Banks and Capital Markets Payments

Visa payments volume $14.2T (FY2025; total volume $16.7T). Mastercard GDV $10.6T local currency. PayPal TPV $1.79T. American Express billed business $1.67T. Do not treat them as share.

American Express billed business $1,669.8B is spend on Amex-issued cards. Capital One credit-card purchase volume $828.5B includes Discover from May 18, 2025. Synchrony purchase volume $182.3B is net credit sales. Not share of Visa payments volume.

Visa FY2025 net revenue $40.0B, up 11%. PayPal $33.2B, up 4%. Mastercard $32.8B, up 16%. Fiserv GAAP $21.2B, up 4%. Visa fiscal year ended September 30, 2025.

Data processing $19.993B. Service $17.539B. International transaction $14.166B. Other $4.053B. Client incentives were a $15.751B contra. Net revenue was $40.000B. Do not add the positive bars and call that net. This is not an interchange take-rate.

Fiserv GAAP $21.19B and adjusted $19.80B sit next to Visa $40.0B and Mastercard $32.8B so the compounding rates stay attached to the bars. Volume is the chart above.

Fiserv $21.193B, FIS $10.677B, Global Payments $7.71B, and Corpay $4.528B are calendar 2025. Broadridge $6.889B and Jack Henry $2.375B are fiscal years ended June 30, 2025. Global Payments excludes discontinued Issuer Solutions. These are not network volume.

GAAP total $10.677B. Recurring $8.543B, which the Q4 2025 presentation said was 80% of 2025 revenue. Banking Solutions $7.285B. Capital Market Solutions $3.196B. Recurring overlaps the segment bars. Do not stack it on Banking.