Global payments company Visa is set to reduce its workforce by approximately 7 per cent, resulting in around 2,600 job cuts, as part of a broader effort to improve operational efficiency and redirect investments toward high-growth business areas. The move comes as the payments industry undergoes rapid technological change and intensifying competition.

According to reports, Visa Chief Executive Officer Ryan McInerney informed employees that the restructuring is intended to strengthen the company's long-term position. In a memo to staff, he said the company is focusing on improving efficiency so it can reinvest resources into opportunities with greater growth potential while continuing to serve clients and partners effectively.

McInerney said Visa is adapting its operations to keep pace with changes in the global payments landscape. He noted that artificial intelligence is playing an increasing role in transforming how work is carried out within the company by improving productivity, automating repetitive tasks, and accelerating product development. However, reports indicated that AI was not the primary reason behind the workforce reduction.

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The announcement follows similar job cuts across the financial technology sector, with companies such as PayPal Holdings and Block Inc. also restructuring their operations in recent years. While Visa's planned layoffs are significant, they are reportedly smaller in scale than some of the reductions announced by its industry peers.

Visa said it plans to reinvest in strategic business segments, including consumer payments, commercial payment solutions, money movement services, stablecoin initiatives, cross-border payments, and business-to-business (B2B) offerings. The company believes these areas will play a key role in driving future growth and strengthening its competitive position in the evolving digital payments market.

McInerney said the company is entering what he described as a new phase in commerce, supported by strong financial performance, customer satisfaction, employee engagement, and continued product innovation. Visa expects the restructuring to help it allocate resources more efficiently while supporting long-term growth and expanding its capabilities in emerging payment technologies.

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