Payments network cross-border volume excluding intra-Europe tracks payment activity where the issuing country differs from the merchant country while removing transactions that occur between European countries.
Visa reported 12% constant-dollar growth and 14% nominal growth in cross-border volume excluding intra-Europe in fiscal Q3 2026.
Excluding intra-Europe isolates a more monetization-sensitive mix
Visa separately highlights this measure because international transaction revenue is especially sensitive to cross-border activity outside intra-European flows. Growth can reflect travel, cross-border ecommerce, consumer spending, and geographic mix rather than transaction counts alone.
Compare it with total cross-border volume and international transaction revenue before treating faster cross-border growth as a direct revenue growth rate.
Primary sources: Visa fiscal Q3 2026 earnings release filed with the SEC and Form 10-Q.
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Compare cross-border payment mix
Compare international payment exposure using cross-border activity that excludes intra-European transactions.
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