SAN FRANCISCO — Visa reported continued growth in consumer card spending during its fiscal third quarter while signaling that artificial intelligence and stablecoins are poised to reshape the future of digital commerce.
At the same time, the company, citing AI, has also announced new layoffs.
During the company’s quarterly earnings call, CEO Ryan McInerney said Visa views AI-powered commerce and blockchain-based payments as complementary to its traditional card business, with artificial intelligence expected to transform how consumers initiate purchases and stablecoins changing how transactions are settled.
“If stablecoins are reshaping the back end of commerce, we see AI as transforming the front end,” McInerney told analysts during the earnings call.
Payment Volume Increase
According to Visa, U.S. payments volume increased 10% year over year during the fiscal third quarter, including:
- Credit card payment volume up 11%.
- Debit card payment volume up 9%.
- Visa Direct transactions up 21%.
While traditional card payments remain the company’s primary revenue driver, McInerney said Visa believes AI-driven “agentic commerce” will expand its addressable market.
The company envisions AI agents making purchases on behalf of consumers, although McInerney said widespread adoption will depend on consumer confidence that AI systems are authorized to conduct transactions, accurately reflect users’ intentions and include appropriate safeguards when problems arise.
In the Pipeline
To support that effort, Visa said it is developing:
- AI agent trust scores.
- An agent directory.
- Token assurance infrastructure designed to verify AI-initiated transactions.
Visa also said it is incorporating AI into its own operations. According to management, the company has deployed artificial intelligence across engineering, client service and other business functions and is reorganizing product development teams into smaller “agentic squads” of two to four employees supported by AI tools, replacing traditional teams that often included 10 or more people.
Positions Being Eliminated
The company’s AI strategy comes as Visa restructures parts of its workforce.
According to Bloomberg, Visa is eliminating approximately 2,600 positions, or about 7% of its workforce, primarily within its technology and product organizations. Bloomberg reported the company plans to reinvest savings into higher-growth businesses, including:
- Consumer payments.
- Commercial payment solutions.
- Money movement services.
- Stablecoin initiatives.
- Cross-border payments.
- Business-to-business payment products.
- Value-added services.
“I have deep conviction that we are doing what is right for Visa, our clients and our partners as we continue to focus on driving efficiency across the company in order to reinvest in our highest potential opportunities,” McInerney said in a memo to employees, according to Bloomberg.
The latest workforce reductions follow a separate restructuring announced in October 2024, when Visa eliminated approximately 1,400 employee and contractor positions, including about 1,000 technology jobs, as part of an effort to streamline its international operations. At that time, the company employed more than 30,000 people worldwide.
What Employees Were Told
Bloomberg also reported McInerney told employees that artificial intelligence has reduced repetitive work and accelerated product development, helping enable the restructuring. Visa confirmed the accuracy of Bloomberg’s reporting to PYMNTS.
Visa has continued expanding its digital asset and AI initiatives since its previous quarterly earnings report in April.
According to PYMNTS, the company has since:
- Added five additional blockchains to its global stablecoin settlement pilot.
- Expanded its Agentic Ready payments program to clients in Latin America and the Asia-Pacific region.
- Enhanced its Commercial Solutions Hub to help financial institutions expand virtual card programs.
- Partnered with OpenAI to simplify acceptance of Visa payments initiated by AI agents.
During its April earnings call, McInerney described stablecoins and blockchain technology as “significant opportunities” and said Visa intends to serve as an interoperability layer connecting digital asset infrastructure with consumer and commercial payment systems.
