Visa and Mastercard delivered another strong year, with GDV up 7–9% and net revenue growing even faster (12–16%), increasingly driven by value-added services like tokenization.
In our annual card scheme performance infographic, we highlight Visa and Mastercard's performance, including how cross-border growth is decelerating for a third straight year and how global card mix is shifting (Visa toward credit, Mastercard toward debit).
Figure 1: Total Network Gross Dollar Volume (GDV)
($ trillions; YoY growth)
Figure 2: Cross-Border Volume Development
(YoY Growth)
Figure 3: Card Counts
(number of cards in force in billions; average $ spend per card from Sep ‘22 – Sep ’25)
Figure 4: Net Revenue by Segment
($ billions; net revenue and CAGR by segment)
Figure 5: KPIs
(from FY ’22 – FY ‘25)
General Commentary & Highlights
- Visa and Mastercard had another year of strong performance, growing GDV 7% and 9% while growing net revenue 12% and 16%, respectively
- Cross-border volumes experienced a 3rd consecutive year of growth deceleration for both companies, declining from 15% to 12% for Visa and 18% to 15% for Mastercard. This aligns with Visa’s international transaction revenue growth slowing year-over-year from 10.4% to 9.8% and Mastercard’s cross-border fees revenue growth declining year-over-year from 21.1% to 18.1%
- Visa grew card counts by 7% year-over-year driven by 13% growth in credit cards, with a decline in average spend per credit card. Mastercard grew card counts by 8% year-over-year driven by 11% growth in debit cards
- Visa and Mastercard’s revenue growth have been driven by value-added services and products in recent years. Tokenization remains a focus for both companies with Visa achieving >50% of transactions being tokenized and Mastercard achieving nearly 40% of transactions
- Visa’s client incentives as a share of GDV grew faster year-over-year than net revenue as a share of GDV growth (6% vs. 5%), while Mastercard’s grew 7% year-over-year, aligning with net revenue growth and matching the prior year’s growth
Please do not hesitate to contact Rom Mascetti at Rom@FlagshipAP.com with comments and questions.