UBS Napa Recap "Card Networks: Recent Developments & Alternative Payment..."

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UBS Napa Recap "Card Networks: Recent Developments & Alternative Payment..."

Global Research

24 June 2026ab

UBS Napa Recap Equities

AmericasCard Networks: Recent Developments &

Alternative Payment Methods Panel Diversified Technology Services

Timothy E. Chiodo, CFA

Analyst

timothy.chiodo@ubs.com

Insights & discussion with Forte FinTech, Gr4vy, Ansa, and Starpoint: As part of +1-415-352 4500

our 9th Annual UBS Private Company FinTech Conference Networking event in Napa,

Chris Zhang, CFA

we hosted Erin McCune (Founder of Forte FinTech), John Lunn (Chief Executive Officer at

Gr4vy), Sophia Goldberg (Chief Executive Officer at Ansa), and Tom Noyes (Managing chris.zhang@ubs.com

Partner at Starpoint) for a panel session to discuss recent developments around the card +1-212-713 4911

networks and alternative payment methods. The discussion focused on network

Kyle Crews

tokenization, tokenized deposits and stablecoins, agentic commerce, European

alternatives to card networks (including Wero), localization, and more. kyle.crews@ubs.com

+1-212-882-0088

Visa & Mastercard continue to be well positioned within our coverage: We Jing Zhang

continue to view Visa & Mastercard as the preferred means of gaining exposure to the Associate Analyst

broader Payments & FinTech sector. Both Visa & Mastercard provide a balanced exposure jing.zhang1@ubs.com

to spend alongside support from new payment flows outside traditional PCE (P2P, B2C/ +1-212-882 0091

G2C, B2B, etc.), supporting persistent volume growth even in a weaker macroeconomic Pat Ennis, CFA

environment. Further, from an operating expense standpoint, Visa & Mastercard have Associate Analyst

the ability to reduce costs (marketing expense in particular) to support earnings during patrick.ennis@ubs.com

times of slower volume growth.