Visa Inc. (V) Earnings Call Transcript & Summary

Please welcome Senior Vice President, Head of Global Investor Relations, Jennifer Como.

Good morning. I'm Jennifer Como, the Head of Global Investor Relations here at Visa. It is so great to see all of you here in this room. And I know we have many, many more on the webcast. We have a very packed agenda. So I'll just cover a few items, and then we'll get started, of course, with the forward-looking statements page. Over the course of today, we'll make many statements about the future. And as you know, actual outcomes may differ materially as a result of many factors. Please review our forward-looking statements disclosures and our filings with the SEC for additional information. Unless otherwise noted in our Investor Day presentation, which is available on our IR website, our comments today will reflect Visa's total revenue on a GAAP basis and all other measures on a non-GAAP basis. The related GAAP measures and reconciliation are available at the end of the presentation. Here is our agenda for today. We have a lot to share with you. Let me walk you through how the day will work. We've organized the day into 3 segments. Before the start of each segment, we will load the slides onto the IR website. Lunch today will be about 35 minutes. There is assigned seating, and your table assignments can be found on your badge. We encourage those of you who are here to visit our innovation showcase during the breaks, after lunch and at the end of the day, where you can experience many of the products, strategies and themes you'll hear on the main stage. For a neat part of the showcase experience, you've been provisioned a virtual card. If you haven't activated it yet, please do so. You can visit the information desk before you experience the showcase. And with that, I'd like to officially welcome you to Visa's 2025 Investor Day. Let's get started. [Presentation]

Please welcome Chief Executive Officer, Ryan McInerney.

Good morning, and welcome to those in the room and those of you on the webcast. I'm very excited to be here today to talk about the Visa story. We have a powerful strategy, a deep bench of world-class talent and a set of differentiated assets and capabilities that help make Visa one of the best businesses on the planet. We have enormous opportunities and runway for growth ahead of us all around the world. The goals that we set for ourselves as a leadership team up and down the organization are rooted in a few key principles. First, ensuring we absolutely delight our clients. We are obsessed about serving our clients and wake up every morning thinking about what we can do to help our clients be successful today and in the future. Second, delivering innovation across the commerce ecosystem. We continue to deliver new capabilities, services and products that make us the best way to pay and be paid in every country that we do business around the world and across consumer payments, new flows and value-added services. We are constantly determining how payments and commerce will evolve and delivering new solutions and experiences that help buyers and sellers realize this future. And of course, the third underpins it all, maximizing shareholder value. When I took over as CEO, I created a new operating model for Visa with leaders who are well seasoned and well respected, both internally and by our clients. These leaders are responsible for growing consumer payments and value-added services and new flows reporting directly to me. They have strong and experienced management teams, full-stack product and engineering teams and go-to-market sales teams all around the world that are doing everything they can every day to deliver our strategy, and you'll hear from them today. Here, you can see our lineup of speakers. Right after me, Jack Forestell, will go into our consumer payment strategy and how it's evolving. Chris Newkirk will spend some time on new flows, which we digitize with our commercial and money movement solutions. Antony Cahill will discuss our value-added services; and then Frank Cooper will cover our brand. Rajat Taneja will discuss technology and AI at Visa. And then we'll have a global spotlight on several market models so that you can see how our strategy is coming to life at the country and regional level with Oliver Jenkyn, Charlotte Hogg and Kim Lawrence. And then Chris Suh will wrap it all up with the investment case followed by some Q&A. We have 2 board members in the room today that I would like to recognize, Lloyd Carney and Maynard Webb. And there are also a few members of our management team that I would like to introduce: Paul Fabara, Visa's Chief Risk and Client Services Officer; Julie Rottenberg, our General Counsel; and Kelly Mahon Tullier, our Chief People and Corporate Affairs Officer. Now I'll start with why we come to work every day, and that is our purpose: to uplift everyone, everywhere by being the best way to pay and be paid. If we deliver on our business objectives, we uplift individuals, businesses and communities around the world by removing barriers and connecting buyers and sellers to the global economy. Over the past 60-plus years, we have made great strides in advancing our purpose. As we look ahead, we'll continue to deliver on it to dream, design and build toward the next 60 years. It's always helpful to look at how it all began. Visa started with a simple yet revolutionary idea to connect buyers and sellers through seamless, secure digital payments. We've made significant progress bringing this idea to life through continuous innovation. And over time, the industry has continued to evolve and new players have emerged, and we've evolved our strategy and network to expand our reach and our impact. Back in the 1960s, Bank of America changed what had been a closed-loop network to become open loop by licensing the network to other financial institutions. This initial opening of our network to include all financial institutions all around the world was very important and becomes important again in 50 years. I'll come back to that in a moment. In the '70s, VisaNet, a scaled payments platform well ahead of its time was born and processed its first transaction. And to think in 2024, we processed more than 630 million transactions a day. We've come a long way. In the '90s, the Internet gave rise to e-commerce, a clear instance of a major industry trend disrupting commerce, paving the way for new entrants and creating the need for a secure digital payments mechanism in a new online world. Visa established itself as the go-to enabler for these early players, creating secure digital capabilities that gave buyers and sellers the ability and the confidence to engage in commerce online, including the first AI-based technology for risk and fraud management in payments, Visa Advanced Authorization, offering a risk score based on hundreds of attributes in milliseconds. E-commerce almost certainly would not have grown as it did in those early years, if not for Visa. Ten years later, we made e-commerce even safer and launched mobile commerce with the creation of Visa tokens, which replaced 16-digit account numbers with cryptographic keys, creating the mobile wallet ecosystem that exists today. In 2016, we made the very deliberate decision to further open up our network, this time to developers of all kinds. We launched our Visa Developer platform and Visa Fintech Fast Track, creating simple and easy ways for developers around the world to integrate Visa into their products, greatly accelerating the rise of fintech. This is another example of how we evolved our strategy to partner with and enable a surge of new entrants. As a result of this action, Visa became the payments platform of choice for fintech, Big Tech, crypto, digital wallets and more, growing to more than 2,900 API endpoints and more than 40 billion API calls per month at the end of 2024. And we also accelerated the innovation that sits on top of VisaNet, benefiting the entire payments ecosystem. A great example of the innovation enabled by our VisaNet APIs that many of you in the room would be familiar with are the capabilities developed by fintechs such as modern issuer processors or payment facilitators. Through the development of our API library, we started to componentize the capabilities of VisaNet, structuring them into logical, independently consumable services. I'll come back to this in a minute. If you fast forward to 2020, we made another very deliberate decision to evolve from a single network, VisaNet, to a network of networks that enables money movement seamlessly across 15 card-based networks, 75 domestic payment schemes, 15 RTP networks and 5 payment gateways. This decision has also had several positive impacts for our business. It dramatically expanded the reach of the Visa platform. We now have the largest global money movement network with more than 11 billion endpoints. Visa's network of networks has enabled us to build and grow entirely new businesses. Visa Direct is a great example with nearly 10 billion transactions in 2024. Visa Direct has become the global money movement platform of choice for fintechs, Big Techs, crypto, digital wallets and financial institutions. And it has allowed us to develop new partnerships with the operators of these networks, including many governments around the world. As we look ahead, the work we undertook through our Visa Developer platform to componentize the capabilities of VisaNet, structuring them into logical, independently consumable services together with the scale, reach and reliability of our network of networks has enabled an influx of innovation from our product and engineering teams that will continue to shape commerce and payments for the next decade and beyond. We are now unbundling the Visa stack, taking these component solutions and offering them to a much broader array of customers and partners while expanding and enhancing our stack with an array of new solutions. This allows us to take our assets and capabilities and deliver these services to all types of clients to help power all types of payments. A solution like Visa Protect for A2A is a great example of Visa-as-a-Service. We took the existing fraud protection capabilities of VisaNet, componentize them into a stand-alone service, enhance them to work in an A2A environment and are now providing them to financial institutions and RTP networks around the world to make A2A payments safer. Visa A2A, which we recently announced in the U.K. is another example, where we have unbundled our brand and our rules to deliver a version of the Visa network running across local A2A infrastructure. Visa A2A brings the power of Visa's brand, consumer protections, technology and risk management capabilities to enable simpler, safer and more secure account-to-account payments. Risk-as-a-Service is another example. We have a world-class risk management platform we use to mitigate fraud and cyber risk for the Visa network. We now have extracted this platform so that we can provide end-to-end risk management to our issuers and acquirers for their businesses. Throughout our history, we have embraced waves of change by evolving our strategy and network and expanding our set of clients and partners. Each of these steps, opening up our network to developers, launching our network of networks and unbundling the Visa platform on their own were important steps of our evolution. But the power really comes from bringing them together combine to create the Visa stack. The bottom of the Visa payment stack is the combination of our VisaNet platform plus the additional scale and reach that we get from our network of networks. This is the foundational infrastructure that everything is built on. On the top of the infrastructure lies our Visa Developer platform, which is how we deliver the power of not only VisaNet, but many of our innovations as easily consumable and configurable APIs for banks, merchants, fintechs, small businesses and more. These alone create an incredibly compelling combination that enables anyone, whether the largest and most sophisticated bank or technology player in the world or a start-up, to instantly operate at global scale using VisaNet's six nines reliability, sub-second response times in more than 200 countries and territories, in more than 150 currencies with world-class fraud prevention. We provide liquidity. We provide all these capabilities and more through a single connection. And now on top of that, we've built Visa-as-a-Service, where we are bundling Visa capabilities, enhancing them by building new features and acquiring new capabilities and then offering those capabilities to all types of clients to power all types of payments. Now of course, our clients and partners are also building their own services alongside Visa-as-a-Service, and we love that. It strengthens the Visa value proposition. It strengthens the Visa ecosystem and enhances the value of our underlying network infrastructure. We are excited about Visa-as-a-Service and the opportunity to grow and continue adding new high-growth, high-margin businesses, expanding our suite of solutions and selling them into a wide array of customers and ecosystem partners that are scaling Visa globally, all while helping to drive faster growth and diversification through new flows and VAS. When I think about what makes Visa the leader that it is, it's our global scale, global reach, capabilities, services, network reliability, innovation brand, our people and our maniacal focus on serving and delivering for our clients. We had over 300 billion total transactions and nearly $16 trillion of total volume in 2024 across more than 200 countries and territories, bringing with it a tremendous amount of data. All of this was possible because of our nearly 14,500 financial institution clients who issued 4.7 billion Visa credentials that can be used at more than 150 million merchant locations globally. And this is fully supported by VisaNet's six nines reliability and the 7th most valuable brand in the world as well as our 31,600 employees who wake up every day obsessing about our customers. And the proof of our leadership lies in how our clients rate us, with a Net Promoter Score of 76, an enviable number for anyone in any industry. This has all resulted in superior financial performance. Throughout our history, Visa has driven strong financial returns with consistent double-digit revenue growth and high teens EPS growth, supported by effective capital allocation. Since fiscal 2016, we have generated more than $120 billion of free cash flow, which equates to more than 100% net income cash conversion. And we have a long-term track record of superior shareholder returns. Over time, we have made the very deliberate decision to diversify our business in order to expand our runway for growth and serve existing and new clients in a much broader way, and we expect to continue to do this going forward. Even when we just compare back to our last Investor Day, the results are compelling. First, we're much more global. Since 2019, international transactions as a percentage of process transactions are up 9 percentage points. Our revenue has more than doubled in over 100 countries and territories with the total international net revenue now representing almost 60% of Visa's total net revenue. And we have added offices in 15 new countries, growing our international employee base 2.5x faster than in the U.S., and we now have employees on the ground in 85 countries. Payments is a local business, and we're meeting our clients where they are, listening and learning from them to solve their needs and enable them to achieve their goals in their markets. Later today, Oliver, Charlotte and Kim will share more on how we are focused on serving unique needs in markets around the world. We've also diversified with our growth levers and our client base, driving significant and resilient revenue growth as a result. Five years ago, we set a goal for our new flows and value-added services revenue to collectively represent more than 30% of net revenue at the end of 2024, and we have exceeded that goal driven by our strategy and our investments. In 2019, new flows and value-added services also contributed about 1/3 of our annual net revenue growth. In 2024, it was about double that. So compared to 5 years ago, new flows and VAS are both a larger part of our business and are growing faster. This accelerated growth at scale is a testament to the strong momentum in these businesses, large parts of which are still very early in their development. As we look to what's next, the world is certainly not standing still. And that quickly shifting landscape affects how we will continue to succeed in the market going forward. And Visa is shaping that future. So let's look at the landscape, the key trends that we see and what we're doing to effectively serve our clients and deliver long-term growth. We all know that the pandemic fundamentally changed many things in our lives, including how we interact, how we shop, how we buy. As a result, the payments industry continues to evolve and shift. Let me talk through 5 important trends and their implications. First, the rapid growth of digital commerce and the explosion in the number of sellers globally. New businesses are forming at a massively accelerated rate due to changes in technology and driven by the rise of social platforms, unlocking the ability for any individual anywhere in the world to become a seller that accepts digital payments. It has never been easier to set up a business, virtual or otherwise, and we're seeing traditional sellers looking to digitize and new sellers, from creators to gig economy workers growing at a rapid rate to now total nearly 750 million globally. And global e-commerce as a proportion of retail sales has more than doubled since 2016. It's grown 3x faster than face-to-face. And we have delivered a number of innovations to help make e-commerce simpler, safer and easier for buyers and sellers. For example, in 2019, we had fewer than 1 billion tokens provisioned. By the end of 2024, there were 11.5 billion. And in our most recent quarter, 12.6 billion tokens. And these tokens have not only helped decrease fraud, they've also increased authorizations and generated more sales for sellers. Second, we have continued to see the adoption of new payment methods, creating more ways for people to pay and be paid. There are now more than 70 RTP networks globally, up 30% from 2019, with governments playing an increasingly active role in payments around the world. Digital wallets have become a more typical way for people to pay, accounting for 30% of in-person and 50% of e-commerce industry transactions in 2023, and that's expected to grow. And there are now more than 300 million BNPL users around the world, and it's estimated to be 600 million by 2028. As is the case with many players in the payment ecosystem, many of these players are competitors, but also increasingly becoming important Visa partners who are scaling our solutions globally. In the case of alternate payment methods that are being built on RTPs, we will certainly continue to compete head-to-head with our card platform. However, we're also utilizing the same RTPs being leveraged by alternate payment methods to move money through our bank -- our Open Banking and Visa Direct platforms. And as we further develop Visa-as-a-Service, we are providing consumer payment solutions and value-added services to all participants using RTP and A2A networks. With wallets and BNPL, we've identified opportunities to partner with them and enable their growth as they leverage our acceptance footprint, whether it's through an embedded card in a digital wallet or a flexible credential with a BNPL option, even while we have grown our own network-based BNPL model. You see similar stories with leading players across fintech, Big Tech, crypto, digital wallets and many others. We don't pick winners and losers. We enable the ecosystem and ultimately, customers decide which experience is best. We have a strong track record of working with innovators to create win-win partnerships that benefit the broader ecosystem. This is why we have evolved our platform into Visa-as-a-Service to help power all types of payments and help these players with value-added services and solutions. During 2022, 2/3 of all consumers in the U.S. made person-to-person payments using a digital app. This is a good example of payment flows digitizing beyond consumer-to-business payments. We also see this well beyond P2P payments. The pandemic was a catalyst for business-to-business digital payments, which are proportionally up more than 20 percentage points since 2018 as a percentage of total B2B spend. We have developed specific capabilities to meet this demand, such as Visa Direct in the case of P2P or many accounts receivable and accounts payable, as well as vertical-specific commercial solutions you will hear about later today to address the B2B opportunity. Fourth trend, fraud is increasingly moving upstream. For many years, fraud primarily proliferated at the transaction level. That was the biggest pain point for our clients. Today, it's moving upstream all the way to the identity level as criminals use sophisticated techniques such as synthetic IDs and deep fakes to impersonate or deceive legitimate users. The foundation behind the ability to exchange money from one person to another is trust. And not being able to verify one of the parties in a transaction seriously threatens the trust and the security of the payments ecosystem as well as the privacy and safety of consumers. As I travel around the world and meet with clients and partners, this rapid rise in this upstream fraud, this identity fraud continues to come up as one of their biggest pain points, and they are increasingly looking for a trusted partner to help them. We are very focused on delivering the best solutions to help our clients meet these needs by offering a suite of enterprise risk solutions spanning the entire payments journey, all across all payment endpoints and all payment types. This includes our Risk-as-a-Service capabilities I mentioned a moment ago, where we use network-level data, AI capabilities and our risk experts to detect and prevent fraud such as enumeration attacks, suspicious decline activity and many more. You'll see a video later today where Navy Federal discusses how they're using some of these solutions. And then lastly, fueling all of this is an emergence and expansion of new technologies and enablers. This includes underlying facilitators and platforms in the Big Tech and fintech space as well as generative AI, digital identity, crypto and more. Stablecoin transactions have grown nearly 40% in the last 2 years, and we have continued to be a partner in the crypto space to both traditional and nontraditional players, whether through issuance, settlement or helping banks mint their own stablecoins. As I mentioned at the beginning, we came up with the first AI solution in payments, and Rajat will illustrate later our historic and current leadership role in AI and GenAI from risk, service, sales and engineering to ultimately enabling agentic commerce. We see many potential use cases for GenAI in payments. Our recent acquisition of Featurespace, a developer of real-time AI payments protection technology, is a great example of how we are leveraging the power of AI to solve a clear client pain point, fraud. So with these trends, you can see how payments is a unique industry where Visa's addressable opportunity continues to grow. So how do these trends translate to dollars of opportunity in payments and revenue? In consumer payments, we estimate there is $41 trillion in addressable consumer payments annually, excluding Russia and China. Visa captures about 25% of that today, with our primary global card competitors representing about 20% of the opportunity. It is a very competitive space with enormous opportunity in a growing market. We estimate that just over 55% or $23 trillion represents consumers paying with cash, checks, A2A and RTP solutions or cards that run on domestic schemes. This $23 trillion annually is a significant opportunity for us. In new flows, we estimate there is $200 trillion of annual payments volume, with about $145 trillion in B2B and $55 trillion in other forms of new flows. Visa today has about $1.7 trillion in commercial payments volume and nearly 10 billion Visa Direct transactions, a very small portion of the addressable opportunity. In value-added services, we estimate there is $520 billion in potential revenue opportunity annually. And Visa's value-added services fiscal 2024 revenue totaled $8.8 billion, also a small portion of the opportunity. To capture these enormous opportunities, we have a targeted strategy that will drive our future growth. As we evolve Visa-as-a-Service, we continue to see 3 growth drivers that will fuel our growth: consumer payments; new flows that are digitized with our commercial and money movement solutions, which we call CMS; and value-added services or VAS. CMS and VAS are directly adjacent to our consumer payments business, leveraging the same technology assets and, in some cases, the same customers. So we have strong know-how and expertise and are able to capture operational efficiencies. Even more, CMS and VAS reinforce our consumer business and help drive incremental growth in consumer payments. As we build on the momentum we've established over the past 60 years and look to achieve the bold aspirations that we've set out for the company, we have a clear North Star: to ensure that Visa is the best way to pay and be paid. At a high level, our strategy consists of 4 critical actions. Let me run through each. And throughout today, you will hear much more from my partners. Starting with consumer payments, we have deliberately evolved our strategy to ensure that Visa is the best way to pay and be paid for all consumer transactions. Specifically, this means driving two actions: one, strengthen Visa's impact in card-based consumer payments; and two, expand our reach in consumer payments, including both card and non-card payments. The way I think about it is simple, whether card or non-card, face-to-face or e-commerce, domestic or cross-border, human or agent, our goal is to offer the most innovative, frictionless and secure digital payments and commerce experience to help meet the needs of buyers and sellers all around the world and continue to drive engagement and preference. We believe these 2 actions, including an explicit focus on expanding our reach in non-card payments, will be critical to building on our existing momentum and capturing the $23 trillion of annual opportunity ahead of us. And we are fueling this growth with an intense focus on innovation, all in pursuit of delivering the best buyer and seller experiences for our clients. Jack will be up shortly to share more detail on what we're doing across both of our consumer payments actions. Over the long term, our consumer payments strategy will enable us to sustainably grow payments volume faster than the addressable consumer spend, while unlocking potential opportunities in commercial and money movement solutions and value-added services. In CMS, we are building on our decades of experience in payments and money movement to capture the $200 trillion annual opportunity that I mentioned earlier. And we're doing this by driving and enabling further penetration of commercial payments and money movement. In Visa Commercial Solutions, we're focused on being the best way to pay and be paid for commercial payments by creating tailored solutions for small businesses; scaling large and middle market use cases, including card and virtual payables; delivering product innovation to tap into new verticals and digitize under-penetrated spend in those verticals; and unlocking new commercial card acceptance. In Visa Direct, we're putting the power of money movement into the hands of our clients by growing our domestic business to strengthen P2P and expand to new use cases, enhancing our network capabilities to accelerate cross-border flows and deepening our relationships with existing clients through new use cases, by entering new corridors, by selling a wide array of products and solutions. Chris Newkirk will bring this all to life in much more detail later today. Finally, we are continuing to drive VAS growth with a strategy that is rooted in leveraging our deep client relationships and our data to unlock opportunities beyond the Visa network and beyond payments. I'm going to give a quick overview, and then Antony will be up here later today to share a lot more. First, we provide a wide array of services for Visa payments. Today, this includes services such as loyalty and benefits, fraud prevention and token services, which all help ensure that Visa is the best way to pay and be paid. Second, we also deliver services for all types of payments, not just Visa. I mentioned Visa Protect earlier, Visa Protect for A2A. That's a great example of how we're expanding our innovative VAS solutions to strengthen non-Visa and non-card payments, resulting in diversification of our VAS revenue and even deeper relationships with our clients as we expand the various use cases. And then finally, we provide services that go beyond payments. Here too, we're expanding to a broader set of clients, but we're doing so by offering our expertise and assets through consulting, marketing services, data services and core banking. Already, we've seen strong demand and growth here and are excited about its potential. As you will hear later, Visa-as-a-Service will help us to grow our value-added services businesses for many, many years. We see this as a large and fast-growing business with very attractive margins and enormous opportunities going forward. The 4 actions I just described are driven by a set of key foundational enablers that create strong competitive differentiation. One, our brand. As I talked about earlier, the foundation of payments is trust and our brand is foundational to establishing that trust. Buyers prefer a brand they trust and sellers will promote a brand buyers trust. Additionally, any new entrant: start-up, fintech, a wallet can instantly gain credibility and trust in the market [ by issuing ] Visa. Two, our continued focus on product innovation to build new capabilities and enhance our existing solutions. You'll have a chance to see some of our recent and exciting innovations at our showcase outside. Three, our technology platforms, which form the backbone of what we do and provide world-class security, reliability, uptime and operational excellence, all while fueling our product development and innovation. Four, our engagement with governments across over 200 countries and territories in which we operate. Five, our focus on providing clients with products and services that anticipate and meet their needs while delivering superior customer service. Throughout the day, you'll see videos demonstrating how we have worked with our clients to drive their success. And finally, our #1 asset, our amazing people. So here it all is all pulled together in one place, our purpose, our strategy and our foundational enablers. And all of this is, of course, rooted in an ever-growing obsession for our customers as well as a focus on innovation and shareholder value creation. Let's talk a bit more about shareholder value creation. As we continue to execute on our strategy, we expect to continue delivering strong revenue growth well into the future. Together with our disciplined expense management, industry-leading operating margins and consistent stock buybacks, we will continue to deliver compelling earnings growth over time. Chris Suh will break this down in a bit more at the end of the day. So summing it all up, our strategy rooted in a relentless focus on our clients and innovation has been successful, and we have a proven track record of execution. The opportunity ahead is enormous across consumer payments, commercial and money movement and value-added services. We continue to evolve our network and are unbundling our capabilities through Visa-as-a-Service to power all types of payments and serve all types of clients globally. By focusing on 4 key actions that drive our strategy, we will fuel future revenue growth and EPS growth, resulting in a more diverse and more global business that creates long-term value for our shareholders. And now more than ever, our purpose guides what we do as we strive to be the best way to pay and be paid for all transactions. Now I would like to invite Jack to the stage to cover consumer payments.

Thank you, Ryan, and good morning, everyone. I'm Jack Forestell, I'm Visa's Chief Product and Strategy Officer. And I'm going to dive deeper on the opportunities that we see in consumer payments and why it continues to be the foundation of our growth strategy. Before I get started, let me highlight 2 key points that I really want to emphasize this morning. First, we see tremendous growth runway in carded consumer payments. More than half of all consumer payment volumes are still made using cash, check or other less effective forms of digital payment. We have confidence that we will continue to grow our consumer payments volumes faster than addressable consumer spend for a very long time. Second, we see payments currently transacted using non-card methods as an opportunity. Non-card payments are a newer focus for us, but they're one where we can leverage the scope and scale of our network connectivity and infrastructure as well as our long-standing strength in areas like fraud protection, dispute management and operating rules to offer differentiated products. In pursuing these 2 objectives, we're focused on ensuring Visa offers the best way to pay and be paid for all segments of consumer payments. We'll succeed by driving preference for Visa through our distinctive combination of innovative products, global reach and brand strength. So this morning, I want to show you how our products are enabling us to succeed in important high-value consumer payments use cases. Innovations like Tap to Everything, tokens, multicurrency cards, flexible credentials, account-to-account solutions, and our differentiated cardholder benefits platforms. These innovations, among many of us, along with the secular tailwinds that contributed to our growth in the past will power our consumer payments growth well into the future. So to start, I want to talk about the enormous opportunity we still have ahead of us in consumer payments. In 2023, there was approximately $41 trillion worth of annual addressable consumer spend globally. Approximately $23 trillion of these payments were made using cash, check, legacy ACH, A2A and RTP or other less effective forms of digital payment. We think of this $23 trillion as our target opportunity. By continuing to gain share in this $23 trillion, we will continue to grow our consumer payments volumes at a pace that exceeds growth in addressable consumer spend. The largest and most immediately addressable opportunity is still cash and check, which represents approximately $11 trillion worldwide. For context, this is about the same size as the consumer payments business that we've already built. Legacy ACH and other electronic payment types are another highly addressable $8 trillion of payment volume. These payment flows are in varying states of conversion to electronic payments, but still lack the sophisticated security and brand protections we can provide, and they certainly lack our global scale and reach. We also have an opportunity to convert volume from domestic card schemes. These schemes make up over $2 trillion of addressable consumer spend, and they're under pressure. They're generally less innovative and competitive than global players like ourselves. Finally, there's a small but growing pool of under $2 trillion in consumer account-to-account payments. This category includes local payment methods like Swish in the Nordics, Pix in Brazil, UPI in India as well as Open Banking and pay by bank in places like Europe. Here, we see opportunities to compete with our innovative card products, use these networks to deliver Visa-branded payment products like Tink and provide value-added services on top of these payment flows. So there's tremendous opportunity here, and it is truly global. As you can see, we have several trillions of dollars of consumer payments opportunity in each and every one of our operating regions. North America remains a huge priority for us with a $5 trillion opportunity. We see plenty of runway for continued growth here via cash conversion and expansion within verticals that have traditionally been underpenetrated by cards. Likewise, in Europe, there's a $7 trillion untapped opportunity, and we see continued growth potential via cash to card conversion, share gains from ACH and domestic schemes and via Open Banking. We're also unlocking the huge potential of other international markets, which are growing faster than North America and Europe and where there's a significant amount of cash, check and other forms of digital payment. Almost half of our target opportunity is in Latin America, Asia Pacific and our CEMEA region. So lots of opportunity globally. And as I said before, we will continue to grow our consumer payments volume faster than addressable consumer spend. Let's take a look at how that has tracked over time. The bars on the left of this page show the difference in growth rates between our global consumer payments volume and underlying addressable consumer spend. As you can see, we've consistently grown our consumer payments volume significantly faster than addressable consumer spend. In fact, over the 6-year period from 2018 to 2023, we grew Visa's consumer payments volume at an annualized growth rate of 10%, well addressable consumer spend grew at 4% over the same period. So on average, over these 6 years, we grew our consumer payment volume 6 percentage points faster than addressable consumer spend. We did this by digitizing cash and check and legacy forms of digital payments. This is the Visa growth story you all know so well. All right. Let's double click. Let's take a look at the same chart comparing the U.S. and the rest of the world. The bars on the left side of this page show the difference in growth rates between our consumer payments volume growth and underlying addressable consumer spend in the United States. Over the 6-year period from 2018 to 2023, we grew Visa's consumer payments volume at an average of 5 percentage points faster than addressable consumer spend here in the U.S. The bars on the right side of this page shows the same thing for our international business. There, we grew Visa's consumer payments volume an average of 7 points faster than addressable consumer spend. We have confidence that we will continue to grow our consumer payments volume faster than addressable consumer spending in the U.S. and beyond, particularly as our mix continues to shift to our international regions. Now that said, as we continue to gain share of global consumer spend, we expect the difference in growth between our consumer payments volume and addressable consumer spend to narrow relative to the 6-point average growth premium we've seen over the last 6 years. And we've seen this happen. We've seen this happen in some countries, including the U.S., where you can see the narrowing in the recent years on the chart on the left. In that case, the narrowing took place during the COVID recovery period and coincided with significant increases in levels of digital payment penetration. It's important, though, to note that in 2022 and 2023, when the gap between consumer payments volume growth and addressable consumer spend narrowed, we delivered fiscal year net revenue growth of 22% and 11%, respectively. This strong revenue growth was a result of purposeful, multiyear investments we've made in higher-yielding segments of consumer payments and in diversifying our business, as Ryan described just a few minutes ago. When we met with you 5 years ago, our value-added services in CMS businesses were already nearly 1/4 of our revenues. Now they're more than 30% of our net revenues, and they've each delivered annualized revenue growth of 20% or more over the last few years. Now I'm going to spend the rest of this presentation discussing in detail why we win in consumer payments, how we drive consumer and seller preference for Visa. And let me start by bringing it to life through some country-level data. This slide shows some examples of our consumer payments volume and growth in countries with high rates of digital penetration. There are 7 countries that all have low levels of cash remaining, less than 10% of addressable consumer spend in entries. These figures show the difference between our consumer payments volume growth and the country's addressable consumer spend growth. And in all of these countries over the past 5 years, we have grown consumer payments volume at significantly faster rates than addressable consumer spend growth. How have we done this? Well, we have incredibly talented teams on the ground in every one of these countries, who develop and execute specific country-level strategies to deliver these results. When we look across the country strategies, there are a lot of nuances, but a few common themes emerge. First, while there is less cash remaining, there is still a conversion opportunity. And our product features like Tap to Pay can act as a cash conversion accelerant in those markets. Second, many of these markets have local card schemes. Here, our technologies like tokenization, secure e-commerce and cross-border acceptance can attract volume onto our platform. Third, much of the non-card electronic payment volume in these markets remains on ACH, direct debit and other legacy forms of technology, which we seek to convert by focusing on verticals like bill pay, debt repayment and rent. And last, we also take share from our direct competitors by winning key issuer portfolios. So while the opportunity to convert cash remains large in many parts of the world today, we believe that our performance in low-cash countries like these serves as a strong template for Visa's continued ability to grow consumer payment volume above addressable consumer spend well, well into the future. So how are we going to do that? In short, we will focus on areas where we can drive consumer and seller preference for Visa through a unique combination of innovation, global reach, scale and brand strength. We aim to make Visa the best way to pay and be paid for all types of consumer payments period. I want to bring this to life through 6 examples where we're investing to deliver continued leadership and differentiation. Our Tap to Everything technology, our token technology, our cross-border capabilities, our leadership with affluent consumers, our emerging account-to-account products and services and our strength in consumer credit. These innovations, along with many others, will drive our consumer payments volume and expand the scope of our transactions and our credentials on top of which we can deliver a growing array of Visa services. So let's dig in to each of these and talk a little bit about how they drive preference for Visa. I'm going to start with one of our core payments innovations that is now so ubiquitous. It's kind of hard to imagine paying without it. Tap to Pay. We introduced tap to pay technology in 2005. Tap to Pay uses near-field communication technology to quickly, accurately and securely transmit the consumers' payment credential information, which is stored on the payment chip either in their physical card or mobile device to the seller's point-of-sale terminal. Deploying Tap to Pay was a heavy, heavy lift over many years. It required activating our ecosystem on both sides. Issuers had to issue NFC-enabled cards and sellers had to enable NFC capability in their POS device. We knew it would be hard, but we also knew that Tap to Pay would deliver what most customers think is the best in-person payment experience for consumers and sellers alike, fast, seamless, secure. It also required changing consumer behavior. We found that deploying Tap to Pay in daily use cases like transit was a key, key factor in habituating customers to tap. Once they started tapping at the transit station, they started tapping at the grocery store, the coffee shop and eventually, basically, every time they spent money in-person. This halo effect can lead to about 15% higher payments volume and an average of 18% more transactions compared to non-tappers, all else equal. So we've seen tremendous progress in terms of adoption and penetration globally. As is shown by the chart on the right-hand side of the slide, Tap to Pay now accounts for 74% of our face-to-face transactions globally. In the U.S., it's almost 60%. And our study show that Tap to Pay debit users in the U.S. have an average of 2 more transactions a month and spend $70 more a month than non-tappers. But we're not stopping there because the same technology can be used in a lot of other use cases. A few years ago, we rolled out Tap to Phone for smartphones. This capability enables any mobile device with NFC capability to be converted into a payment acceptance terminal. During 2024, we had over 12 million unique Tap to Phone terminals that transacted on our network, and that number continues to grow. Tap to Phone provides an easy, low-cost method for micro sellers to begin accepting card payments or large sellers to add additional mobile terminals. More recently, we launched our Tap to Provision capability, which enables a consumer to add a payment credential to a digital wallet, simply by tapping a card to their card to their mobile device. The capability is designed to be faster than manual key entry and has the potential to increase approval rates and reduce fraud. Tap to Provision is now live in the U.S. on nearly 60% of all eligible Visa credit and debit cards. It's only been a few months since launch, and we've already seen millions of Visa users tap to add their cards to wallets, resulting in high success rates and provisioning cards to wallets and eliminating the overwhelming majority of provisioning fraud as compared to manual entry into a phone. Finally, we're piloting our newest Tap to Everything capability, Tap to Confirm. In high-risk transaction types where an issuer might otherwise have declined the transaction, we're offering the issuer the opportunity to ask the consumer to tap to confirm the transaction, verifying that the consumer is in possession of the physical card. This technology's aim is to increase authorization rates, decrease fraud and streamline the consumer experience for e-commerce transactions, pain points that impact both consumers and sellers. Early, I showed you how our consumer payments volume growth has consistently outgrown addressable consumer spend. As a preferred payment method for sellers and consumers, tap to pay has been and will continue to be a significant factor in driving this overperformance. All right. Now let me turn to one of the most foundational building blocks that enable us to deliver innovation at Visa levels of scale, security and performance, our token technology. It's no secret that digital commerce is growing faster than overall consumer spending. E-commerce as a proportion of industry retail sales has run 3x faster than face-to-face since 2016. But digital commerce represent challenges. How do I know the users who they say they are? How do I ensure the transaction is secure? How do I make the payment experience simple and seamless? To solve these problems, we launched the Visa token service just over a decade ago. Our token technology delivers a digitally native payment credential designed for the unique characteristics in needs of digital counters. About 5 years ago, we went beyond that and launched the Visa Cloud Token Framework to make tokens even more flexible, so they can be used across nearly all payments ecosystems, including mobile wallets, e-commerce platforms, IoT devices and a whole lot more, all while adding more dynamic data elements to mitigate fraud. In the 10 years, since launch, our service has grown to 12.6 billion tokens, that is up from 700 million tokens at our last Investor Day 5 years ago. Visa tokens are now embedded in most card-on-file databases and digital wallets around the globe, and we continue to integrate new partners every day. E-commerce payments made using tokenized Visa payment credentials have a 4.7 percentage point higher approval rate and a 34% reduction in fraud compared to non-tokenized payment credentials. These factors matter to consumers, sellers and issuers and help drive continued preference for Visa. Higher authorization rates on tokenized transactions allow us to capture additional transactions and therefore, drive additional revenue for Visa. We also generate revenue from value-added services that we provide as part of our token services offering, such as token life cycle management. We've got an array of services built on our tokens with more planned. The revenue that we generate from these token-enabled services is meaningful and will be even more meaningful going forward. And we're continuing to build new capabilities on top of our Token Service platform. For example, our secure remote commerce directory service combines tokenized payment credentials with elements of identity such as e-mail and phone number to create an even more secure and seamless commerce experience. Our Visa Payment Passkey's technology adds another layer of security and simplicity of the payment experience by binding our token technology with user biometric information. And as we move forward, we're leaning into exciting new payments use cases like agentic commerce, where an AI agent completes shopping and payments tasks on a consumer's behalf. We see tremendous potential for the role AI agents will play in a wide array of commerce use cases, ranging from those that require sophisticated search and decision-making like booking a vacation to those that involve mining repetitive core-like tasks like ordering groceries and paying bills. In all of these agentic commerce use cases, the payment is a critical enabler of success. If there is no payment, there is no commerce. These requirements -- the requirements for delivering robust payment security in an agent-based environment present complex challenges relative to traditional e-commerce, challenges that we believe our token technology and advanced security tools are uniquely well suited to solve. We aim to be the best way to pay and be paid for everyone, everywhere, including agents. We look forward to sharing more on this one with you in the very near future. Now the foundation of all these innovations is our token technology, which we continue to deploy at rapid pace. In fact, it's likely that by 2030, digital tokens will have fully replaced card-centric PAM technology further improving Visa's competitive positioning against cash, check and legacy forms of digital payments. Now nowhere are token capabilities combined with our global acceptance network, more valued than in cross-border commerce. There remains an enormous opportunity for us to drive even more preference for Visa in cross-border and grow at an accelerated rate. Industry-wide, there is approximately $2 trillion in annual global cross-border consumer spending across both travel and e-commerce, and much of it is still cash-based. Cross-border commerce is inherently complex and very scale-intensive. It requires scale to achieve geographic coverage, scale and transactions and data to deliver effective global fraud protection and scale and payment volume to drive efficiency in FX version rates. To build that scale demands a brand that is globally ubiquitous, a brand that consumers trust to work when they're somewhere unfamiliar whether that's in person or online. Specifically, we bring together more than 150 million merchant locations in more than 200 countries and territories, the most preferred global payment network by cross-border travelers in key markets, giving billions of account holders the confidence to pay using a Visa credential, our risk management and fraud prevention capabilities, including tokenization, which are especially valuable in cross-border digital commerce and our cross-border currency and settlement capabilities, which includes FX solutions for over 150 different currencies around the world. The net result, we can deliver significant value to cross-border transactions. And as a result, we're able to earn premium yields on those transactions. Notably, post COVID, our cross-border volumes have continued to grow faster than our overall volumes. From 2022 to 2024, cross-border volumes grew approximately 20% per year with a strong growth in both travel e-commerce. And we are continuing to invest in cross-border commerce in a number of different ways. First, we're continuing to invest to expand the scope and the use of our cross-border network, specifically in travel corridors where there's still a high use of cash. We're building out more acceptance locations. On our recent agreements with Alipay and Weixin or WeChat Pay in China are great examples of how we're deploying our network of networks approach to expand acceptance. Through our connectivity with Alipay and Weixin Pay, travelers can load those wallets with a Visa card and use it wherever those wallets are accepted inside China. We're also running targeted marketing campaigns to raise awareness that consumers can use their Visa cards when traveling abroad. For example, we've executed social media and video campaigns that promote Visa Zero Liability and Visa cards being a safer option than cash for Visa users when they travel. And we're expanding our global travel benefit programs to our consumer preference for their Visa cards and, of course, improving cross-border transaction performance, particularly authorization rates through approaches like improving transaction data quality and consistency as it flows from the seller on one side of the world to the issuer on the other side of the world for authorization. We're also developing programs and solutions tailored for high-growth e-commerce verticals with a high mix of cross-border payments, think gaming, crypto, education, health care. Lastly, we're building more feature functionality with products like our multicurrency cards that enable travelers to easily hold and use different currencies. Great example is a recent deal we signed with Woori for a multicurrency solution in Korea. Cross-border, both e-commerce and travel are a key, key part of our consumer strategy. With our strengths and continued investments, we can foster even more consumer preference for Visa and we expect to continue growing faster in cross-border than our overall payment volume helping to drive strong yields. Now speaking of cross-border, let's turn our attention to the affluent consumer. Within consumer payments, affluent consumers are a highly attractive segment. They have significantly higher spend per consumer and represented a disproportionate share of cross-border credit and online commerce volumes. Our affluent Visa cardholders in the U.S. generate greater than 30x more revenue for Visa than an average U.S. cardholder. As you can see from this table, attracting affluent consumers is nothing new for Visa. In major countries like the U.K., Brazil, the U.S. and Saudi Arabia, consumer payments volumes on our affluent tailored infinite products has grown much faster than our standard credit products. We are a global leader in affluent premium co-brands, many of which are travel-oriented, including programs like United Airlines, Marriott Bonvoy, Emirates Skywards and many, many more. We're strong in affluent because many of our core capabilities are aligned with the needs of affluent consumers, including our global acceptance footprint, our differentiated credit products, our advanced fraud protection and dispute resolution services, our brand strength and our premium benefits. For example, in Brazil, our Infinite offering includes exclusive access to Visa airport lounges, faster security screening lanes and even access to booking helicopter connections to and from the airport. Now because this segment drives a disproportionate share of transactions, payments volume and revenue for us, we're going to continue to invest heavily in differentiating our affluent value proposition and driving preference for Visa with affluent consumers. We're investing to deliver new experiential benefits such as concierge services and Premier Hotel and Restaurant access, like the OpenTable Visa Dining Collection, you see here. We're also leveraging our unique portfolio of sponsorship assets to deliver distinctive experiences at events like the Super Bowl, the Olympic and Paralympic games, the FIFA World Cup, and through our partnership with Visa's 2 Red Bull Formula 1 racing teams. These unique benefits allow us to bring an even more premium value proposition to our issuing partners. For example, our invitation-only card product in UAE and Saudi Arabia, which is built on our Internet platform offers access to 24/7 lifestyle managers, VIP dining, an exclusive yacht program and a whole lot more. All right. Let's turn our attention to the opportunity in account-to-account payments. Over the last decade, many countries have invested in building domestic real-time clearing systems, essentially a modernized replacement to their legacy ACH networks. There are now more than 70 countries globally with at least one of these systems. The level of adoption of domestic real-time clearing systems varies, and it's influenced by factors like the extent to which the country invests in building and promoting the infrastructure and importantly, the prevalence of underserved payments use cases. That is to say whether there is a real problem to be solved. These systems have notable limitations compared to the features one expects from a typical card transaction. They typically offer limited to no network level fraud detection and management capabilities. They lack consumer fraud protections like charge-backs, dispute resolution or preauthorization and they are inherently local and thus lack scale across borders. As a result, the volume of consumer to seller payments on these local payment platforms is still relatively small, but it's growing. As these domestic real-time clearing systems grow, we see an opportunity to expand the scope of our network and the addressable market for our services. We've already made tremendous progress building the connectivity between VisaNet and these systems all over the world. Through the network of networks expansion we started 5 years ago, we can now access more than 11 billion endpoints from our network, helped by the Earthport acquisition -- our Earthport acquisition, which enabled connectivity to accounts. By the end of 2024, we connected 99 wallet partners to our network across 47 markets. And just as we saw potential for account-to-account payment infrastructure years ago, we now also see stablecoin infrastructure as a potential means of delivering similar capabilities. Over the past year, we've been investing and piloting in the use of USDC to enable clients to fulfill settlement obligations on our network. As part of our pilot, we've now settled over $100 million of Visa payment volume using USDC, including receiving our first ever settlement payment from a participating issuer over a weekend. We aim to add value and drive yield from consumer payments that are currently going over account-to-account rails through one of 3 ways. First, we compete for these payment flows with our card products. We're adapting our products to meet the unique needs of these use cases, which often have lower fraud risk and lower likelihood of distributor chargeback, such as bill payments or small dollar value payments. One example of our most recent innovations in this space is Visa Pay, which we announced last year and is being deployed in Africa. Visa Pay expands digital payment access, enabling instant account setup, digital card issuance, money transfers and online payments. Banks can use a simple SDK offered by Visa inside their own app or a stand-alone Visa Pay app to offer their users the ability to set up an account and conduct payments instantly. Second, we use A2A networks to deliver Visa-branded A2A products. Tink, our open banking solution is the best example of this. Tink allows us to facilitate open banking, open data exchange and enable A2A transactions in ways we've never done before. Since acquiring Tink in 2022, we've been growing our open banking payments volumes reaching over $9 billion of transaction value in fiscal 2024. And third, as we grow Visa as a Service, we're providing value-added services to local payment methods that use A2A or RTP networks. Visa Protect for A2A payments, for example, allows us to leverage our deep, deep expertise in risk provide transaction fraud scoring a non-carded account-to-account transactions. Our service has scored over 6 billion payments to date in Argentina with up to a 73% fraud capture rate. It's just one of a whole host of value-added service that we can layer on top of account-to-account networks. Now we're often asked about the economic impact of all of this on our business model. We're commercializing these A2A opportunities in 3 ways: One, where we compete with our card products, we add volume to our network at similar yields to our existing business. Two, where we use RTP networks to deliver our non-card products like Tink, we add to our consumer payments volumes at yields that are relatively comparable to our domestic debit business. And three, where we provide value-added services we add to our revenue yields in the same way that growing our card-based value-added services does. All right. Let me touch on one last example of where we're investing in our innovation agenda. Over the last 60 years, we've been a pioneer in consumer credit, helping our issuing clients offer their customers safe, secure, flexible and real-time access to credit. Visa facilitates more consumer credit volume than any other global payment network in the world with $5.4 trillion in volume in fiscal 2024. We have the leading payments volume share of consumer credit market globally. Visa has built our reputation and brand around our credit products because we offer a high level of security, fraud mitigation, dispute management and certainty of funds. Over the years, we've also delivered many innovations to create differentiated credit products that drive additional preference Visa. For example, we were a pioneer in developing dual message technology that enables real-time transaction authorization, so a consumer and a seller can have confidence to proceed with the transaction like a hotel stay. While separating the clearing and the settlement of the funds part of the transaction so that it can happen later in the case of a hotel stay, when the hotel stay actually happens. We're still one of the -- a small handful of payments providers globally that can provide this capability. But as successful as we've been, there remains a significant opportunity in consumer credit around the world, where penetration of card-linked credit products as a percentage of consumer spending is less than half the level it is in the United States. The strengths I just mentioned, which have driven seller and consumer preference for our credit products over the years will help us to capture the credit opportunity outside the U.S. In addition, we're continuing to deliver new products that can put even more control and insight required to deliver robust consumer credit into the hands of our issuing clients and their users. And here, I am most excited about our flexible credential. In the past, we had to create separate credentials for different use cases, credit, debit, prepaid, small business goes on. We had to do this because we could not assume the user had an easy access to tools that they could use to configure or manage their funding sources and payment credentials. Today, that's all changed. We can assume that most users have access to mobile devices, which gives them the ability to control, configure and manage their credentials. This shift has enabled us to fundamentally rethink the card credential. The Flex credential is a breakthrough offering that enables consumers to use a single payment credential built on our token technology to access many underlying funding sources, including debit, installments, a secure line of credit, a traditional revolving line of credit, rewards balances and more. Flex was first used in Japan in 2023 by SMBC and SMCC. They now have over 3 million account relationships built on Flex credential. In a short time since we launched Flex, the client demand for this product has been extraordinary, including our recent launch with a firm in the U.S. and upcoming launch with Liv in the UAE, a digital bank launch by Emirates NDB. We are actively accelerating our investments in Flex to speed up the rollout of this product around the world. We believe that Flex has the potential to become the new standard for a consumer payment credential. Think of it as a primary credential, acting as a means of establishing digital identity and authentication and orchestrating stand-alone single product credentials like debit, credit, installment loans and over time, maybe even account-to-account transfers and it all comes from Visa. We believe this unique innovation will serve as a compelling offering for issuers and consumers driving incremental consumer payment volumes to Visa's network. You can try out Flex in our showcase in a few minutes. So let me summarize. Visa has a proven track record of innovating to offer the best way to pay and be paid for all types of consumer payments. We still have tremendous growth runway in consumer payments, $23 trillion annually, more than half of all consumer payments are underserved today. We will continue to convert this opportunity to Visa payment products by driving consumer and seller preference for Visa through innovation, global reach, scale and brand strength. And we will continue to grow our consumer payments faster than addressable consumer spend with the products we have in market and in our pipeline. All right. Now we're going to go to a break. I'm sure you're all eager to see for yourself some of the innovations that I just mentioned that are out there in the showcase along with many, many others. So please go see them, and we'll be back in here in a little while. Thank you.

Please take a quick break. We'll get started promptly at 9:45 a.m. Pacific Time. [Break] [Presentation]

Please welcome President of Commercial and Money Movement Solutions, Chris Newkirk.

Hi, everyone. I'm Chris Newkirk, and I'm the President of Commercial and Money Movement Solutions. I'm excited to talk to you about the third key action of Visa strategy, which is to drive and enable further penetration of commercial payments and money movement. At our last Investor Day, we launched new flows as a growth lever. Since then, our success with our clients has deepened our conviction in the new flows opportunity. We call this part of Visa Commercial and Money Movement Solutions, or CMS. CMS is a part of Visa focused on addressing payment flows beyond consumers paying merchants. There are 2 key components to CMS. Visa Commercial Solutions and Visa Direct. Visa Commercial Solutions, which we call VCS is a card and virtual payments-led business focused on addressing B2B payment flows, from small businesses up to large enterprises and governments. Visa Direct is our platform to address money movement and a subset of B2B flows. Visa Direct empowers end users, businesses, governments and clients to move money globally. Since 2021, we've grown CMS net revenue at an annualized growth rate of 22%. In fiscal '24 alone, we delivered $1.7 trillion in commercial payments volume, nearly 10 billion Visa Direct transactions. And as you heard from Ryan, we've only penetrated a sliver of the enormous $200 trillion CMS opportunity. We have the leading commercial card network and money movement platform in the world. Visa Commercial Solutions is a global leader in commercial card payments, with 40% share, and we have grown faster than the competitive set over the past several years. Visa Direct is the largest money movement platform in the world by transactions, volumes and endpoints. Our strategy and execution are delivering results. We've grown Visa Direct transactions sixfold from just 1.6 billion in 2019 to nearly 10 billion transactions in our most recent fiscal year. We've grown endpoints more than 3x from 3.5 billion in 2019 to 11 billion. And diversified to cover cards, accounts and digital wallets in over 195 countries and territories. And what is most exciting is that we are still in the very early days of Visa Direct. So why is CMS important to Visa and how have we been successful? Let's take a look. CMS is a great growth engine for Visa. First, there's an enormous market opportunity, and our revenue growth is a clear demonstration of our successful strategy. Second, most CMS transactions run over VisaNet, utilizing existing infrastructure and capabilities contributing to attractive margins. Third, by penetrating these new flows, we open large new opportunities to sell value-added services beyond consumer payments. Fourth, CMS enables us to serve our clients in new ways, deepening our relationships. In sum, CMS delivers attractive revenue diversification growth and profitability for Visa. So how do we succeed in this space? First and foremost, we bring world-class and Visa-grade reach, speed, technology, scalability, security and user experience to B2B payments and money movement. Second, we have deep established relationships with leading issuers, acquirers and fintechs who trust and respect the Visa brand. Working with them to penetrate these new flows is a natural extension of our relationships. Importantly, in Visa Direct, we have developed over 65 use cases. In VCS, we have a wide range of innovative B2B offerings and tailored vertical solutions. These solutions are resonating in many markets, and we will continue to drive innovation. Fourth, we harness our rich data enhanced by artificial intelligence to deliver better solutions to clients. For example, our B2B payables dashboard leverages artificial intelligence to provide analyses to clients beyond traditional reporting. And our commercial enhanced data program uses AI to ensure issuers and their clients have robust data for superior payments reconciliation. In addition, our ability to plug these new solutions into our existing infrastructure provides key cost, scale, security, reach and capability advantages for Visa. For example, Visa Direct uses our existing consumer debit cards as endpoints for money movement. VCS leverages our vast consumer payments acceptance, both domestically and cross-border. These are just a few of the reasons why we're confident we will continue to grow CMS. Now let's take a deeper look at the $200 trillion opportunity. If we break down the CMS opportunity, there are $55 trillion of money movement flows, which includes consumer flows such as peer-to-peer and me to me, business-to-consumer payouts and government to consumer flows and $145 trillion of B2B flows. We are pursuing the $55 trillion in money movement flows with our Visa Direct capabilities. Today, many of these flows, especially cross-border, are challenging for both the sender and the receiver, slow, expensive and not digitally native. Visa Direct is powering the modernization of these flows to faster, sleeker and easier payments by putting the power of money movement in our clients' hands. The remainder of the $200 trillion opportunity, $145 trillion is in B2B flows. Within the $145 trillion of B2B flows, we're actively pursuing $60 trillion with our existing product suite and targeted strategy. We're going after $25 trillion of mostly cross-border flows with our Visa Direct platform. These flows could be, for example, a small online retailer looking to make payments to suppliers abroad or a large corporate receiving royalty payments from their franchises around the world. Visa Direct, inclusive of our Currencycloud and Visa B2B Connect assets is well suited to address these needs. We are actively pursuing an additional $35 trillion in B2B flows with our Visa Commercial Solutions, card and virtual payments capabilities. This $35 trillion is a mix of both domestic and cross-border payments. For example, this may be a small business owner using a commercial card to purchase goods from a domestic supplier or it may be an employee of a large corporation using their corporate card to pay for meals while abroad on business travel or to pay a supplier. These flows have been and will continue to be a key focus area for us for 2 primary reasons: First, we believe these $35 trillion represent 80% of the transaction-related revenue pools within the B2B opportunity. Second, while we have been in the space for many years, starting with our corporate T&E and small business portfolios, this segment of B2B payments is ripe for change. Business users are now used to frictionless experiences in their consumer lives, yet still need to navigate a B2B payments landscape full of manual work, but not for long. We are seeing what we call the consumerization and digitization of B2B payments all around the world. This macro trend is transforming B2B payments and Gen AI will only accelerate the pace of change. For instance, in calendar '24, 35% of enterprise fintech VC funding was in B2B payments digitization. The near future is simpler, smarter, more automated, yet highly configurable accounts receivable and accounts payable. Visa's increasingly flexible, embeddable, digitally native card and virtual payment capabilities are helping to drive that consumerization of B2B payments. The inroads we've made in capturing a portion of the $60 trillion in B2B flows illustrate the success of our continued investment in both innovation, such as virtual payments and acquisitions, such as Currencycloud. The remaining $85 trillion of accounts payable and receivable flows is more of an R&D opportunity for us where, over time, we believe we will continue to increase the salience of our solutions for a growing portion of these flows. For the remainder of my time with you, we'll walk through the specific strategies we're executing and how they come to life. Let's start with Visa Direct. I think it's helpful to begin what Visa Direct is and how it has evolved. We have built the world's leading money movement platform in Visa Direct through years of product innovation and targeted acquisitions. Visa Direct began with cards. We took our existing Visa network and reversed it, allowing users to receive money to their bank accounts by their debit card as an end point. But we didn't stop at cards. We expand our network of networks by adding connectivity to accounts through our Earthport acquisition. And then through further innovation, we added digital wallets. And we have continued to strengthen our position in the money movement space through additional assets we've acquired and built like Currencycloud, YellowPepper, Visa B2B Connect, our homegrown solution, which is uniquely suited for large, complex cross-border B2B transactions. We've combined our expertise products and technology into a single, ever stronger Visa Direct value proposition that offers the key capabilities our clients need to collect or receive funds. To hold these funds, for instance, in a virtual wallet or bank account in a foreign currency, to convert funds into other currencies, and to send or disburse funds to over million endpoints in over 195 countries and territories and over 150 currencies. We offer these capabilities across an expanding range of use cases. Visa Direct now supports over 65 use cases across all types of payment flows. Regardless of how clients want to move money, we can help enable that payment flow. We started with P2P and have quickly expanded to gig economy payouts, so a driver for a ride-hailing service can get what she earned for the day, to earned wage access and tipping payouts and to B2C payouts such as insurance to make sure your insurance claim payouts are in your bank account as soon as possible and with governments and NGOs to deliver benefits quickly and digitally, both domestically and overseas and many, many more. We will continue to strengthen and enhance our network so that we remain a differentiated player. Now let's get into our strategy. Our Visa Direct strategy has three components: Growing our domestic business by continuing to strengthen our core P2P use case and penetrating new use cases; growing our cross-border flows through enhanced network capabilities; and deepening relationships with existing Visa Direct clients by selling additional use cases, corridors and services. Let's start with growing our domestic business. Domestic use cases make up the majority of our transactions, and they have grown at an annualized rate of over 40% over the last 5 years. We will continue to grow domestically through product innovation in existing use cases and unlocking new use cases. As I mentioned, our first use case was domestic P2P. And today, we work with over 300 partners globally where we help consumers move money in and out of digital wallets. Our digital wallet partners include Cash App, PayPal, Apple and more recently, X Money. Outside of North America, we work with clients like Vipps MobilePay in the Nordics and Cash in Latin America. In me to me, which is when you move money among your own accounts, we enable instant account funding for partners such as Chime, Robinhood and Dave. We've continued to improve the end user experience with capabilities, including aliasing, such as Visa Plus with PayPal and Venmo and inoperability between Yape and Plin the 2 largest P2P apps in Peru, or to Tap to P2P, allowing P2P users to tap each other's mobile phones to pay friends and family, which we're piloting with Samsung. Beyond P2P and me-to-me with digital wallets and neobanks, we are seeing strong domestic growth with other use cases such as earned wage access, gig economy payouts and merchant settlement. Our strong growth in these use cases is possible due to many, many partners such as DailyPay, Lyft and Stripe. And we continue to unlock new use cases such as faster refunds for merchants and marketplace payouts. Our Visa Direct capabilities are also well positioned to serve governments. For example, using Visa Direct, we helped a government in Latin America quickly reach nearly 3 million residents with pandemic relief aid. In sum, we continue to see significant and attractive opportunities to expand and diversify our Visa Direct domestic payments volume. The second part of our Visa Direct strategy is to substantially increase penetration of cross-border flows. Just as Jack spoke about all that Visa brings to cross-border consumer payments, there is a great opportunity for us to bring our capabilities to cross-border transactions in CMS and earn higher yields. We have the assets and our comprehensive Visa Direct platform to be a differentiated player in cross-border flows, providing services across a full spectrum of consumers, small businesses and large corporates. And we have partnered with our clients to grow cross-border Visa Direct transactions at an annualized rate of more than 50% over the past 5 years. Our Visa Direct platform serves individual senders and recipients in P2C, P2P and B2C cross-border flows. In P2P flows, which is our largest cross-border use case today, we partner with major remitters such as MoneyGram, Western Union, Remitly and Xoom, a PayPal service. We also work with banks to provide remittances for their customers, including OCBC in Singapore, Banco Pichincha in Ecuador, Taichung Bank in Taiwan and CIBC in Canada. We are growing directly with total Visa Direct cross-border P2P transactions growing over 80% in the last fiscal year. In cross-border B2C flows, we have many partners, including Hyperwallet, a PayPal service, who uses Visa Direct to process disbursements on behalf of their corporate clients for cross-border use cases such as gig economy payouts and insurance claim payouts. Another partner, Global Blue, the tax-free shopping pioneer, uses Visa Direct to distribute real-time refunds to shoppers at the airport before they return home. And because they use Visa Direct, Global Blue offers this service to travelers from over 180 countries. In cross-border B2B, our Visa Direct capabilities enhanced by our Currencycloud acquisition dramatically simplify and improve B2B flows. Let's start with serving all businesses. Aspire an all-in-one financial platform for small businesses in Singapore recognize that small and midsized businesses struggle with cross-border payments that are often opaque, time consuming and costly. Visa Direct's multicurrency digital wallet powered by Currencycloud enables Aspire's business customers to seamlessly receive payments, hold funds in multiple currencies, convert money at real-time FX rates and pay out in their preferred currency, essentially allowing them to operate like a local business in a cross-border transaction. We have also worked with financial technology companies like Payoneer and Tide to offer cross-border payment solutions for their small and midsized corporate clients. Staying in cross-border B2B, Visa B2B Connect is our other key solution on the Visa Direct platform, primarily aimed at serving corporate senders and receivers. Visa B2B Connect is an innovative multilateral network that enables global transactions to be sent directly between financial institutions. This means businesses are able to have real-time visibility and expedited payment processing and robust monitoring capabilities for their B2B transactions. And this resonates with our clients, from CB International Bank in Puerto Rico to CiBanco in Mexico, to Bank Muamalat in Malaysia, clients are finding that Visa B2B Connect enables them to send and receive cross-border B2B payments with minimal additional development work. Let's move on to the final piece of our Visa Direct strategy, deepening our relationships with our clients by selling additional use cases, corridors and services. What we found is that after we go live with a client, whatever the original use case or corridors, we can continue to work closely together to expand our mutual business. We enable our clients to use more of the Visa Direct platform by adding use cases and corridors to better serve their existing customers or acquire new ones. I said a few minutes ago that we are still in the very early days of Visa Direct. Our success growing and deepening with our clients will give you a sense for what I mean by that. Let me give you 3 examples. Paysend is a global digital payment network that serves over 10 million customers directly and allows enterprises to connect to their network and send to billions of end points. In 2022, Paysend launched their cross-border with Visa Direct from the U.K. and U.S. to over 100 countries and territories. Then we partnered with Paysend to improve their end user value proposition while providing their customers with real current conversion, multicurrency wallets and business disbursements, all part of Visa Direct powered by Currencycloud. These new capabilities drove meaningful incremental growth in our mutual business. Then in 2024, Paysend dramatically expanded corridors with us, enabling not just U.S. and U.K. customers, but all Paysend customers across the globe to send money in real time to eligible Visa cards across more than 170 countries and territories. CIBC is another great example. CIBC started as a client of our pay-to-account capabilities. Then in 2021, CIBC added Visa Direct to card. In 2022, we expanded our mutual business with remittances for CIBC's digital bank, Simplii. Then in 2024, CIBC used Visa Direct so that their customers could send money to digital wallets in key remittance destinations, including the Philippines, China and Bangladesh. A third example is our growth of Western Union. We originally signed a deal with Western Union to enable a select number of Visa Direct card routes. Over time, we have added Visa Direct account corridors in such key markets as Mexico, Turkey and India. This was the result of close collaboration with Western Union. This collaboration has unlocked an additional 20 new card corridors and 23 push to account markets. These are just a few of the many examples of how we work with our clients to grow and expand our mutual business with Visa Direct. So that's the Visa Direct strategy. Now let's move to VCS. In Visa Commercial Solutions, our strategy is focused on driving deeper penetration of our card and virtual payments in the $35 trillion opportunity. We will do this by, one, converting small and medium business spend to our solutions, riding the B2B payments consumerization and digitization wave; two, scaling our existing large and middle market use cases to more countries, corporates and partners; third, delivering product innovation and network flexibility that solves long-standing buyer and supplier pain points, driving more B2B spend to cards and virtual payments and enabling new and emerging B2B verticals; and finally, unlocking new commercial card acceptance with suppliers. A key priority in VCS is to grow our small and medium business portfolio, by both driving issuance and acceptance with our existing SMB issuers and acquirers and by partnering in more markets. Small and medium businesses have distinct needs, establishing or expanding their customer base, securing working capital for initial and ongoing operations, efficiently managing their expenses and cash flow to ensure business sustainability. Commercial cards are a great solution for these needs. However, today, only a relatively small fraction of SMBs use commercial cards for their B2B spend. Many small businesses today use their personal bank account or personal cards for B2B spend. We have identified over 65 million potential small businesses in our issuers' consumer portfolios, who could benefit from a small business card's access to business credit and additional capabilities like virtual payments. And in many markets, while small businesses have business banking accounts, many lack any associated debit or credit product. So how do we get more SMB products into the hands of SMBs? First, we're working closely with our issuing clients to activate and increase spend on existing SMB portfolios, shifting spend from cash, check and ACH to card. This can be through deploying products such as our recently launched SMB Supplier Match Portal that helps businesses find card-accepting suppliers or our virtual card capabilities that enable invoice-based spend. We also help our clients grow with Visa's advisory team and our VCS specialists, who work together to address the challenges issuers face in growing their SMB spend. For example, in Europe, we launched a sales campaign to accelerate SMB payment growth that leveraged our Paris 2024 Olympic and Paralympic assets. Visa trained our clients' sales forces, leading to a 14% uplift in spend by SMBs. In CEMEA, we embedded resources with our issuers to help our issuers reach and onboard their non-carded business customers to Visa products, driving a 62% increase in year-over-year spend at one issuer. Secondly, we are bringing more cards to more markets by enabling our partners across the world. We have focused our efforts in several of our key markets, including the UAE, France, Turkey, Taiwan and Spain, and we are seeing exciting results. We are working with fintechs globally to reach more issuers and untapped SMBs. We want to make sure that any innovative company that provides services to small business can offer their customers Visa products backed by Visa issuers. For example, in Brazil, we're partnering with Celero, who is helping SMBs through a combination of payments and financial management. In the Nordics with Mynt, who integrates Visa virtual cards and spend management. In Germany, with Pliant, who is bringing Visa SMB debit and credit to large institutions across Europe. And in Indonesia, with Paper.id, who is helping more SMBs access working capital through their Visa product and invoice payment capabilities. By helping our partners enter and grow in the SMB space, we have seen very strong growth across the globe with credentials more than doubling outside the U.S. over the last 5 years. Now moving on to our large and middle market or LMM segment. Historically, this segment has been driven by corporate T&E and purchasing cards. There is continued runway for growth here and we're focused on winning large deals across key clients, like recently done with Citibank, Lloyd's, Standard Chartered and Cornèr Banca. However, a lot of corporate wire supplier LNM flows, customer challenges are vertical specific. Let's talk about a few of our priority verticals. In B2B travel, we've grown our payments volume nearly tenfold since 2021. We offer a holistic issuing and acquiring platform capability, allowing our clients to better service the liquidity and working capital needs of online travel agencies. We've achieved this growth through the value we bring to clients with our carded solutions such as Adyen with whom we recently signed a B2B issuing travel deal with. Fleet and fuel is another vertical where we're delivering great value for our clients. Fleet clients have unique needs, such as wanting to be able to track vehicle numbers and mileage when drivers pay for gas using a fleet card. This has traditionally been solved with a closed-loop limited functionality card. Our Fleet 2.0 solution offers fleet managers the data benefits of closed loop while also providing key Visa enhancements such as chip cards, digital wallet provisioning, and contactless payments. And unlike a close-loop fuel card, our global open-loop acceptance enables fleet drivers to spend on fuel as well as employee mobility and general business spend, consolidating spend and spend management. Beginning in early 2025, Standard Bank South Africa will introduce Fleet 2.0, replacing approximately 220,000 legacy cards and transitioning customers from a closed-loop to Visa's open-loop system. This next-generation fleet card will enable increased spending, including cross-border transactions, while enhancing security with advanced fraud protection measures. We also partner with fleet platform providers for distribution like Coast, who provides fleet cards and expense management solutions. We're excited about partnering to move more of the $1.4 trillion of global fleet and fuel volume on to a Visa credential. And in government, we partner with clients to deliver solutions like Visa IntelliLink Compliance Manager that supports seamless and secure payments for government procurement. Together with our clients, we serve governments around the world, ranging from 40 of 50 states in the U.S. to the U.K. to Singapore and Australia. These are just some examples. There are many more verticals like health care and employee benefits, where our cards provide enormous value to corporates. The third part of our strategy is to deliver product innovation and network flexibility to reach underpenetrated spend. We've invested considerably in our virtual payment suite and value-added services to address pain points in accounts payable and accounts receivable cycles. First, we have been developing a set of features to help consumerize and digitize the B2B experience for any business, in any industry, shifting more spend to Visa virtual payments. For example, Visa Commercial Pay is an app that allows a corporate to issue cards including into digital wallets and set limits and controls so buyers can intuitively manage their employee spend. For Lloyds, we brought together corporate purchasing and virtual cards within Visa Commercial Pay to enable their corporate integrated payment suite. Another example is Visa Spend Clarity for Enterprise that allows the CFO suite to manage and control spend at the program and the cardholder level based on important investments that we've made in delivering accurate, actionable data. Our commercial enhanced data program ensures that commercial transactions carry the enriched data necessary to automate expenses or scan for misuse. Our VCS Hub in pilot phase now and launching broadly later this year, will reduce the administrative burden of B2B payments for both our clients and their end users. The VCS Hub is a centralized platform that gives our clients access and visibility to all their Visa Commercial products, payments and real-time insights in one place, while doing likewise for their business and corporate clients. And our embedded finance integrations make it possible for businesses to make virtual payments directly in their ERP and software platforms where they manage their business. For example, we recently signed a deal with Taulia to embed Visa and SAP's applications. Second, we are unlocking new B2B verticals, which haven't yet adopted card or virtual payments at scale, but have unmet needs that we are uniquely positioned to address if we deploy our VCS capabilities in a more configurable way, including, but not limited to, configurable economics. Our priority verticals represent $11 trillion of payments volume opportunity. For example, we built an agriculture product in Latin America, anchored around the seasonal working capital needs of small farmers. The payments volume on this product has grown 55% in the last year. In supply chain, we're launching a solution with Kob in Brazil to maximize payments and working capital efficiency in B2B using our Visa network to streamline and digitize sales from large and medium companies to their business buyers, reducing risk and optimizing the entire sales and supply chain. In import/export, we recently went live with a platform that enables overseas buyers to pay South Korean exporters using their Visa cards at custom rates. Up until now, these buyers and suppliers were using international wires. Our Visa solution gives buyers and suppliers a far better experience and better economics. These are a few examples, but the key insight is that Visa commercial cards and virtual payments offer so much value, security, working capital and a seamless payment experience domestically and cross-border. By making our capabilities more flexible and configurable for a growing list of B2B verticals, we are confident that we can continue to shift entire new categories of B2B spend to Visa. The final pillar of our VCS strategy is acceptance. Just as in consumer payments, there's a virtuous cycle for VCS growth by driving issuance, acceptance and engagement. But unlike consumer payments, the B2B accounts receivable and accounts payable processes are complex. For example, a supplier may need to screen their buyers, record a purchase order and generate an invoice among other activities in the order to cash cycle. In addition, the perceived cost of acceptance for the carded B2B flows has been a barrier for sellers. From an ROI perspective, however, Visa's commercial card and virtual payments can create benefits that significantly outweigh incremental seller acceptance costs. Suppliers that accept card payments can trust that the card issuer has already screened and underwritten their buyers, reducing their administrative and debt collection burden. Taking buyers preferred payment methods, namely cards, also increases supplier sales and revenue. And by paying with Visa cards, buyers have increased spend capacity and built-in working capital benefits which further allow them to spend more at suppliers. Likewise, the supplier reduces their days sales outstanding, improving the suppliers working capital. In addition, we're continuing to innovate to further strengthen the B2B acceptance value proposition. Two examples. First, our suite of Commercial Choice products allows our clients to provide unique and flexible interchange for buyer and supplier flows, making sure our card solution is priced competitively for the specific use case it is serving. For example, Citi has rolled out Commercial Choice in Hong Kong, enabling a unique buyer and supplier flow. Second, Visa accounts receivable manager automates supplier reconciliation with the intake of a virtual payment. In other words, enabling straight-through processing on virtual card acceptance, a dramatically superior seller experience versus alternatives like ACH and wires. All of this adds up to a compelling case for card acceptance for B2B sellers, as shown in a recent third-party study conducted by Forrester, the market research group. Based on supplier interviews, Forrester quantified the total return on investment for card acceptance in North America could be 132% over a 3-year period. According to the study, the merchant discount rate and personnel costs for card processing was 3.2%. Too often, the cost of acceptance is where the supplier conversations have stopped. But as the study demonstrates incremental benefits more than outweigh those costs. One, a 20% improvement in the collection rates from buyers. That's the equivalent of 3.9% on a $10,000 transaction, more than enough on its own to offset the merchant discount rate, but there's more. Improved revenue yield by allowing buyers to pay with their preferred method worth another 3.1%. Third, getting paid more quickly on average, a 2/3 reduction in days sales outstanding for another 30 basis points of value to suppliers. And fourth, more efficient accounts receivable processes on cards once stood up worth another 10 basis points of value. All told, suppliers could see a cost of 3.2% and benefits worth 7.4% of sales for a net benefit of 4.2% and a very compelling 132% ROI over 3 years. While these specific figures are for North America, we have commissioned similar studies in other regions, and they have all shown a clear net benefit of card acceptance. We are successfully converting this research into a value-based set play to the supplier CFO suite, and it is resonating. In the last year alone, we added nearly 30,000 new B2B suppliers as card acceptors and generated over $150 billion in incremental payments volume from new B2B acceptance. We're in the very early days here, but I'm thrilled that we're adding very large suppliers across the world, such as Serena Energy in Brazil. So that is our VCS strategy. The final important element of our CMS strategy across both Visa Direct and Visa Commercial Solutions is how we go to market with tight interlock between our CMS specialists and frontline market leaders around the world. Over the last few years, we have been moving very fast to mature our go-to-market as we build out CMS by leveraging Visa's unparalleled scale and client network. We have strong existing client relationships and a proven track record in our consumer payments business that is a great launching off point to discuss CMS. Yet winning share in these newer to Visa flows requires getting connected to the right buying center at the right clients on both sides of the network, understanding their needs and delivering the right solutions to those clients. That's why we have CMS specialized sellers out in our regions and markets who are experts on the client needs in the segments we're serving and experts, of course, on CMS solutions. We have made enormous progress operating as a world-class B2B sales organization, serving our clients seamlessly across an increasingly broad set of CMS and VAS solutions in addition to our consumer payments capabilities. Today, we have a very tight interlock between our CMS specialized sellers and our frontline market leaders around the world. From sales strategy, account planning, target setting, key account management, sales processes, pipeline management and tooling, training and enablement to incentives, compensation structures, performance reporting, sales technology and deal management. We have driven CMS shared goals down below the region, below the subregion into the markets and in the right places down to the client level where our generalist seller and account executive and our in-market sales specialists have the same target for CMS. And with this sales engine working, we've been able to confidently invest in growing our CMS specialized sellers meaningfully over the last 3 years, driving the revenue growth we've shared with you today and playing a key role in continuing that growth going forward. In closing, I'd like to emphasize the following. We have delivered strong growth over time. We have differentiated assets that make us a world leader in commercial payments volume and money movement reach. The opportunity is enormous, and our growth strategy is clear, focused and working. In Visa Direct, we will continue to expand our domestic business, grow cross-border flows and expand our business with existing clients. In commercial, we're focused on continuing to grow SMB, serve LMM, penetrate new use cases with tailored solutions and drive commercial acceptance. Our go-to-market strategy is resonating across a large addressable market and client base. Last, we believe that with further penetration of these flows, CMS can continue to be a significant driver of Visa's revenue growth in the future. And now I'd like to welcome my friend and colleague, Antony.

Hello, everyone. I'm Antony Cahill, the President of Value-Added Services at Visa, and it's great to join you today to discuss value-added services or VAS for short. During our last Investor Day, we committed to building out VAS to deepen relationships with our clients and generate additional revenue. I believe we have made great progress. And today, we now offer more than 200 solutions, covering a wide range of use cases for clients and partners across the world. We've also been expanding our reach and accelerating growth by unbundling Visa capabilities and selling them in new and different ways, in line with our Visa as-a-Service strategy. Today's session will cover 3 main topics. Firstly, how VAS has expanded and evolved over the past 3 years; secondly, why we believe VAS will continue to thrive and succeed in the future. And thirdly, a deeper analysis of the solutions within VAS. Let's now turn to how VAS has expanded and evolved in recent years. Since 2021, VAS has consistently increased revenue, achieving a 20% annualized growth rate on a constant dollar basis. VAS revenue has increased from around $5 billion in fiscal year '21 to $8.8 billion in fiscal year '24 and now represents 24% of Visa's total net revenue compared to 22% 3 years ago. Over this period, we have also diversified our revenue within VAS. For example, last year, almost 60% of VAS revenue was generated outside the United States compared to 57% 3 years ago. In summary, we have made significant progress in VAS over the last 3-plus years. I'll now outline 5 key reasons why VAS is beneficial for Visa. VAS is a fast-growing business that offers significant future growth potential with more than $500 billion of revenue opportunity. Many of our solutions produce recurring revenue at attractive margins, helping to fuel this growth. Furthermore, many of our services support and strengthen Visa's core products, resulting in higher payments volume and increased transaction yields. The nature and breadth of VAS solutions deepen client relationships and increase client retention. And finally, VAS is helping to diversify Visa revenue by monetizing non-Visa transactions, including those on domestic card schemes and alternative payment rails. So why are we succeeding in VAS? First, VAS uses the technology and skills that underpin VisaNet, one of the most reliable networks in the world. Our deep expertise in scalability and resiliency ensures we can confidently deliver core banking, acceptance infrastructure, cybersecurity and other mission-critical solutions to clients. Along with this are Visa's trusted relationships with thousands of clients globally. Our position of being a long-standing and approved partner means clients typically include VAS in their consideration for new solutions. We have great talent and continually innovate to offer leading products and solutions across multiple domains. For example, last year, we released 30 new or enhanced products and extended our reach into new areas such as account-to-account fraud prevention, cybersecurity and core banking. VAS also benefits from Visa's significant scale and reach. We have operations in more than 200 countries and territories and access to hundreds of petabytes of data, which we use to power our many AI models and solutions. And finally, we offer access to a unique roster of sponsorship assets, including the FIFA World Cup, NFL, Visa's 2 Red Bull Formula 1 teams and the Olympic and Paralympic Games. These assets, paired with our marketing expertise, allow us to deliver highly differentiated benefits and experiences to Visa cardholders with our clients. Now to our areas of focus in driving VAS growth. Looking forward, we are focused on 3 outcomes to diversify our business while maintaining strong growth. Let's start with enhancing Visa payments. VAS provides many solutions to ensure Visa is the best way to pay and be paid. We continue to enrich issuer, seller and cardholder experiences by innovating across the customer journey in areas such as card benefits, fraud prevention and token services. We are also increasingly focused on enabling all payments and expanding our coverage to non-Visa and noncard payments. Examples include enabling sellers to accept a broad range of noncard payment methods and protecting account-to-account payments from fraud. These solutions diversify VAS revenue by increasing client coverage and capturing value for transactions on non-Visa networks. And finally, going beyond payments. We are expanding client coverage and addressable segments through other services, such as consulting, data solutions, marketing services and core banking. This area is expanding rapidly, and we expect the momentum to continue. I will now provide an overview of the 4 portfolios that make up VAS. Our largest portfolio is issuing solutions. We serve a vast range of clients from the largest financial institutions to emerging fintechs. We offer our clients a broad solution stack, including front-end digital user experiences, cloud-based issuer processing and core banking infrastructure. The second largest portfolio is acceptance solutions, which serves sellers, acquirers, payment facilitators and software companies who accept in-store and online digital payments. The third portfolio, risk and security solutions, protects clients from fraud and financial crime. Here, we strive to ensure payments are safe and secure while maximizing the success rate of good transactions via a range of leading identity, authentication, authorization and cybersecurity solutions. Our final portfolio is advisory and other services. This includes marketing services, consulting, managed services, data solutions and open banking. While the smallest portfolio by revenue, it is the fastest growing in percentage terms, performing strongly across all regions. In fiscal year '24, each portfolio expanded at a rapid pace and generated more than $1 billion of revenue. Issuing Solutions delivered $3.5 billion of revenue with an annualized growth in the mid-teens over the last 2 years. Key revenue drivers are Visa network transactions and premium cards in force, along with subscription fees for a number of solutions. Acceptance Solutions delivered $2.5 billion of revenue with annualized growth in the low 20s. Many acceptance solutions are agnostic to payment type, and we generate revenue on all transactions we process or handle. Here, we typically charge clients on a transaction basis while also collecting subscription fees for certain products. Risk and Security Solutions delivered $1.5 billion of revenue with annualized growth in the high teens. Within this portfolio, we are increasingly broadening our coverage, including a wider range of cybersecurity solutions. The key revenue driver in this portfolio is the number of transactions protected, and we also charge nontransaction fees for certain products. Advisory and other solutions generated $1.3 billion of revenue and delivered annualized growth in the mid-30s. While the majority of advisory revenue is generated through engagement fees from clients, we also generate subscription fees from data and open banking solutions. Importantly, our advisory activities also act as revenue enablers and multipliers as our advisory work helps clients drive higher usage of Visa credentials as well as other VAS solutions. In summary, VAS is a high-growth area with significant recurring revenue. We believe we are well positioned for future growth as each portfolio can expand significantly with $520 billion of annual revenue opportunity available from current and planned solutions. Today, we are capturing around 2% of the overall opportunity and no individual portfolio is capturing more than 3%. Furthermore, we continue to expand our revenue opportunity by adding new capabilities, including the recent acquisitions of Pismo and Featurespace. Pismo has also enabled significant geographic expansion for our Issuing Solutions business. I will now provide more detail on each of the 4 VAS portfolios and our approach to innovation and services. Let's begin with Issuing Solutions. Issuing Solutions is organized as 4 subsegments, with Cardholder Engagement solutions being the largest revenue contributor. Cardholder Engagement solutions provides issuers with various benefits, including airport lounge access, dining reservations, shopping experiences, event tickets, merchant offers and access to unique cardholder experiences, which, in turn, drive higher engagement and spend on Visa credentials. As Jack referenced earlier, this solution set is key to driving preference with affluent Visa cardholders and is an important driver of revenue through premium card fees. Over the past 3 years, we have seen the power of this preference with an increasing number of high-spending cardholders choosing premium Visa products to access associated card benefits. For example, in Brazil, we have grown infinite cards in force nearly 6x faster than all other consumer credit tiers over the last 3 years. This rapid growth is thanks to investments in programs such as Vida Visa, which provides exclusive merchant offers, Airport Fast Pass and Visa Lounge access in Sao Paulo's largest airport. Switching to another region. We now offer ultra-high net worth cardholders in the Gulf Cooperation Council, a host of value benefits, including meet and assist services in 24 airports as well as special shopping experiences at Harrods, Knightsbridge; Saks Fifth Avenue; Louis Vuitton and more. We see high demand for these solutions globally. And looking forward, we will continue developing new and differentiated services for affluent cardholders. Next is cardholder experiences. These solutions cover a wide range of use cases, enabling issuers to offer leading payment experiences to their cardholders. Our network products are designed to meet a broad range of issuer needs. One example is smarter stand-in processing, which ensures cardholders can use their Visa card in the event of an issuer outage or planned issuer maintenance. In such a situation, VAS uses AI to replicate the issuer's logic to provide a decision on their behalf. Issuers benefit from higher transaction revenue, retention of top-of-wallet status and protection from reputational damage associated with operational downtime. Today, more than 1,500 issuers have adopted our solution. And thanks to our advanced AI and machine learning models, we achieve a match rate exceeding 95% when compared to the issuer's own decision-making processes. As an example, last December, we authorized over 2 million transactions on behalf of clients, experiencing processing challenges. As soon as issues were detected, smarter standing processing was activated to ensure cardholders could continue to use their Visa cards as normal during the busiest time of the year. Our digital enablement solutions allow issuers to easily build and deploy new functionality to their customers. For example, our subscription manager solution provides visibility of card and file transactions and empowers cardholders to stop unwanted recurring payments. The last 2 subsegments are issuer processing and core banking delivered by our DPS and Pismo platforms. Our DPS platform offers highly resilient and secure debit card processing to most of the largest U.S. issuers. Beyond the largest issuers, DPS is securing additional growth by deploying new functionality to meet the distinct needs of next-gen providers such as Current, who selected DPS as their debit processor. Our issuing solution suite expanded last year with the acquisition of Pismo, a modern cloud-based platform, which offers both core banking and all types of card processing. Many issuers around the world are seeking to upgrade their technology stacks to ensure they can deliver for customers in a digital age. Pismo is designed to serve this need and is particularly well-suited for clients seeking to rapidly launch new banking and payments offerings. For example, BTG Pactual, Latin America's largest investment bank, used Pismo to launch its digital retail bank, BTG Pactual Banking in just 8 months. The bank leverages Pismo for core banking, card issuing and payment processing. Since launching in 2021, BTG Pactual has won multiple innovation awards for delivering one of Brazil's top mobile banking customer experiences. By 2024, Pismo had created approximately 130 million accounts and on average, processed nearly 12 billion API calls per month. We are continuing to build a healthy sales pipeline. And overall, we feel very optimistic about Pismo's prospects and the potential to sell more VAS. Now to our Acceptance Solutions portfolio. Acceptance Solutions is organized as 3 subsegments, with network products being the largest revenue contributor. Network products are a suite of solutions designed to enhance Visa transactions for sellers and acquirers. For example, our account verification service checks card integrity before a purchase to prevent the use of invalid or compromised credentials. Beyond network products, many Acceptance Solutions are network-agnostic, which allows VAS to generate revenue on all payment types. We continue to enhance our acceptance capabilities within the Visa Acceptance platform, which includes CyberSource, Authorize.net and a number of other commerce services. Many of you are familiar with CyberSource, our enterprise gateway solution, sold directly to sellers. The reach and scope of CyberSource continues to grow. And today, the platform offers omnichannel digital payments to more than 500,000 customers across 160-plus countries and territories. CyberSource is also integrated with more than 250 acquirer processors and 800 technology partners. Furthermore, we have created a new growth channel by unbundling key capabilities such as payment acceptance, token management and fraud prevention as part of our Visa-as-a-Service strategy. The approach has gained strong traction with acquirers, including Wells Fargo and SMBC and SMCC from Japan, now consuming multiple modular services. This is our largest sales channel in the Visa acceptance platform with more than 50% of revenue being sourced via third parties in fiscal year '24. We continue to see strong interest from third parties, and we are supporting further growth by progressively adding new functionality through an open platform approach. I also want to briefly highlight our work regarding acceptance for small- and medium-sized businesses, or SMBs, a key focus area for Visa as highlighted by my colleagues earlier today. Authorize.net sits alongside CyberSource and is a leading payment gateway for SMBs in the United States, processing roughly $200 billion in annual total volume. Later this year, we will launch a reimagined version of Authorize.net with a new interface and a streamlined user experience. With quick actions, easy-to-use dashboards and assistance from Annette, our new AI agent, the experience allows sellers to effectively manage their day-to-day operations and spend more of their time focusing on their customers. We are also introducing support for in-person card readers in multiple form factors to provide flexible payment solutions within a cohesive and intuitive app interface. Pilot feedback has been strong, including significant interest from channel partners. We intend to move to general availability within the United States in the third quarter with deployment across additional countries to follow next year. Revenue from the Visa Acceptance platform is generated through a mix of recurring subscription fees and usage-based transaction fees. Our last subsegment is post-purchase solutions, including Verifi, where we provide services to sellers and issuers to prevent, manage and resolve disputes. We primarily charge for these services on a per transaction basis. Now let's move to risk and security solutions. Our risk and security portfolio offers risk detection and prevention solutions underpinned by real-time AI-driven scores. These solutions are increasingly payment type and card network agnostic with revenue primarily driven by underlying transactions. The portfolio is organized as 4 subsegments with transaction risk being the largest revenue contributor. Issuers use our Visa Advanced Authorization transaction scores and the Visa Risk Manager decisioning platform to minimize fraud losses while maximizing authorizations. Last year, we bolstered our transaction scores in the United States with the launch of Visa Deep Authorization, an enhanced risk score for card-not-present transactions. This solution has improved client fraud detection levels by up to 20%, and we are now working to make the solution available in other countries. We also offer a range of authentication and transaction risk solutions. We help acquirers and sellers identify customers and limit fraud across multiple payment methods and sales channels via cardinal commerce. We are working to improve the authentication experience through a combination of AI-powered risk engines, passkeys, cyber signals and device-based biometrics. We aim to make onetime passwords and other legacy methods obsolete. As highlighted earlier, a key focus for VAS is to unbundle our services and enable all payments. And last year, we launched 2 new solutions that operate beyond Visa's network. Visa Protect for A2A is a solution for scoring and helping clients capture false real-time payment transactions. As Jack mentioned, the solution is live in LAC with Argentina's A2A network, [indiscernible], where we achieved fraud capture rates of up to 73%. While in the U.K., we have completed a successful trial with 8 banks, currently representing half the RTP network, and we achieved a 54% fraud capture rate. We are now in the process of a commercial rollout across the U.K. and intend to pilot the service in 10 countries this year, including Brazil. The second solution is network-agnostic Visa advanced authorization, which allows issuers to score transactions processed on card networks other than Visa. Key benefits of the solution include high levels of fraud detection and reduced operating costs for issuers. Several issuers are deploying the service later this year. Both the transaction risk and authentication subsegments primarily charge on a per transaction basis. Now to cybersecurity. Since 2021, we have progressively built out new capabilities. One example is in defending against enumeration attacks. This is when a fraudster seeks to gain knowledge of cardholder information by attempting a large number of transactions over a short period of time. As Ryan mentioned, we have utilized AI in our cybersecurity offerings to defend the Visa network from these types of attacks. In fiscal year '24, we blocked over 150 million attempted fraudulent transactions. Last year, as part of our Visa-as-a-Service strategy, we made the capability available to clients through our Visa account attack intelligence score. It is now being used by issuers to make more informed decisions on when to block a transaction. We also offer a range of managed services to help clients enhance their cybersecurity. I will build on this topic when we cover advisory and other services. Now let me introduce Featurespace, our latest acquisition. Featurespace is a leading AI-based risk and financial crime platform, which has received multiple innovation awards since inception 10 years ago. Today, the solution is used by many leading banks and payment providers across the world. A key benefit of the Featurespace acquisition has been an expansion of our overall fraud capabilities. This now includes payments beyond cards as well as upstream events outside the transaction such as account application and seller fraud. Moving forward, we plan to integrate the Featurespace platform into the broader Visa Risk suite and offer clients a single decisioning platform to manage all types of risk events across the payments value chain. Now to our final portfolio, Advisory and Other services. The Advisory and other services portfolio has 5 subsegments with marketing services being the largest revenue contributor. Our marketing services team brings customized solutions and deep expertise to Visa clients, powered by the creativity and intelligence of more than 300 world-class professionals. In fiscal year '24 alone, the team delivered more than 900 client marketing campaigns to more than 500 clients across more than 100 countries. Our team delivers value to clients in 3 ways. First, we offer a full suite of marketing services that spans across the full campaign life cycle. This includes research, strategy, campaign design, execution and measurement. Our access to brand, to data and expertise gained from building the Visa brand makes us uniquely qualified to provide these services to clients. Second, we help clients understand trends shaping the industry and work to advance their brand message, acquire new customers and drive engagement and loyalty. For example, a sampling of recent client engagements confirmed their marketing campaigns generated an average weekly uplift in weekly transactions of almost 7%. Finally, we enable clients to tell compelling stories and offer differentiated customer experiences by engaging with more than 70 high-impact sponsorship assets across sports, entertainment, gaming and music. Clients express high satisfaction, giving us an average score of 9.5 out of 10 in post-engagement surveys. Let me provide an example of a recent client marketing campaign. Over the past 3 years, we have worked closely with Revolut to drive customer acquisition and engagement by leveraging Visa sponsorship assets, including the NFL International Games and FIFA Women's World Cup. In 2023, we launched a joint out-of-home campaign with instant Visa debit card issuance via vending machines in the Rome airport. Travelers were able to pick up a card instantly, and the campaign resulted in Revolut distributing more than 100,000 cards via the machines. Now let's look at the remainder of the portfolio. Consulting is the second largest subsegment and together with Managed Services, creates a powerful flywheel effect for Visa. Across these 2 subsegments, we offer more than 40 discrete types of engagements. And last year, we delivered more than 3,000 projects, helping clients generate an estimated $5 billion in incremental revenue. In addition to driving VAS revenue, this lift in client performance typically drives higher payments volume and yield for Visa. One area of specialist consulting capability relates to card migration from other networks to Visa. Over the last 10 years, our consulting teams have helped clients in 34 countries successfully migrate approximately 150 million cards to our network. As part of the migration effort, these projects have driven spend uplift of up to 20% for active accounts while also reengaging up to 15% of previously dormant accounts. Our Managed Service teams often deploy on-site and carry out a broad range of activities, such as product implementation, systems integration and risk optimization. Embedding our teams with clients allows us to understand them deeply and in turn, facilitate the rollout of additional Visa products and services that meet their needs. For example, our Visa Risk Operations center provides enumeration defense as a managed service to further strengthen client risk capabilities. Last year, the service blocked $1 billion of payments volume and helped North American clients avoid $60 million in estimated fraud losses and incremental operating expenses. Now to the last 2 subsegments, Data Solutions and Open Banking. Our Data Solutions suite uses Visa transaction data to help clients analyze and improve performance across a range of areas, including consumer spend, peer benchmarking, credit scoring and fraud performance. And finally, our Open Banking platform, powered by Tink, provides payment initiation and account information services to sellers and payment providers across Europe and the United States. Tink continues to expand both its product suite and reach. For example, the platform recently launched new services in Europe, such as variable recurring payments and payment initiation for business accounts. The platform now has 13,000 connections to banks and financial institutions across 20 countries, including the United States. I now want to demonstrate how our solutions power the customer journey by delivering an integrated customer experience. Let's take an example of how a financial institution can use VAS to acquire new customers and increase cardholder spend. The journey starts with a new customer acquisition campaign delivered by our marketing services team through our Visa campaign solutions service. The issuer uses Tink, our open banking platform to assist with the credit decision by checking the applicant's real-time financial history and activity with other institutions. As a cardholder transacts, our risk solutions, including Cardinal Commerce and Visa Deep authorization work in the background to ensure transactions are conducted in a safe and secure manner. Next, the new cardholder uses card controls enabled by our digital enablement toolkit to set card usage parameters within the issuer's mobile banking app. The cardholder can view digital receipts, check their spending and raise a dispute if required, using our post-purchase solutions, including Verifi and Visa Resolve Online. And finally, we help issuers drive spend and increase cardholder engagement through our benefits and loyalty solutions. It is also worth noting that our advisory teams often play an important role in helping clients with the design, implementation and delivery of these experiences throughout the user journey. The final topic I will discuss is our go-to-market approach built around commercial excellence. Commercial excellence is driven through a strong focus on increased sales efficiency and productivity using 4 key levers. First, like the CMS business, we have significantly expanded our specialist sales force, and now we have approximately 450 VAS experts to support our generalist salespeople. These specialists are experts in their field. They are fully dedicated to VAS and their compensation is aligned to the growth in VAS revenue. Second, we continuously monitor solution performance and optimize pricing to ensure we are competitive while improving transaction yield for Visa as a whole with attractive margins. Third, we use vast amounts of sales data, combined with AI, to identify the most relevant products and solutions for clients. And fourth, we have designed key solution bundles and created detailed sales plays and training to maximize sales conversion rates. Commercial excellence has amplified our sales growth, and we plan to continue the momentum by further expanding our specialist sales force and increasing productivity in 2025. So in conclusion, we have developed a proven and resilient growth model for VAS, which has delivered an annualized growth rate of 20%, fueled by client-centric innovation that deepens our relationships. Our capabilities leverage Visa's broader strengths. We provide our clients with a leading solution suite and continue to build new capabilities across our 4 portfolios. The opportunity for us is significant. And today, VAS has a low penetration of the identified available market. And lastly, VAS has built a highly focused go-to-market function to drive continued revenue growth and yield for Visa. Thank you for your time today. I will now hand it over to Frank to discuss the power of the Visa brand.

Good morning. I'm Frank Cooper, the Chief Marketing Officer for Visa. It's great to be with you here today. I'm very excited to have the opportunity to speak with you about the power of the Visa brand. I will show you why our brand is a critical part of the payments ecosystem. And I will also show you how our brand serves as an important source of differentiation and growth for the company, powering our key drivers and helping to drive our financial results. But let's start with the foundational truth. Brand really matters in payments. On some level, this should not be surprising. We're moving people's money. We're facilitating the exchange of value among people. And therefore, consumers want and need and deserve a brand that they trust. The Visa brand is widely recognized as one of the most trusted brands in the world. And as a result, one of the company's most powerful and valuable assets. We have built a global payments network connecting buyers and sellers who do not know one another and who have no reason to trust one another. And yet we have enabled them to confidently exchange value in milliseconds in more than 200 countries and territories around the world. The ability to do that hundreds of millions of times every single day is because of the Visa brand. Consumers know they can use their Visa card at more than 150 million merchant locations around the world. Cardholders perceive Visa as having the best acceptance globally. A simple sign on a window anywhere in the world lets consumers know that they have a simple, frictionless way to pay for the goods and services of that establishment. That's powerful. And the data shows that consumers are 2x more likely to repeat purchases when they see the Visa brand displayed at the merchant location. Consumers also know that with Visa zero liability, they are protected from unauthorized charges made with their Visa card. Likewise, when sellers accept that Visa payment, they know they will get paid. The Visa brand gives them that confidence and trust as well. In short, at the most foundational layer, the Visa brand enables payments through the trust and confidence that it instills in consumers, merchants and banks. And our brand strength goes beyond trust. The brand is also preferred by consumers across geographies. Globally, consumers prefer Visa nearly 2:1 over the next largest payments network. Preference for Visa over competitors proves out in countries and territories around the world, big and small, as diverse as the United States or Japan or Mexico or the UAE. In some instances, Visa brand preference is more than 3x higher than the next largest payments network. And our brand strength is also demonstrated across diverse consumer demographic segments. Preference for Visa extends across Gen Z and millennials, cross-border travelers and up and down the spectrum of socioeconomic levels. This preference advantage helps us to accelerate the adoption of product developments that Jack mentioned earlier, whether it's cross-border solutions, affluent offerings, flex credential or simply tap to pay. Equally important, we know that consumers who prefer Visa spend more using their Visa payment credentials. In other words, when we compare Visa to the competition, we see that the Visa brand drives higher payments volume. Notably, U.S. consumers using Visa credit cards spent 16% more on average and had a 3% increase in balance lift as compared to the next closest competitor. And in digital wallets, we know that the majority of consumers who do not yet use them said they feel more confident adopting digital wallets when they know that their payment is secured by Visa. And this is true for emerging platforms that are seeking to scale. For example, it was Visa that enabled many of the crypto exchanges and platforms with a Visa card that their customers could use anywhere Visa was accepted. Similarly, in our CMS business, when we link the Visa brand to new product solutions such as real-time payouts, it drives a 25% to 35% lift in acquisition and adoption. We also see the impact of the Visa brand in our ability to win portfolios and deepen our relationships with our clients. Clients recognize and acknowledge that the Visa brand not only drives volume for Visa, it also drives value for them, for our clients. In our client engagement survey, we asked what aspects of our business matter the most to our clients. Consistently across sellers, issuers, fintechs and processors, the most important aspect of our business that they cited was our brand, and they rated us much higher than any other payment brand. Now when you combine this client preference for Visa with our key sponsorship assets, it results in a really powerful combination. You can see on the left, there's a wide array of clients across geographies, different sizes, different industries. And on the right, we have a collection of sponsorship assets that we are connected to. Many of my colleagues mentioned these investments earlier. Those flagship properties like FIFA Men's and Women's World Cup, the Olympics and Paralympics, the NFL and Visa's 2 Red Bull Formula 1 racing teams. The assets on the right definitely help us in building our brand, and we do that. We build awareness and relevance through those sponsorship assets, but we take it one step further by driving consumer credential ownership and supporting merchant acceptance. From last year's Olympic and Paralympic Games in Paris, we drove the issuance of more than 7 million Paris 2024 branded cards and added more than 130,000 merchant locations in Europe. That is the power of these global sponsorships to help drive the Visa brand. But as Antony mentioned, our value-added services team brings our marketing expertise and sponsorship to life for our clients. For example, staying with the Paris Olympic Games in 2024, we executed 327 client marketing campaigns across 89 markets, resulting in over $100 million in value-added services marketing revenue alone. Collectively, all of these efforts drive growth in credentials, payments volume, transactions, and client retention, all resulting in strong revenue growth for our company. And the more clients that we engage with marketing services, the more we extend the reach and impact of our brand. In fiscal year 2024, we spent about $1.6 billion total in marketing globally. That includes everything from our global sponsorships to our brand-building efforts and advertising to client marketing to our local campaigns in more than 200 countries and territories. The impact and reach of these investments in our brand are magnified through several vectors. First, through our 4.7 billion credentials that bear the Visa brand and that consumers and small businesses pull out of their wallets often multiple times a day. Second, through our more than 150 million merchant acceptance locations that prominently display the Visa brand at checkout to all of their shoppers. Third, through the marketing services we provide to issuing clients, which may include providing access to their Visa cardholders to our distinctive sponsorship assets. And finally, many of our nearly 14,500 financial institution clients make their own marketing investments that also amplify the Visa brand. As Ryan mentioned earlier, the payments ecosystem continues to change at an accelerating rate. And as the world becomes more digital and we have a new generation of Visa users, we continue to evolve marketing at Visa to meet these new consumer expectations and behaviors while building our brand strength. I'll share with you just a few examples. In Osaka, Japan, we launched a campaign to increase awareness and use of tap to pay. In addition to the hero videos and the social media activation, we introduced additional layers of activity to engage consumers beyond that tap-to-pay transit moment. We engaged key influencers in Japan to demonstrate that tap to pay had gone mainstream. We developed how-to videos featuring everyday people. We developed app-based gamification with rewards when they shopped with Visa, and we curated local merchant offers. That campaign produced compelling results, increasing the number of contactless users by more than 20 points and generating an even higher lift in transactions. In addition, we drove a 15% increase in Visa brand relevance. We are also adapting our marketing to drive brand relevance in an increasingly digital world. Again, some of these changes are foundational such as integrating visual and sensory branding and haptics into the tap-to-pay experience or leveraging our advantages as a more secure way to pay, connecting those brand claims to click-to-pay and payment pass key products. We're also providing a Visa-branded all-in-one solution that Jack mentioned earlier, like Flex Prudential. But we're also meeting consumers where they are, such as expanding our presence in social media and video gaming. One example, we gamified Google Pay by enabling Visa cardholders in 87 countries to collect Paris 2024 themed digital Mascot stickers in the Google Wallet when they tap to pay or if they paid online with Visa. We also worked with the International Olympic Committee to partner with one of the largest gaming platforms in the world, Roblox, which has over 85 million daily active users, half of them Gen-Z. Within the Roblox game, we developed a series of mini games that were organic to the experience that ultimately became known as Olympic World, presented by Visa. That experience attracted over 11 million visits during the games and became, during the month of August, the #1 branded sports game on Roblox. More important, these activations of this type have started to position Visa as the payment method of choice within video gaming for Gen-Z. The third item is we are communicating and reinforcing some of the functional advantages that the Visa brand has, such as reinforcing trust. Open Banking in the U.S. is a great example, where before a customer initiates a pay by bank transaction, we communicate and make visible the Visa brand, so that they know that Visa is behind the connection to the customer's account. Again, these are just a few examples of how we're leveraging the Visa brand, but also evolving our marketing approaches to meet new consumer expectations and behaviors. So I'll close by summarizing just a few of the key points. In payments, brand really matters. Our brand is #1 in payments. It's #7 globally out of all brands. And that preference that consumers have demonstrated and that clients have demonstrated applies across the globe and across important demographic groups. Clients and customers choose Visa for our brand, and this brand strength drives financial results for Visa in cards, in payments volume, in transactions, in client retention and in revenue. That's the power of the Visa brand. And we'll continue to make investments in the Visa brand, and we'll continue to evolve our approach to marketing the brand. So with that, I'm going to hand it over to Rajat to talk about technology and AI.

Thank you, Frank. I'm Rajat Taneja, Visa's President of Technology. It's great to be here with you today, and I'm excited to talk about our technology. I want to show you why technology is so critical in payments, why Visa is the payments technology partner of choice for thousands of financial and technology companies around the world, and how we are investing for the future in key areas like AI. Let's start with the fundamentals. Why does technology matter in payments? Payments, first and foremost, are about trust and ubiquity. Trust that the transaction will be completed, that the money will be transferred in a timely fashion and that both parties will be protected in the event of fraud or a dispute over the goods or services provided. And both the buyers and the sellers in that transaction must also have confidence in the ubiquity of the payment system that it will be available for use wherever and whenever they want to use it. These foundations of digital payments are enabled by technology, technology that excels in 4 key areas: scale, reliability, speed and security. In payments technology, scale is the number of countries and territories, currencies, acceptance points, user credentials and tokens. Reliability is uptime, authorization rates, 24/7/365 availability and the integrity and accuracy of the settlement process. Speed is fast and high-quality payment authorization, so a user can make a payment and get on their way. Security is accurate user and credential authentication, fraud prevention and detection, and effective dispute resolution. Security is also rigorous prevention against cyber threats, data breaches and denial of service attacks. Combined, these 4 technology elements, scale, reliability, speed and security form the cornerstones of digital commerce. They create a payment system users trust will work quickly, safely and effectively with protections against bad actors and fraud and is available to anyone, anywhere in the world, any time of the day, always. Visa is a leader in these technologies. They are embedded in VisaNet and extended to our network of networks, and they form the foundation of the Visa payment stack that Ryan introduced earlier. Scale. Visa operates in over 200 countries and territories globally across nearly 14,500 financial institution clients and more than 150 million merchant locations and 4.7 billion credentials. But our scale extends far beyond those numbers. Over the past several years, we have dramatically expanded our scale through our network of network strategy. Our payments platform now encompasses more than 100 other payment schemes and networks globally, creating the largest global money movement network with the potential to reach more than 11 billion endpoints. Reliability. VisaNet, our core payments platform, operates at over 99.9999% uptime. We operate at these levels of reliability, while making over 1,000 updates to our code and our infrastructure on average every day. When our bank partners have challenges processing transactions, we have solutions like AI-powered stand-in processing that allows transactions to continue to be processed seamlessly across our network. Speed. We process over 630 million transactions per day. Our processing times are in the milliseconds. During that time, we use sophisticated AI techniques to check for hundreds of transaction attributes, detecting fraud and adding risk scores and other insights. Security. In 2024, Visa's security posture once again achieved the highest rating category from an independent research organization. We continue to outperform peers in our high-risk, highly regulated business sector. We use AI models and billions of real-time system signals per day to catch and nip any threat in the bud. Security is directly woven into the lines of code we write, allowing us to seamlessly block about 660 million attacks targeting our APIs and web applications, about 10 million phishing attempts and about 295 million bot attacks on average each month. Our scale, reliability, speed and security help differentiate Visa from other networks around the world. We invest billions of dollars improving these metrics every year to continue raising the bar for consumers, businesses and financial institutions. Visa operates one of the world's largest electronic payments networks with nearly $16 trillion of total volume running over our network annually. As Ryan mentioned earlier, about a decade ago, we opened up our network, making many of our payments capabilities easily available through standard APIs and creating the Visa developer platform, the next layer in the Visa payments stack. This decision was critically important to our business model and competitive differentiation. Now any start-up or large established company can access our capabilities. They choose the Visa platform because they instantly gain the trust and ubiquity that Visa brings. They immediately have global scale with access to 4.7 billion credentials and over 150 million merchant locations. They get availability and high-quality performance. And they get access to all our innovations, tokens, flexible credential, passkeys and more to help grow and improve their own products and solutions, and they get all of this through a single partner, Visa. Literally, thousands of companies have chosen to partner with us in order to accelerate their growth and scale. As a result, Visa has become the payments platform of choice for fintech, big tech, crypto, digital wallets and more, growing to more than 2,900 API endpoints and more than 40 billion API calls per month at the end of 2024. This ecosystem of partners building their payments capabilities on the Visa stack creates a virtuous cycle of innovation that further differentiates our platform. And in turn, all of these partners scale our products and solutions globally. In addition to enabling partners to access our payments platform, we are also unbundling our capabilities and building new services, what we call Visa as a Service. Let's take disputes as an example. We started by unbundling our disputes capabilities from VisaNet. We also acquired Verify to enhance these capabilities, including by gaining network-agnostic dispute capabilities and expertise. And our partners are building their own solutions on top of our capabilities. Stripe is a great example of this as they distribute our dispute solutions through a self-service dispute management platform for their merchants. And we have many other examples like our network-agnostic tokens, Visa Protect for A2A, Risk as a Service, CyberSource and Pismo. We are excited about Visa as a Service and the opportunity to continue expanding our suite of solutions and selling them into a wide array of customers and ecosystem partners. Pulling it all together, we are tremendously excited about how we have evolved our network over the past decade as we have created the Visa payments stack. We have a rich set of capabilities and partners on our platform, which creates a virtuous cycle that attracts more networks, more partners, more client engagement and more innovation, further differentiating Visa and scaling our products and services globally. Let me spend a minute talking about how we develop products. First, everything starts with the needs of our clients. What are the pain points and how can we solve them? What are the opportunities they have and how can we help clients capture them? Second, we have a rigorous product development system that allows us to build products in an agile way with a short time between concept and production. This is how we make over 1,000 updates to our code and our infrastructure on average every day. Third, we use leading-edge tools and technologies to build our software. We leverage open source software and also build our own proprietary tools. Two good examples of our product development capabilities are Visa tokens and Visa Direct. In both cases, we identified a market need, built a capability into our vast network to meet this need, and scale tokens and Visa Direct transactions into the billions. And we continue to innovate like this with products like Visa Protect for A2A and the Flex Credential. The new standard in payments credential. The power of the Visa payment stack is that we can build products centrally and then rapidly scale them to our more than 200 countries and territories and to the thousands of clients that are building on our platform. Now let's talk about AI. At Visa, we have been investing in AI for decades. We were a pioneer in the use of AI to reduce risk and fraud. Our first machine learning model using our data for this purpose was released in 1993. Over the past 30 years, we have built enormous strength and expertise in AI with our own GPU clusters, strict policies and governance for responsible and ethical use of data and hundreds of petabytes of data. Our data platform is amongst the most sophisticated and secure in the world. A decade ago, we shifted to predictive AI and neural networks, deploying these capabilities to improve infrastructure availability, cybersecurity, risk, fraud prevention and more. These AI capabilities benefit our products like Visa Advanced Authorization, Visa customer authentication service, advanced identity scores and smarter stand-in processing. As Gen AI emerged, we dove deep into it. First, we are incorporating Gen AI into our day-to-day work to make us more effective and efficient. We now have thousands of developers using Gen AI tools to help us code, identify and resolve bugs, complete documentation and streamline our deployment and operational processes. We see gains in other areas of our business as well. Second, we are building Gen AI into our products such as Visa Assist, Visa Protect for A2A and Visa Account Attack Intelligence. And our in-house Gen AI layer allows us to utilize multiple models in a secure, compliant and responsible way. Finally, we are building new products to meet the payments needs of Gen AI-driven or agentic commerce. We are fully embracing the potential for Gen AI to transform many aspects of commerce, payments and our business. To summarize, technology matters in payments. Trust and ubiquity are the foundation of digital payments, and these benefits are enabled by technology capabilities such as security, speed, reliability and scale. Visa is a leader in these technologies. They are embedded in VisaNet and extend to our network of networks, and they form the foundation of the Visa payments stack. Our leading Visa developer platform makes us the platform of choice for banks and tech providers who use our platform for their payment needs, accelerating their business and expanding our ecosystem in a virtuous cycle. We also have an extensive ever-expanding library of Visa products and services built and distributed on our platform, what we call Visa as a Service. These services create differentiation and increase engagement with our clients. Our investments in product development capabilities, AI and other technologies help us further differentiate our business and prepare for future trends. We have been investing in AI for more than 30 years. And more recently, we are deploying Gen AI internally and adapting our products for AI-driven commerce. So I will end it there. I'm sure you're all excited to talk more about AI over lunch. Thank you. [Break]

Please welcome Group President, Global Markets, Oliver Jenkyn.

Good afternoon, everyone. I'm Oliver Jenkyn, Group President at Visa with responsibility for our global markets. The purpose of this portion of the agenda is to share with you life on the front line around the globe and the progress we are making in delivering on our strategy from Australia to Zimbabwe. At Visa, we operate in over 200 countries and territories. These roll into 5 regions: Asia Pacific, North America, Europe, Latin America and the Caribbean and CEMEA, Central Europe, Middle East and Africa. Each of these 5 regions is led by a regional President. Those 5 are on my team, and we meet every week to share insights, concerns, opportunities, innovations that we see in one part of the world, which can help inform strategies in another part of the world. Now you have heard the dimensions of our strategy, and I can attest that this strategy is clear in our markets around the world. When I travel to any market, the teams are finishing each other's sentences, and that's great. However, a strategy is only as good as its ability to be executed on the front line, in market, with our local teams, with our local clients via the thousands of conversations that we have every single day. It all comes together in market across consumer payments, CMS, VAS, brand, product, government engagement, et cetera. While our strategy is consistent globally, how we bring that strategy to life in specific markets varies depending on stage of market development, challenges and opportunities. There are a lot of insights to be shared across our markets when we harness it. Therefore, while we are organized by region, we complement that with an approach of market models. The purpose of these market models is to enable like markets to share strategies that have been successful with clients in one market with clients in another market that are facing similar dynamics even if these like markets are on the other side of the globe. For example, Australia neighbors Indonesia, but has much more in common with digitally mature countries like Canada, Sweden and South Korea. Likewise, our approach in Indonesia benefits from knowledge sharing from our strategies in Pakistan, Egypt and El Salvador. We have several market models that roll into 4 types. One, cash-rich; two, high potential; three, high potential challenger; and four, digitally mature. Each market model comes with a unique set of strategies and actions for how we can most effectively drive growth. Let's start with the cash-rich model. We often spend a great deal of time focused on advanced payments markets like the United States. However, it's important to remember that there are numerous markets around the world that are still in a cash-rich stage of development. These markets usually have at least 50% of addressable consumer spend in cash, often over 80%. That's approximately $2 trillion in cash. These are exciting markets for Visa and an important part of our long-term growth portfolio. The strategy for this market model, build. Getting the consumer payments basics right is job #1, more credentials, more acceptance, more usage and more engagement. Laying this foundation with our partners across infrastructure, brand habituation provides near-term growth as well as enables longer-term opportunities for CMS and VAS. This market model includes countries and regions such as Egypt, Indonesia, Vietnam, Central America and more. To bring this to life, I'll give you the example of CARCAM, Central America and Caribbean, a collection of over 30 markets that we manage as a group. This cluster is delivering over 15% annualized revenue growth with a cash runway of over 45% of addressable consumer spend. Visa has an excellent foundation for continued success, strong client partnerships, card share leadership, strong cross-border opportunity for both travel and remittance, strong approval rates for cross-border and e-commerce and a healthy affluent population. We are focused on getting the basics right in consumer payments. Growing credentials is always a priority. We have 50 million credentials today and growing through partnerships with Banco Popular de Puerto Rico, BAC, Grupo Primerica and more. On acceptance, this is critical in cash-rich markets to build habituation in everyday spend. Contactless plays an important role by ensuring that Visa is the easiest and most secure way to pay. In CARCAM, we have over 80% contactless penetration. This enables us to drive transactions and engagement. Transit. We have contactless transit in Guatemala, Dominican Republic, Panama and Costa Rica. We are seeing more than 100% annualized growth in transit transactions. And as Jack covered, when you habituate contactless in transit, all payments around it shift as well, creating a halo effect. We're also taking creative actions in merchant acceptance to bring the smallest of sellers into our ecosystem. We are doing this by tiering our economic model and graduating merchants as they grow from nano to micro to small and to medium businesses. And we're innovating our product solutions to enable faster onboarding and more frictionless experiences, including mobile-based tap to phone acceptance and our new micro seller solution, where all you need is a mobile phone and a debit credential and you can accept Visa payments. In CMS, we are also getting the basics right. For example, the video you saw before I came on stage. In the Dominican Republic, there is a network of about 60,000 individual proprietary-owned colmados or convenience stores, which are central to the community. The supply chain for the colmados was a legacy one. Sales representatives placed orders by phone, orders were paid in cash and all transactions were tracked on paper. Delivery trucks drove around the island, dropping off supplies and carrying large levels of cash, not ideal. AB InBev developed BEES, a B2B digital commerce platform enabling colmados to order products and manage inventory seamlessly. Visa then worked with local partners and AB InBev to digitize the payments in the BEES ecosystem by providing credit card credentials for business owners to make the payments and providing mobile point-of-sale devices for drivers to accept the payments. The new model has no cash, no paper receipts. It is seamless, secure and digital. We are getting the basics right in commercial, just like we are in consumer payments. And we invest in VAS to drive more engagement. In cash-rich markets, VAS services are always in high demand to help our clients lay a strong foundation to run their business. This is especially true of advisory services and managed services, where Visa embeds teams on site with clients to jointly execute to drive growth and transfer knowledge. For example, in Costa Rica, we partnered with a client to manage their full card acquisition process from call center sales to card delivery. Our consulting work in CARCAM brings clients best practices, benchmarking and insights on new global trends. All of this helps drive engagement with a flywheel effect for consumer payments. And in CARCAM, engagement is strong with more than a 15% increase in average transactions per active card in fiscal year '24. Now let's talk about high potential markets. These are large markets with sophisticated partners, digitally aware citizens, strong technology infrastructure and healthy innovation, but that also still has significant upside due to high cash levels. The strategy here accelerates. These markets have all the ingredients for growth across consumer payments, CMS and VAS. The consumer payments foundation is in place, and our focus is on accelerating growth to capture the cash. Further, with this solid base, the receptivity and capability of our clients to expand into new CMS flows is high and the demand for VAS is greater. This market model includes markets such as Japan, Mexico, United Arab Emirates, Saudi Arabia and much of Continental Europe. Let's start with Japan as an emblematic example, enormous economy, sophisticated bank, merchant and fintech partners, strong card infrastructure, enormous cross-border opportunity and Visa has a leading position, twice the share of the next network competitor, brand health scores of around twice our next competitor, as Frank mentioned earlier, and volume growth of approximately 2.5x the overall Japan card market. Yet despite all of this, cash remains over 50% of addressable consumer spend, largely for cultural reasons. This is an incredible opportunity. All the ingredients are in place for growth across consumer payments, CMS and VAS. First, on consumer payments. We lead with innovative client partnerships. Consider SMBC and SMCC, where, as Jack mentioned, we partnered on all of, the first instance of our Flex credential to great success with over 3 million accounts. On acceptance, we have worked with our partners to innovate and nearly double the number of merchant locations over 3 years, driving acceptance in historically cash-heavy segments like small ticket, quick service restaurants, vending, food delivery and government. Transit is another critical lever given how central it is to Japanese life. We have over 100 projects underway across the country. This will change behavior and drive engagement beyond transit and into everyday spend. On everyday spend more broadly, Visa has several initiatives targeting behavioral change, including Project Osaka, which Jack mentioned -- sorry, which Frank mentioned, where we're investing to accelerate cash displacement and win with younger consumers through direct-to-consumer marketing campaigns, app-based gamification and local merchant offers. Cross-border is also a priority. Inbound travel spend hit historic highs last year with over $50 billion in inbound tourist spend. Cross-border outbound travel from Japan was still below pre-COVID levels in the first quarter, and we believe that a stronger yen will help to accelerate that growth and unlock significant potential. Turning to CMS. We are innovating with fintechs, for example, with new B2B credit programs targeting commercial segments with partners like Upsider. We're partnering with large corporates like Nintendo and SAP on commercial payable solutions. And of course, we're collaborating with our bank partners with a specific focus on SMB, including in our ongoing partnership with SMBC and SMCC. Together, this is resulting in annualized revenue growth of 30% in CMS between FY '22 and FY '24. Finally, on VAS, demand is strong across our full suite of services as our clients seek to keep up in the rapidly evolving payment space. Our overall annualized VAS revenue growth is 45% from FY '22 to FY '24. And over that time, our advisory business nearly doubled, with teams deeply embedded with clients at Rakuten, EPOS, Toyota Finance, Japan Airlines and many more. This enables us to jointly drive our shared growth agenda across consumer payments, affluent, cross-border business-to-business risk management, marketing services and operations. Another great high potential market example is Continental Europe. And for that, I'd like to bring up my colleague, Charlotte.

Thank you, Oliver. I'm Charlotte Hogg, and I'm the Regional President of Europe, and I'm delighted to join you today. As Oliver mentioned, Visa also places much of Continental Europe in the high potential market model. Obviously, Continental Europe is a huge payments and commerce market, $9 trillion in addressable consumer spend, digitally advanced, sophisticated partners, ample innovation and active payment regulations. In some ways, it resembles the digitally mature market model. However, we see a high potential opportunity for several reasons. First, there's still a large amount of cash; second, the opportunity vis-a-vis local domestic payment networks; third, share gain upside; fourth, exciting innovation opportunities; and finally, the CMS and VAS growth upside. Let's talk about these. First, on cash. Continental Europe has a significant cash runway. Cash and check are still over $2 trillion in consumer spend. That's 20% of the global cash runway. Most is concentrated in Italy, Germany, France and Spain. We still have significant work across our consumer payments levers, and we're partnering with our clients to do so. In addition, there's opportunity, vis-à-vis the domestic networks. Several European markets have domestic payment networks, including Cartes Bancaires in France, Girocard in Germany and Bancomat in Italy. These networks can have up to 70% consumer card share and thereby represent a large portion of card share across Continental Europe. In Germany, about 80% of face-to-face addressable spend is on Girocard and Cash. These networks will continue to have an important role to play. However, keeping up in payments can be hard for local networks. The expertise and investments required are significant across technology, feature functionality, digital, UI/UX, security, fraud, AI, et cetera. Many local schemes will be hard-pressed to keep up. And Visa's focus on scale, reliability, speed and security, which Rajat mentioned, help us stay on the cutting edge. Customers and sellers continue to expect the latest in technology and innovation in payments and the best experiences win. This is an opportunity. Be it through partnership or more directly gaining share, we're very focused on this dynamic. For example, in France, Cartes Bancaires lost 6 points of share versus 2023 and Visa gained 5 points. In Germany, Visa's 2023 payments volume growth is 4x that of addressable consumer spend growth. And our share opportunity is broader than just the domestic networks. Over the last 3 years, Visa has gained over 6 points of share in Continental Europe against all card players. Specifically versus our global competitors, Visa has gained over 4 points with a clear focus on portfolio gains that are affluent and cross-border rich. Across Continental Europe, we've added around 100 million credentials since 2019. Finally, on VAS and CMS. Continental Europe is an enormous high potential opportunity. Both businesses have strong growth in net revenue, similar to Visa overall with healthy demand and pipelines. For CMS, some of our best global thinking and progress is coming from Europe. A few examples. SMB growth with key partners is a focus, including clients in Germany, which Chris mentioned. B2B travel growth is also strong as our investments in virtual card capabilities tailored to enable overseas travel agencies to pay their supplier network seamlessly is delivering strong returns by partnering with Worldline, Adyen and others. Visa Government Solutions in Germany, where nearly all of the 16 federal states are using Visa credentials for the German disbursement card for benefits disbursements. For VAS, strong traction across all VAS business and a healthy pipeline. Provision of affluent benefits and loyalty services to millions of affluent cardholders in France, Tink penetration across several markets and successful marketing services for our clients with the Olympics and Paralympic Games in Paris last year and Milano Cortina in 2026. We are pleased to announce that we signed a consumer and SMB issuing deal with JPMorgan Chase in Europe. Visa will be the network of choice when Chase launches relevant products as part of its European expansion. This presents a significant opportunity for Visa to further tap into high potential markets like Germany. We're building on our strong relationship in North America and supporting Chase's future plans for retail banking activities in the region. Second, we have just signed a long-term agreement with Commerzbank in Germany to be their strategic partner as they bring innovation to their consumer and corporate clients with Visa. Now I'll turn it back to Oliver to cover the next market model.

Thanks, Charlotte. Now let's turn to the high potential challenger markets. These are markets with attractive growth prospects, but where the local A2A scheme has meaningfully scaled. Our strategy for these markets is to adapt and drive growth by: one, competing with our leading capabilities across consumer payments, CMS and VAS; two, utilizing the A2A networks where additive to our services, like with Open Banking and Visa Direct; and three, providing our world-class VAS capabilities to these A2A networks to enhance the functionality and security for our clients. Brazil and India are the two key markets in this model. Today, I'll cover Brazil. As we know, Brazil is a huge and growing market with sophisticated financial institution, merchant and fintech partners, attractive demographics with digitally savvy youth, significant card infrastructure, large affluent population with appetite for cross-border travel and Visa has a strong set of partnerships and a strong brand to build on. And of course, Brazil has a large national real-time payment network, Pix. So before we dive into Visa's Brazil strategy, let's talk for a minute about RTP to put Pix into context. As you know, many markets have RTP networks. This is not new. However, the impact of these RTP networks is very different by country. Most have gained traction in only certain narrow verticals such as B2B or bill pay. The number that has any broad impact in consumer payments is actually very small, but includes Brazil and India. Now why is that? Why do most RTP networks stay niche while a few gain traction? There are two primary drivers. First, is there a problem that needs to be solved? Two, is the RTP operator willing and able to make the investments that are necessary? If you understand these two dynamics, then you have a good idea and a good handle on how RTP will evolve in any given market. In Brazil, the answer to both of these questions was affirmative. Yes, there was a need. Certain consumers and sellers were not being well served. And yes, the RTP operator, the Central Bank, pushed the industry to make the necessary investments. Thus, Pix scaled and is now a core part of the Brazilian payments infrastructure. Given this, Visa developed a constructive Adapt strategy to drive growth by competing with innovative card-based solutions, utilizing Pix infrastructure to deliver our solutions and providing VAS on Pix transactions for our clients. Let's talk about each element. First, compete with our leading capabilities across consumer payments, CMS and VAS. In consumer payments, more credentials. Around 60% of Brazilian adults still don't have a credit card. We are focused on improving this through targeted segment-specific partnerships with both traditional issuers and neobanks. We are making strong progress and have driven about 25% annualized credential growth over the past 4 years with much more ahead. On acceptance, while Visa has great reach with over 20 million merchant locations and growing at an annualized rate of about 30%, there is more we need to do with micro sellers. One example of our success is Tap to Phone, which, as I mentioned before, replaces point-of-sale hardware with a simple software download. Brazil is Visa's second largest Tap to Phone market with payment volume growing at 9x and 19 payment facilitators and acquirers live with others launching soon. On affluent, we are laser-focused on the large growing affluent segment in Brazil, as Jack mentioned. Visa was voted best affluent network in Brazil, best ultra-high net worth card, best airport lounge. We are constantly investing in our affluent value proposition and are launching a super premium ultra-high net worth version of our Visa Infinite platform later this year. Our affluent strategy is doubly important since the segment accounts for nearly 85% of cross-border payment volume. On cross-border, it is worth also noting that we see significant upside for Brazil cross-border as a legacy tax structure that deterred cardholder shopping has begun to wind down. E-commerce continues its strong growth in Brazil, and we're focused on being the best way to pay and be paid online. To accomplish this, we've increased token penetration in e-commerce from 9% to 66% in the past 3 years. And in this last year alone, this resulted in an approval rate uplift of nearly 15 percentage points with 4.5x less fraud. We've implemented targeted solutions for over 25 clients to boost debit volume for streaming and recurring services by reducing friction, enhancing security and ensuring a seamless experience. Another example is with iFood, a leading food delivery platform in Brazil, where we increased approval rates to the mid-90%, which is a strong improvement for their business. We're also piloting Tap to Pay online to allow consumers to authenticate online purchases by tapping their cards to their smartphone. In CMS, the most valuable opportunity is serving Brazil's over 20 million SMBs with carded solutions. Working through partners like Itaú and Bradesco, we think there's a great opportunity to meaningfully grow our SMB card penetration. There's also a lot happening in the LMM space, including our partnership with Kob, which Chris Newkirk mentioned earlier. And of course, we are very active with VAS in Brazil. Pismo, CyberSource and our risk solutions are all performing well. Our advisory services are growing revenue at an annualized rate of over 25% with strong demand. On loyalty, as Antony mentioned, we operate Vai de Visa, our direct-to-consumer platform that we run on behalf of our partners. This platform has over 180 million credentials across more than 20 issuers, including Banco do Brasil, Bradesco, Caixa and Mercado Pago. This platform offers valuable benefits to consumers and sellers, which ultimately benefits Visa as well. Taken together on the first dimension of our Adapt strategy in Brazil, there is much we are doing to compete where Visa has an attractive opportunity. Turning to the other dimensions of the Adapt strategy, providing VAS on Pix transactions and utilizing Pix infrastructure to deliver VAS solutions. Here, let me give an example of our focus. Payments is not just moving money from A to B. Payments is security, customer service, dispute resolution, chargebacks, liability protection, cybersecurity, AI-based risk scoring, 6 9s reliability and more. Pix has scaled, but it has capability gaps, and we see an opportunity. Consistent with our strategy, Visa is offering solutions to our issuers to support their Pix transactions. A great example is Visa Protect for A2A, which was mentioned by my colleagues earlier, which is a risk management solution uniquely built for RTPs powered by our Visa capabilities. This solution is currently being piloted by 5 clients in Brazil to help manage their Pix fraud. This will continue to grow, and Visa will continue to support our clients with VAS solutions for Pix transactions. Brazil is a wonderful market for us, and our Adapt strategy is working very well. Now let's turn to the digitally mature market model. This is a segment where sophistication is high, payment technology is developed and deployed, card is penetrated, consumers and sellers are well served and cash is less than 10% of consumer spending. The strategy here, innovate and extend, maintain consumer payment leadership through cutting-edge innovation to win against legacy platforms and to partner with new players such as digital wallets, crypto and A2A. From this position of consumer payment strength, leverage the sophisticated infrastructure and capabilities to accelerate expansion into CMS flows across commercial and money movement and provide clients with a comprehensive suite of advanced VAS solutions. This market model includes markets such as the Nordics, Canada, Australia, South Korea and the United Kingdom. Let's focus on the Nordics, which includes countries like Sweden, Norway, Denmark and Finland, among others, since these are among the most digitally mature markets in the world. The Nordics have sophisticated banks, merchants and fintechs, deep digital wallet penetration, such as with Swish and Vipps MobilePay, strong innovation, cash is generally less than 10% of addressable consumer spend, deep card penetration, established domestic payment networks and open banking and A2A infrastructure. Despite this maturity, Visa's strategy is working, and you can see this in our results. Even with cash at under 10% of addressable consumer spend and addressable consumer spend annual growth of 7%, our annualized net revenue growth is approximately 15%. We accomplished this by adjusting our strategy and actions to local market realities. A few examples. Compete in consumer payments. Addressable spend is still growing and cash still exists. So we continue to add credentials and deepen usage with a focus on affluent, digital and cross-border portfolios. This will never stop. There's an attractive opportunity to win share against the domestic card networks, including Dankort in Denmark and BankAxept in Norway. As Charlotte mentioned, keeping up in payments can be hard for the domestic networks. The expertise and investments required are significant. This is an opportunity for Visa, and we are having success. We gained 7 points of card network share in the Nordics over the past 3 years. We're also partnering with digital wallets. Wallets in the Nordics are great and they're ubiquitous, but they too have gaps where we can work together. Three examples. First, in e-commerce, we're partnering with Vipps MobilePay to drive growth and win share. They are using Visa tokens to provide a smooth consumer checkout with improved conversion rates and lower fraud. In face-to-face, we partnered with Swish to improve the acceptance experience by enabling Visa credentials to be loaded into their wallet for contactless tap-to-pay card payments from their mobile devices. Finally, in P2P, where we're partnering with Vipps MobilePay for both cross-border and domestic P2P by providing card-based money movement for Vipps's 12 million users via our Visa Direct capabilities, thereby providing greater choice, especially across borders and currencies. A2A is active across the Nordics, and Visa is embedded. Tink has 13,000 bank connections globally, including Nordea and SEB in the Nordics. And the Nordics are the next market for our Visa A2A solution that we announced last year in the U.K. and that Ryan mentioned earlier today. On CMS, although card penetration is nearly 60% of addressable consumer spend, card is less than 1% of B2B spend, leaving a nearly $3 trillion B2B opportunity. Carding SMB spend is our focus, and we're partnering with players like Mynt and K Group on commercial card issuance to capture it. For example, in our Mynt partnership, we have signed up major Nordic SaaS accounting platforms to issue Visa cards into their SMB base. Finally, VAS is central to our strategy in the Nordics, enabling Visa to increase our yield by deepening the services we add to transactions. VAS is growing at over 35% in the Nordics, strong growth in risk and identity services, Featurespace is a strong base in the Nordics that we will build on, our advisory business has doubled in the past 2 years as we expanded our offerings to operational excellence, managed services and data services with our clients. In sum, in the digitally mature market model, our strategy is working. We are successfully driving sustainable multiyear growth even in markets with less cash runway. While we can't talk about every country today, we should speak about our largest market, the United States. And for that, I would now like to bring up my colleague, Kim Lawrence.

Thank you, Oliver, and hello. I'm Kim Lawrence. I'm the Regional President of our North America business, and I am excited to join you today to speak about the U.S. If we try to force the U.S. into a market model, it would be somewhere in between high potential and digitally mature. It is certainly digitally mature from a level of innovation, functionality, card penetration and client sophistication. However, it still has lots of cash. Cash is in decline, but about 18% of addressable consumer spend remains on cash and check, not to mention meaningful legacy ACH volume. Lots of upside remains, hence, the U.S. is a market model unto itself. The U.S. continues to be a bright spot for Visa with leading share, leading brand, strong innovation and great partners. We are leveraging our capabilities to continue to lead the opportunity in consumer payments, expand into new flows with CMS and deepen our relationships with clients with more VAS. Let me give a few examples to bring this to life, starting with consumer payments. Continue to win cash. There is still over $2.2 trillion in cash and check and $2.5 trillion in legacy ACH. Americans still make 14 cash, check or ACH transactions every month. We are focused on converting this to Visa. And we are doing this with our partners. Visa has the leading issuing partners and the leading co-brand partners, including 7 of the top 10 U.S. co-brand programs. We added 400 fintech programs, 450 million new credentials and 6 billion tokens since we last met with this group. We are targeting numerous emerging acceptance segments like rents, loan repayment, education and gaming, where card penetration remains low at about 15% on average versus overall market penetration of around 60%. Great upside, and we are utilizing all of our assets to capture this opportunity. We are leading the evolution of acceptance. Since we last met, contactless has taken off in the U.S. Tap to Phone has successfully launched. Transit is live at over 30 U.S. locations. This is an 8x increase since our last Investor Day. And acceptance has meaningfully evolved through the pandemic, both online and face-to-face, and Visa has partnered to ensure our credentials are central to and embedded in the new acceptance models. Our brand matters. As Frank mentioned, there is a 16% spend lift in credit on average relative to our closest competitor. And we continue to invest in world-class sales excellence to make sure we are effectively bringing the best of Visa to all of our clients. And this is just consumer payments. Let's look at CMS and VAS. On CMS, Visa is the largest and most preferred commercial network, and those are great assets to compete for the $55 trillion B2B spend opportunity. Card may be well penetrated into addressable consumer spend, but in B2B spend, penetration is less than 5%, so decades of growth ahead. Our recent wins illustrate our ability to execute on this opportunity. For example, Toast, DoorDash, Ramp and several of the top U.S. issuers like U.S. Bank and JPMorgan Chase. On money movement, it is becoming more ubiquitous among the average U.S. consumer. For example, we have approximately 1.4 billion card endpoints in the U.S. that can enable a Visa Direct transaction. Cross-border is a key money movement opportunity with over $4 trillion in outbound payments from the U.S. annually. And Visa Direct cross-border P2P transactions from the U.S. have grown 95% over the last fiscal year. On VAS, we are expanding our VAS offerings to meet client demand and adding or enhancing 30 products last year with more than 25 of them available in the U.S. And growth continues across the VAS lines, including, for example, around 50% annualized growth in advisory. And we see a great opportunity in the U.S. to further expand Visa as a Service. Great progress on our strategy across the board. We have numerous examples of this all coming together across consumer payments, CMS and VAS with clients who started as issuers but are now also acquirers, with clients that issued only consumer cards and now also have thriving commercial businesses and with clients that built everything themselves and are now using Visa's VAS solutions. We wouldn't trade our position in the U.S. for anything and feel great about our strategy in this unique market. Now I'll hand it back over to Oliver to wrap things up.

Thanks, Kim. So that completes our Visa tour around the world in payments. A strategy is only as good as its ability to be executed on the frontline in market with our local clients via the thousands of conversations that we have every single day. It all comes together in the markets. Hopefully, you now have a clear sense that our strategy is being deployed successfully and that we have both a consistent global strategy and the ability to tailor the appropriate deployment effectively by market. My key takeaways, the opportunity ahead of us across consumer payments, CMS and VAS is enormous. A strategy is only as good as our ability to execute with clients in unique local market conditions. Market models enable us to effectively deliver our strategy in a locally-tailored globally-informed way. Visa's range of markets from long-term cash-rich to near-term high potential represent a great portfolio for long-term sustained growth. Thank you very much for your time. And with that, I'm now going to turn it over to Chris Suh.

Thanks, Oliver. Good afternoon. I'm Chris Suh, Visa's CFO. We've covered a lot of content today across our entire business. And in my time with you, I'll pull it all together into Visa's growth story. Our goals for today were: one, to share our updated strategy and key priorities; two, to align on our view of the enormous opportunity still in front of us; three, to showcase how we're going about capturing it with our strategic focus, industry-leading product innovation and continued strong execution. And finally, to share additional disclosures with you to give you more insights into our expanded business opportunities. And of course, most important, this is all because we want to be aligned with you, our shareholders, and for you to share the same excitement and confidence that we have in Visa's ability to continue the strong growth trajectory into the future. So let's recap what we've heard. Starting with Ryan and throughout the day. We've been speaking to you about the strength of our network. It's that strength that positions us to deliver superior business and financial outcomes. We're the world leader in payments with the seventh most valued brand, #1 brand in payments and an expansive and compelling set of opportunities across our growth pillars. All of this has created meaningful value by every measure in strong free cash flow, our leading operating margin, compelling EPS growth and shareholder return. Ryan spoke about the evolution of the business. As we have innovated, we have enabled a surge of new entrants. And this has created a larger, more scaled, diversified and highly durable business. We've gone from 450 million credentials in the 1990s to 4.7 billion as of the end of 2024. And we've scaled our tokens from just under 50 million in 2016 to 11.5 billion in 2024, and more recently, to 12.6 billion tokens. Our payments volume continued to grow. It's up nearly 100% since 2016 and up more than 2,000% versus the 1990s. Merchant locations have increased more than 3x since 2016 and more than 10x since the 1990s. And as several of my colleagues have mentioned, with the growth of Tap to Phone, becoming a Visa-enabled seller is easier than ever. In the future, with a focus on Visa as a Service, we expect our network to continue to grow in ways that it has before, but also in new ways with new solutions. As my colleagues have discussed in detail today, the opportunity ahead is significant. In consumer payments, we see $41 trillion in addressable consumer spend with just above 55% as underserved today in cash, check, A2A and cards that run on domestic schemes. In commercial and money movement solutions, we see $200 trillion of annual volume opportunity with about $145 trillion in B2B, of which we think $60 trillion is addressable today, as is $55 trillion in non-B2B flows. In value-added services, we see $520 billion in potential revenue opportunity, and we're confident in our ability to expand our share with our strong portfolio of market-leading solutions. Across consumer payments, commercial and money movement solutions and value-added services, we see a powerful combination of our network's unparalleled scale and reach, our valued brand, secular tailwinds and expanding addressable markets. When you take this combination plus our proven strategy, we see a long runway for sustained growth ahead. Ryan shared with you our updated strategic areas of focus. Our growth goal is built and driven by four clear actions that will position us to build on our strengths, plus expand into new opportunities and drive long-term growth and value creation for our shareholders. Number one, strengthen Visa's impact in card-based consumer payments; number two, expand Visa's reach in consumer payments, including in noncard payments; number three, drive and enable further penetration of commercial payments and money movement; and number four, deliver innovative value-added services to deepen our partnerships. Let's dive into each. First, Jack shared with you an update on our approach to consumer payments. We believe there is significant runway for growth, and our focus will be on both carded as well as non-carded opportunities. Our strategy is focused on driving consumer and seller preference for Visa through unmatched innovation, global reach and brand strength. We're driving digitization through Tap to Pay and tap to everything. We're accelerating engagement in digital commerce through tokenization. We're improving our cross-border experiences through increased global acceptance, targeting specific segments and driving innovation. We're extending our lead in serving affluent customers and co-brand partners through compelling benefits and sponsorship assets. We're expanding further into noncard payments through A2A and RTP, enhanced card capabilities and Open Banking. We're powering credit at the point of sale through our best-in-class security as well as our new flexible credential offering. We see attractive opportunities across all markets, each with unique dynamics and at different stages of evolution. And as Oliver articulated, we have specific regional and country strategies that are customized to allow us to succeed by addressing their individual needs and economies. Consumer payments volume has historically grown at about 10% CAGR with an average gap of 6 points above addressable card spend. We expect continued strength in carded volume from our solutions and a strong yield from our continued focus in cross-border and affluent. Our strategies will help us grow from non-carded areas as well as with new products that provide enhanced value to A2A. While the gap between payments volume and addressable consumer payments has narrowed in recent years, we believe that we will continue to grow faster than addressable consumer spend in the U.S. and beyond. And most important, we believe that we can still drive strong revenue growth, which I'll cover in a moment. You heard from Chris Newkirk about the incredible opportunity we have in commercial and money movement. These solutions add to our overall payments volume and represent another high-quality lever for revenue growth. B2B and money movement flows are not just massive. They are ripe for disruption. Over time, we see our role in helping these transactions become as seamless as today's consumer payments experience. Businesses and consumers alike are demanding this consumerization. Our deep payments expertise, embedded relationships and ability to innovate puts us in a unique position to make this vision a reality. As we continue to innovate, we will continue to win in our domestic business, grow in cross-border flows and provide an integrated set of solutions and capabilities for our clients. And of course, how we go to market remains paramount to our success. We've made sizable progress in this business over the last 3 years, growing at a 22% CAGR. In fiscal 2024, we had $1.7 trillion in commercial payments volume and nearly 10 billion transactions for Visa Direct. When we look at the monetization of these flows, we see that commercial has had a revenue yield of about 17 to 19 basis points. This is slightly lower than the consumer revenue yield because of the transaction size, which tends to be about 3x plus the consumer transaction size. Visa Direct has generated approximately $0.09 to $0.10 per transaction, which is reflective of our current mix of business and is slightly better than Visa's total data processing yield. And because commercial and money movement solutions largely utilize Visa's existing infrastructure, they allow us to achieve additional returns at a scale with similar economics as we continue to grow into new areas. This business has grown significantly since our last Investor Day. Going forward, we'll continue to expand our offerings and partnerships as we build comprehensive solutions that continue to unlock new portions of the $200 trillion opportunity each year. Antony shared with you how far we've come in value-added services and really conveyed the optimism across the company for the growth opportunity that VAS continues to represent. VAS provides us with high-quality recurring revenue streams that improve our net revenue yield while also deepening our client relationships. It enables us to tap into broader ecosystems and expand our reach across the transaction life cycle while leveraging our strong customer relationships with our consumer and commercial clients. First, we have a $520 billion revenue opportunity to go after, of which we've captured just $8.8 billion in 2024, a huge opportunity for VAS, and we've demonstrated our ability to execute and maintain strong revenue growth. We have a specific strategy to enhance Visa payments, enable all payments and go beyond payments with marketing, advisory and more. This will involve continued investment in product development as well as commercial excellence. The evolution of our Visa as-a-Service capabilities is important to that future growth. The power of VAS lies in our ability to partner holistically with existing and new clients to solve some of their most complex challenges, whether it's combating fraud, improving customer loyalty or leveraging data-driven insights to make smarter business decisions. And the real impact is when we work with partners to help them grow, to make the payments ecosystem safer and healthier, it's good for all network participants and in turn, helps grow transactions and payments volume around the globe. You can see that all four of our portfolios exceeded $1 billion in revenue in 2024 and equally important, have continued to grow strongly at this scale in the mid-teens or better with acceptance solutions and advisory and other services, both growing significantly better than that. As we look at the businesses and key drivers of growth, we see Visa processed transactions and premium cards in force as the drivers for issuing solutions. Visa and non-Visa transactions as the primary drivers for acceptance and risk and security solutions and total number of projects as the primary driver for advisory and other services as we expand beyond payments. The majority of value-added services utilize recurring transactional or subscription revenue models. The remainder, advisory and other services are offered to improve the long-term value of our customer relationships by helping our customers drive that transaction volume that powers our business. In total, VAS revenue was nearly $9 billion in 2024, up 22% year-over-year, made up of four $1 billion-plus portfolios, each growing double digits or higher and each powered by a reliably recurring or durable driver of growth. And with the benefit of the global scale of our network and operating model, this growth came at an attractive margin as it shares many similar characteristics to Visa in total. VAS is a powerful engine of both revenue and profit growth for Visa at levels that would exceed the benchmark for most SaaS companies already. As we continue to evolve Visa as a Service, with the ample runway still in front of us, we remain as excited and as optimistic as ever about the future of our VAS business. As these strategies come together, how do we think about our framework for growth? First, consider that even with the high growth of CMS and VAS over the last several years, together, they still only represent about 30-plus percent of the business today. We see a long runway ahead and expect both to continue to grow meaningfully faster than our consumer payments business. From a financial standpoint, the mix shift that results in our faster-growing CMS and VAS businesses becoming over 50% of net revenue should help to power durable growth for years to come. More specifically, being a larger part of our revenue base helps to drive the overall growth of the company, as we have discussed, and it reinforces our consumer business. In Consumer Payments, underlying payments volume has continued to outgrow addressable consumer spend and transaction growth has also remained stable and strong. We expect this to continue. If CMS and VAS combined revenue growth grows at 16% to 18% and consumer payments volume grows at a rate of 5% to 7%, the total revenue growth would be in the 9% to 12% range. Now keep in mind, this is a long-term growth framework, not a forecast, and there are many variables that can impact that growth. We'll work hard to execute well as we've proven time and time again our ability to do so against the many things that are within our control, driving our strategic priorities, enhancing our client relationships and our ability to maintain and win business, leading on product and technical innovation and delivering all of this incremental value to our clients in a way that enables us to appropriately price for that value. And we'll also ensure that we manage our business around variables outside of our control, like how the global macro economy, including travel, continues to perform and FX volatility. Visa has built a strategy that plays to the company's unique strengths to promote long-term success for shareholders. So with that being the revenue side of the story, let's talk about the expense side a bit. We're excited about the future for Visa and the industry and the vast and ever-expanding set of opportunities that lay ahead. It takes thoughtful investment to capture this opportunity. And as we look historically at our operating expense mix, you can see we have continued to do that. Growing revenue is a key focus as it drives maximum value creation. And accordingly, a significant portion of our operating expense mix is spent on product, sales and service and technology, which powers our growth. You can see on the right side of this slide that we've allocated our investments across the following areas, still focusing on consumer and foundational elements of our business while also investing increasingly in VAS and CMS and expanding our Visa-as-a-Service capabilities. We've made the very deliberate decision to invest back in our business in areas with addressable opportunities that are larger and broader than ever. As a leadership team, we strive to be responsible stewards of our financial resources, prioritizing investments into our most strategic and highest return initiatives through a combination of new investment as well as rebalancing across the portfolio. We've made deliberate investments over the years in sales and innovation, which have driven tangible outcomes from a product, revenue and customer value perspective. For those that have joined us in person, I hope you take a minute to visit with our amazing product managers, who will demonstrate examples of the innovation that has powered our growth. Some of the booths you saw today are from recent acquisitions, and so I want to take a moment to talk about acquisitions and minority investments in the build to buy calculus. Our approach to both organic and inorganic initiatives is aligned with our growth strategy. We're deliberate in our organic investments, looking to develop new solutions that build on our existing capabilities and competitive advantages, as I just covered. Going forward, our approach to M&A remains unchanged. As we evaluate whether we build or buy, it's really a question of speed, capability and talent. If we can get to market faster, if we can access capabilities that we otherwise couldn't or if we can enhance our talent through M&A, we're going to look for compelling inorganic opportunities. We look for very targeted acquisitions that enhance our business, meet customer needs and deliver compelling shareholder returns. As for our approach to minority investments, we are opportunistic. We have the luxury of patience, given we don't have to -- don't have an incentive to deploy capital like a typical venture firm. And we've invested in over 65 deals in over 50 different companies over the last 5 years. We've really developed a muscle for this over time. For example, in 2024, we announced the launch of a $100 million generative AI ventures initiative, and we're making investments. When we meet a company, whether early, medium or late stage with a particularly attractive payments technology, we now have many ways to engage, whether it's providing guidance, striking a commercial agreement, establishing a deeper partnership, investing our own capital or some of all of the above. As you heard from Ryan and Frank, for many of these companies, Visa is their partner of choice due to the credibility and trust that our brand can convey. We're mindful of that credibility and trust in the marketplace when we evaluate minority investments. I've just laid out our approach to organic and inorganic investments from a strategic growth lens, but let's step back for a moment and talk about our capital allocation approach more broadly. Our capital allocation priorities also remain unchanged. We approach capital allocation with a disciplined long-term perspective, acting as stewards of capital focused on maximizing shareholder value. Our first priority, as I mentioned, is to invest in the business. We take a balanced approach to investments, looking for opportunities with compelling return profiles and growth prospects that are additive to Visa as a whole. Our goal is to build on our leading position in the payments ecosystem and to capitalize on new growth opportunities. With our strong and durable free cash flow conversion, we're committed to maintaining a capital structure that provides us with optionality for growth -- optionality to invest for growth and with careful optimized for business needs and shareholder value creation. We've invested over $8 billion into the business and completed 5 acquisitions over the last 5 years. Our second and third priorities are dividends and buybacks. We remain committed to returning excess capital to our shareholders, continuing a strong track record of both dividends and buybacks. Over the last 5 years, we've returned $17 billion in the form of dividends and $58 billion in the form of buybacks. In fact, since the IPO, we've returned more than $140 billion to shareholders. Our fourth priority is to manage our capital structure to sustain our current credit ratings. Now that we've touched on revenue growth, expenses and capital allocation, I want to bring everything together in one complete picture for you from top to bottom line. We spent much of the day sharing with you our key growth levers. We understand the criticality of all of it coming together to drive bottom line performance. From a financial standpoint, our approach is straightforward. Together, our strong revenue growth, leading operating margins and consistent stock buybacks will generate continued compelling EPS growth. Our strong revenue growth will benefit from a mix shift to CMS and VAS, underpinned by consistent consumer payments growth. As we shift our mix, we expect strong yields in our higher-growth businesses to allow us to continue to achieve strong operating margin levels. And our capital return strategy will benefit from our continued best-in-class free cash flow generation. And this all drives compelling EPS growth into the future. Remember, we're not only aligned with shareholders, we are shareholders. So let me wrap it up, and then we'll go to questions. Visa is one of the best businesses in the world with a world-class brand, leading technology, unparalleled network and global scale. This foundation gives Visa a significant opportunity to continue to tap into persistent and expanding secular trends and enormous opportunities from payments digitization and increasing transaction complexity. Visa has a differentiated ability to innovate and commercialize new products and solutions that build on existing capabilities with trust from our customers and scale from our operating model. Expanding on our existing leadership position, these innovative products and solutions will help drive sustained and compelling growth through our strategy. Our disciplined capital allocation strategy balances investment in growth opportunities with consistent returns to shareholders. Our strong revenue growth and operating margin drive sustainable cash flow, EPS growth and shareholder value creation. We're very excited about the next phase of our growth as we work to capture the enormous opportunities ahead of us, securing more consumer and business transactions all around the world. So before we go to Q&A, I'd like to play a short video from our partners at Navy Fed.

Hi. I'm [indiscernible] with Navy Federal Credit Union. We're a membered owned and not-for-profit credit union, exclusively serving the military veterans and their families. At Navy Federal, our members are the mission. Helping members reached their goals the best products and service possible is what we do. A couple of years ago, we noticed our members calling more frequently about automated fraud attacks and testing on their cards. Not only was the fraud an issue but the subsequent inconvenience our members experience and was not align with our mission. Furthermore, when our members are out of card due to fraud, we lose top of wallet status. We knew if we could solve this problem upstream before it even hit our members, it would be a win-win There'll be no phone call, no new card issued, no friction. To overcome this challenge, we worked with Visa's risks operation center to tailor its Visa Account Attack Intelligence solution specifically for Navy Federal. The results were immediate and impactful. The solution blocked approximately 190,000 fraudulent transactions on more than 25,000 active cards. And to date, this enumeration has blocked over 85,000 active accounts and saved over $4.4 million for blocked active accounts. Most important, it maintained a seamless experience for our members. At Navy Federal, our members come first. and thanks to the Visa Account Attack Intelligent solution, we can provide an exceptional member experience and service 24/7/365 days a year.

[Operator Instructions] Go ahead.

Dave Koning at Baird. And I guess my question, commercial volumes in the U.S., I think they slowed a little last year to mid-single digits. I guess, a, was that macro? Was that really what it was? And then, b, as you think about relationships with the -- like the B2B providers, if you would reduce interchange, you could get a lot more volumes, which would be great for you, but then you have to balance that with their feelings about their interchange. So maybe those 2 kind of questions.

Dave -- Chris Newkirk, do you want to take both those?

Absolutely. So the -- in terms of commercial PV growth, the first part of your question, as you know, for a very long time, we've grown commercial PV at relatively high rates. And then, of course, we had the pandemic sort of interrupt payment volumes across the board. And what we saw in commercial was essentially lagged impacts versus what we saw in consumer. So lagged recovery, and therefore, we had strong -- really strong commercial PV performance in FY '22 and FY '23. With respect to FY '24, really what we saw there is the impact of some portfolio turnover, which will lap in the second half of this year. And to your macro point, a little bit of drag on ticket size dynamics. So that's the commercial PV front. In terms of how do we more deeply penetrate B2B flows, certainly, there's an opportunity to try to make sure that we've got for the particular flows we're trying to penetrate the right exchange of value, as you said. And so I talked a little bit about our commercial choice suite that we've launched and we're rolling out into more and more markets, and that's exactly what that's after. So we have a set of solutions in that commercial choice suite that are bespoke, for instance, for verticals like online travel. We have another capability -- set of capabilities in that Commercial Choice suite where buyers and suppliers can actually negotiate their own bespoke interchange. And what we've done, when I said we're trying to make VisaNet more configurable to B2B flows. We've both enabled buyers and suppliers to set their interchange, and we've enabled the ability for us to, frankly, just automate that inside of VisaNet. So I agree with you certainly that making sure that we've got the exchange of value right is an important unlock for acceptance.

Next question.

It's Bryan Keane, Deutsche Bank. Thanks for the great day. Really helpful. Just thinking back at the last Analyst Day, the long-term growth framework on revenue, I think, was pretty similar, 10% to 12%. I think now we're talking about 9% to 12%. I think one of the differences, though, would be in consumer payments. Previously, I think it was thought to be maybe 8% to 10%. Now we're talking about 5% to 7%. So how much of that is a little bit of saturation, a pull forward maybe through COVID of digital transformation versus how much is left on A to A and some other opportunities that will still lift the growth rate in consumer payments?

Yes. I'll let Chris answer that. I'll just also observe one of the other big changes on that growth framework was just the size that VAS and CMS has achieved and what we put out there in the future of what we believe they can achieve the greater than 30% and the greater -- or the 50% number. But Chris Suh, do you want to address Bryan's question?

Yes, happy to. So I'll start by referencing back to some points that Jack and Oliver made about the performance of our consumer payments. So 2 things stand out to me in particular. One is obviously the enormous opportunity that was articulated today in the U.S. and abroad and the size of the $23 trillion that is still in front of us that's sizably bigger than our payment volume today. So that's one. Two is obviously going after that with a very, very clear strategy, which we've articulated as well across consumer payments and across the business. So when we sort of add that all up, the other point, I think, that's important is that through all of that, as we saw the payment volume and PC gap narrow, which it did through the acceleration of digitization that we saw and then the normalization that we've seen post that, through all of that, we've continued to deliver double-digit revenue growth consistently strongly, building on what Ryan said, across consumer payments, across value-added services, across consumer and money -- commercial and money movement. So we feel good about the revenue performance. And like I said, we have confidence that we'll continue to outgrow underlying consumer payments volume.

Tien-Tsin?

It's Tien-Tsin Huang from JPMorgan. I really like the value-added services and the discussion on unbundling. So I had a clarification on the unbundling first. On unbundling, are those services incremental to the bundled services that you're doing today? I just want to make sure that it's additive and we won't see maybe some of the bundled services get broken up. That was my first question. Then on the acceptance on the issuing side, at scale, those are growing pretty close to where some of the best-in-class tech players are growing. So just wondering how you benchmark that and the sustainability of that since you're so large, but still growing as fast as some of the well-known high-growth players there. So sustainability question on the second one.

Yes. I'll take those, Tien-Tsin. On the first one, incremental. So the Visa-as-a-Service, the unbundling of the capabilities is helping us to deliver incremental services out into the ecosystem above and beyond what are in, if you will, the bundled payment money movement services that we put out there today. So that's all opportunity. And by the way, as we talked about, it's opportunity to deliver on top of Visa payments. It's opportunity to deliver on top of other types of payments, and it's opportunity to deliver those types of services unrelated to payments for a broad set of clients around the world. And I appreciate your second observation, which I think is probably more of an observation than a question. But yes, I mean, it is -- if you look at that chart that Antony put up and then Chris put up in his presentation, where we break down what is close to a $9 billion value-added services business that has grown consistently at 20% plus or minus annual year-over-year growth. And then you go into that and you look at the size of those businesses, the $3.5 billion issuing business, the $2.5 billion acceptance business, the $1.7 billion risk business and so on and so forth. What we've been able to build in the ways that Antony described and Oliver and Kim and Charlotte described, what we've been able to build as an at-scale, fast-growing, strong margin global business that in its own right, has very attractive economic dynamics. But I think what's also really important to remember is it reinforces and feeds our other 2 businesses. It's reinforcing our Visa consumer payments business and driving growth and sustainability and all the good things in that business as well as driving the CMS business that Chris Newkirk described. So I feel good about the progress that we've made there. We feel good about our ability to continue to sustain that growth. If you go back to what Antony put up on the slide around where we are against the TAMs of each of those 4 businesses, 2%, 3%, 4% of the TAM that we've been able to capture so far. So thanks, Tien-Tsin.

Next question here, James.

James Faucette, Morgan Stanley. I wanted to ask about cross-border. If we go back to kind of things that you showed, especially cross-border, both e-commerce and travel-related, continuing to grow really well. It seems like that's probably faster than it was pre-pandemic, even though we're well beyond that. Can you talk a little bit about if that's, a, accurate, but what you think has changed? And then how are you adjusting your business? And I would imagine, including value-added services can play an important component of that because it seems like a really big driver still.

Yes. I'll hit a couple of points, and then I'll hand it to Chris Suh to just talk a little bit about the numbers. I think go back to what Jack talked about in his presentation, a little bit of what Frank talked about in his presentation. If you wake up anywhere in the world at this point and you have a Visa card in your wallet, your purse or your phone, you have confidence that you can step on a train or a plane and you can go pretty much anywhere in the world and you know you're going to be able to buy what you need to buy. That is a remarkable thing that we've built over decades, and it's something that continues to allow us to earn more than our fair share of that spending volume that happens around the world. And I think that's why you're seeing some of the growth happen there. And then you add to it the affluent benefits that Jack and Frank and Oliver and Kim and Charlotte talked about, the product benefits, you then add the e-commerce kind of capabilities that have enabled the tokenization. One of the things if you go back in time that was a real challenge in cross-border e-comm was authorization rates. So when we talk about the 12-plus billion tokens that have been embedded in the global e-commerce ecosystem that's driving higher authorization rates, that again drives more share to the Visa platform on cross-border. So Chris, do you want to add to some of the numbers?

Yes. I mean, Ryan covered a lot of it. I'll touch on one point that you raised about sort of pre-pandemic, post-pandemic, like what do our cross-border numbers look like. You're correct in the sense that the total cross-border numbers are stronger than they were. And it's really attributed to a couple of things. One is, obviously, e-commerce was strong pre-pandemic. It was strong through the pandemic, and it continues to be strong post-pandemic and stronger than the total cross-border number. And so it's actually a bigger mix of the business today. And so that in itself, just a faster-growing portion being a bigger mix is a tailwind to the total cross-border. Now travel has gone through a lot of ups and downs over the last 5 years. It's -- post-pandemic, it's remained at elevated levels. It's remained at elevated levels in all regions across save AP that we've talked about extensively. And that really seems to be consistent with the personal habits of people, consumers, business travelers around the world. We're continuing to see elevated levels of physical travel. That's going to continue to be a tailwind to the total cross-border. And so both of those elements are in play. We're obviously watching the trends very carefully every quarter, and we talk to you about them, and we'll continue to talk about it as we see how the trends play out.

Don?

Don Fandetti with Wells Fargo. You mentioned affluent push a couple of times. So I was wondering if you could dig in a little bit more. Is that on the international side? And would that be more emerging markets? Or would it be both emerging and developed?

Jack, do you want to take the affluent?

Sure. I think the simple answer to that question is yes. It's really across the board. It's in every market in which we operate. We see tremendous opportunity outside the U.S. So your emerging markets question is spot on. As I mentioned earlier, the penetration rate for credit outside of the U.S. is about 50% of what we observe inside the U.S. A lot of that is about getting credit cards and credit products and credentials in the hands of affluent consumers. So we have teams on the ground all over the world who are working hard every day to identify those issuers, those platforms where we have opportunity to try and drive stronger relationships and preference with affluent consumers. But it's in the U.S., it's in Western Europe. It's in our emerging markets. It's all over the world.

Harshita?

Harshita Rawat, Bernstein. So I want to follow up on Visa-as-a-Service and kind of unbundling of your services. How do you balance the kind of opportunities from new sources of revenue versus the risk from helping kind of competition through things like Visa A2A Protect?

Yes. I think it's a great example of what we've shown over time. What we've shown over the last 5, 10, 15 years is that we've been able to take what otherwise would have been threats or competitors, but leaned into them with our capabilities, our network, our strategy and turn them essentially into scalers or distributors of our products and services around the world. As we gave some examples through the day, whether it's big tech or fintech or crypto or the like. And so as we think about the 2 actions around consumer payments of both competing with our card platform, which we will do as vigorously as we've ever done and continue to win all around the world, we view it as an opportunity to lean into that second action, to lean into expanding into non-card payments and other card payments and bring our assets and capabilities through the Visa-as-a-Service, as you referenced, to create yield, to drive revenue, to further distribute our products and services around the world. But also, I think if you just step way back from that for a second, I mentioned this several times during my prepared remarks, like we wake up every day in service of our clients. All of us travel around the world meeting with our clients. And when we hear from our clients that they have problems, for example, in account-to-account payments, which they do. If you go talk to bankers in Brazil or in India, 2 of the countries that Oliver mentioned, but really anywhere, the U.S., the U.K., Europe, Southeast Asia, they are struggling with it. And so if Visa can help our clients solve a big problem they have, whether it's reducing fraud, it's addressing scams that their customers are finding trouble with, whether it's giving their customers more confidence to use those products, if that's what the banks want to do, I mean, that's at the core of it all, right? We're helping our clients that then deepens the relationship that we have with them, which then ultimately strengthens that flywheel of everything we talked about today.

Craig Maurer from FT Partners. I wanted to ask, in the U.S., there's -- there could be a material shift with Capital One buying Discover. How do you think about someone with the resources of Cap One investing in a new debit system to compete against DPS? I think it will be the first time in decades that there's been a challenge to DPS.

Yes. I think, as I've said in other forums, I think Capital One as an owner of Discover will make Discover an even more viable, strong and competitive platform. And that's true in U.S. debit. That's true in credit. That might be true internationally. They're extraordinarily smart. They're very well resourced. They know what they're doing. And they have a very strategic long-term view of things. So it is -- as we've said before, back to your question around U.S. debit, U.S. debit is extraordinarily competitive, like we compete every day at every merchant on every card for every transaction. And it's going to be one more competitor in that marketplace. It's going to push us to up our game in terms of our product, our customer relationships, our brand, our technology, our reliability. And the more competitive pressures, the better that gets us up in the morning and ultimately makes us a better customer or -- I'm sorry, company in service of our clients.

Next question.

Andrew Schmidt from Citi. Thank you for the comments on the CMS and VAS yields. Those were helpful. But as we think about the incremental margins over the next few years, how should we think about this trending versus historical patterns as we think about the mix shifts and then also perhaps stepped up product velocity, things like that?

Yes. Let me address it maybe in a couple of ways because I think there's a question about VAS and CMS and then maybe broaden that to talk about the company-wide margins. As we shared in great detail today, in the VAS business, in particular, you saw the 4 portfolios that Antony described for you. And in the majority of them, they really benefit from the scale of Visa, the operating scale, the scale of our network. And as we've described, they come at very attractive margins. The one that may be slightly different is the advisory. It was a fast-growing portfolio in '24, but we love that business because as also, as Antony described, it has the sort of the flywheel benefit of helping our clients to be successful and creating more volumes in the ecosystem, which is, again, good for all of us as well as deepening those client relationships. So we've grown the VAS business to be almost 1/4 of our revenue today, and it hasn't -- we've sustained strong margins across the company. So again, we feel good that we can continue to grow that business at very attractive margins. Now the mix will change as the mix of the business changes, but we've managed that pretty well. CMS, we've also talked about the fact that it benefits from the scale of the Visa net in total and the operating model that we have. And so across -- from a business unit perspective or from a growth pillar perspective, we feel like we got a handle on what's happening with margins. Now at the company-wide level, we've obviously -- we've achieved a great operating margin. And you've heard me say and you've heard others in this company say, we don't manage the company to an operating margin target specifically. But I should take a minute to expand on that. It's not that we don't care about profitability. We care deeply about profitability. We just do it in a way that maybe is different than sort of that question and first, one is because we really approach it in 2 ways, right? One, we're focused on delivering for our clients. And when we're focused on making them successful, then it's good for the ecosystem, it's good for all participants, and it drives top line. Two, we're focused on running the company in the most disciplined and efficient way possible. That sometimes means being efficient, it means making sure that every dollar spent is spent in the best way. It also means investing where there's huge opportunities to go after. And so we try to do both of those and balance the short, medium and long-term opportunities. When we do both well, and I think we've done both well, by the way, which has created the business model that we have today and the profile that we have today. When we do that well, and we'll continue to focus on doing both of those well, I think the margins will continue to be leading, and it will take care of itself, frankly, if we can do both of those levers. And that's the way we really run the company to deliver strong profits.

Next question?

Jeff Cantwell, Seaport Research. I want to follow up a couple of things you touched on, on your value-added services. And I guess what stood out about today is you've clearly stepped up, your focus there over the years, and you're putting a lot of resources behind that, yet, it's only 2% penetrated. So I guess what that suggests is there's this massive opportunity for you there. And I wonder if your long-term growth outlook you provided everybody and how you're talking about the future growth in value-added services over the next period might be conservative because I would think by the time we're sitting here for your next Investor Day, the penetration might be a lot higher than 2% or 4% or 5%. So just given how much you're focused on VAS and issuing and acceptance risk and so forth, could you maybe talk a little bit about that and why you feel this is the right growth outlook for yourselves in value-added services?

Yes. What Chris gave you was a framework. And we're doing our best throughout the course of the day and including Chris' presentation to give you all the numbers, the details, the examples, the client success stories that go underneath and support a lot of things we've been talking about for a while now. And we are proud of the progress that we've made in service of our clients in the VAS business, and we're excited and optimistic that we're going to continue to be able to drive real growth given the TAMs that we have, as you said. So I'm not sure there's much to add on to the economics of all of it, but we're very excited about it. And what we really feel like as we sit here today in early 2025, certainly versus 5 years ago when we were together, we -- 5 years ago when we were together, we set some bold aspirations. As we sit here today, we feel that we've done a great job delivering, again, in service of our clients and in service of our shareholders. And now we have real businesses with real full stack management teams. We have built the instrumentation across the company. We have full stack sales teams and product teams and engineering teams driving these at-scale businesses that have really, really attractive growth rates with, as you said, a ton of opportunity in front of us. So we're going to continue to do our best to execute. We're going to continue to do our best to understand what our clients need from us around the world and the results will be the results.

Next question. Go ahead.

That was a great set of presentations today. What are some of the milestones or challenges, whichever way you want to look at it, that's kind of stopping you from going to like a Google-style authentication for all things payments? Like is that the end goal? And what do we see as you progress along that trend?

Yes, thanks. Jack?

Sure. digital identity, I'll start there, critical enabler in the future of payments. We need to be able to authenticate the user. We need to be able to do that in real time, and we need to be able to do that in digital space. We did an amazing job of that in physical space, right? We created a credential that had an encrypted chip on it. We made sure that, that credential with the chip was delivered in person through a branch or an address to a human being and then they showed up with the terminal. We had a great deal of confidence that's who they were. It's hard to do in digital space. That is part of the reason why we introduced our token technology because it replaces the encrypted chip with an encrypted token. We just now need to make sure that we've got the appropriate ability to validate that the identity of the individual and possession of the encrypted token is the right person. That's why we're investing in the expansion of our tokenization service to include a directory, our Secure Remote Commerce directory that includes identifiers and adding in our payment passkey capability, which combines the token to the identity of the individual. So we're absolutely going down the path that you just described.

Any other questions? One here.

Ken Suchoski, Autonomous Research. I wanted to ask about cross-border. I think Jack might have highlighted the $2 trillion cross-border consumer spending opportunity. I guess just a couple of questions there. One, how much of that is still cash-based today? And what's your share of that $2 trillion opportunity? And then I guess related to -- I think James might have asked about this, but the split within cross-border between e-comm and travel. I think pre-COVID, it was like 30-70. Today, are we sort of running in that 40-60, 45-55 type of range? I just wanted to confirm that.

So Jack, why don't you talk about the first part of the question just, and then, Chris, you can follow up on the share of e-com space.

Yes. Look, I don't have the numbers to hand in terms of exactly what our current share is, and we can follow up with you on that. But suffice to say, the $2 trillion opportunity is out there. Our share of it is significant, but it's by no stretch of the imagination close to saturation, either in travel, where there remains an extraordinary. I'm always surprised as we start digging into these travel corridors, just how much cash there is remaining and how much convincing we still need to do and how much work we need to do to get users, consumers to a level where they really understand that they're okay leaving their country and entering a new one without having to worry about cash. So there's still a lot of cash in the travel part of the segment, and we can follow up with some numbers. On the e-commerce side, there's still opportunity there for us as well. I mean Ryan talked about driving authorization rates and really streamlining, improving transaction, making sure that we've absolutely nailed authentication and security. And so there's a lot of work for us to do there to make sure that our transactions on a cross-border basis remain the gold standard that they are today.

And then the second part of your question, you actually have the sizing pretty close to right, yes. So it went from roughly 1/3 to about 40% of the business post-pandemic.

Any other questions?

It's Chris Barker from Hengistbury Investment Partners. I was wondering if you could just talk a little bit more about how you calculated the $500 billion revenue opportunity in VAS. I mean, I guess, it goes back to an earlier question about the pace of growth in that business. If we're thinking about things that have got 2% penetration, we'd assume that they'd be growing much quicker than mid- to high teens or 20% -- so I just wondered where those opportunities really sit within the buckets of VAS that you laid out and who's earning those revenues today that you're going to displace.

Antony.

Yes. Thanks, Ryan. So in relation to the $520 billion, I guess it was a 3-step process. Firstly, we spent a fair bit of time understanding the types of product solutions, and I guess also some of the challenges that some of our clients and partners are seeking to deal with today and how they're looking to grow their business. And we mapped those against our 4 portfolios that we have. Secondly, we spoke to clients to understand, how much are they spending on those, how are they thinking about their revenue equation on that, what's the commercial outcome they're looking for. We also -- we pulled in a lot of industry research looking across that to get market sizing. And then thirdly, we overlaid our current solution suite and solutions that we're looking to take to market to really understand what was the level of penetration that we had today and what could we hope to capture in the future. So that's the sort of the 3-step process that we adopted.

Great. Any last question? Okay. I'll hand it over to Ryan to wrap up.

Sure. A couple of things. One is thank you. Thank you for those of you in the room for being here. Many of you traveled here. Thank you for those of you that are on the webcast. Thanks for hanging in. It can be a long time on TV. And thank you to the amazing Jennifer Como and her team and everybody else at Visa that made this happen. A couple of messages just to wrap up. The first is, hopefully, you have the conviction that we do that this company is very well positioned to drive future growth. We have a compelling strategy powered by Visa-as-a-Service. We have the brand, the technology stack, the network, the scale, the talent and the people here in this room and around the world. The consumer payments opportunity ahead of us is enormous. We went through that in a lot of detail. And we have diversified the business and our growth in CMS and VAS, both very fast-growing at scale, very attractive businesses. And hopefully, you also have the conviction that the strategy that we have put in place is being executed in market around the world. Oliver and Charlotte and Kim gave you a very quick tour to some markets, but a strategy is only as good as our ability to deliver it for our clients in market in 200 countries and territories around the world, and we feel great about our track record and our progress there. And then finally, we will continue to deliver long-term shareholder value through a combination of durable top line growth leading operating margins and consistent capital returns coming all the way back to the comments I made at the beginning of my presentation around our focus on creating shareholder value. So thank you for your attention. Thank you for being here. The showcase is going to be open for another hour. So please take the time if you have it available, to spend time with our product managers who are there. Thank you very much, everybody. Thank you, guys and the team. Great job.