First Read Payments, Processors, & FinTech Bank Issuer Volumes Takeaways

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First Read Payments, Processors, & FinTech Bank Issuer Volumes Takeaways

Global Research

16 July 2026ab

First Read

EquitiesPayments, Processors, & FinTech

Bank Issuer Volumes Takeaways Americas

Diversified Technology Services

Timothy E. Chiodo, CFA

Bank issuer debit, credit, acquiring volumes in CQ2 2026: Total debit & credit Analyst

volume accelerated sequentially on a YoY basis by ~150bps, driven by debit & credit timothy.chiodo@ubs.com

volumes accelerating by ~180bps and ~120bps, respectively. This compares to our total +1-415-352 4500

US volumes modeled at a ~50bps acceleration for Visa and ~10bps acceleration for Chris Zhang, CFA

Mastercard on a reported basis. Further, Street (VA) estimates for US volumes call for a Analyst

~(70)bps deceleration for Visa and ~60bps acceleration for Mastercard. As to merchant chris.zhang@ubs.com

acquiring volumes, YoY growth decelerated by ~(100)bps to ~0.1% YoY (we note that +1-212-713 4911

the merchant acquiring volumes are representative of Elavon [USB] only – JPM stopped Jing Zhang

disclosing their merchant acquiring volumes after CQ1 2024). Data available in Excel by Associate Analyst

request. jing.zhang1@ubs.com

+1-212-882 0091

CQ2 2026 intra-quarter comments from Visa & Mastercard: As it relates to Visa & Pat Ennis, CFA

Mastercard volumes, the card networks continued to characterize consumer spending Associate Analyst

as healthy through the quarter, while cross-border trends were impacted by geopolitical- patrick.ennis@ubs.com

+1-212-882 0090

related disruption in certain corridors. The 2026 soccer world cup should provide an

incremental lift to inbound travel to the US and support a modest FY26 revenue Ella Zimmermann

tailwind, with Visa in particular seeing an estimated ~40-50bps benefit (see additional Associate Analyst