During fiscal year 2024 (2024), Visa delivered strong financial results of $35.9 billion in net revenues and GAAP earnings per share of $9.73, up 10 percent and 17 percent from the prior year, respectively. Visa’s total payments and cash volume was $16 trillion and the Visa network processed 234 billion total transactions — 639 million transactions every day.

But these numbers only tell part of the story. In 2024, Visa’s solutions helped our clients and partners deliver digital payments to individuals and businesses around the world, benefiting communities and economies globally. We ended the year with 4.6 billion payment credentials, up 7% from last year, that can be used at more than 150 million merchant locations worldwide.

The integrity of the payments ecosystem is fundamental to our success.

The integrity of the payments ecosystem is fundamental to our success. Throughout 2024, we prevented billions of dollars of potentially fraudulent purchase volume, working with our clients and partners to stop bad actors and enable legitimate transactions on our network, leading to higher sales, lower fraud and better consumer experiences.

Our clients are at the center of everything we do. We partner closely with more than 14,000 financial institutions and the world’s major technology and consumer digital platforms. We are proud of how we serve and deliver for our clients. For example, in 2024 alone, we signed over 12,000 new deals and renewals with our clients for value-added services (VAS), up 17 percent from last year. Our Annual Global Client Engagement Survey showcased a Global Net Promoter Score of 76, up three points from last year and an enviable score for any client-facing organization.

We made great progress across our key growth drivers: consumer payments, new flows and value-added services, and we are confident in our ability to drive growth from each of these three areas going forward.

In consumer payments, we accelerated our efforts to address the $20 trillion¹ annual opportunity by converting consumer spending from cash, checks, ACH, domestic schemes and other forms of electronic payments into digital payments on Visa’s network. Let me highlight a few innovative ways we are enabling our partners by creating the best payment experiences to capture this opportunity.

First, we launched an innovative new way to pay called the Visa Flexible Credential, which empowers consumers by allowing them to choose from an array of different funding sources when making a payment — whether it’s debit, credit, installments or rewards points. Second, Tap to Pay usage continues to grow and has become the default way to pay in person, with 72 percent of all face-to-face Visa transactions now taps. With the launch of Tap to Phone, any of the billions of mobile phones around the world can now be a point-of-sale device to accept Visa payments. Third, we announced plans to launch Visa Payment Passkey, a biometric authentication solution that replaces passwords and one-time codes for e-commerce payments. Last, we expanded Visa Token Service, which helps protect digital transactions by replacing 16-digit Visa account numbers with a token. We reached 11.5 billion tokens by the end of 2024, driving down fraud and increasing authorization rates.

Beyond consumer payments, our new flows business is focused on driving digitization and improving the payments and money movement experience for businesses, consumers and governments. The total addressable opportunity is enormous — approximately $200 trillion¹ in payments annually.

Visa Commercial Solutions, representing $1.7 trillion in 2024 payments volume, helps small businesses, large and middle market companies and governments simplify payments, improve expense management, streamline accounts payables and enable seamless cross-border payments. Visa Direct facilitates domestic and cross-border money movement, enabling clients to collect, convert, hold and send funds to more than 11 billion cards, bank accounts and digital wallets, with nearly 10 billion transactions in 2024.

In our VAS business, we have deepened our relationships with our clients through multiple solutions and continued to expand our services beyond Visa transactions to non-Visa transactions and non-payment services. We have done this across a diverse portfolio of services, encompassing Issuing Solutions, Acceptance Solutions, Risk and Identity Solutions, Advisory Services and Open Banking Solutions. As a result, we are helping our clients and partners optimize their performance, differentiate their offerings, and create better experiences for their customers. For example, in Advisory Services alone, we delivered more than 3,000 consulting engagements during 2024, up nearly 50 percent from last year, and we estimate that we helped clients realize over $5 billion in incremental revenue as a result.

We are integrating artificial intelligence (AI) into our VAS offerings to help merchants and financial institutions prevent fraud and protect account holder data. In Risk and Identity Solutions, we launched Visa Protect for Account-to- Account Payments, bringing AI-powered risk decisioning to the growing space of real-time account-to-account payments. We also launched Visa Provisioning Intelligence, utilizing machine learning to predict the probability of fraud in token provisioning requests, empowering financial institutions to combat token fraud at its source. We continue to expand our portfolio of services. We announced our intent to acquire Featurespace, a developer of real-time AI payments protection technology. It will enable Visa to provide enhanced fraud prevention tools to our clients and protect consumers in real-time across various payment methods.

1 Excludes Russia and China.

At the most fundamental level, the power of Visa’s brand is its ability to create trust. Visa enables individuals and businesses who do not know one another and who have no reason to trust one another, to exchange value in milliseconds, around the world. We are recognized as one of the world’s most valuable brands and one of the most trusted.

Our brand continues to be a differentiator in attracting client business and serving as a driving force of preference for clients to work with Visa. In fact, part of the role the Visa brand plays in creating commercial value is reinforcing the shorthand in people’s minds and behaviors that Visa is the best way to pay and be paid.

Our people are our greatest asset. We are proud to have an engaged, talented and global workforce that embodies our Visa Leadership Principles of leading courageously, obsessing about customers, collaborating as one Visa and executing with excellence. We have created an environment where our employees can thrive and learn while innovating for our clients. It’s just one of the reasons we continue to be recognized as one of the best places to work.

The benefits of digital payments are as relevant today as they were over 60 years ago. And while we’ve made meaningful progress, there is immense opportunity ahead of us to bring more people into the digital economy and create innovative payment solutions for all.

The benefits of digital payments are as relevant today as they were over 60 years ago.

I want to extend my gratitude to our shareholders for their continued commitment and support. To our clients and partners, thank you for trusting us with your business. You are at the center of everything we do, and we are focused on your success.

And to the more than 31,000 Visa employees, I deeply appreciate your dedication, leadership and collaboration. I am confident that we will continue to deliver on our growth strategy while leading the future of digital payments.

Thank you for a great 2024. We look forward to 2025.

Ryan McInerney
Chief Executive Officer