{"slug":"visa","name":"Visa Inc","name_en":"Visa Inc","ticker":"V","updated_at":"2026-07-12T04:04:24.265+00:00","canonical":"https://valuechain.wiki/visa","same_as":["https://finance.yahoo.com/quote/V","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1403161"],"citable":"밸류체인 그래프 기준 Visa Inc의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 2곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Visa Inc is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 2 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"세계 최대 결제 네트워크, 소비 지출의 대리지표이자 AI 사기탐지 도입 수요처","kicker_en":"The world's largest payment network, a proxy for consumer spending and an adopter of AI fraud detection","lead":"비자는 은행과 가맹점을 잇는 세계 최대 결제 네트워크 VisaNet을 운영한다. 서비스·데이터처리 수수료가 소비 지출에 연동돼 경기와 소비의 대리지표 성격을 띤다. VisaNet은 사기탐지에 생성형 AI와 딥러닝을 도입하고 데이터센터를 확충해, 반도체 사슬 밖에서 AI 인프라를 실제로 도입하는 수요처이기도 하다.","lead_en":"Visa operates VisaNet, the world's largest payment network linking banks and merchants. Its service and data-processing fees track consumer spending, giving it the character of a proxy for the economy and consumption. VisaNet has adopted generative AI and deep learning for fraud detection and expanded its data centers, making Visa a real-world adopter of AI infrastructure beyond the semiconductor chain.","segments":{"fy":2025,"parts":[{"desc":"결제량에 연동된 서비스 수수료, $17.5B(FY2025)","name":"서비스 수수료"},{"desc":"VisaNet 거래 승인·청산·정산 처리 수수료, $20.0B(FY2025, +13%)","name":"데이터 처리"},{"desc":"크로스보더(해외) 결제 수수료, $14.2B(FY2025)","name":"국제거래"},{"desc":"부가서비스·라이선스 등","name":"기타"}],"total":"순매출 $40.0B (FY2025, 전년비 +11%; GAAP 순이익 $20.1B)","source":"https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm","concentration":"결제·현금 거래량 $17조, 처리 거래 약 2,575억 건, 발급 크리덴셜 약 50억, 가맹점 1.75억+ (FY2025). 결제량 +8%·크로스보더 +13%"},"segments_en":{"fy":2025,"parts":[{"desc":"Service fees tied to payments volume, $17.5B (FY2025)","name":"Service"},{"desc":"Fees for VisaNet authorization, clearing and settlement, $20.0B (FY2025, +13%)","name":"Data processing"},{"desc":"Cross-border payment fees, $14.2B (FY2025)","name":"International transaction"},{"desc":"Value-added services, licensing and other","name":"Other"}],"total":"Net revenue $40.0B (FY2025, +11% YoY; GAAP net income $20.1B)","source":"https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm","concentration":"Payments and cash volume of $17 trillion, about 257.5 billion processed transactions, roughly 5 billion credentials and 175 million+ merchant locations (FY2025); payments volume +8% and cross-border +13%"},"returns_yearly":{"2021":-0.3,"2022":-3.4,"2023":26.3,"2024":22.3,"2025":11.8,"2026":-0.1},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"bank-of-america","name":"Bank of America","name_en":"Bank of America","tier":1,"returns_yearly":{"2021":49.6,"2022":-23.8,"2023":4.8,"2024":33.9,"2025":28,"2026":9.7}},{"slug":"jpmorgan-chase","name":"JPMorgan Chase","name_en":"JPMorgan Chase","tier":1,"returns_yearly":{"2021":27.7,"2022":-12.6,"2023":30.6,"2024":44.3,"2025":37.3,"2026":5.9}}],"benefiting":[],"analysis":"은행과 가맹점을 잇는 세계 최대 결제 네트워크로, 서비스·데이터처리 수수료가 소비 지출과 결제량에 연동돼 경기·소비의 대리지표다. 논지의 핵심은 네트워크 효과의 방어력 — FY2025 순매출 $400억(+11%), 결제량 +8%·크로스보더 +13%로, 여행·해외소비 회복이 고마진 국제거래 수수료를 끌어올린다. 남다른 점은 반도체 사슬 밖에서 AI를 실제 도입하는 수요처라는 것으로, 5년간 기술 $100억 투자와 150억 건 학습 기반 생성형 AI 사기탐지(VAAI)가 네트워크 해자를 강화한다. 리스크는 소비 둔화·고객 인센티브(순매출 차감) 증가·규제이며, 그래프 파급은 JP모건·BofA 등 대형 발급은행의 카드 물량이 곧 비자 수수료다.","analysis_en":"The world's largest payment network linking banks and merchants, where service and data-processing fees track consumer spending and payments volume, making it a proxy for the economy. The thesis is the defensiveness of network effects — FY2025 net revenue $40B (+11%), payments volume +8% and cross-border +13%, as travel and overseas-spending recovery lift high-margin international-transaction fees. What sets it apart is being a real-world AI adopter beyond the semiconductor chain: $10B of technology investment over five years and a generative-AI fraud score (VAAI) trained on 15 billion+ transactions strengthen the network moat. Risks are consumer softness, rising client incentives (contra-revenue) and regulation, and in graph terms the card volume of large issuers like JPMorgan and BofA is Visa's fee base.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"발급·매입 금융기관 (은행)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-09-30","basis":"연결 순매출","value":40000000000,"period":"FY2025","basis_en":"consolidated net revenue"},"note":"발급은행과 매입기관에 서비스·데이터처리 수수료를 받는다. 이 수수료는 소비 지출과 결제량에 연동되므로 비자 매출은 경기·소비의 대리지표 성격을 띤다. FY2025 순매출 $40.0B, 결제량 +8%.","note_en":"Earns service and data-processing fees from issuing banks and acquirers. Because those fees track consumer spending and payments volume, Visa's revenue is a proxy for the economy and consumption. FY2025 net revenue was $40.0B with payments volume up 8%.","sources":[{"stance":"confirms","publisher":"미국 SEC 공시(EDGAR)","publisher_en":"SEC EDGAR filing","kind":"filing","lang":"en","published_at":"2025-11-13","url":"https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm","title":"Visa Inc Form 10-K (FY2025, ended 2025-09-30)","title_en":"Visa Inc Form 10-K (FY2025, ended 2025-09-30)","excerpt":"FY2025 10-K은 순매출을 서비스 $17.5B·데이터처리 $20.0B·국제거래 $14.2B로 나누고, 결제·현금 거래량 $17조, 처리 거래 약 2,575억 건, 발급 크리덴셜 약 50억, 가맹점 1.75억+를 보고한다.","excerpt_en":"The FY2025 10-K breaks net revenue into service $17.5B, data processing $20.0B and international transaction $14.2B, and reports $17 trillion of payments and cash volume, about 257.5 billion processed transactions, roughly 5 billion credentials and 175 million+ merchant locations."},{"stance":"confirms","publisher":"비자 IR","publisher_en":"Visa IR","kind":"ir","lang":"en","published_at":"2025-10-28","url":"https://s1.q4cdn.com/050606653/files/doc_financials/2025/q4/Q4-2025-Earnings-Release_vF.pdf","title":"Visa Reports Fiscal Fourth Quarter and Full-Year 2025 Results","title_en":"Visa Reports Fiscal Fourth Quarter and Full-Year 2025 Results","excerpt":"FY2025 순매출은 +11%인 $40.0B, GAAP 순이익 $20.1B이며, CEO는 건전한 소비 지출이 매출 증가를 이끌었다고 밝혔다. 서비스 수수료는 결제량에 연동된다.","excerpt_en":"FY2025 net revenue rose 11% to $40.0B with GAAP net income of $20.1B; the CEO said healthy consumer spending drove revenue, and service revenue is recognized based on payments volume."},{"stance":"confirms","publisher":"비자코리아","publisher_en":"Visa Korea","kind":"ir","lang":"ko","published_at":"2025-01-01","url":"https://www.visakorea.com/about-visa/visanet.html","title":"VisaNet 전자 결제 네트워크","title_en":"VisaNet electronic payments network","excerpt":"VisaNet은 결제 거래의 승인·청산·정산을 처리하는 네트워크로, 은행과 가맹점을 잇고 AI와 다중 계층 보안으로 사기를 방지한다.","excerpt_en":"VisaNet authorizes, clears and settles payment transactions, linking banks and merchants and using AI and multi-layer security to prevent fraud."}]},{"direction":"revenue","counterparty":"크로스보더 결제 (해외 소비·여행)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2025-09-30","basis":"국제거래 수익","value":14200000000,"period":"FY2025","basis_en":"international transaction revenue"},"note":"해외 결제(크로스보더)에서 국제거래 수수료를 받는다. 여행과 해외 소비에 연동되며 FY2025 국제거래 수익 $14.2B, 크로스보더 거래량 +13%로 소비 시계의 또 다른 축이다.","note_en":"Earns international transaction fees on cross-border payments, tied to travel and overseas spending. FY2025 international transaction revenue was $14.2B with cross-border volume up 13%, another axis of the consumption clock.","sources":[{"stance":"confirms","publisher":"비자 IR","publisher_en":"Visa IR","kind":"ir","lang":"en","published_at":"2025-10-28","url":"https://s1.q4cdn.com/050606653/files/doc_financials/2025/q4/Q4-2025-Earnings-Release_vF.pdf","title":"Visa Reports Fiscal Fourth Quarter and Full-Year 2025 Results","title_en":"Visa Reports Fiscal Fourth Quarter and Full-Year 2025 Results","excerpt":"FY2025 국제거래 수익은 $14.2B, 유럽 외 크로스보더 거래량은 불변환율 기준 +13% 늘었다.","excerpt_en":"FY2025 international transaction revenue was $14.2B, and cross-border volume excluding intra-Europe rose 13% on a constant-dollar basis."}]},{"direction":"cost","counterparty":"기술·데이터센터·AI 인프라 (VisaNet·사기탐지)","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2024-05-07","basis":"기술·보안 투자(사기 감축)","value":10000000000,"period":"2019~2024(5년)","basis_en":"technology and security investment (fraud reduction)"},"note":"VisaNet과 사기탐지에 대규모 기술·AI 인프라를 투입한다. 지난 5년간 기술에 100억 달러 이상을 투자했고, 생성형 AI 기반 VAAI Score는 150억 건 이상의 VisaNet 거래로 학습돼 20밀리초 내에 위험을 평가한다. 반도체 사슬 밖에서 AI 인프라를 실제 도입하는 수요처다.","note_en":"Pours large technology and AI infrastructure into VisaNet and fraud detection. Over the past five years it invested more than $10 billion in technology, and its generative-AI VAAI Score, trained on 15 billion+ VisaNet transactions, scores risk within 20 milliseconds. It is a real-world adopter of AI infrastructure beyond the semiconductor chain.","sources":[{"stance":"mentions","publisher":"비자코리아","publisher_en":"Visa Korea","kind":"ir","lang":"ko","published_at":"2025-01-01","url":"https://www.visakorea.com/about-visa/visanet.html","title":"VisaNet 전자 결제 네트워크","title_en":"VisaNet electronic payments network","excerpt":"VisaNet은 인공지능(AI)과 다중 계층 보안 시스템으로 결제 사기를 방지하며 연중무휴로 전 세계 결제를 처리한다.","excerpt_en":"VisaNet uses AI and multi-layer security to prevent payment fraud and processes payments worldwide around the clock."},{"stance":"confirms","publisher":"비자 IR","publisher_en":"Visa IR","kind":"ir","lang":"en","published_at":"2024-05-07","url":"https://investor.visa.com/news/news-details/2024/Visa-Announces-Generative-AI-Powered-Fraud-Solution-to-Combat-Account-Attacks/default.aspx","title":"Visa Announces Generative AI-Powered Fraud Solution to Combat Account Attacks","title_en":"Visa Announces Generative AI-Powered Fraud Solution to Combat Account Attacks","excerpt":"비자의 VAAI Score는 생성형 AI로 카드 미제시 거래의 이뉴머레이션 공격을 탐지하며 150억 건 이상의 VisaNet 거래로 학습됐다. 비자는 지난 5년간 사기 감축·네트워크 보안 기술에 100억 달러 이상을 투자했다.","excerpt_en":"Visa's VAAI Score uses generative AI to detect enumeration attacks in card-not-present transactions and was trained on more than 15 billion VisaNet transactions; Visa invested over $10 billion in fraud-reduction and network-security technology over five years."}]},{"direction":"revenue","counterparty":"JPMorgan Chase","counterparty_slug":"jpmorgan-chase","confidence":"mid","metric":{"unit":"$T","as_of":"2024","basis":"2024 card purchase volume","value":1.344,"basis_en":"2024 card purchase volume","qualifier":"largest_us_card_issuer"},"note":"JP모건 체이스는 비자 네트워크 최대 발급 은행 — 카드 매입액 기반 네트워크 수수료를 비자가 수취.","note_en":"JPMorgan Chase is the largest issuing bank on the Visa network; Visa collects network fees on that card volume.","sources":[{"stance":"confirms","publisher":"Nilson Report","publisher_en":"Nilson Report","kind":"news","lang":"en","published_at":"2025-03-06","url":"https://www.globenewswire.com/news-release/2025/03/06/3038338/0/en/JP-Morgan-Tops-Nilson-Report-Ranking-of-US-Credit-Card-Issuers.html","title":"닐슨 리포트: JP모건, 미국 최대 신용카드 발급사","title_en":"JP Morgan Tops Nilson Report Ranking of US Credit Card Issuers","excerpt":"For the sixth year in a row, JP Morgan Chase was the top issuer, based on more than $1.344 trillion in purchase volume.","excerpt_en":"For the sixth year in a row, JP Morgan Chase was the top issuer, based on more than $1.344 trillion in purchase volume."}]},{"direction":"cost","counterparty":"고객 인센티브·인력·운영 (비공개)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"발급·매입 고객에 지급하는 고객 인센티브가 순매출 차감 항목으로 크고(FY2025 4분기 $4.2B), 인력·일반관리비 등이 주요 비용이다. 개별 내역 일부는 (비공개).","note_en":"Client incentives paid to issuing and acquiring clients are a large contra-revenue item (about $4.2B in fiscal Q4 2025), alongside personnel and general administrative costs. Some line-item detail is not broken out.","sources":[{"stance":"confirms","publisher":"비자 IR","publisher_en":"Visa IR","kind":"ir","lang":"en","published_at":"2025-10-28","url":"https://s1.q4cdn.com/050606653/files/doc_financials/2025/q4/Q4-2025-Earnings-Release_vF.pdf","title":"Visa Reports Fiscal Fourth Quarter and Full-Year 2025 Results","title_en":"Visa Reports Fiscal Fourth Quarter and Full-Year 2025 Results","excerpt":"4분기 고객 인센티브는 전년비 +17%인 $4.2B였고, 비GAAP 영업비용은 인력비 증가로 +13% 늘었다.","excerpt_en":"Fiscal Q4 client incentives were $4.2 billion, up 17%, and non-GAAP operating expenses rose 13% mainly on higher personnel costs."}]},{"direction":"revenue","counterparty":"Bank of America","counterparty_slug":"bank-of-america","confidence":"mid","metric":{"as_of":"2024","qualifier":"top5_us_card_issuer"},"note":"뱅크오브아메리카는 비자 네트워크 상위 발급 은행 — 비자가 카드 매입액 기반 수수료 수취.","note_en":"Bank of America is a top Visa-network issuing bank; Visa collects fees on its card volume.","sources":[{"stance":"confirms","publisher":"Nilson Report","publisher_en":"Nilson Report","kind":"research","lang":"en","published_at":"2025-05-01","url":"https://nilsonreport.com/articles/top-50-us-visa-and-mastercard-credit-card-issuers-2024/","title":"닐슨 리포트: 미국 비자·마스터카드 신용카드 발급사 상위 50","title_en":"Top 50 US Visa and Mastercard Credit Card Issuers 2024","excerpt":"Bank of America rounded out the top five US credit card issuers.","excerpt_en":"Bank of America rounded out the top five US credit card issuers."},{"stance":"confirms","publisher":"Nilson Report","publisher_en":"Nilson Report","kind":"news","lang":"en","published_at":"2025-03-06","url":"https://www.globenewswire.com/news-release/2025/03/06/3038338/0/en/JP-Morgan-Tops-Nilson-Report-Ranking-of-US-Credit-Card-Issuers.html","title":"닐슨 리포트: JP모건, 미국 최대 신용카드 발급사","title_en":"JP Morgan Tops Nilson Report Ranking of US Credit Card Issuers","excerpt":"The 5 largest issuers accounted for 69.1% of all spending on credit cards in 2024 (Chase, Amex, Citi, Capital One, Bank of America).","excerpt_en":"The 5 largest issuers accounted for 69.1% of all spending on credit cards in 2024 (Chase, Amex, Citi, Capital One, Bank of America)."}]}]}