Visa Inc.

Visa’s ability to adjust network pricing and mix toward higher‑value services has supported premium margins for years. FY24 ‘other revenue’ rose in part due to select pricing changes, and cross‑border remains a structurally high‑yield stream.

That said, pricing power is not unconstrained: client incentives are material and growing in line with volume, and regulators or domestic networks can compress certain fees in specific markets.

Overall, pricing power remains strong because Visa sells a mission‑critical, low‑ticket‑tax service embedded in customer economics, but we haircut for regulatory and competitive realities.