News Details

Visa Inc. Posts Strong Fiscal Third Quarter 2010 Earnings Results

07/28/2010
- GAAP quarterly net income of $716 million or $0.97 per diluted class A common share
- Revenue growth of 23% as payments volume, cross border volume and processed transactions continue to improve globally
- Company completed the acquisition of CyberSource Corporation

SAN FRANCISCO, July 28, 2010 /PRNewswire via COMTEX/ --

Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal third quarter 2010 ended June 30, 2010. GAAP net income for the quarter was $716 million, or $0.97 per diluted class A common share. The weighted average number of diluted class A common shares outstanding was 738 million.

GAAP net operating revenue in the fiscal third quarter of 2010 was $2.0 billion, an increase of 23% over the prior year and driven by strong contributions across all revenue categories, in particular data processing and international transaction revenues.

"Visa delivered a solid financial performance during our fiscal third quarter as we saw continued improvements in global cross border and payments volume growth," said Joseph Saunders, Chairman and Chief Executive Officer of Visa Inc. "As we look to the remainder of our fiscal 2010 year, we remain focused on integrating our recent acquisition of CyberSource, maintaining strong financial performance and expense control discipline."

"It goes without saying, the United States debit market will undergo changes following implementation of the Wall Street Reform and Consumer Protection Act next year," added Saunders. "While it is too early to fully and accurately gauge the impact of the legislation, Visa has demonstrated an ability to manage our business through periods of change. The global shift from cash and checks to digital currency is a powerful force that continues unabated, providing tangible benefits to consumers, merchants, and governments worldwide. I continue to have strong confidence in our prospects for long-term growth driven by Visa's highly resilient network business model, our continued investment in innovation and the expansion of our global reach."

Fiscal Third Quarter 2010 Financial Highlights:

Payments volume growth, on a constant dollar basis for the three months ended March 31, 2010 on which fiscal third quarter service revenue is recognized, was a positive 13% over the prior year at $745 billion.

Payments volume growth, on a constant dollar basis, for the three months ended June 30, 2010, was a positive 14% over the prior year at $803 billion.

Cross border volume growth, on a constant dollar basis, was a positive 17% for the three months ended June 30, 2010.

Total processed transactions, which represent transactions processed by VisaNet, for the three months ended June 30, 2010 totaled 11.7 billion, were a positive 14% increase over the prior year.

For the fiscal third quarter 2010, service revenues were $873 million, an increase of 13% 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 31% over the prior year to $792 million. International transaction revenues, which are driven by cross border payments volume, grew 25% over the prior year to $574 million. Other revenues, which include the Visa Europe licensing fee, were $183 million, up 15% over the prior year. Volume and support incentives, which are a contra revenue item, were $393 million, which represents 16% of gross revenues.

Total operating expenses on a GAAP basis were $892 million for the quarter, an 8% increase over the prior year.

Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $7.4 billion at June 30, 2010.

Notable Events:

On May 28, 2010, the Company deposited $500 million (the "Loss Funds") into the litigation escrow account previously established under the Company's Retrospective Responsibility Plan. The deposit of the Loss Funds into the escrow account reduced the conversion rate applicable to the Company's class B common stock from 0.5824 to 0.5550. On an as-converted basis, the deposit of Loss Funds had the effect of a repurchase of approximately 6.7 million shares of class A common stock from the Company's class B shareholders.

On July 21, 2010, the Company completed its acquisition of CyberSource Corporation, a leading provider of electronic payment, risk management and payment security solutions to online merchants, at a price of $26.00 per common share, or total consideration of approximately $2.0 billion 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.

On July 22, 2010, the Company announced that the 2011 annual meeting of stockholders will be held on January 27, 2011 (the "Annual Meeting"), with a record date of December 3, 2010. The Company's stockholders at the close of business on the record date will be entitled to vote at the Annual Meeting.

In addition, the Company announced that its board of directors had unanimously voted to declassify the board and to submit a proposal at the Annual Meeting to amend the Company's certificate of incorporation to eliminate the classification of the board of directors. The board of directors also unanimously voted to amend the Company's certificate of incorporation, bylaws and corporate governance guidelines to adopt a majority vote standard for uncontested elections of directors and to submit a proposal to amend the Company's certificate of incorporation to allow for the adoption of the majority vote standard. The changes to the bylaws and corporate governance guidelines are contingent on stockholder approval of the amendments to the certificate of incorporation.

Also, the Board of Directors declared a quarterly dividend in the aggregate amount of $0.125 per share of class A common stock (determined in the case of class B and class C common stock on an as-converted basis) payable on September 1, 2010, to all holders of record of Visa's class A, class B and class C common stock as of August 13, 2010.

Financial Outlook:

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

  • GAAP tax rate: 37% to 38% range; and
  • Capital expenditures: moderately above $200 million.

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

  • Annual net revenue growth: high end of the 11% to 15% range;
  • Volume and support incentives as a percent of gross revenues: high end of the 16% to 17% range;
  • Advertising, marketing and promotion expenses: less than $1 billion;
  • Annual operating margin: mid to high 50% range;
  • Annual diluted class A common stock earnings per share: growth greater than 20%; and
  • Annual free cash flow: in excess of $2 billion.

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

  • Annual diluted class A common stock earnings per share: growth greater than 20%; and
  • Annual free cash flow: in excess of $2 billion.

Fiscal Third 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 "outlook," "continue," "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 tax rate, capital expenditures, revenue, incentives, expenses, operating margin, earnings per share, 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.
    Consolidated Statements of Operations
    (unaudited)


                                   Three Months
                                    Ended June               Nine Months
                                       30,               Ended June 30,
                                  -------------           --------------
                                2010       2009          2010         2009
                                ----       ----          ----         ----
                                      (in millions, except per share
                                                   data)
    Operating Revenues

    Service revenues            $873       $769        $2,585        2,366
    Data processing revenues     792        605         2,285        1,703
    International transaction
     revenues                    574        458         1,671        1,409
    Other revenues               183        158           546          462
    Volume and support
     incentives                (393)      (344)        (1,139)        (908)
    Total operating revenues   2,029      1,646         5,948        5,032
                               -----      -----         -----        -----

    Operating Expenses

    Personnel                    285        282           869          873
    Network, EDP and
     communications              103         97           306          282
    Advertising, marketing and
     promotion                   277        229           731          635
    Professional and
     consulting fees              77         62           178          182
    Depreciation and
     amortization                 63         57           187          165
    Administrative and other      87         96           242          225
    Litigation provision           -          1           (41)           1
    Total operating expenses     892        824         2,472        2,363
                                 ---        ---         -----        -----

    Operating income           1,137        822         3,476        2,669
                               -----        ---         -----        -----

    Other Income (Expense)
    Equity in earnings of
     unconsolidated affiliates    (3)         -            (5)           -
    Interest expense             (13)       (30)          (57)         (90)
    Investment income, net         1        504            29          557
    Other                          -          1             -            1
                                 ---        ---
    Total other (expense)
     income                      (15)       475           (33)         468
                                 ---        ---           ---          ---

    Income before income taxes 1,122      1,297         3,443        3,137
    Income tax expense           406        568         1,252        1,299
                                 ---        ---         -----        -----

    Net income including non-
     controlling interest        716        729         2,191        1,838
    Loss attributable to non-
     controlling interest          -          -             1            1
                                 ---        ---           ---          ---

    Net income attributable to
     Visa Inc.                  $716       $729        $2,192       $1,839
                                ====       ====        ======       ======

    Basic earnings per share
       Class A common stock    $0.97      $0.97         $2.97        $2.41
                               =====      =====         =====        =====
       Class B common stock    $0.56      $0.61         $1.72        $1.58
                               =====      =====         =====        =====
       Class C common stock    $0.97      $0.97         $2.97        $2.41
                               =====      =====         =====        =====
    Basic weighted average
     shares outstanding
       Class A common stock      494        448           478          447
                                 ===        ===           ===          ===
       Class B common stock      245        246           245          246
                                 ===        ===           ===          ===
       Class C common stock       99        152           117          152
                                 ===        ===           ===          ===
    Diluted earnings per share
       Class A common stock    $0.97      $0.96         $2.96        $2.41
                               =====      =====         =====        =====
       Class B common stock    $0.55      $0.61         $1.71        $1.58
                               =====      =====         =====        =====
       Class C common stock    $0.97      $0.96         $2.96        $2.41
                               =====      =====         =====        =====
    Diluted weighted average
     shares outstanding
       Class A common stock      738        757           742          762
                                 ===        ===           ===          ===
       Class B common stock      245        246           245          246
                                 ===        ===           ===          ===
       Class C common stock       99        152           117          152
                                 ===        ===           ===          ===


    Visa Inc.
    Consolidated Balance Sheets
    (unaudited)


                                                     June
                                                      30,       September 30,
                                                      2010               2009
                                                      ----               ----
                                                        (in millions, except
                                                          par value data)
    Assets
    Cash and cash equivalents                       $5,205             $4,617
    Restricted cash - litigation escrow              1,865              1,365
    Investment securities
        Trading                                         56                 59
        Available-for-sale                              29                 56
    Settlement receivable                              416                605
    Accounts receivable                                501                444
    Customer collateral                                869                812
    Current portion of volume and support
     incentives                                        177                214
    Current portion of deferred tax assets             448                703
    Prepaid expenses and other current assets          284                366
                                                       ---                ---

    Total current assets                             9,850              9,241

    Restricted cash - litigation escrow                140                350
    Investment securities, available-for-sale          128                168
    Volume and support incentives                      110                102
    Property, equipment and technology, net          1,185              1,204
    Other assets                                       192                125
    Intangible assets                               10,883             10,883
    Goodwill                                        10,208             10,208
                                                    ------             ------

    Total assets                                   $32,696            $32,281
                                                   =======            =======

    Liabilities
    Accounts payable                                   $94               $156
    Settlement payable                                 446                634
    Customer collateral                                869                812
    Accrued compensation and benefits                  289                396
    Volume and support incentives                      395                284
    Accrued liabilities                                707                754
    Current portion of long-term debt                   12                 12
    Current portion of accrued litigation              670              1,394
                                                       ---              -----

    Total current liabilities                        3,482              4,442
    Long-term debt                                      35                 44
    Accrued litigation                                 132                323
    Deferred tax liabilities                         3,798              3,807
    Other liabilities                                  569                472
                                                       ---                ---

    Total liabilities                                8,016              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,                        -                  -
    496 and 470 shares issued and outstanding at
     June 30, 2010, and
    September 30, 2009, respectively
    Class B common stock, $0.0001 par value, 622
     shares authorized, 245                              -                  -
    shares issued and outstanding at June 30,
     2010, and September 30,
    2009
    Class C common stock, $0.0001 par value,
     1,097 shares authorized, 98                         -                  -
    and 131 shares issued and outstanding at June
     30, 2010, and
    September 30, 2009, respectively
    Additional paid-in capital                      20,936             21,160
    Class C treasury stock                               -                 (2)
    Accumulated income                               3,822              2,219
    Accumulated other comprehensive loss, net
        Investment securities, available-for-sale        4                 10
        Defined benefit pension and other
         postretirement plans                          (71)              (136)
        Derivative instruments                         (13)               (58)
        Foreign currency translation loss               (2)                (4)
                                                       ---                ---
    Total accumulated other comprehensive loss,
     net                                               (82)              (188)
                                                       ---               ----
    Total Visa Inc. stockholders' equity            24,676             23,189

    Non-controlling interest                             4                  4
    Total equity                                   $24,680            $23,193
                                                   -------            -------


    Total liabilities and equity                   $32,696            $32,281
                                                   =======            =======


    Visa Inc.
    Consolidated Statements Of Cash Flows
    (unaudited)

                                                         Nine Months
                                                        Ended June 30,
                                                        2010          2009
                                                        ----          ----
                                                        (in millions)
    Operating Activities

    Net income including non-controlling
     interest                                         $2,191        $1,838
    Adjustments to reconcile net income
     including non-controlling interest to
     net cash provided by
    operating activities:
           Gain on sale of other investments               -          (473)
           Depreciation and amortization of property,
            equipment and technology                     187           165
           Share-based compensation                       95            84
           Tax benefit for share-based compensation      (13)           (6)
           Restricted stock instruments settled in
            cash for taxes                               (13)          (22)
           Interest earned on litigation escrow, net
            of tax                                         -           (14)
           Net recognized (gain) loss on investment
            securities, including other-than-
            temporary impairment                         (17)            8
           Asset impairment                                3             7
           Gain on disposal of property, equipment
            and technology                                (1)            -
           Amortization of volume and support
            incentives                                 1,139           908
           Litigation provision and accretion            (18)           72
           Equity in earnings of unconsolidated
            affiliates                                     5             -
           Deferred income taxes                         190           316
    Change in operating assets and
     liabilities:
           Trading securities                              3            10
           Accounts receivable                           (57)          (77)
           Settlement receivable                         189           133
           Volume and support incentives                (999)         (785)
           Other assets                                  (27)           84
           Accounts payable                              (62)          (53)
           Settlement payable                           (188)         (116)
           Accrued compensation and benefits            (107)         (124)
           Accrued and other liabilities                 195           438
           Accrued litigation                           (897)       (1,626)
                                                        ----        ------

    Net cash provided by operating activities          1,798           767
                                                       -----           ---

    Investing Activities

    Investment securities, available-for-sale:
          Purchases                                       (1)            -
          Proceeds from sales and maturities              50           276
    Distributions from money market investment            85           884
    Purchases of /contributions to other
     investments                                          (3)           (1)
    Proceeds from sale of other investments                1             -
    Dividends/distributions from other
     investments                                           1             1
    Proceeds from disposal of property,
     equipment and technology                              1             -
    Purchases of property, equipment and
     technology                                         (144)         (205)
                                                        ----          ----

    Net cash (used in) provided by investing
     activities                                          (10)          955
                                                         ---           ---

    Financing Activities

    Tax benefit for share-based compensation              13             6
    Cash proceeds from exercise of stock
     options                                              36            20
    Funding of litigation escrow account -
     Retrospective Responsibility Plan                  (500)       (1,100)
    Payments from litigation escrow account -
     Retrospective Responsibility Plan                   210         1,481
    Payment for redemption of stock                        -        (2,646)
    Dividends paid                                      (278)         (240)
    Principal payments on debt                            (9)           (8)
    Principal payments on capital lease
     obligations                                         (10)           (4)
    Repurchase of class A common stock                  (664)            -
                                                        ----
    Net cash used in financing activities             (1,202)       (2,491)

    Effect of exchange rate changes on cash
     and cash equivalents                                  2           (10)
    Increase (decrease) in cash and cash
     equivalents                                         588          (779)
    Cash and cash equivalents at beginning of
     year                                              4,617         4,979
                                                       -----         -----

    Cash and cash equivalents at end of period        $5,205        $4,200
                                                      ======        ======

    Supplemental Disclosure of Cash Flow
     Information
                                                        $977          $528
         Income taxes paid, net of refunds               $15           $25
         Amounts included in accounts payable and
          accrued and other liabilities related to
          purchases                                       $3            $3
    of property, equipment and technology
         Interest payments on debt                        $-           $22
                                                         ===           ===
         Assets acquired in joint venture with note
          payable and equity interest issued


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


                     Fiscal 2009
                          Quarter Ended     Fiscal 2010 Quarter Ended
                           ------------- -------------------------
                     June        September December    March        June
                      30,            30,      31,       31,          30,
                      2009            2009     2009      2010        2010
                       ---            ----     ----       ---         ---

    Operating
     Revenues
    Service revenues  $769            $808     $827      $885        $873
    Data processing
     revenues          605             727      765       728         792
    International
     transaction
     revenues          458             507      552       545         574
    Other revenues     158             163      190       173         183
    Volume and
     support
     incentives       (344)           (326)    (374)     (372)       (393)
                      ----            ----     ----                  ----
    Total operating
     revenues        1,646           1,879    1,960     1,959       2,029
                     -----           -----    -----     -----       -----

    Operating
     Expenses
    Personnel (1)      282             355      274       310         285
    Network, EDP and
     communications     97             111      105        98         103
    Advertising,
     marketing and
     promotion         229             283      216       238         277
    Professional and
     consulting fees
     (1)                62              86       51        50          77
    Depreciation and
     amortization       57              61       62        62          63
    Administrative
     and other          96             113       78        77          87
    Litigation
     provision           1               1      (43)        2           -
                       ---             ---      ---
    Total operating
     expenses          824           1,010      743       837         892
                       ---           -----      ---       ---         ---

    Operating income   822             869    1,217     1,122       1,137
                       ---             ---    -----     -----       -----

    Other Income
     (Expense)
    Equity in
     earnings of
     unconsolidated
     affiliates          -               -        -        (2)         (3)
    Interest expense   (30)            (25)     (16)      (28)        (13)
    Investment
     income, net       504              18        5        23           1
    Other                1               1        2        (2)          -
                       ---             ---      ---       ---         ---
    Total other
     income
     (expense)         475              (6)      (9)       (9)        (15)
                       ---             ---      ---       ---         ---

    Income before
     income taxes    1,297             863    1,208     1,113       1,122
    Income tax
     expense           568             349      445       401         406
                       ---             ---      ---       ---         ---
    Net income
     including non-
     controlling
     interest          729             514      763       712         716
    Loss
     attributable to
     non-
     controlling
     interest (2)        -            -     -        1       -
                       ---             ---      ---       ---         ---
    Net income
     attributable to
     Visa Inc.        $729            $514     $763      $713        $716
                      ====            ====     ====      ====        ====



    (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 June 30, 2010, as well as the prior seven quarterly reporting periods and the 12 months ended June 30, 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.

                         For the 3 Months Ended June 30, 2010
                         ------------------------------------
                            Total   Growth     Growth     Payments  Growth
                           Volume   (Nominal  (Constant    Volume   (Nominal
                              ($                              ($
                          billions)   USD)       USD)     billions)   USD)
                         ----------   ----       ----    ----------   ----

    All Visa Credit &
     Debit
        Asia Pacific           $308     18.7%      12.0%       $197     19.3%
        Canada                   55     21.8%      11.4%         50     22.1%
        CEMEA                   155     26.0%      24.5%         25     26.6%
        LAC                     185     23.3%      16.5%         62     26.3%
        US                      566     12.1%      12.1%        469     13.7%
    --                            -                               -
        Visa Inc.             1,269     17.2%      14.1%        803     16.8%

        Visa Credit
         Programs
           US                  $214      2.2%       2.2%       $204      5.9%
           Rest of World        320     18.9%      12.0%        278     18.7%
           -------------          -                               -
           Visa Inc.            534     11.6%       7.8%        481     12.9%

        Visa Debit
         Programs
           US                  $352     19.1%      19.1%       $265     20.5%
           Rest of World        383     24.1%      19.1%         56     37.4%
           -------------          -                               -
           Visa Inc.            735     21.7%      19.1%        321     23.2%


                          For the 3 Months Ended June 30, 2010
                          ------------------------------------
                            Growth       Payments        Cash      Growth
                           (Constant   Transactions     Volume    (Nominal
                                                          ($
                              USD)     (millions)     billions)     USD)
                              ----     ----------     ----------    ----

    All Visa Credit &
     Debit
        Asia Pacific            12.0%         2,586         $111      17.8%
        Canada                  11.7%           432            5      18.7%
        CEMEA                   24.1%           395          130      25.8%
        LAC                     21.6%         1,524          123      21.8%
        US                      13.7%         9,523           97       4.9%
    --                                          ---            -
        Visa Inc.               14.0%        14,460          466      17.9%

        Visa Credit
         Programs
           US                    5.9%         2,349          $10     -39.4%
           Rest of World        11.7%         3,688           43      20.3%
           -------------                        ---            -
           Visa Inc.             9.2%         6,036           53       0.9%

        Visa Debit
         Programs
           US                   20.5%         7,174          $87      14.8%
           Rest of World        30.8%         1,249          327      22.1%
           -------------                        ---            -
           Visa Inc.            22.2%         8,423          414      20.5%


                          For the 3 Months Ended June 30, 2010
                          ------------------------------------
                                         Growth                      Cash
                                        (Constant                Transactions
                                          USD)                   (millions)
                                          ----                   ----------

    All Visa Credit &
     Debit
        Asia Pacific                                      12.0%           576
        Canada                                             8.6%             9
        CEMEA                                             24.6%           853
        LAC                                               14.1%           847
        US                                                 4.9%           852
    --                                                                      -
        Visa Inc.                                         14.1%         3,136

        Visa Credit
         Programs
           US                                            -39.4%            17
           Rest of World                                  13.7%           155
           -------------                                                    -
           Visa Inc.                                      -2.9%           172

        Visa Debit
         Programs
           US                                             14.8%           835
           Rest of World                                  17.3%         2,130
           -------------                                                  ---
           Visa Inc.                                      16.7%         2,965


                         For the 3 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          $296     29.5%       12.7%       $195     32.3%
        Canada                  47     30.4%        5.5%         43     34.2%
        CEMEA                  140     29.8%       17.9%         23     31.3%
        LAC                    175     36.1%       15.8%         58     38.1%
        US                     518     10.7%       10.7%        427     12.7%
    --                           -                                -
        Visa Inc.            1,176     21.4%       12.5%        745     20.8%

        Visa Credit
         Programs
           US                 $194     -0.8%       -0.8%       $182      3.4%
           Rest of World       305     29.3%       10.9%        266     30.8%
           -------------         -                                -
           Visa Inc.           499     15.6%        6.0%        449     18.0%

        Visa Debit
         Programs
           US                 $324     19.0%       19.0%       $245     20.9%
           Rest of World       353     33.1%       16.8%         51     49.9%
           -------------         -                                -
           Visa Inc.           677     26.0%       17.9%        296     25.1%


                          For the 3 Months Ended March 31, 2010
                            Growth       Payments       Cash      Growth
                           (Constant   Transactions    Volume    (Nominal
                                                         ($
                             USD)      (millions)     billions)     USD)
                             ----      ----------     ---------     ----

    All Visa Credit &
     Debit
        Asia Pacific            13.8%         2,459        $102      24.5%
        Canada                   8.6%           387           4      -0.1%
        CEMEA                   16.7%           357         118      29.5%
        LAC                     20.1%         1,437         117      35.1%
        US                      12.7%         8,573          91       2.1%
    --                                          ---           -
        Visa Inc.               13.4%        13,213         431      22.5%

        Visa Credit
         Programs
           US                    3.4%         2,121         $12     -39.6%
           Rest of World        12.2%         3,459          39      19.9%
           -------------                        ---           -
           Visa Inc.             8.4%         5,580          50      -2.2%

        Visa Debit
         Programs
           US                   20.9%         6,452         $79      13.5%
           Rest of World        26.7%         1,181         302      30.7%
           -------------                        ---           -
           Visa Inc.            21.9%         7,633         381      26.7%


                          For the 3 Months Ended March 31, 2010
                            Growth         Cash       Accounts       Cards
                           (Constant   Transactions   (millions)   (millions)
                             USD)      (millions)     ----------   ----------
                             ----      ----------

    All Visa Credit &
     Debit
        Asia Pacific            10.6%           553          452          537
        Canada                 -19.1%             9           24           31
        CEMEA                   18.1%           771          196          199
        LAC                     13.8%           819          343          372
        US                       2.1%           754          509          686
    --                                            -            -            -
        Visa Inc.               11.1%         2,905        1,524        1,825

        Visa Credit
         Programs
           US                  -39.6%            16          217          281
           Rest of World         2.9%           138          431          493
           -------------                          -            -            -
           Visa Inc.           -11.4%           154          648          774

        Visa Debit
         Programs
           US                   13.5%           738          292          405
           Rest of World        15.3%         2,013          584          646
           -------------                        ---            -            -
           Visa Inc.            14.9%         2,751          876        1,051


                         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                     530      5.0%        5.0%         438      7.3%
    --                           -                                 -
        Visa Inc.            1,237     15.4%        9.6%         769     14.0%

        Visa Credit
         Programs
           US                 $215     -6.9%       -6.9%        $201     -1.0%
           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     15.0%       15.0%        $238     15.4%
           Rest of World       390     29.7%       19.8%          53     40.3%
           -------------         -                                 -
           Visa Inc.           706     22.7%       17.6%         291     19.3%


                          For the 3 Months Ended December 31, 2009
                            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                       7.3%         8,754          92       -4.7%
    --                                          ---           -
        Visa Inc.                8.5%        13,595         468       17.9%

        Visa Credit
         Programs
           US                   -1.0%         2,373         $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%         6,381         $78       13.5%
           Rest of World        21.7%         1,230         337       28.2%
           -------------                        ---           -
           Visa Inc.            16.5%         7,611         415       25.2%


                          For the 3 Months Ended December 31, 2009
                            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                      -4.7%           759          511          691
    --                                            -            -            -
        Visa Inc.               11.6%         3,004        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                   13.5%           740          283          394
           Rest of World        19.5%         2,104          564          630
           -------------                        ---            -            -
           Visa Inc.            18.4%         2,844          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                  511       -2.7%      -2.7%         417     -1.0%
    --                        -                                  -
        Visa Inc.         1,140        1.1%       3.0%         720      2.8%

        Visa Credit
         Programs
           US              $210      -14.2%     -14.2%        $195     -8.6%
           Rest of
            World           295        5.1%       4.9%         258      7.8%
           -------          ---                                ---
           Visa Inc.        505       -3.9%      -4.0%         452      0.1%

        Visa Debit
         Programs
           US              $300        7.3%       7.3%        $223      6.8%
           Rest of
            World           334        3.8%      11.3%          45     11.8%
           -------          ---                                ---
           Visa Inc.        635        5.4%       9.4%         268      7.6%


                             For the 3 Months Ended September 30, 2009
                             -----------------------------------------
                               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%         8,401           93      -9.9%
    --                                             ---            -
        Visa Inc.                   2.6%        12,974          420      -1.6%

        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%         6,101          $78       8.9%
           Rest of World           16.5%         1,100          289       2.6%
           -------------                           ---            -
           Visa Inc.                8.3%         7,201          367       3.9%


                          For the 3 Months Ended September 30, 2009
                          -----------------------------------------
                            Growth         Cash       Accounts       Cards
                           (Constant   Transactions   (millions)   (millions)
                             USD)      (millions)     ----------   ----------
                             ----      ----------

    All Visa
     Credit &
     Debit
        Asia Pacific            14.0%           534          433          521
        Canada                 -22.9%             9           24           31
        CEMEA                    4.6%           738          187          190
        LAC                      9.8%           815          323          350
        US                      -9.9%           774          495          673
    --                                            -            -            -
        Visa Inc.                3.8%         2,871        1,461        1,765

        Visa Credit
         Programs
           US                  -51.6%            21          230          301
           Rest of World        -4.7%           140          423          485
           -------------                          -            -            -
           Visa Inc.           -25.9%           161          652          786

        Visa Debit
         Programs
           US                    8.9%           753          265          372
           Rest of World        10.5%         1,957          544          607
           -------------                        ---            -            -
           Visa Inc.            10.2%         2,710          809          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%        9.9%       $165      2.0%
        Canada                  45     -11.5%       -3.7%         41     -9.8%
        CEMEA                  123      -6.4%        9.9%         20      2.8%
        LAC                    150      -2.8%       15.4%         49     -0.4%
        US                     505      -3.9%       -3.9%        412     -2.5%
    --                           -                                 -
        Visa Inc.            1,083      -2.7%        3.2%        687     -1.7%

        Visa Credit
         Programs
           US                 $209     -15.0%      -15.0%       $192     -9.6%
           Rest of World       269      -3.1%        4.8%        234     -1.5%
           -------------         -                                 -
           Visa Inc.           479      -8.7%       -4.6%        426     -5.3%

        Visa Debit
         Programs
           US                 $296       5.8%        5.8%       $220      4.6%
           Rest of World       308      -0.3%       15.1%         41      7.2%
           -------------         -                                 -
           Visa Inc.           604       2.6%       10.4%        261      5.0%


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

    All Visa Credit &
     Debit
        Asia Pacific             8.1%         2,315         $94        6.9%
        Canada                  -1.8%           396           4      -25.1%
        CEMEA                   12.6%           324         103       -8.0%
        LAC                     16.5%         1,302         101       -3.9%
        US                      -2.5%         8,288          93       -9.7%
    --                                          ---           -
        Visa Inc.                1.6%        12,625         396       -4.5%

        Visa Credit
         Programs
           US                   -9.6%         2,282         $17      -49.2%
           Rest of World         5.9%         3,283          35      -12.1%
           -------------                        ---           -
           Visa Inc.            -1.5%         5,566          52      -29.0%

        Visa Debit
         Programs
           US                    4.6%         6,006         $76        9.4%
           Rest of World        22.9%         1,054         267       -1.3%
           -------------                        ---           -
           Visa Inc.             7.2%         7,060         343        0.9%


                          For the 3 Months Ended June 30, 2009
                            Growth         Cash       Accounts       Cards
                           (Constant   Transactions   (millions)   (millions)
                              USD)     (millions)     ----------   ----------
                              ----     ----------

    All Visa Credit &
     Debit
        Asia Pacific            13.3%           540          424          512
        Canada                 -18.5%             9           23           31
        CEMEA                    9.4%           736          179          184
        LAC                     14.9%           798          317          344
        US                      -9.7%           764          482          661
    --                                            -            -            -
        Visa Inc.                6.1%         2,847        1,426        1,732

        Visa Credit
         Programs
           US                  -49.2%            21          233          309
           Rest of World        -1.7%           137          418          482
           -------------                          -            -            -
           Visa Inc.           -24.0%           159          651          791

        Visa Debit
         Programs
           US                    9.4%           743          249          352
           Rest of World        14.0%         1,946          526          589
           -------------                        ---            -            -
           Visa Inc.            13.0%         2,689          775          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     -4.2%      -4.2%        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%


                          For the 3 Months Ended March 31, 2009
                          -------------------------------------
                            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     -11.0%
    --                                          ---            -
        Visa Inc.                2.3%        11,611          352      -8.4%

        Visa Credit
         Programs
           US                   -9.7%         2,085          $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%         5,427          $70       9.2%
           Rest of World        25.2%           996          231      -5.8%
           -------------                          -            -
           Visa Inc.             7.7%         6,422          301      -2.7%


                          For the 3 Months Ended March 31, 2009
                          -------------------------------------
                            Growth         Cash       Accounts       Cards
                           (Constant   Transactions   (millions)   (millions)
                              USD)     (millions)     ----------   ----------
                              ----     ----------

    All Visa Credit &
     Debit
        Asia Pacific            12.1%           545          420          505
        Canada                 -10.3%             9           23           31
        CEMEA                   19.9%           666          178          182
        LAC                     16.5%           775          313          341
        US                     -11.0%           700          482          665
    --                                            -            -            -
        Visa Inc.                8.2%         2,695        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                    9.2%           678          242          347
           Rest of World        17.7%         1,864          517          578
           -------------                        ---            -            -
           Visa Inc.            15.8%         2,542          759          925


                         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%


                          For the 3 Months Ended December 31, 2008
                            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%        12,103         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%         6,495         331        6.5%


                          For the 3 Months Ended December 31, 2008
                            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       23.0%       22.0%         249     17.5%


                              For the 3 Months Ended September 30, 2008
                              -----------------------------------------
                                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.                17.5%        6,262          353      27.1%


                              For the 3 Months Ended September 30, 2008
                              -----------------------------------------
                                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 12 Months Ended June 30, 2010
                         -------------------------------------
                            Total   Growth     Growth      Payments   Growth
                           Volume   (Nominal  (Constant    Volume    (Nominal
                              ($                              ($
                         billions)    USD)       USD)     billions)    USD)
                         ----------   ----       ----     ----------   ----

    All Visa Credit
     & Debit
        Asia Pacific         $1,203     22.6%      13.6%        $771     21.1%
        Canada                  201     15.6%       3.5%         183     18.0%
        CEMEA                   576     12.5%      13.4%          91     17.2%
        LAC                     717     23.4%      14.2%         240     27.1%
        US                    2,125      6.1%       6.1%       1,752      8.0%
    --                        -----                            -----
        Visa Inc.             4,822     13.4%       9.8%       3,037     13.3%

        Visa Credit
         Programs
           US                  $833     -5.4%      -5.4%        $781     -0.4%
           Rest of World      1,237     17.6%       8.5%       1,080     19.3%
           -------------      -----                            -----
           Visa Inc.          2,069      7.1%       2.4%       1,861     10.2%

        Visa Debit
         Programs
           US                $1,292     15.1%      15.1%        $971     16.0%
           Rest of World      1,460     22.1%      16.8%         206     34.1%
           -------------      -----                              ---
           Visa Inc.          2,753     18.7%      16.0%       1,176     18.8%


                          For the 12 Months Ended June 30, 2010
                          -------------------------------------
                            Growth      Payments         Cash      Growth
                           (Constant   Transactions    Volume      (Nominal
                                                          ($
                              USD)      (millions)    billions)      USD)
                              ----      ----------    ----------     ----

    All Visa Credit
     & Debit
        Asia Pacific            11.2%        10,063         $432       25.4%
        Canada                   5.7%         1,661           17       -5.1%
        CEMEA                   12.9%         1,425          484       11.7%
        LAC                     18.1%         5,843          478       21.7%
        US                       8.0%        35,250          373       -2.2%
    --                                       ------          ---
        Visa Inc.                9.6%        54,241        1,785       13.6%

        Visa Credit
         Programs
           US                   -0.4%         9,142          $51      -46.5%
           Rest of World         9.6%        14,231          157        7.3%
           -------------                     ------          ---
           Visa Inc.             5.2%        23,372          208      -14.0%

        Visa Debit
         Programs
           US                   16.0%        26,108         $322       12.7%
           Rest of World        24.1%         4,760        1,254       20.3%
           -------------                      -----        -----
           Visa Inc.            17.3%        30,869        1,576       18.7%


                          For the 12 Months Ended June 30, 2010
                          -------------------------------------
                                         Growth                       Cash
                                         (Constant                Transactions
                                           USD)                    (millions)
                                           ----                    ----------

    All Visa Credit
     & Debit
        Asia Pacific                                       18.1%         2,233
        Canada                                            -15.1%            35
        CEMEA                                              13.4%         3,156
        LAC                                                12.3%         3,354
        US                                                 -2.2%         3,139
    --                                                                   -----
        Visa Inc.                                          10.2%        11,917

        Visa Credit
         Programs
           US                                             -46.5%            73
           Rest of World                                    1.5%           573
           -------------                                                   ---
           Visa Inc.                                      -16.9%           646

        Visa Debit
         Programs
           US                                              12.7%         3,066
           Rest of World                                   15.7%         8,204
           -------------                                                 -----
           Visa Inc.                                       15.1%        11,270


                              For the 12 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           $981    3.3%    12.6%             $636    2.7%
        Canada                  173  -11.5%     1.5%              155  -10.2%
        CEMEA                   511   11.1%    25.8%               78   12.3%
        LAC                     581    3.0%    20.0%              189    4.3%
        US                    2,003   -0.8%    -0.8%            1,622    0.5%
    --                          ---                               ---
        Visa Inc.             4,251    1.5%     7.7%            2,680    0.9%

        Visa Credit
         Programs
           US                  $881   -9.3%    -9.3%             $785   -5.7%
           Rest of World      1,051   -0.8%    10.0%              905    0.1%
           -------------        ---                                 -
           Visa Inc.          1,932   -4.9%     0.6%            1,690   -2.7%

        Visa Debit
         Programs
           US                $1,122    7.2%     7.2%             $837    7.1%
           Rest of World      1,196    7.7%    22.2%              153   10.9%
           -------------        ---                                 -
           Visa Inc.          2,319    7.5%    14.6%              990    7.7%


                          For the 12 Months Ended June 30, 2009
                          -------------------------------------
                            Growth      Payments         Cash      Growth
                           (Constant   Transactions     Volume    (Nominal
                                                           ($
                              USD)      (millions)    billions)     USD)
                              ----      ----------    ----------    ----

    All Visa Credit
     & Debit
        Asia Pacific            12.2%         8,862         $345       4.3%
        Canada                   3.0%         1,532           18     -21.1%
        CEMEA                   25.2%         1,204          434      10.9%
        LAC                     20.5%         5,166          393       2.4%
        US                       0.5%        31,319          382      -5.9%
    --                                         ----            -
        Visa Inc.                5.3%        48,084        1,571       2.4%

        Visa Credit
         Programs
           US                   -5.7%         9,114          $96     -31.2%
           Rest of World        10.6%        12,731          146      -6.1%
           -------------                       ----            -
           Visa Inc.             2.8%        21,845          242     -17.9%

        Visa Debit
         Programs
           US                    7.1%        22,204         $286       7.3%
           Rest of World        28.2%         4,034        1,043       7.2%
           -------------                        ---          ---
           Visa Inc.            10.1%        26,238        1,328       7.3%


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

    All Visa Credit
     & Debit
        Asia Pacific            13.5%         2,143          424          512
        Canada                  -9.4%            36           23           31
        CEMEA                   25.9%         2,781          179          184
        LAC                     19.7%         3,220          317          344
        US                      -5.9%         2,920          482          661
    --                                          ---            -            -
        Visa Inc.               12.1%        11,099        1,426        1,732

        Visa Credit
         Programs
           US                  -31.2%           101          233          309
           Rest of World         5.8%           570          418          482
           -------------                          -            -            -
           Visa Inc.           -12.2%           671          651          791

        Visa Debit
         Programs
           US                    7.3%         2,819          249          352
           Rest of World        21.4%         7,609          526          589
           -------------                        ---            -            -
           Visa Inc.            18.1%        10,428          775          941


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
         --------
         Jun 30, 2010          20%         17%
         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%

         12 Months
          Ended
         ---------
         Jun 30, 2010           8%          6%
         Jun 30, 2009         (6%)          0%



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
         --------
         Jun 30, 2010         11,721       14%
         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%

         12 Months
          Ended
         ---------
         Jun 30, 2010         43,755       12%
         Jun 30, 2009         39,012        8%



SOURCE Visa Inc.