How Has Visa's Growth Story Changed?

Visa's management tells its growth story differently than it did two years ago. That matters for your money. The shares cost 31 times a year of earnings, against 22.4 times for the S&P 500. A price that high assumes the growth keeps coming. One label that used to feature in Visa's results has faded. Which part of the business did Visa's management use to highlight in its quarterly results.