Vault Payment Solutions has chosen Thredd to underpin new card programmes on Mastercard’s global network. The Australian payments firm plans to roll out new prepaid, debit and private-label card products in its home market and in the UK, with Thredd as the issuer processing partner. Vault has recently obtained Mastercard Principal Issuing Partner status. It supplies infrastructure for rewards schemes, gift cards, embedded finance propositions and closed-loop private-label arrangements. Under the new a ...

This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Dive Brief: Credit card giants Visa and American Express both pitched new programs this week in making new plays for small businesses. Visa announced the launch of a service on Thursday intended to provide small businesses with more loans and services, while Amex said it will introduce a pay-over-time option for small business owners in the UK. In separate new ...

研究报告 Research Report 5 Feb 2026 VISA VISA (V US) 1QFY26 经调整 EPS 超预期并维持全年指引，增值服务与稳定币业务加速 1Q FY26 Adjusted EPS Beat Expectations, Full-Year Guidance Maintained as Value-Added Services and Stablecoin Initiatives Accelerate [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 US$328.93 目标价 US$400.60 市值 US$626.99bn 日交易额 (3 个月均值) US$2,386mn 发行股票数目 1,681mn 自由流通股 (%) 100% 1 年股价最高最低值 US$373.31-US$308.27 注：现价 US$328.93 为 2026 年 02 月 03 日收盘价 资料来源： Factset 1mth 3mth 12mth ...

Investment Rating - The report maintains an "Outperform" rating for Visa, with a target price raised to US$400.60, indicating a potential upside of 21.8% from the current price of US$328.93 [2][7]. Core Insights - In 1Q FY26, Visa's total revenue reached US$15.17 billion, a year-over-year increase of 14.0%, slightly above expectations. Net revenue, after deducting client incentives, grew 14.6% to US$10.90 billion, also exceeding forecasts [3][11]. - The growth in revenue was driven by strong performance in Commercial and Money Movement Solutions (CMS) and Value-Added Services (VAS), with CMS revenue increasing by 20% year-over-year and VAS revenue up 28% year-over-year [3][11]. - Visa's stablecoin strategy has evolved into an integrated capability stack, expanding its card issuance and settlement services to over 50 countries, with stablecoin settlement volume reaching an annualized US$4.6 billion by the end of 2025 [5][12]. - Management remains optimistic about the company's outlook, maintaining full-year guidance unchanged, with projected net revenue growth of 11.3% for FY26, supported by resilient global payment trends and strong growth in CMS and VAS [7][16]. Financial Summary - For FY26, Visa expects net revenue growth of 11.3%, with diluted EPS projected to grow from US$12.93 in FY26 to US$15.94 by FY28, reflecting a sustained low double-digit growth rate [3][7]. - Operating expenses in 1Q FY26 rose by 16.2% year-over-year, influenced by unfavorable foreign exchange impacts and increased marketing expenses [3][11]. - Visa's return on equity (ROE) is projected to remain high, at 59.5% for FY26, with a price-to-earnings (P/E) ratio of 25 for the same year [2][3].

Core Insights - Visa Inc. is enhancing its global money movement capabilities through a partnership with UnionPay International, aiming to expand Visa Direct's reach in the Chinese Mainland [1][8] - This collaboration allows clients to send cross-border remittances to over 95% of UnionPay International debit cardholders, significantly reducing friction for global senders [1][8] - The partnership aligns with Visa's strategy to transition from a card-centric revenue model to an infrastructure-driven approach for money movement, capitalizing on the growing significance of cross-border payments [2][3] Strategic Implications - The partnership complements Visa's international expansion strategy by embedding into an established network, reducing execution risk while monetizing flows through value-added services [3][4] - The expected rollout in the first half of 2026 could represent a significant shift in Visa's money movement strategy, enhancing its relevance in evolving real-time payout networks [4] Competitive Landscape - Competitors such as Mastercard and American Express are also expanding their cross-border payment capabilities, with Mastercard reporting a 12% increase in net revenues and 15% growth in cross-border volumes in 2025 [5] - American Express is focusing on global business payments and integrated corporate solutions, achieving a 7% year-over-year growth in network volumes in 2025 [6] Financial Performance - Visa's stock has declined by 5.9% over the past year, compared to an 18.2% decline in the industry [7] - The Zacks Consensus Estimate for Visa's fiscal 2026 earnings suggests an 11.8% increase from the previous year [9] - Visa's forward price-to-earnings ratio stands at 24.53, above the industry average of 19.62, indicating a Value Score of D [11]

Visa Inc. (V), based in San Francisco, is a global payment technology company with a market cap of $599.2 billion. Operating in over 200 countries, it facilitates secure, fast transactions through its advanced technology and global infrastructure, enabling digital money movement and supporting commerce worldwide. Despite its reputation as a global payments powerhouse, Visa has struggled to keep pace with the broader market over the past year. Visa has declined 4.9% over this time frame, while the broader ...

斯里兰卡《每日金融时报》2月2日报道，Visa携手斯里兰卡国家发展银行(NDB Bank)推出Card Present Connect技术，支持线上线下（300959）交易。Visa首次在南亚地区发布此类应用，使企业能够使用 Android SmartPOS设备接受EMV芯片支付、非接触式支付和移动钱包支付。对于商户而言，这意味着 更低成本、更快速度、更高安全性，并在无现金交易中拓展业务。 ...

Core Viewpoint - UnionPay International and Visa have announced a strategic partnership for cross-border remittance, aiming to establish a new benchmark for an open, inclusive, efficient, and secure global cross-border payment ecosystem [1][2]. Group 1: Partnership Details - The collaboration will leverage the strengths of both companies, with Visa providing a broad global partner network and mature cross-border remittance capabilities, while UnionPay offers a solid domestic collection service system with features like direct RMB settlement and no additional fees [1][2]. - The partnership will create a diverse and convenient cross-border remittance service system tailored to different market user habits and needs, utilizing various channels such as mobile banking apps and physical outlets [1][2]. Group 2: Market Context and Future Plans - The global cross-border remittance market is expanding, with the Asia-Pacific region identified as a core growth area. UnionPay's cross-border remittance services currently cover 57 countries and regions, collaborating with over 60 foreign banks and major international remittance institutions [3]. - UnionPay aims to continue building an open and win-win global payment network in collaboration with Visa and other partners, supporting the country's high-level opening-up strategy [3].

Core Insights - Visa Inc. and Mastercard are highly regarded companies that are sometimes overlooked or misunderstood in the investment community [1] Group 1: Company Overview - Visa and Mastercard are two of the most renowned companies globally, known for their significant roles in the payment processing industry [1] Group 2: Investment Philosophy - The focus is on long-term investment in U.S. and European equities, emphasizing undervalued growth stocks and high-quality dividend growers [1] - Sustained profitability, characterized by strong margins, stable and expanding free cash flow, and high returns on invested capital, is highlighted as a more reliable driver of returns than valuation alone [1] Group 3: Personal Investment Approach - The investment strategy aims to ensure sufficient assets for freedom in work and life, rather than complete financial independence [1]

Upgrades - DA Davidson upgraded Q2 Holdings (QTWO) to Buy from Neutral with an unchanged price target of $82, citing an attractive entry point due to the stock's pullback over the last 6-8 months [2] - Citi upgraded JetBlue (JBLU) to Neutral from Sell with a price target of $6, up from $4, noting "upside risks" and strategic optionality for the airline [3] - Morgan Stanley upgraded Affirm (AFRM) to Overweight from Equal Weight with a price target of $76, down from $83, highlighting a compelling risk/reward scenario following recent stock weakness [3] - Daiwa upgraded Visa (V) to Outperform from Neutral with an unchanged price target of $370, revising earnings forecasts upward in light of Q1 earnings [4] - Northland upgraded Palantir (PLTR) to Outperform from Market Perform with a price target of $190, up from $185, following the company's strong Q4 results [4] Downgrades - Piper Sandler downgraded Adobe (ADBE) to Neutral from Overweight with a price target of $330, down from $470, due to concerns over seat-compression and vibe coding narratives [5] - RBC Capital downgraded Elevance Health (ELV) to Sector Perform from Outperform with a price target of $358, down from $392, citing softer than expected 2026 guidance [5] - BofA downgraded Figure (FIGR) to Underperform from Neutral with a price target of $42, down from $43, noting a significant valuation gap compared to Coinbase [5] - BNP Paribas downgraded Exxon Mobil (XOM) to Underperform from Neutral with a price target of $125, up from $114, based on valuation concerns [5] - Roth Capital downgraded Coterra Energy (CTRA) to Neutral from Buy with a price target of $28, down from $30, believing no higher offers will materialize at this time [5]