Visa and Mastercard continue to shape the backbone of global payments, even as newer rails like crypto and A2A gain traction. Their Q1 2025 earnings reflect not only resilience in a complex macroeconomic landscape, but also two fundamentally different approaches to innovation and B2B infrastructure.
Visa Q1 2025: Earnings Steady, Focus on Scalable B2B Rails
Visa reported 9% year-over-year revenue growth in Q1, driven by consistent credit card volumes and cross-border transactions. Visa Direct expanded globally, while Visa B2B Connect strengthened enterprise relationships, focusing on secure and tokenized payment flows.
Mastercard Q1 2025: Innovation-Led Growth in Embedded and FX
Mastercard posted 11% revenue growth, with strong gains in programmable payments, open banking, and FX management. Mastercard Move expanded its global footprint, while its partnerships in fintech and embedded finance gained traction.
Visa vs Mastercard – Q1 2025 Comparison Table
| Category | Visa | Mastercard |
| YoY Revenue Growth | 9% | 11% |
| B2B Payments Focus | API-based, enterprise infrastructure | Embedded, FX, programmable payouts |
| Network Strength | Leading in North America & Asia | Strong in Europe, LatAm |
| Real-Time Rails | Visa Direct (incremental rollout) | Mastercard Move with embedded FX |
| Crypto & Tokenization | Selective pilots (USDC corridors) | Aggressive with stablecoin settlement |
| Sustainability Strategy | ESG integrated in treasury | Public net-zero roadmap |
| Developer Tools | Strong for enterprise | Flexible for fintechs |
Final Thoughts from Obtained.com
Visa and Mastercard are taking different routes to solve the same problem: remaining indispensable as value shifts from cards to programmable, interoperable payment infrastructure.
At Obtained.com, we help platforms, fintechs, and regulated institutions:
- Connect to Visa Direct, Mastercard Move, and alternative crypto or local rails
- Build payment orchestration layers that reduce cost, latency, and compliance overhead
- Navigate the evolving card scheme environment with a global, strategic lens
