Banks and Capital Markets
Banks and Capital Markets Payments
Volume definitions are not the same
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.
Network and wallet revenue
Visa FY2025 net revenue $40.0B, up 11%. PayPal $33.2B, up 4%. Mastercard $32.8B, up 16%. Fiserv GAAP $21.2B, up 4%.
Fiserv versus the networks
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.
