Acquisitions - Corpay signed a definitive agreement to acquire GPS Capital Markets LLC for $725 million[5, 16] - The GPS acquisition is expected to close on January 1, 2025[6, 16] - Corpay expects to close the Paymerang acquisition on July 1, 2024, for approximately $475 million[9, 16] - These acquisitions are expected to increase existing Corporate Payments revenue by approximately 15%[12] Financial Performance and Projections - GPS Capital Markets LLC has experienced approximately 19% revenue CAGR since 2016 and has a mid 40% EBITDA margin[6, 7] - Paymerang has experienced over 20% annual revenue growth and is profitable[10] - Corpay anticipates Corporate Payments revenue to be between $1.325 billion and $1.425 billion[13] - With the acquisitions of GPS and Paymerang, Corporate Payments revenue is projected to increase by 15%, reaching between $1.525 billion and $1.625 billion[13] - Corpay expects its Corporate Payments business to approach approximately $2 billion in revenue in 2026[14] Capital Allocation - Corpay expects to deploy approximately $2.1 billion in capital[16] - Approximately $900 million is allocated for share repurchases year-to-date[16]

Core Viewpoint - dLocal Limited has appointed Will Pruett as an Independent Board Member and member of the Audit Committee, effective July 1, 2025, to enhance the Board's guidance on growth and scalability [1][2][3] Group 1: Appointment Details - Will Pruett brings extensive expertise in capital markets and emerging markets, which will be crucial for dLocal's expansion and stakeholder value delivery [2][3] - Pruett has a notable background, including 16 years at Fidelity Investments managing various funds focused on Latin America and emerging markets, and prior experience at HSBC [2] - His appointment reflects dLocal's commitment to effective governance and diverse perspectives in driving growth strategies [3] Group 2: Board Changes - Mariam Toulan's term as Independent Director will conclude on June 30, 2025, and the company expresses gratitude for her contributions during her tenure [4] Group 3: Company Overview - dLocal operates a technology-first payments platform that connects global enterprise merchants with consumers in over 40 emerging market countries across Africa, Asia, and Latin America [5] - The "One dLocal" platform allows global companies to manage payments, pay-outs, and fund settlements without the complexity of multiple local entities and payment processors [5]

Core Insights - Visa Inc. is intensifying its focus on blockchain technology to connect traditional finance with decentralized currencies, enhancing its presence in the crypto sector through partnerships and pilot projects [1][10] - The company has launched a stablecoin settlement service operating seven days a week, achieving over $200 million in cumulative settlement volume, and has developed a tokenized asset platform for banks [2][10] - Visa's strategies aim to improve cross-border payments and cater to a new generation of cryptocurrency-savvy consumers, with a reported 13% year-over-year increase in cross-border volume for Q2 of fiscal 2025 [3][10] Competitive Landscape - Competitors such as Mastercard and PayPal are also advancing in the digital assets space, with Mastercard launching Crypto Credential and crypto-linked cards, while PayPal has introduced its own stablecoin, PYUSD [5][6] Financial Performance - Visa's shares have increased by 7.1% year-to-date, outperforming the industry, which has seen a slight decline of 0.1% [9] - The company trades at a forward price-to-earnings ratio of 27.35, higher than the industry average of 21.66 [11] - The Zacks Consensus Estimate for Visa's fiscal 2025 earnings indicates a 12.9% increase compared to the previous year, with 10 upward revisions in the last 60 days [12]

Investor Update Fourth Quarter Fiscal Year 2016 April 2016 Forward Looking Statements Meta Financial Group, Inc.® (the "Company") and its wholly-owned subsidiary, MetaBank® (the "Bank"), may from time to time make written or oral "forward-looking statements," including statements contained in this Investor Update, the Company's filings with the Securities and Exchange Commission ("SEC"), the Company's reports to stockholders, and in other communications by the Company and the Bank, which are made in good fa ...

Group 1 - Visa and Mastercard stocks dropped approximately 5% each due to fears that stablecoins could disrupt traditional payment networks following the U.S. Senate's approval of stablecoin legislation [2] - Stablecoins are cryptocurrencies designed to maintain a stable value against fiat currencies, integrating the U.S. dollar within the blockchain, which may enhance their acceptance as a payment method [3] - The new stablecoin legislation establishes a regulatory framework for dollar-linked digital tokens, requiring complete reserve backing, monthly audits, and compliance with anti-money laundering laws, potentially increasing legitimacy for cryptocurrencies [3] Group 2 - Merchants may prefer stablecoins for their ability to lower processing costs by avoiding traditional payment networks, with stablecoin payments finalizing almost instantly compared to credit card transactions that incur fees and delays [4] - Major retailers like Walmart and Amazon are exploring the issuance of their own stablecoins, which could lead to significant savings in interchange fees and enhance profitability [4] - Cross-border payments, a key revenue source for Visa and Mastercard, are particularly vulnerable to disruption by stablecoins due to their faster and more economical transaction capabilities [4] Group 3 - The transition to stablecoins will not be immediate, as credit cards remain integral to consumer behavior, offering convenience, access to credit, and loyalty rewards that stablecoins currently do not provide [5] - Regulatory uncertainties, user confidence, and infrastructure issues present barriers to the widespread adoption of stablecoins at this time [6] - Visa and Mastercard are actively exploring innovations in the stablecoin space, with Visa testing transactions in USDC and both networks seeking to modernize cross-border payments using blockchain technology [6]

Group 1: Stablecoin Legislation - The United States Senate approved stablecoin legislation known as the GENIUS Act, which aims to regulate stablecoins and require issuers to maintain sufficient reserves and undergo regular audits [1] - This legislation is expected to encourage customer adoption of stablecoins, posing a potential threat to Visa's payment volume [2] Group 2: Merchant Adoption of Stablecoins - Major retailers like Walmart and Amazon are exploring the creation of their own stablecoins to reduce high credit card transaction fees, which range from 2% to 3% [3] - By adopting stablecoins, these retailers could save billions annually in fees currently paid to the financial system [4] Group 3: Challenges for Stablecoins - Replicating Visa's scale and the rewards associated with credit cards presents a significant challenge for stablecoins, as Visa has a vast network accepted by 150 million merchants and processes over $15 trillion in payments annually [8] - The network effect creates a competitive advantage for Visa, making it difficult for stablecoins to achieve similar acceptance and usage [9] Group 4: Visa's Competitive Position - Despite concerns over stablecoins, Visa maintains a strong competitive advantage and scale that stablecoin issuers are unlikely to match in the near future [11] - Visa's earnings per share (EPS) grew 10% year over year, indicating steady growth, although the stock trades at a premium price-to-earnings ratio of 34 [12]

Group 1 - The rapid adoption of mobile payment in China contrasts with the slow development in developed countries, despite the technology's origins in the West [1][3] - Four key factors contribute to the slower adoption of mobile payment in developed countries: entrenched credit card systems, privacy concerns, inadequate network infrastructure, and government policies favoring banks [1][5] - The established credit card system in developed countries creates a significant barrier to the adoption of mobile payment, as consumers are accustomed to the benefits and convenience of credit cards [1][3] Group 2 - High regard for personal privacy in developed countries leads to hesitance in adopting mobile payment, as users are concerned about data collection and privacy trade-offs [1][3] - The lack of comprehensive 4G and 5G network coverage in sparsely populated areas of developed countries limits the infrastructure necessary for mobile payment systems to thrive [3] - Government policies in developed countries tend to support the banking credit card system, influenced by the banking sector's economic power and political contributions, which hinders the growth of mobile payment platforms [5]

Core Viewpoint - Visa faces emerging competition from retail giants Walmart and Amazon, which are exploring the launch of their own stablecoins, potentially threatening Visa's traditional payment network [1][4]. Visa's Position on Stablecoins - Visa has recognized the growing interest in stablecoins and has initiated a seven-day-a-week stablecoin settlement service, achieving over $200 million in cumulative stablecoin volume [4]. - The company is investing in the crypto space and has built a team of experts to navigate this evolving landscape [4]. Financial Performance - In fiscal Q2 2025, Visa reported a 9% revenue growth, generating $9.6 billion, while net income was $4.6 billion, reflecting a 2% year-over-year decline due to a $992 million litigation provision [8]. - Adjusted for special items, Visa's net income would have increased by 6% year-over-year to $5.4 billion [8]. Shareholder Returns - Visa has a strong capital return strategy, increasing its dividend for the 16th consecutive year, with a quarterly dividend of $0.59 per share, yielding 2.3% [9]. - The company has reduced its share count by 9.2% over the past three years and spent $4.5 billion on stock buybacks in the most recent quarter, with a new $30 billion buyback program approved [10]. Market Position and Valuation - Visa maintains a dominant position in the global payments industry, supported by its extensive network and regulatory expertise, which provides a strong competitive moat [12]. - Despite its strong fundamentals, Visa's stock is trading at 36 times earnings, indicating that much of the positive outlook may already be reflected in its current price [13]. Conclusion - Visa is well-positioned to adapt to the rise of stablecoins, but valuation concerns suggest that investors may prefer to hold rather than buy at the current price [15].

Core Insights - Coinbase has launched a stablecoin payments stack aimed at eCommerce platforms, facilitating quicker market entry for payment service providers and marketplaces [2][3] - The solution, Coinbase Payments, is designed to simplify the integration of stablecoin payments by abstracting blockchain complexities, enabling businesses to offer crypto-native payments without needing specialized teams [3] Group 1: Market Demand and Adoption - Over half of the Fortune 500 companies are building on blockchain technology, and one-third of small businesses are already utilizing cryptocurrency [2] - Shopify has begun allowing merchants to accept USDC stablecoins, indicating a growing trend among eCommerce platforms to adopt stablecoin payments [4] Group 2: Challenges and Considerations - Despite increasing demand, stablecoin payments face challenges such as fragmented tooling and a lack of production-ready infrastructure, which have hindered broader adoption [3] - The complexities of using stablecoins for consumer payments at checkout present challenges, as there are no standardized dispute resolution processes compared to traditional card networks [6] Group 3: Consumer Perspective - Consumers may view holding stablecoins in digital wallets similarly to prepaid or gift cards, which could limit their appeal compared to credit cards that offer rewards and reversible transactions [7][8]

Last week, the Wall Street Journal reported that Amazon and Walmart are planning to release their own stablecoin to bypass traditional payment methods offered mainly by Visa ( V )Hi there, welcome to my profile. My name is Eugenio Catone, I live in Italy and I am 27 years old.In 2023 I graduated in Business Administration and I completed CFA level 1 in 2024. I am currently a Popular Investor on the investing platform eToro, you can see there my public portfolio. My interest in financial markets started abou ...