New York, Jan 15, 2026, 17:59 EST — After-hours
- Visa shares dipped in after-hours trading following a UK court ruling that upheld a regulator’s authority to limit certain cross-border card fees
- Visa and BVNK have teamed up to integrate stablecoin payments into Visa Direct
- Investors are eyeing Visa’s Jan. 29 earnings for clues on fee trends, cross-border expansion, and developments in new payment rails
Visa Inc (V) shares dipped 0.4% in after-hours trading Thursday, following a UK court ruling against Visa, Mastercard, and British fintech Revolut. Judge John Cavanagh upheld the Payments Systems Regulator’s authority to cap cross-border card fees, citing concerns that interchange fees were “unduly high.” David Geale, PSR managing director, said the judgment “confirms our powers to ensure card payment costs are fair for UK businesses and consumers.” Visa, meanwhile, cautioned that such caps could “negatively impact the value people and businesses receive” from card payments. (Reuters)
The ruling comes at a tricky time for card networks. Regulators have been scrutinizing fee levels for years, and cross-border charges are particularly significant since they’re usually higher and linked to online shopping, which can fluctuate sharply with consumer demand.
Investors now face a pressing question: will the UK case remain isolated or set a broader precedent? The PSR must still determine when and how to impose any cap, but the court’s ruling removed a major obstacle that could have stopped it entirely.
Visa is pushing to prove it can handle new payment rails without losing grip on the infrastructure. This week, it’s focused on stablecoins — cryptocurrencies usually tied to fiat currencies — using them more as a settlement method than a consumer-facing option.
BVNK and Visa announced a partnership to enable BVNK-powered stablecoin payments on Visa Direct, which Visa touts as its $1.7 trillion money-movement network. Mark Nelsen, Visa’s global head of product for commercial and money movement, described stablecoins as “an exciting opportunity for global payments.” BVNK CEO Jesse Hemson-Struthers highlighted the “transformational potential of stablecoin technology.” (Business Wire)
Put simply, the appeal lies in speed and flexibility. Stablecoin settlements can transfer value beyond traditional banking hours, yet the user experience still feels like a standard card or wallet transaction. At least, that’s the idea.
Visa’s head of crypto, Cuy Sheffield, said merchants still lack “merchant acceptance at scale” for consumers to spend stablecoins directly. Issuers and fintechs must still connect to existing acceptance networks. Visa’s stablecoin settlement volumes hit a $4.5 billion annualized run rate, Reuters reported—just a small fraction of last year’s $14.2 trillion in total payment volume. (Reuters)
Some on the sell side see the latest stablecoin developments as invisible plumbing, not a direct push for consumers to pay with crypto. Joel Hugentobler, a cryptocurrency analyst at Javelin Strategy & Research, told PaymentsJournal that “merchants won’t have to touch stablecoins or cryptocurrencies if they don’t want,” highlighting how the system keeps settlement behind the scenes. The report also pointed out that payment giants like Stripe and Shopify are making similar moves toward stablecoin settlement. (PaymentsJournal)
Focus shifts to the upcoming catalyst: Visa will release its fiscal first-quarter results on Jan. 29 after the market closes, with a webcast set for 5:00 p.m. Eastern. The company confirmed it remains in its usual quiet period until the earnings information is made public. (Visa Investor Relations)
Visa slipped in late U.S. trading, pulling peers down with it—Mastercard fell 0.7%, while American Express dipped 0.2%.
The risk scenario is clear. If cross-border fee caps turn out stricter than anticipated, a revenue segment often seen as reliable could come under strain, prompting regulators elsewhere to reassess fee structures. As for stablecoins, the tech is outpacing merchant uptake, and the boundary between a “settlement tool” and a “regulated financial product” can shift rapidly.
Investors are focused on two key developments: first, any update from the UK regulator about the timing and specifics of a fee cap; second, Visa’s earnings on Jan. 29, which should shed light on cross-border volumes, pricing trends, and whether new money-movement products are making an impact.
