FOSTER CITY, Calif.--(BUSINESS WIRE)--
Visa Inc. (NYSE:V) today announced financial results for the Company’s
fiscal first quarter 2015. Net income for the quarter was $1.6 billion,
an increase of 11% over the prior year, or $2.53 per share, an increase
of 15% over the prior year. All references to earnings per share assume
fully-diluted class A share count unless otherwise noted.
Net operating revenue in the fiscal first quarter of 2015 was $3.4
billion, an increase of 7% nominally or 9% on a constant dollar basis
over the prior year, driven by solid growth in service revenues, data
processing revenues and international transaction revenues. The
strengthening of the U.S. dollar impacted net operating revenues by
approximately 2 percentage points of negative growth during the quarter.
“Visa kicked-off fiscal 2015 delivering another solid quarter of revenue
and earnings growth. While the challenges of the macro global
environment don’t seem to abate, our results have remained consistent
and reflect the strength and underlying resilience of our business
model,” said Charlie Scharf, Chief Executive Officer of Visa Inc. “Our
focus remains squarely on investing in our long-term strategic
initiatives, driving new technologies and ways to pay as we continue to
work collaboratively with governments, issuers, acquirers, and merchant
partners.”
The Company also announces its board of directors has authorized a
four-for-one stock split. Trading will begin on a split-adjusted basis
on March 19, 2015.
Fiscal First Quarter 2015 Financial Highlights:
Payments volume growth, on a constant dollar basis, for the three months
ended September 30, 2014, on which fiscal first quarter service revenue
is recognized, was 11% over the prior year at $1.2 trillion.
Payments volume growth, on a constant dollar basis, for the three months
ended December 31, 2014, was 11% over the prior year at $1.2 trillion.
Cross-border volume growth, on a constant dollar basis, was 8% for the
three months ended December 31, 2014.
Total processed transactions, which represent transactions processed by
VisaNet, for the three months ended December 31, 2014, were 17.6
billion, a 10% increase over the prior year.
Fiscal first quarter 2015 service revenues were $1.5 billion, an
increase of 8% over 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 9% over
the prior year to $1.4 billion. International transaction revenues grew
9% over the prior year to $970 million. Other revenues, which include
the Visa Europe licensing fee, were $204 million, an increase of 14%
over the prior year. Client incentives, which are a contra revenue item,
were $713 million and represent 17.4% of gross revenues.
Total operating expenses were $1.1 billion for the quarter, a 6%
increase over the prior year.
The effective tax rate was 30.6% for the quarter ended December 31, 2014.
Cash, cash equivalents, and available-for-sale investment securities
were $7.5 billion at December 31, 2014.
The weighted-average number of diluted shares of class A common stock
outstanding was 619 million for the quarter ended December 31, 2014.
Notable Events:
During the three months ended December 31, 2014, the Company repurchased
3.1 million shares of class A common stock, at an average price of
$259.52 per share, using $803 million of cash on hand. From January 1,
2015, through January 27, 2015, the Company repurchased 2.5 million
shares of class A common stock, at an average price of $256.31 per
share, using $650 million of cash on hand. Fiscal year to date through
January 27, 2015, the Company repurchased a total of 5.6 million shares
of class A common stock, at an average price of $258.08 per share, using
$1.5 billion of cash on hand. The Company has $4.2 billion of remaining
funds, authorized by the board of directors, available for share
repurchase under the current program.
On January 28, 2015, the board of directors declared a quarterly cash
dividend of $0.48 per share of class A common stock (determined in the
case of class B and class C common stock on an as-converted basis)
payable on March 3, 2015, to all holders of record of the Company’s
class A, class B and class C common stock as of February 13, 2015.
In addition, on January 28, 2015, the Company held its 2015 Annual
Meeting of Stockholders during which holders of the Company’s class A, B
and C common stock at the close of business on December 1, 2014, voted
on proposals enumerated in the Company’s proxy statement. All Proposals
other than Proposal 5(a) and 5(d) passed.
Also, on January 28, 2015, Visa’s board of directors declared a
four-for-one split of its class A common stock. On March 18, 2015, each
class A common stockholder of record at the close of business on
February 13, 2015 (the “Record Date”), will receive a dividend of three
additional shares for every share held on the Record Date. Trading will
begin on a split-adjusted basis on March 19, 2015. Holders of class B
and C common stock will not receive a stock dividend. Instead, the
conversion rate for class B common stock will increase to 1.6483 shares
of class A common stock per share of class B common stock, and the
conversion rate for class C common stock will increase to 4.0 shares of
class A common stock per share of class C common stock. Immediately
following the split, the class A, B and C stockholders will retain the
same relative ownership percentages that they had prior to the stock
split. The stock split will increase the Company’s total as-converted
shares of class A common stock outstanding as of March 19, 2015, from
approximately 614 million shares to approximately 2.5 billion shares
based on the share count as of January 27, 2015.
Financial Outlook:
Visa Inc. reaffirms its financial outlook for the following metrics for
fiscal full-year 2015:
-
Annual net revenue growth: Constant dollar revenue growth of low
double digits, with an expectation of two percentage points of
negative foreign currency impact;
-
Client incentives as a percent of gross revenues: 17.5% to 18.5% range;
-
Annual operating margin: Mid 60s;
-
Tax rate: Low 30s;
-
Annual diluted class A common stock earnings per share growth: Mid
teens; and
-
Annual free cash flow greater than $6 billion.
Fiscal full-year 2015 annual diluted earnings per share growth assumes
an adjusted basis for fiscal full-year 2014.
Fiscal First Quarter 2015 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
Visa Inc. (NYSE: V) is a global payments technology company
that connects consumers, businesses, financial institutions, and
governments in more than 200 countries and territories to fast, secure
and reliable electronic payments. We operate one of the world's most
advanced processing networks — VisaNet — that is capable of handling
more than 56,000 transaction messages a second, with fraud protection
for consumers and assured payment for merchants. Visa is not a bank and
does not issue cards, extend credit or set rates and fees for consumers.
Visa's innovations, however, enable its financial institution customers
to offer consumers more choices: pay now with debit, pay ahead of time
with prepaid or pay later with credit products. For more information,
visit usa.visa.com/about-visa,
visacorporate.tumblr.com
and @VisaNews.
Forward-Looking Statements:
This Press Release contains forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements generally are identified by words such as
"estimates," "expectation," "will," “continued" and other similar
expressions. Examples of forward-looking statements include, but are not
limited to, statements we make about our revenue, client incentives,
operating margin, tax rate, earnings per share, free cash flow, and the
growth of those items.
By their nature, forward-looking statements: (i) speak only as of the
date they are made; (ii) are not statements of historical fact or
guarantees of future performance; and (iii) are subject to risks,
uncertainties, assumptions or changes in circumstances that are
difficult to predict or quantify. Therefore, actual results could differ
materially and adversely from our forward-looking statements due to a
variety of factors, including the following:
-
the impact of laws, regulations and marketplace barriers, including:
-
rules capping debit interchange reimbursement rates and expanding
financial institutions' and merchants' choices among debit
payments networks promulgated under the Dodd-Frank Wall Street
Reform and Consumer Protection Act;
-
increased regulation in jurisdictions outside of the United States
and in other product categories;
-
increased government support of national payments networks outside
the United States; and
-
increased regulation of consumer privacy, data use and security;
-
developments in litigation and government enforcement, including those
affecting interchange reimbursement fees, antitrust and tax;
-
new lawsuits, investigations or proceedings, or changes to our
potential exposure in connection with pending lawsuits, investigations
or proceedings;
-
economic factors, such as:
-
economic fragility in the Eurozone and in the United States;
-
general economic, political and social conditions in mature and
emerging markets globally;
-
general stock market fluctuations, which may impact consumer
spending;
-
material changes in cross-border activity, foreign exchange
controls and fluctuations in currency exchange rates;
-
volatility in market prices for oil and natural gas; and
-
material changes in our financial institution clients' performance
compared to our estimates;
-
industry developments, such as competitive pressure, rapid
technological developments and disintermediation from our payments
network;
-
system developments, such as:
-
disruption of our transaction processing systems or the inability
to process transactions efficiently;
-
account data breaches or increased fraudulent or other illegal
activities involving Visa-branded cards or payment products; and
-
failure to maintain systems interoperability with Visa Europe;
-
costs arising if Visa Europe were to exercise its right to require us
to acquire all of its outstanding stock;
-
the loss of organizational effectiveness or key employees;
-
the failure to integrate acquisitions successfully or to effectively
develop new products and businesses;
-
natural disasters, terrorist attacks, military or political conflicts,
and public health emergencies; and
various other factors, including those contained in our Annual Report on
Form 10-K for the year ended September 30, 2014, and our other filings
with the U.S. Securities and Exchange Commission. You should not place
undue reliance on such statements. Except as required by law, we do not
intend to update or revise any forward–looking statements as a result of
new information, future developments or otherwise.
|
|
|
|
|
VISA INC.
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
(UNAUDITED)
|
|
|
|
|
|
|
December 31,
|
|
September 30,
|
|
|
2014
|
|
2014
|
|
|
(in millions, except par value data)
|
Assets
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
2,085
|
|
|
$
|
1,971
|
|
Restricted cash—litigation escrow
|
|
|
1,398
|
|
|
|
1,498
|
|
Investment securities:
|
|
|
|
|
Trading
|
|
|
78
|
|
|
|
69
|
|
Available-for-sale
|
|
|
2,417
|
|
|
|
1,910
|
|
Settlement receivable
|
|
|
500
|
|
|
|
786
|
|
Accounts receivable
|
|
|
900
|
|
|
|
822
|
|
Customer collateral
|
|
|
1,041
|
|
|
|
961
|
|
Current portion of client incentives
|
|
|
200
|
|
|
|
210
|
|
Deferred tax assets
|
|
|
927
|
|
|
|
1,028
|
|
Prepaid expenses and other current assets
|
|
|
318
|
|
|
|
307
|
|
|
|
|
|
|
Total current assets
|
|
|
9,864
|
|
|
|
9,562
|
|
|
|
|
|
|
Investment securities, available-for-sale
|
|
|
3,028
|
|
|
|
3,015
|
|
Client incentives
|
|
|
87
|
|
|
|
81
|
|
Property, equipment and technology, net
|
|
|
1,861
|
|
|
|
1,892
|
|
Other assets
|
|
|
896
|
|
|
|
855
|
|
Intangible assets, net
|
|
|
11,395
|
|
|
|
11,411
|
|
Goodwill
|
|
|
11,753
|
|
|
|
11,753
|
|
|
|
|
|
|
Total assets
|
|
$
|
38,884
|
|
|
$
|
38,569
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
Accounts payable
|
|
$
|
135
|
|
|
$
|
147
|
|
Settlement payable
|
|
|
855
|
|
|
|
1,332
|
|
Customer collateral
|
|
|
1,041
|
|
|
|
961
|
|
Accrued compensation and benefits
|
|
|
307
|
|
|
|
450
|
|
Client incentives
|
|
|
1,058
|
|
|
|
1,036
|
|
Accrued liabilities
|
|
|
1,049
|
|
|
|
624
|
|
Accrued litigation
|
|
|
1,353
|
|
|
|
1,456
|
|
|
|
|
|
|
Total current liabilities
|
|
|
5,798
|
|
|
|
6,006
|
|
|
|
|
|
|
Deferred tax liabilities
|
|
|
4,139
|
|
|
|
4,145
|
|
Other liabilities
|
|
|
1,005
|
|
|
|
1,005
|
|
|
|
|
|
|
Total liabilities
|
|
|
10,942
|
|
|
|
11,156
|
|
|
|
|
|
|
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, 495 shares issued and outstanding at December 31, 2014
and September 30, 2014
|
|
|
—
|
|
|
|
—
|
|
Class B common stock, $0.0001 par value, 622 shares authorized, 245
shares issued and outstanding at December 31, 2014 and September 30,
2014
|
|
|
—
|
|
|
|
—
|
|
Class C common stock, $0.0001 par value, 1,097 shares authorized, 20
and 22 shares issued and outstanding at December 31, 2014 and
September 30, 2014, respectively
|
|
|
—
|
|
|
|
—
|
|
Additional paid-in capital
|
|
|
18,200
|
|
|
|
18,299
|
|
Accumulated income
|
|
|
9,732
|
|
|
|
9,131
|
|
Accumulated other comprehensive income (loss), net:
|
|
|
|
|
Investment securities, available-for-sale
|
|
|
11
|
|
|
|
31
|
|
Defined benefit pension and other postretirement plans
|
|
|
(80
|
)
|
|
|
(84
|
)
|
Derivative instruments classified as cash flow hedges
|
|
|
80
|
|
|
|
38
|
|
Foreign currency translation adjustments
|
|
|
(1
|
)
|
|
|
(2
|
)
|
|
|
|
|
|
Total accumulated other comprehensive income (loss), net
|
|
|
10
|
|
|
|
(17
|
)
|
|
|
|
|
|
Total equity
|
|
|
27,942
|
|
|
|
27,413
|
|
|
|
|
|
|
Total liabilities and equity
|
|
$
|
38,884
|
|
|
$
|
38,569
|
|
|
|
|
|
|
|
|
|
|
VISA INC.
|
|
|
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
December 31,
|
|
|
2014
|
|
2013
|
|
|
(in millions, except per share data)
|
Operating Revenues
|
|
|
|
|
Service revenues
|
|
$
|
1,538
|
|
|
$
|
1,419
|
|
Data processing revenues
|
|
|
1,383
|
|
|
|
1,264
|
|
International transaction revenues
|
|
|
970
|
|
|
|
891
|
|
Other revenues
|
|
|
204
|
|
|
|
180
|
|
Client incentives
|
|
|
(713
|
)
|
|
|
(599
|
)
|
|
|
|
|
|
Total operating revenues
|
|
|
3,382
|
|
|
|
3,155
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
Personnel
|
|
|
509
|
|
|
|
470
|
|
Marketing
|
|
|
205
|
|
|
|
186
|
|
Network and processing
|
|
|
114
|
|
|
|
132
|
|
Professional fees
|
|
|
70
|
|
|
|
75
|
|
Depreciation and amortization
|
|
|
120
|
|
|
|
107
|
|
General and administrative
|
|
|
126
|
|
|
|
108
|
|
|
|
|
|
|
Total operating expenses
|
|
|
1,144
|
|
|
|
1,078
|
|
|
|
|
|
|
Operating income
|
|
|
2,238
|
|
|
|
2,077
|
|
|
|
|
|
|
Non-operating income
|
|
|
24
|
|
|
|
6
|
|
|
|
|
|
|
Income before income taxes
|
|
|
2,262
|
|
|
|
2,083
|
|
Income tax provision
|
|
|
693
|
|
|
|
676
|
|
|
|
|
|
|
Net income
|
|
$
|
1,569
|
|
|
$
|
1,407
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
|
|
Class A common stock
|
|
$
|
2.54
|
|
|
$
|
2.21
|
|
|
|
|
|
|
Class B common stock
|
|
$
|
1.05
|
|
|
$
|
0.93
|
|
|
|
|
|
|
Class C common stock
|
|
$
|
2.54
|
|
|
$
|
2.21
|
|
|
|
|
|
|
Basic weighted-average shares outstanding
|
|
|
|
|
Class A common stock
|
|
|
494
|
|
|
|
505
|
|
|
|
|
|
|
Class B common stock
|
|
|
245
|
|
|
|
245
|
|
|
|
|
|
|
Class C common stock
|
|
|
22
|
|
|
|
27
|
|
|
|
|
|
|
Diluted earnings per share
|
|
|
|
|
Class A common stock
|
|
$
|
2.53
|
|
|
$
|
2.20
|
|
|
|
|
|
|
Class B common stock
|
|
$
|
1.04
|
|
|
$
|
0.93
|
|
|
|
|
|
|
Class C common stock
|
|
$
|
2.53
|
|
|
$
|
2.20
|
|
|
|
|
|
|
Diluted weighted-average shares outstanding
|
|
|
|
|
Class A common stock
|
|
|
619
|
|
|
|
639
|
|
|
|
|
|
|
Class B common stock
|
|
|
245
|
|
|
|
245
|
|
|
|
|
|
|
Class C common stock
|
|
|
22
|
|
|
|
27
|
|
|
|
|
|
|
|
|
|
|
VISA INC.
|
|
|
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
(UNAUDITED)
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
2014
|
|
2013
|
|
|
(in millions)
|
Operating Activities
|
|
|
|
|
Net income
|
|
$
|
1,569
|
|
|
$
|
1,407
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
Amortization of client incentives
|
|
|
713
|
|
|
|
599
|
|
Share-based compensation
|
|
|
45
|
|
|
|
45
|
|
Excess tax benefit for share-based compensation
|
|
|
(58
|
)
|
|
|
(54
|
)
|
Depreciation and amortization of property, equipment, technology and
intangible assets
|
|
|
120
|
|
|
|
107
|
|
Deferred income taxes
|
|
|
97
|
|
|
|
19
|
|
Other
|
|
|
(19
|
)
|
|
|
5
|
|
Change in operating assets and liabilities:
|
|
|
|
|
Settlement receivable
|
|
|
286
|
|
|
|
(89
|
)
|
Accounts receivable
|
|
|
(78
|
)
|
|
|
(79
|
)
|
Client incentives
|
|
|
(687
|
)
|
|
|
(616
|
)
|
Other assets
|
|
|
(141
|
)
|
|
|
(77
|
)
|
Accounts payable
|
|
|
10
|
|
|
|
(80
|
)
|
Settlement payable
|
|
|
(477
|
)
|
|
|
21
|
|
Accrued and other liabilities
|
|
|
484
|
|
|
|
334
|
|
Accrued litigation
|
|
|
(103
|
)
|
|
|
(1
|
)
|
Net cash provided by operating activities
|
|
|
1,761
|
|
|
|
1,541
|
|
|
|
|
|
|
Investing Activities
|
|
|
|
|
Purchases of property, equipment, technology and intangible assets
|
|
|
(104
|
)
|
|
|
(120
|
)
|
Investment securities, available-for-sale:
|
|
|
|
|
Purchases
|
|
|
(758
|
)
|
|
|
(754
|
)
|
Proceeds from sales and maturities
|
|
|
226
|
|
|
|
600
|
|
Purchases of / contributions to other investments
|
|
|
—
|
|
|
|
(2
|
)
|
Net cash used in investing activities
|
|
|
(636
|
)
|
|
|
(276
|
)
|
|
|
|
|
|
Financing Activities
|
|
|
|
|
Repurchase of class A common stock
|
|
|
(803
|
)
|
|
|
(1,091
|
)
|
Dividends paid
|
|
|
(297
|
)
|
|
|
(254
|
)
|
Payments from litigation escrow account—retrospective responsibility
plan
|
|
|
100
|
|
|
|
—
|
|
Cash proceeds from exercise of stock options
|
|
|
30
|
|
|
|
38
|
|
Restricted stock and performance-based shares settled in cash for
taxes
|
|
|
(100
|
)
|
|
|
(77
|
)
|
Excess tax benefit for share-based compensation
|
|
|
58
|
|
|
|
54
|
|
Net cash used in financing activities
|
|
|
(1,012
|
)
|
|
|
(1,330
|
)
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
1
|
|
|
|
—
|
|
Increase (decrease) in cash and cash equivalents
|
|
|
114
|
|
|
|
(65
|
)
|
Cash and cash equivalents at beginning of year
|
|
|
1,971
|
|
|
|
2,186
|
|
Cash and cash equivalents at end of period
|
|
$
|
2,085
|
|
|
$
|
2,121
|
|
|
|
|
|
|
Supplemental Disclosure
|
|
|
|
|
Income taxes paid, net of refunds
|
|
$
|
57
|
|
|
$
|
96
|
|
Accruals related to purchases of property, equipment, technology and
intangible assets
|
|
$
|
21
|
|
|
$
|
20
|
|
|
|
|
|
|
|
|
|
|
VISA INC.
|
|
|
|
|
|
|
|
|
|
|
FISCAL 2015 AND 2014 QUARTERLY RESULTS OF OPERATIONS
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal 2015
|
|
|
|
|
Quarter Ended
|
|
Fiscal 2014 Quarter Ended
|
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
|
December 31,
|
|
|
2014
|
|
2014
|
|
2014
|
|
2014
|
|
2013
|
|
|
(in millions)
|
Operating Revenues
|
|
|
|
|
|
|
|
|
|
|
Service revenues
|
|
$
|
1,538
|
|
|
$
|
1,499
|
|
|
$
|
1,417
|
|
|
$
|
1,462
|
|
|
$
|
1,419
|
|
Data processing revenues
|
|
|
1,383
|
|
|
|
1,348
|
|
|
|
1,321
|
|
|
|
1,234
|
|
|
|
1,264
|
|
International transaction revenues
|
|
|
970
|
|
|
|
938
|
|
|
|
860
|
|
|
|
871
|
|
|
|
891
|
|
Other revenues
|
|
|
204
|
|
|
|
212
|
|
|
|
195
|
|
|
|
183
|
|
|
|
180
|
|
Client incentives
|
|
|
(713
|
)
|
|
|
(768
|
)
|
|
|
(638
|
)
|
|
|
(587
|
)
|
|
|
(599
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total operating revenues
|
|
|
3,382
|
|
|
|
3,229
|
|
|
|
3,155
|
|
|
|
3,163
|
|
|
|
3,155
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
Personnel
|
|
|
509
|
|
|
|
496
|
|
|
|
463
|
|
|
|
446
|
|
|
|
470
|
|
Marketing
|
|
|
205
|
|
|
|
241
|
|
|
|
228
|
|
|
|
245
|
|
|
|
186
|
|
Network and processing
|
|
|
114
|
|
|
|
128
|
|
|
|
127
|
|
|
|
120
|
|
|
|
132
|
|
Professional fees
|
|
|
70
|
|
|
|
94
|
|
|
|
82
|
|
|
|
77
|
|
|
|
75
|
|
Depreciation and amortization
|
|
|
120
|
|
|
|
112
|
|
|
|
109
|
|
|
|
107
|
|
|
|
107
|
|
General and administrative
|
|
|
126
|
|
|
|
153
|
|
|
|
126
|
|
|
|
120
|
|
|
|
108
|
|
Litigation provision
|
|
|
—
|
|
|
|
453
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses
|
|
|
1,144
|
|
|
|
1,677
|
|
|
|
1,135
|
|
|
|
1,115
|
|
|
|
1,078
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
2,238
|
|
|
|
1,552
|
|
|
|
2,020
|
|
|
|
2,048
|
|
|
|
2,077
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense)
|
|
|
24
|
|
|
|
(2
|
)
|
|
|
10
|
|
|
|
13
|
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
2,262
|
|
|
|
1,550
|
|
|
|
2,030
|
|
|
|
2,061
|
|
|
|
2,083
|
|
Income tax provision
|
|
|
693
|
|
|
|
477
|
|
|
|
670
|
|
|
|
463
|
|
|
|
676
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
1,569
|
|
|
$
|
1,073
|
|
|
$
|
1,360
|
|
|
$
|
1,598
|
|
|
$
|
1,407
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operational Performance Data
The tables below provide information regarding the available operational
results for the 3 months ended December 31, 2014, as well as the prior
four quarterly reporting periods and the 12 months ended December 31,
2014 and 2013, for cards carrying the Visa, Visa Electron and Interlink
brands. Also included is a table with information on the number of
billable transactions processed on Visa Inc.’s CyberSource network.
1. Branded Volume and Transactions
The 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.
|
|
For the 3 Months Ended December 31, 2014
|
|
|
Total
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Cash
|
|
Growth
|
|
Growth
|
|
Cash
|
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
$
|
510
|
|
3.5
|
%
|
|
7.9
|
%
|
|
$
|
359
|
|
5.7
|
%
|
|
10.6
|
%
|
|
4,171
|
|
$
|
151
|
|
-1.5
|
%
|
|
1.8
|
%
|
|
973
|
Canada
|
|
|
66
|
|
-0.7
|
%
|
|
8.0
|
%
|
|
|
61
|
|
-0.8
|
%
|
|
7.9
|
%
|
|
666
|
|
|
5
|
|
0.3
|
%
|
|
9.1
|
%
|
|
11
|
CEMEA
|
|
|
266
|
|
-6.9
|
%
|
|
16.8
|
%
|
|
|
65
|
|
4.5
|
%
|
|
28.2
|
%
|
|
1,609
|
|
|
201
|
|
-10.1
|
%
|
|
13.5
|
%
|
|
1,220
|
LAC
|
|
|
286
|
|
-0.4
|
%
|
|
13.7
|
%
|
|
|
109
|
|
-0.7
|
%
|
|
15.2
|
%
|
|
2,696
|
|
|
177
|
|
-0.2
|
%
|
|
12.8
|
%
|
|
1,130
|
US
|
|
|
771
|
|
9.3
|
%
|
|
9.3
|
%
|
|
|
651
|
|
10.1
|
%
|
|
10.1
|
%
|
|
12,584
|
|
|
121
|
|
5.2
|
%
|
|
5.2
|
%
|
|
914
|
Visa Inc.
|
|
|
1,900
|
|
3.3
|
%
|
|
10.5
|
%
|
|
|
1,245
|
|
6.9
|
%
|
|
11.4
|
%
|
|
21,726
|
|
|
655
|
|
-2.8
|
%
|
|
8.8
|
%
|
|
4,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
341
|
|
13.7
|
%
|
|
13.7
|
%
|
|
$
|
327
|
|
13.8
|
%
|
|
13.8
|
%
|
|
3,954
|
|
$
|
13
|
|
10.1
|
%
|
|
10.1
|
%
|
|
16
|
International
|
|
|
511
|
|
1.8
|
%
|
|
11.1
|
%
|
|
|
467
|
|
3.8
|
%
|
|
12.0
|
%
|
|
5,759
|
|
|
44
|
|
-15.9
|
%
|
|
2.5
|
%
|
|
189
|
Visa Inc.
|
|
|
852
|
|
6.2
|
%
|
|
12.1
|
%
|
|
|
794
|
|
7.7
|
%
|
|
12.8
|
%
|
|
9,713
|
|
|
58
|
|
-11.0
|
%
|
|
4.1
|
%
|
|
205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
431
|
|
6.1
|
%
|
|
6.1
|
%
|
|
$
|
323
|
|
6.5
|
%
|
|
6.5
|
%
|
|
8,630
|
|
$
|
108
|
|
4.7
|
%
|
|
4.7
|
%
|
|
898
|
International
|
|
|
617
|
|
-2.1
|
%
|
|
11.5
|
%
|
|
|
127
|
|
3.0
|
%
|
|
15.9
|
%
|
|
3,384
|
|
|
490
|
|
-3.3
|
%
|
|
10.4
|
%
|
|
3,146
|
Visa Inc.
|
|
|
1,048
|
|
1.1
|
%
|
|
9.2
|
%
|
|
|
450
|
|
5.5
|
%
|
|
9.0
|
%
|
|
12,014
|
|
|
597
|
|
-2.0
|
%
|
|
9.3
|
%
|
|
4,044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3 Months Ended September 30, 2014
|
|
|
Total
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Cash
|
|
Growth
|
|
Growth
|
|
Cash
|
|
|
|
|
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Accounts
|
|
Cards
|
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
(millions)
|
|
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
$
|
506
|
|
9.1
|
%
|
|
9.1
|
%
|
|
$
|
352
|
|
12.0
|
%
|
|
11.9
|
%
|
|
4,001
|
|
$
|
154
|
|
3.2
|
%
|
|
3.2
|
%
|
|
960
|
|
677
|
|
774
|
Canada
|
|
|
66
|
|
2.0
|
%
|
|
7.4
|
%
|
|
|
61
|
|
1.7
|
%
|
|
7.0
|
%
|
|
651
|
|
|
5
|
|
5.5
|
%
|
|
11.0
|
%
|
|
12
|
|
40
|
|
47
|
CEMEA
|
|
|
280
|
|
5.9
|
%
|
|
15.0
|
%
|
|
|
68
|
|
18.0
|
%
|
|
26.5
|
%
|
|
1,489
|
|
|
213
|
|
2.5
|
%
|
|
11.7
|
%
|
|
1,173
|
|
321
|
|
318
|
LAC
|
|
|
276
|
|
6.6
|
%
|
|
12.1
|
%
|
|
|
105
|
|
7.4
|
%
|
|
14.4
|
%
|
|
2,496
|
|
|
171
|
|
6.1
|
%
|
|
10.8
|
%
|
|
1,056
|
|
417
|
|
448
|
US
|
|
|
756
|
|
9.2
|
%
|
|
9.2
|
%
|
|
|
632
|
|
9.8
|
%
|
|
9.8
|
%
|
|
12,319
|
|
|
124
|
|
6.0
|
%
|
|
6.0
|
%
|
|
950
|
|
589
|
|
754
|
Visa Inc.
|
|
|
1,884
|
|
8.0
|
%
|
|
10.3
|
%
|
|
|
1,217
|
|
10.2
|
%
|
|
11.5
|
%
|
|
20,955
|
|
|
667
|
|
4.2
|
%
|
|
8.3
|
%
|
|
4,151
|
|
2,043
|
|
2,341
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
327
|
|
12.7
|
%
|
|
12.7
|
%
|
|
$
|
313
|
|
12.7
|
%
|
|
12.7
|
%
|
|
3,733
|
|
$
|
14
|
|
11.8
|
%
|
|
11.8
|
%
|
|
17
|
|
230
|
|
304
|
International
|
|
|
506
|
|
7.7
|
%
|
|
10.5
|
%
|
|
|
458
|
|
9.0
|
%
|
|
11.4
|
%
|
|
5,555
|
|
|
49
|
|
-3.7
|
%
|
|
2.8
|
%
|
|
192
|
|
484
|
|
545
|
Visa Inc.
|
|
|
833
|
|
9.6
|
%
|
|
11.3
|
%
|
|
|
771
|
|
10.5
|
%
|
|
11.9
|
%
|
|
9,288
|
|
|
62
|
|
-0.6
|
%
|
|
4.7
|
%
|
|
209
|
|
714
|
|
850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
429
|
|
6.7
|
%
|
|
6.7
|
%
|
|
$
|
319
|
|
7.1
|
%
|
|
7.1
|
%
|
|
8,586
|
|
$
|
110
|
|
5.3
|
%
|
|
5.3
|
%
|
|
933
|
|
359
|
|
450
|
International
|
|
|
622
|
|
6.9
|
%
|
|
11.7
|
%
|
|
|
127
|
|
16.7
|
%
|
|
20.8
|
%
|
|
3,081
|
|
|
495
|
|
4.6
|
%
|
|
9.5
|
%
|
|
3,009
|
|
970
|
|
1,042
|
Visa Inc.
|
|
|
1,051
|
|
6.8
|
%
|
|
9.6
|
%
|
|
|
446
|
|
9.7
|
%
|
|
10.7
|
%
|
|
11,667
|
|
|
605
|
|
4.8
|
%
|
|
8.7
|
%
|
|
3,942
|
|
1,330
|
|
1,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3 Months Ended June 30, 2014
|
|
|
Total
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Cash
|
|
Growth
|
|
Growth
|
|
Cash
|
|
|
|
|
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Accounts
|
|
Cards
|
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
(millions)
|
|
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
$
|
488
|
|
7.1
|
%
|
|
9.6
|
%
|
|
$
|
338
|
|
11.1
|
%
|
|
12.3
|
%
|
|
3,821
|
|
$
|
151
|
|
-1.0
|
%
|
|
3.9
|
%
|
|
910
|
|
658
|
|
754
|
Canada
|
|
|
65
|
|
0.6
|
%
|
|
7.6
|
%
|
|
|
60
|
|
1.1
|
%
|
|
8.2
|
%
|
|
627
|
|
|
5
|
|
-5.2
|
%
|
|
1.5
|
%
|
|
12
|
|
39
|
|
46
|
CEMEA
|
|
|
276
|
|
5.0
|
%
|
|
13.9
|
%
|
|
|
65
|
|
18.1
|
%
|
|
26.8
|
%
|
|
1,389
|
|
|
212
|
|
1.6
|
%
|
|
10.5
|
%
|
|
1,196
|
|
313
|
|
310
|
LAC
|
|
|
266
|
|
-1.3
|
%
|
|
9.6
|
%
|
|
|
101
|
|
0.3
|
%
|
|
12.4
|
%
|
|
2,408
|
|
|
165
|
|
-2.3
|
%
|
|
8.0
|
%
|
|
1,013
|
|
418
|
|
446
|
US
|
|
|
750
|
|
9.4
|
%
|
|
9.4
|
%
|
|
|
628
|
|
10.1
|
%
|
|
10.1
|
%
|
|
12,223
|
|
|
122
|
|
5.8
|
%
|
|
5.8
|
%
|
|
941
|
|
580
|
|
743
|
Visa Inc.
|
|
|
1,845
|
|
6.1
|
%
|
|
10.1
|
%
|
|
|
1,191
|
|
9.4
|
%
|
|
11.6
|
%
|
|
20,467
|
|
|
654
|
|
0.7
|
%
|
|
7.3
|
%
|
|
4,071
|
|
2,007
|
|
2,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
316
|
|
12.1
|
%
|
|
12.1
|
%
|
|
$
|
304
|
|
12.3
|
%
|
|
12.3
|
%
|
|
3,574
|
|
$
|
13
|
|
8.3
|
%
|
|
8.3
|
%
|
|
16
|
|
223
|
|
296
|
International
|
|
|
489
|
|
5.7
|
%
|
|
10.1
|
%
|
|
|
440
|
|
7.0
|
%
|
|
11.0
|
%
|
|
5,366
|
|
|
49
|
|
-4.3
|
%
|
|
2.4
|
%
|
|
199
|
|
478
|
|
536
|
Visa Inc.
|
|
|
805
|
|
8.2
|
%
|
|
10.9
|
%
|
|
|
744
|
|
9.1
|
%
|
|
11.5
|
%
|
|
8,940
|
|
|
62
|
|
-2.0
|
%
|
|
3.5
|
%
|
|
215
|
|
701
|
|
832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
433
|
|
7.4
|
%
|
|
7.4
|
%
|
|
$
|
325
|
|
8.0
|
%
|
|
8.0
|
%
|
|
8,648
|
|
$
|
109
|
|
5.6
|
%
|
|
5.6
|
%
|
|
925
|
|
356
|
|
447
|
International
|
|
|
607
|
|
2.7
|
%
|
|
10.9
|
%
|
|
|
123
|
|
15.0
|
%
|
|
22.8
|
%
|
|
2,879
|
|
|
484
|
|
0.0
|
%
|
|
8.2
|
%
|
|
2,932
|
|
950
|
|
1,020
|
Visa Inc.
|
|
|
1,040
|
|
4.6
|
%
|
|
9.4
|
%
|
|
|
448
|
|
9.9
|
%
|
|
11.7
|
%
|
|
11,527
|
|
|
593
|
|
1.0
|
%
|
|
7.7
|
%
|
|
3,856
|
|
1,307
|
|
1,467
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3 Months Ended March 31, 2014
|
|
|
Total
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Cash
|
|
Growth
|
|
Growth
|
|
Cash
|
|
|
|
|
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Accounts
|
|
Cards
|
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
(millions)
|
|
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
$
|
481
|
|
7.1
|
%
|
|
11.6
|
%
|
|
$
|
328
|
|
10.9
|
%
|
|
14.9
|
%
|
|
3,574
|
|
$
|
153
|
|
-0.3
|
%
|
|
5.0
|
%
|
|
878
|
|
642
|
|
738
|
Canada
|
|
|
57
|
|
0.8
|
%
|
|
10.3
|
%
|
|
|
52
|
|
0.7
|
%
|
|
10.1
|
%
|
|
552
|
|
|
5
|
|
2.3
|
%
|
|
11.9
|
%
|
|
11
|
|
37
|
|
44
|
CEMEA
|
|
|
252
|
|
4.1
|
%
|
|
14.1
|
%
|
|
|
59
|
|
16.4
|
%
|
|
28.0
|
%
|
|
1,252
|
|
|
194
|
|
0.9
|
%
|
|
10.5
|
%
|
|
1,105
|
|
306
|
|
307
|
LAC
|
|
|
250
|
|
-4.7
|
%
|
|
11.4
|
%
|
|
|
95
|
|
-4.0
|
%
|
|
13.9
|
%
|
|
2,367
|
|
|
155
|
|
-5.1
|
%
|
|
9.9
|
%
|
|
984
|
|
411
|
|
439
|
US
|
|
|
690
|
|
8.0
|
%
|
|
8.0
|
%
|
|
|
575
|
|
8.6
|
%
|
|
8.6
|
%
|
|
11,142
|
|
|
115
|
|
5.1
|
%
|
|
5.1
|
%
|
|
875
|
|
568
|
|
726
|
Visa Inc.
|
|
|
1,730
|
|
4.9
|
%
|
|
10.4
|
%
|
|
|
1,108
|
|
8.0
|
%
|
|
11.8
|
%
|
|
18,888
|
|
|
622
|
|
-0.2
|
%
|
|
7.9
|
%
|
|
3,854
|
|
1,963
|
|
2,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
281
|
|
10.2
|
%
|
|
10.2
|
%
|
|
$
|
270
|
|
10.6
|
%
|
|
10.6
|
%
|
|
3,148
|
|
$
|
12
|
|
1.4
|
%
|
|
1.4
|
%
|
|
14
|
|
215
|
|
283
|
International
|
|
|
463
|
|
4.9
|
%
|
|
12.3
|
%
|
|
|
417
|
|
6.0
|
%
|
|
13.3
|
%
|
|
5,069
|
|
|
46
|
|
-3.9
|
%
|
|
4.1
|
%
|
|
176
|
|
474
|
|
533
|
Visa Inc.
|
|
|
744
|
|
6.9
|
%
|
|
11.5
|
%
|
|
|
687
|
|
7.8
|
%
|
|
12.2
|
%
|
|
8,217
|
|
|
57
|
|
-2.8
|
%
|
|
3.6
|
%
|
|
191
|
|
688
|
|
817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
409
|
|
6.5
|
%
|
|
6.5
|
%
|
|
$
|
305
|
|
6.8
|
%
|
|
6.8
|
%
|
|
7,994
|
|
$
|
103
|
|
5.6
|
%
|
|
5.6
|
%
|
|
861
|
|
353
|
|
442
|
International
|
|
|
577
|
|
1.4
|
%
|
|
11.9
|
%
|
|
|
115
|
|
13.1
|
%
|
|
24.8
|
%
|
|
2,677
|
|
|
461
|
|
-1.1
|
%
|
|
9.0
|
%
|
|
2,802
|
|
922
|
|
994
|
Visa Inc.
|
|
|
985
|
|
3.5
|
%
|
|
9.6
|
%
|
|
|
421
|
|
8.4
|
%
|
|
11.2
|
%
|
|
10,670
|
|
|
565
|
|
0.0
|
%
|
|
8.4
|
%
|
|
3,663
|
|
1,275
|
|
1,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 3 Months Ended December 31, 2013
|
|
|
Total
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Cash
|
|
Growth
|
|
Growth
|
|
Cash
|
|
|
|
|
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Accounts
|
|
Cards
|
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
(millions)
|
|
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
$
|
493
|
|
7.5
|
%
|
|
12.8
|
%
|
|
$
|
339
|
|
8.3
|
%
|
|
14.4
|
%
|
|
3,677
|
|
$
|
154
|
|
5.8
|
%
|
|
9.4
|
%
|
|
890
|
|
622
|
|
721
|
Canada
|
|
|
66
|
|
-0.1
|
%
|
|
5.5
|
%
|
|
|
62
|
|
-0.2
|
%
|
|
5.5
|
%
|
|
609
|
|
|
5
|
|
0.3
|
%
|
|
6.0
|
%
|
|
11
|
|
36
|
|
43
|
CEMEA
|
|
|
286
|
|
9.3
|
%
|
|
12.7
|
%
|
|
|
62
|
|
23.0
|
%
|
|
27.0
|
%
|
|
1,231
|
|
|
223
|
|
6.0
|
%
|
|
9.2
|
%
|
|
1,176
|
|
300
|
|
300
|
LAC
|
|
|
287
|
|
1.9
|
%
|
|
10.0
|
%
|
|
|
110
|
|
5.5
|
%
|
|
14.4
|
%
|
|
2,506
|
|
|
177
|
|
-0.2
|
%
|
|
7.5
|
%
|
|
1,066
|
|
407
|
|
437
|
US
|
|
|
706
|
|
7.8
|
%
|
|
7.8
|
%
|
|
|
591
|
|
8.5
|
%
|
|
8.5
|
%
|
|
11,591
|
|
|
115
|
|
4.3
|
%
|
|
4.3
|
%
|
|
895
|
|
561
|
|
719
|
Visa Inc.
|
|
|
1,838
|
|
6.7
|
%
|
|
10.0
|
%
|
|
|
1,164
|
|
8.3
|
%
|
|
11.2
|
%
|
|
19,615
|
|
|
674
|
|
3.9
|
%
|
|
7.8
|
%
|
|
4,038
|
|
1,926
|
|
2,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
300
|
|
9.3
|
%
|
|
9.3
|
%
|
|
$
|
288
|
|
9.6
|
%
|
|
9.6
|
%
|
|
3,446
|
|
$
|
12
|
|
2.6
|
%
|
|
2.6
|
%
|
|
16
|
|
212
|
|
280
|
International
|
|
|
502
|
|
5.2
|
%
|
|
11.1
|
%
|
|
|
450
|
|
5.7
|
%
|
|
12.1
|
%
|
|
5,294
|
|
|
53
|
|
0.4
|
%
|
|
2.4
|
%
|
|
196
|
|
472
|
|
531
|
Visa Inc.
|
|
|
802
|
|
6.7
|
%
|
|
10.4
|
%
|
|
|
737
|
|
7.2
|
%
|
|
11.1
|
%
|
|
8,740
|
|
|
65
|
|
0.8
|
%
|
|
2.4
|
%
|
|
213
|
|
684
|
|
811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
406
|
|
6.7
|
%
|
|
6.7
|
%
|
|
$
|
303
|
|
7.5
|
%
|
|
7.5
|
%
|
|
8,145
|
|
$
|
103
|
|
4.5
|
%
|
|
4.5
|
%
|
|
879
|
|
348
|
|
439
|
International
|
|
|
630
|
|
6.7
|
%
|
|
12.0
|
%
|
|
|
124
|
|
18.0
|
%
|
|
24.2
|
%
|
|
2,730
|
|
|
506
|
|
4.2
|
%
|
|
9.3
|
%
|
|
2,947
|
|
893
|
|
970
|
Visa Inc.
|
|
|
1,036
|
|
6.7
|
%
|
|
9.7
|
%
|
|
|
427
|
|
10.3
|
%
|
|
11.5
|
%
|
|
10,875
|
|
|
609
|
|
4.3
|
%
|
|
8.4
|
%
|
|
3,826
|
|
1,241
|
|
1,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 12 Months Ended December 31, 2014
|
|
|
Total
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Cash
|
|
Growth
|
|
Growth
|
|
Cash
|
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
$
|
1,986
|
|
6.6
|
%
|
|
9.5
|
%
|
|
$
|
1,376
|
|
9.8
|
%
|
|
12.4
|
%
|
|
15,567
|
|
$
|
610
|
|
0.1
|
%
|
|
3.5
|
%
|
|
3,722
|
Canada
|
|
|
254
|
|
0.7
|
%
|
|
8.2
|
%
|
|
|
234
|
|
0.7
|
%
|
|
8.2
|
%
|
|
2,495
|
|
|
20
|
|
0.6
|
%
|
|
8.2
|
%
|
|
46
|
CEMEA
|
|
|
1,075
|
|
1.8
|
%
|
|
14.9
|
%
|
|
|
256
|
|
13.9
|
%
|
|
27.3
|
%
|
|
5,739
|
|
|
819
|
|
-1.5
|
%
|
|
11.5
|
%
|
|
4,694
|
LAC
|
|
|
1,078
|
|
0.0
|
%
|
|
11.7
|
%
|
|
|
410
|
|
0.7
|
%
|
|
14.0
|
%
|
|
9,966
|
|
|
668
|
|
-0.4
|
%
|
|
10.4
|
%
|
|
4,183
|
US
|
|
|
2,967
|
|
9.0
|
%
|
|
9.0
|
%
|
|
|
2,485
|
|
9.7
|
%
|
|
9.7
|
%
|
|
48,268
|
|
|
482
|
|
5.6
|
%
|
|
5.6
|
%
|
|
3,680
|
Visa Inc.
|
|
|
7,359
|
|
5.6
|
%
|
|
10.3
|
%
|
|
|
4,761
|
|
8.6
|
%
|
|
11.6
|
%
|
|
82,036
|
|
|
2,598
|
|
0.4
|
%
|
|
8.1
|
%
|
|
16,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
1,265
|
|
12.2
|
%
|
|
12.2
|
%
|
|
$
|
1,213
|
|
12.4
|
%
|
|
12.4
|
%
|
|
14,409
|
|
$
|
52
|
|
8.0
|
%
|
|
8.0
|
%
|
|
64
|
International
|
|
|
1,970
|
|
5.0
|
%
|
|
11.0
|
%
|
|
|
1,782
|
|
6.4
|
%
|
|
11.9
|
%
|
|
21,749
|
|
|
187
|
|
-7.1
|
%
|
|
2.9
|
%
|
|
756
|
Visa Inc.
|
|
|
3,234
|
|
7.7
|
%
|
|
11.5
|
%
|
|
|
2,995
|
|
8.8
|
%
|
|
12.1
|
%
|
|
36,158
|
|
|
239
|
|
-4.2
|
%
|
|
4.0
|
%
|
|
819
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
1,702
|
|
6.7
|
%
|
|
6.7
|
%
|
|
$
|
1,272
|
|
7.1
|
%
|
|
7.1
|
%
|
|
33,859
|
|
$
|
430
|
|
5.3
|
%
|
|
5.3
|
%
|
|
3,616
|
International
|
|
|
2,423
|
|
2.2
|
%
|
|
11.5
|
%
|
|
|
493
|
|
11.6
|
%
|
|
20.8
|
%
|
|
12,019
|
|
|
1,930
|
|
0.0
|
%
|
|
9.3
|
%
|
|
11,889
|
Visa Inc.
|
|
|
4,125
|
|
4.0
|
%
|
|
9.4
|
%
|
|
|
1,765
|
|
8.3
|
%
|
|
10.6
|
%
|
|
45,878
|
|
|
2,359
|
|
0.9
|
%
|
|
8.5
|
%
|
|
15,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the 12 Months Ended December 31, 2013
|
|
|
Total
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Growth
|
|
Growth
|
|
Payments
|
|
Cash
|
|
Growth
|
|
Growth
|
|
Cash
|
|
|
|
|
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Volume
|
|
(Nominal
|
|
(Constant
|
|
Transactions
|
|
Accounts
|
|
Cards
|
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
($ billions)
|
|
USD)
|
|
USD)
|
|
(millions)
|
|
(millions)
|
|
(millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Visa Credit & Debit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asia Pacific
|
|
$
|
1,862
|
|
9.1
|
%
|
|
12.9
|
%
|
|
$
|
1,253
|
|
9.1
|
%
|
|
14.0
|
%
|
|
13,703
|
|
$
|
609
|
|
9.0
|
%
|
|
10.7
|
%
|
|
3,316
|
|
622
|
|
721
|
Canada
|
|
|
252
|
|
2.5
|
%
|
|
5.4
|
%
|
|
|
232
|
|
2.8
|
%
|
|
5.8
|
%
|
|
2,268
|
|
|
20
|
|
-1.6
|
%
|
|
1.1
|
%
|
|
44
|
|
36
|
|
43
|
CEMEA
|
|
|
1,056
|
|
12.4
|
%
|
|
15.3
|
%
|
|
|
225
|
|
26.3
|
%
|
|
30.5
|
%
|
|
4,331
|
|
|
831
|
|
9.1
|
%
|
|
11.8
|
%
|
|
4,513
|
|
300
|
|
300
|
LAC
|
|
|
1,078
|
|
4.4
|
%
|
|
11.1
|
%
|
|
|
407
|
|
7.7
|
%
|
|
15.7
|
%
|
|
9,400
|
|
|
671
|
|
2.4
|
%
|
|
8.5
|
%
|
|
3,965
|
|
407
|
|
437
|
US
|
|
|
2,723
|
|
7.8
|
%
|
|
7.8
|
%
|
|
|
2,267
|
|
8.6
|
%
|
|
8.6
|
%
|
|
44,571
|
|
|
456
|
|
3.7
|
%
|
|
3.7
|
%
|
|
3,576
|
|
561
|
|
719
|
Visa Inc.
|
|
|
6,971
|
|
8.0
|
%
|
|
10.5
|
%
|
|
|
4,383
|
|
9.1
|
%
|
|
11.4
|
%
|
|
74,273
|
|
|
2,587
|
|
6.2
|
%
|
|
9.0
|
%
|
|
15,415
|
|
1,926
|
|
2,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Credit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
1,127
|
|
9.9
|
%
|
|
9.9
|
%
|
|
$
|
1,079
|
|
9.9
|
%
|
|
9.9
|
%
|
|
12,800
|
|
$
|
48
|
|
8.7
|
%
|
|
8.7
|
%
|
|
62
|
|
212
|
|
280
|
International
|
|
|
1,876
|
|
6.6
|
%
|
|
11.3
|
%
|
|
|
1,675
|
|
7.2
|
%
|
|
12.4
|
%
|
|
19,928
|
|
|
201
|
|
2.1
|
%
|
|
3.2
|
%
|
|
772
|
|
472
|
|
531
|
Visa Inc.
|
|
|
3,003
|
|
7.8
|
%
|
|
10.8
|
%
|
|
|
2,754
|
|
8.3
|
%
|
|
11.4
|
%
|
|
32,728
|
|
|
249
|
|
3.3
|
%
|
|
4.3
|
%
|
|
834
|
|
684
|
|
811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Visa Debit Programs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
|
$
|
1,596
|
|
6.3
|
%
|
|
6.3
|
%
|
|
$
|
1,188
|
|
7.4
|
%
|
|
7.4
|
%
|
|
31,771
|
|
$
|
408
|
|
3.2
|
%
|
|
3.2
|
%
|
|
3,514
|
|
348
|
|
439
|
International
|
|
|
2,371
|
|
9.5
|
%
|
|
13.5
|
%
|
|
|
442
|
|
20.2
|
%
|
|
25.2
|
%
|
|
9,774
|
|
|
1,930
|
|
7.3
|
%
|
|
11.1
|
%
|
|
11,067
|
|
893
|
|
970
|
Visa Inc.
|
|
|
3,967
|
|
8.2
|
%
|
|
10.4
|
%
|
|
|
1,629
|
|
10.6
|
%
|
|
11.5
|
%
|
|
41,546
|
|
|
2,338
|
|
6.5
|
%
|
|
9.5
|
%
|
|
14,580
|
|
1,241
|
|
1,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. Cross-Border Volume
The table below represents cross-border volume growth for cards carrying
the Visa, Visa Electron, Interlink and PLUS brands. Cross-border volume
refers to payments and cash volume where the issuing country is
different from the merchant country.
|
|
Growth
|
|
Growth
|
|
|
(Nominal
|
|
(Constant
|
Period
|
|
USD)
|
|
USD)
|
|
|
|
|
|
3 Months Ended
|
|
|
|
|
Dec 31, 2014
|
|
4%
|
|
8%
|
Sep 30, 2014
|
|
9%
|
|
10%
|
Jun 30, 2014
|
|
6%
|
|
7%
|
Mar 31, 2014
|
|
5%
|
|
8%
|
Dec 31, 2013
|
|
11%
|
|
12%
|
|
|
|
|
|
12 Months Ended
|
|
|
|
|
Dec 31, 2014
|
|
6%
|
|
8%
|
Dec 31, 2013
|
|
10%
|
|
11%
|
|
|
|
|
|
3. Visa Processed Transactions
The table below represents transactions involving Visa, Visa Electron,
Interlink and PLUS cards processed on Visa’s networks. CyberSource
transactions are not included in this table, and are reported in the
next section.
|
|
Processed
|
|
|
|
|
Transactions
|
|
|
Period
|
|
(millions)
|
|
Growth
|
|
|
|
|
|
3 Months Ended
|
|
|
|
|
Dec 31, 2014
|
|
17,599
|
|
10%
|
Sep 30, 2014
|
|
16,991
|
|
10%
|
Jun 30, 2014
|
|
16,662
|
|
11%
|
Mar 31, 2014
|
|
15,354
|
|
11%
|
Dec 31, 2013
|
|
15,985
|
|
13%
|
|
|
|
|
|
12 Months Ended
|
|
|
|
|
Dec 31, 2014
|
|
66,607
|
|
10%
|
Dec 31, 2013
|
|
60,298
|
|
12%
|
|
|
|
|
|
4. CyberSource Transactions
The table below represents billable transactions processed on Visa
Inc.’s CyberSource network.
|
|
Billable
|
|
|
|
|
Transactions
|
|
|
Period
|
|
(millions)
|
|
Growth
|
|
|
|
|
|
3 Months Ended
|
|
|
|
|
Dec 31, 2014
|
|
2,192
|
|
16%
|
Sep 30, 2014
|
|
1,905
|
|
12%
|
Jun 30, 2014
|
|
1,890
|
|
15%
|
Mar 31, 2014
|
|
1,859
|
|
16%
|
Dec 31, 2013
|
|
1,894
|
|
20%
|
|
|
|
|
|
12 Months Ended
|
|
|
|
|
Dec 31, 2014
|
|
7,847
|
|
15%
|
Dec 31, 2013
|
|
6,846
|
|
24%
|
|
|
|
|
|
Footnote
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 based on results reported quarterly by Visa’s
financial institution clients on their operating certificates. Estimates
may be utilized if data is unavailable.
On occasion, previously presented information may be updated. Prior
period updates, if any, are not material.
Visa’s CEMEA region is comprised of countries in Central Europe, the
Middle East and Africa. Effective with the 3 months ended September
2013, Croatia moved from the CEMEA region to Visa Europe. 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. International 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.

Source: Visa Inc.