Visa Inc. (NYSE:V) Q3 2025 Earnings Conference Call July 29, 2025 5:00 PM ET
Company Participants
Jennifer Como - Head of Investor Relations
Ryan McInerney - President, CEO & Director
Christopher Suh - Chief Financial Officer
Conference Call Participants
Harshita Rawat - Sanford C. Bernstein & Co., LLC., Research Division
Tien-Tsin Huang - JPMorgan Chase & Co, Research Division
Trevor Williams - Jefferies LLC, Research Division
Timothy Chiodo - UBS Investment Bank, Research Division
Gustavo Gala - Monness, Crespi, Hardt & Co., Inc., Research Division
William Nance - Goldman Sachs Group, Inc., Research Division
Dan Dolev - Mizuho Securities USA LLC, Research Division
Darrin Peller - Wolfe Research, LLC
Fahed Kunwar - Redburn (Europe) Limited, Research Division
Christopher Svensson - Deutsche Bank AG, Research Division
Sanjay Sakhrani - Keefe, Bruyette, & Woods, Inc., Research Division
Operator
Welcome to the Visa Fiscal Third Quarter 2025 Earnings Conference Call. \[Operator Instructions] Today's conference is being recorded. \[Operator Instructions]
欢迎参加Visa 2025财年第三季度财报电话会议。\[操作提示] 今天的会议正在录音。\[操作提示]
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 your conference.
现在我将会议交给今天的主持人，Visa高级副总裁兼全球投资者关系主管Jennifer Como女士。Como女士，请开始。
Jennifer Como
Thank you. Good afternoon, everyone, and welcome to Visa's Fiscal Third Quarter 2025 Earnings Call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer; and Chris Suh, Visa's Chief Financial Officer.
谢谢。大家下午好，欢迎参加Visa 2025财年第三季度财报电话会议。今天与我一同参会的有Visa首席执行官Ryan McInerney和首席财务官Chris Suh。
This call is being webcast on the Investor Relations section of our website at investor.visa.com. A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights has been posted on our IR website.
本次电话会议通过我们的网站投资者关系页面（investor.visa.com）进行网络直播。会议录音将在网站上保存30天。一份包含财务与统计亮点的幻灯片资料已发布在我们的投资者关系网站上。
Let me also remind you that this presentation includes forward-looking statements. These statements are not guarantees of future performance and our actual results could differ materially as a result of many factors. Additional information concerning those factors is available in our most recent annual report on Form 10-K and any subsequent reports on Forms 10-Q and 8-K, which you can find on the SEC's website and the Investor Relations section of our website.
我还要提醒大家，本次发言包含前瞻性声明。这些声明并不保证未来业绩，实际结果可能因多种因素而存在重大差异。有关这些因素的更多信息，请参阅我们最近提交的Form 10-K年度报告及后续提交的Form 10-Q和Form 8-K报告，这些资料可在美国证监会（SEC）网站以及我们的网站投资者关系页面找到。
Our comments today regarding our financial results will reflect revenue on a GAAP basis and all other 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.
今天我们对财务业绩的说明，除特别说明外，收入按GAAP口径列示，其他数据按非GAAP名义口径列示。相关的GAAP指标及调节信息已在今日的财报新闻稿及相关资料中提供，并可在我们的投资者关系网站查阅。
And with that, let me turn the call over to Ryan.
接下来，我将把电话交给Ryan。
Ryan McInerney
Thanks, Jennifer. This quarter, our financial performance once again demonstrated the power of Visa's diverse business model, global scale, commitment to innovation and relentless focus on our clients.
谢谢你，Jennifer。本季度，我们的财务表现再次展现了Visa多元化商业模式、全球规模、持续创新投入以及始终专注客户的强大力量。
We delivered net revenue of \$10.2 billion, up 14% year-over-year, and EPS up 23% year-over-year. Our key business drivers were strong. In constant dollars, overall payments volume grew 8% year-over-year, U.S. payment volume grew 7% and international payments volume grew 10%. Cross-border volume, excluding intra-Europe, rose 11% in constant dollars, and processed transactions grew 10% year-over-year.
我们的净收入达到102亿美元，同比增长14%；每股收益同比增长23%。核心业务驱动因素表现强劲：按不变汇率计算，整体支付交易额同比增长8%，其中美国支付交易额增长7%，国际支付交易额增长10%；跨境交易额（不含欧洲内部）同比增长11%；处理的交易笔数同比增长10%。
We are obsessed about serving our clients and wake up every morning thinking about what we can do to help them be successful today and in the future. We recently completed our annual global client engagement survey where Visa again received a Net Promoter Score of 76, a tangible sign of how our clients feel about Visa and our capabilities, services and products.
我们始终热衷于服务客户，每天早上都会思考如何帮助他们在当下和未来取得成功。我们最近完成了年度全球客户参与度调查，Visa再次获得76的净推荐值（NPS），这清晰反映了客户对Visa及其能力、服务和产品的认可。
And as I'm sure you all saw, we hosted our Product Drop on April 30. We shared how we are continuing to evolve the Visa-as-a-service stack to advance our product developments and lead in a number of areas, including AI and stablecoins, across consumer payments, commercial and money movement solutions and value-added services.
正如大家所见，我们于4月30日举办了Product Drop活动，分享了我们如何持续升级Visa-as-a-service平台以推动产品发展，并在多个领域保持领先，包括人工智能和稳定币，以及涵盖消费者支付、商业和资金流动解决方案及增值服务。
Now let's look at some of the specific innovations and progress across our growth pillars this quarter. In consumer payments, we continued to grow through a focus on solutions to address both carded and non-carded volumes across the globe. Total credentials were up 7% year-over-year, marking the ninth consecutive quarter of at least 7% growth. We are nearing 15 billion tokens and now more than 50% of our e-commerce transactions are tokenized globally, getting closer to our ultimate goal of reaching 100% penetration.
接下来，让我们看看本季度在各大增长支柱上的具体创新与进展。在消费者支付方面，我们继续通过聚焦于覆盖全球持卡与非持卡交易量的解决方案实现增长。支付凭证总量同比增长7%，连续第九个季度实现至少7%的增长。我们的代币化凭证接近150亿个，目前全球超过50%的电商交易已实现代币化，距离100%普及的最终目标更进一步。
As we continue to transform Visa cards for a more digital future, our Flex Credential is an important solution. We have seen interest across various use cases such as buy now pay later, small business, multicurrency and more. This quarter, we announced that Klarna will be launching a Klarna Card powered by our Flex Credential in both the U.S. and Europe. We also expanded Flex Credential geographically with inaugural clients in Vietnam, the Philippines, and Bangladesh, and we have a pipeline of more than 200 client opportunities.
在我们持续推动Visa卡向更加数字化的未来转型过程中，Flex Credential是一项重要解决方案。该方案在多个场景中引起了市场兴趣，例如“先买后付”、小微企业、多币种等。本季度，我们宣布Klarna将在美国和欧洲推出由Flex Credential驱动的Klarna Card。同时，我们将Flex Credential拓展至越南、菲律宾和孟加拉等新市场，目前在手的潜在客户机会超过200个。
Another way that we are advancing a more digital future is with Visa Intelligent Commerce, which enables consumers to shop and buy with AI agents. It combines a suite of integrated APIs, including AI-ready cards with tokenization and authentication, together with a commercial partner program for AI platforms, enabling developers to deploy Visa's AI commerce capabilities securely and at scale. We are excited to announce that we have more than 30 partners testing in our live sandbox, and we will soon enter the live transaction pilot phase, with general availability to follow later this year as we see agentic commerce becoming a reality.
推动数字化未来的另一途径是Visa Intelligent Commerce，它使消费者能够通过AI代理进行购物与支付。该方案整合了一套API，包括支持AI的代币化与认证卡片，并配合AI平台的商业合作伙伴计划，使开发者能够安全且大规模地部署Visa的AI商业能力。目前已有超过30个合作伙伴在我们的实时沙盒环境中进行测试，我们即将进入真实交易试点阶段，并计划在今年晚些时候全面开放，届时代理型商业将真正成为现实。
In the face-to-face environment, we continue to drive cash digitization and habituation through our Tap to Everything use cases. Tap to Pay penetration is now at 78% of face-to-face transactions globally. As a result of our efforts to increase issuance and acceptance, especially transit which drives habituation, we now have 75 U.S. cities at 60% penetration or higher, up from 30 cities just last year. And New York City and San Francisco have now surpassed 85% and 80%, respectively. Tap to Phone added a record 3 million transacting devices this quarter, and Tap to Add Card continues to expand with more than 275 issuers participating globally, almost doubling from last quarter.
在面对面交易场景中，我们继续通过Tap to Everything应用推动现金数字化与习惯养成。Tap to Pay在全球面对面交易中的渗透率已达到78%。得益于我们在发行与受理方面的努力，尤其是在推动用户习惯养成的公共交通场景，美国已有75个城市的渗透率达到或超过60%，相比去年的30个城市有大幅提升。其中纽约和旧金山的渗透率已分别超过85%和80%。Tap to Phone本季度新增创纪录的300万台交易设备，Tap to Add Card也在持续扩展，全球已有超过275家发卡机构参与，数量较上季度几乎翻倍。
For affluent consumers, we are excited to launch Visa Infinite Privilege in Brazil, a new super premium offering with personalized exclusive experiences enabled by dedicated lifestyle managers for each affluent user. Itau, Unicred, and XP International are our inaugural issuer partners. In Canada, our Visa Infinite affluent offerings for fintech Wealthsimple has been their most requested product with tens of thousands of cards issued in just 2 months and hundreds of thousands on the wait list.
针对高端消费者，我们很高兴在巴西推出Visa Infinite Privilege，这是一款全新的超高端产品，每位高端用户都将配备专属生活方式经理，提供个性化的专属体验。Itau、Unicred和XP International是我们的首批发行合作伙伴。在加拿大，我们面向金融科技公司Wealthsimple推出的Visa Infinite高端产品成为其最受欢迎的产品，仅两个月就发行了数万张卡片，等待名单上还有数十万用户。
Throughout all these innovations, we have continued to deepen our relationships with our clients across the globe. We renewed our partnership with Absa, a leading pan-African bank in consumer and commercial issuance consulting and CyberSource across 9 countries. And in India, we renewed our consumer credit agreements with HDFC and Axis Bank this quarter, 2 of the country's top 5 credit card issuers.
在所有这些创新举措中，我们持续深化与全球客户的关系。我们与非洲领先的泛非银行Absa续签合作协议，涵盖9个国家的消费者与商业发卡咨询及CyberSource服务。在印度，我们本季度与HDFC银行和Axis银行续签了消费者信用卡协议，这两家银行均位列印度信用卡发行量前五。
Our consumer payment strategy is also focused on non-carded solutions like Visa A2A in the U.K. With this offering, we bring together Visa's brand, consumer protections, technology and risk management capabilities to enable simpler, safer and more secure account-to-account payments. We released APIs on the Visa Developer Platform a few months ago, and we now have several partners onboard and even more in our pipeline with a formal launch soon.
我们的消费者支付战略还专注于非持卡解决方案，例如在英国推出的Visa A2A。该方案结合了Visa的品牌、消费者保护、技术及风险管理能力，实现更简单、更安全的账户间支付。几个月前，我们在Visa开发者平台上发布了相关API，目前已有多家合作伙伴加入，还有更多合作项目在储备中，即将正式推出。
Also in the A2A space, we're making a very deliberate effort to focus on open banking in the markets that have the greatest potential such as Europe and Latin America. As an example, in Brazil, we have developed Visa Conecta, a payment initiator that connects with Pix to facilitate open banking payments through Tink technology, both in the face-to-face environment but more specifically in e-commerce where conversion is a challenge due to the current customer experience.
在A2A领域，我们也在有潜力的市场（如欧洲和拉丁美洲）重点布局开放银行业务。例如，在巴西，我们开发了Visa Conecta支付发起工具，它通过Tink技术与Pix连接，支持开放银行支付，既适用于面对面交易场景，也特别针对因当前客户体验而存在转化挑战的电商场景。
Now moving to commercial and money movement solutions, or CMS, where we continue to pursue new use cases and verticals, domestic and cross-border flows and develop unique products. This quarter, commercial payments volume was up 7% in constant dollars, Visa Direct transactions grew 25% and CMS revenue rose 13% year-over-year in constant dollars.
接下来谈商业与资金流动解决方案（CMS），我们持续拓展新的使用场景和垂直领域，涵盖国内与跨境资金流，并开发差异化产品。本季度，商业支付交易额（按不变汇率计算）同比增长7%，Visa Direct交易量同比增长25%，CMS收入同比增长13%。
In Visa Commercial Solutions, one of our key strategies is addressing the day-to-day challenges of small and large businesses through our vertical-specific solutions. In the health care and benefits vertical, we are very active, including providing solutions for employee benefits to more than half of the top HSA providers in the U.S. A recent example of our activity in the benefit space is with Sunny, a health care fintech that will issue Visa prepaid disbursement cards to their millions of U.S. consumers to spend integrated health benefits and rewards.
在Visa商业解决方案中，我们的核心战略之一是通过针对垂直行业的解决方案来应对大小企业的日常挑战。在医疗与福利垂直领域，我们非常活跃，包括为美国超过一半的顶级健康储蓄账户（HSA）提供商提供员工福利解决方案。近期的一个案例是我们与医疗金融科技公司Sunny合作，其将向数百万美国用户发行Visa预付分发卡，用于消费整合的健康福利与奖励。
In the travel vertical, Checkout.com will begin using Visa virtual cards for online travel agencies, or OTAs, in the U.K. and Europe. In addition, Pliant, already an important issuing partner across numerous verticals in Europe, will be expanding into the U.S., bringing their virtual card-as-a-service offerings with spend management capabilities to OTAs, travel management companies and others in the travel vertical.
在旅游垂直领域，Checkout.com将在英国和欧洲的在线旅行社（OTA）中开始使用Visa虚拟卡。此外，已在欧洲多个垂直行业中担任重要发行合作伙伴的Pliant将扩展到美国，把其具备支出管理功能的虚拟卡即服务（virtual card-as-a-service）方案带给OTA、旅行管理公司及旅游行业其他客户。
And in the fleet and fuel vertical, we continue to make progress with our Fleet 2.0 solution, providing key Visa enhancements such as EMV chips, digital wallet provisioning and contactless payments. In Europe, Octopus Energy is one of the region's largest energy suppliers, and they selected Visa as their partner as they start issuing cards to fleet managers seeking a single payment solution to manage mobility expenses.
在车队与燃料垂直领域，我们的Fleet 2.0解决方案持续推进，提供包括EMV芯片、数字钱包开通和非接支付等关键Visa功能。在欧洲，当地最大的能源供应商之一Octopus Energy选择Visa作为合作伙伴，为车队管理者发行卡片，帮助他们实现一体化的出行费用管理支付解决方案。
In Visa Direct, we have made some important progress in facilitating cross-border flows to further our positioning as the largest money movement platform by transactions, volumes and end points. One of the biggest banks in the U.A.E. with over 60 branches serving over 1 million customers, ADIB, will use Visa Direct to power Remit, their newly launched remittances program, by offering access to cards, accounts and wallets across all corridors.
在Visa Direct方面，我们在促进跨境资金流动方面取得了重要进展，进一步巩固了我们在交易笔数、交易量及端点数量方面作为全球最大资金流动平台的地位。阿联酋最大的银行之一ADIB（拥有60多家分行、服务逾100万客户）将采用Visa Direct为其新推出的Remit汇款项目提供支持，向所有通道的卡片、账户和电子钱包提供接入服务。
In Bangladesh, we have signed our first 4 partners to enable Visa Direct: Meghna Bank, Trust Bank, Midland Bank, and BRAC Bank, specifically for outbound cross-border payments. And in the U.S. and Canada, Paysend, who we have discussed before is an important Visa Direct remittance client with 10 million customers, is now expanding to add more cross-border use cases such as gig economy worker payouts, payroll disbursements and accounts payable flows as a reseller to third parties.
在孟加拉国，我们签下了首批4家Visa Direct合作伙伴：Meghna Bank、Trust Bank、Midland Bank以及BRAC Bank，专注于出境跨境支付。在美国和加拿大，我们此前提到过的重要Visa Direct汇款客户Paysend（拥有1,000万用户），正在扩展更多跨境应用场景，例如零工经济从业者的收入发放、工资发放以及作为第三方转售商处理的应付账款资金流。
Before I go to value-added services, I think it is important to touch on a topic that has had a lot of interest lately, stablecoins. We are supportive of the GENIUS Act, and we believe that it marks a key milestone on the path to regulatory clarity for stablecoins. We have been active in this space for almost a decade and believe that stablecoins can solve important payments problems for certain use cases. We believe that Visa's role is to do what we always do: provide trust, standards, connectivity, billions of end points, scale and interoperability to the payments ecosystem.
在进入增值服务部分之前，我想先谈一个近期备受关注的话题——稳定币。我们支持GENIUS法案，并认为这是稳定币走向监管明确化的重要里程碑。我们在该领域已活跃近十年，并相信稳定币在某些应用场景下能解决重要的支付问题。我们认为，Visa的角色是做我们一直在做的事：为支付生态系统提供信任、标准、连接能力、数十亿端点、规模效应以及互操作性。
Beyond capital markets use cases, we see product market fit for stablecoins in 2 important areas: one, in emerging markets where the local fiat currency is volatile and/or where consumers do not have easy or affordable access to U.S. dollars; and two, in cross-border money movement, both B2B payments and consumer remittances. Our in-market solutions, partnerships, market activity and product road map reflect our commitment to this space. For example, we have deployed stablecoin-linked cards in many markets around the world with partners such as Bridge, Rain and banks.
除了资本市场应用外，我们认为稳定币在两个重要领域契合市场需求：第一，新兴市场中本地法币波动较大且/或消费者无法轻松且低成本地获取美元；第二，跨境资金流动，包括B2B支付和个人汇款。我们在市场中的解决方案、合作伙伴关系、市场活动以及产品路线图都体现了我们在这一领域的投入。例如，我们已与Bridge、Rain及多家银行合作，在全球多个市场推出了与稳定币挂钩的卡片。
In the emerging market use case I mentioned earlier, consumers and businesses are using stablecoins to save money in U.S. dollars. But they also want easy and safe ways to spend that money, and there's no better way to do that than using a Visa card. Stablecoin-linked Visa cards are an extension of what we have been doing in the crypto space for years. Since 2020, we have enabled crypto users to spend more than \$25 billion in Bitcoin, Ethereum and an array of other cryptocurrencies, and now stablecoins. We are also enabling cross-border money movement capabilities for P2P and B2B in certain emerging markets. And we are piloting and partnering with stablecoin payments companies who specialize in these markets as we build out our stablecoin treasury stack for settlement and money movement flows.
在我刚才提到的新兴市场应用中，消费者和企业正在使用稳定币储存美元，但他们同样希望能够方便、安全地消费这些资金，而使用Visa卡无疑是最佳方式。稳定币挂钩Visa卡是我们多年在加密货币领域业务的延伸。自2020年以来，我们已让加密用户用比特币、以太坊及其他多种加密货币（现包括稳定币）消费超过250亿美元。我们还在部分新兴市场支持P2P及B2B跨境资金流，并与专注这些市场的稳定币支付公司开展试点与合作，同时构建我们的稳定币财资体系，以支持结算及资金流动。
A recent example is with Yellow Card in Sub-Saharan Africa. Together, we are working to streamline treasury operations, improve liquidity management, and enable quick and more cost-efficient cross-border transactions. Additionally, we are also helping banks issue their own stablecoins and realize the benefits of programmable money through our Visa Tokenized Asset Platform. And we offer multichain and multi-coin stablecoin settlement on the Visa network. We recently expanded our capabilities by adding a euro-backed stablecoin, EURC, and through a partnership with Paxos, 2 additional regulated stablecoins, USDG and PYUSD.
一个最新的案例是我们与撒哈拉以南非洲的Yellow Card合作，共同优化财资操作、提升流动性管理，并实现更快速、更高效的跨境交易。此外，我们还通过Visa代币化资产平台帮助银行发行自有稳定币，并实现可编程货币的优势。我们在Visa网络上提供多链、多币种的稳定币结算，最近又扩展了能力，新增了以欧元为支撑的稳定币EURC，并通过与Paxos的合作增加了两种受监管的稳定币——USDG和PYUSD。
We are also adding support for 2 additional blockchains, Stellar and Avalanche, enabling us to support 4 stablecoins running on 4 unique blockchains, representing 2 currencies that we can then accept and convert to over 25 traditional fiat currency across the world for our clients within our settlement infrastructure. There is so much more to come in this space, and we are excited about enabling commercial and money movement flows globally across networks, currencies and form factors.
我们还增加了对两个新区块链——Stellar和Avalanche的支持，使我们能够在4条不同的区块链上支持4种稳定币，覆盖两种货币，并在我们的结算体系内为客户接受并转换成全球超过25种传统法币。该领域还有更多发展潜力，我们对能在全球范围内跨网络、跨货币、跨形态支持商业和资金流动充满期待。
Now to value-added services, which had one of our strongest revenue growth quarters, up 26% year-over-year in constant dollars. Let me walk through some of the highlights in our 4 portfolios.
接下来是增值服务，这是我们收入增长最强劲的季度之一，按不变汇率计算同比增长26%。下面我将介绍我们四大业务组合中的部分亮点。
In Issuing Solutions, Pismo continues to expand, benefiting from Visa's deep client relationships and trusted partner status. We have now entered Europe with ABN Amro's neobank, BUUT, in the Netherlands and have also partnered with Lunar, who serves over 1 million consumers and business users for the first Pismo-powered Visa card across Denmark, Sweden and Norway. This quarter, we signed with EML Payments in Australia to deploy Pismo for their global issuance strategy, enabling them to consolidate their multiple processing platforms to 1 across Australia, North America, the U.K., and Europe.
在发卡解决方案方面，Pismo持续扩张，受益于Visa深厚的客户关系和值得信赖的合作伙伴地位。我们已携手荷兰ABN Amro旗下的数字银行BUUT进入欧洲市场，并与Lunar合作，为其在丹麦、瑞典和挪威的逾100万消费者和商业用户推出首张由Pismo驱动的Visa卡。本季度，我们还与澳大利亚的EML Payments签署协议，在其全球发卡战略中部署Pismo，帮助其将遍布澳大利亚、北美、英国和欧洲的多套处理平台整合为单一平台。
In Acceptance Solutions, we continue to grow through both direct relationships with merchants as well as with acquirers. I'll give 2 examples of each. First, direct with merchants. We renewed our agreement with ShopeePay, a leading digital payments platform serving tens of millions of users, and expanded geographically from Singapore, Malaysia, and Vietnam to include the Philippines, Indonesia and Thailand, and also expanded with additional products such as tokenization. Careem Pay, part of Super App Careem that serves over 50 million customers across Middle East and North Africa, will utilize several value-added services, including CyberSource and account verification. On the acquiring side, in Saudi Arabia, Arab National Bank has selected Visa as their new partner for our CyberSource and risk solutions to offer to their merchant clients. We also signed with BAC, the largest acquirer in Central America, to provide CyberSource and tokenization to their merchant clients.
在受理解决方案方面，我们继续通过与商户和收单行的直接合作实现增长。我举两个例子。首先是商户方面，我们与领先的数字支付平台ShopeePay续签协议，该平台服务数千万用户，合作地域由新加坡、马来西亚和越南扩大至菲律宾、印尼和泰国，并新增代币化等产品。在中东和北非地区，服务超过5,000万客户的超级应用Careem旗下的Careem Pay将使用包括CyberSource和账户验证在内的多项增值服务。在收单行方面，沙特阿拉伯的阿拉伯国家银行选择Visa作为其新的合作伙伴，为其商户客户提供CyberSource和风险管理解决方案。我们还与中美洲最大的收单行BAC签署协议，为其商户客户提供CyberSource和代币化服务。
In Risk and Security Solutions, our feature-based capabilities continue to resonate with our clients. This quarter, TSYS, an existing and important partner of Featurespace, will begin transitioning their tens of billions of transactions to our next-gen SaaS platform so they can benefit from continued innovation in our advanced AI scoring models in a scale away.
在风险与安全解决方案方面，我们基于功能的能力持续受到客户认可。本季度，Featurespace的重要现有合作伙伴TSYS将开始将其数百亿笔交易迁移到我们的下一代SaaS平台，从而能够大规模受益于我们在先进AI评分模型上的持续创新。
Moving on to Advisory and Other Services, where our payments, consulting and marketing experience, data and analytics capabilities and sponsorships help us to deepen our relationships with our clients. For example, AEON Financial Service, one of our largest clients in Japan, renewed their credit relationship and will add consulting, managed services and marketing services to help them grow.
接下来是咨询与其他服务，我们通过支付、咨询与营销经验、数据与分析能力及赞助合作来深化与客户的关系。例如，日本最大的客户之一永旺金融服务（AEON Financial Service）续签了信用合作关系，并将增加咨询、托管服务和营销服务以助力其业务增长。
I'll call out 2 other examples of our consulting and marketing services at work. In Brazil, our consulting and technical teams are working with Caixa to help develop a super app for their over 40 million customers, enhancing digital engagement and loyalty. In the U.S., fintech Shine utilized our marketing services capabilities to support their brand campaign during the NBA playoffs this past quarter. With each of these 4 portfolios growing at strong levels, value-added services remains a powerful engine of revenue growth for our business.
我再举两个咨询与营销服务的案例。在巴西，我们的咨询和技术团队正与Caixa合作，为其超过4,000万客户开发超级应用程序，以提升数字化参与度和忠诚度。在美国，金融科技公司Shine利用我们的营销服务能力支持其在上季度NBA季后赛期间的品牌宣传活动。随着四大业务组合的强劲增长，增值服务仍是推动我们业务收入增长的强大引擎。
In conclusion, our third quarter results were strong. In Q3 and through July 21, even with the continued uncertainty, consumer spending remains resilient. Within the U.S., while spending growth differed among consumer spend bands, all spend bands in Q3 remained resilient and consistent with past quarters. Within spend categories in the U.S., we saw relative stability to Q2 when adjusted for leap year impacts. Both U.S. discretionary and nondiscretionary spend growth remains strong, and we see no meaningful impact from tariffs.
总之，我们第三季度的业绩表现强劲。从第三季度到7月21日，尽管存在持续的不确定性，消费者支出依然保持韧性。在美国，虽然不同消费层级的支出增速有所差异，但第三季度所有层级的支出都保持了韧性，与以往季度一致。在美国的消费类别中，经调整闰年影响后，支出表现与第二季度相对稳定。美国的可自由支配消费和非自由支配消费增速均保持强劲，我们也未看到关税带来的显著影响。
For cross-border, total volume growth, excluding intra-Europe, remained strong and above pre-COVID levels, even with continued impacts from currency weakness and travel to specific countries. While we're not immune to macroeconomic impacts, our business has proven to be diverse, resilient and well positioned to capture the significant opportunities ahead. We all know that as commerce evolves, so do buyer and seller preferences. We have proven our ability to anticipate these changes and deploy solutions that enable our expanding network of partners to meet and exceed the needs of their users.
在跨境业务方面，剔除欧洲内部交易后，总交易量增速依然强劲，并高于疫情前水平，尽管受到货币疲软及前往特定国家旅游的持续影响。虽然我们无法完全免疫宏观经济的冲击，但事实证明，我们的业务多元、韧性强，并已为抓住未来重大机遇做好准备。我们都清楚，随着商业不断发展，买卖双方的偏好也在变化。我们已经证明了自己能够预判这些变化，并部署解决方案，使我们不断扩大的合作伙伴网络能够满足并超越用户的需求。
Visa has become a hyperscaler that enables anyone around the world to access the breadth, scale and resiliency of our network across more than 200 countries and territories, 150 currencies and nearly 5 billion credentials. Anybody that wants to be in the money movement business or the payments business can build on top of the Visa stack. And as we connect billions of buyers and sellers through seamless secure digital payments, we're very excited about how that will help us enable innovative commerce as we drive Visa's growth forward well into the future.
Visa已成为一家超大规模平台企业，让全球任何人都能接入我们覆盖200多个国家和地区、150种货币和近50亿支付凭证的广泛、规模化和高韧性的网络。任何希望进入资金流动或支付业务的人都可以基于Visa的技术架构进行构建。当我们通过无缝、安全的数字支付连接数十亿买家与卖家时，我们对其推动创新商业并引领Visa持续增长的前景感到十分振奋。
Now I'll hand it over to Chris.
现在我将话筒交给Chris。
Christopher Suh
Thanks, Ryan, and good afternoon, everyone. Visa reached a record \$10.2 billion in quarterly net revenue in our third quarter, up 14% year-over-year, better than expected driven by lower incentives, a lower FX headwind and higher value-added services revenue. Net revenue was also up 14% year-over-year in constant dollars.
谢谢你，Ryan，大家下午好。在第三季度，Visa的季度净收入创下纪录，达到102亿美元，同比增长14%，好于预期，主要得益于激励支出减少、外汇逆风减弱以及增值服务收入增加。按不变汇率计算，净收入同比同样增长14%。
Underlying business drivers remain strong. In constant dollars, global payments volume was up 8% year-over-year; and cross-border volume, excluding intra-Europe, was up 11% year-over-year. Total processed transactions grew 10% year-over-year. EPS was up 23% year-over-year in nominal and constant dollars, better than expected, primarily due to the strength in net revenue growth.
基础业务驱动因素依然强劲。按不变汇率计算，全球支付交易额同比增长8%；剔除欧洲内部交易，跨境交易额同比增长11%；处理的总交易笔数同比增长10%。每股收益（EPS）按名义值和不变汇率计算均同比增长23%，好于预期，主要受益于净收入增长的强劲表现。
Let's go into the details. Total international payments volume was up 10% year-over-year in constant dollars in Q3, relatively consistent with Q2 when adjusted for leap year. U.S. payments volume was up 7%, with e-commerce growing faster than face-to-face spend. Credit was up 6% and debit was up 7%. When we look at U.S. payments volume year-over-year growth on a monthly basis, April was stronger than March, primarily due to Easter timing and some portfolio loss lapping that continued throughout the quarter; May was relatively in line with April; and June was softer, primarily due to the impact of both days mix and bill pay timing. Putting it all together, total Q3 U.S. payments volume growth was generally consistent with Q2, adjusted for leap year.
下面我们来看具体情况。第三季度，国际支付交易总额按不变汇率计算同比增长10%，在调整闰年影响后，与第二季度大体一致。美国支付交易额同比增长7%，其中电商交易的增速快于面对面交易。信用卡交易额增长6%，借记卡交易额增长7%。按月度来看，美国支付交易额同比增速在4月高于3月，主要由于复活节时点以及本季度持续的部分投资组合流失基数效应；5月与4月大致持平；6月则有所放缓，主要受交易日结构和账单支付时点的影响。总体而言，调整闰年效应后，美国第三季度支付交易额的增速与第二季度基本一致。
Now to cross-border volume, which I'll speak to in constant dollars and excluding intra-Europe transactions. You may recall that we expected Q3 total cross-border volume growth to moderate from Q2 and be slightly below Q4 of FY '24, primarily due to the impacts of weaker currencies in certain countries and the Canada to U.S. travel corridor. In Q3, those impacts generally played out as we expected, with total cross-border volume year-over-year growth at 11%, e-commerce up 13% and travel up 9%, even with some monthly variability.
接下来是跨境交易额，这里按不变汇率并剔除欧洲内部交易来讨论。大家可能还记得，我们此前预计第三季度跨境交易总额的增速将较第二季度有所放缓，并略低于2024财年第四季度的水平，主要原因是部分国家货币走弱以及加美旅行通道的影响。第三季度，这些影响大致符合预期，跨境交易总额同比增长11%，其中电商交易增长13%，旅游交易增长9%，尽管月度表现存在波动。
April benefited from Easter and Ramadan timing, and May moderated from April without this timing benefit. In June, we saw the growth step down from May, primarily due to further weakening of the U.S. dollar and a few smaller factors that largely reversed in July. As Ryan said, Visa's Q3 total cross-border volume growth was strong and remained above the pre-COVID trend.
4月受益于复活节和斋月的时点效应，5月在失去这一时点优势后增速较4月放缓。6月的增速较5月进一步下降，主要受美元进一步走弱以及一些较小因素影响，这些因素在7月基本逆转。正如Ryan所说，Visa第三季度跨境交易总额的增速依然强劲，并高于疫情前的趋势水平。
With that as a backdrop, I'll move to discuss our financial results, starting with the revenue components. Service revenue grew 9% year-over-year versus the 8% growth in Q2 constant dollar payments volume, helped by pricing and card benefits that more than offset the exchange rate drag. Data processing revenue grew 15% versus 10% in processed transaction growth primarily due to pricing. International transaction revenue was up 14%, above the 11% increase in constant dollar cross-border volume, excluding intra-Europe, helped by elevated currency volatility and exchange rates, partially offset by hedging and mix. Other revenue grew 32%, primarily driven by advisory and other value-added services and pricing.
在此背景下，我将开始讨论财务业绩，先从收入构成讲起。服务收入同比增长9%，高于第二季度按不变汇率计算的支付交易额8%的增速，主要得益于定价及卡片权益提升，且足以抵消汇率带来的不利影响。数据处理收入同比增长15%，高于交易处理笔数10%的增速，主要原因是定价因素。国际交易收入同比增长14%，高于剔除欧洲内部交易后的跨境交易额11%的增速，这得益于货币波动和汇率走高，但部分被对冲及交易结构所抵消。其他收入同比增长32%，主要受益于咨询及其他增值服务以及定价因素。
Client incentives grew 13%, lower than expected, primarily due to 2 factors: first, deal timing as we saw some expected deals shift out of Q3; second, we expanded several client relationships, which led to updated incentive terms and onetime reductions in the associated accruals.
客户激励同比增长13%，低于预期，主要有两个原因：第一，交易时点因素，一些原本预计在第三季度完成的交易推迟到了之后；第二，我们扩大了多项客户合作关系，从而调整了激励条款，并一次性减少了相关的应计费用。
Now to our 3 growth engines. Consumer payments revenue was driven by strong payments volume, cross-border volume and processed transaction growth. Commercial and money movement solutions revenue grew 13% year-over-year in constant dollars. Commercial payments volume grew 7% year-over-year in constant dollars, accelerating slightly from Q2 adjusted for leap year, primarily due to the lapping of certain portfolio losses.
接下来是我们的三大增长引擎。消费者支付收入受强劲的支付交易额、跨境交易额以及交易处理量增长驱动。商业和资金流动解决方案收入按不变汇率计算同比增长13%。商业支付交易额同比增长7%，在调整闰年效应后较第二季度略有加快，主要得益于部分投资组合损失的基数效应。
Visa Direct transactions grew 25% year-over-year to 3.3 billion transactions with strength in both domestic and cross-border P2P. Value-added services revenue was \$2.8 billion, with growth accelerating to 26% year-over-year in constant dollars. This was driven by strength across all portfolios and pricing.
Visa Direct 交易同比增长25%，达到33亿笔，国内及跨境的个人对个人（P2P）支付均表现强劲。增值服务收入达到28亿美元，按不变汇率计算同比增速加快至26%，主要受各业务组合的强劲表现和定价因素推动。
Operating expenses grew 13%, higher than expected, primarily due to a lower-than-expected FX benefit and higher-than-expected personnel expenses. Nonoperating income was \$191 million, helped by investment income from higher cash balances. Our tax rate for the quarter was 17.3%, in line with expectations. EPS was \$2.98, up 23% over last year, with minimal impacts from both exchange rates and acquisitions.
运营费用同比增长13%，高于预期，主要由于外汇收益低于预期以及人员开支高于预期。非运营收入为1.91亿美元，得益于较高现金余额带来的投资收益。本季度的税率为17.3%，与预期一致。每股收益为2.98美元，同比上升23%，汇率和并购对其影响很小。
During the quarter, we issued EUR 3.5 billion of fixed rate senior notes, with maturities ranging between 3 and 19 years and interest rates from 2.25% to 3.875%. In addition, we bought back approximately \$4.8 billion in stock and distributed \$1.2 billion in dividends to our stockholders. At the end of June, we had \$29.8 billion remaining in our buyback authorization.
本季度，我们发行了35亿欧元的固定利率高级票据，期限介于3年至19年之间，利率范围为2.25%至3.875%。此外，我们回购了约48亿美元的股票，并向股东派发了12亿美元的股息。截至6月底，我们的股票回购授权余额为298亿美元。
Now let's move to what we've seen so far in Q4. Through July 21, U.S. payment volume was up 9% with debit up 10% and credit up 9% year-over-year. Even when adjusting for lapping the weather and technology outages impacts from last July, we saw strong growth, primarily due to the timing of July 4, the days mix impact I mentioned for June now helping July, and the timing of promotional shopping events. Processed transactions grew 11% year-over-year.
接下来看看我们在第四季度迄今的表现。截至7月21日，美国支付交易额同比增长9%，其中借记卡增长10%，信用卡增长9%。即便在调整去年7月的天气和技术故障影响后，增速依然强劲，主要得益于7月4日美国独立日假期的时点、6月提到的交易日结构效应在7月转为有利因素，以及促销购物活动的时间安排。处理的交易笔数同比增长11%。
For constant dollar cross-border volume, excluding transactions within Europe, total volume grew more than 10% year-over-year with e-commerce up 13% and travel up 9%. July cross-border volume growth accelerated more than 1 point from June as we saw improvement in both e-commerce and travel, primarily due to strong retail spend in e-commerce, the dollar strengthening versus certain currencies and the reversal of a few smaller factors that impacted June.
按不变汇率计算的跨境交易额（不包括欧洲内部交易）同比增长超过10%，其中电商交易增长13%，旅行交易增长9%。7月跨境交易额的同比增速较6月加快了1个百分点以上，主要得益于电商零售支出的强劲表现、美元兑部分货币走强，以及6月影响交易的一些小因素在7月得到逆转。
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. For Q4, when we take the latest trends for business drivers and volatility as well as our current view of deal timing, our adjusted net revenue expectations are unchanged, in the high single digits to low double digits. On a nominal basis, this puts Q4 net revenue growth generally in line with first half of FY '25 nominal net revenue growth, which was about 10%.
接下来谈我们的预期。需要提醒的是，调整后口径指按不变汇率计算且不包括并购影响的非 GAAP 结果。更详细的披露可以参考我们的财报演示材料。针对第四季度，结合最新的业务驱动因素趋势、波动性以及我们当前对交易时点的判断，我们对调整后净营收的预期保持不变，预计为高个位数至低双位数增长。按名义口径计算，这意味着第四季度净营收增长将与2025财年上半年约10%的名义增长率大致一致。
Moving to adjusted operating expenses, which we expect to grow in the high single digits to low double digits. Nonoperating income in the fourth quarter is expected to be minimal, and our tax rate in the fourth quarter is expected to be between 18.5% and 19%. As a result, we expect adjusted fourth quarter EPS growth to be in the high single digits. For acquisition impacts, we expect a minimal benefit to net revenue growth and approximately 1.5 point contribution to operating expense growth and an approximately 0.5 point headwind to EPS growth in the fourth quarter.
调整后运营费用预计将实现高个位数至低双位数的增长。第四季度的非运营收入预计将非常有限，税率预计在18.5%至19%之间。因此，我们预计第四季度调整后每股收益的增长将处于高个位数水平。就并购影响而言，预计对净营收增长的提振作用有限，对运营费用增长的贡献约为1.5个百分点，而对每股收益增长将带来约0.5个百分点的负面影响。
Pulling it all together for the full year, we have no changes to our full year adjusted guidance except for nonoperating income, which we expect to be about \$250 million as a result of the third quarter. However, it is important to note that when you incorporate our performance year-to-date with our Q4 guidance, even though the full year guidance ranges are unchanged, we now expect our net revenue growth and EPS growth to be stronger than previously anticipated. It's also a good reminder of the strength of Visa's diverse business model where in the face of changing conditions throughout the year, we still expect to deliver strong growth and leading profitability.
综合来看，我们对全年调整后指引没有变化，唯一的例外是非运营收入，受第三季度影响，预计全年约为2.5亿美元。不过需要指出的是，将今年迄今的业绩表现与第四季度指引结合来看，尽管全年指引区间未变，但我们现在预计净营收增长和每股收益增长都会强于此前预期。这也再次印证了Visa多元化业务模式的韧性——即便全年面临不断变化的环境，我们仍有望实现强劲增长和行业领先的盈利能力。
As we look ahead and plan for 2026, while we're contemplating a variety of economic scenarios, the strength and diversity of our business model that I just mentioned, the resilience of the consumer and our clear and effective strategy together give us the confidence as we make investment decisions to build the future of payments and drive long-term growth.
展望未来并规划2026年时，尽管我们考虑了多种经济情景，但正如我刚才所提到的，我们业务模式的实力与多元化、消费者的韧性以及清晰有效的战略，使我们在进行投资决策、打造未来支付体系和推动长期增长时充满信心。
And 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.
谢谢你，Chris。接下来我们进入提问环节。
Question-and-Answer Session
问答环节
Operator
[Operator Instructions] Our first question comes from Harshita Rawat with Bernstein.
[操作提示] 我们的第一个问题来自 Bernstein 的 Harshita Rawat。
Harshita Rawat
Chris, I want to follow up on the fourth quarter guide, if you can provide more color. Can you maybe help us kind of bridge the kind of deceleration from the third quarter? I know you talked about kind of FX volatility, to some extent, incentives. But anything else to call out also, I think, with regards to cross-border.
Chris，我想跟进一下你们对第四季度的指引，如果可以的话，请提供更多细节。你能否帮我们解释一下与第三季度相比增速放缓的原因？我知道你提到过外汇波动以及一定程度上的激励因素。但除此之外，关于跨境业务还有没有其他值得指出的地方？
Christopher Suh
Harshita, yes, so let's talk about Q4. We're expecting a fundamentally strong Q4 with strong drivers and continued resilient consumer spending. Now the guide reflects reported growth in Q4, that is being impacted by the lapping of some items that we spoke about last Q4. Specifically, there were onetime impacts that reduced incentives, the lowest growth quarter of last year. If you recall, Q4 last year grew 6% incentives. And also, we had a very strong VAS quarter related to the Summer Olympics again last Q4. If you normalize for those lapping items, those onetime lapping items for last year, Q4 growth -- digits. So that's sort of the absolute description of Q4.
Harshita，是的，我们来谈谈第四季度。我们预计第四季度依然会保持基本面的强劲，驱动因素充足，消费者支出韧性延续。不过，这一指引所体现的第四季度报告增速，会受到去年第四季度一些因素基数效应的影响。具体来说，去年第四季度有一些一次性因素降低了激励支出，使得该季度成为去年增长率最低的季度。如果你还记得，去年第四季度激励增长率为6%。此外，去年第四季度还有一个与夏季奥运会相关的非常强劲的增值服务（VAS）季度表现。如果剔除这些一次性因素的基数效应，今年第四季度的增长将处于高位区间。这是对第四季度的整体描述。
Now versus Q3, which was your specific question, Q3 was a very strong quarter driven by strong drivers, higher currency volatility, strong VAS and lower incentives, as we talked about. And if I compare the 2 quarters, really the big differences are going to be currency volatility, which was high in Q3, especially early in the quarter, has settled down, and that's our assumption through the rest of Q4; and the second one is incentives where, again, Q3 benefited from onetime incentives that we talked about -- that I talked about in my prepared comments, and Q4 is anniversarying the benefits that we saw incentives from a year ago. So normalize for those 2 things, Q3 is a strong quarter, Q4 is a strong quarter. And when you add it up, we're going to finish a very strong FY '25 higher than we thought entering the quarter.
至于与你的问题更直接相关的第三季度对比，第三季度非常强劲，得益于强劲的驱动因素、更高的货币波动性、强劲的增值服务收入以及较低的激励支出。对比这两个季度，最大的差异主要在两个方面：第一，货币波动性——第三季度尤其是在季度初时波动较大，而到了第四季度已经趋于平稳，我们假设这种情况会持续到本季度结束；第二，激励因素——第三季度受益于我在准备发言中提到的某些一次性激励，而第四季度则是与去年同期激励收益进行同比比较，因此没有类似的推动作用。所以，如果将这两个因素进行调整，第三季度依然是强劲的季度，第四季度也是强劲的季度。总体而言，我们将以一个超出进入本季度时预期的强劲2025财年来收官。
Operator
Our next caller is Tien-Tsin Huang with JPM.
下一位提问的是摩根大通的 Tien-Tsin Huang。
Jennifer Como
Tien-Tsin, are you there?
Tien-Tsin，你在吗？
Tien-Tsin Huang
I am. Can you hear me, Jennifer? I'm sorry.
在的。Jennifer，你能听到我吗？抱歉。
Jennifer Como
Yes. Now we can.
能听到了。
Tien-Tsin Huang
Just want to -- maybe I'll ask on investment priorities, if that's okay. I'm just curious if that's changing at all given -- I know, Ryan, you talked a lot about AI and stablecoin to us here intra-quarter. So I'm just curious if your priorities have changed because it does look like OpEx is running a little bit higher and fourth quarter reported implies not much operating leverage. So I'm just curious if you're changing some of your investments there given some of the news, GENIUS Act, et cetera.
我想问一下投资优先级的问题，如果可以的话。我很好奇这方面是否有任何变化——我知道 Ryan，你在本季度中和我们谈了很多关于 AI 和稳定币（stablecoin）的内容。所以我想知道你们的优先事项是否因此有所调整，因为看起来运营开支（OpEx）略高，而第四季度的披露暗示运营杠杆并不明显。因此，我想知道在最近的一些新闻（例如 GENIUS Act）背景下，你们是否会调整部分投资。
Ryan McInerney
Tien-Tsin, let me talk about your question around priorities. And then I'm actually going to have Chris just talk briefly about OpEx because I think there's a very clear explanation that will be helpful to you.
Tien-Tsin，我先回答你关于优先级的问题，然后让 Chris 简要谈一下 OpEx，因为我认为他有一个很清晰的解释可以帮你更好地理解。
In terms of priorities, no change from what I've been talking about publicly. We have a deep and rich product pipeline. We feel great about the products that we put out into market, both the ones that we've deployed and the ones that we announced at our product drop in April. And we're always nipping and tucking in certain markets and adjusting kind of where we're going to go launch in this country versus that country. But no, overall, priorities remain the same. We feel great about the momentum that we have in market and continue to drive that forward.
在优先事项方面，没有任何变化，与我此前公开谈到的一致。我们的产品储备丰富且多样，我们对已投放市场的产品以及 4 月产品发布会上公布的新品都很有信心。当然，我们会在一些市场做一些微调，比如决定在哪个国家先上线，但整体上，优先顺序没有变化。我们对当前市场的势头很满意，并会继续推动发展。
But Chris, I think he was teed off a little bit by the OpEx part of this question. Do you want to just address OpEx?
不过，我觉得 Chris 可能更想回应一下你提到的 OpEx 问题。Chris，你要不要谈谈？
Christopher Suh
Yes, let me address that, too. I'll talk about Q3 and Q4. So Q3 OpEx did come in a little higher than we anticipated. There was a couple of things. One was the FX benefit was less than expected. And then the second one, which I mentioned on the call, was higher personnel costs. And just to click into that, specifically, the overage came from higher costs related to the mark-to-market of the deferred compensation liability. But just for clarity, that's EPS neutral is because we record the equivalent gain on that mark-to-market in NOI, and that contributed part to the NOI overperformance.
是的，我也来回应一下，同时谈谈第三和第四季度。第三季度的 OpEx 确实比我们预期的略高，原因有两点：第一，外汇收益低于预期；第二，就是我在电话会上提到的人员成本上升。进一步解释一下，超支主要来自递延薪酬负债的公允价值变动带来的更高成本。但需要澄清的是，这对 EPS 是中性的，因为我们会在非经营收入（NOI）中记录相应的公允价值变动收益，这也是 NOI 超预期的部分原因。
As far as Q4 goes, as Ryan talked about, we're investing in many things across our broad business to drive growth, and we're anticipating to grow OpEx in the high single digits to low double digits. We're doing all that investment and growing OpEx in line with revenue for Q4.
至于第四季度，正如 Ryan 所说，我们正在公司广泛业务中进行多方面的投资以推动增长，预计 OpEx 将以高单位数到低双位数的速度增长。我们会在保持投资的同时，让 OpEx 与第四季度的收入增长保持一致。
Operator
Our next caller is Trevor Williams with Jefferies.
下一位提问的是 Jefferies 的 Trevor Williams。
Trevor Williams
I wanted to go back to the spread between international transaction fees and the nominal cross-border volume. I think this quarter, that spread was less than 1 point, even though, Chris, you called out currency volatility being up pretty significantly year-over-year. And I think hedging and mix were the main offsets that were also mentioned. If you could just expand on both of those. And then especially on mix, you guys have been clear about U.S. inbound travel having slowed. I'm just curious how much of an impact that's having overall on the yield dynamic there.
我想回到国际交易手续费与名义跨境交易量之间的利差问题。我注意到本季度这个利差不到 1 个百分点，尽管 Chris 你提到货币波动性同比显著上升。我认为套期保值和业务结构是主要的抵消因素，你也有提到。能否进一步展开讲讲这两点？尤其是关于业务结构（mix），你们之前明确提到美国入境旅行有所放缓，我想知道这对整体收益率动态的影响有多大。
Christopher Suh
Sure, Trevor. Let's go into all the different components, as you called out. Well, the 2 numbers that I'll reference is the 11% growth in total cross-border versus the 14% international. And as you point out, the spread shrinks on a nominal basis. So the 3 factors were higher currency volatility. We've talked about that at length. And then the other 2 items, hedging which is in line with our strategy to mitigate cash flow impacts of FX movements. And in this quarter, we had a hedging loss that offset a portion of the favorable impact of the weaker U.S. dollar.
当然，Trevor。我们来看看你提到的几个组成部分。我会引用两个数字：跨境交易总量增长 11%，而国际交易收入增长 14%。正如你指出的，名义利差收窄。造成这种情况的三大因素是：第一，货币波动性上升，这一点我们之前已经详细谈过；第二，套期保值，这是我们用来缓解外汇波动对现金流影响的策略，本季度我们在套保上有亏损，抵消了部分美元走弱带来的正面影响；
And then the third one being mix. You mentioned Canada to U.S., that is a variable in here. So across our business, the composition of our yields can and does vary, different clients, different regions. And that's the example I'll use. The U.S. inbound is one of our higher-yielding corridors, and that's being impacted by the Canada to U.S. volume. So the mix can certainly be an offset to the higher volatility. Those are the puts and takes for the quarter within that line specifically. But all in all, we're pleased again that revenue, whether it's in international or in data processing or service, we're outgrowing volumes in all 3 categories.
第三是业务结构（mix）。你提到的加拿大到美国的交易就是其中一个变量。在我们的业务中，收益率构成会因客户和地区不同而变化。美国入境交易是我们收益率较高的通道之一，但它受到了加拿大到美国交易量的影响。所以业务结构确实可能抵消部分高波动性带来的正面效果。总体来说，在国际交易、数据处理和服务三类收入中，我们的收入增速依然超过交易量增速，这一点我们非常满意。
Operator
Timothy Chiodo with UBS.
来自UBS的Timothy Chiodo。
Timothy Chiodo
I want to see if we can dig in a little bit to Visa Direct. So on our estimates, it's becoming a more important part of the volume growth algorithm and particularly for debit. I want to see if we could hit 2 topics. One is some of the newer or faster growth use cases, one in particular that you mentioned earlier in the prepared remarks around banks signing up to use Visa Direct as their cross-border platform.
我想看看我们是否可以更深入地讨论一下Visa Direct。根据我们的估算，它正成为交易量增长算法中一个越来越重要的部分，尤其是在借记卡领域。我想我们可以谈两个话题。第一个是一些较新的或增长更快的应用场景，尤其是你在前面准备好的发言中提到的，银行签约使用Visa Direct作为其跨境平台的案例。
And then the second item I was hoping we could touch on is some of the pricing dynamics. At the Investor Day, there was a slide that showed the roughly \$0.09 to \$0.10 yield on Visa Direct. I was hoping you could talk a little bit about the pricing strategy there and to the extent that, that may or may not be evolving to maybe add some ad valorem fees and whether or not that might have contributed at all to any of the strength in data processing.
第二个我希望我们可以讨论的是一些定价动态。在投资者日上，有一张幻灯片显示Visa Direct的收益率大约为每笔交易\$0.09到\$0.10。我希望你能多谈谈定价策略，以及这种策略是否可能正在演变，比如增加从价费用，以及这是否对数据处理业务的强劲表现有任何贡献。
Ryan McInerney
It's Ryan. I'll try to hit the high points of what you're asking there. Thanks for the question on Visa Direct. I love talking about Visa Direct. Coming back to the top of your comments, and we shared this at Investor Day as well, we now crossed the 10 billion transaction mark, at least on a rolling 12 months, which we're very excited about. So I think Visa Direct has really scaled in a meaningful way. As I mentioned in my prepared remarks, it is the largest at-scale money movement platform in the world, however you want to measure it, whether it's end points or transactions or volumes or partners or what have you. And the investments that we've made in that platform over time are what are helping our sales teams and client teams around the world sell into a lot of these new and exciting use cases.
我是Ryan，我会尽量抓住你提问的重点。谢谢你关于Visa Direct的问题，我很喜欢谈Visa Direct。回到你评论开头的部分，这也是我们在投资者日上分享的，我们现在在过去12个月的滚动交易中已突破100亿笔交易，这让我们非常兴奋。所以我认为Visa Direct已经在一个有意义的规模上实现了扩展。正如我在准备好的发言中提到的，它是全球最大的规模化资金流动平台，无论你按终端、交易笔数、交易量、合作伙伴数量还是其他任何指标来衡量都是如此。我们多年来在该平台上的投资，正帮助我们全球的销售团队和客户团队推动许多新的、令人兴奋的应用场景落地。
You mentioned the banks enabling and embedding Visa Direct as their cross-border money movement platform. That's something we've been very focused on. And we're having good success. And I believe there's a big opportunity here. I think there's a big opportunity for banks around the world to play a more direct role in money movement. When we're sitting and talking to our bank partners around the world, they often recognize that a lot of their users are leaving their bank app and maybe going to another fintech or another money movement platform to send remittances, for example. And they view that as a lost opportunity. And so they're using Visa Direct to power a remittance platform and a money movement platform and embed that in their app so that they can deepen their relationship with their users. Their users are getting more value from their financial institution and ultimately driving more value as well.
你提到银行将Visa Direct作为其跨境资金流动平台进行启用和嵌入，这是我们一直非常关注的领域，并且取得了不错的进展。我认为这里有巨大的机会。我认为全球的银行在资金流动中可以发挥更直接的作用。当我们与全球的银行合作伙伴交流时，他们经常会意识到，他们的许多用户正在离开银行应用，可能转向其他金融科技公司或其他资金流动平台来进行汇款。他们将此视为一个失去的机会。因此，他们使用Visa Direct来驱动一个汇款平台和资金流动平台，并将其嵌入到他们的应用中，以便加深与用户的关系。这样，他们的用户能够从金融机构获得更多价值，并最终也为银行带来更多价值。
In terms of the pricing and the yield dynamics, it really differs. We price to value, as we always talk about on this call. The competitive dynamics are different in every vertical, in every use case, in every country around the world. We're going up against different competitors in CEMEA than we are in Latin America than we might be in Europe. And the pricing has different components to it as well. Just because we talked about the yield in cents per transaction, don't necessarily assume that reflects all the different pricing, whether it's the remittance topic that you asked about specifically or just Visa Direct in general. We talked about it in that way because that's generally the right way that we think to think about the revenue dynamics is kind of what are we earning in cents per transaction. And as we said during Investor Day, it's similar yields to what we're seeing in the debit business globally. So feeling good about on all those fronts and the momentum that we have in the Visa Direct business.
至于定价和收益动态，它实际上是不同的。正如我们在本次电话会议中一贯强调的，我们是按价值定价的。全球各个细分领域、不同应用场景以及不同国家的竞争动态各不相同。我们在CEMEA地区面对的竞争对手与在拉美或欧洲可能遇到的并不相同。定价的组成部分也不同。仅仅因为我们谈到每笔交易的收益（以美分计），并不意味着它反映了所有不同的定价结构，无论是你特别提到的汇款业务，还是Visa Direct整体业务。我们之所以以这种方式谈论它，是因为这通常是我们认为分析收入动态的正确方式，即我们每笔交易能赚取多少美分。正如我们在投资者日所说的，这一收益率与我们在全球借记卡业务中看到的水平相似。因此，我们对这些方面以及Visa Direct业务的动能都感到满意。
Operator
Gus Gala with Monness, Crespi, Hardt.
来自Monness, Crespi, Hardt的Gus Gala。
Gustavo Gala
Street is currently looking for an acceleration in volume transaction in fiscal '26. If we think of the macro kind of persisting from June, July levels kind of there and bank activity level kind of staying where it is, is that kind of a realistic expectation? And then on the comments on the lower -- there was a large peer, Fiserv commented on lower bank activity levels. You mentioned deal timing being moved back in prep remarks. Any part of the stack or transaction where that's maybe happening within VAS or parts of VAS where that's more acute, and granted you guys still accelerated in the quarter, but just any color around that would be very helpful.
市场目前预期在2026财年交易量会加速增长。如果宏观环境大致维持在6月、7月的水平，银行业务活跃度也保持当前状态，这样的预期是否现实？另外，关于活跃度下降的问题——一家大型同行Fiserv曾提到银行业务活跃度降低。你在准备好的发言中提到交易达成时间有所延后。请问在VAS或VAS的某些部分中，是否存在这种情况更为明显的环节或交易？当然，你们本季度仍实现了加速增长，但如果能就此提供更多信息，将非常有帮助。
Ryan McInerney
Why don't I take the second part of the question on VAS, and then you can address the first part of the question, which I think was a question -- you were going a little in and out, so sorry to -- I think it was a question around 2026. We really feel great about the momentum in the value-added services business. As you heard in both my and Chris' prepared remarks, firing on all cylinders across all of the different businesses.
我先回答关于VAS的第二个问题，然后你再回答第一个问题。我想第一个问题是关于2026年的，你的问题刚才有些断断续续，不好意思。我们对增值服务业务的增长势头感到非常满意，正如你在我和Chris的准备发言中听到的那样，各条业务线都在全力运转。
Maybe just as a reminder in terms of how we're thinking about the overall VAS strategy because I think you're seeing the results of that strategy now, we've been focused on our VAS business for a long time about enhancing Visa transactions, making Visa payments safer, simpler, easier, more reliable. And that has been historically how we've generated most of the VAS revenue that we've generated. Where we're really seeing a lot of success is in the 2 additional strategic levers that we talked about.
或许我可以先提醒一下我们整体VAS战略的思路，因为我认为你现在已经能看到这一战略的成果。我们长期以来一直专注于通过增强Visa交易来提升业务，使Visa支付更加安全、简单、便捷、可靠。这一直是我们历史上创造大部分VAS收入的方式。我们目前在两个额外战略杠杆上也取得了很大成功。
The second is putting our VAS to work, enabling all different types of payments, other card payments, account-to-account payments, digital wallet payments, partnering with RTP networks around the world and digital wallet players. I mentioned in my prepared remarks the partnership that we have in Brazil to power Pix payments. So we're really starting to see a lot of momentum in this second leg of the strategy by putting our VAS to work to enable all different types of payments.
第二个杠杆是让我们的VAS发挥作用，支持各种类型的支付，包括其他卡类支付、账户到账户的支付、数字钱包支付，并与全球的RTP网络和数字钱包参与者合作。我在准备发言中提到，我们在巴西与合作伙伴共同推动Pix支付。通过让VAS支持各种类型的支付，我们在战略的第二个阶段已经开始看到显著的动能。
And then the third area, which is really going beyond payments and helping our clients with a whole range of things from marketing to managed services, to strategy, to analytics, to data. And there, too, in my prepared remarks, you heard a lot of great examples from all around the world of the success we're having in that area. So good progress, good momentum, and you're starting to see kind of the strategy that we talked about a couple of years ago really start to come through in the performance and the numbers.
第三个领域则是真正超越支付，帮助客户处理从市场营销到托管服务、战略、分析再到数据等一系列事务。在准备发言中，你也听到了来自世界各地许多成功案例。总体而言，进展良好、动能强劲，你已经开始看到我们几年前所制定的战略真正体现在业绩和数据中。
And then, Chris, I think there was a question about 2026.
然后，Chris，我想这里还有一个关于2026年的问题。
Christopher Suh
Yes. Let me comment on '26. Obviously, we're focused on closing Q4 and finishing FY '25 strong, but we are also in the planning phases for FY '26. And broadly, we see tremendous opportunity across our 3 growth engines, consumer payments, CMS and VAS. And as we think about 2026, we're evaluating several drivers and parameters, including various macroeconomic scenarios, expected client renewals and pricing in both the card-present and card-not-present environment, as well as the investments we want to make to build the future of payments. Now we'll have a lot more to say about '26 in our next earnings call.
好的，我来谈谈2026年。显然，我们目前的重点是完成第四季度并确保2025财年收官强劲，但我们也处于2026财年的规划阶段。总体来看，我们在三大增长引擎——消费者支付、CMS和VAS——中都看到巨大机会。在思考2026年时，我们正在评估多个驱动因素和参数，包括各种宏观经济情景、预期的客户续约情况、在有卡和无卡环境下的定价，以及我们希望在构建支付未来方面进行的投资。关于2026年的更多信息，我们会在下一次财报电话会议中详细说明。
Operator
Will Nance with Goldman Sachs.
来自Goldman Sachs的Will Nance。
William Nance
You got all the way to me here without getting the stablecoin question. So I'll ask one on the remittance space, which you guys called out as a potential use case. Could you talk a little bit about how you see the role of stablecoins in that space? Is it on the pricing side, the settlement side? And do you expect the value of the role that stablecoins play to accrue to the service providers in that space? Or do you expect it to accrue to the consumers in the form of lower pricing?
你们一路回答到我这里还没碰到稳定币的问题，所以我来问一个关于汇款领域的问题，你们曾将其列为潜在应用场景。你能否谈谈你们如何看待稳定币在这一领域中的作用？它的作用主要体现在定价端还是结算端？你们是否预计稳定币带来的价值会归属于该领域的服务提供商？还是说会以更低价格的形式让消费者受益？
Ryan McInerney
Thanks, Will. A lot in there. And as you know, it's early days, but we see a lot of opportunity, specifically in remittances. And as I said in my prepared remarks, more broadly in cross-border, whether it's P2P or B2B.
谢谢你，Will。你的问题涵盖内容很多。正如你所知，现在还处于早期阶段，但我们认为在汇款领域尤其存在大量机会。正如我在准备发言中所说，更广泛地看，在跨境领域，无论是P2P还是B2B，都有潜力。
So let me hit a couple of points. First is Visa Direct. Visa Direct, as you know, is our remittance platform, and it is a network of networks that enables money movement all around the world in lots of different currencies. We're able to push money and I think it's 14 billion different end points now, whether it's cards, wallets or bank accounts. And for some of those use cases and some of those corridors, the money movement and transactions are near instant.
我想强调几点。首先是Visa Direct。Visa Direct是我们的汇款平台，它是一个网络中的网络，能够在全球范围内以多种不同货币实现资金流动。我们现在能够将资金推送到约140亿个不同终端，不论是卡片、钱包还是银行账户。在部分应用场景和部分通道中，资金流动和交易几乎是即时完成的。
But sometimes, for example, sending money from a Visa card to a bank account in an emerging market, we're reliant on local banking infrastructure. So in these types of use cases, stablecoins could enable us to have faster cross-border transactions. By the way, that's true for consumers or for businesses. And we've been testing that out and having some good results. We've been testing a series of corridors and putting stablecoins to work directly versus the fiat currency money movement options that we're able to deliver to our clients and their users today. And at this point, we've got a pretty good sense on which corridors we can provide faster money movement, cheaper money movement, which ultimately is value, I think, that will accrue both to end users and to our clients. So we're working through all of those things.
但有时，例如从Visa卡向新兴市场的银行账户汇款时，我们依赖于当地的银行基础设施。因此，在这类用例中，稳定币可能使我们能够实现更快速的跨境交易。这一点对消费者和企业都适用。我们一直在测试这一点，并取得了一些良好结果。我们测试了一系列通道，直接使用稳定币进行资金流动，与目前我们为客户及其用户提供的法币资金流动方案进行了比较。在这一阶段，我们已经对哪些通道能够提供更快的资金流动、更低成本的资金流动有了较好的判断，而这些价值最终会同时惠及终端用户和客户。我们正在推进这些工作。
I do think, as I said in my prepared remarks, that there is real product market fit for stablecoins in remittances for certain corridors. And as the largest money movement platform around the world, we're going to be an early adopter of a lot of those things on behalf of our clients and their end users.
正如我在准备发言中所说，我确实认为在某些通道的汇款业务中，稳定币有着真正的产品市场契合度。作为全球最大的资金流动平台，我们将代表客户及其终端用户，成为这些创新的早期采用者。
Operator
Dan Dolev with Mizuho.
来自Mizuho的Dan Dolev。
Dan Dolev
And just tying the 2 things together, really strong VAS growth and stablecoins. Have you been -- has the growth been helped by your services and consulting that you're providing on stablecoins? And are you monetizing that? If I could squeeze in one housekeeping question on sort of the right way to think about incentives mid-20s in the fourth quarter and heading into the '26, if you can answer it.
把这两个事情联系起来看——VAS的强劲增长和稳定币。你们的增长是否得益于在稳定币方面提供的服务与咨询？你们是否在从中实现货币化？另外，我想插一个小问题，就是关于如何正确看待你们在2025年第四季度以及进入2026年时的激励安排，如果你能回答的话。
Ryan McInerney
Okay. I'll let Chris answer the question on incentives. Thanks for your question on advisory. Our advisory business has been doing strong growth all around the world for a while now. And as you alluded to, and as, I think, you would expect, the most complicated, most impactful topics that are happening around the world in money movement are the ones where we're engaging with our clients. So yes, on stablecoins and crypto more broadly. We launched our crypto advisory practice several years ago, I can't remember now. But our clients, both issuers and people on the seller side of the ecosystem, have really come to rely on our team of experts around the world to help them inform their strategies. And also, that leads to opportunities for us to put our products and services to work.
好的，我会让Chris来回答关于激励安排的问题。谢谢你关于咨询业务的提问。我们的咨询业务在全球范围内已经持续实现强劲增长一段时间了。正如你提到的，也正如我认为你会预料到的那样，全球资金流动领域中最复杂、影响最大的议题，正是我们与客户进行深度合作的地方。所以，是的，在稳定币以及更广泛的加密货币领域，我们确实有涉足。我们几年前就启动了加密货币咨询业务，我现在已经记不清具体年份了。但我们的客户，包括发行方以及生态系统中卖方的参与者，已经非常依赖我们全球专家团队来帮助他们制定战略。而这种合作也带来了机会，让我们能够将自己的产品和服务投入使用。
So for example, the Visa Tokenized Asset Platform is a platform that we've built to help financial institutions issue and mint and burn stablecoins. And when we're working with them on their stablecoin strategies, that's a natural opportunity for us to kind of embed a platform like that. We're also having a lot of success working with our clients on agentic, both AI broadly in terms of how they're running their companies, but specifically, as you'd imagine, the implications and the products and services that they're going to need to bring to market to win kind of in the agentic space. And those are just a couple of examples.
例如，Visa Tokenized Asset Platform是我们构建的平台，旨在帮助金融机构发行、铸造和销毁稳定币。当我们与他们合作制定稳定币战略时，这就是一个天然的机会，将这一平台嵌入其中。我们还在与客户合作探索agentic领域取得了很大成功——既包括AI在他们公司运营中的广泛应用，也包括正如你所想象的那样，他们为在agentic领域取胜所需推出的产品和服务的影响与需求。这只是几个例子。
I just want to take the opportunity to say thank you to our teams all around the world that have been working with our clients on all those tough topics and really helping them and serving our clients in a meaningful way.
我还想借此机会感谢我们全球各地的团队，他们一直在与客户就这些棘手议题展开合作，真正地帮助和服务客户，产生了有意义的影响。
Chris, I think Dan had a question about incentives.
Chris，我想Dan有一个关于激励安排的问题。
Christopher Suh
Q4 incentives was the question. So I want to provide a little bit of context. A lot of what I'm going to say is things that were in my prepared comments, but also reminding you of some of the things that we said in previous quarters. As we've communicated all this year and earlier in my comments, we expect Q4 -- we expected incentives to step up sequentially into Q3 and into Q4. And as a result, we have always consistently expected Q4 to be the highest growth quarter of FY '25 from an incentive point of view, in part because of the lapping that I talked about in the Q4 number when we talked about the lapping of the onetime items. But also what I spoke about last quarter, which was the impact of performance adjustment and some deal timing that occurred prior to Q3. And so when you add that all up, Q4 was going to be the high point for incentives.
第四季度的激励安排是你的问题，所以我想先提供一些背景。我接下来要说的很多内容在我的准备发言中都已经提到过，同时也提醒你我们在前几个季度所说过的话。正如我们今年以来以及我刚才评论中所传达的，我们预计激励安排会在第三季度和第四季度环比增加。因此，我们一直稳定地预期，从激励的角度来看，第四季度将是2025财年增长最高的季度，部分原因是我在谈到第四季度数据时提到的基数效应（一次性项目的影响）。此外，还有我在上个季度提到的业绩调整影响，以及发生在第三季度之前的一些交易时间安排。因此，把这些因素加总起来，第四季度将成为激励安排的高点。
But that all said, again, I'll just reiterate our guidance today, our view of adjusted net revenue for Q4 is unchanged from the view that we had a quarter ago, even after contemplating all the reestimation of the current volatility outlook drivers and our latest view of deal closures into Q4, it's going to be a fundamental strong Q4 to cap off a strong FY '25.
但话虽如此，我还是要重申我们今天的指引：我们对第四季度调整后净收入的看法与一个季度前保持不变，即使在考虑到当前波动性前景驱动因素的重新估算以及我们对第四季度交易达成的最新判断之后，第四季度仍将是一个基本面强劲的季度，为强劲的2025财年画上圆满句号。
Operator
Darrin Peller with Wolfe Research.
来自Wolfe Research的Darrin Peller。
Darrin Peller
Can we just touch on, number one, the pricing dynamic that we're seeing in data processing? And the spread between growth on revenue and volume was obviously strong. Just maybe explain a little more of what's going on behind it, where you're seeing the value on raising price there and just the timing on it, is it sustainable? And then just to revisit incentives also on timing also because I think this year, fiscal '25, was supposed to be a higher year of renewals. I think you had talked about 20% of the book or something along those lines versus a norm more like 15%. So is that still the case? And would we expect that to be more normalized next year?
我们能否先谈一下数据处理业务中的定价动态？收入增长和交易量增长之间的差距显然很大。能否多解释一下背后的原因，你们是如何看待提价带来的价值，以及这种情况的时机安排，是否可持续？然后再回到激励安排的时机问题，因为我记得2025财年原本是续约量较高的一年，我记得你们曾提到大约有20%的合同需要续签，而通常这一比例大约是15%。情况现在是否依然如此？我们是否可以预期明年会更趋于正常水平？
Christopher Suh
Yes. I'll take both of these, Darrin. So pricing, again, I'm going to go back to some of the things that we said earlier in this year. When we entered this year, we said the pricing benefit in FY '25 is going to be similar to FY '24, but the timing would be more back half weighted. And if you recall, in Q1 and Q2, when we were having these conversations about revenue versus yield, pricing was less benefit than we might typically see in half 1, consistent with that timing of pricing. And so now pricing back half loaded, we're having a more concentrated impact in Q3 and Q4. And that's really sort of what's happening. And so it's great that we see revenue outperforming volumes on data processing and a number of other spots.
好的，Darrin，这两个问题我一并回答。首先是定价问题，我要回顾一下我们在今年早些时候说过的内容。我们在进入今年时曾表示，2025财年的定价收益将与2024财年相近，但其时机会更多集中在下半年。如果你还记得，在第一季度和第二季度，当我们讨论收入与收益率的关系时，定价带来的收益低于上半年通常的水平，这与定价的时间安排是一致的。因此，如今定价效应集中在下半年，对第三季度和第四季度的影响更为集中。这基本就是当前发生的情况。所以我们很高兴看到，在数据处理业务以及其他多个领域，收入增长都超过了交易量增长。
In terms of your second part of your question around the amount of volume of deals and deal timing, you are correct, '25 is a bigger year for renewals than '24. You quoted the 20% number. We still believe 20% of our PV is impacted this year above the 15% last year. It's just more deal activity. And as you know, the deals are long in duration, increasingly more expansive, which inherently brings a level of complexity. These are important deals. And so sometimes they take a long time to get right, and we're going to take the time to get them right. The good news is we feel really good about the success we're having renewing and expanding our client partnerships. But as you can see, the timing can vary a bit from quarter-to-quarter.
至于你的第二个问题，即交易量和交易时间安排，你的判断是正确的——2025财年的续约规模确实大于2024财年。你提到的20%比例，我们仍然认为今年有20%的PV会受到影响，高于去年的15%。这仅仅是因为交易活动更多。而且正如你所知，这些交易的期限较长，覆盖范围日益扩大，这本身就带来了更高的复杂性。这些都是重要交易，因此有时需要较长时间才能谈妥，我们会花时间确保它们做到最好。好消息是，我们对续签和扩大客户合作伙伴关系所取得的成果感到非常满意。但正如你所看到的，其时间安排在不同季度之间可能会略有波动。
Operator
Fahed Kunwar with Rothschild & Co. Redburn.
来自Rothschild & Co. Redburn的Fahed Kunwar。
Fahed Kunwar
I had one more on incentives, if you don't mind. If I go back a little further, incentive growth as a percentage of revenue has been going up about 1 percentage point a year for the best part of 10 years. It does feel like in the last kind of 1.5 years, it stabilized or at least in the last year at that 28% level. I know you talk about renewal cycles now, but is this an inflection point? Do we think that incentive growth now broadly runs in line with revenues and that kind of trend line up has kind of inflected to be flat? Or is there something else that we're missing or some other change as to why we might see an inflection back upwards to that old growth rate?
我还有一个关于激励安排的问题，如果可以的话。回溯更早些时间，激励支出占收入的比例在过去约10年中几乎每年上升1个百分点。而在过去大约一年半里，或者至少在过去一年，这一比例似乎已稳定在28%左右。我知道你们现在谈的是续约周期，但这是否是一个拐点？我们是否认为激励支出的增长现在大致会与收入同步，之前那条向上的趋势线已经趋于平缓？还是说我们遗漏了什么，或者有其他变化，可能会让增长率重新回到之前的水平？
Christopher Suh
Sure. I'll take this one as well. No. I mean it's just honestly not the way that we think about our business. This is consistent with the way we've been talking about net revenue growth, and that's our focus. We're growing volumes. We're growing net revenues along with our partners and incentives are simply a tool for us to achieve mutual goals. And it does get impacted, of course, by the volume of expirations and renewals, and it can vary from year-to-year. But I certainly am not going to comment on sort of the relationship between those 2. We're driving net revenue growth and driving volumes, and that's the most important thing.
好的，这个问题我也来回答。不，这并不是我们思考业务的方式。这与我们之前谈论净收入增长的方式是一致的，而那正是我们的关注重点。我们在与合作伙伴共同推动交易量和净收入的增长，而激励安排只是帮助我们实现共同目标的工具。当然，它会受到到期与续约规模的影响，而且可能会因年份不同而有所变化。但我肯定不会去评论这两者之间的具体关系。我们专注于推动净收入增长和交易量增长，这才是最重要的事情。
Operator
Nate Svensson with Deutsche Bank.
来自Deutsche Bank的Nate Svensson。
Christopher Svensson
I want to talk a little more about cross-border trends, especially travel. I know you gave some color in the prepared remarks, but it looks like we've had a couple of soft months here in June, maybe a little bit of recovery in July month-to-date. Hoping you can give an update on what you're seeing specifically in international travel in your book of business, maybe what bookings look like, what impact recent FX moves are doing to consumer demand, et cetera? And then anything to call out on specific corridors? I know we talked about inbound U.S. from Canada, but anything like Europe to U.S. or any other changing dynamics you've seen maybe over the past 3 months or July month-to-date?
我想更多地谈谈跨境业务趋势，尤其是旅游。我知道你在准备发言中已经做了一些说明，但看起来6月的业务有几个月较为疲软，7月迄今似乎出现了一些回升。希望你能更新一下你们在业务中看到的国际旅行情况，比如预订情况如何、近期外汇波动对消费者需求的影响等等。另外，在具体通道上是否有需要特别指出的变化？我知道我们讨论过从加拿大到美国的入境情况，但像欧洲到美国，或者过去三个月或截至7月的一些其他动态变化，有没有什么值得关注的地方？
Christopher Suh
Sure. Okay. Let's talk cross-border. And this one, we'll sort of try to break into a fair level of detail, so bear with me. Just starting from the top, just so we have sort of a complete picture, cross-border growth in Q3, as we reported, 11%. That's ex intra-Europe in constant dollar, largely in line with the directional expectations that we had set at the beginning of the quarter. We did see variation from month-to-month for the factors that we talked about: holiday, timing of Easter, Ramadan, weakness in currency, U.S. to Canada. All those things that we had anticipated to happen in Q3, much of it did play out. We did see the U.S. dollar weaken further, which may have impacted the June month as well.
当然。好的，我们来谈谈跨境业务。这部分我会尽量拆解得比较详细，请耐心听我说。从整体情况开始，以便我们有一个完整的画面：正如我们报告的那样，第三季度跨境业务增长为11%，这是剔除欧洲内部业务、按不变美元计算的结果，大体符合我们在季度初设定的方向性预期。我们确实看到月度之间的波动，原因包括假期、复活节时间、斋月、货币疲软以及美国到加拿大通道的表现。这些都是我们在第三季度预计会发生的情况，其中大部分确实出现了。我们还看到美元进一步走弱，这可能也对6月的数据产生了影响。
And then obviously, in July, you referenced this as well. We've seen it accelerate more than 1 point from June. And we've seen that improvement in both travel and e-commerce related, we believe, due to the dollar strengthening again in July versus certain currencies. But also we see strong retail spend in e-commerce and the reversal of some of the few of the smaller factors that we referenced in June. So obviously, the growth rates month-to-month, it's a little bit fluid, and we're likely to see it continue to be fluid as long as we continue to see currency exchange movements at the speed and pace that we're seeing it. But we also don't believe circumstances like the current Canada to U.S. corridor are permanent structural changes either. And so we could see some strengthening there or we could see further sort of impact from sentiment around the world.
然后，显然在7月，你也提到过这一点，我们看到增速较6月提高了1个百分点以上。这一改善出现在旅游和电商相关业务中，我们认为部分原因是美元在7月相对于某些货币再次走强。此外，我们还看到电商零售支出强劲，以及6月提到的一些小因素出现了逆转。所以显然，月度增长率是有些波动的，只要外汇汇率仍以当前速度和节奏波动，我们预计这种波动还会持续。但我们也不认为当前加拿大到美国通道的情况是永久性的结构性变化。因此，该通道可能会出现一些走强，或者我们可能会看到来自全球市场情绪的进一步影响。
And specific to corridors, which is the second part of your -- I'll give a few examples. We've talked extensively about Canada to U.S. That's remaining relatively consistent. U.S. outbound, historically, that's been very sensitive to the strength or weakness of the U.S. dollar. And with the recent weakening U.S. outbound, we believe, has been impacted in a correlated way. AP currency has remained weak as well and has continued to remain weak and across a number of markets in AP, and that's impacting travel there as well.
至于具体通道，这是你问题的第二部分——我给几个例子。我们已经广泛讨论过加拿大到美国通道，这一趋势仍然相对稳定。美国出境业务历来对美元的强弱非常敏感。最近美元走弱，我们认为美国出境业务受到了相应的影响。亚太地区货币同样持续疲软，并且在亚太多个市场上都是如此，这也对该地区的旅游产生了影响。
And then, of course, the timing of various holidays, Easter, which had a larger impact in Europe; and Ramadan, of course, had a larger impact in CEMEA, those are some of the things that we're seeing from a corridor standpoint. But again, if we zoom out of the month-to-month and we look at cross-border in total, the overall level, the data, the trends, and we understand sort of the currency impacts that can show up, cross-border volume, we think, in total has remained strong and above pre-COVID levels.
当然，还有各种假期的时间安排，例如复活节在欧洲的影响更大，而斋月在CEMEA地区的影响更大。这些是我们在通道层面看到的一些因素。但再说一次，如果我们从月度波动中抽离，整体来看跨境业务的水平、数据和趋势，并结合对可能出现的汇率影响的理解，我们认为跨境交易总量依然保持强劲，并高于新冠疫情前的水平。
Operator
Sanjay Sakhrani with KBW.
来自KBW的Sanjay Sakhrani。
Sanjay Sakhrani
I had a bigger picture stablecoin question. Totally understand that Visa can add stablecoins to its suite of payment methods, link it to its products and services and acceptance network. But I guess if we pull up on the long runway to tap into the large revenue TAM in payments, Ryan, do you think stablecoins dilute that? Or do you think it keeps it the same? Does it add to it? When does it become a material contributor in your view? And by the way, those Chime ads during the NBA playoffs are pretty good.
我有一个更宏观的稳定币问题。我完全理解Visa可以将稳定币添加到其支付方式组合中，并将其与产品、服务以及受理网络相连接。但如果我们从长期发展的角度来看，想要切入支付领域庞大的收入可寻址市场（TAM），Ryan，你认为稳定币会稀释这一市场吗？还是会保持不变？它会增加市场规模吗？在你看来，它何时会成为实质性贡献来源？顺便说一句，NBA季后赛期间的那些Chime广告挺不错的。
Ryan McInerney
Sanjay, it is best. You go back to the product market fit that I described, if you agree with that, which clearly I do, I think it's a lot of opportunity for us. And why do I say that? The first, on the emerging markets use cases, the bulk of those markets around the world are very cash-rich markets. The bulk of those markets around the world are markets where we haven't been as successful digitizing cash as we have in more mature markets. And so to the extent that stablecoins get adopted in a broad-based way by both consumers and businesses and assuming that we are able to continue to have success with our playbook of making Visa cards the preferred way for people who have stablecoins in those markets to pay for things, I think that could accelerate our progress digitizing consumer payments and business, small business and commercial payments in those markets.
Sanjay，这是个好问题。回到我之前提到的产品市场契合度，如果你认同这一点——显然我是认同的——我认为这对我们来说是一个巨大的机会。为什么这么说？首先，在新兴市场的应用场景中，这些市场中的大多数依然是现金占主导的市场。在这些市场，我们在现金数字化方面的成功程度还不如在成熟市场那么高。因此，如果稳定币能够被消费者和企业广泛采用，并且假设我们能够继续沿用我们的策略，让Visa卡成为这些市场中持有稳定币的人支付的首选方式，我认为这可以加快我们在这些市场中推动消费者支付、企业支付、中小企业及商业支付数字化的进程。
The second area of product market fit that I mentioned was cross-border. And as you know well, the cross-border TAM in terms of whether it's remittances or B2B money movement, those are enormous TAMs that we're still relatively low in terms of our penetration of those as well. And so I think to the extent that we can do the types of things I was mentioning in the question that Will asked earlier for remittances on our Visa Direct platform, that's going to be an opportunity for us to continue to expand and accelerate our growth in remittances.
我提到的第二个产品市场契合领域是跨境支付。正如你所知，无论是汇款还是B2B资金流动，跨境支付的可寻址市场规模（TAM）都非常庞大，而我们在这些市场中的渗透率仍然相对较低。因此，如果我们能够在Visa Direct平台上，为汇款业务做我刚才在回答Will的问题中提到的那些事情，这将是一个继续扩大和加速我们在汇款业务中增长的机会。
So I'm genuinely optimistic about what stablecoins could do to accelerate our progress digitizing flows, whether it's consumer payments or opportunities in CMS, and we'll continue to update you as we learn more.
因此，我对稳定币在加速资金流动数字化进程方面的作用持真正乐观的态度，无论是消费者支付还是CMS中的机会。我们会在获得更多经验后继续为你们提供最新进展。
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.
至此，我们要感谢各位今天的参与。如果您有其他问题，请随时致电或发送电子邮件给我们的投资者关系团队。再次感谢，祝您今天愉快。
Operator
Thank you all for participating in Visa's Fiscal Third Quarter 2025 Earnings Conference Call. That concludes today's conference. You may disconnect at this time, and please enjoy the rest of your day.
感谢大家参加Visa 2025财年第三季度财报电话会议。今天的会议到此结束，您现在可以挂断电话，祝您度过愉快的一天。