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 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 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.
| 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 |
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