“Our key business drivers were relatively stable compared to Q3,” McInerney told analysts on the call. “More than 30% of our total transactions are tokenized.”

He called out account-to-account payments as an area of particular promise, where the firm is leveraging its “brand infrastructure and rules as well as consumer protections to enable simpler, safer and more secure account to account payments.”

Visa A2A, he said “is open to any eligible bank, and open banking provider, and verified biller. Initially, this is targeted at bill payments, and we plan to launch in 2025 in the U.K.”