Products

Insider Intelligence delivers leading-edge research to clients in a variety of forms, including full-length reports and data visualizations to equip you with actionable takeaways for better business decisions.
Reports
In-depth analysis, benchmarks and shorter spotlights on digital trends.
Learn More
Forecasts
Interactive projections with 10k+ metrics on market trends, & consumer behavior.
Learn More
Charts
Proprietary data and over 3,000 third-party sources about the most important topics.
Learn More
Industry KPIs
Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce.
Learn More
Briefings
Client-only email newsletters with analysis and takeaways from the daily news.
Learn More
Analyst Access Program
Exclusive time with the thought leaders who craft our research.
Learn More

About Insider Intelligence

Our goal at Insider Intelligence is to unlock digital opportunities for our clients with the world’s most trusted forecasts, analysis, and benchmarks. Spanning five core coverage areas and dozens of industries, our research on digital transformation is exhaustive.
Our Story
Learn more about our mission and how Insider Intelligence came to be.
Learn More
Methodology
Rigorous proprietary data vetting strips biases and produces superior insights.
Learn More
Our People
Take a look into our corporate culture and view our open roles.
Join the Team
Contact Us
Speak to a member of our team to learn more about Insider Intelligence.
Contact Us
Newsroom
See our latest press releases, news articles or download our press kit.
Learn More
Advertising & Sponsorship Opportunities
Reach an engaged audience of decision-makers.
Learn More
Events
Browse our upcoming and past events, recent podcasts, and other featured resources.
Learn More
Podcasts
Tune in to eMarketer's daily, weekly, and monthly podcasts.
Learn More

Visa’s fiscal Q2 shows stable consumer spending and a spike in tokenization

By the numbers: Visa’s payments volume grew 10% year over year (YoY) globally in its fiscal Q2 2023 (ended March 31, 2023), per its earnings release—down from a 17% YoY jump a year ago amid the post-lockdown recovery.

  • Credit card volume led with 13% YoY growth, followed by debit at 7%. Both slowed from the year prior, at 22% YoY and 12% YoY, respectively.
  • Cross-border volume was a large growth contributor, increasing 24% YoY. Newly instated CEO Ryan McInerney said during Visa’s conference call that cross-border volume is at 130% of pre-pandemic levels.

Digging deeper: McInerney highlighted two areas that will be key payments growth opportunities.

Tokenized credentials.

  • Visa has 6 billion tokenized credentials in use, up 90% YoY. Tokenization is a security technology that replaces sensitive account information with a unique digital identifier that can then be pushed to digital wallets or stored with merchants for online payments.
  • The rise of Tap to Pay contributed to this growth. Almost three-quarters (74%) of all in-person transactions outside the US use Tap to Pay.
  • And the US—while a smaller share—is booming: Tap to Pay accounted for 34% of all in-person transactions, up 10% YoY and 700% from three years ago. We expect total proximity mobile payment transaction value to reach $552.41 billion in 2023, up 26.9% YoY, per our forecast.

B2B digitization.

  • B2B transactions are “the largest component of new flows,” according to McInerney. He noted that traditional issuance is the core of B2B, representing the majority of the $760 billion in commercial payments volume in the first half of fiscal year 2023. We expect card B2B payment transaction value will reach $1.955 trillion in the US this year, according to our forecast.
  • And on the noncard side, Visa’s bank-based cross-border network—Visa B2B Connect—is also gaining momentum: Visa signed approximately 30 new banks across 20 countries during the first half of fiscal 2023. The network now connects 90 countries globally, targeting a $10 trillion cross-border opportunity.

Looking forward: In discussing inflation and the state of the economy, McInerney argued “the consumer is still in good shape.” He noted payment volumes should remain stable over the next quarter.

  • Payments volume ticked down over the first three weeks of April as moderating inflation contributed to lower ticket sizes.
  • And nondiscretionary spending is holding up, with strong growth in services, especially travel and entertainment. McInerney expects Visa’s volume will keep relying on the strength of cross-border travel.

This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.