OtherNarrow moat

Visa (V) — moat facet

The line growing four times faster than the network, sold to the same banks that collect Visa's incentives.

Other revenue is the small line, and the only one growing much faster than the network. It brought in $4,053 million in fiscal 2025, against $3,197 million in 2024 and $2,479 million in 2023.1

Other revenue ($bn)$0.94bnFY2018$1.31bnFY2019$1.43bnFY2020$2.48bnFY2023$3.20bnFY2024$4.05bnFY2025Visa Forms 10-K FY2020 and FY2025; FY2021-22 not shown
More than four times fiscal 2018, compounding at 23% a year.

What is inside the line is mainly value-added services related to advisory and other services and some issuing solutions, licence fees for the Visa brand or technology, and fees for account holder services, certification and licensing.2 It is not a fee on the transaction itself, which is why it can grow on its own.

The history is the steepest of the four. The line was $944 million in fiscal 2018 and $1,432 million in fiscal 2020, when it still grew 9% through the pandemic.3 It grew 29% in 2024 and 27% in 2025, on growth in advisory and other services and select pricing modifications.45 From 2018 to 2025 it compounded at 23.1% a year.6

The growth has accelerated in 2026. In the June quarter other revenue rose 46% to $1,496 million, on advisory and other services and pricing, and in the first nine months it was $4,030 million, nearly all of fiscal 2025's total.7

The customers are largely the same banks that receive client incentives. Visa is selling advice and services to the parties it is also paying to keep, which the page Advisory: Being Paid to Explain Your Own Network examines.

Visa's value-added services are counted across several lines, not only here, and the company's broader measure, which the Future Bets pages use, is far larger.8

This is a narrow moat: services with a distribution advantage, sold into a banking client base Visa already has, but without a network to protect them. The number to follow is this line's share of gross revenue, 7.3% in fiscal 2025.9 Above 10% would mean the business is changing shape; a fall in the first downturn would mean it was discretionary spending by banks.

Moat trajectory: Widening

Up 46% in the June 2026 quarter; nine months nearly equal to all of fiscal 2025.

The number that tests this moat
Reported
Other revenue, nine months
$4,030M in the nine months to June 2026, from $2,877M

Already nearly all of FY2025's $4,053M. A fall in the first downturn would mean it was discretionary spending by banks.

Source: Visa Form 10-Q, Q3 FY2026 ↗
References
  1. ReportedIt brought in $4,053 million in fiscal 2025, against $3,197 million in 2024 and $2,479 million in 2023.
    Visa Form 10-K FY2025 - net revenue by line 2023-2025: service $14,826M/$16,114M/$17,539M, data processing $16,007M/$17,714M/$19,993M, international transaction $11,638M/$12,665M/$14,166M, other $2,479M/$3,197M/$4,053M, client incentives ($12,297M)/($13,764M)/($15,751M), net revenue $32,653M/$35,926M/$40,000M; line definitions; FY2025 drivers: service +9% on 7% payments volume growth, pricing and card benefits; data processing +13% on 10% more processed transactions and pricing; international transaction +12% on 13% cross-border volume growth and currency volatility; other +27% on advisory and other services and pricing; processed transactions 212,579M/233,758M/257,545M; payments volume $13.9 trillion; 329 billion Visa-branded transactions; one reportable segment — FY2023-FY2025 · publ. 6 November 2025 · source ↗
  2. ReportedWhat is inside the line is mainly value-added services related to advisory and other services and some issuing solutions, licence fees for the Visa brand or technology, and fees for account holder services, certification and licensing.
    Visa Form 10-K FY2025 - net revenue by line 2023-2025: service $14,826M/$16,114M/$17,539M, data processing $16,007M/$17,714M/$19,993M, international transaction $11,638M/$12,665M/$14,166M, other $2,479M/$3,197M/$4,053M, client incentives ($12,297M)/($13,764M)/($15,751M), net revenue $32,653M/$35,926M/$40,000M; line definitions; FY2025 drivers: service +9% on 7% payments volume growth, pricing and card benefits; data processing +13% on 10% more processed transactions and pricing; international transaction +12% on 13% cross-border volume growth and currency volatility; other +27% on advisory and other services and pricing; processed transactions 212,579M/233,758M/257,545M; payments volume $13.9 trillion; 329 billion Visa-branded transactions; one reportable segment — FY2023-FY2025 · publ. 6 November 2025 · source ↗
  3. ReportedThe line was $944 million in fiscal 2018 and $1,432 million in fiscal 2020, when it still grew 9% through the pandemic.
    Visa Form 10-K FY2020 - net revenues by line 2018-2020: service $8,918M/$9,700M/$9,804M, data processing $9,027M/$10,333M/$10,975M, international transaction $7,211M/$7,804M/$6,299M, other $944M/$1,313M/$1,432M; international transaction revenues fell 19% on a 23% decline in nominal cross-border volumes, excluding transactions within Europe, as COVID-19 spread — FY2018-FY2020 · publ. 19 November 2020 · source ↗
  4. ReportedIt grew 29% in 2024 and 27% in 2025, on growth in advisory and other services and select pricing modifications.
    Visa Form 10-K FY2025 - net revenue by line 2023-2025: service $14,826M/$16,114M/$17,539M, data processing $16,007M/$17,714M/$19,993M, international transaction $11,638M/$12,665M/$14,166M, other $2,479M/$3,197M/$4,053M, client incentives ($12,297M)/($13,764M)/($15,751M), net revenue $32,653M/$35,926M/$40,000M; line definitions; FY2025 drivers: service +9% on 7% payments volume growth, pricing and card benefits; data processing +13% on 10% more processed transactions and pricing; international transaction +12% on 13% cross-border volume growth and currency volatility; other +27% on advisory and other services and pricing; processed transactions 212,579M/233,758M/257,545M; payments volume $13.9 trillion; 329 billion Visa-branded transactions; one reportable segment — FY2023-FY2025 · publ. 6 November 2025 · source ↗
  5. Moat Explorer calcIt grew 29% in 2024 and 27% in 2025, on growth in advisory and other services and select pricing modifications.
    Moat Explorer calculation from Visa's Forms 10-K FY2020 and FY2025 and the Q3 FY2026 10-Q: line shares of gross revenue, compound growth rates, revenue per processed transaction and per dollar of payments volume — FY2018 to Q3 FY2026 · publ. 2026-09-23 · source ↗
  6. Moat Explorer calcFrom 2018 to 2025 it compounded at 23.1% a year.
    Moat Explorer calculation from Visa's Forms 10-K FY2020 and FY2025 and the Q3 FY2026 10-Q: line shares of gross revenue, compound growth rates, revenue per processed transaction and per dollar of payments volume — FY2018 to Q3 FY2026 · publ. 2026-09-23 · source ↗
  7. ReportedIn the June quarter other revenue rose 46% to $1,496 million, on advisory and other services and pricing, and in the first nine months it was $4,030 million, nearly all of fiscal 2025's total.
    Visa Form 10-Q, quarter to 30 June 2026 - service $4,922M against $4,330M, data processing $6,042M against $5,153M, international transaction $3,853M against $3,633M, other $1,496M against $1,028M; nine months $14,663M, $17,129M, $11,136M and $4,030M against $12,937M, $14,599M, $10,366M and $2,877M; drivers: payments volume +11%, processed transactions +10%, cross-border volume +14% excluding Europe partly offset by lower currency volatility, growth in Advisory and Other Services, select pricing modifications; processed transactions 71,662M — Q3 FY2026 · publ. 29 July 2026 · source ↗
  8. ReportedVisa's value-added services are counted across several lines, not only here, and the company's broader measure, which the Future Bets pages use, is far larger.
    Visa Form 10-K FY2025 - net revenue by line 2023-2025: service $14,826M/$16,114M/$17,539M, data processing $16,007M/$17,714M/$19,993M, international transaction $11,638M/$12,665M/$14,166M, other $2,479M/$3,197M/$4,053M, client incentives ($12,297M)/($13,764M)/($15,751M), net revenue $32,653M/$35,926M/$40,000M; line definitions; FY2025 drivers: service +9% on 7% payments volume growth, pricing and card benefits; data processing +13% on 10% more processed transactions and pricing; international transaction +12% on 13% cross-border volume growth and currency volatility; other +27% on advisory and other services and pricing; processed transactions 212,579M/233,758M/257,545M; payments volume $13.9 trillion; 329 billion Visa-branded transactions; one reportable segment — FY2023-FY2025 · publ. 6 November 2025 · source ↗
  9. Moat Explorer calcThe number to follow is this line's share of gross revenue, 7.3% in fiscal 2025.
    Moat Explorer calculation from Visa's Forms 10-K FY2020 and FY2025 and the Q3 FY2026 10-Q: line shares of gross revenue, compound growth rates, revenue per processed transaction and per dollar of payments volume — FY2018 to Q3 FY2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026