Operates a global payments technology network connecting consumers, businesses, financial institutions, and governments.
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Growing
What Visa does
Visa operates a global payments technology network that facilitates electronic payments and transaction processing.
Founded
1958
San Francisco, California
CEO
Ryan McInerney
Since 2023
Market cap
$672.36B
#21 in the world
Revenue (FY25)
$40B
+11.3% YoY
30-Second Summary
A plain-English explanation of Visa's business model
If you only remember one thing
Visa makes money by operating a global payments network used to authorize, process, and facilitate electronic payments. Banks and other financial institutions connect to Visa's network, while consumers and businesses use Visa-enabled payment products to make purchases. Visa primarily earns revenue from payment volume, transaction processing, international transactions, and related services.
Business Segments
Where Visa's $40B Fiscal year 2025 (ended September 30, 2025) comes from
$40B
Fiscal year 2025
39% of revenue ·+6% YoY
61% of revenue ·+15% YoY
Visa reports one operating segment, Payment Services. For Scope's visualization, revenue is shown by the geographic markets disclosed by Visa: U.S. and International.
Fiscal year 2025 ended September 30, 2025. U.S. and International are geographic revenue categories, not separate operating segments.
Business Model
How Visa makes money — the ecosystem flywheel
Connect Payment Participants
Process Transactions
Strengths & Risks
What makes Visa strong — and what could go wrong
Global Payment Network
Visa operates a global payments technology network serving more than 200 countries and territories
Large Transaction Network
Visa processed approximately 257.5 billion transactions during fiscal 2025
Network Infrastructure
VisaNet provides transaction processing capabilities including authorization, clearing, and settlement
Large Ecosystem
Visa connects consumers, merchants, issuing financial institutions, acquiring institutions, and governments
Recurring Payment Activity
Visa generates revenue as payment activity and transaction processing occur across its network
Financial Overview
Fiscal year 2025 (ended September 30, 2025)
$40B
+11.3% YoY
FY25
$20.06B
+1.6% YoY
FY25
$21.58B
+15.4% YoY
FY25
Visa generated $40.0B of net revenue in fiscal 2025. GAAP net income was $20.1B and free cash flow was $21.6B.
Financial History
5-year trend, fiscal years 2021–2025
$40B
+66% since FY21
Business Ecosystem
Who Visa depends on — and who depends on Visa
Financial Institutions
Banks and other financial institutions issue Visa products and connect to the Visa payment network
Merchants
Merchants accept Visa-enabled payments through acquiring institutions and payment acceptance infrastructure
Consumers
Consumers use Visa-enabled payment products to make purchases and other electronic payments
Visa
The global payment network
Competitors
Companies that compete with Visa across payment networks, digital payments, and transaction processing. Market caps use an October 1, 2026 snapshot.
Mastercard
$482.9B
Direct payment-network competitor — Mastercard operates a global payments network serving consumers, merchants, and financial institutions
American Express
$204B
Payments competitor — American Express operates a global payments network and financial services business
PayPal
$45.39B
Digital payments competitor — PayPal provides digital payment and money movement services to consumers and businesses
