Visa processed 258 billion transactions in fiscal 2025 across more than 200 countries and territories, routing $17 trillion in total payments and cash volume through a network that now holds nearly 5 billion payment credentials and accepts payment at more than 175 million merchant locations worldwide, according to the company’s fiscal 2025 10-K. Those three numbers reset the frame for 2026: Visa’s headline cards-in-circulation count is no longer the 3.3 billion figure that anchors most competing search results, and the gap between Visa’s own scale and the US-only Federal Reserve payments baseline is now an order of magnitude.
Net revenue for the three months ended March 31, 2026, was $11.2 billion, an increase of 17% over the prior year, according to Visa’s Q2 FY2026 earnings release, with processed transactions of 66.1 billion in the quarter, up 9%. The figures below cover Visa’s network scale, US market share against Mastercard, cross-border volume, Visa Direct, and how Visa’s global footprint compares to the Federal Reserve’s latest US payments study.
Key Takeaways
- During fiscal 2025, 329 billion payments and cash transactions on the Visa brand were processed by Visa or other networks, an average of 901 million transactions per day.
- Visa itself processed 258 billion of those transactions across more than 200 countries and territories through VisaNet.
- Visa’s total payments and cash volume reached $17 trillion in fiscal 2025, more than any other single payment network has disclosed.
- The network now carries nearly 5 billion payment credentials, available at over 175 million merchant locations served by nearly 14,500 financial institutions.
- Visa’s fiscal full-year 2025 net revenue was $40.0 billion, an increase of 11% over the prior year, with GAAP net income of $20.1 billion.
- In the United States, Visa’s share of combined Visa and Mastercard purchase volume was 70.38% in 2025, according to the Nilson Report.
- Visa Direct reached 12.6 billion transactions in fiscal 2025, up 27% year on year, pushing real-time money movement to 12 billion endpoints.
Editor’s Choice
- Visa’s Q2 FY2026 net revenue reached $11.2 billion, up 17% year over year.
- Processed transactions in the quarter ended March 31, 2026, were 66.1 billion, a 9% increase.
- Total cross-border volume on a constant-dollar basis increased 12% over the prior year in Visa’s most recent quarter.
- GAAP net income was $6.0 billion, or $3.14 per share, up 32% year over year.
- Visa’s board authorized a new $20.0 billion class A common stock share repurchase program in April 2026.
- Visa and Mastercard US card products together generated $9.986 trillion in purchase volume in 2025, up 6.6% over 2024.
- US non-prepaid debit cards processed 89.1 billion payments valued at $3.99 trillion in calendar year 2022, the single largest US card-payment category in the Federal Reserve Payments Study.
Visa Network Scale
VisaNet now operates as the citation anchor for the global card-payments scale. During fiscal 2025, 329 billion payments and cash transactions carried the Visa brand, of which 258 billion were processed by Visa, according to the company’s 10-K. The network connects nearly 14,500 financial institutions, supports nearly 5 billion payment credentials, and reaches more than 175 million merchant locations worldwide. The five-billion-credentials figure replaces the long-running 3.3 billion cards stat that still surfaces in autocomplete, because Visa now counts every issued account that can authenticate against the network, not the historical “cards in wallets” count.
| Visa network metric (fiscal 2025) | Figure | Source |
|---|---|---|
| Total payments and cash transactions on Visa brand | 329 billion | Visa 10-K (FY2025) |
| Transactions processed by Visa (VisaNet) | 258 billion | Visa 10-K (FY2025) |
| Average transactions per day | 901 million | Visa 10-K (FY2025) |
| Total payments and cash volume | $17 trillion | Visa 10-K (FY2025) |
| Payment credentials in circulation | Nearly 5 billion | Visa 10-K (FY2025) |
| Merchant locations accepting Visa | More than 175 million | Visa 10-K (FY2025) |
| Financial institutions connected | Nearly 14,500 | Visa 10-K (FY2025) |
| Countries and territories served | More than 200 | Visa 10-K (FY2025) |
Source: Visa Inc., Form 10-K for fiscal year ended September 30, 2025
By the numbers: According to Visa’s fiscal 2025 10-K, 329 billion Visa-brand payments and cash transactions ran at an average of 901 million per day, with 258 billion processed by Visa across more than 200 countries. Visa reported $17 trillion in total payments and cash volume across nearly 5 billion payment credentials in fiscal 2025.
CoinLaw has tracked Visa’s annual filings for several years; the credit and debit cards category that powers most of this volume is itself accelerating versus checks and ACH, not just within the card duopoly.
Visa Net Revenue and EPS by Quarter
Visa’s fiscal first quarter net revenue was $10.9 billion, an increase of 15% over the prior year, with 69.4 billion processed transactions for the three months ended December 31, 2025. Q2 FY2026 net revenue then accelerated to $11.2 billion, a 17% increase, with 66.1 billion processed transactions for the three months ended March 31, 2026. Across all of fiscal 2025, net revenue reached $40.0 billion, and processed transactions totaled 257.5 billion, both up double digits over the prior year.
GAAP net income for fiscal year 2025 was $20.1 billion, or $10.20 per share, according to Visa’s Q4 FY2025 earnings release. Non-GAAP net income for the year was $22.5 billion, or $11.47 per share, excluding litigation provisions tied to the interchange multidistrict litigation case and other special items.
Key finding: Visa’s Q2 FY2026 release, dated April 28, 2026, also disclosed a fresh $20.0 billion class A common stock share repurchase authorization, on top of the $3.14 GAAP EPS and $3.31 non-GAAP EPS the company posted for the quarter, per the SEC filing.
Recent Developments
- Q2 FY2026: Visa reported fiscal Q2 net revenue of $11.2 billion (+17%) and processed 66.1 billion transactions for the three months ended March 31, 2026.
- Q2 FY2026: Visa’s board authorized a new $20.0 billion class A common stock share repurchase program.
- Nilson Report 2025 ranking (Issue 1301): Visa reached $7.028 trillion in 2025 US purchase volume, up 6.8%, with combined Visa and Mastercard US volume of $9.986 trillion.
- Fiscal first quarter results: Visa reported net revenue of $10.9 billion (+15%) and 69.4 billion processed transactions for the three months ended December 31, 2025.
- Full-year fiscal 2025: Visa closed fiscal 2025 with $40.0 billion in net revenue (+11%) and 257.5 billion processed transactions for the twelve months ended September 30, 2025.
- Visa Direct cross-border expansion (FY2025): Visa Direct extended its cross-border reach through partnerships including KCB in East Africa, Touch ‘n Go in Malaysia, and Al Rajhi in Saudi Arabia.
Visa Cards in Circulation and Payment Credentials
The single most-searched Visa stat is the cards-in-circulation count. Visa’s fiscal 2025 10-K reports nearly 5 billion payment credentials, defined as issued Visa card accounts that were available to be used at more than 175 million merchant locations worldwide. This is the figure to cite for 2026; the 3.3 billion card numbers circulating in older listicles and search-engine autocomplete predates the credentials definition Visa now uses in its filings.
| Visa footprint dimension (fiscal 2025) | Figure |
|---|---|
| Payment credentials in circulation | Nearly 5 billion |
| Merchant locations accepting Visa | More than 175 million |
| Financial institution partners | Nearly 14,500 |
| Countries and territories served | More than 200 |
Source: Visa Inc., Form 10-K for fiscal year ended September 30, 2025
Visa’s network of networks approach facilitates person-to-person, business-to-consumer, business-to-business, and government-to-consumer payments, alongside the traditional consumer-to-business card flows, with nearly 14,500 financial institutions connected to the network. That flow-set framing matters for the regulatory positioning of digital wallet tokenization providers using Visa credentials.
Visa vs Mastercard US Market Share
In the United States, the Nilson Report measures the Mastercard payment-network split versus Visa using purchase volume on issued cards. Visa and Mastercard US card products generated $9.986 trillion in purchase volume in 2025, an increase of 6.6% over 2024, according to the Nilson Report’s 2025 ranking. Visa’s US purchase volume was $7.028 trillion, up 6.8%, and Mastercard’s was $2.958 trillion, up 6.3%.
Visa’s purchase volume market share for all products combined reached 70.38% in 2025, per the Nilson Report. The share figure here is constrained to the Visa-plus-Mastercard duopoly, not the full US card market that also includes American Express and Discover.
Worth noting: Nilson Report covers credit, debit and prepaid card products in its combined-duopoly framing, with Visa at a 70.38% share of Visa-plus-Mastercard US purchase volume in 2025. American Express and Discover sit outside this denominator, so the same figure measures Visa’s lead inside the Visa and Mastercard universe rather than the total US card-payments market.
Visa Cross-Border Payments
Cross-border activity drives Visa’s international transaction revenue and is the most cyclical input in its income statement. Total cross-border volume on a constant-dollar basis increased 12% over the prior year for the three months ended March 31, 2026, with cross-border volume excluding transactions within Europe up 11% on a constant-dollar basis. Across all of fiscal 2025, total cross-border volume increased 13% on a constant-dollar basis.
International transaction revenue grew 10% over the prior year to $3.6 billion in Q2 FY2026, per the company’s earnings release. The cross-border line is the part of Visa most exposed to the broader cross-border payment industry.
Visa Direct: Push Payments and New Flows
Visa Direct is the real-time money-movement platform that Visa has broken out separately from card-present and e-commerce flows. Visa Direct reached 12.6 billion transactions for the full fiscal year 2025, up 27% year over year, per Visa’s Q4 FY2025 earnings call. The platform reaches 12 billion endpoints across cards, accounts, and wallets, and connects to over 90 domestic schemes and over 60 card and wallet networks.
| Visa Direct (fiscal 2025) | Figure |
|---|---|
| Transactions | 12.6 billion |
| Year-over-year growth | +27% |
| Endpoints reached (cards, accounts, wallets) | 12 billion |
| Domestic schemes connected | Over 90 |
| Card and wallet networks connected | Over 60 |
Source: Visa Inc., Q4 FY2025 earnings call transcript, October 28, 2025
Visa’s network of networks approach facilitates person-to-person, business-to-consumer, business-to-business, and government-to-consumer payments, in addition to consumer-to-business card flows, according to the FY2025 10-K. Visa Direct is the line item most analysts watch for the company’s pivot from card-rail dominance to general-purpose money movement; 27% growth on a base of 12.6 billion transactions is a category-defining run-rate.
US General-Purpose Card Payments (Federal Reserve Data)
The Federal Reserve Payments Study is the canonical US-only baseline for credit, non-prepaid debit, and prepaid debit card activity. In calendar year 2022, US credit cards processed 58.5 billion payments valued at $5.83 trillion, non-prepaid debit cards processed 89.1 billion payments valued at $3.99 trillion, and prepaid debit cards processed 18.5 billion payments valued at $0.59 trillion, per the 2024 Federal Reserve Payments Study.
| US card type (calendar 2022) | Number of payments | Value of payments |
|---|---|---|
| Credit cards | 58.5 billion | $5.83 trillion |
| Non-prepaid debit cards | 89.1 billion | $3.99 trillion |
| Prepaid debit cards | 18.5 billion | $0.59 trillion |
Source: Federal Reserve Payments Study, 2024 release (data through calendar year 2022)
Credit card payments rose from 51.0 billion in 2021 to 58.5 billion in 2022, with value moving from $5.06 trillion to $5.83 trillion across the same period, per the Federal Reserve. The Federal Reserve’s 2022 dataset is the most recent triennial baseline available at refresh time.
The takeaway: The Federal Reserve’s $5.83 trillion in 2022 US credit-card payments and $3.99 trillion in non-prepaid debit-card payments sat well below the $17 trillion in total payments and cash volume Visa reported across its entire global network three years later in fiscal 2025, showing how much of Visa’s scale lives outside the US payments rail the Fed measures.
Is Visa bigger than Mastercard?
Visa is materially larger than its closest rival in the United States and in the worldwide processed transactions count. Nilson Report 2025 US ranking puts Visa at $7.028 trillion in purchase volume versus Mastercard’s $2.958 trillion, a 70.38% share for Visa within the Visa-plus-Mastercard duopoly. Visa processed 258 billion transactions worldwide in fiscal 2025 across more than 200 countries, a figure Visa’s 10-K reports separately from total brand transactions.
How many transactions does Visa process per day?
Visa’s own filings give a clean answer to the per-day question. Visa’s fiscal 2025 10-K reports an average of 901 million transactions per day on the Visa brand across processing networks. In the most recent quarter, the three months ended March 31, 2026, Visa itself processed 66.1 billion transactions, which works out to roughly 730 million per day on VisaNet alone.
Conclusion
Visa enters 2026 as the largest single card payments network by every figure its fiscal 2025 10-K discloses: 258 billion transactions processed by Visa, $17 trillion in total payments and cash volume, nearly 5 billion payment credentials, and more than 175 million merchant locations across more than 200 countries. In the United States, the Nilson Report puts Visa’s share of combined Visa and Mastercard purchase volume at 70.38% on $7.028 trillion in 2025 US volume, a duopoly-framed figure that still understates Visa’s lead against Amex and Discover.
The interesting tension for 2026 is between two parts of the same company. The card-payments base keeps growing in the high single digits, with Q2 FY2026 net revenue of $11.2 billion and processed transactions of 66.1 billion in a single quarter; Visa Direct’s 12.6 billion push transactions, up 27% year on year, are growing faster and pull Visa deeper into the same money-movement category that real-time rails, account-to-account schemes, and stablecoin payments are also building toward.
