Visa and Mastercard delivered solid FY2025 results. However, the cross-border growth is slowing – for the third consecutive year.

Visa and Mastercard delivered another strong year, with GDV up 7–9% and net revenue growing even faster (12–16%), increasingly driven by value-added services like tokenization. Cross-border volumes experienced a 3rd consecutive year of growth deceleration for both companies, declining from 15% to 12% for Visa and 18% to 15% for Mastercard.

In their annual card scheme performance infographic, Flagship Advisory Partners highlights Visa and Mastercard’s performance, including how cross-border growth is decelerating for a third straight year and how global card mix is shifting (Visa toward credit, Mastercard toward debit).

Figure 1 – Total Network Gross Dollar Volume (GDV) ($ trillions; YoY growth)

Figure 2 – Cross-Border Volume Development (YoY Growth)

Figure 3 – Card Counts

(number of cards in force in billions; average $ spend per card from Sep ‘22 – Sep ’25)

Figure 4 – Net Revenue by Segment

($ billions; net revenue and CAGR by segment)

Figure 5 – KPIs (from FY ’22 – FY ‘25)

General Commentary & Highlights

. Visa and Mastercard had another year of strong performance, growing GDV 7% and 9% while growing net revenue 12% and 16%, respectively.

. Cross-border volumes experienced a 3rd consecutive year of growth deceleration for both companies, declining from 15% to 12% for Visa and 18% to 15% for Mastercard. This aligns with Visa’s international transaction revenue growth slowing year-over-year from 10.4% to 9.8% and Mastercard’s cross-border fees revenue growth declining year-over-year from 21.1% to 18.1%.

. Visa grew card counts by 7% year-over-year driven by 13% growth in credit cards, with a decline in average spend per credit card. Mastercard grew card counts by 8% year-over-year driven by 11% growth in debit cards.

. Visa and Mastercard’s revenue growth have been driven by value-added services and products in recent years. Tokenization remains a focus for both companies with Visa achieving >50% of transactions being tokenized and Mastercard achieving nearly 40% of transactions.

Visa’s client incentives as a share of GDV grew faster year-over-year than net revenue as a share of GDV growth (6% vs. 5%), while Mastercard’s grew 7% year-over-year, aligning with net revenue growth and matching the prior year’s growth.