Visa, Mastercard's Monetization of Tokenization to Support Net Revenue Growth in Medium Term, UBS Says

12:57 PM EDT, 10/22/2026 (MT Newswires) -- Visa (V) and Mastercard's (MA) move to monetize their tokenization technology will support net revenue growth over the medium term, UBS said in a Wednesday note. Tokenization-related revenue will be able to contribute low-single-digit percent growth to total company net revenue and low-to-mid-single-digit percent growth to the Value-Added Services segments of the two payment services companies in the medium term, UBS analysts said. The contribution for Visa is estimated to to be moderately above that of Mastercard's currently, which could mean future value-for-price opportunities, the analysts said. The net revenue contributions are driven by a combination of increased mix of card-not-present volumes, increased tokenization mix within card-not-present transactions, and value-based pricing related to tokenization, according to the note. Price: 413.55, Change: +5.69, Percent Change: +1.40