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Processing represents another part of that expansion. McInerney said two issues drove Visa\u2019s decision to acquire Pismo. Many bank CEOs were deciding whether to move their technology to the cloud, while FinTechs expanding rapidly into emerging markets and other countries were struggling to find issuer-processing technology capable of expanding with them.<\/p>\n
\u201cThey couldn\u2019t find an issuer processing stack that was global enough, nimble enough, and cloud-native,\u201d he said.<\/p>\n
In the U.S., McInerney said Visa sees a market among small and mid-sized banks and FinTechs seeking integrated credit and debit issuer processing. He expects the largest, more sophisticated issuers to continue operating customized credit and debit stacks separately. Visa is also encountering demand for integrated issuer processing outside the U.S.<\/p>\n
Core modernization has proceeded more slowly. McInerney said few large banks globally have moved their cores to the cloud, although many are considering or working on such moves. Cloud-based cores, he said, can make banks more agile and allow them to deploy products more quickly.<\/p>\n
The scope of issuer negotiations reflects that broader set of products. McInerney said issuers are looking beyond consumer payments to commercial payments, Visa Direct, value-added services and processing, including issuer and core technology.<\/p>\n
Money movement adds another set of markets. McInerney put the remaining addressable market in consumer payments at roughly $2 trillion, much of it still represented by cash and checks in markets around the world. Visa Direct, he said, reaches 18 billion endpoints across accounts, cards and wallets and supports P2P, B2C and C2B transactions. He also identified higher-value cross-border B2B payments as an opportunity.<\/p>\n
Stablecoins could serve some of those cross-border use cases. McInerney said Visa sees product-market fit in two areas. One is what he described as probably 50 countries where consumers, families and businesses have wanted to hold U.S. dollars but have faced cost, availability or other barriers to doing so through bank accounts. The second is cross-border money movement, including remittances and B2B payments.<\/p>\n
The newer businesses are developing against consumer spending that McInerney described as showing \u201cstrength and stability.\u201d He said Visa\u2019s U.S. business has grown roughly 6% to 8% for about a year and a half, reached 10% growth in the latest quarter and was running at approximately 9% through August. Cross-border growth accelerated from about 12% in the previous quarter to 14% through August, with eCommerce continuing to grow faster than travel.<\/p>\n
Competition also extends beyond other global payment networks. McInerney said payment sovereignty has become a more prominent subject in Europe, where domestic card networks and digital wallets already compete with international networks and Wero is developing another European alternative.<\/p>\n
\u201cThe market is competitive, and it\u2019ll get more competitive,\u201d he said.<\/p>\n
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