# Who are Visa Inc's customers? Who does Visa Inc earn revenue from?
Canonical: https://valuechain.wiki/visa · Facet: customers · Updated: 2026-09-24T11:00:18.111579+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Visa Inc's confirmed revenue counterparties include Global Payments Inc., JPMorgan Chase, Bank of America plus 3 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 6 revenue edges, backed by 7 dated sources, 2 of them primary filings (as of 2026-09-24).

### 발급·매입 금융기관 (은행) (high)
- metric: Amount $40B · FY2025 · consolidated net revenue
- note: Earns service and data-processing fees from issuing banks and acquirers. Because those fees track consumer spending and payments volume, Visa's revenue is a proxy for the economy and consumption. FY2025 net revenue was $40.0B with payments volume up 8%.
- [confirms] SEC EDGAR filing (EN, filing, published 2025-11-13) https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm: "The FY2025 10-K breaks net revenue into service $17.5B, data processing $20.0B and international transaction $14.2B, and reports $17 trillion of payments and cash volume, about 257.5 billion processed transactions, roughly 5 billion credentials and 175 million+ merchant locations."
- [confirms] Visa IR (EN, ir, published 2025-10-28) https://s1.q4cdn.com/050606653/files/doc_financials/2025/q4/Q4-2025-Earnings-Release_vF.pdf: "FY2025 net revenue rose 11% to $40.0B with GAAP net income of $20.1B; the CEO said healthy consumer spending drove revenue, and service revenue is recognized based on payments volume."
- [confirms] Visa Korea (KO, ir, published 2025-01-01) https://www.visakorea.com/about-visa/visanet.html: "VisaNet authorizes, clears and settles payment transactions, linking banks and merchants and using AI and multi-layer security to prevent fraud."

### 크로스보더 결제 (해외 소비·여행) (high)
- metric: Amount $14.2B · FY2025 · international transaction revenue
- note: Earns international transaction fees on cross-border payments, tied to travel and overseas spending. FY2025 international transaction revenue was $14.2B with cross-border volume up 13%, another axis of the consumption clock.
- [confirms] Visa IR (EN, ir, published 2025-10-28) https://s1.q4cdn.com/050606653/files/doc_financials/2025/q4/Q4-2025-Earnings-Release_vF.pdf: "FY2025 international transaction revenue was $14.2B, and cross-border volume excluding intra-Europe rose 13% on a constant-dollar basis."

### 글로벌 페이먼츠 (high)  → /global-payments.md
- note: Visa requires Global Payments to maintain direct membership or registered merchant-processor status to process Visa transactions and charges network fees that reduce transaction revenue, while Visa-specific payments were not disclosed.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-20) https://www.sec.gov/Archives/edgar/data/1123360/000112336026000008/gpn-20251231.htm: "Our revenues on a transaction generally reflect the merchant discount, less interchange fees and payment network fees."

### JPMorgan Chase (mid)  → /jpmorgan-chase.md
- metric:  1.344$T · 2024 card purchase volume
- note: JPMorgan Chase is the largest issuing bank on the Visa network; Visa collects network fees on that card volume.
- [confirms] Nilson Report (EN, news, published 2025-03-06) https://www.globenewswire.com/news-release/2025/03/06/3038338/0/en/JP-Morgan-Tops-Nilson-Report-Ranking-of-US-Credit-Card-Issuers.html: "For the sixth year in a row, JP Morgan Chase was the top issuer, based on more than $1.344 trillion in purchase volume."

### Bank of America (mid)  → /bank-of-america.md
- note: Bank of America is a top Visa-network issuing bank; Visa collects fees on its card volume.
- [confirms] Nilson Report (EN, research, published 2025-05-01) https://nilsonreport.com/articles/top-50-us-visa-and-mastercard-credit-card-issuers-2024/: "Bank of America rounded out the top five US credit card issuers."
- [confirms] Nilson Report (EN, news, published 2025-03-06) https://www.globenewswire.com/news-release/2025/03/06/3038338/0/en/JP-Morgan-Tops-Nilson-Report-Ranking-of-US-Credit-Card-Issuers.html: "The 5 largest issuers accounted for 69.1% of all spending on credit cards in 2024 (Chase, Amex, Citi, Capital One, Bank of America)."

### 파이서브 (mid)  → /fiserv.md
- note: Visa Inc provides the payment network through which card transaction data read by Clover and passed on by Fiserv travels and authorization responses return, making its rail a direct external infrastructure input to Fiserv's merchant processing, although counterparty-specific cost is undisclosed.
- [confirms] MoneyWeek (EN, analysis, published 2026-01-25) https://moneyweek.com/investments/invest-in-payment-providers: "This system reads the customer’s card and then sends the data via Fiserv to the Visa network."

Reverse side: https://valuechain.wiki/visa/suppliers.md · Ripple: https://valuechain.wiki/visa/ripple.md

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Full node: https://valuechain.wiki/visa.md · JSON: https://valuechain.wiki/visa.json