News Details

Visa Inc. Posts Strong Fiscal Second Quarter 2010 Earnings Results

04/28/2010
- GAAP quarterly net income of $713 million or $0.96 per diluted class A common share
- Revenue growth of 19% as payments volumes and processed transactions improve globally

SAN FRANCISCO, April 28, 2010 /PRNewswire via COMTEX/ --Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal second quarter 2010 ended March 31, 2010. GAAP net income for the quarter was $713 million, or $0.96 per diluted class A common share. The weighted average number of diluted class A common shares outstanding was 742 million.

GAAP net operating revenue in the fiscal second quarter of 2010 was $2.0 billion, an increase of 19% over the prior year and driven by strong contributions across all revenue categories, in particular data processing and international transaction revenues.

"Visa delivered strong financial performance during our fiscal second quarter and we remain confident in delivering our guidance for fiscal year 2010," said Joseph Saunders, Chairman and Chief Executive Officer of Visa Inc. "Our performance was fueled by higher than expected payments volume growth. As I discussed at our recent Investor Day, we are increasingly optimistic that economic growth will gradually improve. At the same time, we remain diligent about how we manage our business and finances throughout the current economic environment."

"Visa's long term strategic goals and our ability to drive the migration to Visa products and services are based on our history of innovation and market responsiveness," added Saunders. "Our pending acquisition of CyberSource is the most recent example of the Company responding to market opportunities to fuel future growth. We remain focused on enhancing product offerings and providing new technologies to our clients and customers, while we continue to deliver value to our shareholders."

Fiscal Second Quarter 2010 Financial Highlights:

Payments volume growth, on a constant dollar basis for the three months ended December 31, 2009 on which fiscal second quarter service revenue is recognized, was a positive 8% over the prior year at $769 billion.

Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2010, was a positive 13% over the prior year at $745 billion.

Cross border volume growth, on a constant dollar basis, was positive 12% for the three months ended March 31, 2010.

Total processed transactions, which represent transactions processed by VisaNet, for the three months ended March 31, 2010 totaled 10.6 billion, a 14% increase over the prior year.

For the fiscal second quarter 2010, service revenues were $885 million, an increase of 10% 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 34% over the prior year to $728 million. International transaction revenues, which are driven by cross border payments volume, grew 22% over the prior year to $545 million. Other revenues, which include the Visa Europe licensing fee, were $173 million, up 17% over the prior year. Volume and support incentives, which are a contra revenue item, were $372 million, which represents 16% of gross revenue.

Total operating expenses on a GAAP basis were $837 million for the quarter, a 9% increase over the prior year.

Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $6.3 billion at March 31, 2010.

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 change at the determination of Visa's Board of Directors. During the three months ended March 31, 2010, we repurchased 2.8 million shares of our outstanding class A common stock at an average price of $83.61 per share in the open market for a total cost of $231 million. During the six months ended March 31, 2010, we repurchased 8.3 million shares of our outstanding class A common stock at an average price of $80.40 per share in the open market for a total cost of $664 million. At March 31, 2010, the share repurchase plan has remaining authorized funds of $336 million.

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 was 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. Under this program, 56 million shares of class C common stock were released from transfer restrictions during the second quarter of fiscal 2010. The release of the class C shares did not increase the number of outstanding shares on an as-converted basis, and there are no dilutive effects to the outstanding class A common stock share count on an as-converted basis from these transactions.

As previously announced, the Company has entered into a definitive agreement to acquire CyberSource Corporation ("CyberSource"), a leading provider of electronic payment, risk management and payment security solutions to online merchant, at a price of $26 per share, or total consideration of approximately $2.0 billion to be paid with cash on hand. With the addition of CyberSource, Visa will offer merchants and financial institutions eCommerce solutions that include enhanced online payment processing capabilities, payment routing, fraud protection services and secure data hosting. The transaction is subject to customary closing conditions, including approval by the stockholders of CyberSource and required regulatory approvals. The transaction, which has been approved by the Visa and CyberSource boards of directors, does not require a Visa shareholder vote, and is expected to close in Visa's fourth fiscal quarter of 2010.

Financial Outlook:

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

  • Annual net revenue growth: high end of the 11% to 15% range; and
  • Volume and support incentives as a percent of gross revenues: high end of the 16% to 17% range.

 

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

  • Advertising, marketing and promotion expenses: less than $1 billion;
  • Annual operating margin: mid to high 50% range;
  • GAAP tax rate: 36.5% to 38.5% range;
  • Annual diluted class A common stock earnings per share: growth greater than 20%;
  • Capital expenditures: about $200 million; 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 greater than 20%; and
  • Annual free cash flow: in excess of $2 billion.

 

Fiscal Second Quarter 2010 Earnings Results Conference Call Details:

Visa's executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) 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 March                  Six Months Ended
                                31,                        March 31,
                          -------------                ----------------
                        2010         2009             2010         2009
                        ----         ----             ----         ----
                              (in millions, except per share data)
    Operating Revenues

    Service revenues    $885         $804           $1,712        1,597
    Data processing
     revenues            728          544            1,493        1,098
    International
     transaction
     revenues            545          446            1,097          951
    Other revenues       173          148              363          304
    Volume and support
     incentives         (372)        (295)            (746)        (564)
    Total operating
     revenues          1,959        1,647            3,919        3,386
                       -----        -----            -----        -----

    Operating Expenses

    Personnel            310          292              584          591
    Network, EDP and
     communications       98           92              203          185
    Advertising,
     marketing and
     promotion           238          196              454          406
    Professional and
     consulting fees      50           64              101          120
    Depreciation and
     amortization         62           56              124          108
    Administrative and
     other                77           66              155          129
    Litigation
     provision             2            -              (41)           -
    Total operating
     expenses            837          766            1,580        1,539
                         ---          ---            -----        -----

    Operating income   1,122          881            2,339        1,847
                       -----          ---            -----        -----

    Other Income
     (Expense)
    Equity in earnings
     of unconsolidated
     affiliates           (2)           1               (2)           -
    Interest expense     (28)         (30)             (44)         (60)
    Investment income,
     net                  23           34               28           53
    Other                 (2)           1                -            -
                         ---          ---
    Total other
     (expense) income     (9)           6              (18)          (7)
                         ---          ---              ---          ---

    Income before
     income taxes      1,113          887            2,321        1,840
    Income tax expense   401          352              846          731
                         ---          ---              ---          ---

    Net income
     including non-
     controlling
     interest            712          535            1,475        1,109
    Loss attributable
     to non-
     controlling
     interest              1            1                1            1
                         ---          ---              ---          ---

    Net income
     attributable to
     Visa Inc.          $713         $536           $1,476       $1,110
                        ====         ====           ======       ======

    Basic earnings per
     share
       Class A common
        stock          $0.97        $0.71            $1.99        $1.45
                       =====        =====            =====        =====
       Class B common
        stock          $0.56        $0.45            $1.16        $0.96
                       =====        =====            =====        =====
       Class C common
        stock          $0.97        $0.71            $1.99        $1.45
                       =====        =====            =====        =====
    Basic weighted
     average shares
     outstanding
       Class A common
        stock            472          447              470          447
                         ===          ===              ===          ===
       Class B common
        stock            245          246              245          246
                         ===          ===              ===          ===
       Class C common
        stock            122          152              125          152
                         ===          ===              ===          ===
    Diluted earnings
     per share
       Class A common
        stock          $0.96        $0.71            $1.99        $1.45
                       =====        =====            =====        =====
       Class B common
        stock          $0.56        $0.45            $1.16        $0.96
                       =====        =====            =====        =====
       Class C common
        stock          $0.96        $0.71            $1.99        $1.45
                       =====        =====            =====        =====
    Diluted weighted
     average shares
     outstanding
       Class A common
        stock            742          756              743          765
                         ===          ===              ===          ===
       Class B common
        stock            245          246              245          246
                         ===          ===              ===          ===
       Class C common
        stock            122          152              125          152
                         ===          ===              ===          ===


    Visa Inc.
    Selected Consolidated Balance Sheets
    (unaudited)


                                                   March          September
                                                    31,               30,
                                                     2010               2009
                                                     ----               ----
                                                    (in millions, except par
                                                           value data)
    Assets
    Cash and cash equivalents                      $4,560             $4,617
    Restricted cash - litigation escrow             1,365              1,365
    Investment securities
        Trading                                        63                 59
        Available-for-sale                             22                 56
    Settlement receivable                             666                605
    Accounts receivable                               502                444
    Customer collateral                               842                812
    Current portion of volume and support
     incentives                                       212                214
    Current portion of deferred tax assets            470                703
    Prepaid expenses and other current assets         413                366
                                                      ---                ---

    Total current assets                            9,115              9,241

    Restricted cash - litigation escrow               210                350
    Investment securities, available-for-sale         154                168
    Volume and support incentives                     129                102
    Property, equipment and technology, net         1,183              1,204
    Other assets                                      186                125
    Intangible assets                              10,883             10,883
    Goodwill                                       10,208             10,208
                                                   ------             ------

    Total assets                                  $32,068            $32,281
                                                  =======            =======


    Liabilities
    Accounts payable                                  $78               $156
    Settlement payable                                618                634
    Customer collateral                               842                812
    Accrued compensation and benefits                 276                396
    Volume and support incentives                     343                284
    Accrued liabilities                               698                754
    Current portion of long-term debt                  12                 12
    Current portion of accrued litigation             670              1,394
                                                      ---              -----

    Total current liabilities                       3,537              4,442

    Long-term debt                                     38                 44
    Accrued litigation                                196                323
    Deferred tax liabilities                        3,808              3,807
    Other liabilities                                 502                472
                                                      ---                ---

    Total liabilities                               8,081              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, 494 and 470
     shares issued and outstanding at March
     31, 2010, and September 30, 2009,
     respectively                                     -             -
    Class B common stock, $0.0001 par value,
     622 shares authorized, 245 shares issued
     and outstanding at March 31, 2010, and
     September 30, 2009                                 -                  -
    Class C common stock, $0.0001 par value,
     1,097 shares authorized, 100 and 131
     shares issued and outstanding at March
     31, 2010, and September 30, 2009,
     respectively                                     -             -
    Additional paid-in capital                     20,883             21,160
    Class C treasury stock                              -                 (2)
    Accumulated income                              3,199              2,219
    Accumulated other comprehensive loss, net
        Investment securities, available for sale       9                 10
        Defined benefit pension and other
         postretirement plans                         (71)              (136)
        Derivative instruments                        (39)               (58)
        Foreign currency translation gain (loss)        2                 (4)
                                                      ---                ---
    Total accumulated other comprehensive
     loss, net                                        (99)              (188)
                                                      ---               ----
    Total Visa Inc. stockholders' equity           23,983             23,189

    Non-controlling interest                            4                  4
    Total equity                                  $23,987            $23,193
                                                  -------            -------
    Total liabilities and equity                  $32,068            $32,281
                                                  =======            =======


    Visa Inc.
    Consolidated Statements Of Cash Flows
    (unaudited)

                                                      Six Months Ended
                                                          March 31,
                                                      ----------------
                                                   2010             2009
                                                   ----             ----
                                                       (in millions)
     Operating Activities

     Net income including non-
      controlling interest                       $1,475           $1,109
     Adjustments to reconcile net income
      including non-controlling interest
      to net cash provided by operating
      activities:
            Depreciation and amortization of
             property, equipment and technology     124              108
            Share-based compensation                 61               64
            Tax benefit for share-based
             compensation                            (8)              (6)
            Restricted stock instruments settled
             in cash for taxes                      (12)             (22)
            Interest earned on litigation
             escrow, net of tax                       -              (12)
            Net recognized (gain) loss on
             investment securities, including
             other-than-temporary impairment        (14)               8
            Asset impairment                          1                3
            Gain on disposal of property,
             equipment and technology                (1)               -
            Amortization of volume and support
             incentives                             746              564
            Accrued litigation and accretion        (25)              48
            Equity in earnings of unconsolidated
             affiliates                               2                -
            Deferred income taxes                   185              338
     Change in operating assets and
      liabilities:
            Trading securities                       (4)              17
            Accounts receivable                     (58)             (30)
            Settlement receivable                   (61)             252
            Volume and support incentives          (712)            (464)
            Other assets                           (141)              (9)
            Accounts payable                        (78)             (87)
            Settlement payable                      (16)            (335)
            Accrued compensation and benefits      (120)            (146)
            Accrued and other liabilities            62               80
            Accrued litigation                     (826)          (1,062)
                                                   ----           ------

     Net cash provided by operating
      activities                                    580              418
                                                    ---              ---

     Investing Activities

     Investment securities, available-
      for-sale:
           Purchases                                 (1)               -
           Proceeds from sales and maturities        45              252
     Distribution from money market
      investment                                     85              840
     Purchases of /contributions to
      other investments                              (1)              (1)
     Proceeds from sale of other
      investment                                      1                -
     Dividends/distributions from other
      investments                                     1                1
     Proceeds from disposal property,
      equipment and technology                        1                -
     Purchases of property, equipment and
      technology                                    (79)            (136)

     Net cash provided by investing
      activities                                     52              956
                                                    ---

     Financing Activities

     Tax benefit for share-based
      compensation                                    8                6
     Cash proceeds from exercise of stock
      options                                        21                2
     Funding of litigation escrow account
      -Retrospective Responsibility Plan              -           (1,100)
     Payments from litigation escrow
      account -Retrospective
      Responsibility Plan                           140              939
     Payment for redemption of stock                  -           (2,646)
     Dividends paid                                (185)            (161)
     Principal payments on debt                      (6)              (4)
     Principal payments on capital lease
      obligations                                    (9)              (4)
     Repurchase of class A common stock            (664)               -
                                                   ----              ---
     Net cash used in financing
      activities                                   (695)          (2,968)
                                                   ----

     Effect of exchange rate changes on
      cash and cash equivalents                       6              (22)
                                                                     ---
     Decrease in cash and cash
      equivalents                                   (57)          (1,616)
     Cash and cash equivalents at
      beginning of year                           4,617            4,979
                                                  -----            -----

     Cash and cash equivalents at end of
      period                                     $4,560           $3,363
                                                 ======           ======

     Supplemental Disclosure of Cash Flow
      Information

            Income taxes paid, net of refunds      $759             $324
            Amounts included in accounts payable
             and accrued and other liabilities
             related to purchases of property,
             equipment and technology               $10              $41
            Interest payments on debt                $2               $2
            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 2009 Quarter Ended
                              -------------------------
                     December 31,    March 31,    June 30,   September 30,
                     ------------    ---------    --------   -------------
                              2008         2009         2009           2009
                              ----         ----         ----           ----
                      (unaudited)   (unaudited)  (unaudited)  (unaudited)
     Operating
      Revenues
     Service
      revenues                $793         $804         $769           $808
     Data
      processing
      revenues                 554          544          605            727
      International
      transaction
      revenues                 505          446          458            507
     Other
      revenues                 156          148          158            163
     Volume and
      support
      incentives              (269)        (295)        (344)          (326)
                              ----         ----         ----           ----
     Total
      operating
      revenues               1,739        1,647        1,646          1,879
                             -----        -----        -----          -----

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

     Operating
      income                   966          881          822            869
                               ---          ---          ---            ---

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

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




                                           Fiscal 2010 Quarter Ended
                                           -------------------------
                                         December 31,         March 31,
                                         ------------         ---------
                                                  2009              2010
                                                  ----              ----
                                          (unaudited)        (unaudited)
      Operating Revenues
      Service revenues                            $827              $885
      Data processing revenues                     765               728
      International transaction
       revenues                                    552               545
      Other revenues                               190               173
      Volume and support incentives               (374)             (372)
                                                  ----
      Total operating revenues                   1,960             1,959
                                                 -----             -----

      Operating Expenses
      Personnel (1)                                274               310
      Network, EDP and communications              105                98
      Advertising, marketing and
       promotion                                   216               238
      Professional and consulting fees
       (1)                                          51                50
      Depreciation and amortization                 62                62
      Administrative and other                      78                77
      Litigation provision                         (43)                2
                                                   ---
      Total operating expenses                     743               837
                                                   ---               ---

      Operating income                           1,217             1,122
                                                 -----             -----

      Other Income (Expense)
      Equity in earnings of
       unconsolidated affiliates                     -                (2)
      Interest expense                             (16)              (28)
      Investment income, net                         5                23
      Other                                          2                (2)
                                                   ---
      Total other (expense) income                  (9)               (9)
                                                   ---               ---

      Income before income taxes                 1,208             1,113
      Income tax expense                           445               401
                                                   ---               ---
      Net income including non-
       controlling interest                        763               712
      Loss attributable to non-
       controlling interest (2)                      -                 1
                                                   ---               ---
      Net income attributable to Visa
       Inc.                                       $763              $713
                                                  ====              ====



    (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 March 31, 2010, as well as the prior seven quarterly reporting periods and the 12 months ended March 31, 2010 and 2009, 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.

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

    All Visa Credit &
     Debit
        Asia Pacific               $296    29.2%     12.3%       $193    31.6%
        Canada                       48    33.4%      8.2%         44    37.2%
        CEMEA                       141    30.2%     18.3%         23    32.3%
        LAC                         174    35.7%     15.5%         58    38.5%
        US                          518    10.8%     10.8%        427    12.7%
    --                                -                             -
        Visa Inc.                 1,176    21.5%     12.6%        745    20.8%

        Visa Credit Programs
           US                      $196     0.3%      0.3%       $182     3.4%
           Rest of World            305    29.4%     11.1%        266    30.8%
           -------------              -                             -
           Visa Inc.                501    16.2%      6.6%        449    18.1%

        Visa Debit Programs
           US                      $322    18.4%     18.4%       $245    20.9%
           Rest of World            353    33.2%     16.8%         51    50.2%
           -------------              -                             -
           Visa Inc.                675    25.7%     17.5%        296    25.1%



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

    All Visa Credit &
     Debit
        Asia Pacific              13.1%        2,472       $102     24.9%
        Canada                    11.2%          378          4      3.1%
        CEMEA                     17.6%          357        118     29.8%
        LAC                       20.4%        1,431        116     34.4%
        US                        12.7%        8,554         91      2.7%
    --                                           ---          -
        Visa Inc.                 13.4%       13,193        431     22.7%

        Visa Credit Programs
           US                      3.4%        2,115        $14    -27.6%
           Rest of World          12.3%        3,440         39     20.4%
           -------------                         ---          -
           Visa Inc.               8.5%        5,554         52      2.5%

        Visa Debit Programs
           US                     20.9%        6,440        $77     11.0%
           Rest of World          27.0%        1,199        302     30.6%
           -------------                         ---          -
           Visa Inc.              21.9%        7,639        379     26.1%



                                Growth        Cash
                                ------        ----
                              (Constant   Transactions
                              ---------   ------------
                                 USD)      (millions)
                                 ----      ----------

    All Visa Credit &
     Debit
        Asia Pacific               10.9%           556
        Canada                    -16.4%             8
        CEMEA                      18.4%           770
        LAC                        13.2%           808
        US                          2.7%           755
    --                                               -
        Visa Inc.                  11.2%         2,897

        Visa Credit Programs
           US                     -27.6%            17
           Rest of World            3.3%           142
           -------------                             -
           Visa Inc.               -7.2%           159

        Visa Debit Programs
           US                      11.0%           738
           Rest of World           15.2%         2,000
           -------------                           ---
           Visa Inc.               14.4%         2,738


     For the 3 Months Ended December 31, 2009
     ----------------------------------------

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

    All Visa Credit &
     Debit
        Asia Pacific               $318    30.6%    19.0%       $197    22.1%
        Canada                       51    18.9%     0.7%         47    22.4%
        CEMEA                       146     7.5%     7.7%         23    16.2%
        LAC                         191    33.0%    13.0%         64    37.5%
        US                          531     5.1%     5.1%        438     7.2%
    --                                -                            -
        Visa Inc.                 1,237    15.5%     9.7%        769    14.0%

        Visa Credit Programs
           US                      $215    -6.9%    -6.9%       $201    -1.1%
           Rest of World            317    19.2%     6.4%        278    21.8%
           -------------              -                            -
           Visa Inc.                531     7.1%     0.6%        478    11.0%

        Visa Debit Programs
           US                      $316    15.2%    15.2%       $238    15.4%
           Rest of World            390    29.7%    19.8%         53    40.3%
           -------------              -                            -
           Visa Inc.                706    22.8%    17.7%        291    19.3%



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

    All Visa Credit &
     Debit
        Asia Pacific               10.1%         2,541         $121      47.4%
        Canada                      3.7%           430            4     -11.3%
        CEMEA                       9.0%           353          124       6.1%
        LAC                        16.0%         1,516          127      30.9%
        US                          7.2%         8,752           92      -4.1%
    --                                             ---            -
        Visa Inc.                   8.5%        13,593          468      18.1%

        Visa Credit Programs
           US                      -1.1%         2,372          $14     -49.8%
           Rest of World            8.2%         3,611           39       3.6%
           -------------                           ---            -
           Visa Inc.                4.1%         5,983           53     -19.2%

        Visa Debit Programs
           US                      15.4%         6,380          $78      14.5%
           Rest of World           21.7%         1,230          337      28.2%
           -------------                           ---            -
           Visa Inc.               16.5%         7,610          416      25.4%



                               Growth       Cash      Accounts     Cards
                               ------       ----      --------     -----
                             (Constant  Transactions (millions) (millions)
                             ---------  ------------ ---------- ----------
                                USD)     (millions)
                                ----     ----------

    All Visa Credit &
     Debit
        Asia Pacific              36.8%          570        442        531
        Canada                   -24.9%            9         24         31
        CEMEA                      7.5%          794        192        196
        LAC                       11.4%          873        331        359
        US                        -4.1%          781        511        690
    --                                             -          -          -
        Visa Inc.                 11.7%        3,026      1,500      1,808

        Visa Credit Programs
           US                    -49.8%           19        227        297
           Rest of World          -5.0%          141        425        488
           -------------                           -          -          -
           Visa Inc.             -23.1%          160        653        784

        Visa Debit Programs
           US                     14.5%          762        283        394
           Rest of World          19.5%        2,104        564        630
           -------------                         ---          -          -
           Visa Inc.              18.5%        2,866        847      1,024


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

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

    All Visa Credit &
     Debit
        Asia Pacific               $281    12.5%     10.6%       $183    12.0%
        Canada                       48    -3.3%     -3.1%         44    -1.0%
        CEMEA                       134    -7.1%      4.3%         21    -1.8%
        LAC                         166     4.6%     11.4%         55     9.1%
        US                          510    -2.8%     -2.8%        417    -1.0%
    --                                -                             -
        Visa Inc.                 1,140     1.0%      3.0%        720     2.7%

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

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



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

    All Visa Credit &
     Debit
        Asia Pacific                8.8%         2,475          $98      13.4%
        Canada                     -0.8%           412            4     -23.1%
        CEMEA                       2.6%           320          113      -8.1%
        LAC                        14.7%         1,366          111       2.6%
        US                         -1.0%         8,400           93     -10.2%
    --                                             ---            -
        Visa Inc.                   2.6%        12,973          419      -1.7%

        Visa Credit Programs
           US                      -8.6%         2,299          $16     -51.6%
           Rest of World            6.5%         3,474           37     -10.1%
           -------------                           ---            -
           Visa Inc.               -0.6%         5,773           53     -28.3%

        Visa Debit Programs
           US                       6.8%         6,100          $77       8.4%
           Rest of World           16.5%         1,100          289       2.6%
           -------------                           ---            -
           Visa Inc.                8.3%         7,200          366       3.8%



                               Growth       Cash      Accounts     Cards
                               ------       ----      --------     -----
                             (Constant  Transactions (millions) (millions)
                             ---------  ------------ ---------- ----------
                                USD)     (millions)
                                ----     ----------

    All Visa Credit &
     Debit
        Asia Pacific              14.0%          534        433        522
        Canada                   -22.9%            9         24         31
        CEMEA                      4.6%          738        187        190
        LAC                        9.8%          815        323        350
        US                       -10.2%          787        496        674
    --                                             -          -          -
        Visa Inc.                  3.7%        2,883      1,463      1,766

        Visa Credit Programs
           US                    -51.6%           21        230        302
           Rest of World          -4.7%          140        423        485
           -------------                           -          -          -
           Visa Inc.             -25.9%          161        652        787

        Visa Debit Programs
           US                      8.4%          766        266        372
           Rest of World          10.5%        1,957        544        608
           -------------                         ---          -          -
           Visa Inc.              10.1%        2,722        810        979


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

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

    All Visa Credit &
     Debit
        Asia Pacific               $259     3.7%    10.3%       $165      2.0%
        Canada                       45   -11.5%    -3.7%         41     -9.8%
        CEMEA                       123    -6.4%     9.8%         20      2.8%
        LAC                         150    -2.8%    15.3%         49     -0.4%
        US                          506    -3.9%    -3.9%        412     -2.5%
    --                                -                            -
        Visa Inc.                 1,083    -2.7%     3.1%        687     -1.7%

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

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



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

    All Visa Credit &
     Debit
        Asia Pacific                8.4%         2,315          $94       6.9%
        Canada                     -1.8%           396            4     -25.1%
        CEMEA                      12.3%           324          103      -8.0%
        LAC                        16.3%         1,302          101      -3.9%
        US                         -2.5%         8,288           93      -9.5%
    --                                             ---            -
        Visa Inc.                   1.5%        12,625          396      -4.4%

        Visa Credit Programs
           US                      -9.6%         2,282          $17     -49.2%
           Rest of World            6.1%         3,283           35     -12.1%
           -------------                           ---            -
           Visa Inc.               -1.6%         5,566           52     -29.0%

        Visa Debit Programs
           US                       4.6%         6,006          $76       9.7%
           Rest of World           23.0%         1,054          267      -1.3%
           -------------                           ---            -
           Visa Inc.                7.1%         7,059          343       0.9%



                               Growth       Cash      Accounts     Cards
                               ------       ----      --------     -----
                             (Constant  Transactions (millions) (millions)
                             ---------  ------------ ---------- ----------
                                USD)     (millions)
                                ----     ----------

    All Visa Credit &
     Debit
        Asia Pacific              13.7%          540        424        512
        Canada                   -18.5%            9         23         31
        CEMEA                      9.3%          736        179        184
        LAC                       14.8%          798        317        344
        US                        -9.5%          778        483        661
    --                                             -          -          -
        Visa Inc.                  6.0%        2,861      1,426      1,732

        Visa Credit Programs
           US                    -49.2%           21        233        309
           Rest of World          -1.6%          137        418        482
           -------------                           -          -          -
           Visa Inc.             -24.6%          159        651        791

        Visa Debit Programs
           US                      9.7%          757        250        352
           Rest of World          14.0%        1,946        526        589
           -------------                         ---          -          -
           Visa Inc.              13.0%        2,702        776        941


     For the 3 Months Ended March 31, 2009

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

    All Visa Credit &
     Debit
        Asia Pacific               $229    -6.5%    10.2%       $147     -7.8%
        Canada                       36   -23.3%    -0.8%         32    -22.2%
        CEMEA                       108    -4.8%    20.0%         17     -0.4%
        LAC                         128   -10.3%    16.3%         42     -9.3%
        US                          468    -4.3%    -4.3%        379     -2.5%
    --                                -                            -
        Visa Inc.                   969    -6.5%     4.4%        617     -5.5%

        Visa Credit Programs
           US                      $196   -15.5%   -15.5%       $176     -9.7%
           Rest of World            236   -11.9%     6.8%        204    -11.0%
           -------------              -                            -
           Visa Inc.                431   -13.6%    -3.8%        380    -10.4%

        Visa Debit Programs
           US                      $272     5.8%     5.8%       $202      4.7%
           Rest of World            265    -5.4%    18.7%         34     -2.5%
           -------------              -                            -
           Visa Inc.                537     0.0%    12.2%        237      3.6%



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

    All Visa Credit &
     Debit
        Asia Pacific               9.3%        2,176        $82     -4.2%
        Canada                     0.5%          347          4    -30.6%
        CEMEA                     20.3%          294         91     -5.6%
        LAC                       15.8%        1,283         86    -10.7%
        US                        -2.5%        7,511         89    -11.1%
    --                                           ---          -
        Visa Inc.                  2.3%       11,611        352     -8.4%

        Visa Credit Programs
           US                     -9.7%        2,084        $19    -47.0%
           Rest of World           7.4%        3,105         32    -17.7%
           -------------                         ---          -
           Visa Inc.              -0.6%        5,189         51    -31.7%

        Visa Debit Programs
           US                      4.7%        5,426        $70      9.1%
           Rest of World          25.2%          996        231     -5.8%
           -------------                           -          -
           Visa Inc.               7.7%        6,422        301     -2.7%



                              Growth        Cash      Accounts     Cards
                              ------        ----      --------     -----
                             (Constant  Transactions (millions) (millions)
                             ---------  ------------ ---------- ----------
                                USD)    (millions)
                                ----    ----------

    All Visa Credit &
     Debit
        Asia Pacific              12.1%          545        420        506
        Canada                   -10.3%            9         23         31
        CEMEA                     19.9%          666        178        182
        LAC                       16.5%          775        313        341
        US                       -11.1%          708        482        664
    --                                             -          -          -
        Visa Inc.                  8.2%        2,703      1,417      1,723

        Visa Credit Programs
           US                    -47.0%           22        240        318
           Rest of World           2.8%          131        418        480
           -------------                           -          -          -
           Visa Inc.             -21.9%          153        658        797

        Visa Debit Programs
           US                      9.1%          686        243        347
           Rest of World          17.7%        1,864        517        579
           -------------                         ---          -          -
           Visa Inc.              15.8%        2,550        759        926


     For the 3 Months Ended December 31, 2008

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

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

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

        Visa Debit
         Programs
           US                  $275      5.0%       5.0%       $206      5.6%
           Rest of World        301      7.1%      24.4%         38      5.9%
           -------------          -                               -
           Visa Inc.            575      6.1%      14.7%        244      5.6%



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

    All Visa Credit &
     Debit
        Asia Pacific               12.6%         2,227          $82      -0.9%
        Canada                      3.2%           395            4     -23.5%
        CEMEA                      30.1%           306          117      19.7%
        LAC                        22.0%         1,344           97      -1.6%
        US                         -1.0%         7,831           96      -5.3%
    --                                             ---            -
        Visa Inc.                   4.7%        12,102          397       2.6%

        Visa Credit Programs
           US                      -6.9%         2,380          $28     -21.7%
           Rest of World           11.5%         3,228           37      -5.9%
           -------------                           ---            -
           Visa Inc.                2.5%         5,608           65     -13.4%

        Visa Debit Programs
           US                       5.6%         5,451          $69       3.4%
           Rest of World           28.6%         1,043          263       7.3%
           -------------                           ---            -
           Visa Inc.                9.0%         6,494          331       6.5%



                               Growth       Cash      Accounts     Cards
                               ------       ----      --------     -----
                             (Constant  Transactions (millions) (millions)
                             ---------  ------------ ---------- ----------
                                USD)    (millions)
                                ----    ----------

    All Visa Credit &
     Debit
        Asia Pacific               9.4%          533        414        501
        Canada                    -6.6%            9         23         30
        CEMEA                     35.0%          708        174        179
        LAC                       22.0%          848        312        340
        US                        -5.3%          711        487        668
    --                                             -          -          -
        Visa Inc.                 14.2%        2,809      1,409      1,718

        Visa Credit Programs
           US                    -21.7%           28        258        335
           Rest of World           9.4%          148        415        478
           -------------                           -          -          -
           Visa Inc.              -5.8%          176        673        813

        Visa Debit Programs
           US                      3.4%          683        229        333
           Rest of World          23.7%        1,949        507        572
           -------------                         ---          -          -
           Visa Inc.              19.2%        2,633        737        905


     For the 3 Months Ended September 30, 2008

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

    All Visa Credit &
     Debit
        Asia Pacific               $250    16.4%    19.9%       $163    16.3%
        Canada                       50     5.5%     9.1%         44     6.9%
        CEMEA                       144    43.4%    42.5%         21    38.6%
        LAC                         159    31.3%    27.0%         51    32.9%
        US                          525     7.3%     7.3%        421     8.6%
    --                                -                            -
        Visa Inc.                 1,128    16.0%    15.9%        701    12.5%

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

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



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

    All Visa Credit &
     Debit
        Asia Pacific               19.8%         2,144          $87      16.6%
        Canada                     10.6%           395            5      -4.9%
        CEMEA                      40.6%           280          123      44.3%
        LAC                        28.7%         1,237          108      30.5%
        US                          8.6%         7,688          104       2.4%
    --                                             ---            -
        Visa Inc.                  13.2%        11,744          427      22.2%

        Visa Credit Programs
           US                       3.5%         2,367          $32      -7.0%
           Rest of World           18.7%         3,115           41      12.9%
           -------------                           ---            -
           Visa Inc.               11.1%         5,482           74       3.2%

        Visa Debit Programs
           US                      14.3%         5,321          $71       7.3%
           Rest of World           37.6%           941          282      33.3%
           -------------                             -            -
           Visa Inc.               17.4%         6,262          353      27.1%



                               Growth       Cash      Accounts     Cards
                               ------       ----      --------     -----
                             (Constant  Transactions (millions) (millions)
                             ---------  ------------ ---------- ----------
                                USD)    (millions)
                                ----    ----------

    All Visa Credit &
     Debit
        Asia Pacific              20.0%          525        400        480
        Canada                    -1.6%            9         24         32
        CEMEA                     42.9%          671        169        176
        LAC                       26.2%          798        301        334
        US                         2.4%          745        474        651
    --                                             -          -          -
        Visa Inc.                 21.0%        2,748      1,368      1,673

        Visa Credit Programs
           US                     -7.0%           30        263        336
           Rest of World          13.6%          153        410        473
           -------------                           -          -          -
           Visa Inc.               3.3%          183        672        809

        Visa Debit Programs
           US                      7.3%          714        211        314
           Rest of World          31.7%        1,851        484        549
           -------------                         ---          -          -
           Visa Inc.              25.6%        2,565        695        863


     For the 3 Months Ended June 30, 2008

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

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

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

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



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

    All Visa Credit & Debit
        Asia Pacific              19.1%        2,032        $88     28.0%
        Canada                    10.4%          383          6     13.0%
        CEMEA                     36.4%          255        112     47.2%
        LAC                       27.5%        1,160        105     33.2%
        US                         9.8%        7,667        103      4.9%
    --                                           ---          -
        Visa Inc.                 13.4%       11,496        414     26.6%

        Visa Credit Programs
           US                      5.0%        2,338        $34      2.9%
           Rest of World          18.3%        2,969         40     16.4%
           -------------                         ---          -
           Visa Inc.              11.4%        5,307         74      9.8%

        Visa Debit Programs
           US                     15.0%        5,329        $69      5.9%
           Rest of World          32.0%          860        271     39.3%
           -------------                           -          -
           Visa Inc.              17.0%        6,189        340     30.9%



                               Growth       Cash      Accounts     Cards
                               ------       ----      --------     -----
                             (Constant  Transactions (millions) (millions)
                             ---------  ------------ ---------- ----------
                                USD)    (millions)
                                ----    ----------

    All Visa Credit & Debit
        Asia Pacific              25.8%          498        387        472
        Canada                     9.0%            9         24         31
        CEMEA                     39.2%          640        159        168
        LAC                       21.1%          754        303        328
        US                         4.9%          738        465        642
    --                                             -          -          -
        Visa Inc.                 20.7%        2,639      1,338      1,642

        Visa Credit Programs
           US                      2.9%           29        262        335
           Rest of World          13.0%          146        404        464
           -------------                           -          -          -
           Visa Inc.               7.9%          175        666        798

        Visa Debit Programs
           US                      5.9%          708        203        308
           Rest of World          30.8%        1,756        470        536
           -------------                         ---          -          -
           Visa Inc.              24.1%        2,464        673        843


     For the 12 Months Ended March 31, 2010

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

    All Visa Credit &
     Debit
        Asia Pacific             $1,154    18.7%    13.2%       $738    16.5%
        Canada                      192     7.0%     0.4%        175     9.7%
        CEMEA                       544     4.6%     9.8%         86    11.5%
        LAC                         682    16.5%    13.7%        227    20.1%
        US                        2,065     2.0%     2.0%      1,695     3.9%
    --                              ---                          ---
        Visa Inc.                 4,637     8.3%     7.1%      2,922     8.6%

        Visa Credit Programs
           US                      $830    -9.5%    -9.5%       $770    -4.3%
           Rest of World          1,186    11.9%     6.9%      1,036    14.0%
           -------------            ---                          ---
           Visa Inc.              2,016     2.0%    -0.5%      1,806     5.4%

        Visa Debit Programs
           US                    $1,234    11.6%    11.6%       $925    11.8%
           Rest of World          1,386    15.8%    15.9%        191    26.5%
           -------------            ---                            -
           Visa Inc.              2,620    13.8%    13.8%      1,116    14.1%



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

    All Visa Credit &
     Debit
        Asia Pacific               10.2%         9,804         $416      22.7%
        Canada                      2.9%         1,616           16     -15.7%
        CEMEA                      10.2%         1,355          458       3.4%
        LAC                        16.9%         5,616          455      14.7%
        US                          3.9%        33,993          370      -5.6%
    --                                            ----            -
        Visa Inc.                   6.4%        52,384        1,715       7.9%

        Visa Credit Programs
           US                      -4.3%         9,068          $60     -46.4%
           Rest of World            8.3%        13,807          150      -0.8%
           -------------                          ----            -
           Visa Inc.                2.5%        22,875          210     -20.3%

        Visa Debit Programs
           US                      11.8%        24,925         $309      10.9%
           Rest of World           22.0%         4,583        1,195      14.2%
           -------------                           ---          ---
           Visa Inc.               13.5%        29,509        1,504      13.5%



                                Growth        Cash
                                ------        ----
                              (Constant   Transactions
                              ---------   ------------
                                 USD)     (millions)
                                 ----     ----------

    All Visa Credit &
     Debit
        Asia Pacific               18.9%         2,199
        Canada                    -20.7%            35
        CEMEA                       9.8%         3,038
        LAC                        12.2%         3,294
        US                         -5.6%         3,101
    --                                             ---
        Visa Inc.                   8.2%        11,668

        Visa Credit Programs
           US                     -46.4%            78
           Rest of World           -2.1%           560
           -------------                             -
           Visa Inc.              -20.9%           638

        Visa Debit Programs
           US                      10.9%         3,022
           Rest of World           14.9%         8,007
           -------------                           ---
           Visa Inc.               14.1%        11,030


     For the 12 Months Ended March 31, 2009

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

    All Visa Credit &
     Debit
        Asia Pacific               $972     7.8%    15.3%       $633     7.4%
        Canada                      179    -5.4%     5.0%        160    -4.5%
        CEMEA                       520    24.0%    33.4%         77    20.6%
        LAC                         586    11.8%    21.9%        189    13.4%
        US                        2,024     2.4%     2.4%      1,632     3.6%
    --                              ---                          ---
        Visa Inc.                 4,281     6.8%    10.9%      2,691     5.0%

        Visa Credit Programs
           US                      $918    -4.4%    -4.4%       $805    -2.0%
           Rest of World          1,060     4.9%    13.1%        909     5.6%
           -------------            ---                            -
           Visa Inc.              1,977     0.3%     4.4%      1,714     1.9%

        Visa Debit Programs
           US                    $1,106     8.9%     8.9%       $827     9.8%
           Rest of World          1,197    17.0%    26.2%        151    18.2%
           -------------            ---                            -
           Visa Inc.              2,303    12.9%    17.2%        978    11.0%



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

    All Visa Credit &
     Debit
        Asia Pacific               14.9%         8,580         $339       8.8%
        Canada                      6.1%         1,519           19     -12.2%
        CEMEA                      31.4%         1,136          443      24.6%
        LAC                        23.1%         5,023          397      11.1%
        US                          3.6%        30,696          392      -2.3%
    --                                            ----            -
        Visa Inc.                   8.2%        46,954        1,589       9.8%

        Visa Credit Programs
           US                      -2.0%         9,170         $113     -18.8%
           Rest of World           13.7%        12,417          151       0.8%
           -------------                          ----            -
           Visa Inc.                5.9%        21,587          264      -8.6%

        Visa Debit Programs
           US                       9.8%        21,526         $279       6.4%
           Rest of World           30.5%         3,840        1,046      16.8%
           -------------                           ---          ---
           Visa Inc.               12.6%        25,367        1,325      14.4%



                               Growth       Cash      Accounts     Cards
                               ------       ----      --------     -----
                             (Constant  Transactions (millions) (millions)
                             ---------  ------------ ---------- ----------
                                USD)    (millions)
                                ----    ----------

    All Visa Credit &
     Debit
        Asia Pacific              16.2%        2,101        420        506
        Canada                    -2.7%           36         23         31
        CEMEA                     33.8%        2,685        178        182
        LAC                       21.4%        3,175        313        341
        US                        -2.3%        2,902        482        664
    --                                           ---          -          -
        Visa Inc.                 15.8%       10,899      1,417      1,723

        Visa Credit Programs
           US                    -18.8%          109        240        318
           Rest of World           9.5%          578        418        480
           -------------                           -          -          -
           Visa Inc.              -4.6%          687        658        797

        Visa Debit Programs
           US                      6.4%        2,792        243        347
           Rest of World          25.6%        7,419        517        579
           -------------                         ---          -          -
           Visa Inc.              21.0%       10,212        759        926


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.

             Period            Growth      Growth
                              (Nominal   (Constant
                                USD)        USD)


         3 Months Ended
         --------------
         Mar 31, 2010                19%         12%
         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%

         12 Months Ended
         ---------------
         Mar 31, 2010                -1%          0%
         Mar 31, 2009                 2%          5%


3. Processed Transactions

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

             Period            Processed      Growth
                              Transactions
                              (millions)


         3 Months Ended
         --------------
         Mar 31, 2010              10,648         14%
         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%

         12 Months Ended
         ---------------
         Mar 31, 2010              42,300         11%
         Mar 31, 2009              38,219          9%



SOURCE Visa Inc.