V · 10-Q · 2026Q1 · Full report

Market Demand Trends

VISA INC. · 2026-04-29 · Importance 54 · Surprise 40

Net revenue growth was driven by increases in nominal cross-border volume (three- and six-month growth of 17% and 16%, excluding Europe), nominal payments volume (reported growth of 10%) and processed transactions (9%). Growth was supported by resilience in consumer spending, expansion in digital commerce (ecommerce growing faster than face-to-face) and travel-related cross-border activity. Cross-border ecommerce and travel were called out as key drivers of international transaction revenue, and exchange rate movements increased net revenue growth by ~1 percentage point for the periods. Visa explicitly notes the ongoing structural shift toward digital commerce and electronic payments but cautions that future volume gains depend on consumer spending and macroeconomic conditions.