dLocal vs Visa

6-K Financial Filing Analysis for dLocal (2026-08-13)

On August 13, 2026, dLocal Limited submitted a Form 6-K filing with the SEC announcing the release of its financial results for the second quarter and six-month period ended June 30, 2026. The submission furnishes key investor materials, including the Q2 2026 earnings press release, unaudited consolidated condensed interim financial statements for Q2 2026 and Q2 2025, the Q2 2026 quarterly report, and the earnings presentation deck. Signed by Chief Financial Officer Guillermo López Pérez, the filing serves as the regulatory vehicle providing market transparency into dLocal's quarterly operational performance and financial position across its emerging market payment corridors.

• Furnished unaudited consolidated interim financial statements for the three- and six-month periods ended June 30, 2026 and June 30, 2025.
• Included the Q2 2026 earnings press release (Exhibit 99.1), quarterly report (Exhibit 99.3), and investor presentation (Exhibit 99.4).
• Executed and submitted by Chief Financial Officer Guillermo López Pérez on August 13, 2026.

New dLocal Report Finds 71% of Emerging-Market Shoppers Unlikely to Purchase without Local Payment Options

dLocal published a new report revealing that 71% of emerging-market shoppers are unlikely to purchase without local payment options. Additionally, the Bank of Ghana granted dLocal an EPSP license to expand secure digital payments.

8-K Financial Filing Analysis for Visa (2026-09-23)

On September 18, 2026, Visa Inc. authorized a deposit of $405 million into its U.S. litigation escrow account pursuant to its U.S. retrospective responsibility plan. Under the terms of the plan, funding this escrow account dilutes the value of Visa's Class B-1, B-2, and B-3 common stock—held primarily by U.S. financial institutions—via downward adjustments to their respective conversion rates into Class A common stock. Effective September 18, 2026, the conversion rates were lowered to 1.5400 (from 1.5445) for Class B-1, 1.4924 (from 1.5014) for Class B-2, and 1.4773 (from 1.4953) for Class B-3. This mechanism protects Class A common shareholders from litigation exposure by reducing the aggregate as-converted Class B share count by approximately 1,104,107 shares, having an equivalent EPS impact to repurchasing Class A shares.

• Visa deposited $405 million into its U.S. litigation escrow account under the U.S. retrospective responsibility plan.
• Conversion rates to Class A common stock decreased to 1.5400 for Class B-1, 1.4924 for Class B-2, and 1.4773 for Class B-3.
• Total as-converted Class B common stock share count decreased by ~1,104,107 shares (Class B-1 down ~9,804; Class B-2 down ~4,377; Class B-3 down ~1,089,926).

Visa, Mastercard, Ant International announce Know Your Agent framework for AI commerce

Visa, Mastercard and Ant International (Alipay) have announced a joint 'Know Your Agent' (KYA) framework to standardize the identification and verification of AI agents in agentic commerce. The framework aims to make AI agents identifiable and verifiable across different card, wallet and platform networks, enabling merchants and customers to assess payment plausibility. The three companies will contribute their existing protocols: Visa Trusted Agent Protocol, Mastercard's Verifiable Intent and Ant International's Agentic Mobile Protocol. The collaboration focuses on three areas: linking agents to verified operators or users, defining joint security and behavioral requirements, and continuous monitoring of agents based on identity and transaction data. No concrete standard or launch date has been announced yet.

• Visa, Mastercard and Ant International announced a joint 'Know Your Agent' (KYA) framework.
• The framework aims to make AI agents identifiable and verifiable across card, wallet and platform networks.
• Visa's Trusted Agent Protocol, Mastercard's Verifiable Intent, and Ant's Agentic Mobile Protocol are part of the initiative.

Visa Study: Trust in Established Payment Brands Key for Agentic Commerce

A new Visa study reveals that while 72% of US consumers have used an AI assistant, only 23% trust generative AI to independently handle payments. However, trust increases significantly when established payment brands are involved, with 61% willing to entrust Visa with agentic transactions, rising to 68% among 18-34 year-olds and 71% among frequent AI users. The study, conducted by Harris Poll in late May 2026 with 2,065 US consumers, highlights a distinction between trust in AI for product search and the need for reliable payment infrastructure. Visa is developing 'Visa Intelligent Commerce' to build technologies and standards for AI-agent-initiated transactions, focusing on identity verification, authentication, and consumer controls. The findings suggest that agentic commerce is still in its early stages, with a significant acceptance gap between using AI assistants and fully autonomous purchases.

• 72% of US consumers have used an AI assistant.
• Only 23% of US consumers trust generative AI to independently handle payments.
• 61% of respondents trust Visa to handle agentic transactions, rising to 68% among 18-34 year-olds and 71% among frequent AI users.