市场。即使无论那个数字是什么，超越市场，你将向我们展示由于增值服务和新流，以及其他部分的强劲表现，仍然会显示出两位数的增长。

Christopher Suh 克里斯托弗·苏赫

Yes. I think we gave you all the pieces by which you could -- I think you could sort of pretty intelligently predict where you think we'll fall in that growth curve. I mean the way the growth framework showed 9% to 12%, as you know and that had different sort of levels of growth around consumer payments, value-added services and new flows.

是的。我认为我们给了你所有的要素，你可以——我认为你可以相当智能地预测我们在那条增长曲线上的位置。我是说，增长框架显示了 9%到 12%，正如你所知道的，这在消费者支付、增值服务和新流方面有不同的增长水平。

Darrin Peller 达林·佩勒

Very quickly, just short term for a minute again. There is some business that you had -- that had shifted over the last year, a couple of contracts that I know went to a competitor. And so your -- it was impacting U.S. volume growth rate this year. That's lapping, I think, in your calendar second quarter, that should obviously have a slight tailwind to U.S. volume. I just want to make sure we're right about that.

非常快，只是短期内再说一下。过去一年中，有一些业务发生了变化，我知道有几个合同转给了竞争对手。因此，这对你们今年美国的增长率产生了影响。我认为这将在你们的日历第二季度中反映出来，这显然会对美国的增长产生轻微的推动。我只是想确保我们对此是正确的。

Christopher Suh 克里斯托弗·苏赫

Yes, correct. We haven't spoken too much about it in detail, but I will acknowledge that there was some client portfolio losses transitions, and we will lap those specific ones you're referring to in the second half.

是的，正确。我们没有详细讨论过这个，但我承认确实有一些客户组合的损失转移，我们将在下半年回顾你提到的那些具体情况。

Darrin Peller 达林·佩勒

Second half. Right, in second -- of really calendar second half, right?

下半年。对，在日历的第二个下半年，对吧？

Christopher Suh 克里斯托弗·苏赫

Yes. 是的。

Darrin Peller 达林·佩勒

Yes. Okay. All right. And then just shifting gears a little more. I mean you completed, I think, 60% of your full year planned renewals in fiscal first quarter. And so maybe just touch on how you view the current landscape for portfolio renewals between large and small deals right now and really what you're seeing in the market.

是的。好的。好吧。然后稍微转变一下话题。我想你们在财政第一季度完成了大约 60%的全年计划续约。所以也许可以谈谈你们如何看待当前大规模和小规模交易之间的投资组合续约的市场状况，以及你们在市场上看到的情况。

Christopher Suh 克里斯托弗·苏赫

Every year, just to, again, maybe structurally just to describe it a little bit, in any given year, you have -- so our typical sort of contract term is about five to seven years. And so any given year, you have roughly 15% to 20% of payment volumes impacted by renewal activity that come up for renewal.

每年，简单来说，在任何给定的年份，你会有——所以我们典型的合同期限大约是五到七年。因此，在任何给定的年份，大约有 15%到 20%的支付量受到续约活动的影响，这些合同会到期续约。

In FY '25, we shared that we expect that to be on the higher end around 20%. It was about 15% in FY '24. So it's a little bit of a bigger volume year. And to your point, the sort of unusual timing of such that the majority of it or 60% of it anyway, happens in Q1. That's largely played out. We saw a very successful and active renewal activity in the first quarter. And so that's all sort of playing out the way that we anticipate.

在 2025 财年，我们分享了我们预计这一比例将在较高的范围内，约为 20%。在 2024 财年，这一比例约为 15%。所以这是一个稍微大一点的交易量年。正如你所提到的，这种不寻常的时机使得大部分，或者说 60%的续约活动发生在第一季度。这一切基本上都在按我们预期的方式进行。我们在第一季度看到了非常成功和活跃的续约活动。因此，这一切都在按我们预期的方式进行。

Zooming out to your broader question, though, it remains -- we operate in a very competitive industry. We continue to compete effectively and successfully and we're able to renew our existing client relationships and expand on them in many ways. It just goes to show we have a very localized strategy. We have great client engagement in all of our regions around the world. Each quarter, we go through a whole list of many of our positive outcomes with clients. I can't obviously rattle all of them off.

放眼更广泛的问题，尽管如此，我们仍然在一个竞争非常激烈的行业中运营。我们继续有效且成功地竞争，并能够续签现有客户关系，并在许多方面进行扩展。这表明我们有一个非常本地化的战略。我们在全球各个地区与客户的互动非常良好。每个季度，我们都会列出许多与客户的积极成果。我显然不能一一列举。

But I'll point to a couple just illustratively that we've talked about maybe in the last quarter or two. In Europe, we announced our -- well, sorry, with BNP Paribas, sorry, in Europe, we announced a renewal and expansion, expansion into France and Belgium in AP and in CEMEA, we announced a renewal and expansion of Standard Chartered Bank. We're going to renew our credit portfolio in certain markets in Asia, renew our debit portfolio in certain markets in Africa, and we're going to expand credit into the Middle East.

但我会指出几个我们在过去一两个季度中讨论过的例子。在欧洲，我们与法国巴黎银行宣布了续约和扩展，扩展到法国和比利时，在亚太地区和中东欧、中东和非洲地区，我们宣布了与渣打银行的续约和扩展。我们将在亚洲的某些市场更新我们的信用组合，在非洲的某些市场更新我们的借记组合，并将在中东扩展信用业务。

And so there's a number of wins in LAC. We talked about our deal with RBC, expanding in commercial and consumer across 10 markets in the Caribbean. And so again, we continue to be really successful on this front, but it remains a very competitive environment. And I think we do a good job of partnering with our clients to really grow the ecosystem in total.

因此，在拉美和加勒比地区有很多成功的案例。我们谈到了与加拿大皇家银行的交易，在加勒比地区的 10 个市场中扩展商业和消费业务。因此，我们在这方面继续取得很大成功，但这仍然是一个非常竞争的环境。我认为我们与客户的合作做得很好，真正推动了整个生态系统的增长。

Darrin Peller 达林·佩勒

Can I ask -- I mean, from a competitive standpoint, there was a perception among investors at least that with higher rebates, and incentives that things were kind of tougher from a competitive standpoint. And it looks like we've maybe gotten a little more rational, again, at least from a pricing standpoint. Can you just give us a sense of what you're seeing? I mean, do you think competition is any different today than it was over the past couple of years, whether it's versus other large payments companies that you compete with or other local networks or anything else?

我可以问一下吗——我的意思是，从竞争的角度来看，至少在投资者中有一种看法，认为由于更高的返利和激励措施，竞争环境变得更加艰难。而且看起来我们可能在定价方面变得更加理性。你能给我们一个你所看到的情况吗？我的意思是，你认为今天的竞争与过去几年相比有什么不同吗，无论是与其他大型支付公司竞争，还是与其他地方网络或其他任何东西？

Christopher Suh 克里斯托弗·苏赫

I'll answer this in maybe a couple of ways. As I indicated in the last question, it remains a competitive environment. And thankfully, we've done a really good job of competing. And so that's all good.

我将以几种方式来回答这个问题。正如我在上一个问题中提到的，竞争环境依然存在。值得庆幸的是，我们在竞争中做得非常好。这一切都很好。

From a pricing standpoint, we've consistently said we price to value. And what does that really mean? That means as long as we're continuing to be successful adding value to the health of the ecosystem, whether that's higher auth rates, better fraud management, whether we're able to deliver new services and products that help our clients be successful. We're helping the overall ecosystem be successful. Our clients grow. At the end of the day, it's a balancing act, and we want our clients to grow. We want the whole ecosystem to grow and all participants to benefit from that. And if we do a good job of sort of managing the delicate balance of that ecosystem, I think that, a, we feel really good about our ability to do so. And b, it's good for all participants in that ecosystem.

从定价的角度来看，我们一直说我们的定价是基于价值的。这到底意味着什么？这意味着只要我们继续为生态系统的健康增加价值，无论是更高的授权率、更好的欺诈管理，还是能够提供帮助我们客户成功的新服务和产品。我们正在帮助整个生态系统取得成功。我们的客户在成长。归根结底，这是一种平衡行为，我们希望我们的客户能够成长。我们希望整个生态系统能够成长，所有参与者都能从中受益。如果我们能够很好地管理这个生态系统的微妙平衡，我认为，首先，我们对自己能够做到这一点感到非常满意。其次，这对生态系统中的所有参与者都是有益的。

And so a, it remains competitive; b, we price to value, and we think we continue to deliver increasing levels of value. We feel good about that. And then maybe the last thing I'll say is because you started with sort of an incentive question, which is, again, something that we've consistently said. We really managed the net revenue growth and incentives at the end of the day are a tool for us to continue to align interest with our partners to grow volumes, grow revenue. And really, we played the long game from that standpoint because that's really the goal to continue long-term health and growth of the ecosystem.

所以，a，它保持竞争力；b，我们根据价值定价，我们认为我们继续提供越来越高的价值。我们对此感到满意。然后，也许我最后要说的是，因为你开始时提到了激励的问题，这再次是我们一直在说的。我们确实管理净收入增长，而激励在最终是我们继续与合作伙伴对齐利益以增加交易量、增加收入的工具。实际上，从这个角度来看，我们采取了长期的策略，因为这确实是继续保持生态系统长期健康和增长的目标。

Darrin Peller 达林·佩勒

Right. If I'm not mistaken, I mean you did a lot of your incentives and rebates, as you said, in Q1, and Q2 has a tough comp, but then it really should be an easier growth from a year-over-year standpoint in the second half, right, just given how much you've already done, obviously, on rebates.

对。如果我没记错的话，我是说你在第一季度做了很多激励和回扣，正如你所说，第二季度的比较基数很高，但从年同比的角度来看，第二季度的增长应该会更容易，对吧，考虑到你已经做了这么多的回扣。

Christopher Suh 克里斯托弗·苏赫

Yes. I mean -- listen, I haven't given sort of quarterly cadence for that, but we've tried to give a little bit of the shape of the year with our commentary about it being from...

是的。我是说——听着，我没有给出季度节奏的具体情况，但我们试图通过我们的评论给出一年的大致形状，关于它是……

Darrin Peller 达林·佩勒

Yes. Yes, that makes sense. And then quickly on local networks. This came up with a call -- actually, I was in a meeting with Oliver Jenkyn at your Investor Day, having lunch actually. And at the end of the day, I mean, he was really excited about local networks still being an opportunity and a source of share gains for you guys. Is that -- where does that -- what do you see there, I guess, in terms of European or other local network opportunities versus perhaps do you see any of the opposite extreme where governments are trying to do more on their own? Is that shaping up anywhere like Russia did years ago, anywhere else?

是的。是的，这很有道理。然后快速谈谈本地网络。这是在一次电话会议中提到的——实际上，我在你们的投资者日与奥利弗·詹金会面时，实际上是在吃午餐。在一天结束时，我的意思是，他对本地网络仍然作为机会和你们的市场份额增长来源感到非常兴奋。那是——你们在欧洲或其他本地网络机会方面看到什么呢？或者你们是否看到相反的极端，政府试图更多地独立行动？这在某些地方是否像几年前的俄罗斯那样发展？

Christopher Suh 克里斯托弗·苏赫

Yes. So -- yes, when we talked about -- let me try to address that. When we talked about the big opportunity that we saw in consumer payments. The $23 trillion, that includes a certain amount of volume that's run on domestic schemes. We -- our broad sort of positioning on consumer payments is that we're very committed to work to ensure that Visa remains the best way to be paid, pay and be paid on all consumer payments, whether it's carded, non-card, et cetera, et cetera. And so that's where our focus has been. We've had good success, and I share Oliver's enthusiasm. We've had good success. And we've talked about a number of wins against domestic schemes.

是的。所以——是的，当我们谈到——让我试着解决这个问题。当我们谈论我们在消费者支付中看到的巨大机会时。23000 亿美元，这包括在国内计划上运行的一定量的交易量。我们对消费者支付的广泛定位是，我们非常致力于确保 Visa 仍然是所有消费者支付中最佳的支付方式，无论是使用卡片、非卡片等。因此，这就是我们的关注点。我们取得了良好的成功，我与奥利弗的热情相同。我们取得了良好的成功。我们谈到了在国内计划中取得的一些胜利。

I think we'll -- I think it's sort of fair to acknowledge that our -- the robustness of our network and our capabilities and features are outshine many of those in these domestic schemes. Our approach has been sort of consistent, I'd say, because they are evolving to your point, governments are getting involved and sort of the dynamics maybe are slightly different with the type of offerings. And hence, the expansion of our strategy around consumer payments to be both card and non-card.

我认为我们——我认为承认我们的网络的稳健性以及我们的能力和功能超越了许多国内计划是公平的。我们的做法一直是相对一致的，我会说，因为他们正在发展，正如你所说，政府正在介入，动态可能与提供的类型略有不同。因此，我们围绕消费者支付的战略扩展为卡片和非卡片。

But we approach it in many ways in a consistent way. One, on the carded side of the business, this is what we know how to do. We know how to win issuance. We know how to win acceptance, we know how to make -- deliver innovation that makes the consumer engagement experience really great, like the flex credential as an example of that. We're going to continue now that we're sort of venturing against -- or with sort of alternative payments and things like this in these markets as well.

但我们以多种一致的方式来处理这个问题。一方面，在卡片业务方面，这是我们擅长的。我们知道如何赢得发卡。我们知道如何赢得接受，我们知道如何提供创新，使消费者的参与体验变得非常出色，比如灵活凭证就是一个例子。现在我们将继续在这些市场中探索替代支付等事物。

You've heard us talk a lot more about non-card or A2A networks. We've launched our own Visa-branded A2A. Tink helps us go do that. And in end markets where A2A, networks have flourished a little bit, we're seeing progress. So Tink, for example, is now processing 6 million transactions a month in the Nordics, where the Nordics were A2A and RTP transactions are doing well. And the Nordics is next on the list of the expansion of our Visa A2A service, which we announced in the U.K. last year.

我们已经谈论了很多关于非卡片或 A2A 网络的内容。我们推出了自己的 Visa 品牌 A2A。Tink 帮助我们实现这一目标。在 A2A 网络蓬勃发展的最终市场中，我们看到了进展。例如，Tink 现在在北欧每月处理 600 万笔交易，而北欧的 A2A 和 RTP 交易表现良好。北欧是我们 Visa A2A 服务扩展的下一个目标，我们去年在英国宣布了这一服务。

And so again, we're having some local strategies specific to that. And then maybe the third thing I'll say is that with Visa as a service, as we continue to think about the opportunity to unbundle the Visa stack, offer things like Visa A2A Protect for other players and participants in these networks, that also is a differentiator and a value -- a valuable way that we can differentiate ourselves and Visa and also grow our opportunity as well.

因此，我们在这方面有一些特定的地方策略。第三点我想说的是，随着 Visa 作为服务的推出，我们继续思考拆分 Visa 堆栈的机会，向这些网络中的其他参与者提供 Visa A2A 保护等服务，这也是我们区分自己和 Visa 的一个差异化和有价值的方式，同时也能扩大我们的机会。

Darrin Peller 达林·佩勒

But are you seeing any other governments try to pivot to that direction of doing more on their own or trying to move away from multinational companies.

但是你们是否看到其他政府试图转向更多自主发展，或者试图远离跨国公司？

Christopher Suh 克里斯托弗·苏赫

Yes. I mean you're seeing it in -- like if I think about sort of the real-time payments clearing, that's where we see it most actively. It's -- let's say, by last count, I think there are 70 countries that have some form of a real-time clearing network now. I think, though, the way that we've seen it evolve, it's relatively small. They haven't gained a lot of traction, except in certain markets.

是的。我是说你可以看到——如果我考虑实时支付清算的情况，那是我们看到它最活跃的地方。根据最新的统计，我认为现在有 70 个国家拥有某种形式的实时清算网络。不过，我认为我们看到它的发展方式相对较小。除了某些市场外，它们并没有获得太多的关注。

And really, for us, it's come down to, a, what's the level of investment that the governments have made behind these networks, these sort of new networks, these alternative payment networks. And are they serious about it? And b, is there really a glaring need or a problem to get solved. And in cases where there is, then you've seen sort of these payment networks flourish.

对我们来说，关键在于，首先，政府在这些网络、这些新网络、这些替代支付网络上投入了多少资金，他们对此是否认真？其次，是否真的存在明显的需求或需要解决的问题。在存在这些问题的情况下，你会看到这些支付网络蓬勃发展。

And in other cases, they haven't. And like I said, we continue to think about how we work with coexist, partner with, in some cases, and compete and adapt in these markets. They are small, but they are growing. And so you've heard us adapt our strategy...

在其他情况下，它们并没有发展。正如我所说，我们继续思考如何在这些市场中共存、合作，在某些情况下竞争和适应。它们虽然小，但正在增长。因此你听到我们调整我们的战略……

Darrin Peller 达林·佩勒

Yes. I mean I think the Visa as a service strategy kind of addresses that, right? You now can offer even those companies if I don't know, take Pix in Brazil or other markets you could offer them value-added services, right? That may wrap around what they're doing and make it more secure. So maybe we just shift for a moment to VAS, in general. I mean you have issuing, acceptance, risk and ID, advisory and open banking or kind of the main categories, all of them growing double digits. And so -- and you guided to a strong growth rate.

是的。我是说，我认为 Visa 作为服务的战略在某种程度上解决了这个问题，对吧？你现在可以为那些公司提供增值服务，比如在巴西的 Pix 或其他市场，这可能会围绕他们的业务展开，并使其更加安全。所以也许我们可以暂时转向 VAS，通常来说。我的意思是，你有发行、接受、风险和身份、咨询以及开放银行等主要类别，所有这些类别都在以两位数的速度增长。因此——你也预测了强劲的增长率。

I think you said, what, mid- to high teens or high teens. When we think about the potential for that, where are you investing most of your incremental dollars now? And how much of it is organic versus M&A-driven going forward.

我想你说的是，中到高十几点或高十几点。当我们考虑到这一点的潜力时，你现在将大部分增量资金投资在哪里？未来有多少是有机增长，多少是并购驱动的。

Christopher Suh 克里斯托弗·苏赫

Right. Value-added services is doing great. The business itself has been one of the highlights for Visa, led by the very capable Anthony Cahill, who is the Global President of value-added services, who you heard from on Investor Day. There's a lot going on in this business, and we tried to be, like I said, pretty transparent about the success we're seeing. You pointed to the four solutions, but -- four portfolios, as we call them. But maybe I'll just click into that for a second.

对。增值服务表现很好。这个业务本身是 Visa 的亮点之一，由非常有能力的安东尼·凯希尔领导，他是增值服务的全球总裁，您在投资者日上听到了他的发言。这个业务有很多发展，我们尽量保持透明，分享我们所看到的成功。您提到了四个解决方案，但——我们称之为四个投资组合。也许我可以稍微深入一下。

So issuing solutions, acceptance, risk and security and advisory and other. All four over $1 billion each with issuing solutions at north of $3 billion. And all of them growing at mid-teens or even higher with advisory and other growing the fastest over the last three years.

所以发行解决方案、接受、风险与安全以及咨询和其他。所有四个都超过 10 亿美元，发行解决方案超过 30 亿美元。它们的增长率都在中等十几甚至更高，其中咨询和其他在过去三年中增长最快。

And so breadth, scale and opportunity and execution has been strong. I'll also point out what's most encouraging to me or one of the more encouraging things is also the fact that even at this scale, almost $9 billion in FY '24, growing 20%, we're only penetrated about sort of, let's say, 1% to 3% in each of the portfolios that we operate in. And so the revenue -- that's a revenue statement. The revenue opportunity remains quite significant in front of us.

因此，广度、规模、机会和执行力都很强。我还想指出让我感到最鼓舞的事情之一是，即使在这种规模下，2024 财年接近 90 亿美元，增长 20%，我们在每个运营组合中的渗透率仅约为 1%到 3%。因此，收入——这是一个收入声明。我们面前的收入机会仍然相当可观。

In terms of prioritization, we've invested in this business all along. We're really fortunate that we have the ability -- the balance sheet and the ability to really invest organically, inorganically, think about how we grow all these markets like we do across Visa, for value-added services, it start with, a, the -- is there a client need? Is there a market need? Is there a client need? And if the answer is yes, then we look at is -- we ask ourselves a few questions.

在优先级方面，我们一直在投资这个业务。我们真的很幸运，我们有能力——资产负债表和真正有机投资的能力，考虑我们如何在 Visa 中像这样发展所有这些市场，增值服务的开始是，客户是否有需求？市场是否有需求？客户是否有需求？如果答案是肯定的，那么我们会问自己几个问题。

One is, is Visa uniquely suited to help address that? If the answer is yes, then how do we go about doing that? Can we enhance an existing product or service? Or alternatively, do you have to build a new one? Or do you have to acquire it for that matter. And if you look across what we've done in VAS in issuing solutions, we acquired Pismo. But we've also been investing in our own solutions. We talked about Smarter Stand-In Processing, for example.

其中一个是，Visa 是否独特地适合帮助解决这个问题？如果答案是肯定的，那么我们该如何去做？我们能否增强现有的产品或服务？或者，是否必须构建一个新的？或者，是否必须收购它？如果你看看我们在发行解决方案中的增值服务所做的事情，我们收购了 Pismo。但我们也在投资我们自己的解决方案。我们谈到了更智能的备用处理，例如。

垄断已经造成一定程度的懒惰。

In Acceptance Solutions, previously acquired CyberSource, Verifi. We talked about the fact that we're investing in Authorize.net, whole new reimagined refreshed service coming out later this year, advanced tools, sophisticated tools using the AI agent and that, as we've cleverly dubbed it coming out later this year. Risk and advisory, we've acquired Featurespace. We've closed that acquisition.

在接受解决方案中，之前收购了 CyberSource 和 Verifi。我们谈到了我们正在投资 Authorize.net，一个全新重新构想的服务将在今年晚些时候推出，使用 AI 代理的先进工具和复杂工具，我们巧妙地称之为将在今年晚些时候推出的服务。风险和咨询方面，我们收购了 Featurespace。我们已经完成了这项收购。

And we've always -- this has been a strength of ours. We've had industry-leading fraud detection, risk management services there. Advisory and other. We've grown an advisory business and marketing services business at very healthy rates, but we've also got Tink as part of that, part of the other advisory and other where we're seeing early days in growth. And so it's really a combined hybrid approach, acquisitions, homegrown investment in product and services. We've done, I think, a pretty good job, and we'll continue to focus on these areas...

我们一直以来都在这方面表现出色。我们拥有行业领先的欺诈检测和风险管理服务。咨询和其他方面。我们在咨询业务和市场服务业务方面以非常健康的速度增长，但我们也将 Tink 作为其中的一部分，作为其他咨询和其他业务的一部分，我们在增长的早期阶段看到了希望。因此，这实际上是一种结合的混合方法，包括收购、内部投资产品和服务。我认为我们做得相当不错，我们将继续关注这些领域……

Darrin Peller 达林·佩勒

Okay. Maybe just one last question for me, and then maybe we'll have time for just one quick one. But just from a policy standpoint, a lot of noise in the market, obviously, right now. And so what policy changes are you most focused on within this current administration? Maybe just comment on how tariffs have impacted the consumer in the past? And then any outlook or anything that's changed post-election in terms of expectations from the DOJ suit or regulated debit changes or anything else worth mentioning at the moment?

好的。也许我最后再问一个问题，然后我们可能还有时间问一个快速的问题。但从政策的角度来看，市场上显然有很多噪音。那么在当前政府中，您最关注哪些政策变化？也许可以评论一下关税在过去对消费者的影响？然后在选举后，关于司法部诉讼或受监管的借记卡变化，或者目前值得提及的其他任何变化，您有什么展望？

Christopher Suh 克里斯托弗·苏赫

Yes. There's a lot going on there as you called out. I'll try to unpack it maybe into a couple of distinct buckets. From a macro standpoint, at the beginning of the conversation, we noted that there's a level of uncertainty that we're all watching. But we've also consistently said, we're not macroeconomists. And in the past, we've continued to see resilience even in the -- when tariffs -- in the last administration, we saw some tariffs, inflation has been a thing over the last few years. And through all of that, the consumer has remained relatively resilient, and our volumes have remained relatively stable. And so that's sort of the best pattern recognition that we have.

是的。正如你所提到的，那里发生了很多事情。我会尝试将其拆分成几个不同的部分。从宏观的角度来看，在谈话开始时，我们注意到有一个我们都在关注的不确定性水平。但我们也始终表示，我们不是宏观经济学家。在过去，即使在上一个政府实施关税时，我们也继续看到韧性，过去几年通货膨胀一直存在。在这一切中，消费者相对保持了韧性，我们的交易量也相对稳定。因此，这就是我们所拥有的最佳模式识别。

Obviously, again, I'll sort of disclaim all that saying we're not macroeconomists, and we don't know how all that will play out in terms of recession or not recession, all these questions that are sort of popping up. But we'll continue to control what we can control.

显然，我再次声明，我们不是宏观经济学家，我们不知道所有这些问题在衰退与否方面将如何发展。但我们将继续控制我们能控制的事情。

On the second part of your question, from a policy regulation standpoint, it's early days. We continue to be constructively engaged. We continue to stand by our business practices. We continue to feel good that we've been pro competition, pro-growth, pro the benefit of all players in the ecosystem, and we'll continue to defend our right to do so.

关于你问题的第二部分，从政策监管的角度来看，现在还为时尚早。我们继续积极参与。我们继续坚持我们的商业实践。我们继续感到自豪，因为我们支持竞争、支持增长，支持生态系统中所有参与者的利益，我们将继续捍卫我们这样做的权利。

Darrin Peller 达林·佩勒

Any quick ones? We have about 30 seconds, I guess. Okay. Why don't we leave it there, guys. Thank you so much, Chris...

有什么快速的问题吗？我想我们还有大约 30 秒。好吧。那我们就到此为止吧，大家。非常感谢你，克里斯...

Christopher Suh 克里斯托弗·苏赫

Great. I appreciate it. Thanks for the time.

很好。我很感激。谢谢你们的时间。

2025-03-11 Visa Inc. (V) Wolfe Research FinTech Forum (Transcript)

2025-03-11 Visa Inc. (V) Wolfe Research FinTech Forum (Transcript)

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