**Visa’s fiscal fourth-quarter payments volume growth in constant dollars remains centered on the 9.5–10.5% band, reflecting sustained consumer resilience and steady cross-border trends.** Recent fiscal Q3 results showed 10% constant-dollar payments volume growth globally, with U.S. volumes at 9.3–10% and international volumes also near 10%, supported by accelerating card-present and card-not-present activity. Mid-2026 U.S. credit-card purchase volume rose 7.2% year-over-year through June, while commercial and money-movement segments posted stronger double-digit gains. Stablecoin-linked card programs, though still a small contributor, expanded nearly 200% year-to-date, adding incremental volume. Trader consensus, reflected in the 70.5% implied probability for the 9.5–10.5% range, aligns with Visa’s guidance for net revenue growth in the high end of the low double digits and assumptions of continued consumer stability ahead of the October 27 earnings release. Lower-probability outcomes below 7.5% or above 10.5% would require sharper macro shifts or unexpected cross-border acceleration not yet evident in the latest data.