{
  "slug": "visa-inc",
  "symbol": "V",
  "name": "Visa Inc. Class A",
  "fiscalYearEnd": "2025-09-30",
  "filing": {
    "accession": "0001403161-25-000089",
    "form": "10-K",
    "filed": "2025-11-06",
    "url": "https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm"
  },
  "model": "claude-haiku-5-5",
  "promptVersion": "2026-10-31.2",
  "generatedAt": "2026-10-31T19:44:15.865920+00:00",
  "segments": null,
  "sections": {
    "businessModel": [
      {
        "de": "Visa ist kein Finanzinstitut. Das Unternehmen gibt keine Karten aus und gewährt keine Kredite. Es legt auch keine Zinssätze und Gebühren für Kontoinhaber fest.",
        "en": "Visa is not a financial institution. It does not issue cards or extend credit, and it does not set rates and fees for account holders.",
        "quote": "Visa is not a financial institution. We do not issue cards, extend credit or set rates and fees for account holders of Visa products nor do we earn revenue from or bear credit risk with respect to any of these activities."
      },
      {
        "de": "Nach der Autorisierung bucht der Issuer den Umsatz auf das Konto des Karteninhabers und zahlt dem Acquirer den Transaktionsbetrag abzüglich der Interchange-Erstattungsgebühr (IRF).",
        "en": "After authorization, the issuer posts the purchase to the consumer's account and pays the acquirer the transaction value minus the interchange reimbursement fee (IRF).",
        "quote": "After the transaction is authorized, the issuer posts the transaction to the consumer’s account and effectively pays the acquirer an amount equal to the value of the transaction, minus the interchange reimbursement fee (IRF)."
      },
      {
        "de": "Datenverarbeitungserlöse entstehen für Autorisierung, Clearing und Settlement, bestimmte Mehrwertdienste, Netzwerkzugang sowie Wartungs- und Supportleistungen.",
        "en": "Data processing revenue is earned for authorization, clearing and settlement, certain value-added services, network access and maintenance and support services.",
        "quote": "Earned for authorization, clearing and settlement; value-added services primarily related to Acceptance Solutions, Risk and Security Solutions and certain Issuing Solutions; network access; and other maintenance and support services that facilitate transaction and information processing among our clients globally"
      },
      {
        "de": "Visa Direct ermöglicht Person-zu-Person-Zahlungen, Konto-zu-Konto-Überweisungen, Auszahlungen von Unternehmen und Behörden an Privatpersonen oder Kleinunternehmen sowie Abrechnungen mit Händlern und Rückerstattungen in mehr als 195 Ländern und Gebieten.",
        "en": "Visa Direct enables person-to-person payments, account-to-account transfers, business and government payouts to individuals or small businesses, and refunds in more than 195 countries and territories.",
        "quote": "Visa Direct enables P2P payments and A2A transfers, business and government payouts to individuals or small businesses, seller settlements and refunds, among other use cases, across more than 195 countries and territories."
      },
      {
        "de": "Visa bietet viele Zahlungsprodukte mit der Marke Visa an, die Kunden wie nahezu 14.500 Finanzinstitute nutzen, um Zahlungslösungen aufzubauen.",
        "en": "Visa offers many Visa-branded payment products, which clients including nearly 14,500 financial institutions use to build payment solutions.",
        "quote": "We offer a wide range of Visa-branded payment products that our clients, including nearly 14,500 financial institutions, use to develop and offer payment solutions or services"
      }
    ],
    "customers": [
      {
        "de": "Visa gibt nach eigener Darstellung an, kleine Unternehmen, große und mittelständische Firmen sowie Regierungen bei ihrem Zahlungsbedarf zu unterstützen.",
        "en": "Visa says it has supported small businesses, large and mid-sized companies, and governments with their payment needs.",
        "quote": "As a long-time participant in the B2B ecosystem, we have been supporting small businesses, large and middle market companies, and governments with their payments needs."
      },
      {
        "de": "Im Geschäftsjahr 2025 verarbeitete Visa Direct mehr als 12,5 Milliarden Transaktionen für mehr als 650 Partner.",
        "en": "In fiscal 2025, Visa Direct processed more than 12.5 billion transactions for more than 650 partners.",
        "quote": "In fiscal 2025, Visa Direct processed more than 12.5 billion transactions for more than 650 partners."
      }
    ],
    "competition": [
      {
        "de": "Globale und multiregionale Netzwerke bieten markenbezogene Kartenprodukte für allgemeine Zwecke an, die an Millionen Akzeptanzstellen weltweit genutzt werden können. Genannt werden American Express, Diners Club/Discover, heute im Besitz von Capital One, JCB, Mastercard und UnionPay.",
        "en": "Global and multi-regional networks offer branded general-purpose card products usable at millions of merchant locations worldwide. Examples named are American Express, Diners Club/Discover, now owned by Capital One, JCB, Mastercard and UnionPay.",
        "quote": "Global or Multi-regional Networks: These networks typically offer a range of branded, general purpose card payment products that consumers can use at millions of merchant locations around the world. Examples include American Express, Diners Club/Discover (now owned by Capital One), JCB, Mastercard and UnionPay."
      },
      {
        "de": "Lokale und regionale Netzwerke werden in vielen Ländern betrieben und haben oft die Unterstützung oder Vorgaben der Regierung.",
        "en": "Local and regional networks operate in many countries and often have government support or government mandates.",
        "quote": "Local and Regional Networks: Operated in many countries, these networks often have the support of government influence or mandate."
      },
      {
        "de": "Nach eigener Darstellung tragen das grundlegende Wertversprechen aus Sicherheit, Bequemlichkeit, Geschwindigkeit und Verlässlichkeit, die Zahl der Zahlungsberechtigungen und die Akzeptanzbasis dazu bei, dass Visa Erfolg hat.",
        "en": "Visa says its core offer of security, convenience, speed and reliability, its number of payment credentials and its acceptance footprint help it succeed.",
        "quote": "We believe our fundamental value proposition of security, convenience, speed and reliability as well as the number of payment credentials and our acceptance footprint help us to succeed."
      }
    ],
    "risks": [
      {
        "de": "Sollte die Entscheidung des Bezirksgerichts North Dakota im Berufungsverfahren bestätigt werden und sich letztlich durchsetzen, könnte die Federal Reserve möglicherweise eine deutlich niedrigere Obergrenze für bestimmte Debitkartentransaktionen in den USA festlegen.",
        "en": "If the North Dakota court's decision is upheld on appeal and prevails, the Federal Reserve could potentially set a considerably lower cap on certain U.S. debit transactions.",
        "quote": "If the District Court of North Dakota’s decision is affirmed on appeal and ultimately prevails, it could potentially result in the Federal Reserve setting a significantly lower interchange cap for relevant debit transactions in the U.S."
      },
      {
        "de": "Visa hat im Mai 2020 bei der chinesischen Zentralbank PBOC einen Antrag auf eine Lizenz als Bankkartenclearinginstitut (BCCI) in China gestellt. Zeitpunkt und Verfahrensschritte für die Genehmigung bleiben ungewiss.",
        "en": "Visa applied in May 2020 to the People's Bank of China (PBOC) for a license to operate a Bank Card Clearing Institution (BCCI) in China. The timing and approval steps remain uncertain.",
        "quote": "Although we filed an application with the People’s Bank of China (PBOC) in May 2020 to operate a Bank Card Clearing Institution (BCCI) in China, the timing and the procedural steps for approval remain uncertain."
      },
      {
        "de": "Wenn die Regulierung sicherer wird und freizügig oder förderlich ist, könnten Stablecoins bestehende Zahlungsnetzwerke möglicherweise stören, auch im grenzüberschreitenden und im B2B-Zahlungsverkehr.",
        "en": "If regulation becomes more certain and permissive or favorable, stablecoins could potentially disrupt existing payment networks, including cross-border and B2B transactions.",
        "quote": "With more regulatory certainty and permissive or favorable regulations, stablecoins could potentially disrupt existing payment networks, including in cross-border and B2B transactions."
      },
      {
        "de": "Ein erheblicher Teil der Nettoerlöse von Visa konzentriert sich auf die größten Kunden. Der Verlust von Geschäft mit einem dieser größeren Kunden könnte Visas Geschäft, Ergebnis und Finanzlage schaden.",
        "en": "A significant part of Visa's net revenue is concentrated among its largest clients. Losing business from any one of these larger clients could harm Visa's business, results and financial condition.",
        "quote": "Because a significant portion of our net revenue is concentrated among our largest clients, the loss of business from any one of these larger clients could harm our business, results of operations and financial condition."
      },
      {
        "de": "Visa hält Issuer und Acquirer für Abrechnungsverluste schadlos, die sie erleiden können, wenn ein anderer Issuer oder Acquirer seine Abrechnungspflichten nicht erfüllt.",
        "en": "Visa indemnifies issuers and acquirers for settlement losses they may suffer if another issuer or acquirer fails to meet its settlement obligations.",
        "quote": "We indemnify issuers and acquirers for settlement losses they may suffer due to the failure of another issuer or acquirer to honor its settlement obligations in accordance with the Visa operating rules."
      }
    ]
  }
}