News Details

Visa Inc. Posts Solid Fiscal First Quarter 2010 Earnings Results

02/03/2010

- GAAP quarterly net income of $763 million or $1.02 per diluted class A common share
- Company updates full-year 2010 guidance for net revenue, operating margin, tax rate and capital expenditures

SAN FRANCISCO, Feb 03, 2010 /PRNewswire via COMTEX/ -- Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal first quarter 2010 ended December 31, 2009. GAAP net income for the quarter was $763 million, or $1.02 per diluted class A common share. The weighted average number of diluted class A common shares outstanding was 745 million.

GAAP net operating revenue in the fiscal first quarter of 2010 was $2.0 billion, an increase of 13% over the prior year and driven by strong contributions across all revenue categories, in particular data processing revenues and international transaction revenues.

"By all measures, Visa's fiscal first quarter was a strong start to the new year, as we continued to execute well against our business plan," said Joseph Saunders, Chairman and Chief Executive Officer, Visa Inc. "We were able to capitalize on the secular trend to digital currency and grow revenues, as we expanded our payments network and processing capabilities to drive transaction growth through effective marketing programs. Even in the midst of the current economic environment, we remain fully committed to assisting our clients through these challenging times and returning excess cash to our shareholders."

Fiscal First Quarter 2010 Financial Highlights:

Visa Inc.'s operational performance highlights as measured by business activity for the three months ended September 30, 2009, include:

  • Payments volume growth, on a constant basis, was a positive 2.5% over the prior year at $720 billion; and
  • Total cards carrying the Visa brands rose 5% worldwide over the prior year to 1.8 billion.

Cross border volume growth, on a constant basis, was positive 2% for the three months ended December 31, 2009.

Total processed transactions, which represent transactions processed by VisaNet for the three months ended December 31, 2009, totaled 10.9 billion, a 12% increase over the prior year.

For the fiscal first quarter 2010, service revenues were $827 million, an increase of 4% versus the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 38% over the prior year to $765 million. International transaction revenues, which are driven by cross-border payments volume, grew 9% over the prior year to $552 million. Other revenues, which include the Visa Europe licensing fee, were $190 million, up 21% over the prior year. Volume and support incentives, which are a contra revenue item, were $374 million, which represents 16% of gross revenue.

Total operating expenses on a GAAP basis were $743 million for the quarter, a 4% decrease primarily a result of a $41 million pre-tax gain recognized related to the prepayment of the remaining obligations under the Retailers' litigation.

Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $6.0 billion at December 31, 2009.

Operational Performance Highlight for the Quarter Ended December:

Commencing with this quarter, current payments volume growth and other select metrics will be provided in the operational performance data supplement. Service revenues will continue to be recognized based on payments volume in the prior quarter.

Payments volume growth, on a constant basis, for the three months ended December 31, 2009, was a positive 8.5% over the prior year at $769 million.

Notable Events:

In October 2009, the Company announced that its Board of Directors authorized a $1.0 billion share repurchase plan through September 30, 2010, and is subject to extension or expansion at the determination of Visa's Board of Directors. During the first quarter of fiscal 2010, the Company repurchased 5.5 million shares at an average price of $78.78 per share for a total cost of $432 million. At the end of the first fiscal quarter, $568 million remained available for repurchase under the existing repurchase authorization.

On January 20, 2010, the Company held its 2010 annual meeting of stockholders. Stockholders approved the election of five Class III directors and the ratification of the appointment of KPMG LLP as our independent registered public accounting firm for fiscal year 2010. In addition, the Board of Directors declared a quarterly divided in the aggregate amount of $0.125 per share of class A common stock (determined in the case of class B and class C common stock on an as-converted basis) payable on March 2, 2010 to all holders of record of the Company's class A, class B and class C common stock as of February 12, 2010.

As previously announced, the Board of Directors approved the release of additional class C shares. The number of shares released for any class C shareholder will be the greater of (a) 50% (fifty percent) of the restricted class C shares held by that shareholder as of March 1, 2010, and (b) 5,000 (five thousand) class C shares. The shares will automatically become eligible for public sale on March 8, 2010. The remaining restricted class C shares will continue to be subject to the general transfer restrictions that expire on March 25, 2011, under Visa's certificate of incorporation. Class C shares sold in the public market upon release under this program will automatically convert to class A shares. Approximately 56 million class C shares are expected to be released from transfer restrictions. The release of the class C shares will not increase the number of outstanding shares on an as-converted basis of the Company's common stock, and there will be no dilutive effect to the outstanding class A common stock share count on an as-converted basis.

Financial Outlook:

Visa Inc. updates its financial outlook for the following metrics for 2010:

  • Annual net revenue growth in the range of 11% to 15%;
  • Annual operating margin in the mid to high 50% range;
  • GAAP tax rate in the range of 36.5% to 38.5%; and
  • Capital expenditures about $200 million.

Visa Inc. affirms its financial outlook for the following metrics through 2010:

  • Volume and support incentives in the range of 16-17% of gross revenue;
  • Advertising, marketing and promotion expenses less than $1 billion;
  • Annual diluted class A common stock earnings per share growth of greater than 20%; and
  • Annual free cash flow in excess of $2 billion.

Visa Inc. affirms its financial outlook for the following metrics through 2011:

  • Annual diluted class A common stock earnings per share growth of greater than 20%.

Fiscal First Quarter 2010 Earnings Results Conference Call Details:

Visa's executive management team will host a live audio webcast beginning at 5:00 p.m. EST (2:00 p.m. PST) today to discuss the financial results and business highlights.

All interested parties are invited to listen to the live webcast at http://investor.visa.com/. A replay of the webcast will be available on the Visa Investor Relations website for 30 days.

Investor information, including supplemental financial information, is available on Visa Inc.'s Investor Relations website at http://investor.visa.com/.

About Visa Inc.

Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit http://www.corporate.visa.com/.

Forward Looking Statements

Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. These statements can be identified by the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will" and similar expressions which are intended to identify forward-looking statements. In addition, any underlying assumptions are forward-looking statements. Such forward-looking statements include but are not limited to statements regarding certain of Visa's goals and expectations with respect to earnings per share, revenue, operating margin, free cash flow, and the growth rate in those items, as well as other measures of economic performance.

By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors, including all the risks discussed under the heading "Risk Factors" in Part 1, Item 1A - "Risk Factors" in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Periodic Reports on Form 8-K, if any. You are cautioned not to place undue reliance on such statements, which speak only as of the date of this press release. Unless required to do so under U.S. federal securities laws or other applicable laws, we do not intend to update or revise any forward-looking statements.

    Contacts:
    Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 415-932-2213, ir@visa.com
    Media Relations: Paul Cohen or Will Valentine,  415-932-2564, globalmedia@visa.com




    Visa Inc.
    Selected Consolidated Statements of Operations
    (unaudited)

                                                  Three Months Ended
                                                     December 31,
                                                     ------------
                                                     2009   2008
                                                     ----   ----
                                                    (in millions,
                                                 except per share data)
    Operating Revenues

    Service revenues                                 $827   $793
    Data processing revenues                          765    554
    International transaction revenues                552    505
    Other revenues                                    190    156
    Volume and support incentives                    (374)  (269)
                                                     ----   ----
    Total operating revenues                        1,960  1,739
                                                    -----  -----

    Operating Expenses

    Personnel                                         274    299
    Network, EDP and communications                   105     93
    Advertising, marketing and promotion              216    210
    Professional and consulting fees                   51     56
    Depreciation and amortization                      62     52
    Administrative and other                           78     63
    Litigation provision                              (43)     -
                                                      ---      -
    Total operating expenses                          743    773
                                                      ---    ---

    Operating income                                1,217    966
                                                    -----    ---

    Other Income (Expense)
    Equity in earnings of unconsolidated affiliates     -     (1)
    Interest expense                                  (16)   (30)
    Investment income, net                              5     19
    Other                                               2     (1)
                                                        -     --
    Total other expense                                (9)   (13)
                                                       --    ---

    Income before income taxes                      1,208    953
    Income tax expense                                445    379
                                                      ---    ---

    Net income including non-controlling interest     763    574
    Loss attributable to non-controlling interest       -      -
                                                        -      -

    Net income attributable to Visa Inc.             $763   $574
                                                     ====   ====

    Basic earnings per share
       Class A common stock                         $1.03  $0.74
                                                    =====  =====
       Class B common stock                         $0.60  $0.52
                                                    =====  =====
       Class C common stock                         $1.03  $0.74
                                                    =====  =====
    Basic weighted average shares outstanding
       Class A common stock                           468    446
                                                      ===    ===
       Class B common stock                           245    245
                                                      ===    ===
       Class C common stock                           129    152
                                                      ===    ===
    Diluted earnings per share
       Class A common stock                         $1.02  $0.74
                                                    =====  =====
       Class B common stock                         $0.60  $0.52
                                                    =====  =====
       Class C common stock                         $1.02  $0.74
                                                    =====  =====
    Diluted weighted average shares outstanding
       Class A common stock                           745    773
                                                      ===    ===
       Class B common stock                           245    245
                                                      ===    ===
       Class C common stock                           129    152
                                                      ===    ===



    Visa Inc.
    Selected Consolidated Balance Sheets
    (unaudited)

                                                 December 31,  September 30,
                                                      2009           2009
                                                      ----           ----
                                               (in millions, except par value)
    Assets
    Cash and cash equivalents                       $4,160         $4,617
    Restricted cash - litigation escrow              1,365          1,365
    Investment securities
        Trading                                         68             59
        Available-for-sale                              25             56
    Settlement receivable                              736            605
    Accounts receivable                                536            444
    Customer collateral                                815            812
    Current portion of volume and support
     incentives                                        241            214
    Current portion of deferred tax assets             595            703
    Prepaid expenses and other current assets          212            366
                                                       ---            ---

    Total current assets                             8,753          9,241

    Restricted cash - litigation escrow                280            350
    Investment securities, available-for-sale          159            168
    Volume and support incentives                      109            102
    Property, equipment and technology, net          1,203          1,204
    Other assets                                       120            125
    Intangible assets                               10,883         10,883
    Goodwill                                        10,208         10,208
                                                    ------         ------

    Total assets                                   $31,715        $32,281
                                                   =======        =======


    Liabilities
    Accounts payable                                   $87           $156
    Settlement payable                                 629            634
    Customer collateral                                815            812
    Accrued compensation and benefits                  228            396
    Volume and support incentives                      314            284
    Accrued liabilities                                883            754
    Current portion of long-term debt                   12             12
    Current portion of accrued litigation              669          1,394
                                                       ---          -----

    Total current liabilities                        3,637          4,442

    Long-term debt                                      41             44
    Accrued litigation                                 260            323
    Deferred tax liabilities                         3,806          3,807
    Other liabilities                                  494            472
                                                       ---            ---

    Total liabilities                                8,238          9,088
                                                     -----          -----


    Equity
    Preferred stock, $0.0001 par value, 25
     shares authorized and none issued                  $-             $-
    Class A common stock, $0.0001 par value,
     2,001,622 shares authorized, 469 and 470
     issued and outstanding at December 31,
     2009, and September 30, 2009, respectively          -              -
    Class B common stock, $0.0001 par value,
     622 shares authorized, 245 shares issued
     and outstanding at December 31, 2009,
     and September 30, 2009                              -              -
    Class C common stock, $0.0001 par value,
     1,097 shares authorized, 128 and 131
     shares issued and outstanding at
     December 31, 2009, and September 30,
     2009, respectively                                  -              -
    Additional paid-in capital                      20,957         21,160
    Class C treasury stock                              (1)            (2)
    Accumulated income                               2,691          2,219
    Accumulated other comprehensive loss, net
        Investment securities, available for sale       10             10
        Defined benefit pension and other
         postretirement plans                         (133)          (136)
        Derivative instruments                         (50)           (58)
        Foreign currency translation loss               (2)            (4)
                                                        --             --
    Total accumulated other comprehensive
     loss, net                                        (175)          (188)
                                                      ----           ----
    Total Visa Inc. stockholders' equity            23,472         23,189

    Non-controlling interest                             5              4
                                                         -              -
    Total equity                                    23,477         23,193
                                                    ------         ------
    Total liabilities and equity                    31,715         32,281
                                                    ======         ======



    Visa Inc.
    Consolidated Statements Of Cash Flows
    (unaudited)
                                                           Three Months Ended
                                                              December 31,
                                                             --------------
                                                              2009    2008
                                                              ----    ----
                                                              (in millions)
    Operating Activities

    Net income including non-controlling interest              $763    $574
    Adjustments to reconcile net income including non-
     controlling interest to net cash (used in) provided by
     operating activities:
       Depreciation and amortization of property, equipment
        and technology                                           62      52
       Share-based compensation                                  32      32
       Interest earned on litigation escrow, net of tax           -      (7)
       Tax benefit for share-based compensation                  (5)      -
       Restricted stock instruments settled in cash for taxes   (12)      -
       Net recognized (gain) loss on investment securities,
        including other-than-temporary impairment                (1)      7
       Asset impairment                                           1       1
       Amortization of volume and support incentives            374     269
       Accrued litigation and accretion                         (33)     25
       Equity in earnings of unconsolidated affiliates            -       1
       Deferred income taxes                                    102     179
    Change in operating assets and liabilities:
       Trading securities                                        (9)      7
       Accounts receivable                                      (92)    (36)
       Settlement receivable                                   (131)    386
       Volume and support incentives                           (378)   (254)
       Other assets                                             137      95
       Accounts payable                                         (69)    (66)
       Settlement payable                                        (5)   (453)
       Accrued compensation and benefits                       (168)   (157)
       Accrued and other liabilities                            158      59
       Accrued litigation                                      (755)   (529)
                                                               ----    ----

    Net cash (used in) provided by operating activities         (29)    185
                                                                ---     ---

    Investing Activities

    Investment securities, available-for-sale:
      Proceeds from sales and maturities                         41     195
    Distribution from money market investment                    19     775
    Purchases of / contributions to other investments            (1)     (1)
    Purchases of property, equipment and technology             (37)    (68)
                                                                ---     ---

    Net cash provided by investing activities                    22     901
                                                                 --     ---

    Financing Activities

    Tax benefit for share-based compensation                      5       -
    Cash proceeds from exercise of stock options                  8       -
    Funding of litigation escrow account - Retrospective
     Responsibility Plan                                          -  (1,100)
    Payments from litigation escrow account - Retrospective
     Responsibility Plan                                         70     397
    Payment for redemption of stock                               -  (2,646)
    Dividends paid                                              (93)    (81)
    Principal payments on debt                                   (3)     (2)
    Principal payments on capital lease obligations              (7)      -
    Repurchase of class A common stock                         (432)      -
                                                               ----       -
    Net cash used in financing activities                      (452) (3,432)
                                                               ----  ------

    Effect of exchange rate changes on cash and cash
     equivalents                                                  2     (20)
                                                                  -     ---
    Decrease in cash and cash equivalents                      (457) (2,366)
    Cash and cash equivalents at beginning of year            4,617   4,979
                                                              -----   -----

    Cash and cash equivalents at end of period               $4,160  $2,613
                                                             ======  ======

    Supplemental Disclosure of Cash Flow Information

        Income taxes paid, net of refunds                       $25      $4
        Amounts included in accounts payable and
         accrued and other liabilities related to
         purchases of property, equipment and technology
                                                                 $6     $21
        Interest payments on debt                                $1      $1
        Assets acquired in joint venture with note
         payable and equity interest issued                      $-     $22
                                                                 ==     ===



    Fiscal 2009 and 2010 Quarterly Results of Operations
    US$ in millions


                                                                   Fiscal 2010
                                                                     Quarter
                                Fiscal 2009 Quarter Ended             Ended
                                -------------------------           ----------
                      Dec. 31,   March 31,   June 30,   Sept. 30,   Dec. 31,
                       2008       2009        2009         2009        2009
                    ----------  ---------   --------   ----------- ----------
                   (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)

    Operating Revenues
    Service revenues  $793         $804         $769        $808        $827
    Data processing
     revenues          554          544          605         727         765
    International
     transaction
     revenues          505          446          458         507         552
    Other revenues     156          148          158         163         190
    Volume and
     support
     incentives       (269)        (295)        (344)       (326)       (374)
                      ----         ----         ----        ----        ----
    Total operating
     revenues        1,739        1,647        1,646       1,879       1,960
                     -----        -----        -----       -----       -----

    Operating Expenses
    Personnel (1)      299          292          282         355         274
    Network, EDP and
     communications     93           92           97         111         105
    Advertising,
     marketing
     and promotion     210          196          229         283         216
    Professional and
     consulting
     fees (1)           56           64           62          86          51
    Depreciation and
     amortization       52           56           57          61          62
    Administrative
     and other          63           66           96         113          78
    Litigation
     provision           -            -            1           1         (43)
                         -            -            -           -         ---
    Total
     operating
     expenses          773          766          824       1,010         743
                       ---          ---          ---       -----         ---

    Operating income   966          881          822         869       1,217
                       ---          ---          ---         ---       -----

    Other Income
     (Expense)
    Equity in
     earnings of
     unconsolidated
     affiliates         (1)           1            -           -           -
    Interest expense   (30)         (30)         (30)        (25)        (16)
    Investment
     income, net        19           34          504          18           5
    Other               (1)           1            1           1           2
                        --            -            -           -           -
    Total other
     income (expense)  (13)           6          475          (6)         (9)
                       ---            -          ---          --          --

    Income before
     income taxes      953          887        1,297         863       1,208
    Income
     tax
     expense           379          352          568         349         445
                       ---          ---          ---         ---         ---
    Net income
     including
     non-
     controlling
     interest          574          535          729         514         763
    Loss attributable
     to non-
     controlling
     interest (2)        -            1            -           -           -
                         -            -            -           -           -
    Net income
     attributable
     to Visa Inc.     $574         $536         $729        $514        $763
                      ====         ====         ====        ====        ====


    (1)  Certain reclassifications, not affecting net income attributable to
         Visa, have been made to fiscal 2009 quarterly information to conform
         to the current period presentation format, including the
         reclassification of contractor expense, which was previously reported
         in professional and consulting fees, to personnel.
    (2)  The Company began to report non-controlling interest (previously
         referred to as minority interest) as a component of equity in the
         first quarter of fiscal 2010 and has updated all requisite financial
         statements, including the statement of operations, for all comparable
         periods presented as required under Accounting Standards Codification
         810.




Operational Performance Data

The tables below provide information regarding the available operational results for the 3 months ended December 31, 2009, as well as the prior seven quarterly reporting periods and the 12 months ended December 31, 2009 and 2008, and September 30, 2009 and 2008, for cards carrying the Visa, Visa Electron and Interlink brands.

1. Branded Volume and Transactions

The tables present total volume, payments volume, and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.

                              For the 3 Months Ended December 31, 2009
                              ----------------------------------------
                     Total     Growth   Growth   Payments   Growth   Growth
                    Volume    (Nominal (Constant  Volume   (Nominal (Constant
                  ($billions)    USD)     USD)  ($billions)  USD)      USD)
                   ---------  -------- --------- --------- -------- ---------

    All Visa Credit
     & Debit
       Asia Pacific    $316     29.8%    18.2%     $196     21.8%      9.8%
       Canada            51     19.6%     1.3%       47     23.1%      4.3%
       CEMEA            144      5.5%     5.7%       23     16.1%      8.9%
       LAC              190     32.5%    12.5%       64     37.6%     16.1%
       US               531      5.1%     5.1%      438      7.2%      7.2%
       Visa Inc.      1,232     15.0%     9.2%      769     14.0%      8.5%

       Visa Credit
        Programs
          US           $215     -6.9%    -6.9%     $201     -1.1%     -1.1%
          Rest of World 315     18.7%     6.0%      278     21.7%      8.1%
          Visa Inc.     530      6.8%     0.3%      478     11.0%      4.1%

       Visa Debit
        Programs
          US           $316     15.2%    15.2%     $238     15.4%     15.4%
          Rest of World 386     28.4%    18.6%       53     40.2%     21.6%
          Visa Inc.     702     22.1%    17.0%      291     19.3%     16.5%


                             For the 3 Months Ended December 31, 2009
                             ----------------------------------------
                      Payments      Cash       Growth    Growth      Cash
                    Transactions   Volume     (Nominal  (Constant Transactions
                     (millions)  ($billions)    USD)      USD)    (millions)
                   ------------- -----------  -------- --------- ------------


    All Visa Credit
     & Debit
       Asia Pacific         2,524      $120     45.5%     35.1%       566
       Canada                 429         4    -10.8%    -24.4%         9
       CEMEA                  353       121      3.7%      5.1%       773
       LAC                  1,516       126     30.0%     10.7%       870
       US                   8,751        92     -4.1%     -4.1%       781
       Visa Inc.           13,573       463     16.7%     10.5%     2,999

       Visa Credit Programs
          US                2,371       $14    -49.7%    -49.7%        19
          Rest of World     3,594        38      0.4%     -7.9%       141
          Visa Inc.         5,965        52    -20.9%    -24.8%       160

       Visa Debit Programs
          US                6,380       $78     14.4%     14.4%       762
          Rest of World     1,228       333     26.7%     18.1%     2,078
          Visa Inc.         7,608       411     24.2%     17.4%     2,839



                             For the 3 Months Ended September 30, 2009
                             -----------------------------------------
                       Total    Growth    Growth  Payments   Growth    Growth
                      Volume   (Nominal (Constant  Volume   (Nominal (Constant
                    ($billions)  USD)      USD)  ($billions)  USD)      USD)
                     --------- -------- --------- --------- -------- ---------

    All Visa Credit
     & Debit
       Asia Pacific        $281      12.5%    10.6%   $183     12.0%    8.8%
       Canada                48      -3.3%    -3.1%     44     -1.0%   -0.8%
       CEMEA                134      -7.1%     4.3%     21     -1.8%    2.6%
       LAC                  166       4.6%    11.4%     55      9.1%   14.7%
       US                   510      -2.8%    -2.8%    417     -1.0%   -1.0%
       Visa Inc.          1,139       1.0%     3.0%    720      2.7%    2.5%

       Visa Credit
        Programs
          US               $210     -14.3%   -14.3%   $195     -8.6%   -8.6%
          Rest of World     295       5.1%     4.9%    258      7.8%    6.5%
          Visa Inc.         505      -3.9%    -4.0%    452      0.0%   -0.6%

       Visa Debit
        Programs
          US               $300       7.2%     7.2%   $223      6.8%    6.8%
          Rest of World     334       3.8%    11.3%     45     11.8%   16.5%
          Visa Inc.         634       5.4%     9.3%    268      7.6%    8.3%


                              For the 3 Months Ended September 30, 2009
                              -----------------------------------------
                        Payments       Cash     Growth   Growth       Cash
                      Transactions    Volume    Nominal (Constant Transactions
                       (millions)  ($billions)   USD)      USD)    (millions)
                     -------------  ----------- ------- --------- ------------

    All Visa Credit
     & Debit
       Asia Pacific       2,475          $98      13.4%     14.0%      534
       Canada               412            4     -23.1%    -22.9%        9
       CEMEA                320          113      -8.1%      4.6%      738
       LAC                1,366          111       2.6%      9.8%      815
       US                 8,398           93     -10.2%    -10.2%      787
       Visa Inc.         12,972          419      -1.7%      3.7%    2,883

       Visa Credit
        Programs
          US              2,299          $16     -51.6%    -51.6%       21
          Rest of World   3,474           37     -10.1%     -4.7%      140
          Visa Inc.       5,773           53     -28.3%    -25.9%      161

       Visa Debit
        Programs
          US              6,099          $77       8.4%      8.4%      766
          Rest of World   1,100          289       2.6%     10.5%    1,957
          Visa Inc.       7,199          366       3.8%     10.1%    2,723


                                    For the 3 Months Ended September 30, 2009
                                    -----------------------------------------
                                      Accounts                       Cards
                                     (millions)                   (millions)
                                    -----------                   ----------

    All Visa Credit
     & Debit
       Asia Pacific                      433                           522
       Canada                             24                            31
       CEMEA                             187                           190
       LAC                               323                           350
       US                                496                           673
       Visa Inc.                       1,463                         1,766

       Visa Credit
        Programs
          US                             230                           302
          Rest of World                  423                           485
          Visa Inc.                      652                           787

       Visa Debit
        Programs
          US                             266                           372
          Rest of World                  544                           608
          Visa Inc.                      810                           979



                               For the 3 Months Ended June 30, 2009
                               ------------------------------------
                       Total    Growth    Growth  Payments   Growth   Growth
                      Volume   (Nominal (Constant  Volume   (Nominal (Constant
                    ($billions)   USD)      USD) ($billions)   USD)     USD)
                     --------- -------- --------- --------- -------- ---------

    All Visa Credit
     & Debit
       Asia Pacific        $259      3.7%     10.3%    $165     2.0%     8.4%
       Canada                45    -11.5%     -3.7%      41    -9.8%    -1.8%
       CEMEA                123     -6.4%      9.8%      20     2.8%    12.3%
       LAC                  150     -2.8%     15.3%      49    -0.4%    16.3%
       US                   505     -3.9%     -3.9%     412    -2.5%    -2.5%
       Visa Inc.          1,083     -2.7%      3.1%     687    -1.7%     1.5%

       Visa Credit
        Programs
          US               $209    -15.0%    -15.0%    $192    -9.6%    -9.6%
          Rest of World     269     -3.1%      5.1%     234    -1.5%     6.1%
          Visa Inc.         479     -8.7%     -4.8%     426    -5.3%    -1.6%

       Visa Debit
        Programs
          US               $296      5.9%      5.9%    $220     4.6%     4.6%
          Rest of World     308     -0.3%     15.1%      41     7.2%    23.0%
          Visa Inc.         604      2.6%     10.4%     261     5.0%     7.1%


                              For the 3 Months Ended June 30, 2009
                              ------------------------------------

                       Payments      Cash     Growth    Growth     Cash
                     Transactions   Volume   (Nominal (Constant Transactions
                      (millions)  ($billions)   USD)      USD)   (millions)
                     ------------  --------- -------- --------- ------------

    All Visa Credit
     & Debit
       Asia Pacific          2,325    $94      6.9%     13.7%      540
       Canada                  396      4    -25.1%    -18.5%        9
       CEMEA                   324    103     -8.0%      9.3%      736
       LAC                   1,302    101     -3.9%     14.8%      798
       US                    8,286     93     -9.5%     -9.5%      778
       Visa Inc.            12,634    396     -4.4%      6.0%    2,861

       Visa Credit
        Programs
          US                 2,282    $17    -49.2%    -49.2%       21
          Rest of World      3,293     35    -12.1%     -1.6%      137
          Visa Inc.          5,576     52    -29.0%    -24.6%      159

       Visa Debit
        Programs
          US                 6,004    $76      9.7%      9.7%      757
          Rest of World      1,054    267     -1.3%     14.0%    1,946
          Visa Inc.          7,058    343      0.9%     13.0%    2,702


                                       For the 3 Months Ended June 30, 2009
                                       ------------------------------------
                                         Accounts                  Cards
                                        (millions)              (millions)
                                       -----------               ----------

    All Visa Credit & Debit
       Asia Pacific                        424                       512
       Canada                               23                        31
       CEMEA                               179                       184
       LAC                                 317                       344
       US                                  483                       662
       Visa Inc.                         1,426                     1,732

       Visa Credit Programs
          US                               233                       309
          Rest of World                    418                       482
          Visa Inc.                        651                       791

       Visa Debit Programs
          US                               250                       352
          Rest of World                    526                       589
          Visa Inc.                        776                       941



                                For the 3 Months Ended March 31, 2009
                                -------------------------------------
                       Total     Growth    Growth  Payments  Growth    Growth
                      Volume   (Nominal (Constant  Volume   (Nominal (Constant
                    ($billions)   USD)      USD) ($billions)   USD)      USD)
                     --------- -------- --------- --------- -------- ---------

    All Visa Credit
     & Debit
       Asia Pacific       $229    -6.5%    11.3%   $147      -7.8%     10.2%
       Canada               36   -23.3%    -0.8%     32     -22.2%      0.5%
       CEMEA               108    -4.8%    19.6%     17      -0.4%     19.5%
       LAC                 128   -10.3%    16.1%     42      -9.3%     15.2%
       US                  468    -4.3%    -4.3%    379      -2.5%     -2.5%
       Visa Inc.           969    -6.5%     4.0%    617      -5.5%      2.0%

       Visa Credit
        Programs
          US              $196   -15.5%   -15.5%   $176      -9.7%     -9.7%
          Rest of World    236   -11.9%     7.3%    204     -11.0%      8.0%
          Visa Inc.        431   -13.6%    -4.4%    380     -10.4%     -1.0%

       Visa Debit
        Programs
          US              $272     5.8%     5.8%   $202       4.7%      4.7%
          Rest of World    265    -5.4%    19.0%     34      -2.5%     25.3%
          Visa Inc.        537     0.0%    11.9%    237       3.6%      7.3%


                               For the 3 Months Ended March 31, 2009
                               -------------------------------------
                         Payments      Cash     Growth    Growth      Cash
                       Transactions   Volume   (Nominal (Constant Transactions
                        (millions)  ($billions)   USD)     USD)     (millions)
                       ------------- --------- -------- --------- ------------

    All Visa Credit
     & Debit
       Asia Pacific        2,176       $82      -4.2%      13.3%       545
       Canada                347         4     -30.6%     -10.3%         9
       CEMEA                 294        91      -5.6%      19.6%       666
       LAC                 1,283        86     -10.7%      16.6%       775
       US                  7,510        89     -11.1%     -11.1%       708
       Visa Inc.          11,610       352      -8.4%       7.7%     2,703

       Visa Credit
        Programs
          US               2,084       $19     -47.0%     -47.0%        22
          Rest of World    3,105        32     -17.7%       3.1%       131
          Visa Inc.        5,189        51     -31.7%     -23.7%       153

       Visa Debit
        Programs
          US               5,426       $70       9.1%       9.1%       686
          Rest of World      996       231      -5.8%      18.1%     1,864
          Visa Inc.        6,421       301      -2.7%      15.9%     2,550


                                    For the 3 Months Ended March 31, 2009
                                    -------------------------------------
                                     Accounts                     Cards
                                   (millions)                  (millions)
                                    ----------                 ----------

    All Visa Credit & Debit
       Asia Pacific                     420                        506
       Canada                            23                         31
       CEMEA                            178                        182
       LAC                              313                        341
       US                               482                        665
       Visa Inc.                      1,417                      1,724

       Visa Credit Programs
          US                            240                        318
          Rest of World                 418                        480
          Visa Inc.                     658                        797

       Visa Debit Programs
          US                            243                        347
          Rest of World                 517                        579
          Visa Inc.                     759                        926



                              For the 3 Months Ended December 31, 2008
                              ----------------------------------------
                       Total    Growth    Growth  Payments   Growth   Growth
                      Volume   (Nominal (Constant  Volume   (Nominal (Constant
                    ($billions)   USD)      USD) ($billions)   USD)     USD)
                     --------- -------- --------- --------- -------- ---------

    All Visa Credit
     & Debit
       Asia Pacific       $243    1.1%    11.5%    $161      2.1%     12.6%
       Canada               43  -16.3%     2.1%      38    -15.4%      3.2%
       CEMEA               136   18.5%    34.2%      20     11.9%     30.1%
       LAC                 144   -1.2%    22.0%      47     -0.4%     22.0%
       US                  505   -1.9%    -1.9%     409     -1.0%     -1.0%
       Visa Inc.         1,071    0.4%     8.1%     675     -0.9%      4.7%

       Visa Credit
        Programs
          US              $231   -9.0%    -9.0%    $203     -6.9%     -6.9%
          Rest of World    266   -2.3%    11.2%     228     -1.6%     11.5%
          Visa Inc.        496   -5.5%     1.4%     431     -4.2%      2.5%

       Visa Debit
        Programs
          US              $274    5.0%     5.0%    $206      5.6%      5.6%
          Rest of World    301    7.1%    24.4%      38      5.9%     28.6%
          Visa Inc.        575    6.1%    14.7%     244      5.6%      9.0%


                                For the 3 Months Ended December 31, 2008
                                ----------------------------------------
                          Payments     Cash     Growth    Growth      Cash
                        Transactions  Volume   (Nominal (Constant Transactions
                         (millions) ($billions)   USD)      USD)    (millions)
                        ------------ --------- -------- --------- ------------

    All Visa Credit
     & Debit
       Asia Pacific          2,227     $82      -0.9%      9.4%       533
       Canada                  395       4     -23.5%     -6.6%         9
       CEMEA                   306     117      19.7%     35.0%       708
       LAC                   1,344      97      -1.6%     22.0%       848
       US                    7,830      96      -5.3%     -5.3%       711
       Visa Inc.            12,102     397       2.6%     14.2%     2,809

       Visa Credit
        Programs
          US                 2,380     $28     -21.7%    -21.7%        28
          Rest of World      3,228      37      -5.9%      9.4%       148
          Visa Inc.          5,608      65     -13.4%     -5.8%       176

       Visa Debit
        Programs
          US                 5,450     $69       3.4%      3.4%       683
          Rest of World      1,043     263       7.3%     23.7%     1,949
          Visa Inc.          6,494     331       6.5%     19.2%     2,633


                                    For the 3 Months Ended December 31, 2008
                                     Accounts                       Cards
                                    (millions)                    (millions)
                                    -----------                   ----------

    All Visa Credit & Debit
       Asia Pacific                       414                          501
       Canada                              23                           30
       CEMEA                              174                          179
       LAC                                312                          340
       US                                 487                          668
       Visa Inc.                        1,409                        1,718

       Visa Credit Programs
          US                              258                          335
          Rest of World                   415                          478
          Visa Inc.                       673                          813

       Visa Debit Programs
          US                              229                          333
          Rest of World                   507                          572
          Visa Inc.                       737                          905



                              For the 3 Months Ended September 30, 2008
                              -----------------------------------------
                       Total    Growth    Growth  Payments   Growth    Growth
                      Volume   (Nominal (Constant  Volume   (Nominal (Constant
                    ($billions)   USD)      USD) ($billions)   USD)      USD)
                    ---------- -------- --------- --------- -------- ---------

    All Visa Credit
     & Debit
       Asia Pacific       $250     16.4%   19.9%     $163     16.3%     19.8%
       Canada               50      5.5%    9.1%       44      6.9%     10.6%
       CEMEA               144     43.4%   42.5%       21     38.6%     40.6%
       LAC                 159     31.3%   27.0%       51     32.9%     28.7%
       US                  525      7.3%    7.3%      421      8.6%      8.6%
       Visa Inc.         1,128     15.9%   15.9%      701     12.4%     13.2%

       Visa Credit
        Programs
          US              $245      2.0%    2.0%     $213      3.5%      3.5%
          Rest of World    280     15.6%   17.9%      239     16.1%     18.7%
          Visa Inc.        526      8.9%    9.9%      452      9.8%     11.1%

       Visa Debit
        Programs
          US              $280     12.4%   12.4%     $208     14.3%     14.3%
          Rest of World    322     33.8%   32.5%       41     37.5%     37.6%
          Visa Inc.        602     22.9%   22.0%      249     17.5%     17.4%


                              For the 3 Months Ended September 30, 2008
                              -----------------------------------------
                          Payments     Cash     Growth    Growth      Cash
                        Transactions  Volume   (Nominal (Constant Transactions
                         (millions) ($billions)   USD)      USD)    (millions)
                        ------------ --------- -------- --------- ------------

    All Visa Credit
     & Debit
       Asia Pacific          2,144     $87       16.6%     20.0%       525
       Canada                  395       5       -4.9%     -1.6%         9
       CEMEA                   280     123       44.3%     42.9%       671
       LAC                   1,237     108       30.5%     26.2%       798
       US                    7,687     104        2.4%      2.4%       745
       Visa Inc.            11,744     427       22.2%     21.0%     2,748

       Visa Credit
        Programs
          US                 2,367     $32       -7.0%     -7.0%        30
          Rest of World      3,115      41       12.9%     13.6%       153
          Visa Inc.          5,482      74        3.2%      3.3%       183

       Visa Debit
        Programs
          US                 5,320     $71        7.3%      7.3%       714
          Rest of World        941     282       33.3%     31.7%     1,851
          Visa Inc.          6,261     353       27.1%     25.6%     2,565


                                    For the 3 Months Ended September 30, 2008
                                    -----------------------------------------
                                    Accounts                         Cards
                                   (millions)                      (millions)
                                   -----------                     ----------

    All Visa Credit & Debit
       Asia Pacific                      400                             480
       Canada                             24                              32
       CEMEA                             169                             176
       LAC                               301                             334
       US                                474                             651
       Visa Inc.                       1,368                           1,673

       Visa Credit Programs
          US                             263                             336
          Rest of World                  410                             473
          Visa Inc.                      672                             809

        Visa Debit Programs
          US                             211                             314
          Rest of World                  484                             549
          Visa Inc.                      695                             864



                               For the 3 Months Ended June 30, 2008
                               ------------------------------------
                     Total     Growth    Growth  Payments   Growth     Growth
                     Volume   (Nominal (Constant  Volume   (Nominal  (Constant
                   ($billions)   USD)      USD) ($billions)   USD)       USD)
                    --------- -------- --------- --------- --------  ---------

    All Visa Credit
     & Debit
       Asia Pacific      $250     24.3%   21.4%     $162     22.4%     19.1%
       Canada              51     14.3%   10.3%       45     14.5%     10.4%
       CEMEA              131     45.8%   38.8%       19     37.8%     36.4%
       LAC                155     35.4%   23.1%       50     40.3%     27.5%
       US                 526      8.8%    8.8%      423      9.8%      9.8%
       Visa Inc.        1,113     19.2%   15.9%      699     15.2%     13.4%

       Visa Credit
        Programs
          US             $246      4.7%    4.7%     $213      5.0%      5.0%
          Rest of World   278     21.7%   17.5%      238     22.6%     18.3%
          Visa Inc.       524     13.1%   10.9%      450     13.6%     11.4%

       Visa Debit
        Programs
          US             $280     12.6%   12.6%     $210     15.0%     15.0%
          Rest of World   309     39.4%   30.9%       38     40.3%     32.0%
          Visa Inc.       589     25.2%   20.9%      248     18.2%     17.0%


                                  For the 3 Months Ended June 30, 2008
                                  ------------------------------------
                          Payments     Cash     Growth    Growth      Cash
                        Transactions  Volume   (Nominal (Constant Transactions
                         (millions) ($billions)   USD)      USD)    (millions)
                        ------------ --------- -------- --------- ------------

    All Visa Credit
     & Debit
       Asia Pacific          2,032     $88       28.0%     25.8%       498
       Canada                  383       6       13.0%      9.0%         9
       CEMEA                   255     112       47.2%     39.2%       640
       LAC                   1,160     105       33.2%     21.1%       754
       US                    7,666     103        4.9%      4.9%       738
       Visa Inc.            11,495     414       26.6%     20.7%     2,639

       Visa Credit
        Programs
          US                 2,338     $34        2.9%      2.9%        29
          Rest of World      2,969      40       16.4%     13.0%       146
          Visa Inc.          5,307      74        9.8%      7.9%       175

       Visa Debit
        Programs
          US                 5,328     $69        5.9%      5.9%       708
          Rest of World        860     271       39.3%     30.8%     1,756
          Visa Inc.          6,188     340       30.9%     24.1%     2,464


                                          For the 3 Months Ended June 30, 2008
                                          ------------------------------------
                                            Accounts                  Cards
                                           (millions)               (millions)
                                          -----------               ----------

    All Visa Credit & Debit
       Asia Pacific                             387                     472
       Canada                                    24                      31
       CEMEA                                    159                     168
       LAC                                      303                     328
       US                                       465                     642
       Visa Inc.                              1,338                   1,642

       Visa Credit Programs
          US                                    262                     335
          Rest of World                         404                     464
          Visa Inc.                             666                     798

       Visa Debit Programs
          US                                    203                     308
          Rest of World                         470                     536
          Visa Inc.                             673                     844



                               For the 3 Months Ended March 31, 2008
                               -------------------------------------
                       Total    Growth    Growth  Payments   Growth    Growth
                       Volume  (Nominal (Constant  Volume   (Nominal (Constant
                    ($billions)   USD)     USD)  ($billions)   USD)     USD)
                     --------- -------- --------- --------- -------- ---------

    All Visa Credit
     & Debit
       Asia Pacific      $245     29.4%     22.5%   $159     26.5%     19.4%
       Canada              47     30.9%     10.0%     41     30.5%      9.7%
       CEMEA              114     40.8%     35.2%     17     40.4%     37.9%
       LAC                143     37.8%     22.4%     46     47.5%     30.5%
       US                 488     10.8%     10.8%    389     12.0%     12.0%
       Visa Inc.        1,036     22.0%     16.6%    652     19.1%     15.0%

       Visa Credit
        Programs
          US             $231      8.0%      8.0%   $195      8.1%      8.1%
          Rest of World   268     28.5%     18.5%    229     29.5%     19.1%
          Visa Inc.       499     18.1%     12.9%    424     18.7%     13.2%

       Visa Debit
        Programs
          US             $257     13.5%     13.5%   $193     16.2%     16.2%
          Rest of World   280     39.6%     29.3%     35     44.1%     32.6%
          Visa Inc.       537     25.8%     20.3%    228     19.8%     18.1%


                               For the 3 Months Ended March 31, 2008
                               -------------------------------------
                          Payments     Cash     Growth   Growth      Cash
                        Transactions  Volume   (Nominal (Constant Transactions
                         (millions) ($billions)  USD)      USD)    (millions)
                        ------------ --------- -------- --------- ------------

    All Visa Credit
     & Debit
       Asia Pacific          1,913     $85       35.2%     28.6%       458
       Canada                  337       6       33.8%     12.5%         9
       CEMEA                   236      96       40.9%     34.7%       584
       LAC                   1,123      97       33.7%     18.8%       719
       US                    7,086     100        6.5%      6.5%       689
       Visa Inc.            10,696     384       27.2%     19.8%     2,460

       Visa Credit
        Programs
          US                 2,172     $36        7.5%      7.5%        30
          Rest of World      2,798      39       23.0%     15.0%       134
          Visa Inc.          4,969      75       15.0%     10.8%       164

       Visa Debit
        Programs
          US                 4,914     $64        6.0%      6.0%       659
          Rest of World        812     245       38.9%     28.9%     1,636
          Visa Inc.          5,726     309       30.6%     22.4%     2,296


                                         For the 3 Months Ended March 31, 2008
                                         -------------------------------------
                                           Accounts                   Cards
                                          (millions)                (millions)
                                          -----------               ----------

    All Visa Credit & Debit
       Asia Pacific                          376                          457
       Canada                                 24                           31
       CEMEA                                 148                          156
       LAC                                   288                          312
       US                                    456                          664
       Visa Inc.                           1,291                        1,620

       Visa Credit Programs
          US                                 260                          368
          Rest of World                      387                          446
          Visa Inc.                          647                          814

       Visa Debit Programs
          US                                 196                          297
          Rest of World                      448                          510
          Visa Inc.                          644                          806



                              For the 12 Months Ended December 31, 2009
                              -----------------------------------------

                       Total    Growth    Growth  Payments   Growth    Growth
                      Volume   (Nominal (Constant  Volume   (Nominal (Constant
                    ($billions)   USD)      USD) ($billions)   USD)      USD)
                     --------- -------- --------- --------- -------- ---------

    All Visa Credit
     & Debit
       Asia Pacific     $1,085     9.8%    12.8%      $691      7.0%    9.3%
       Canada              180    -5.2%    -1.6%       164     -3.0%    0.6%
       CEMEA               509    -3.2%     9.0%        81      4.2%   10.0%
       LAC                 635     5.8%    13.6%       211      9.2%   15.6%
       US                2,014    -1.5%    -1.5%     1,647      0.3%    0.3%
       Visa Inc.         4,423     1.7%     4.9%     2,793      2.4%    3.7%

       Visa Credit
        Programs
          US              $830   -13.0%   -13.0%      $764     -7.3%   -7.3%
          Rest of World  1,115     2.2%     5.7%       973      4.2%    7.2%
          Visa Inc.      1,945    -4.9%    -3.1%     1,737     -1.2%    0.3%

       Visa Debit
        Programs
          US            $1,184     8.5%     8.5%      $883      7.9%    7.9%
          Rest of World  1,294     6.7%    15.9%       173     14.4%   21.2%
          Visa Inc.      2,478     7.6%    12.2%     1,056      8.9%    9.9%


                               For the 12 Months Ended December 31, 2009
                               -----------------------------------------

                           Payments    Cash     Growth   Growth      Cash
                        Transactions  Volume   (Nominal (Constant Transactions
                         (millions) ($billions)  USD)      USD)    (millions)
                        ------------ --------- -------- --------- ------------

    All Visa Credit
     & Debit
       Asia Pacific          9,500      $394      15.1%    19.4%      2,186
       Canada                1,583        16     -23.1%   -19.4%         35
       CEMEA                 1,292       428      -4.5%     8.8%      2,914
       LAC                   5,467       425       4.3%    12.6%      3,258
       US                   32,945       367      -8.8%    -8.8%      3,053
       Visa Inc.            50,788     1,630       0.5%     7.0%     11,446

       Visa Credit
        Programs
          US                 9,037       $66     -49.3%   -49.3%         83
          Rest of World     13,465       142     -10.0%    -3.2%        549
          Visa Inc.         22,502       208     -27.7%   -24.8%        632

       Visa Debit
        Programs
          US                23,909      $302      10.4%    10.4%      2,971
          Rest of World      4,377     1,120       5.6%    15.1%      7,844
          Visa Inc.         28,286     1,422       6.6%    14.0%     10,814



                             For the 12 Months Ended December 31, 2008
                             -----------------------------------------

                       Total    Growth    Growth  Payments   Growth   Growth
                      Volume   (Nominal (Constant  Volume   (Nominal (Constant
                    ($billions)   USD)      USD) ($billions)   USD)     USD)
                     --------- -------- --------- --------- -------- ---------

    All Visa Credit
     & Debit
       Asia Pacific       $988   16.8%     18.3%    $646     16.0%     17.4%
       Canada              190    6.5%      7.5%     169      7.0%      8.2%
       CEMEA               525   36.0%     37.7%      77     30.9%     36.0%
       LAC                 600   23.9%     23.6%     193     27.4%     26.7%
       US                2,044    6.0%      6.0%   1,642      7.1%      7.1%
       Visa Inc.         4,348   13.7%     13.8%   2,727     10.9%     11.3%

       Visa Credit
        Programs
          US              $953    1.1%      1.1%    $824      2.1%      2.1%
          Rest of World  1,092   14.8%     16.0%     934     15.5%     16.5%
          Visa Inc.      2,045    8.0%      8.4%   1,757      8.8%      9.2%

       Visa Debit
        Programs
          US            $1,091   10.8%     10.8%    $818     12.6%     12.6%
          Rest of World  1,212   28.4%     29.0%     152     29.8%     32.5%
          Visa Inc.      2,303   19.4%     19.3%     970     15.0%     15.2%


                              For the 12 Months Ended December 31, 2008
                              -----------------------------------------

                          Payments     Cash     Growth    Growth      Cash
                        Transactions  Volume   (Nominal (Constant Transactions
                         (millions) ($billions)   USD)      USD)    (millions)
                        ------------ --------- -------- --------- ------------

    All Visa Credit
     & Debit
       Asia Pacific          8,317      $342     18.4%     20.0%      2,015
       Canada                1,510        21      2.3%      2.4%         36
       CEMEA                 1,077       448     36.9%     38.1%      2,603
       LAC                   4,863       407     22.3%     22.2%      3,120
       US                   30,270       403      2.0%      2.0%      2,883
       Visa Inc.            46,036     1,621     18.8%     18.7%     10,655

       Visa Credit
        Programs
          US                 9,257      $130     -4.9%     -4.9%        118
          Rest of World     12,110       158     10.7%     12.5%        581
          Visa Inc.         21,367       288      3.1%      3.6%        698

       Visa Debit
        Programs
          US                21,013      $273      5.7%      5.7%      2,765
          Rest of World      3,656     1,061     28.2%     28.5%      7,192
          Visa Inc.         24,669     1,334     22.8%     22.7%      9,957


                                    For the 12 Months Ended December 31, 2008
                                    -----------------------------------------
                                      Accounts                        Cards
                                     (millions)                    (millions)
                                    -----------                    -----------

    All Visa Credit & Debit
       Asia Pacific                       414                            501
       Canada                              23                             30
       CEMEA                              174                            179
       LAC                                312                            340
       US                                 487                            668
       Visa Inc.                        1,409                          1,718

       Visa Credit Programs
          US                              258                            335
          Rest of World                   415                            478
          Visa Inc.                       673                            813

       Visa Debit Programs
          US                              229                            333
          Rest of World                   507                            572
          Visa Inc.                       737                            905



                             For the 12 Months Ended September 30, 2009
                             ------------------------------------------
                       Total    Growth    Growth  Payments   Growth    Growth
                       Volume  (Nominal (Constant  Volume   (Nominal (Constant
                    ($billions)  USD)      USD)  ($billions)   USD)      USD)
                     --------- -------- --------- --------- -------- ---------

    All Visa Credit
     & Debit
       Asia Pacific     $1,012     2.7%    10.9%      $656       2.1%   10.0%
       Canada              172   -13.5%    -1.4%       155     -11.9%    0.3%
       CEMEA               501    -0.6%    15.9%        77       2.9%   15.1%
       LAC                 589    -2.2%    16.1%       193       0.0%   17.1%
       US                1,988    -3.2%    -3.2%     1,617      -1.8%   -1.8%
       Visa Inc.         4,262    -1.9%     4.5%     2,699      -1.2%    2.7%

       Visa Credit
        Programs
          US              $846   -13.4%   -13.4%      $766      -8.7%   -8.7%
          Rest of World  1,066    -2.9%     7.1%       923      -1.5%    8.0%
          Visa Inc.      1,911    -7.8%    -2.9%     1,690      -4.9%   -0.1%

       Visa Debit
        Programs
          US            $1,143     6.0%     6.0%      $851       5.4%    5.4%
          Rest of World  1,208     1.4%    17.1%       158       5.9%   23.0%
          Visa Inc.      2,351     3.6%    11.5%     1,009       5.5%    7.9%


                                For the 12 Months Ended September 30, 2009
                                ------------------------------------------

                          Payments     Cash     Growth    Growth      Cash
                        Transactions  Volume   (Nominal (Constant Transactions
                         (millions) ($billions)   USD)     USD)    (millions)
                        ------------ --------- -------- --------- ------------

    All Visa Credit
     & Debit
       Asia Pacific          9,203      $357       3.9%    12.6%      2,152
       Canada                1,549        17     -25.6%   -14.6%         35
       CEMEA                 1,244       424      -1.2%    16.1%      2,849
       LAC                   5,295       395      -3.2%    15.6%      3,236
       US                   32,025       371      -9.1%    -9.1%      2,984
       Visa Inc.            49,317     1,564      -3.0%     7.8%     11,256

       Visa Credit
        Programs
          US                 9,046       $80     -42.1%   -42.1%         92
          Rest of World     13,100       142     -11.4%     1.4%        557
          Visa Inc.         22,145       222     -25.6%   -19.8%        648

       Visa Debit
        Programs
          US                22,979      $292       7.7%     7.7%      2,892
          Rest of World      4,193     1,050       0.7%    16.3%      7,716
          Visa Inc.         27,172     1,342       2.2%    14.3%     10,608


                                    For the 12 Months Ended September 30, 2009
                                    ------------------------------------------
                                     Accounts                          Cards
                                    (millions)                      (millions)
                                   -----------                      ----------

    All Visa Credit
     &  Debit
       Asia Pacific                      433                             522
       Canada                             24                              31
       CEMEA                             187                             190
       LAC                               323                             350
       US                                496                             673
       Visa Inc.                       1,463                           1,766

       Visa Credit
        Programs
          US                             230                             302
          Rest of World                  423                             485
          Visa Inc.                      652                             787

       Visa Debit
        Programs
          US                             266                             372
          Rest of World                  544                             608
          Visa Inc.                      810                             979



                             For the 12 Months Ended September 30, 2008
                             ------------------------------------------
                       Total    Growth    Growth  Payments   Growth   Growth
                      Volume   (Nominal (Constant  Volume   (Nominal (Constant
                    ($billions)  USD)      USD)  ($billions)   USD)      USD)
                     --------- -------- --------- --------- -------- ---------

    All Visa Credit
     & Debit
       Asia Pacific       $985   24.3%     21.6%    $642      22.2%     19.5%
       Canada              199   18.9%     10.8%     176      19.1%     11.0%
       CEMEA               504   43.5%     38.8%      75      40.1%     38.6%
       LAC                 602   34.3%     23.6%     193      40.8%     29.2%
       US                2,054    9.5%      9.5%   1,646      10.6%     10.6%
       Visa Inc.         4,344   19.5%     16.5%   2,733      16.2%     14.3%

       Visa Credit
        Programs
          US              $976    5.9%      5.9%    $839       6.5%      6.5%
          Rest of World  1,098   22.8%     18.3%     937      23.6%     18.9%
          Visa Inc.      2,074   14.2%     11.9%   1,776      14.9%     12.5%

       Visa Debit
        Programs
          US            $1,078   13.0%     13.0%    $807      15.2%     15.2%
          Rest of World  1,192   37.8%     30.7%     149      41.1%     33.8%
          Visa Inc.      2,270   24.8%     21.1%     957      18.6%     17.5%


                             For the 12 Months Ended September 30, 2008
                             ------------------------------------------

                          Payments     Cash     Growth    Growth      Cash
                        Transactions  Volume   (Nominal (Constant Transactions
                         (millions) ($billions)  USD)      USD)    (millions)
                        ------------ --------- -------- --------- ------------

    All Visa Credit
     & Debit
       Asia Pacific          8,021      $343     28.6%     25.9%      1,934
       Canada                1,497        23     17.6%      9.4%         37
       CEMEA                 1,006       429     44.1%     38.8%      2,485
       LAC                   4,652       409     31.5%     21.0%      3,028
       US                   29,862       408      5.3%      5.3%      2,887
       Visa Inc.            45,037     1,611     25.7%     20.7%     10,370

       Visa Credit
        Programs
          US                 9,344      $137      2.2%      2.2%        123
          Rest of World     11,745       160     18.6%     14.4%        569
          Visa Inc.         21,089       298     10.5%      8.1%        692

       Visa Debit
        Programs
          US                20,518      $271      7.0%      7.0%      2,764
          Rest of World      3,430     1,043     37.4%     30.2%      6,914
          Visa Inc.         23,948     1,314     29.8%     24.1%      9,678


                                    For the 12 Months Ended September 30, 2008
                                    ------------------------------------------
                                       Accounts                       Cards
                                      (millions)                   (millions)
                                     -----------                   -----------

    All Visa Credit & Debit
       Asia Pacific                       400                             480
       Canada                              24                              32
       CEMEA                              169                             176
       LAC                                301                             334
       US                                 474                             651
       Visa Inc.                        1,368                           1,673

       Visa Credit Programs
          US                              263                             336
          Rest of World                   410                             473
          Visa Inc.                       672                             809

       Visa Debit Programs
          US                              211                             314
          Rest of World                   484                             549
          Visa Inc.                       695                             864




Footnote

The preceding tables present regional total volume, payments volume and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.

Payments volume represents the aggregate dollar amount of purchases made with cards carrying the Visa, Visa Electron and Interlink brands for the relevant period; and cash volume represents the aggregate dollar amount of cash disbursements obtained with these cards for the relevant period and includes the impact of balance transfers and convenience checks; but excludes proprietary PLUS volume. Total volume represents payments volume plus cash volume.

Visa payment products are comprised of credit and debit programs, and data relating to each program is included in the tables. Debit programs include Visa's signature based and Interlink (PIN) debit programs.

The data presented is reported quarterly by Visa's members on their operating certificates and is subject to verification by Visa. On occasion, members may update previously submitted information.

Visa's CEMEA region is comprised of countries in Central Europe, the Middle East and Africa. For the 3 months ended September, 2009, Pakistan and Afghanistan were moved from the AP to CEMEA region. Several European Union countries in Central Europe, Israel and Turkey are not included in CEMEA. LAC is comprised of countries in Central and South America and the Caribbean. Rest of World includes Asia Pacific, Canada, CEMEA and LAC.

Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which Visa Inc. volumes are reported ("Nominal USD"). These exchange rates are calculated on a quarterly basis using the established exchange rate for each quarter. To eliminate the impact of foreign currency fluctuations against the U.S. dollar in measuring performance, Visa Inc. also reports year-over-year growth in total volume, payments volume and cash volume on the basis of local currency information ("Constant USD"). This presentation represents Visa's historical methodology which may be subject to review and refinement.

2. Cross Border Volume

The table below represents cross border volume growth for cards carrying the Visa, Visa Electron, Interlink and PLUS brands. Cross border volume refers to payments and cash volume where the issuing country is different from the merchant country.

                              Growth         Growth
                             (Nominal       (Constant
           Period              USD)           USD)
           ------            --------      ---------

         3 Months Ended
         --------------
         Dec 31, 2009              8%             2%
         Sep 30, 2009             -9%            -5%
         Jun 30, 2009            -15%            -8%
         Mar 31, 2009            -15%            -6%
         Dec 31, 2008             -6%             0%
         Sep 30, 2008             14%            12%
         Jun 30, 2008             20%            14%
         Mar 31, 2008             25%            17%

         12 Months Ended
         ---------------
         Dec 31, 2009             -8%            -4%
         Dec 31, 2008             13%            11%




3. Processed Transactions

The table below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa's networks.

                             Processed
                           Transactions
            Period          (millions)     Growth
            ------         ------------    ------

         3 Months Ended
         --------------
         Dec 31, 2009         10,924          12%
         Sep 30, 2009         10,463           9%
         Jun 30, 2009         10,266           8%
         Mar 31, 2009          9,360           6%
         Dec 31, 2008          9,797           8%
         Sep 30, 2008          9,590          11%
         Jun 30, 2008          9,473          13%
         Mar 31, 2008          8,800          15%

         12 Months Ended
         ---------------
         Dec 31, 2009         41,012           9%
         Dec 31, 2008         37,659          11%





SOURCE Visa Inc.