I'll get started. Welcome to day two of our conference again. I'm Sanjay Sakhrani. I lead the consumer finance and payments equity research team at KBW. To kick off the second day, I'd like to welcome Chris Suh, CFO of Visa. Chris has many years of executive experience across industries. Prior to joining Visa in 2023, he served as CFO of Electronic Arts, Microsoft Cloud and AI Division, and the head of IR at Microsoft. Thank you, Chris, for taking the time to speak with us today and come all the way from San Francisco. And Jennifer, come up the elevator bank a few floors to our conference. Thank you for making the trip. Maybe we start with the biggest topic of the week, which is the recent merchant settlement announcement.
Could you walk us through the timing, key terms, and the implications for Visa and other players in the ecosystem? The concession to the Honor All Cards seems pretty meaningful given that's been a key value prop for the networks historically, and they've been very protective of it. How might that impact the competitive balance in the marketplace as it relates to merchants steering away from premium cards?
Okay, hi.
Loaded question.
A lot there. First of all, thanks Sanjay. And thanks everyone. Thanks for joining us and giving me the chance to give you an update about what's going on at Visa. There was a lot there in that question, so bear with me. There's a lot of moving parts and I'm going to give you sort of the full, more fulsome answer. Earlier this week, on Monday, we did announce that we've reached a proposed settlement with merchants in the U.S. As many of you know, this litigation has been going on for over 20 years and we've been very focused on reaching a resolution. The proposed settlement provides merchants in the U.S. of all sizes with meaningful relief, more flexibility and options to control how they accept payments when compared to the previous settlement terms.
The new offer, the new current proposal offers a more significant interchange reduction and more flexibility and control around surcharging and Honor All Cards. I can't and won't be able to go through all of it in detail. Let me just try to hit a few of those high points. First, with regard to lower interchange, the proposal provides for a reduction in interchange for U.S. combined average effective credit interchange rates by 10 basis points for a period of five years. In addition, merchants will now have interchange rate certainty, which means for U.S. posted credit interchange rates, they'll be capped for a period of five years. Interchange rates associated with the standard tier of credit card categories will be capped at 125 basis points. That's one. Two, with regard to more flexibility around surcharging and Honor All Cards, what does that mean?
That means merchants now have the option to search more options rather than to surcharge, even when they're not surcharging other payment networks. Two, merchants will have the option to accept, choose to accept, US credit cards along distinct categories, and that's commercial, premium consumer, and standard consumer. Third, we've introduced merchant education programs covering payment acceptance and cost management made available to merchants of all sizes in the U.S. Okay, so those are sort of the highlights and key terms. Now, you asked about implications and how to think about all of this. It is early days and we're a ways off from implementation. A, it will be cheaper for merchants to accept credit cards, and two, they will have more flexibility, options, and choices.
We believe as merchants make choices, they really care about the customer experience for their customers as they make payments. They think not only about cost, but they think about safety, security, reliability, speed, trust, the brand, the customer experience, the UX, industry leading innovation. They consider all these things. When they do consider all these things, they understand and have benefited from accepting Visa, and we believe they'll continue to choose to accept Visa. Now, where are we in the process in terms of next steps? We do expect the legal process to continue through the end of fiscal 2026, which means that any implementation would occur in fiscal 2027. To support the approval process, we, along with Mastercard, have filed an affirmative brief with additional details. The mediator in this case, who knows the case very, very well, has also filed a support declaration.
We all stand ready and ready to respond to any question should they arise or any objections, should the merchants have any. We'll respond quickly and effectively. There is a lot there. To sum it up, we're very pleased to have reached this proposed settlement, one that provides meaningful relief to merchants in the U.S., additional flexibility and options to control how, how they accept payments. We are very focused on the approval process. We believe Visa will continue to be well positioned to compete in this new environment.
Just one question I asked within the series of questions I asked on steering. Just how do you think about merchants and steering? Do you think that will become prevalent? I know they've been able to do it in certain facets before this, so could you just talk a little bit about it?
Yeah, it has been an existing practice. You know, like I said, it's early and we'll have to see how it all plays out. You know, we do believe that, you know, they understand the benefits of accepting Visa and for all the reasons that I talked about, from safety and security to the actual customer experience. We believe that our value proposition is strong and they'll continue to choose to accept Visa cards.
Got it. Okay, we're going to shift gears and talk about the fourth quarter results. It seems like the consumer continues to be resilient with some variability by segment. Any updates relative to the last few weeks? What are the one or two leading indicators that you guys are looking at? Either internal, external to gauge the health of the consumer and the trajectory?
We talked about Q4 just to start there a little bit, we referred to the consumer as resilient in Q4. We've used that word actually throughout the course of FY 2025. If you look at how broad based that resiliency reflected in Q4, it was evident it was discretionary spend and non discretionary spend were both up from Q3 to Q4. Categories like retail services, retail goods, fuel and travel all steady or improved from Q3 to Q4. It was also again, broader based card, present card, not present, credit, debit, both up from Q3 to Q4. Average ticket sizes were actually improved as well into Q4. We look at the breadth of the business. In addition, we talked about spend bands.
From your highest spenders to your lower spenders, the growth rates have remained quite steady from Q3 to Q4, with again the higher spending categories driving more of the growth, but again steady from Q3 to Q4. Resilient, how do we then interpret that? When we look forward, we reason over that data. We also obviously are mindful that there are signals that consumers are a little bit more uncertain. We're mindful of that. Then again, we look at some of the macro data, jobs, the environment with jobs and employment, personal wage growth, personal balance sheets, all remaining relatively steady and healthy.
As an update through the month of October, when we look across our key drivers and that's U.S. payment volumes, cross border payment transactions for the full month of October, it's very consistent with what we saw through the 21 days of October that were reported alongside our earnings a month ago. Again, no surprise given all the data points you asked about, leading indicators. We look at all of those KPIs that I just talked about, they're not so much leading as they are coincident, I guess. As we look across that, we always start by saying we're not macroeconomists, we're not going to try to predict what's happening from a macro perspective.
All that data and the stability and the resilience of that data gives us good reason to anticipate that underlying performance and underlying economy will remain steady and strong. That is what is assumed in all the sort of guidance that we gave for Q1 as well as FY 2026.
Okay, that is encouraging. Maybe we could drill down on cross-border. Its resilience as well has been impressive given this complex macro picture. We have also gotten some data from some smaller players in the industry on just choppiness in travel. I am just curious how you think about its resilience and the sustainability of these trends.
Yeah, it has been resilient as you called it. We saw resilience again throughout all of FY 2025 and over the last two quarters. If you just look at the numbers, total cross border growth ex intra Europe 11% Q3, 11% Q4, e-commerce cross border 13% Q3, 13% Q4, and travel cross border 9% Q3, 10% Q4. Ticked up slightly in Q4 really based on stronger commercial volumes, commercial travel volumes, and some timing in SEMEA related to holidays. Again, through the last six months, last half of FY 2025, and really throughout the course of the year, we've seen strong, steady, resilient cross border volumes. Now, sustainability, I have an opinion on it of course, but I think the best way is the way that we approach all problems like this. We are data driven.
We look, you know, we try to analyze sort of what we see. So what do we see in the data and how do we sort of analyze the trends? We can kind of break it down along some of the categories that I just talked about. If I look at E-Commerce, cross border, E-Commerce pre- Covid it grew faster than travel. Post- Covid it's growing faster than travel. It's stayed in the low teens pretty consistently. That's been a strong performer and has continued to be so again, pre and post- Covid it was about a third of the business pre- Covid, it's actually 40% of the business today. The faster growing part of cross border growing is a bigger share of the business. That's structurally good. Travel has bounced around from high single to low double.
We see a little bit more variability with cross-border travel again ahead of the pre-Covid levels. When you sort of add that together, however, travel, whether it comes back to pre-Covid levels or not, structurally we have the benefit of more of the business being weighted toward the faster growing e-commerce. Obviously, we'll have to wait and see to see how all the travel things, like we have some exciting things on the horizon like FIFA, which will attract, I think, travelers into World Cup, that is, which will attract travelers into North America. We'll continue to watch, be very watchful about cross-border, but we do see it as a resilient and sustained strong driver of our business.
That's great. I mean that was going to be my other question. Just 2026 FIFA World Cup is going to be in North America. You guys do think it's a major catalyst for inbound travel and that inbound travel into the U.S. is kind of more profitable, right, in cross-border.
Yeah, we have talked about it being a strong yield corridor. I mean here's how I think about World Cup and FIFA. We obviously partner with FIFA across a sort of broad category. There's incredible excitement. I think there's 100 + matches, 16 cities, three countries involved. Excitement from consumers clearly, but also our clients. You know, we already have 70 clients engaged with us on marketing services related to World Cup and FIFA. We could leverage the World Cup and FIFA brand for advertising, for co-branding. We could help them launch branded credit cards. We can also create very unique experiences at the events for our clients to host their clients. There's a number of marketing services that will be great for the business in FY 2026.
Of course we are anticipating an influx of fans to come watch football match. I was about to call it soccer but football matches for our global audiences out there throughout the course of this year. Now that's all embedded. Both the marketing services and the cross border volumes are embedded in the guide for FY 2026 that I did provide with the cross border piece. The match is really happening in June and July and then with marketing services we anticipate a little bit more even spread throughout the course of the year because clients are activating it both before and after.
All right, moving on to fast growth. Value added services. It's been quite strong in the low to mid 20s. Now represents almost 30% of total revenues. Can you just talk about what's driving the strong outperformance? New products versus old.
Yeah, very proud of where we are with our VAS business, big market opportunity that we've articulated a very clear strategy and the teams have been executing really well. It's reflected in the, you know, the growth number that you just quoted. In fact we've seen some acceleration of growth in the second, in the back half of the year, 26% and 25% over the last two quarters. Now we did also acknowledge that some of that's benefiting from the timing of pricing in FY 2025. Regardless, even x that, the business has continued to execute really well and deliver strong growth. The business continues to execute really, really well. Your questions around like sort of new and what's driving it.
Maybe just let me clarify. I think we get a lot of questions about the durability.
The durability. Got it.
I think everyone sort of assumes like it's just growing off a base and you're constantly evolving to add new products. Maybe you could just talk about how that sustains the growth.
Yeah, let me try to address together with an example. Maybe let's talk about what we saw in the fourth quarter. Each quarter we kind of highlight some of the things that are driving our business. In the fourth quarter, there's probably a good example that kind of maybe illustrates some of the things that you're asking about VAS. In Q4 again, we had a very strong VAS quarter and we talked about the drivers. We have four portfolios within the VAS business, each over $1 billion and each growing healthy. One of those portfolios is issuing solutions. That's a business where we have products and services really targeted toward our issuing clients. We talked about that as a driver of performance in the fourth quarter.
If we just click into that, I think that might help sort of solidify or make concrete some of the examples. What drove issuing solutions? There were two things that we called out, both network products and card benefits. What are network products? Here's an example of two network products. We have Visa Stop Payment service, for example. That is a service that helps consumers by helping them basically turn off recurring or installment payments on behalf of the consumer so they do not have to go through sort of the sometimes difficult process of canceling like a subscription. That is a service, for example, that is a network product. Another one is stand in processing.
Visa Stand-in Processing so that in the event that an issuer can't process, goes down and can't process a transaction, the service actually smartly reasons over that transaction and decides whether they should accept or process that transaction. Therefore the sale is not lost. Those are two examples, network products that are doing really well. You can see they're very sticky. They're related to the Visa transaction card benefits, which is another sort of big business within issuing solutions. It's really all about rewards. People love their reward cards, as we've seen consistently. We have a platform called Visa Infinite. We partner with many issuers who really take advantage of the benefits that they're able to use, then differentiate their product against other rewards cards. We named a couple this last quarter, Scotia Wealth Management, Truist, on their business Premium.
Those are both Visa Infinite products. There is more and more interest in that product as well. Those are two different ways to think about drivers of the business. There are Visa transactions and premium cards in force, which both are very sticky sorts of things in terms of sustainability. Just to kind of finish that thought, there is a close relationship in the issuing portfolio, for example, to Visa transactions. As I talked about, we are executing really well and our sales and go-to-market forces also have access to what we call value in kind. In many cases, clients have already earned these incentives that they often use and like to use against value added services. Those are just some examples of why I think the business against this very large $520 billion TAM that we have articulated as well.
Again, big opportunity, strong execution, good products and services. That is just one portfolio. If you look back over the course of the last couple of years, I think in each quarter we have talked about acceptance, we have talked about risk, we have talked about advisory and other. Across the breadth of the business, value added services are doing really, really well.
Yeah, you guys are involved in a lot more than just moving money around, it seems. And you know, a lot of people just think of it one dimensionally. I guess maybe we could double click a little bit on Pismo. It's something you talked about on the last earnings call and it's a newer acquisition that you guys made on the card issuing processing side. So could you just talk about how that business compares to your legacy business, which is debit processing, and then how will it help you sort of expand in value added services and your value props to banks.
Great. Let's first start talking about sort of our two services that are in this space that you're referring to. You talked about our, you called it our legacy debit processing business, DPS. It's been a very successful business in the U.S. It is our traditional issuer processor for debit, primarily in the U.S., and, you know, that's been a successful business and has done really well. Then there's Pismo, which we closed that acquisition just less than two years ago now. What is Pismo? Pismo is cloud native. It's a modern tech stack. It's issuer processing, core banking, and it's not just debit, but it's credit, it's prepaid and debit, and commercial. It's multi product and it's global, so outside the U.S. as well.
You can sort of immediately see how those two businesses kind of complement each other, one being debit and us, the other being cloud native and multi product and global. If you think about like what you know, which kind of tells you why we were interested in it, right? Like it really began with the customer journey. Customers were telling us as many banks and clients were thinking about their digital transformation, they looked at Visa and said, hey, can you help us along that journey? We're looking to modernize, we're looking to partner with a company like Visa, you know, on the core tech banking stack. We looked around the world and of course found Pismo as what we viewed to be the best in class from a product standpoint. That's how it came together. It's been, like I said, just under two years. We're expanding globally.
We talked about the five countries, four region expansion in FY 2025. The client interest is very high. The two from a go to market standpoint, these two again do complement each other quite well. We are able to offer DPS as a sort of traditional issuer processing service and DPS around the world and Pismo around the world as well. I think your last question is sort of like how does that then pull through more VAS. I think we think of it two ways, right? We think of it as both traditional issuers and I guess digital native issuers. For digital native banks, they could be faster to adopt and implement our solutions with Pismo. It is just less friction in that.
For traditional banks who I referred to earlier talking about their interests in becoming more digitally transformed and as they do so, Pismo is often a great solution for them as well. I think it resonates with both. I think in both cases, anytime that we have an opportunity to engage with clients in a, in a deep, deep way, we have the opportunity to provide a more expansive set of services across our VAS business. I think there's stickiness there as well.
Okay, maybe we can then just think about the financial picture of value added services and VAS, maybe you could talk a little bit about the margin profile of that business relative to the core payment processing business and then just the scalability and the interplay between these two businesses.
Yeah, I talked about all the reasons why I like value added services from a strategy and product and customer standpoint through the lens of, through my lens, right, through the lens of a CFO. It's a great business because from a revenue standpoint, it's high growth, highly recurring. There's a strong relationship to the transaction. I could talk about that here in a second. Transactions have as much recurring like sort of features as most true, like classically recurring businesses. It is highly recurring, it's high growth, and it is high margin. The best evidence of that is that you look at the size and scale of the business today. It's $10.8 billion in FY 2025, 27% of our total revenues. You talked about the diversification right there. It is 27% of our total revenues are value added services.
We have grown to that size and scale. It has not been a drag on Visa margins to date. Again, sort of evidence, I guess, of the nature of the business. Why is that? We have talked about sort of the different profiles. If I click into what drives each of these four portfolios, I think that is insightful, perhaps. I talked about issuing solutions already. That is really driven by Visa transactions. The other portfolios are acceptance solutions, which are driven by network transactions, both Visa and non-Visa, and risk and security solutions, same network transactions, Visa and non-Visa. The fourth portfolio is advisory and other, which is largely marketing services. That is really driven by engagements. Those engagements often help clients grow faster. There is this virtuous benefit if they are growing faster and being more successful.
That is good for Visa as well. If you look across the business, three of the four portfolios are very much attached to the core processing transaction, whether it is Visa or outside. Like I said, the fourth one has both a direct and indirect benefit. As you look across the portfolios, it really is, you know, high growth, recurring and very high margin. We have four portfolios all over $1 billion apiece, all growing double digits, healthy margins. They are really a powerful driver of revenue and profit growth at a scale that would exceed benchmarks, I think, of most SaaS companies that trade on recurring revenue, plenty of opportunity in front of us and a really good business. Excited to continue to try to execute well against it.
If I had to pick at one part of earnings, it would have been expenses, which were somewhat elevated. Could you just talk about maybe sort of what was driving that higher? I mean, you guys investing, obviously the FIFA event is this year, or maybe you could just talk a little bit about that.
Sure. It's a very dynamic time in our industry, a really exciting time. The pace of innovation as we could all see is very fast, perhaps even accelerating. Some of the topics of late around things like Stablecoin and Agentic. Clearly there's a lot of interest and innovation and investment happening in Visa and also in the entire ecosystem. I do think it's important as we think about preserving our long term growth aspirations that we continue to be at the front center and continue to invest in these things. It's not like some structural. Our guidance for FY 2026 is that revenue and expenses kind of grow generally in line. That's not a structural reason. I think it's our responsibility to continue to invest in the ecosystem. Let me give you maybe some flavor of some of the things that we're investing in.
I mentioned already Stablecoin and Agentic, these are hot topics.
I guess we're going to talk about them.
Yeah, they're certainly hot topics. Some of the places we're investing, like in Stablecoin, 130 card issuance programs already across 40 countries. We have Stablecoin settlement that's now at an annualized run rate of $2.5 billion, which is two and a half times higher than it was just from August. It is rapidly increasing. We've launched a Visa Direct pilot with Stablecoin as well. Those are just examples. Agentic Commerce, we introduced Visa Intelligent Commerce back in April. We were early, I think we were one of the first to come to market to really talk about that, with a list of marquee partners. We've already are transacting live transactions there, piloting those. Agentic Commerce is certainly an area.
I even point us back to what we talked about at Investor Day and we went through a whole list of things of priorities that we're going after. Whether it's on the consumer side, affluent and cross border marketing partnerships with FIFA and F1, thinking about going after in CMS, going after SMB and LMM on the VAS side, all the products and services as well as go to market and sales engineering. There is just an incredible set of opportunities that are exciting to us. We think will continue to drive our long term growth that we're going to continue to really be front footed about. I would say maybe the final point just to close on it though, is we totally get it. We understand that what's important is not just the investing, but being very, very good stewards of that investment.
I think we've done that in the past and I think it's incumbent on us to of course take some bets. When you take bets, some of them are going to work and some of them are not. We have to be responsible to really double down on the things that are working and course correct on the things that are not. It is not lost on us that it's very important that we continue to be mindful of shareholders and their interests and continue to make sure that we're being disciplined in that and delivering profit growth that matters to shareholders very much. It is not lost on us by any means.
You guys have executed. Maybe we could talk a little bit about pricing because that's going to impact Q1 and FY 2026 as a whole. Could you just walk us through that and how you calibrate your pricing to ensure you're compensated for value?
Okay, so let me talk a little bit specifically about what we said for FY 2026 and then maybe expand on that a little bit just to think through the structure of your question. In the first guide that we gave for FY 2026 just a month ago, we said for the full year FY 2026, the benefit, the contribution from pricing will be similar to what we saw in FY 2025. The timing of the implementation of new pricing will also be similar, meaning back half loaded. New pricing, FY 2026 back half loaded. That was the case in FY 2025 as well.
If you do the math on how that sort of plays out through the course of 2026, from a quarterly contribution standpoint, it is a little bit more uniform because of the two years pricing timing with Q1 being the largest beneficiary from a year over year standpoint. We do think the growth will be highest for us in Q1. That is the guidance for FY 2026. Now zooming out a little bit, maybe just talking about philosophy and our overall approach to pricing as well as our overall approach to pricing in FY 2026. You know, the words we have used, I have used frequently, is that we price to value, which means we regularly introduce, adjust, make adjustments to pricing as we introduce new products, new services that will benefit our clients, merchants, or make the ecosystem better or stronger.
We do this, we can do this in multiple ways and we do this by adjusting fees up or down in some cases. We could also provide incentives via fees or interchange that encourage adoption of new practices that again strengthen the ecosystem and benefit the ecosystem. In fiscal year 2026 one of the focus areas has been E-commerce. For E-commerce we have taken a good look and we have introduced, we have revised pricing associated with some E-commerce fees and tokens that really encourage the adoption of more authenticated tokens, encourage more sharing of data and again strengthen the overall ecosystem. Our approach has been from a global basis, we have adjusted fees associated with authenticated tokens and enhanced data as well as some of the most value added, sought after value added services associated with tokens.
Secondly, in the U.S. we are actually lowering interchange for merchants who opt into both enhanced data and the token services as well. That brings down the total cost. That is our approach on e-commerce for fiscal year 2026. When we do this, we think that it will really benefit e-commerce and when we do that, it brings down overall fraud, which has the benefit of saving billions of dollars for merchants in the ecosystem. That is our approach to pricing in 2026.
Wonderful. Maybe we shift to Stablecoins and Agentic Commerce. Those are two topics of significant discussion and obviously meaningful areas of investment for Visa as you mentioned. Could you just talk about the commercialization aspect of it and how quickly it evolves, how quickly do you think it contributes to Visa?
My disclaimer, the start is it's early on both these topics, even though they are taking up a lot of conversation, interesting conversation. When I say it's early, it's also recognizing that the pace of innovation is pretty rapid. I talked about, the one example I gave in terms of pace was the Stablecoin settlement which has gone up by 2.5x since August. You could clearly see it's rapid innovation happening. Let's talk about maybe each. I talked already a little bit about Stablecoin. Right? Where we think about the different vectors of Stablecoin issuance, we talked about the 130 card programs, 40 countries. We've also been involved in crypto and Stablecoin even before Stablecoin existed for a while.
Since 2020 now we've enabled about $140 billion of crypto and stable transactions across our network. That's about $100 billion associated with purchasing, using Visa credentials, purchasing of crypto, and over $35 billion in consumers using or customers using Visa credentials to spend their crypto and Stablecoin, and then the issuance programs that I talked about. From that sense we're already monetizing it, right? Because that follows traditional card economics. You think of all that volume that has run across the network, run through the network. I talked about state settlement as potentially an unlock for us and for clients to make that more efficient. We're piloting, as I talked about, Visa Direct pre-funding model for Stablecoin. You know, there's sort of many other vectors that we're looking at, and it's continuing to evolve very quickly. We're excited about Stablecoin from that standpoint.
We think of it as an opportunity certainly and so we'll continue to invest there. Agentic, you know, it just goes back again six months. At our product drop event in April, the introduction of Visa Intelligent Commerce, which is really a set of APIs that enable this thing called Agentic Commerce. They're AI enabled cards authentication, tokenization. It's AI powered personalization, which is really enhancing our data tokens to make it, with permission, a more personalized experience for you. And then it's really AI specific payment instructions that really allow that transaction to happen, controls, rules around like fraud and disputes and things like this. More recently we've introduced our trusted agent protocol, which really deals with how the agent then deals with the merchant and enables that to happen in a trusted way.
It is early days, a lot of partners have gotten on board and since we started talking about it first in April, I think a lot of, you know, everyone's sort of talking about it. We're seeing some live transactions but I think it's even earlier days on the agentic side. We view both as great opportunities and the role that Visa plays in the ecosystem. I think we can continue to be a leader in both.
Like the bull case for Stablecoins is quite disruptive to your model, quite frankly, when you think about it. They think a lot of the bulls talk about cross-border consumer and B2B payments, which are very profitable businesses for you guys. How does Visa think about potential cannibalization of that business with Stablecoins, and why do you think it is positive?
Yeah, we do think it's positive. Let me just start there. We do think it's positive and if you really look at, we look at it a couple different ways. The first place I'd start is to say if you look at the product market fit for where Stablecoin has the most compelling use case, they're often in places where access to U.S. dollars is difficult, or their fiat local currency is very volatile, or in some cases cross border money movement, particularly in the B2B side. If we look at all those scenarios, there are places where Visa doesn't have great penetration today. From your question around sort of cannibalization, it's more white space opportunity if anything. That's how we look at it.
I mean if you think about sort of the cross-border scenario that you described, like at the end of the day, again, is there a compelling consumer use case? Is there a problem that wants to be solved as travelers, as a consumer travels cross-border, are they going to. They love their cards. There are almost 5 billion of them out there today. And there is a vast acceptance network, 150 million merchants globally that accept the cards work really well. They love their cards. We just do not think that there is a compelling use case there. There are ones that are. Also, coincidentally, like if you look at where Stablecoin may have the most sort of traction, they are in markets that are earlier in their digitization of payments.
As they adopt, if there's an accelerated adoption of Stablecoin in those markets, it actually will accelerate the digitization of payments. When that happens, that's actually good for Visa as well. We will be a participant in that. When we just look across the universe, access to digital dollars, which is what Stablecoin is, it's not really a problem for a lot of the world. They can access U.S. dollars just fine, but when they can't, then Stablecoin maybe becomes more compelling. In those cases, I think Visa has a strong value proposition as well.
Okay, great. Couple of questions left that I have. One is as Agentic Commerce evolves, what do you think Visa's greatest leverage is to win share in that market? I guess if you fast forward and we now have these aggregators of information that are now throwing out bots, bots, I mean, can they then circumvent the payment in your mind and move volume away from Visa?
Yeah, I mean can and should and will. I guess maybe those are the ways that I would think about it. Listen, I think there's two ways. Obviously a lot is left to be solved and a lot of questions and a lot of things to continue to progress and be worked on. Two things. One is the value and the power and the importance of the network, both in traditional sense, human to human, and in the future, agent to agent as well. The network plays an incredibly important role around trust, around security, around rules and governance and compliance. Like, how do you deal with returns, how do you deal with disputes and fraud and chargebacks, and how do you set the rules of governance that all the participants can play? I think Visa and the scale. Right.
The 5 billion cards or the almost 5 billion cards, and the acceptance network that I referred to. All those things, I think, are really quite important to transactions in the agent world as well. We will continue to play a very important role in that. A, and then B, if I think about, again, sort of our leadership in product and innovation, I referred back to our product drop in April, but I think that is just evidence. You know, we were thought leaders in this space. We started talking about Agentic Commerce with a marquee set of partners very early. We have been in AI for decades. Right. Like, our products and services have been deeply infused with AI for generations. I think that just shows, again, that we continue to think of our role as a thought leader and as a product leader, and we have executed really well.
We will continue to take a leadership position, which I think is important, and, you know, there is no right to win. I think we are in a great position and we are very happy to continue to invest in these areas.
I think we've run out of time. Chris, this was great.
Thank you.