2025年"五一"假期（2025年5月1日至5日），银联、网联共处理支付交易234.39亿笔、金额7.64万亿元， 较去年"五一"假期（2024年5月1日至5日）分别增长20.49%、3.21%。其中，处理境外来华人员支付交 易笔数、金额较去年同期分别增长244.86%、128.04%。 ...

Investment Rating - The report initiates coverage with an OUTPERFORM rating for VISA [2][9]. Core Insights - VISA is positioned as a global leader in digital payments, transitioning from a payment clearing network operator to a comprehensive digital payment infrastructure provider and fintech empowerment platform [3][9]. - The company has established a robust competitive moat through its first-mover advantage, network effects, and continuous technological innovation, which supports its market leadership [9][46]. Financial Overview - Current price: US$334.37, Target price: US$364.35, Market capitalization: US$653.22 billion [2]. - Revenue projections for FY25, FY26, and FY27 are US$39.33 billion, US$43.15 billion, and US$47.54 billion respectively, with a compound annual growth rate (CAGR) of approximately 10% [4][8]. - Net profit estimates for the same periods are US$22.06 billion, US$24.36 billion, and US$26.68 billion, reflecting a CAGR of around 10% [4][8]. Business Segments - VISA's revenue is derived from four main segments: data processing income (35.6%), payment services income (32.4%), international transaction income (25.5%), and other income (6.4%) [4][6]. - The company anticipates growth in payment services income driven by innovative technologies and increased penetration among high-end consumers [4][8]. Strategic Growth Pillars - The report highlights three strategic pillars for growth: consumer payments, new payment flows, and value-added services, which are expected to drive revenue diversification and enhance platform value [15][16]. - The potential market for new payment flows is estimated at US$200 trillion, with significant opportunities in B2B, B2C, G2C, and P2P transactions [21][22]. Market Position and Competitive Advantage - VISA maintains a leading market share of 61.1% in the U.S. payment card industry, significantly ahead of competitors [3][38]. - The company's light-asset model and high leverage support a strong return on equity (ROE) of 56.5% in FY25, with expectations of continued shareholder returns through buybacks and dividends [7][8]. Technological Innovation - VISA's investment in technology, such as tokenization and contactless payment solutions, enhances transaction security and user experience, contributing to its competitive edge [46][47]. - The company has processed over 100 billion transactions through its VISA Direct platform, which supports real-time fund transfers, further solidifying its position in the digital payment ecosystem [25][28].

不要点击陌生链接下载安装来路不明的APP软件，尽量在正规手机应用市场下载APP，保障个人银行卡 账户资金安全； 不要配合陌生人共享手机屏幕，高度警惕任何要求打开屏幕共享或远程协助的操作，避免泄露自己的银 行卡支付密码、验证码等敏感信息； 不要轻信陌生电话和信息，对自称客服来电要求"银行卡紧贴手机"等操作，要及时通过官方途径核实对 方身份，谨防被骗； 拒绝不当利益诱惑，请勿出租、出借自己的银行卡，协助犯罪分子转移不法资金，触犯帮信罪等法律红 线。 中证报中证网讯（记者 黄一灵）4月21日，针对近期不法分子伪冒"银联会议APP"等新型诈骗手段，中 国银联通过官网发布严正公告，并再次提醒广大持卡人： 据悉，中国银联依托AI与大数据技术，持续优化风险监测拦截模型，实时阻断涉赌涉诈资金链条。 2021年至今，累计拦截可疑涉赌涉诈交易2亿余笔，实时阻断数万张银行卡的的高危跨境可疑交易。另 外，自2016年上线运行电信网络新型违法犯罪交易风险事件管理平台，中国银联持续面向商业银行、非 银行支付机构提供公安机关下发的涉案账户查询、止付、冻结等指令传输功能。平台运行近9年来，累 计协助公安机关止付冻结涉案金额超7万亿元。此外， ...

面对电信网络诈骗、跨境赌博等新型违法犯罪手段的不断升级,中国银联始终秉持"支付为民"的初心,在 人民银行的指导下,切实履行银行卡清算机构职责与金融基础设施的担当,不断提升风控能力,加强警银协 作和产业联防联控,将反诈拒赌作为维护金融安全的重要任务,全力保障持卡人资金安全,为人民群众筑牢 金融安全防线。 中国银联不断压实工作责任,以"技术防控"为根基,通过"便民服务"提升用户自主防范能力,依托"精准拦 截"动态阻断风险,最终通过"广泛宣传"凝聚社会共识,形成"预防—拦截—响应—教育"的闭环防护体系,织 密金融行业风险防控网,多措并举构建起全方位风险防控体系,牢牢守护百姓的"钱袋子"。 凝聚安全共识,筑牢全民反诈防线 除技术拦截与便民服务之外,银联着力提升全民反诈意识。积极参与"反赌反诈集中宣传月""3·15消费者 权益日"等活动,通过官方公众号发布系列反诈推文,并深入复旦大学、西北工业大学等46所高校,举办专 题宣讲50余场,覆盖超十万人。银联以多样化宣传形式,向社会公众科普反赌反诈基本知识,不断凝聚安全 共识。 此外,针对近期不法分子伪冒"银联会议APP"等新型诈骗手段,中国银联及时通过官网发布严正公告,并再 ...

中国与马来西亚在数字经济领域的合作取得显著成果，尤其是在跨境支付方面。在中国人民银行的指导 下，网联清算公司和马来西亚央行的金融基础设施PayNet实现对接，提升了跨境支付效率。目前， PayNet的13家成员机构App已能在中国使用，方便马来西亚来华人员的支付需求。2024年，马来西亚在 华交易规模达到1475万笔，金额近28亿元。网联清算公司致力于提升外国人在华支付便利度，计划进一 步扩大支付场景和受理环境的覆盖范围。(中证报) ...