U.S. payments volume grew 6% and international payments volume grew 9%. Cross-border volume, excluding intra Europe, rose 13% in constant dollars. Within the U.S., debit volumes were up 9% (in constant dollar terms) outpacing credit volumes of 4%. Ryan McInerney, CEO, said that total credentials were up 7%, and the firm added 1 billion tokens to 13.7 billion. “Nearly 50% of our eCommerce transactions, globally, are tokenized,” he said. Visa’s “tap to everything” strategy continues to bear fruit, McInerney said, adding that tap to phone added 2 million transacting device terminals since the last quarter. Tap to Pay penetration is at 76% globally, he said, with the U.S. passing 60% for the first time. McInerney also pointed to stablecoins as an area of promise as “two important capabilities are interoperability and programmability. We have continued to expand our interoperability, including with our first seven day a week stablecoin settlement, recently surpassing $200 million in cumulative stablecoin settlement volume,” he said. Commercial volumes were up 6% in constant dollars, with Visa Direct transactions up 28% to 3 billion transactions. “To capture the accounts receivable and accounts payable opportunity, we are utilizing product innovations such as embedded finance solutions to meet payers where they manage their business to drive adoption of cards,” McInerney said. Value-added services revenues were up 22%.