Visa Inc at JPMorgan Global Technology, Media and Communications Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Tien-Tsin Huang - JPMorgan - Analyst : So drilling in on the componentizing the business and unbundling the capabilities, Ryan, can you give us just some examples of that? Because it is really important, right? It's allowing you to go after some of these newer geographies and noncard markets. So give us some examples.

Question: Tien-Tsin Huang - JPMorgan - Analyst : Good. That was a perfect example. Yes. I think the power of the governance and the rules and the trust that Visa has, right, that's easy to consume. So let's talk about the product side then, Ryan. I think you guys had a product drop last month. I think the big unveil was AI-driven commerce. You called it Visa Intelligent Commerce. What problem are you trying to solve with that? I know there's a lot of talk about agentic systems in AI. What are you trying to solve there?

Question: Tien-Tsin Huang - JPMorgan - Analyst : So how quickly -- you mentioned weeks, months. I was at Stripe sessions, and they talked about Visa being the launch partner for what they're doing around the agentic commerce. Is this ready to go now, Ryan?

Question: Tien-Tsin Huang - JPMorgan - Analyst : Okay. Okay. Good. No, we'll look forward to get an update on that next time we check in with you here. A lot of this, I think, is made possible, right, by a technology that Visa has been very smart in pushing, which is tokens, tokenization, right? So agentic commerce, now thinking about -- you mentioned e-com or even Apple Pay, right? Those are all made possible by a token. So it feels like it's a pretty big theme and shift for payments and for Visa. Would you agree with that? And where are we in this journey of unlocking tokens and of course, what investors want to know for Visa to monetize tokens as well? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 14, 2025 / 4:20PM, V.N - Visa Inc at JPMorgan Global Technology, Media and Communications Conference

Question: Tien-Tsin Huang - JPMorgan - Analyst : Right. Good. No, that's a great summary, Ryan. Thanks for going through that. So another hot topic or tech that people are tracking is stablecoins, right, in crypto and all that good stuff. I know it's a popular debate for investors. I get asked the question a lot, so I'm going to ask it to you. Friend or foe, stablecoins for Visa?

Question: Tien-Tsin Huang - JPMorgan - Analyst : Yes. No, you're absolutely running towards it, which sort of I think is a good segue into my thinking around money movement and -- because I know stablecoins and there's a lot of discussion around money movement. But just broadly speaking, you're working with a lot of different players. You mentioned some of the crypto ones. But with money movement, tell us a little bit more about who you're working with globally to win there? Because it feels like there's some pent-up growth potential within money movement. Would you agree with that, Ryan? What are you doing on that front?

Question: Tien-Tsin Huang - JPMorgan - Analyst : Okay. Good. I know we're more than halfway through, time is clicking, I told you it would. So let's bring it back to consumer payments, back to the product drop. I think you talked about a bunch of different things, but I thought Visa Accept was interesting as an extension of Tap to Pay and Tap to Phone and some of the things that you guys have talked about. I always write this down because people ask me, right? And correct me if I'm wrong, Tap to Pay penetration, 76% now globally, I think over 60% in the USA. I remember it was nothing in the US, not that long ago, certainly pre-COVID. Tell us a little bit more about Visa Accept. And is there more, right, with technology like that to drive consumer payments growth as you see it?

Question: Tien-Tsin Huang - JPMorgan - Analyst : No, it's perfect, right? It eliminates the need to have a CapEx or a point-of-sale terminal. It drives the network density for you in terms of driving acceptance and hard-to-reach areas. So it feels like a natural extension. So which brings me back to the consumer payments and the penetration question, right? And TAM, I think you've grown -- I think you talked about Investor Day, right? The Visa payments volume has grown at a 6-point premium to addressable consumer spend. How sustainable is that premium in your mind? How much more room to go? Are you doing a lot with things like Visa Accept? What's going on ahead?

Question: Tien-Tsin Huang - JPMorgan - Analyst : All right. Good. I know consumer spend is on the top of everyone's mind, and you get a great look at that. I think in the earnings call, you talked about stability. We've been hearing a lot about stability, but I'd love to hear how you see it. Any signs of the consumer cracking globally?

Question: Tien-Tsin Huang - JPMorgan - Analyst : Yes. Good. I mean even with consumer spend, I know that gets a lot of attention, but the reality is your value-added services is growing very fast. You talked about money movement. I think those two segments now are just about 30% of Visa's revenue. I think value-added services is growing in the 20s. Jennifer will correct me if I'm wrong, but where -- how much more room is there to go there? I think you talked about 2% penetration at Investor Day, but is this premium growth sustainable for VAS?

Question: Tien-Tsin Huang - JPMorgan - Analyst : Okay. So looking ahead, I think you said that there's a goal of having Visa be 50% VAS and CMS, 50% consumer payments. Say we get there, then what's next? I mean, can we still think of Visa as a payments network? Just kind of back to the beginning of when we talked about evolution, but what do you want investors here and the audience here to think about what Visa will be in five years?

Question: Tien-Tsin Huang - JPMorgan - Analyst : Okay. Good. We should probably leave it there. Any closing comments? Anything to underline here before we let you go?