Cross-border payments
Cross-border volume grew 13% in constant dollars in the June 2026 quarter, with 12% excluding intra-Europe.
The numbers
What it is
Visa earns international transaction fees on card spend made outside the cardholder's home country and on currency conversion. Travel, e-commerce from abroad and business travel drive the volume.
Why it matters to the stock. Cross-border fees carry higher margins than domestic fees, so travel demand and FX moves can shift the revenue mix and the stock. International transaction revenue was $14.2 billion in FY2025.
News
China's central bank approves Visa's Application to Prepare for a domestic bankcard clearing business
The People's Bank of China approved Visa's Application to Prepare, which lets Visa begin formal preparations to set up a domestic bankcard clearing institution in China.
Visa books $237 million interchange litigation charge in fiscal third quarter
Visa's fiscal third-quarter 2026 results, released July 28, 2026, included a $237 million special item for the interchange multidistrict litigation.
Visa repurchased $3.8 billion of stock in the December 2025 quarter
Visa returned $5.1 billion to shareholders in the fiscal first quarter through buybacks and dividends.