V · Earnings call · 2026Q3T · Full report

Payments and Cross-Border Growth

VISA INC. · 2026-10-27 · Importance 42 · Surprise 40

Full-year cross-border volume excluding intra-Europe rose 12% year over year, with travel up 11% and e-commerce up 15%, all in constant dollars. In the fourth quarter, total cross-border volume grew 14%, travel-related volume rose 13%, and cross-border e-commerce increased 17%. Management attributed the travel acceleration primarily to improvements in CEMEA inbound and outbound activity, while U.S. inbound demand also remained strong. Visa characterized travel and e-commerce cross-border trends as strong and above historical levels.

Key facts

• Visa FY2026 commercial payments volume grew 12% in constant dollars, faster than consumer payments and at its fastest annual growth rate in 8 years excluding the post-pandemic recovery.
• Visa Direct exceeded 15 billion transactions and approximately $1.5 trillion in payments volume in FY2026.
• Visa Direct had more than 18 billion endpoints across cards, accounts and wallets, up from 12 billion in 2025.
• Visa Direct transactions grew 23% year-over-year in Q4 FY2026, nearly 2 points faster than Q3, primarily due to strength in the U.S. and LAC.
• Visa FY2026 payments volume grew 9% year-over-year in constant dollars.
• Visa FY2026 total cross-border volume excluding intra-Europe rose 12% year-over-year; travel grew 11% and e-commerce grew 15%, all in constant dollars.
• Visa processed 281 billion transactions in FY2026, up 9% year-over-year, with approximately 80% processing penetration globally.
• Visa processed nearly 9,000 transactions per second across more than 200 countries and territories every day in FY2026, up 9% year-over-year.