Visa Goldman Sachs Communacopia + Technology Conference 2026

It's great to be here.

On the last topic about what the market's missing, I think you and the audience might be better positioned to answer that question. On the core of your question, I think in short, we have a strategy that's working. We have a leadership team that's very experienced and focused on executing that strategy. We have enormous opportunities ahead of us, and we've been deploying a lot of products and innovations in the market to capture that strategy. I think that's the short answer. The longer version of that answer is, 3 and a half, 4 years ago, we stepped back and did a fair bit of work to set the strategy that we're executing today.

We looked at our capabilities, our market position, the TAMs that were out there, the competitive sets, and we put in place a strategy that we thought could fuel the type of growth that you were mentioning. We did a lot of work to syndicate that strategy inside the company, up and down, from the most senior people all the way down to country teams all around the world to make sure they understood it. We shared it with investors at our investor day. When I transitioned into the role that I am in right now, we used that as an opportunity to essentially rewire the operating model of the company. We restructured how the organization worked with senior leaders responsible for value-added services, for CMS, for consumer payments, those types of things. We gave them full-stacked leadership teams.

We dedicated product and engineering teams to build a roadmap to ultimately ship the product and services that I was describing. We rewired the entire performance management system in the company. How OKRs were set, how people were measured in terms of their performance, how people were paid based on their performance against the measurements that we put in place, so on and so forth. We are now a few years into that journey. The strategy remains what it is, and I think the momentum that you are seeing is in large part driven by the fantastic leaders we have all around the world executing that strategy.

Again, in short, I would say strength and stability. If you look at, let us just talk about the U.S., you have got to understand there is a lot of uncertainty, right? Consumers and businesses do have a lot of uncertainty. You see that in the consumer confidence measurements. There are uncertainty about some of the affordability issues. They are uncertain about the elections. They are uncertain about a lot of things. But if you actually look at our business and how they are spending, it is strong and stable. In the U.S., for the last 6, 8, 10, 12, 18 months, I should say, last year and a half, let us call it, our business in the U.S. has been growing about 6%-8% roughly. This is on a roughly $7 trillion business. That is the size of our business in the U.S. So it is very broad-based, as you said.

In the last quarter, our U.S. business grew 10%. If you look at quarter to date through the end of August, it has been growing about 9%. So you have a strong and stable spending business in the U.S. If you zoom out and look at our business globally through the end of August, we are seeing the continued strength we saw in our third fiscal quarter. Payment transaction growth stable at about 10% year-over-year growth. Cross-border has actually accelerated a little bit. We have seen cross-border go from about 12% year-over-year growth in the last quarter. We are running at about 14% through the end of August. So it is a strong and stable consumer spending in the U.S. and around the world.

We continue to see e-commerce growing faster than travel.

That has been a trend that we noted in the last quarter, and that continues to be a driver of the strong performance.