Visa is set to eliminate approximately 2,600 positions as CEO Ryan McInerney aims to enhance operational efficiency amid intensifying competition in the payments industry.

According to a staff memo, McInerney announced on Tuesday that the job cuts will affect about 7% of the total workforce, primarily within the technology and product divisions. He stated, "I firmly believe that as we focus on improving our efficiency to reinvest in our highest-growth opportunities, we are doing what is best for Visa, our clients, and our partners."

Visa is scheduled to report its quarterly results after the U.S. market closes on Tuesday. As of the end of the last fiscal year, the company employed roughly 34,100 people, a figure that has more than tripled over the past decade.

In recent months, several financial technology competitors, including PayPal and Block, have announced even larger rounds of layoffs.