2025-04-29 Visa Inc. (V) Q2 2025 Earnings Call Transcript
Visa Inc. (NYSE:V) Q2 2025 Earnings Conference Call April 29, 2025 5:00 PM ET
Company Participants
Jennifer Como - Senior Vice President & Global Head, Investor Relations
Ryan McInerney - Chief Executive Officer
Chris Suh - Chief Financial Officer
Conference Call Participants
Tien-Tsin Huang - JPMorgan
James Faucette - Morgan Stanley
Sanjay Sakhrani - KBW
Andrew Schmidt - Citi
Will Nance - Goldman Sachs
Timothy Chiodo - UBS
Darrin Peller - Wolfe Research
Jason Kupferberg - Bank of America
Bryan Keane - Deutsche Bank
Adam Frisch - Evercore ISI
Ramsey El-Assal - Barclays
Harshita Rawat - Bernstein
Operator
主持人
Welcome to Visa's Fiscal Second Quarter 2025 Earnings Conference Call. All participants are in a listen-only mode until the question-and-answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time.
欢迎参加 Visa 2025 财年第二季度收益电话会议。在问答环节开始前，所有与会者将处于只听模式。本次会议正在录音，如有异议，您可现在退出。
I would now like to turn the conference over to your host, Ms. Jennifer Como, Senior Vice President and Global Head of Investor Relations. Ms. Como, you may begin.
现在，我将会议交给主持人、投资者关系高级副总裁兼全球负责人 Jennifer Como 女士。Como 女士，请开始。
Jennifer Como
詹妮弗·科莫
Thank you. Good afternoon, everyone, and welcome to Visa's fiscal second quarter 2025 earnings call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer; and Chris Suh, Visa's Chief Financial Officer. This call is being webcast on the Investor Relations section of our website at investor.visa.com. A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights has been posted on our IR website.
谢谢。大家下午好，欢迎参加 Visa 2025 财年第二季度收益电话会议。今天与会的有 Visa 首席执行官 Ryan McInerney 和首席财务官 Chris Suh。本次电话会议正在我们网站 investor.visa.com 的投资者关系板块进行网络直播，重播将在网站存档 30 天。一份包含财务和统计亮点的演示文稿已发布在我们的 IR 网站。
Let me also remind you that this presentation includes forward-looking statements. These statements are not guarantees of future performance, and our actual results could differ materially as the results of many factors. Additional information concerning those factors is available in our most recent Annual Report on Form 10-K and any subsequent reports on Forms 10-Q and 8-K, which you can find on the SEC's website and the Investor Relations section of our website.
同时提醒各位，本演示包含前瞻性声明。这些声明并非未来业绩保证，实际结果可能因多种因素而与之存在重大差异。有关这些因素的更多信息载于我们最新的 10-K 年度报告及后续 10-Q、8-K 报告，可在 SEC 官网及本公司投资者关系网站查阅。
Our comments today regarding our financial results will reflect revenue on a GAAP basis and all of the results on a non-GAAP nominal basis unless otherwise noted. The related GAAP measures and reconciliation are available in today's earnings release and related materials available on our IR website.
除非另有说明，我们今天对财务业绩的评论将以 GAAP 口径披露收入，其他结果以非 GAAP 名义口径披露。相关 GAAP 指标及对账表可在今日收益新闻稿及 IR 网站相关材料中获取。
And with that, let me turn the call over to Ryan.
接下来，请 Ryan 发言。
Ryan McInerney
瑞安·麦金纳尼
Thanks, Jennifer. Visa is one of the world's best businesses with strong growth and leading profitability powered by a world-class brand, innovative technology, an unparalleled network, and global scale. This quarter, we saw the strength of our business model with $9.6 billion in net revenue, up 9% year-over-year, and EPS up 10%. Our key business drivers were strong. Even with the lapping of leap day from last year and consumer spending remained resilient in an uncertain and dynamic environment.
谢谢你，Jennifer。Visa 是全球最优秀的企业之一，凭借世界级品牌、创新技术、无与伦比的网络以及全球规模，实现了强劲增长和领先盈利能力。本季度，我们的商业模式展现出强大实力，净营收 96 亿美元，同比增长 9%，每股收益增长 10%。主要业务驱动因素表现强劲；尽管去年闰日带来高基数，消费者支出在充满不确定和动态的环境中仍保持韧性。
In constant dollars, overall payments volume grew 8% year-over-year. US payments volume grew 6%, and international payments volume grew 9%. Cross-border volume, excluding Intra-Europe, rose 13% in constant dollars, and process transactions grew 9% year-over-year. Our strategy across consumer payments, commercial and money movement solutions and value-added services continues to resonate with our clients, and we remain focused on serving our clients through our innovation and product development.
按恒定汇率计，总支付额同比增长 8%。美国支付额增长 6%，国际支付额增长 9%。跨境支付额（不含欧洲区内）按恒定汇率计增长 13%，处理交易量同比增长 9%。我们在消费者支付、商用及资金流动解决方案以及增值服务方面的战略持续得到客户认可，我们将继续通过创新和产品开发服务客户。
I will start with quarterly highlights and then make a few comments on the current environment. In consumer payments, we continue to execute the fundamentals, expanding credentials and acceptance, and driving user engagement in order to grow both carded and non-carded volumes. Total credentials grew 7% with generally consistent growth across our regions.
我将先介绍季度亮点，然后对当前环境发表几点看法。在消费者支付方面，我们继续执行基本策略，扩大凭证数量和受理范围，并提升用户参与度，以推动有卡和无卡交易量增长。总凭证数量增长 7%，各地区增速大体一致。
We added 1 billion tokens since last quarter to total 13.7 billion, and now nearly 50% of our e-commerce transactions globally are tokenized. We also crossed 1 billion tokens in Latin America and 0.5 billion in CEMEA. And we continued to make progress, displacing cash in key markets. For example, India, Mexico and Brazil each added more than 1 million merchant locations in the last year as we have driven greater acceptance, including with smaller merchants. We recently signed an agreement with Efecty, one of the biggest cash networks in Colombia, with over 30 million users. Efecty will launch 4.5 million consumer debit cards and build acceptance with their cash agents.
自上季度以来，我们新增了10亿枚令牌，总量达到137亿枚，全球近50%的电子商务交易已实现代币化。拉丁美洲累计发行令牌突破10亿枚，CEMEA地区突破5亿枚。我们在关键市场取代现金方面也持续取得进展。例如，在过去一年中，印度、墨西哥和巴西各自新增了超过100万个商户受理点，覆盖更多小微商户。最近，我们与哥伦比亚最大的现金网络之一 Efecty（拥有逾3,000万用户）签署协议，Efecty 将发行450万张借记卡，并借助其现金代理网点拓展受理网络。
We also convert closed-loop to open-loop opportunities. For example, I'll highlight two transit deals in Latin America, one in Argentina with Banco de la Nación to launch an open-loop SUBE Visa card for use on public transportation. And two, in Chile with Metropago to also launch an open-loop Visa card, and at acceptance locations at transit stops. As we mentioned at Investor Day, what gives us confidence in our ability to grow consumer payments are our products and our solutions. They are enabling us to succeed in important high-value consumer payments use cases, innovations such as Tap to Everything, tokens, multi-currency cards, flex credentials, account-to-account solutions, and our differentiated cardholder benefits platforms.
我们还把封闭回路机会转化为开放回路机会。例如，在拉丁美洲达成了两项公共交通合作：第一，与阿根廷国民银行合作推出用于公共交通的开放回路 SUBE Visa 卡；第二，与智利 Metropago 合作推出开放回路 Visa 卡，并在车站实现受理。正如我们在投资者日所说，我们有信心扩大消费者支付业务，原因在于我们的产品与解决方案：Tap to Everything、代币、 多币种卡、Flex Credentials、账户到账户支付方案及差异化持卡人权益平台，均已在高价值支付场景中取得成功。
I'll note some progress this quarter. Our efforts in Tap to Everything continued, driving cash digitization and habituation. Tap to Phone added nearly 2 million transacting device terminals since last quarter, with growth primarily driven by Latin America, the US, and Europe. Tap to Pay penetration is now at 76% globally, with the US passing 60% for the first time. Penetration at US drug stores, retailers, and quick-service restaurants is now above 60% as well. Tap to Add Card continued to gain traction, and with the majority of fraud being eliminated as compared to manual entry, it's not surprising that we now have nearly 150 issuers participating globally in more than 35 countries and territories.
本季度我们取得了一些进展。Tap to Everything 计划持续推进，助力现金数字化和使用习惯形成。Tap to Phone 自上季度以来新增近200万个可交易终端，增长主要来自拉丁美洲、美国和欧洲。Tap to Pay 全球渗透率已达76%，美国首次超过60%；在美国的连锁药房、零售商和快餐店渗透率亦超过60%。Tap to Add Card 持续受到欢迎，由于相比手动输入可大幅降低欺诈，我们如今在全球35个国家和地区已拥有近150家发卡行参与。
Tap to P2P is a Visa product that leverages tokenization for enhanced security. Visa's tap kernel and SDK technology for seamless contactless data transmission between devices and the convenience of Visa Direct's real-time money movement for funds transfers. We are soon launching our Tap to P2P products in the US with Samsung. Samsung Wallet will introduce this innovative P2P payments feature that will allow users to quickly send money to friends or family by just tapping a phone to a debit card or another phone, a strategy focused on enabling cross-platform functionality across mobile wallets.
Tap to P2P 是 Visa 的一项产品，利用代币化提升安全性，结合 Visa Tap 内核与 SDK 技术实现设备间无缝近场数据传输，并借助 Visa Direct 实时转账。我们即将在美国与三星推出 Tap to P2P，Samsung Wallet 将引入这一创新功能，用户只需将手机轻触借记卡或另一部手机即可向亲友快速汇款，实现跨移动钱包的平台互通。
比二维码更方便，但需要芯片的支持。
Another development is in our stablecoin offerings. We believe two important capabilities are interoperability and programmability. We have continued to expand our interoperability, including with our first seven-day-a-week stablecoin settlement, recently surpassing $200 million in cumulative stablecoin settlement volume. On programmability, we also developed the Visa tokenized asset platform to help enable banks to issue and leverage stablecoins for new types of programmable finance.
在稳定币方案方面，我们的两大重点是互操作性和可编程性。我们已拓展互操作网络，包括首个“7×24 小时”稳定币清算，累计清算量已突破2亿美元。在可编程性方面，我们开发了 Visa Tokenized Asset Platform，帮助银行发行并利用稳定币，支持新型可编程金融。
Our first pilot partner, BBVA, plans to launch a stablecoin later this year on the Ethereum blockchain. In our focus to attract and retain the affluent and cross-border traveler, we continue to evolve our Infinite product and are excited about the launch of the Scotiabank Passport Visa Infinite Privilege card, offering elite travel benefits for Canadians. The card provides travel rewards, insurance, and exclusive perks.
首家试点伙伴 BBVA 计划今年晚些时候在以太坊区块链上推出稳定币。为吸引并留住高净值和跨境旅行客户，我们不断升级 Infinite 产品，并推出 Scotiabank Passport Visa Infinite Privilege 卡，为加拿大客户提供高端旅行权益，包括旅行奖励、保险及专属礼遇。
Moving to commercial and money movement solutions. As we drive further penetration of these opportunities, we have seen strong results in the second quarter with commercial volume up 6% in constant dollars, Visa Direct transactions up 28%, and CMS revenue up 13% year-over-year in constant dollars. In Visa Commercial Solutions this quarter, we made progress on our strategy as we deepened our relationships with a number of existing clients. To capture the accounts receivable and accounts payable opportunity, we are utilizing product innovations such as embedded finance solutions to meet payers where they manage their business to drive adoption of cards.
转向商用及资金流动方案。随着渗透率持续提升，我们在第二季度取得强劲表现：按恒定汇率计，商用支付额增长6%，Visa Direct 交易量增长28%，CMS 收入同比增长13%。在 Visa 商业解决方案板块，我们进一步深化与多家现有客户的关系，推进战略落地。为把握应收应付场景机遇，我们利用嵌入式金融等创新产品，在企业经营环节植入支付，推动卡片使用。
We are pleased that Lloyds has signed a deal with Taulia to issue and embed Visa virtual cards in the SAP ERP and procure-to-pay workflows of their customers. Our vertical-specific strategies serve the needs of small, middle-market, and large businesses. In that light, we are supporting Itau in their card as a service platform, which offers credit and debit card issuance, product life-cycle management, and digital accounts to businesses across agribusiness, real estate, auto and retailers.
我们欣喜地看到，Lloyds 已与 Taulia 达成协议，在其客户的 SAP ERP 及采购到付款流程中嵌入并发行 Visa 虚拟卡。我们的行业专属战略可满足小型、中型及大型企业需求。基于此，我们正支持 Itau 的 Card-as-a-Service 平台，为农业务、房地产、汽车、零售等行业客户提供信用卡和借记卡发行、产品全生命周期管理及数字账户服务。
In the B2B travel vertical, we continue to see strong demand for innovative payment solutions to transact in multiple currencies, while enhancing payment security, reconciliation, and operational efficiency. We expanded our agreement with Leon Lea Global to launch a B2B travel solution in Hong Kong. Leon Lea Global will also be utilizing Visa Direct multi-currency capabilities to support end-to-end collections and payouts.
在商旅（B2B Travel）领域，客户对多币种创新支付方案的需求依旧强劲，同时也希望提升支付安全、对账及运营效率。我们已与 Leon Lea Global 扩大合作，在香港推出 B2B 商旅支付解决方案。Leon Lea Global 还将利用 Visa Direct 的多币种功能，支持端到端的收款与付款。
Continuing with Visa Direct, this quarter we signed an important deal with Jack Henry to offer Visa Direct through their digital applications to facilitate rapid transfers among bank accounts and enable their community and regional financial institution clients to offer Visa Direct to their consumer account holders and SMBs. In the cross-border space, checkout.com is the first acquirer in the UAE to launch Visa Direct's push-to-card solution, enhancing real-time money transfer capabilities for both cross-border and domestic transactions.
关于 Visa Direct，本季度我们与 Jack Henry 达成重要协议，将通过其数字应用提供 Visa Direct，实现银行账户间的快速转账，并使社区及区域性金融机构能够向个人账户持有人和中小企业提供 Visa Direct 服务。在跨境领域，checkout.com 成为阿联酋首家推出 Visa Direct “推向卡”解决方案的收单机构，强化了跨境与本地交易的实时转账能力。
And in the US, we expanded our agreement with TabaPay, a money movement platform serving more than 6,500 fintechs and enterprises. Visa Direct will now be enabling push to account and wallet in addition to push to card. These are all examples of our strategic focus to grow our domestic and cross-border business and expand with our existing customers for Visa Direct, the largest money movement platform in the world by transactions, volumes, and endpoints.
在美国，我们扩大了与 TabaPay 的合作。这一资金移动平台服务 6,500 多家金融科技公司和企业。除了“推向卡”，Visa Direct 现已支持“推向账户”和“推向钱包”。这些举措体现了我们以 Visa Direct——全球在交易量、金额及端点数均居首位的资金移动平台——为核心，着力拓展本地及跨境业务并深耕现有客户的战略重点。
In value-added services, we continued to deepen our relationships with our existing customers and also focused on attracting new customers with some of our recently acquired assets. Value-added services revenue grew 22% in constant dollars, powered by strong growth across all portfolios. I'll share a few areas of success in the execution of our strategy. In issuing solutions, Pismo brings a holistic offering with credit, debit, prepaid, and commercial issuer processing and core bank processing. We have a strong pipeline, and we are well on our way to enter five new countries across four regions this year.
在增值服务方面，我们继续深化与现有客户的合作，并借助近期收购的资产积极吸引新客户。增值服务收入按恒定汇率计算增长 22%，所有产品组合均实现强劲增长。以下是战略执行中的几项成果：在发卡解决方案方面，Pismo 提供涵盖信用卡、借记卡、预付卡、商用卡发卡处理及核心银行处理的全面服务。我们拥有强劲的项目储备，今年将进入四大区域的五个新国家。
Some recent deals to note include, First in Latin America with Nequi in Colombia, and Banco de la Nación in Argentina. And in Asia-Pacific with T2P in Thailand and \[indiscernible] in India. Also in issuing solutions, we continue to grow our card benefits business. In Europe, Raiffeisen Bank International in Austria recently launched the travel sentive travel platform, leveraging our solutions as well as added Visa's PriorityPass benefits to customers.
近期签约案例包括：在拉丁美洲，与哥伦比亚的 Nequi 及阿根廷的 Banco de la Nación 合作；在亚太地区，与泰国 T2P 及印度的 \[未披露公司] 合作。在发卡增值方面，我们持续拓展信用卡权益业务。在欧洲，奥地利 Raiffeisen Bank International 近期上线 travel sentive 旅行平台，采用我们的解决方案并向客户新增 Visa PriorityPass 礼遇。
In acceptance solutions, we recently announced two new product offerings. The first is a completely new version of Authorized.net, launching in the US next quarter and additional countries next year. It features a streamlined user interface, AI capabilities with an AI agent, A-Net, improved dashboards for day-to-day management and support for in-person card readers and Tap to Phone. It will help businesses analyze data, summarize insights, and adapt to rapidly changing customer trends.
在受理解决方案方面，我们新推出两款产品。第一款是全新版本的 Authorized.net，将于下季度在美国上线，并于明年进入更多国家。新版提供简化的用户界面、集成 AI 助手 A-Net、升级的日常管理仪表板，并支持线下读卡器及 Tap to Phone，可帮助商户分析数据、提炼洞见并快速应对不断变化的客户趋势。
The second is the new unified checkout experience, available in the US and in pilot stage in additional markets in Q4. As new ways to pay continue to emerge, merchants want to integrate once to accept all payment types to decrease the likelihood of lost sales at the point of checkout. Unified checkout can be launched in a few hours with a deploy-ready payment acceptance code. It is designed to deliver strong e-commerce conversion rates with an intuitive checkout experience, orchestrating over 25 card and alternative payment options. Because unified checkout is part of the Visa Acceptance Solutions platform, customers also have access to fraud management, 3D secure authentication, and tokenization management.
第二款产品是全新的统一结账体验，将在美国率先推出，并于第四季度在其他市场试点。随着支付方式不断涌现，商户希望通过一次性集成即可受理所有支付类型，降低结账流失。统一结账可在数小时内部署上线，提供即用型支付代码，整合 25 种以上卡类及替代支付选项，借由直观的结账流程提高电商转化率。作为 Visa Acceptance Solutions 平台的一部分，该方案亦包含欺诈管理、3D Secure 认证和代币管理功能。
We also continued to grow our client relationships in Acceptance solutions this quarter. For example, we have now become the payment service provider of choice for sporting goods retailer Decathlon, who has more than 2,000 stores in nearly 80 countries. Decathlon will be using our gateway and decision manager capabilities for their e-commerce business.
本季度我们在受理解决方案方面的客户关系也进一步扩大。例如，体育用品零售商 Decathlon 现已选择我们作为其首要支付服务提供商。Decathlon 在近 80 个国家拥有 2,000 多家门店，其电商业务将采用我们的网关和 Decision Manager 能力。
In risk and identity solutions, since the closing of our acquisition of Featurespace, we have been actively pursuing deals and have signed over 20 clients globally. We also now provide an enhanced holistic fraud protection solution from Featurespace called the Adaptive Real-time Individual Change-identification or ARIC Risk Hub. This solution utilizes machine-learning and AI solutions to enable clients to build more accurate risk profiles and more confidently detect and block fraudulent transactions, ultimately helping to increase approvals and stop bad actors in real-time.
在风险与身份解决方案方面，自完成对 Featurespace 的收购以来，我们积极拓展业务，已在全球签约 20 余家客户。我们现提供升级版的 Featurespace 全面防欺诈方案——自适应实时个体变化识别（ARIC Risk Hub）。该方案运用机器学习和人工智能，助力客户构建更精准的风险画像，更可靠地识别并拦截欺诈交易，从而实时提升交易批准率并阻止不法行为。
In advisory and other services, our open banking platform, powered by Tink, provides payment initiation and account information services to sellers and payment providers or PSPs across Europe and the United States. In Germany, Tink and Adyen are working with Recharge and Vodafone to provide their customers the option to pay by bank when checking out. Tink has reached a milestone of over 10,000 merchants choosing Tink's pay by bank capability via our more than 10 European PSP partnerships. Across our VAS portfolio, our innovations are designed to address specific challenges in the payments ecosystem and to provide secure, efficient, and scalable solutions for businesses of all sizes.
在咨询及其他服务方面，我们的开放银行平台借助 Tink 技术，为欧洲和美国的卖家及支付服务提供商（PSP）提供支付发起和账户信息服务。在德国，Tink 与 Adyen 正携手 Recharge 和 Vodafone，为其客户在结账时提供银行转账付款选项。通过我们与欧洲 10 多家 PSP 的合作伙伴关系，已有超过 10,000 家商户选择 Tink 的银行转账支付功能，Tink 也因此达成了重要里程碑。在整个增值服务组合中，我们的创新旨在解决支付生态系统中的特定挑战，为各类企业提供安全、高效且可扩展的解决方案。
At Investor Day, I spoke about the evolution of our Visa as a service stack. The foundation of our stack is our global connectivity and the infrastructure that Visa is built on, our network, our network of networks, and access to our credentials and acceptance. Then we have our services architecture, which contains the specific capabilities that we think of as the building blocks for everything that we do, like risk, settlement, and more. Using these services, we create client solutions. We are taking these componentized capabilities and investing in and enhancing them to create new features and capabilities to offer them to a much broader array of customers and partners.
在投资者日上，我谈到了 Visa 即服务堆栈的演进。该堆栈的基础是我们的全球互联能力和 Visa 所依托的基础设施——我们的网络、网络中的网络，以及对凭证和受理网络的接入。随后，我们拥有服务架构，其中包含我们视为所有业务基石的具体能力，如风险管理、清算等。利用这些服务，我们打造客户解决方案。我们正对这些组件化能力进行投资和升级，开发新功能、新特性，以便向更广泛的客户和合作伙伴提供。
And we strive to make it easier than ever for our partners and clients to access these solutions. I encourage all of you to tune in tomorrow to Visa's 2025 Product Drop, where we will share how we continue to evolve the Visa as a Service stack to further our product development and lead in AI. You can watch live on our website at 10 A.M. Pacific Time.
此外，我们致力于让合作伙伴和客户比以往任何时候都更轻松地获取这些解决方案。我鼓励大家在明日收看 Visa 2025 产品发布会，届时我们将分享如何持续演进 Visa 即服务堆栈，进一步推进产品开发并引领 AI 领域。您可于太平洋时间上午 10 点在我们的网站观看直播。
Before I hand over to Chris, I'll share some thoughts on our business performance and the current environment. Throughout our history, we have evolved our network and strategy to deliver the best innovation, serve our clients, and pioneer the future of payments. We saw the result of these efforts this quarter with our strong financial performance. Halfway through our fiscal year, consumer spending has been resilient and strong, but there's much uncertainty.
在将时间交给 Chris 之前，我想分享一些关于业务表现和当前环境的看法。纵观我们的历史，我们不断演进网络和战略，以提供最佳创新、服务客户并引领支付未来。本季度的强劲财务表现正是这些努力的成果。财年过半，消费者支出依旧韧性十足且表现强劲，但仍存在诸多不确定性。
Focusing on the US, in Q2 and through April 21, we have not seen any signs of overall consumer spending weakening. While spending growth differs among consumer spend bans, with the most affluent growing the fastest, all spend bans remain resilient and consistent with past quarters. Within spend categories, there are some select areas, such as in travel with airlines and lodging, where growth has decelerated, but overall discretionary and non-discretionary spend remains strong. Outside the US, we see similar stable trends. Within cross-border, volume growth was in line with Q4 2024 levels. We have seen some impacts from currency weakness and travel to specific countries, but the overall growth was above the pre-COVID trend.
聚焦美国，在第二季度及截至 4 月 21 日的期间，我们尚未看到整体消费者支出减弱的迹象。虽然不同消费支出层级的增长有所差异，其中最富裕人群增长最快，但所有层级仍保持韧性，与此前各季度一致。在消费类别方面，航空和住宿等旅行支出的增速有所放缓，但整体可选和必需支出仍然强劲。美国以外地区呈现类似的稳定趋势。跨境业务量增速与 2024 财年第四季度大体相当。虽然汇率走弱和前往特定国家旅行带来一定影响，但整体增长仍高于疫情前水平。
To wrap up, while we are certainly not immune to the macroeconomic impacts, our incredibly diverse business model has proven to be resilient in the face of a variety of environments, most recently in Q2. And we see this resilience playing out in our financial outlook, which Chris will cover in a moment. For the rest of the year and beyond, what I, our leadership team, and our more than 31,600 employees are focused on is serving our clients and capturing the enormous opportunities ahead. We focus on what we can control and stand ready to make thoughtful adjustments when necessary. I am confident that our business model, strategy, and employees will continue to keep Visa operating from a position of strength well into the future.
总而言之，虽然我们不可能完全免受宏观经济影响，但我们高度多元化的商业模式已在各种环境中展现韧性，最近的第二季度便是一例。这种韧性也体现在我们的财务展望中，Chris 稍后将作说明。在今年余下时间以及更长远未来，我本人、领导团队及 31,600 多名员工的重心是服务客户并把握巨大的机遇。我们专注于可控因素，并在必要时做好审慎调整。我相信，我们的商业模式、战略和员工将继续确保 Visa 在未来长期保持强势运行。
And with that, I'll turn it over to Chris to review the financial results, discuss what we have seen so far in April, and provide our expectations for the rest of the year.
接下来，我将把时间交给 Chris，由他回顾财务业绩，讨论我们截至 4 月目前观察到的情况，并说明对全年剩余时间的预期。
Chris Suh
克里斯·徐
Thanks, Ryan, and good afternoon, everyone. Our second-quarter results reflected strength in our business. In constant dollars, global payments volume was up 8% year-over-year, and cross-border volume, excluding Intra-Europe, was up 13% year-over-year. Total process transactions grew 9%. Adjusting for the lapping of leap year, our trends were generally stable.
谢谢你，Ryan，大家下午好。我们的第二季度业绩展示了业务的强劲表现。按恒定汇率计算，全球支付额同比增长8%；跨境支付额（不含欧洲区内）同比增长13%。处理交易总量增长9%。调整闰年影响后，我们的增长趋势总体稳定。
Fiscal second-quarter net revenue was up 9% year-over-year in nominal dollars and 11% in constant dollars, helped by resilient consumer spending, lower-than-expected incentives, and better-than-expected value-added services revenue. EPS was up 10% year-over-year and 11% in constant dollars, better-than-expected, primarily due to stronger operating performance and a lower tax rate than expected.
得益于消费者支出韧性、激励费用低于预期及增值服务收入超预期，本财年第二季度净营收按名义美元计同比增长9%，按恒定汇率计增长11%。每股收益同比增长10%，按恒定汇率计增长11%，超出预期，主要归功于运营表现强劲及实际税率低于预期。
疫情以后一直维护10%以上的增长速度。
Let's go into the details. Total international payments volume was up 9% year-over-year in constant dollars in Q2, relatively consistent with Q1 when adjusted for leap year. US payments volume was up 6%, with e-commerce growing faster than face-to-face spend. Credit was up 5% and debit was up 7%. When we look on a monthly basis in the US, we had a strong January, a dip in February, primarily due to the lapping of leap year and a relatively strong March, even with the fact that Easter was in March last year and in April this year, which resulted in Q2 year-over-year growth being below Q1, but better than Q3 and Q4 of 2024.
下面进入细节。第二季度，国际支付额按恒定汇率计同比增长9%，在剔除闰年因素后与第一季度大体一致。美国支付额增长6%，其中电商增长快于线下消费；信用卡增长5%，借记卡增长7%。按月来看，美国1月强劲，2月因闰年基数出现回落，3月相对强劲——即便去年复活节在3月、今年在4月。综合影响导致第二季度同比增速低于第一季度，但好于2024年第三、四季度。
When looking further at quarterly spend category data in the US, adjusted for leap year, we saw travel and entertainment growth decelerate, restaurant growth remained stable, and retail and fuel growth improved with strong and stable total discretionary and non-discretionary spend growth, reflecting resilience in consumer spending. Now to cross-border volume, which I'll speak to in constant dollars and excluding Intra-Europe transactions.
进一步观察美国季度消费类别数据（已调整闰年），旅行与娱乐支出增速放缓，餐饮保持稳定，零售及燃油支出增速改善；整体可选与必需支出增长依然强劲稳健，显示消费者韧性。接下来谈跨境支付额，以下均为恒定汇率并不含欧洲区内交易。
Before going into the detailed results, I wanted to spend a moment to discuss the makeup of our cross-border business. From a geographic mix perspective, our total cross-border volume is fairly well distributed, with no reported region comprising more than 25% of total cross-border issued volume. Both e-commerce and travel issued volume reflect a broad distribution as well. You may also recall that our total cross-border issued volume mix is about 40% e-commerce and 60% travel. So there is diversity by region and by spend type. Keep in mind that just as our cross-border volumes are distributed, so are the associated revenues.
在进入具体数据前，我想先说明我们跨境业务的构成。从地域分布看，跨境总交易量较为分散，没有任何统计地区占比超过25%。电商和旅行交易量同样分布广泛。大家可能记得，我们跨境发行交易量约40%来自电商、60%来自旅行，因此无论地区还是消费类型都高度多元。同样，相关收入也与交易量的分布相一致。
Now on to the results. Total cross-border volume was up 13%; e-commerce was up 14%; and travel was up 12%. There were several factors that contributed to the growth moderation from Q1 to Q2, including the lapping of leap year, the timing of Ramadan and Easter, weaker currencies in certain countries, and softer Canada to US travel. Some of these factors impacted our intra-quarter trends, which varied slightly from US payment volume trends. While we saw a strong January and a February impacted by leap year, we did see a somewhat softer March. Even with these factors, as Ryan mentioned, the total cross-border volume growth was in line with Q4 2024 levels and above the pre-COVID trend.
现在来看具体结果：跨境支付额总体增长13%，其中电商增长14%，旅行增长12%。从第一季度到第二季度增速放缓，原因包括闰年基数、斋月与复活节时点、部分国家货币走弱及加拿大赴美旅行放缓等。这些因素对季度内趋势有所影响，与美国国内支付趋势略有不同。虽然1月强劲、2月因闰年受压，3月则相对温和，但正如 Ryan 所述，总体跨境增速与2024财年第四季度持平，并高于疫情前趋势线。
With that as a backdrop, I'll move to discuss our financial results, which were strong. Starting with the revenue components. Service revenue grew 9% year-over-year versus the 9% growth in Q1 constant dollar payments volume. Data processing revenue grew 10% versus 9% process transaction growth, primarily due to value-added services and pricing. International transaction revenue was up 10%, below the 13% increase in constant dollar cross-border volume, excluding Intra-Europe, but in line with nominal volume growth, reflecting the impact of FX.
在此背景下，我将介绍强劲的财务表现。先说各收入组成：服务收入同比增长9%，与第一季度恒汇支付额9%的增速一致；数据处理收入增长10%，高于处理交易量9%的增速，主要受增值服务与定价驱动；国际交易收入增长10%，低于跨境支付额（恒汇、不含欧洲区内）13%的增速，但与名义交易额增速一致，体现汇率影响。
In addition, while we had higher volatility in Q2, this was offset by a number of factors, including client mix and hedging. Other revenue grew 24%, primarily driven by growth in advisory and other value-added services and to a lesser extent, pricing. Client incentives grew 15%, lower than expected, primarily due to factors related to deal timing.
此外，尽管第二季度波动性较高，但被客户结构及对冲等多项因素抵消。其他收入增长24%，主要由咨询及其他增值服务增长推动，部分受定价影响。客户激励增长15%，低于预期，主要与协议签署时点有关。
Now, to our three growth engines. Consumer payments revenue was driven by strong payments volume, cross-border volume, and process transaction growth. Commercial and money movement solutions revenue grew 13% year-over-year in constant dollars, driven by commercial payment volume growth of 6% year-over-year in constant dollars, consistent with last quarter. And Visa Direct transaction growth of 28% year-over-year to 3 billion transactions, below Q1 growth, primarily due to the lapping of our initial ramp in Latin America for interoperability among P2P apps and the lapping of leap year.
现在，让我们来看三大增长引擎。消费者支付收入受益于支付额、跨境交易额和处理交易量的强劲增长。商用及资金流动解决方案收入按恒定汇率计同比增长13%，主要受商用支付额按恒定汇率计同比增长6%推动，与上一季度一致。Visa Direct 交易量同比增长28%，达到30亿笔，增速低于第一季度，主要因为去年拉丁美洲 P2P 应用互通初期提速的基数效应以及闰年的影响。
CMS revenue growth in Q2 moderated from the first quarter, primarily due to lower cross-border volume growth and the absence of the lapping benefit of one-time items. Value-added services revenue growth accelerated to 22% in constant dollars to \$2.6 billion, with strength across all portfolios led by issuing solutions and advisory and other, and inclusive of Featurespace.
第二季度 CMS 收入增速较第一季度放缓，主要由于跨境交易额增速下降且缺少一次性项目的基数效应。增值服务收入按恒定汇率计加速至同比增长22%，达到26亿美元，所有产品线表现强劲，其中以发卡解决方案以及咨询与其他服务领涨，亦包含 Featurespace 贡献。
Operating expenses grew 7%, primarily driven by increases in personnel, marketing, and depreciation and amortization. This was lower than we expected, primarily due to a more favorable FX impact from balance sheet remeasurement and some marketing campaigns and advisory services related expenses being shifted to Q3. Our tax rate for the quarter was 16.9%, lower than expected due to several items, including a change in our geographic mix of earnings. EPS was \$2.76, up 10% over last year, with an approximately 1.5 point drag from exchange rates and an approximately 0.5 point drag from acquisitions.
运营费用增长7%，主要由人力、营销及折旧与摊销增加所致，低于预期，原因在于资产负债表折算带来的汇率正面影响更大，以及部分营销活动和咨询相关费用推迟至第三季度。本季度税率为16.9%，低于预期，受多项因素影响，包括收益地域结构变化。每股收益2.76美元，同比提升10%，其中汇率产生约1.5个百分点拖累，收并购产生约0.5个百分点拖累。
In Q2, we bought back approximately \$4.5 billion in stock and distributed \$1.2 billion in dividends to our stockholders. At the end of March, we had \$4.7 billion remaining in our buyback authorization. And in April, the Board of Directors authorized a new \$30 billion multiyear share repurchase program.
第二季度，我们回购股票约45亿美元，并向股东派发股息12亿美元。截至3月底，回购授权余额为47亿美元。今年4月，董事会又批准了一项新的300亿美元多年期股票回购计划。
Now let's move to what we've seen so far in Q3. Through April 21st, driver trends have been strong, with some benefit from Easter and Ramadan timing. US payment volume was up 8%, with debit up 9% and credit up 7% year-over-year. Process transactions grew 12% year-over-year. For constant dollar cross-border volume, excluding transactions within Europe, total travel and e-commerce cross-border volume each grew 13% year-over-year.
下面看看第三季度迄今的表现。截至4月21日，各项驱动因素依然强劲，并受益于复活节与斋月时点影响。美国支付额同比增长8%，其中借记卡增长9%，信用卡增长7%。处理交易量同比提升12%。恒定汇率下的跨境支付额（不含欧洲区内）中，旅行与电商跨境交易额均同比增长13%。
Now on to our expectations. Remember that adjusted basis is defined as non-GAAP results in constant dollars and excluding acquisition impacts. You can review these disclosures in our earnings presentation for more detail. As we said many times, we are not economic forecasters. The potential impacts from tariffs have led to higher levels of economic uncertainty.
接下来谈预期。请记住，调整后基准指以恒定汇率、剔除并购影响的非 GAAP 结果。详情可参阅收益演示文稿。正如我们多次强调，我们并非经济预测机构。关税可能带来的影响提高了经济不确定性。
That being said, what we've seen thus far in our results is relative resilience in consumer spending. So with that as a backdrop, let me cover some of our key assumptions that are incorporated. For cross-border volume, our assumption is that Q3 and Q4 volumes are in line with the average of March and April, which normalizes for Easter and Ramadan timing as well as accounts for other factors I referenced when describing Q2 results. This puts Q3 and Q4 cross-border volume growth slightly below Q4 2024 levels.
尽管如此，迄今业绩显示消费者支出仍具韧性。基于此，我们作出若干关键假设。跨境交易额方面，我们假设第三、四季度的交易量与3月和4月平均值一致，以消除复活节和斋月的时点效应，并考虑第二季度提到的其他因素。按此估算，第三、四季度跨境交易额增速将略低于2024财年第四季度水平。
For volatility, we have seen high FX volatility thus far in April, but assume this will moderate starting in May and remain level for the remainder of Q3 and Q4. This puts Q3 just above Q2 and Q4 more in line with Q2. For incentives, as a result of some client performance adjustments and deal timing, we are assuming that the year-over-year growth in incentives in the back-half will be higher than the first-half, with sequential step-ups in Q3 and Q4. Pulling it all together, we expect third-quarter adjusted net revenue growth in the low-double-digits, essentially in line with Q2.
汇率波动方面，4月迄今波动较大，但我们假设5月起将趋于缓和，并在第三、四季度保持稳定；因此第三季度波动水平略高于第二季度，第四季度与第二季度相当。激励费用方面，受部分客户业绩调整及合同时点影响，我们预计下半年激励同比增速将高于上半年，并在第三、四季度逐季上升。综合来看，我们预计第三季度调整后净营收增速为低双位数，与第二季度基本一致。
Moving to operating expenses. As we had some timing impacts of expenses in the second quarter, we now expect those to occur in the third quarter with adjusted operating expense growth in the low-double-digits, relatively consistent with adjusted revenue growth. Non-operating income in the third quarter is expected to be approximately \$150 million, which includes a benefit from the reversal of accrued interest expense due to the resolution on the tax matter. And our tax rate in the third quarter is expected to be between 17% and 17.5%. As a result, we expect third quarter adjusted EPS growth to be in the high-teens. For acquisition impacts, we expect a minimal benefit to net revenue growth, an approximately 1 point contribution to operating expense growth, and an approximately 0.5 point headwind to EPS growth in the third quarter.
关于运营费用，由于部分费用在第二季度受时点影响，我们预计将于第三季度发生，调整后运营费用增速为低双位数，基本与调整后营收增速一致。第三季度非运营收入预计约为1.5亿美元，其中包括税务事项解决带来的计提利息冲回收益。第三季度税率预计在17%至17.5%之间。由此，我们预计第三季度调整后每股收益增速将达到高十几个百分点。并购影响方面，预计对净营收增速贡献有限，对运营费用增速贡献约1个百分点，对每股收益增速造成约0.5个百分点负面影响。
Moving now to the full year. Our full-year guidance for adjusted revenue growth, adjusted operating expense growth, non-operating income, tax rate, and adjusted EPS growth remains unchanged. In summary, we delivered another strong quarter in Q2, and our business remains steady. As Ryan said, throughout our history, we've managed through different economic cycles, and we're confident we'll manage through this period as well.
最后谈全年展望。我们对全年调整后营收增速、调整后运营费用增速、非运营收入、税率及调整后每股收益增速的指引均保持不变。总之，我们在第二季度再度交出亮眼成绩单，业务保持稳健。正如 Ryan 所言，Visa 在历次经济周期中都经受住了考验，我们有信心顺利渡过当前阶段。
Now Jennifer, it's time for some Q\&A.
现在，Jennifer，我们进入问答环节。
Jennifer Como
Thanks, Chris. And with that, we're ready to take questions.
谢谢，Chris。现在我们准备开始提问。
Question-and-Answer Session
问答环节
Operator
主持人
[Operator Instructions] Our first question comes from Tien-Tsin Huang from J.P. Morgan. Please go ahead.
【操作员提示】我们的第一位提问者是摩根大通的Tien-Tsin Huang。请开始提问。
Tien-Tsin Huang
Tien-Tsin Huang
Hi. Thanks a lot. Good results here. It looks like the consumer is pretty resilient. So beyond volumes, I wanted to ask if you've seen any noticeable change in tone on client decision-making pipelines, backlog. I'm definitely curious about international clients, and maybe if they're changing their -- the speed with which they're working with Visa. Thanks.
你好，非常感谢。业绩表现不错，消费者似乎相当有韧性。除了交易量之外，我想了解你们是否注意到客户在决策流程、积压项目方面的态度有明显变化？我尤其想知道国际客户是否改变了与Visa合作的节奏。谢谢。
Ryan McInerney
Hi, Tien-Tsin. The bulk of the time we've been spending with clients over the last several months has been sharing our data, sharing our products and solutions, working with our advisory teams, really helping them to navigate this environment. And that's been the bulk of what we've been doing. I mean, this is the time when we try to be at our best with our clients. We -- I talk to our teams every week to make sure they're out in the offices of our clients, leaning in to work with them. And that's been the bulk of how we've been spending time with our clients, helping them make sure they have all the data and information and tools and solutions they need to run their business most effectively, which many of them run very, very complicated businesses. Over time, there could be conversations about partnership arrangements and deals and those types of things, but that's not been the bulk of how we've been spending our time today.
你好，Tien-Tsin。在过去几个月里，我们与客户相处的大部分时间都用来分享数据、产品和解决方案，与咨询团队合作，帮助他们应对当前环境。这是我们主要的工作重点。我们希望在此时展现最佳状态。我每周都会与团队沟通，确保他们常驻客户办公室，积极与客户合作。我们大部分时间都在帮助客户，确保他们拥有最有效运营业务所需的全部数据、信息、工具和解决方案——许多客户业务非常复杂。未来当然可能会讨论合作协议或交易等事宜，但这并非我们当前投入时间的重点。
Jennifer Como
Next question.
下一位提问。
Operator
主持人
Next, we'll go to the line of James Faucette from Morgan Stanley. Please go ahead.
接下来，我们连线摩根士丹利的 James Faucette，请开始提问。
James Faucette
Thank you so much. Wanted to ask about what you're seeing around bookings around international travel and travel generally. You highlighted there have been a little bit of slowing growth there, maybe domestically, but overall still remained good and maybe impacted by FX, et cetera, but we've seen a lot of FX moves. So just wondering how you're feeling about the travel outlook on a go-forward basis and anything you can glean from early bookings, et cetera? Thanks.
非常感谢。我想了解一下你们对国际旅行以及整体旅行预订的观察。你们提到增长有所放缓，可能更多体现在国内市场，但整体表现仍不错，也许受到汇率等因素影响，而我们也看到汇率出现较大波动。想请教的是，对于未来旅行前景你们有何感受？从早期预订中是否能获得一些洞见？谢谢。
Ryan McInerney
Hi, James. Yeah. We covered a number of moving parts in our travel and cross-border business as it impacted Q2 and gave some assumptions about what we anticipated going into the back-half of the year. I think I'll make two points. One is, obviously, the situation is quite fluid, and we're monitoring the data very closely, and we're really relying on facts and facts and the results as we see them. But the second point maybe is even more important is that when we look across our business, we talk about the diversity of our business across -- in many dimensions. Regional is one of them. But certainly, when we look at our cross-border business, whether that's issued or acquired, we also benefit from that diversity.
嗨，James。是的，我们已经讨论了二季度旅行和跨境业务中的多重变动因素，并就下半年提出了相关假设。我有两点想法。第一，形势显然非常动态，我们正密切监控数据，依据实际结果来判断。第二点也许更关键：当我们审视整体业务时，会谈及多维度的多元化，地区只是其中之一。在跨境业务（无论是发卡端还是收单端）方面，我们同样受益于这种多元化。
And when it comes to inbound travel into the US, the US specifically actually is one of the smaller regions as measured by cross-border inbound travel volume, even though it does have strong yields. And so we just keep that in mind. We'll have to watch how the data comes in, but we have great diversification in our cross-border business, and we anticipate that we'll be able to navigate this period.
就美国的入境旅行而言，以跨境入境旅行业务量衡量，美国实际上是较小的区域之一，尽管其收益率较高。因此我们会铭记这一点，并持续关注数据变化。鉴于跨境业务的高度分散化，我们预计能够顺利应对这一时期。
Jennifer Como
Next question.
下一位提问。
Operator
主持人
Next, we'll go to the line of Sanjay Sakhrani from KBW. Please go ahead.
下一位提问来自 KBW 的 Sanjay Sakhrani。请开始。
Sanjay Sakhrani
Thank you. Chris, just to follow up on your point just now on the corridors and the US one specifically. Obviously, we're hearing a lot of travel information, how things are falling off coming into the US, especially from Canada. Maybe you could just talk about what kind of assumptions you've made for the remainder of this year, because I know that has an impact on sort of the economic return from each of those corridors. So maybe you could just help us with that. And then just curious, inside of the volumes that you saw intra-quarter and even early in April, did you see any evidence of a pull-forward of spending? Thanks.
谢谢。Chris，我想跟进你刚才关于跨境通道，尤其是美国通道的观点。显然，我们听到很多有关赴美旅行量下降的消息，尤其是来自加拿大的流量。你们对今年剩余时间在这方面做了哪些假设？因为我知道这会影响各条通道的经济回报。另外，季度内甚至四月初的交易量中，你们是否看到支出被提前的迹象？谢谢。
Ryan McInerney
Got it. Hi, Sanjay. A two-part question. Let me address actually the second one first, because that's a quicker one. There was some evidence of pull-forward. In certain categories, electronics is one of them, and it was mostly in sort of the first part of April, and we shared with you the data through the 21st. And actually, while I'm speaking about April, I just saw the data through the 28th just this morning, and that's relatively unchanged as well. And so there's no meaningful differences even as we get further into April.
明白了，Sanjay。你的问题分两部分，我先回答第二个，因为较简短。确实有一些支出提前的迹象，某些品类如电子产品尤为明显，主要集中在四月上旬。我们之前分享了截至 4 月 21 日的数据。事实上，今天早上我看到了截至 4 月 28 日的新数据，也基本没有变化。因此，即便深入到四月下旬，差异也不显著。
And so from a pull-forward standpoint, we may have seen a little bit in the first part of April, but all — by and large, not a meaningful impact to our total growth. And then going back to cross-border assumptions, so I shared a number of them, and I went through in my prepared comments, a number of the items that impacted the cross-border numbers in the month of March. And as it pertained also to the month of April, Ramadan and Easter were two that had timing differences that impacted March and April.
总体而言，四月初可能出现了一些提前消费，但对我们整体增长影响并不大。回到跨境假设，我在发言中提到多项因素影响了三月份跨境数据。斋月和复活节的时间差异同样影响了三、四月份。
But then I spoke to two other factors. One, a broader category around currency weaknesses, and currency weaknesses have an impact on purchasing power, obviously abroad. We had the US dollar weakening, but we also had currency weaknesses in LAC, in Mexico, in different countries throughout Asia. And so that's also impacting the results that we saw in March and April. And then the last one, of course, is Canada. And I referenced it on the call, I could give a little bit more color. I mean, we did see a meaningful slowdown in the Canada to US border. But again, keep in mind the diversification of our business.
我还提到另外两个因素：其一是更广泛的货币走弱，这显然影响海外购买力。美元走弱的同时，拉美、墨西哥及亚洲多国货币也走弱，这些都影响了三四月的结果。最后一个因素是加拿大。我在电话里提到过，可以补充一点细节——我们确实观察到加拿大赴美旅行显著放缓。但请记住，我们业务高度多元化。
民族性比较的国家。
And so the fact that, as I just mentioned in the last question, the fact that the US is one of the smaller regions as measured by cross-border travel inbound volumes. And so when you add that up, it's really not a — it's a very small percentage of our global travel volume, and the revenue impact shouldn't be meaningful. And so what we did in terms of assumptions is we took the average of March and April, which we think accounts for all of those items, and we extended that through the remainder of the fiscal year, and that would put cross-border at just below what we finished FY24 at in Q4.
如我在上一个问题中提到的，从跨境入境旅行量来看，美国其实是较小的区域之一。因此综合来看，这部分在我们全球旅行量中占比很小，对收入影响应当有限。基于此，我们采用了三、四月的平均值作为假设，认为已涵盖所有因素，并将这一水平延续至财年剩余时间。按此推算，跨境增长将略低于 2024 财年第四季度的水平。
Sanjay Sakhrani
Thank you.
谢谢。
Jennifer Como
Next question.
下一位提问。
Operator
运营商
Next, we'll go to the line of Andrew Schmidt from Citi. Please go ahead.
接下来，我们连线花旗银行的 Andrew Schmidt，请开始发言。
Andrew Schmidt
Hi, Ryan. Hey, Chris. Thanks for taking the questions this evening. Maybe you can dig into value-added services. Good to see the robust growth there. Maybe you could just unpack that and just talk about your viewpoint and how that performs through the cycle. Obviously, there's a range of revenue models in their transaction-based, project-based, and recurring/subscription. But if you'd unpack, that would be great. And then any detail on how you're thinking about value-added services growth in the back-half would also be helpful. Thanks so much.
你好，Ryan，Chris。感谢今晚回答我的问题。能否深入谈谈增值服务？看到这一板块强劲增长令人欣喜。请拆解一下具体驱动，并谈谈你们对其在不同周期中的表现看法。显然，增值服务有交易型、项目型和订阅型等多种收入模式，如能逐一解析就太好了。另外，也请说明一下你们对下半年增值服务增长的预期。非常感谢。
Ryan McInerney
Yes, why don't I just talk a little bit about the business, and then, Chris, I'll let you talk about some of the financial aspects of the question, both in terms of what drove the strong performance in the quarter and also where things are headed. Yeah, we just -- we feel really good about the strategy, our execution, our products. I highlighted some really exciting new products in my prepared remarks.
好的，我先谈谈业务层面，然后请 Chris 介绍财务方面，包括本季度强劲表现的驱动因素以及未来走向。我们对战略、执行和产品都非常有信心，在发言中也提到了几款令人振奋的新产品。
And I was just going to go back to some of the things we shared with you at Investor Day about our execution approach. We're -- we've got -- you asked a little bit about some of the business drivers of what happens there. And we've said about 65% of our revenue is really about enhancing Visa payments. But we've been really making a lot of progress on the incremental opportunities to enable all different types of payments, not just Visa payments, and the services that then go beyond payments.
回到投资者日上分享的执行方法，你提到业务驱动因素。我们曾说过，大约 65% 的增值服务收入与提升 Visa 支付直接相关。但我们也在抓住新的增量机会，支持各种类型的支付，而不仅仅是 Visa 支付，并提供超越支付本身的服务。
If I kind of go back to an example in my prepared remarks, I talked about the authorized.net platform that we've relaunched and we're relaunching. That's a great example of enabling all different types of payments. And that's going to be, we think, a really positive impact in the market, specifically focused on growing our share in small-business checkout. And you go back to what I mentioned in terms of our unified checkout experience that will impact all different sizes of sellers on our platforms. Those are two examples, obviously, in the acceptance business. But if you go back to our Issuing Solutions business, we're having great progress with Pismo and a lot of our other solutions there as well.
以我发言中的 Authorized.net 重塑为例，它就是支持多种支付方式的很好案例，预计将对市场产生积极影响，尤其能提升我们在小微商户收单领域的份额。我还提到统一结账体验，这将惠及平台上各种规模的卖家。这两者都是受理业务的例子。在发卡解决方案方面，Pismo 以及其他多项产品也取得了显著进展。
Our risk and security solutions business, really excited about the progress in market we've made since we acquired Featurespace. And then in our advisory and other business, we've been having some really strong success as well.
风险与安全解决方案自收购 Featurespace 以来也取得了令人欣喜的市场进展；咨询及其他业务同样表现强劲。
So thanks for that question. Chris, you want to hit a couple of the financial parts of it?
感谢你的提问。Chris，能否补充一下财务层面的要点？
Chris Suh
Sure. I'll just add on top of that. I think, Andrew, I think the heart of your question is how — in addition, obviously, Ryan covered all the sort of the highlights of the business performance, I won't reiterate those. But I think part of your question was what could potentially happen to VAS in different sorts of cycles. And the way that I would think about it, the way we think about it is obviously, a lot could happen. We're monitoring that sort of the macro situation, we were not economic forecasters. But the thing I'll say about our business, I made the point about diversity previously, what does that mean with a little bit more color?
好的。我补充几点。Andrew，我想你核心关注的是，在不同经济周期下增值服务可能会有怎样的表现。很多情况都可能发生，我们会持续监测宏观形势，但并不预测经济。关于业务多元化，我想再具体说明一下。
We have, for example, our business today, if I compare it to previous economic cycles, we have more exposure to everyday spending. We have a bigger debit business. We have more e-commerce spend. We're more diverse geographically. And so you got to think about sort of how the business might get impacted today, and it might be different from previous cycles, and we do have greater diversification broadly.
与过往周期相比，我们现在业务中日常消费占比更高，借记卡规模更大，电商支出更多，地域分布更加多样。因此，本轮周期对业务的影响可能与以往不同，而我们的整体多元化程度也更高。
And then, as it comes to that, specifically, as Ryan said, there is a 65% of the business has a close correlation to Visa transactions. And so that part, depending on how the business would respond, could have a closer relationship, but there's a great diversification there as well, as we have a good portion of the VAS business that is independent of Visa transactions. And so when I think about that in total, I think there is a good resilience and diversification there as well.
如 Ryan 所言，大约 65% 的增值服务收入与 Visa 交易紧密相关，这部分会随交易量变化而变化。但仍有相当比例的增值服务收入独立于 Visa 交易。综合来看，增长具有良好的韧性和分散度。
Jennifer Como
Next question.
下一位提问。
Operator
主持人
Next, we'll go to the line of Will Nance from Goldman Sachs. Please go ahead.
接下来，我们请高盛的 Will Nance 提问，请开始。
Will Nance
Hey, guys. I appreciate you taking the question. Chris, I was wondering if you could double-click again on some of the comments you shared around the incentives outlook. I think you've been talking about a pretty front-loaded renewal schedule. I thought -- I heard, but correct me if I'm wrong, the outlook is for modest increases in the growth rate over the next two quarters, but I may have misheard that. But if that was the case, could you just talk through cadence and some of the drivers, kind of help square that with the front-loaded renewals? Appreciate it. Thank you.
大家好，感谢回答我的问题。Chris，我想请你再详细说明一下关于激励前景的观点。我记得你们提到续约进度相当前置。如果我没听错，你们对未来两个季度激励增速的预期是温和上升，若我理解有误请纠正。如果确实如此，能否解释一下节奏及驱动因素，帮助我们将这一前置续约与增速变化对应起来？谢谢。
Chris Suh
Sure, Will. Thanks for the question. You did hear correctly, and let me try to add a little bit of color and clarify. Q2 incentives grew 15%, came in lower than we had anticipated, primarily due to factors related to deal timing. I covered that on the call. In terms of what we expect for the full year and into the second half of the year, we've updated the expectation that in the back half of the year, our growth will be slightly higher than originally expected due to two factors that we called out. One is client-related performance adjustments, and the second is deal timing, which means specifically anticipated early renewals.
好的，Will，谢谢提问。你的理解没错，我来补充澄清。第二季度激励增长 15%，低于预期，主要是合同签署时点因素。我在电话中已说明。就全年及下半年的预期而言，我们更新了假设：由于客户业绩调整和提前续约两大因素，下半年的激励增速将略高于最初预期。
And so when we reforecast the second-half of the year, we do expect the second-half to grow higher than the first-half of the year, and we do expect that sequentially to be Q3 a little higher than Q2, and Q4 to be a little higher than Q3. And then maybe the final thing I'll say is, when we look at the volume -- payment volume that was impacted by renewals, we still believe that we have the same expectation that we started the year, which is 20% of the payment volumes being impacted.
因此，重新预测后，我们认为下半年激励增速将高于上半年，并且环比看，第三季度会略高于第二季度，第四季度又略高于第三季度。最后补充一点：受续约影响的支付交易量占比仍与年初预期一致，约为 20%。
Jennifer Como
Next question.
下一位提问。
Operator
主持人
Next, we'll go to the line of Timothy Chiodo from UBS. Please go ahead.
下面请瑞银的 Timothy Chiodo 提问，请开始。
Timothy Chiodo
蒂莫西·基奥多
Great. Thank you. Chris, I want to dig in a little bit more on the delta between nominal cross-border volumes and nominal international revenue. I think you did a great job going through the items. But to recap, there's the FX volatility. There's the quarter and client mix, there is a pricing aspect. And then, of course, there's the hedging, which impacts the revenue, but not the volumes. I think you touched on the FX volatility, meaning not assuming in the guide that the high levels will persist, which is a good conservative approach. You talked around quarter mix and the yields being higher for US inbound.
好的，谢谢。Chris，我想更深入了解名义跨境交易量与名义国际收入之间的差异。你刚才解释得很清楚，但总结一下：因素包括汇率波动、季度及客户结构、定价，以及只影响收入不影响交易量的套期保值。我听到你提到汇率波动，并在指引中没有假设高波动持续下去，这是很保守的做法。你也提到季度结构及美国入境收益率较高。
The one I was hoping you could drill in a little bit more is pricing, because I know previously the guidance talked a little bit about pricing being a second-half of the fiscal year event. So, whether it'd be specific to cross-border or for the whole business, maybe you could just touch a little bit on that pricing topic.
我想你能否再详细说明一下定价问题？此前指引提到定价影响主要在财年下半年显现。无论是跨境业务还是整体业务，能否再谈谈定价？
Chris Suh
克里斯·徐
Sure. Hi, Tim. Yes, let me parse those apart a little bit. You covered my points on international transaction revenue. As you pointed out, we grew 10%, which was in line with the nominal volume growth, but below the 13% constant-currency, that's the impact of FX. And I covered a number of items that impacted that, in addition to FX, higher volatility, and some offsets there that you mentioned.
好的，Tim。让我再拆解一下。关于国际交易收入，你说得对，我们增长了10%，与名义交易量增速一致，但低于恒汇增速13%，这体现了汇率影响。我也提到了除汇率外，高波动及你提到的一些抵消因素。
Happy to give you more color on those. But let me hit to your second point, which is our expectations on the full-year on pricing. Just to remind everyone, at the start of the year, we said we would anticipate that the pricing contribution to growth in the full year would be similar to the previous year, but the timing would be a little bit different, where we'd have more back-end loaded pricing. That's still our expectation. We don't have a different view. We do believe that pricing will benefit in the second half more than it did in the first half of this year.
若需更多信息，我很乐意补充。至于全年定价预期，提醒大家：年初我们表示，全年定价对增长的贡献将与去年相近，但时点会不同——更多体现在下半年。这个预期未变，我们仍认为定价在下半年的贡献会高于上半年。
Jennifer Como
詹妮弗·科莫
Next question.
下一位提问。
Operator
主持人
Next, we'll go to the line of Darrin Peller from Wolfe Research. Please go ahead.
下一位提问者是 Wolfe Research 的 Darrin Peller。请开始。
Darrin Peller
达林·佩勒
Hey, guys. Thanks. If you don't mind just going a little deeper into the FX vol offset by what you just said, customer mix, and hedging. I guess it's just if you can explain a little more. I know the — that corridor and mix on corridor could be a factor. As you said, US volume inbound could have a higher yield, but we haven't necessarily heard you call out hedging much before in the business, and would assume that FX vol benefits would have been more of an offset. So maybe just explain a little more of the hedging or the mix dynamic, and what exactly happened?
大家好，谢谢。如果可以的话，请再深入解释一下外汇波动（FX vol）与您刚提到的客户结构及对冲如何相互抵消。我想请您多说明一点。我知道不同通道及其交易结构可能是因素之一。正如您所说，流入美国的交易量收益率可能更高，但之前似乎很少听到贵公司强调对冲，而通常 FX 波动带来的收益会起到更大的抵消作用。能否进一步阐述一下对冲或客户结构的细节，以及到底发生了什么？
And then just a quick add-on would be de minimis, and whether or not from an e-com standpoint, cross-border e-com is something that you're factoring or thinking about having any way to think about how to factor that into the model going forward?
另外，简单补充一下关于“最低申报额”（de minimis）的影响，以及从电商角度看，跨境电商是否在你们的考虑范围内，未来在模型中将如何纳入这方面因素？
Chris Suh
克里斯·徐
Got it. I got both those questions, Darrin. So let me give a little bit more color. Again, just to give — dimensionalize again, the 10% growth in transaction revenue, which is in line with the nominal growth. And so that 3-point delta, you could think the big portion of that is FX. And then to your point, higher volatility, which we said in April was higher in Q2 and throughout April.
好的，Darrin，你的两个问题我都收到了。我来详细说明一下。首先，交易收入增长了 10%，与名义交易量增速一致；因此与 13% 的恒汇增速之间有 3 个百分点差距，其中主要部分就是汇率因素。正如你提到的，第二季度以及整个四月的汇率波动较大。
The two items, which I could give a little bit more color on. I called out client mix and hedging. So client mix, we obviously have different clients throughout the portfolio there and different clients have different pricing and different yield dynamics. And so it really depends on specific client performance and which clients are growing and where, and that could have an impact on our revenue yield. And in this case, it was a bit of a drag against the — against relative to the 13% constant currency volume growth.
我可以再解释的两个因素是客户结构和对冲。先说客户结构：我们的客户组合多样，不同客户的定价和收益率差异明显。因此，具体是哪些客户在哪些地区增长，会直接影响我们的收入收益率。本季度，这部分对比 13% 的恒汇交易量增速，起到了些许拖累作用。
对自身业务的了解很一般。
And then on hedging, we hedge a portion of our cash flow exposures. This quarter, we did have a gain in Q2. We had a year-over-year gain related to that hedging, but it was lower than the gain that we recognized a year ago in Q2. And so that became — even though there was a gain, it was a drag, again it was a reconciling item between the two, the 13% and the 10%. So those are the two items that primarily offset the higher volatility that we recognized in international transaction revenue.
再说对冲：我们对部分现金流敞口进行了对冲。本季度（Q2）确实有对冲收益，但同比收益低于去年同期。因此，虽然仍为正，但在 13% 与 10% 之间起到了拉低作用，属于两者差距的调节项。总体而言，客户结构和对冲是抵消国际交易收入中高波动性的主要因素。
And then your second question, Darrin, on de minimis, if we look at — if we look at sort of the whole situation with China, so far, we're not seeing a material impact from tariffs related to China and specifically spend associated with the de minimis exemption, it's just not a material portion of our volumes and we wouldn't expect any material impact.
至于第二个问题，关于“最低申报额”：就中国相关关税整体情况来看，目前我们并未观察到对业务有实质性影响，特别是与“最低申报额”免税规则相关的消费额占比很小，对我们的交易量影响可以忽略，因此也不预期会带来重大影响。
Jennifer Como
詹妮弗·科莫
Next question.
下一位提问。
Operator
主持人
Next, we'll go to the line of Jason Kupferberg from Bank of America Please go ahead.
接下来，我们连线美国银行的 Jason Kupferberg，请开始提问。
Jason Kupferberg
Thank you, guys. Wanted to ask about US volume growth. I know we went from 6% in the March quarter to 8% month-to-date. So I'm just curious if you normalize for effects of Easter, and I know, Chris, you mentioned a little bit of pull-forward to spend ahead of the tariffs. Should we be just assuming some moderation off the April levels of 8%, given those factors? Just want to make sure we've got the modeling square there, so we don't over-extrapolate from a few weeks of data. Thanks.
谢谢。想请教一下美国交易量增长情况。我知道从三月季度的 6% 提升到截至目前的 8%。如果将复活节影响正常化，同时考虑到 Chris 提到的关税前略有提前消费，我们是否应该假设 8% 的四月增速会有所放缓？想确认一下模型设定，避免用几周的数据过度外推。谢谢。
Chris Suh
克里斯·徐
Yes. Good question, Jason. It's -- the overall environment, I'll go back to some of the comments Ryan made, the overall comment, the overall environment remains stable, healthy, and steady. Whenever we give the month-to-date data, I always disclaim it by saying two or three weeks, or three weeks in this case, don't make a trend. We'll have to see how the rest of the quarter plays out. The 8% in the month-to-date does reflect some benefits from the timing of Easter. I called that out earlier in the comments. We'll have to see how the quarter comes together. But I think the overall message that I would convey is that it's stable and the consumer remains resilient, and I wouldn't read too much into the six versus eight at this point.
好的，Jason，问题很棒。整体环境——正如 Ryan 的一些评论——依旧稳定、健康。每当我们给出迄今为止的数据时，我都会提醒大家，两三周（本次是三周）的数据并不能代表趋势，仍需观察本季度余下时间的表现。迄今的 8% 增速确实受到了复活节时点的提振，我之前也提到过这一点。还要看看接下来会怎么发展。总的来说，环境稳定，消费者依然有韧性，目前不必过度解读 6% 和 8% 之间的差别。
华尔街日报等新闻媒体总会倾向于表达自己的偏见而不一定是事实，业务一线显示的情况还是比较稳定的。
Jennifer Como
詹妮弗·科莫
Next question.
下一位提问。
Operator
主持人
Next, we'll go to the line of Bryan Keane from Deutsche Bank. Please go ahead.
接下来，连线德意志银行的 Bryan Keane，请开始。
Bryan Keane
布莱恩·基恩
Hi, guys. Thanks for taking the question. Just want to ask about the entertainment weakness where you saw that exactly, and do you expect that to continue going forward? And was just thinking about the different affluent group, maybe growing faster versus other bands, and just the outlook there. Thanks.
你们好，感谢回答我的问题。我想请教一下娱乐类消费疲软的具体表现在哪些方面？你们预计这种情况会持续吗？另外，不同消费层级尤其是高端群体的支出增速更快，这方面的前景如何？谢谢。
Chris Suh
克里斯·徐
Yes. A couple of things I'd point to. One is, trends sort of triangulating around the data. The most important thing I think to keep in mind is that when we see -- when we talked about discretionary versus non-discretionary, they were both quite strong and healthy relative to the previous quarter. And so within that, we did have some puts and takes. I mentioned some travel and entertainment, but also offset by retail goods, as an example. And so there are puts and takes, there are some moving parts within that, but overall, healthy stable volumes, whether it's discretionary or non-discretionary.
好的，有几点需要说明。首先，从数据来看整体趋势相对一致。最重要的是，无论是可选消费还是必需消费，相比上一季度都保持强劲健康。在此之中，确实存在此消彼长——例如旅行和娱乐有所放缓，但被零售商品等领域的增长抵消。因此虽然存在细微变化，但整体交易量无论可选还是必需都稳定且健康。
And as Ryan pointed out, even as we look across spend bands, the consistency of the performance in previous quarters, while obviously, higher spend bands are growing faster than they have been for several quarters, the quarter-on-quarter performance remains stable and consistent.
正如 Ryan 提到的，纵观各消费层级，与之前几个季度相比表现依旧一致。尽管高消费层级的增速显然更快，但环比表现仍然稳定一致。
Jennifer Como
詹妮弗·科莫
Next question.
下一位提问。
Operator
主持人
Next, we'll go to the line of Dan Perlin from RBC Capital Markets. Please go ahead.
接下来，请连接来自加拿大皇家银行资本市场的 Dan Perlin。请开始提问。
Daniel Perlin
丹尼尔·佩林
Thanks. Just given the geopolitical backdrop, I'm just wondering, Ryan, if it changes in any way your views of how you're placing like your investment bets? I mean, not the long-term ones, but maybe more near-term. So, like risk-on your payback periods, specific geos that maybe you were thinking were kind of more short-duration in nature, but now you want to throttle back or even M\&A opportunities that you might see that potentially could be created in this backdrop. Thank you.
谢谢。考虑到当前的地缘政治背景，我想知道 Ryan 是否因此调整了投资布局的思路？我指的不是长期投资，而是更偏短期一些的布局。比如说，你们在回报周期上的风险把控，或者原本计划短周期投入的某些地区，现在是否会收缩；又或者这种环境下是否可能出现新的并购机会。谢谢。
Ryan McInerney
瑞安·麦金纳尼
Yes, Dan, maybe I'll back up one step and just kind of talk about the macro-environment a little bit and then and then kind of zone in what you're saying. I mean, there's obviously more uncertainty today among consumers and businesses than there was several months ago. You see that in the consumer confidence metrics, it's not surprising. But I think what you've heard from us in our prepared remarks today and from the many questions that Chris has answered.
好的，Dan。我先稍微退一步，谈谈宏观环境，然后再聚焦你的问题。如今消费者和企业面临的不确定性，显然比几个月前更大，从消费者信心指标中就能看出来，这并不意外。正如你在我们今天的发言和 Chris 回答的诸多问题中听到的那样——
If you look at the facts in what we can add to the conversation in terms of spending, it remains strong and resilient. You add to that just looking in the US, employment remains strong, wage growth remains steady, inflation has moderated, consumer balance sheets remain relatively healthy. So we're kind of balancing the uncertainty that we all have with the facts. And the facts show a lot of resiliency in what we're seeing. And so when we look at all of that, we remain very committed to our product roadmap, our investment roadmap. We are as confident today as we've ever been in the opportunities that we're going after across all three of our growth levers and consumer payments, value-added services, and commercial and money movement solutions.
从支出数据来看，消费依旧强劲且具韧性。就美国而言，就业依旧稳固，薪资增速平稳，通胀回落，消费者资产负债表依然健康。我们在把握这些事实的同时，也要面对不确定性；而事实显示韧性十足。因此，综合考量后，我们依然坚定地执行产品路线图和投资路线图。对于我们在消费者支付、增值服务以及商用与资金流动三大增长引擎上的机遇，我们今天依旧充满信心。
But as I mentioned on the call, we're constantly looking at scenarios. We are very kind of dialed into what could happen. And if and when we see facts that lead to changes, we'll be ready to make changes in our investment profile and our product pipeline. And then you mentioned M\&A. I think if anything, from the position of strength that we operate, I'm optimistic that the current situation, as I described, it could create more opportunities for us around the world than might otherwise have happened. But we'll obviously have to just wait and see how that all plays out.
如我在电话中所说，我们一直在研究各种情景，对潜在变化保持高度敏感。一旦出现足以促使我们调整的事实，我们会及时调整投资组合和产品管线。至于并购，你提到了这一点；就我们的实力地位而言，我反而乐观认为，当前环境可能为我们在全球范围内创造更多机会，但具体如何发展，还需拭目以待。
Jennifer Como
詹妮弗·科莫
Next question.
下一位提问。
Operator
主持人
Next, we'll go to the line of Adam Frisch from Evercore ISI. Please go ahead.
下一位提问来自 Evercore ISI 的 Adam Frisch，请开始。
Adam Frisch
Hey, thanks for squeezing me in. My extrapolation of your guidance is, if there's a little bit of weakness, kind of just more related to cyclicality as opposed to anything more crazy, you guys can absorb that, correct me if I'm wrong on that assumption. But if macro conditions shift materially and much more quickly than expected, can you remind us where your key levers are in terms of revenue like pricing or cost management in terms of marketing and stuff that would allow you to keep pace with the rate of change if it were to be faster and protect your margins? Thanks.
谢谢给我提问的机会。根据我对你们业绩指引的推断，如果出现小幅疲软——主要出于周期性因素而不是更严重的原因——你们有能力消化，对吗？如果宏观环境大幅且迅速恶化，请你们提醒我们，可以在哪些收入杠杆（比如定价）或成本管理（如营销支出）上做文章，以便跟上变化速度并保护利润率？谢谢。
Ryan McInerney
Yes. Hi, Adam. I touched on some of these points a little bit ago, but let me just expand on them because I think it's sort of an interesting way to think about it. Obviously, every recession is different. But over the course of time and over history, Visa has proven to be quite resilient even during these economic downturns. We don't know what's going to happen. We're not economic forecasters. But the management team here is ready to move decisively should the need arise. Now our business is resilient. I talked about the diversification of the business, more exposure to everyday spend, more exposure to debit, even our cross-border volume is more e-commerce today than travel than it was, if I think about pre-COVID levels. And so that diversification helps us.
好的，Adam。刚才我简要提到过这些要点，这里再展开一下，因为这样思考问题很有意义。显然，每一次衰退都不相同，但纵观历史，Visa 即使在经济下行时期也表现出相当的韧性。我们无法预测未来，也不是经济预测机构，但管理团队已做好在必要时果断行动的准备。我们的业务具有韧性，我谈过业务多元化：日常消费权重更高，借记卡占比更大，跨境交易如今更多来自电商而非旅行，相比疫情前有明显变化。这种多元化为我们提供了助力。
And so if there was a downturn, I think our performance during this potential economic slowdown we would be resilient, and it can impact our business. If you think about it, between volumes and revenue, volumes historically grown faster than PC. Even if PC slows, we're confident that we can continue to grow faster than that for all the reasons I spoke about. And then the one other thing I'd add is on the revenue front, remember that incentives are largely variable. And so to the extent that volume growth does get impacted, there could be an offset on incentives.
因此，如果出现下行，我认为即便在潜在的经济放缓期间，我们仍将保持韧性，尽管业务会受到一些影响。历来交易量增速快于个人消费支出（PC），即使 PC 放缓，我们仍有信心实现更快增长，这些原因我已说明。另一个补充是收入端：激励基本是可变的，如果交易量增速受压，激励支出也会相应减少，形成一定对冲。
On the expense side, I think we've also historically shown we could flex our expenses. We could make -- we obviously want to balance between short and near-term and long-term priorities. We don't want to overreact to anything. We want to be thoughtful about making sure that we're investing in the right areas to ensure that Visa is successful over the long term, but we do have levers, and this is a management team that stands ready to act.
在费用方面，我们过去也证明了可灵活调节成本。我们会在短期、近期与长期目标间保持平衡，不会过度反应，而是审慎确保投资于正确领域，以保障 Visa 长期成功。但我们确实拥有可操作的杠杆，管理团队随时准备采取行动。
Jennifer Como
Next question.
下一位提问。
Operator
主持人
Next, we'll go to the line of Ramsey El-Assal from Barclays. Please go ahead.
接下来连线巴克莱的 Ramsey El-Assal，请开始提问。
Ramsey El-Assal
Hi. Thanks for taking my question. Stablecoin seem to be having their moment, maybe helped along by clear regulations. I know you called out your strategy there, including this -- reaching \$200 million of settlement flows. What are your latest thoughts on the demand for those stablecoin settlements or other stablecoin payments? Are you seeing or expecting an inflection? What are your clients saying? Thanks.
你好，感谢回答我的问题。稳定币似乎迎来了高光时刻，或许得益于更明确的监管。你们此前提到相关战略，包括结算流量已突破2亿美元。请问你们对稳定币结算或其他稳定币支付的需求有何最新看法？是否看到或预期出现拐点？客户对此有何反馈？谢谢。
Ryan McInerney
It's still early, but we do see real potential, which is why we've been investing in the crypto space broadly in the stablecoin space specifically for many years now. We've built up a team of real experts that I think are very well-respected among the ecosystem. But it's early. On the one hand, \$200 million is a great kind of milestone. On the other hand, it's still a relatively very small portion of our overall settlement volume.
现在仍处于早期阶段，但我们确实看到了真正的潜力，这也是为何多年来我们一直在加密领域，特别是稳定币领域进行投资。我们组建了一支备受行业尊重的专家团队。不过目前仍属初期。2亿美元的规模确实是一个重要里程碑，但相较于我们的整体结算量，这仍占比甚小。
I guess I'd say a couple of things. One is, we are optimistic about the kind of the US government passing more clear and pragmatic regulations. I think not just in the US, but hopefully other countries as well. We are continuing to push forward with the settlement work that you mentioned, but we're also exploring an kind of a broader set of product opportunities and partnerships in the stablecoin space. I might use that as a little bit of a pitch to join our product drop tomorrow, which I mentioned in my prepared remarks, but our team will talk about some of those things as well.
我想补充几点：首先，我们对美国政府出台更加明确、务实的监管持乐观态度，并希望其他国家也能跟进。我们会继续推进你提到的结算工作，同时在稳定币领域探索更广泛的产品机会和合作伙伴关系。顺便提醒一下，正如我之前发言提到的，欢迎大家参加我们明天的产品发布，团队届时也会谈到这些内容。
So as you said, there's a lot of activity and discussion about the stablecoin space right now. I think the tipping point will be more clear and pragmatic regulations. But I do think in the big scheme of things, certainly as it relates to our broader business, it's still very early in the development.
如你所言，当前围绕稳定币有大量活动和讨论。我认为真正的拐点将来自更清晰、务实的监管。不过从宏观角度看，就我们更广泛的业务而言，这一领域仍处于非常早期的发展阶段。
Jennifer Como
Last question, please.
请提最后一个问题。
Operator
主持人
And for our last question, we'll go to the line of Harshita Rawat from Bernstein. Please go ahead.
接下来是今天最后一个提问，来自伯恩斯坦的 Harshita Rawat，线路已为您接通，请开始。
Harshita Rawat
Good afternoon. Ryan, Visa has managed government nationalism risk for decades as a company. How do you think about navigating that risk in the current environment, being a US-based company operating globally during trade disputes? Thank you.
下午好。Ryan，作为一家公司，Visa 多年来一直在应对各国的民族主义风险。作为一家总部位于美国、在全球运营的公司，在贸易争端的当下环境中，你们如何看待并应对这类风险？谢谢。
Ryan McInerney
Thanks. If I heard your question right, around how are we navigating all of this? We regularly engage with governments and regulators in every country where we operate. We have a like a world-class government engagement team in all of our regions and all of our major countries, but it's also our country managers, day-in and day-out, they are deeply engaged with the governments and the countries in which we operate because we are an extraordinarily important partner and company in every country we operate around the world.
谢谢。如果我理解正确，你在问我们如何应对这一切？在所有运营国家，我们都会定期与政府和监管机构沟通。我们在所有地区和主要国家都配备了世界级的政府事务团队，每个国家经理也每天与当地政府保持紧密联系，因为在我们开展业务的每个国家，Visa 都是极其重要的合作伙伴和企业。
And our engagement now is -- it's important. It's as important as it's ever been, given the challenging and uncertain environment that you mentioned. What I would say is nationalism is nothing new. As long as we are permitted to operate in a country or territory, even if it's been more difficult for us to operate there than it has historically, we have a proven track record of being successful. We're used to operating in highly regulated markets and environments around the world.
在当前充满挑战和不确定性的环境下，这种沟通比以往任何时候都重要。我想说的是，民族主义并不是新鲜事。只要我们被允许在某个国家或地区运营，即便条件比历史上更为严苛，我们也有成功运作的良好记录。我们习惯于在全球高度监管的市场和环境中开展业务。
We've got tailored strategies, which we've tested in other markets with similar conditions, and we tailor those to the unique needs of our clients and our partners in every one of these markets. And we're working with our clients and partners to regularly educate the government and the regulators and the elected officials in those countries about not just what matters most kind of domestically in their market, but the complexities of the global payments market and what we need to be doing together to help them in their markets. So it is as complicated as I remember it, but we have the experience, the people, the products and services to put to work in these countries around the world, and we feel good about our ability to navigate it.
我们拥有经过其他相似市场验证的定制化策略，并会针对各市场客户和合作伙伴的独特需求进行调整。我们与客户及合作伙伴合作，定期向当地政府、监管机构和民选官员说明，不仅要关注本国市场最重要的事项，还要了解全球支付市场的复杂性，以及我们应如何协作以促进他们本地市场的发展。形势确实如我记忆中那样复杂，但我们拥有丰富的经验、优秀的人才，以及可在全球各国落地的产品和服务，对自身的应对能力充满信心。
Jennifer Como
And with that, we'd like to thank you for joining us today. If you have additional questions, please feel free to call or e-mail our Investor Relations team. Thanks again and have a great day.
以上就是全部内容，感谢各位今天的参与。如有其他问题，欢迎随时致电或电邮我们的投资者关系团队。再次感谢，祝大家度过愉快的一天。
Operator
主持人
Thank you all for participating in Visa's Fiscal Second Quarter 2025 Earnings Conference Call. That concludes today's conference. You may disconnect at this time, and please enjoy the rest of your day.
感谢各位参加 Visa 2025 财年第二季度财报电话会议。会议到此结束，您现在可以断线，祝您今天愉快。
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