Payments, Processors & IT Services: Networks: C2Q26 V/MA Preview

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Payments, Processors & IT Services: Networks: C2Q26 V/MA Preview

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Payments, Processors & IT Services

Networks: C2Q26 V/MA Preview

Estimate Change

Modest preference for Visa into earnings 16 July 2026

We enter earnings with a slight preference for Visa over Mastercard. We view V as Equity

better positioned given its lower direct Middle East exposure, lower FX sensitivity, United States

stronger VAS momentum, and greater leverage to U.S. consumer spending trends. Payments, Processors & IT Services

Recent BAC debit and credit card data showed spending growth accelerating from May

Matthew C. O'Neill

to June to the strongest pace in more than four years. With gas prices declining, Research Analyst

acceleration appears increasingly driven by discretionary spending, reinforcing our BofAS +1 646 855 1681

bullish view on the consumer and creating potential upside to purchase volume growth. matthew.c.oneill@bofa.com

The ongoing FIFA World Cup likely provided an incremental boost to spending and travel Mihir Bhatia

activity in the quarter, partially offset by heightened marketing spend for V. Research Analyst BofAS

Stablecoins & Agentic increasingly an opportunity +1mihir.bhatia@bofa.com415 436 3553

The market continues to view stablecoins and agentic commerce as potential Caroline Latta

disintermediation risks, but recent developments suggest the networks are becoming Research Analyst

BofAS

key beneficiaries instead. Stablecoin linked cards remain the dominant consumer use caroline.latta@bofa.com

case, keeping transactions on existing network rails, while the recently announced Open Lawrence Aydlett

USD initiative, backed by V, MA, Stripe, and more than 140 partners, further embeds the Research Analyst