Core Viewpoint - Mastercard is expected to report its fourth-quarter 2025 results on January 29, 2026, with earnings estimated at $4.20 per share and revenues of $8.74 billion [1] Financial Estimates - The fourth-quarter earnings estimate has seen one upward revision and two downward movements, indicating a 10% increase from the previous year [2] - For the full year 2025, the revenue estimate is $32.73 billion, reflecting a 16.2% year-over-year rise, while earnings per share are projected at $16.44, a 12.6% increase [3] Earnings Performance - Mastercard has a strong track record of exceeding earnings estimates, achieving an average surprise of 3.1% over the last four quarters [4] Earnings Predictions - The model predicts a likely earnings beat for Mastercard, supported by a positive Earnings ESP of +0.62% and a Zacks Rank of 3 [5] Growth Drivers - Gross Dollar Volume (GDV) is expected to rise by approximately 11%, with cross-border assessments increasing by 18.1% [8] - Domestic GDV is projected to grow by 8% year-over-year, while European operations are expected to see a 17.1% increase [9] - Switched transactions are anticipated to rise by 9.4%, driven by strong consumer spending and increased contactless payment acceptance [10] - Cross-border travel is expected to positively impact cross-border volumes, with domestic assessments and transaction processing assessments projected to increase by 11.9% and 14.3%, respectively [11] - Value-added Services and Solutions net revenues are estimated to grow by 23.1% year-over-year, driven by demand for consulting and marketing services [12] Expense Outlook - Adjusted operating expenses are expected to rise nearly 19% year-over-year, with rebates and incentives projected to increase by 21.6% [14] Market Performance - Over the past three months, Mastercard's stock declined by 6.8%, while Visa fell by 5.3%, and American Express gained 0.6%, all outperforming the industry's 8.8% decline [15] Valuation Analysis - Mastercard's current valuation is at 27.35X forward 12-month earnings, above the industry average of 19.43X, indicating a premium compared to peers like Visa and American Express [19] Operational Strength - Fundamentals remain solid with healthy transaction volume growth, rebounding cross-border activity, and expanding value-added services, reinforcing Mastercard's long-term growth narrative [22]

Financial Data and Key Metrics Changes - Visa reported $40 billion in net revenue for fiscal year 2025, an increase of 11% from the previous year [48] - GAAP earnings per share was $10.20, up 5%, while non-GAAP earnings per share was $11.47, up 14% [48] - The company returned $22.8 billion to shareholders through share repurchases and dividends [48] Business Line Data and Key Metrics Changes - Total volume grew 7% on a constant dollar basis to $16.7 trillion, with total transactions increasing by 8% to 329 billion [48] - Payments volume rose 8% on a constant dollar basis to $14.2 trillion, with payments transactions reaching 313 billion [48] - Cross-border volume grew 13% year-over-year on a constant dollar basis, excluding intra-Europe [49] Market Data and Key Metrics Changes - Visa operates with nearly 14,500 financial institutions and many influential technology and consumer companies [49] - The addressable consumer spend is estimated at over $40 trillion, with Visa pursuing more than $20 trillion in annual opportunities [50] - In commercial and money movement solutions, Visa sees a $200 trillion annual volume opportunity, with $145 trillion in B2B [50] Company Strategy and Development Direction - Visa is focused on three growth levers: consumer payments, commercial and money movement solutions, and value-added services [49] - The company aims to tokenize 100% of e-commerce transactions, achieving over 50% tokenization in 2025 [51] - Visa's strategy includes expanding its portfolio of commercial payment solutions and enhancing its capabilities in accounts receivable and payable [55] Management's Comments on Operating Environment and Future Outlook - The management highlighted the dynamic year in payments driven by technology convergence, including AI and tokenization [47] - Visa is positioned to lead in the transformation of payments, emphasizing the importance of innovation and partnerships [66] - The company remains committed to maximizing shareholder value through disciplined capital allocation and investment in growth opportunities [73] Other Important Information - Visa's Value-Added Services generated nearly $11 billion in revenue, growing at a compound annual growth rate of over 20% since 2021 [57] - The company processed 12.6 billion transactions through Visa Direct, up 27% year-over-year [56] Q&A Session Summary Question: How might stablecoins and CBDCs impact Visa's role in the payment ecosystem? - Visa views stablecoins and CBDCs as significant opportunities, particularly in under-penetrated markets where there is strong demand for U.S. dollars [68] - The company is actively engaging with central banks and has launched a Stablecoin Advisory Practice to guide strategy and implementation [71] Question: Can you describe Visa's capital allocation strategy, including share buybacks? - Visa's capital allocation strategy prioritizes investing in the business, returning 20% to 25% of earnings per share to shareholders through dividends, and returning excess capital through buybacks [73] - In 2025, Visa repurchased $18.2 billion in stock and has a remaining buyback authorization of $24.9 billion [74]

Financial Data and Key Metrics Changes - Visa reported $40 billion in net revenue for fiscal year 2025, an increase of 11% from the previous year [44] - GAAP earnings per share was $10.20, up 5%, while non-GAAP earnings per share was $11.47, up 14% [45] - The company returned $22.8 billion to shareholders through share repurchases and dividends [45] Business Line Data and Key Metrics Changes - Total volume grew 7% on a constant dollar basis to $16.7 trillion, with total transactions increasing by 8% to 329 billion [45] - Payments volume rose 8% on a constant dollar basis to $14.2 trillion, with payments transactions reaching 313 billion [45] - Cross-border volume grew 13% year-over-year on a constant dollar basis, excluding intra-Europe [46] Market Data and Key Metrics Changes - Visa operates with nearly 14,500 financial institutions and many influential technology and consumer companies [46] - The addressable consumer spend is estimated at over $40 trillion, with Visa pursuing more than $20 trillion in annual opportunities [47] - In commercial and money movement solutions, Visa sees a $200 trillion annual volume opportunity, with $145 trillion in B2B [47] Company Strategy and Development Direction - Visa is focused on three growth levers: consumer payments, commercial and money movement solutions, and value-added services [46] - The company aims to tokenize 100% of e-commerce transactions, achieving over 50% tokenization in 2025 [48] - Visa's strategy includes expanding its portfolio of commercial payment solutions and enhancing its capabilities in accounts receivable and accounts payable [52] Management's Comments on Operating Environment and Future Outlook - The CEO highlighted the dynamic year in payments driven by technology convergence, including AI and tokenization [43] - Visa is well-positioned to lead in the evolving payment landscape, focusing on product innovation and partnerships [60] - The company remains committed to maximizing shareholder value through disciplined capital allocation [67] Other Important Information - Visa's Value-Added Services generated nearly $11 billion in revenue, growing at a compound annual growth rate of over 20% since 2021 [54] - The company processed 12.6 billion transactions through Visa Direct, up 27% year-over-year [53] Q&A Session Summary Question: Why does executive compensation include grants of Visa stock? - Equity awards align executives' interests with shareholders by linking compensation to stock performance and long-term corporate goals [35] Question: How might stablecoins and CBDCs impact Visa's role in the payment ecosystem? - Visa views stablecoins and CBDCs as significant opportunities, particularly in under-penetrated markets where there is strong demand for U.S. dollars [62] Question: Can you describe Visa's capital allocation strategy, including share buybacks? - Visa prioritizes investing in the business, returning 20%-25% of earnings per share to shareholders through dividends, and returning excess capital through buybacks [67]

Core Viewpoint - Closed-end funds (CEFs) are attractive investment options primarily due to their high income potential, with an average yield of 8.6% [3] Group 1: Investment Appeal of CEFs - Many CEFs maintain high yields of 8% or more without cutting payouts for years, and some have even increased their dividends [3] - The average stock market return is around 10.6% per year, allowing CEFs that invest in stocks to theoretically sustain their payouts by distributing profits as dividends [4] - The concept of funds generating profits and translating them into income for shareholders is a long-standing strategy among wealthy investors [5] Group 2: Evaluating CEFs - The Liberty All-Star Equity Fund (USA) is highlighted as a potential investment, offering an 11.4% yield and a 14% annualized return over the last decade [6] - Portfolio quality is crucial; USA holds large-cap US firms, including NVIDIA, Microsoft, Capital One Financial, and Visa, making it appealing for bullish investors [7] - The fund's discount to net asset value (NAV) is currently at 8.3%, near its widest level in five years, indicating a potential bargain for investors [8][9] Group 3: Dividend Analysis - USA has a strong track record of dividend payments, having raised its payout since the 2008 crisis, although the payout can fluctuate as it aims to return roughly 10% of its NAV annually [11][12] - The management's strategy allows for flexibility in stock purchases, enhancing the fund's ability to maintain dividend payouts [12] Group 4: Broader Market Context - There are nearly 400 CEFs available, covering various asset classes, and many are currently discounted despite a rising broader market, presenting opportunities for high-yield investments at lower prices [14]

Crypto payments network Mesh reaches unicorn status after $75 million Series C led by Dragonfly https://t.co/nPxCiD3j9A ...

New partnership to help enable faster, more efficient supplier payments while unlocking new revenue opportunities for travel merchants. MONTREAL, Jan. 27, 2026 /PRNewswire/ -- Nuvei today announced a partnership with ®WEX (NYSE: WEX), a global leader in virtual payment solutions, to bring WEX's virtual card technology to Nuvei's global merchant network. Through the partnership, travel merchants integrated into Nuvei's network can benefit from improved cash flows, stronger liquidity, reduced credit dependenc ...

Core Insights - Luxury travelers are increasingly prioritizing personalized and authentic experiences over traditional luxury markers, with 79% planning to increase their travel budgets in 2026 compared to 2025 [1][14] - The report highlights a significant shift in traveler preferences, emphasizing the need for travel providers to offer seamless, personalized experiences to capture market share [2][3] Spending Trends - Nearly 80% of luxury travelers intend to spend more in 2026, with 24% expecting to spend significantly more, indicating strong confidence in travel among affluent consumers [14] - The frequency of travel is rising, with 85% of respondents taking at least three trips in 2025, and 36% taking five or more vacations, a 38% increase from the previous year [9] Booking Behavior - Luxury travelers are booking trips with shorter lead times, with 61% making reservations one to three months in advance, reflecting a trend towards spontaneity [10] - Discounts are a key factor in encouraging prepayments, with nearly 30% willing to commit to non-refundable rates for a 10% discount, increasing to 60% for a 20% discount [6] Experience Preferences - Authenticity and exclusivity are central to luxury travel, with 93% of travelers agreeing that luxury is more about access to unique experiences than exclusive accommodations [4] - Wellness and rejuvenation are top priorities, with 97% likely to take trips focused on reducing stress, and 44% interested in nature-based retreats [7][8] Role of Travel Advisors - Travel advisors are viewed as essential for creating personalized experiences, with 97% of luxury travelers believing they are the best way to achieve bespoke travel [5] - The expertise of travel advisors is crucial for providing exclusive access and insider knowledge that enhances the luxury travel experience [5] Payment Experience - A seamless payment experience is critical for brand loyalty, with 91% of travelers more loyal to providers offering easy payment options [11] - Concerns about payment security are prevalent, with 71% of travelers worried about security across their trips, highlighting a gap in provider performance [12] - Preferred payment methods include credit cards (70%) and digital wallets (27%), indicating the need for providers to offer diverse payment options [13]

Core Insights - Bolt has announced a strategic partnership with Affirm to integrate Affirm's buy now, pay later (BNPL) services into Bolt's checkout experience, enhancing payment flexibility for merchants and consumers [1][2]. Group 1: Partnership Details - The partnership will roll out to select merchants this month, with plans for broader availability across Bolt's merchant base [2]. - Affirm will be integrated into Bolt's one-click checkout, allowing both logged-in and guest shoppers to access BNPL options without additional integration work for merchants [2]. Group 2: Benefits for Merchants and Consumers - The integration aims to improve conversion rates and checkout completion by reducing friction at the point of purchase, providing a standardized way for merchants to offer installment payments [3][4]. - Shoppers can choose personalized payment plans, including options with 0% APR where eligible, and Affirm does not charge late or hidden fees [3][4]. Group 3: Impact on Sales and Customer Reach - Offering Affirm at checkout is expected to help businesses drive overall sales, increase average order value, and attract new customers [5].

Core Insights - XRP is experiencing market pressure due to macroeconomic concerns, particularly surrounding the upcoming Federal Reserve meeting, despite a significant partnership with DXC Technology [1][4] - The trading range for XRP has been between approximately $1.82 and $1.94, with a spot volume of around $3.2 billion and a market value close to $115 billion, maintaining its position as the fifth-largest cryptocurrency [2][3] - The integration of Ripple's custody and payments tools, including XRP, into DXC's Hogan banking system, which serves over 300 million accounts and manages more than $5 trillion in deposits, signifies a strong move into traditional finance [5] Market Dynamics - The Federal Open Market Committee is expected to keep interest rates in the 3.50%–3.75% range, contributing to the pressure on risk assets, including cryptocurrencies [3] - Recent political tensions and a criminal investigation into the Federal Reserve Chair have added uncertainty to the market, impacting risk assets [4] Technical Analysis - XRP's price movements show a pattern of higher highs and higher lows, indicating a potential continuation of the upward trend following an ABC correction [6] - The recent price action suggests that XRP is poised for further gains, as dips have been shallow and momentum has quickly returned after pullbacks [6]

Core Insights - Visa Inc. is enhancing its digital payments ecosystem through a partnership with Mercuryo, enabling near real-time crypto-to-fiat conversions globally, reflecting its commitment to efficient money transfers as digital assets gain popularity [2][5][6] Group 1: Visa's Partnership with Mercuryo - The collaboration allows users to convert digital tokens into local fiat currencies and receive funds directly on Visa debit or credit cards, minimizing settlement delays and transaction hassles for crypto users [3] - The integration supports Mercuryo's goal of wider Web3 adoption by leveraging Visa Direct's global network, facilitating smoother cross-border payouts and improving access to local currency funds [4] - This partnership aligns with Visa's strategy to embed its infrastructure in digital value movements, positioning the company as a key connector between emerging digital asset platforms and established financial systems [5][6] Group 2: Competitive Landscape - Competitors like Mastercard Inc. are also advancing in digital payments by utilizing blockchain and stablecoin solutions to enhance efficiency for cross-border and everyday payments [7] - PayPal is focusing on increasing crypto payment acceptance among merchants and enhancing its wallet ecosystem with features like in-app crypto checkout and cross-border stablecoin transfers [8]