Visa Inc. Reports Fiscal First Quarter 2013 Net Income of $1.3 billion or $1.93 per diluted share and Authorizes New $1.75

  Visa Inc. Reports Fiscal First Quarter 2013 Net Income of $1.3 billion or
  $1.93 per diluted share and Authorizes New $1.75 Billion Share Repurchase
                                   Program

PR Newswire

FOSTER CITY, Calif., Feb. 6, 2013

FOSTER CITY, Calif., Feb.6, 2013 /PRNewswire/ --

  oBroad-based net revenue growth of 12%
  oEarnings per share of $1.93 includes a catch-up tax benefit effect of
    approximately $0.11 per share
  oNew share repurchase authorization on top of remainder at December 31,
    2012 brings outstanding authorization to about $2.9 billion

Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal
first quarter 2013 ended December 31, 2012. Net income for the quarter was
$1.3 billion, an increase of 26% over the prior year, or $1.93 per share, an
increase of 30% over the prior year. These results included a catch-up tax
benefit effect resulting from new guidance on apportionment rules from the
State of California, areconsistent with our full-year tax and earnings per
share guidance, and represent about 11 cents of earnings per share for the
quarter. All references to earnings per share assume fully diluted class A
share count unless otherwise noted.

Net operating revenue in the first quarter of fiscal 2013 was $2.8 billion, an
increase of 12% over the prior year, driven by strong growth in service
revenues, data processing revenues and international transaction revenues.
There was no significant impact on current quarter results related to the
strengthening or weakening of the U.S. dollar over the prior year.

"Visa again delivered a strong quarter of revenue and earnings driven by
success across our global franchise," said Charlie Scharf, Chief Executive
Officer. "Our results include significant continued investments in our core
business, accelerating international expansion and the deployment of
next-generation payment solutions for the benefit of our financial institution
and merchant partners." Added Scharf, "We have been committed to using our
capital wisely and that includes returning capital to stockholders through
dividends and share repurchases. The board's decision to increase Visa's
repurchase authorization continues that commitment, supported by confidence we
havein our future."

Fiscal First Quarter 2013 Financial Highlights:

Payments volume growth, on a constant dollar basis, for the three months ended
September 30, 2012, on which fiscal first quarter service revenue is
recognized, was 6% over the prior year at $1.0 trillion.

Payments volume growth, on a constant dollar basis, for the three months ended
December 31, 2012, was 9% over the prior year at $1.1 trillion.

Cross-border volume growth, on a constant dollar basis, was 11% for the three
months ended December 31, 2012.

Total processed transactions, which represent transactions processed by
VisaNet, for the three months ended December 31, 2012, were 14.2 billion, a 4%
increase over the prior year.

Fiscal first quarter 2013 service revenues were $1.3 billion, 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 17% over the prior year to
$1.1 billion. International transaction revenues, which are driven by
cross-border activity, grew 8% over the prior year to $805 million. Other
revenues, which include the Visa Europe licensing fee, were $179 million, a 1%
increase over the prior year. Client incentives, which are a contra revenue
item, were $553 million and represent 16% of gross revenues.

Total operating expenses were $1.0 billion for the quarter, a 13% increase
over the prior year, primarily due to higher personnel and professional fees
associated with investments in technology projects to support our growth
initiatives.

Theeffective tax rate was 28.2% for the quarter ended December 31, 2012. This
rate was positively impacted by a tax benefit recognized during the quarter as
a result of new guidance issued by the State of California regarding
apportionment rules for years prior to fiscal 2012.

Cash, cash equivalents, and available-for-sale investment securities were $6.1
billion at December 31, 2012.

The weighted-average number of diluted class A common stock outstanding was
669 million.

Notable Events:

Under the terms of the class settlement agreement in the Multidistrict
Litigation Proceedings (MDL) 1720, in December 2012, the Company paid
approximately $4.0 billion from the litigation escrow account into a
settlement fund established pursuant to the definitive class settlement
agreement. Additionally, in October 2012, the Company made a payment of $350
million to the individual plaintiffs' settlement fund.

During the three months ended December 31, 2012, the Company repurchased
approximately 9 million shares of classA common stock, at an average price of
$145.40 per share, using $1.3 billion of cash on hand.

The Company's Board of Directors has authorized a new $1.75 billion class A
share repurchase program. The authorization will be in place through January
2014, and is subject to further change at the discretion of the Board.

As announced on January 30, 2013 the Board of Directors declared a quarterly
dividend in the aggregate amount of $0.33 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 5, 2013, to all holders of record of the Company's
class A, class B and class C common stock as of February 15, 2013.

On January 30, 2013, the Company held its 2013 annual meeting of stockholders
during which holders of the Company's class A common stock at the close of
business on December4, 2012 voted on the four proposals enumerated in the
Company's proxy statement. All of management's proposals were approved, but
the single stockholder proposal failed to pass.

Financial Outlook:

Visa Inc. updates its financial outlook for the following metric for fiscal
2013:

  oAnnual free cash flow: About $6 billion. This increase is attributable to
    tax benefits to be realized during fiscal 2013 related to non-recurring
    litigation escrow payments of approximately $4.4 billion made during the
    fiscal first quarter.

Visa Inc. affirms its financial outlook for the following metrics forfiscal
2013:

  oAnnual net revenue growth: Low double digits;
  oClient incentives as a percent of gross revenues: 18% to 18.5% range;
  oMarketing expenses: Under $1 billion;
  oAnnual operating margin: About 60%;
  oTax rate: 30% to 32% range;
  oAdjusted annual diluted class A common stock earnings per share growth:
    High teens; and
  oCapital expenditures: $425 million to $475 million range.

Fiscal First Quarter 2013 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. 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 digital currency. Underpinning
digital currency is one of the world's most advanced processing
networks-VisaNet-that is capable of handling more than 24,000 transaction
messages a second, with fraud protection for consumers and guaranteed 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, ahead of time with prepaid or later with credit products. For more
information, visit http://www.corporate.visa.com.

Forward Looking Statements:

This press release contains forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. These statements
can be identified by the terms "continue," "expect," "will," and similar
references to the future. Examples of such forward-looking statements include,
but are not limited to, statements we make about our revenue, earnings per
share, incentive payments, expenses, operating margin, tax rate, capital
expenditures and 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 neither statements of historical fact nor guarantees
of future performance and (iii)are subject to risks, uncertainties,
assumptions and changes in circumstances that are difficult to predict or
quantify. Therefore, actual results could differ materially and adversely
from those forward-looking statements because of a variety of factors,
including the following:

  othe impact of laws, regulations and marketplace barriers, including:

       orules capping debit interchange reimbursement fees promulgated under
         the U.S. Wall Street Reform and Consumer Protection Act, or the
         Dodd-Frank Act;
       orules under the Dodd-Frank Act expanding issuers' and merchants'
         choice among debit payment networks;
       oincreased regulation outside the United States and in other product
         categories;
       oincreased government support of national payment networks outside the
         United States; and
       orules about consumer privacy and data use and security;

  odevelopments in litigation and government enforcement, including:

       othose affecting interchange reimbursement fees, antitrust and tax;
         and
       oour failure to satisfy the conditions necessary to make the
         multidistrict litigation settlement effective;

  oeconomic factors, such as:

       oan increase or spread of the current European crisis involving
         sovereign debt and the euro;
       othe failure to raise the "debt ceiling" in the United States and its
         repercussions;
       ocross-border activity and currency exchange rates;
       omaterial changes in our clients' performance compared to our
         estimates; and
       oother global economic, political and health conditions.

  oindustry developments, such as competitive pressure, rapid technological
    developments, and disintermediation from the payments value stream;
  osystem developments, such as:

       odisruption of our transaction processing systems or the inability to
         process transactions efficiently;
       oaccount data breaches or increased fraudulent or other illegal
         activities involving our cards; and
       oissues arising at Visa Europe, including failure to maintain
         interoperability between our systems;

  ocosts and liquidity needs arising if Visa Europe were to exercise its
    right to require us to acquire all of its outstanding stock;
  oloss of organizational effectiveness or key employees;
  ofailure to integrate acquisitions successfully or to effectively launch
    new products and businesses; and

the other factors discussed under the heading "Risk Factors" in our most
recent Annual Report on Form 10−K on file with the U.S. Securities and
Exchange Commission. You should not place undue reliance on such statements.
Unless required to do so by law, we do not intend to update or revise any
forward−looking statement, because of new information or future developments
or otherwise.

Contacts:

Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 650-432-7644,
ir@visa.com

Media Relations: Will Valentine, 650-432-2990, globalmedia@visa.com



VISA INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
                                  December 31,          September 30,
                                  2012                  2012
                                  (inmillions,exceptparvaluedata)
Assets
Cash and cash equivalents         $       1,334   $        2,074
Restricted cash—litigation escrow 49                    4,432
Investment securities
Trading                           74                    66
Available-for-sale                1,377                 677
Income tax receivable             1,341                 179
Settlement receivable             859                   454
Accounts receivable               801                   723
Customer collateral               819                   823
Current portion of client         168                   209
incentives
Deferred tax assets               389                   2,027
Prepaid expenses and other        176                   122
current assets
Total current assets              7,387                 11,786
Investment securities,            3,401                 3,283
available-for-sale
Client incentives                 40                    58
Property, equipment and           1,641                 1,634
technology, net
Other assets                      306                   151
Intangible assets, net            11,403                11,420
Goodwill                          11,681                11,681
Total assets                      $      35,859    $      40,013
Liabilities
Accounts payable                  $        114  $         152
Settlement payable                1,072                 719
Customer collateral               819                   823
Accrued compensation and benefits 288                   460
Client incentives                 871                   830
Accrued liabilities               578                   584
Accrued litigation                5                     4,386
Total current liabilities         3,747                 7,954
Deferred tax liabilities          4,057                 4,058
Other liabilities                 467                   371
Total liabilities                 8,271                 12,383
Equity
Preferred stock, $0.0001 par
value, 25 shares authorized and   —                     —
none issued
ClassA common stock, $0.0001 par
value, 2,001,622 shares
authorized, 530 and 535 shares    —                     —
issued and outstanding at
December 31, 2012, and
September30, 2012, respectively
ClassB common stock, $0.0001 par
value, 622 shares authorized, 245
shares issued and outstanding at  —                     —
December 31, 2012, and
September30, 2012
Class C common stock, $0.0001 par
value, 1,097 shares authorized,
29 and 31 shares issued and       —                     —
outstanding at December 31, 2012,
and September 30, 2012,
respectively
Additional paid-in capital        19,728                19,992
Accumulated income                7,997                 7,809
Accumulated other comprehensive
income (loss), net
Investment securities,            34                    3
available-for-sale
Defined benefit pension and other (184)                 (186)
postretirement plans
Derivative instruments classified 14                    13
as cash flow hedges
Foreign currency translation      (1)                   (1)
adjustments
Total accumulated other           (137)                 (171)
comprehensive loss, net
Total equity                      27,588                27,630
Total liabilities and equity      $      35,859    $      40,013



VISA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
                                          Three Months Ended
                                          December 31,
                                          2012                  2011
                                          (inmillions,exceptpersharedata)
Operating Revenues
Service revenues                          $ 1,300               $ 1,151
Data processing revenues                  1,115                 951
International transaction revenues        805                   748
Other revenues                            179                   178
Client incentives                         (553)                 (481)
Total operating revenues                  2,846                 2,547
Operating Expenses
Personnel                                 454                   389
Marketing                                 193                   190
Network and processing                    110                   98
Professional fees                         88                    70
Depreciation and amortization             92                    80
General and administrative                106                   102
Litigation provision                      3                     —
Total operating expenses                  1,046                 929
Operating income                          1,800                 1,618
Non-operating income (expense)            1                     (1)
Income before income taxes                1,801                 1,617
Income tax provision                      508                   590
Net income including non-controlling      1,293                 1,027
interest
Loss attributable to non-controlling      —                     2
interest
Net income attributable to Visa Inc.      $ 1,293               $ 1,029
Basic earnings per share
ClassA common stock                      $  1.94             $  1.50
Class B common stock                      $  0.82             $  0.73
Class C common stock                      $  1.94             $  1.50
Basic weighted-average shares outstanding
ClassA common stock                      531                   520
Class B common stock                      245                   245
Class C common stock                      30                    46
Diluted earnings per share
ClassA common stock                      $  1.93             $  1.49
Class B common stock                      $  0.81             $  0.73
Class C common stock                      $  1.93             $  1.49
Diluted weighted-average shares
outstanding
ClassA common stock                      669                   690
Class B common stock                      245                   245
Class C common stock                      30                    46



VISA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
                                                        Three Months Ended
                                                        December 31,
                                                        2012        2011
                                                        (in millions)
Operating Activities
Net income including non-controlling interest           $ 1,293     $ 1,027
Adjustments to reconcile net income including
non-controlling interest to net cash provided by (used
in) operating activities:
Amortization of client incentives                       553         481
Share-based compensation                                48          38
Excess tax benefit for share-based compensation         (50)        (18)
Depreciation and amortization of property, equipment,   92          80
technology and intangible assets
Deferred income taxes                                   1,622       34
Other                                                   12          (37)
Change in operating assets and liabilities:
Income tax receivable                                   (1,162)     112
Settlement receivable                                   (405)       (97)
Accounts receivable                                     (78)        (69)
Client incentives                                       (453)       (343)
Other assets                                            (228)       2
Accounts payable                                        1           (82)
Settlement payable                                      353         (23)
Accrued and other liabilities                           (38)        251
Accrued litigation                                      (4,384)     (70)
Net cash (used in) provided by operating activities     (2,824)     1,286
Investing Activities
Purchases of property, equipment, technology and        (100)       (101)
intangible assets
Proceeds from disposal of property, equipment and       —           2
technology
Investment securities, available-for-sale:
Purchases                                               (1,184)     (933)
Proceeds from sales and maturities                      418         1,224
Net distributions from other investments                1           2
Net cash (used in) provided by investing activities     (865)       194
Financing Activities
Repurchase of class A common stock                      (1,253)     (75)
Dividends paid                                          (220)       (152)
Deposits into litigation escrow account—retrospective   —           (1,565)
responsibility plan
Payments from litigation escrow account—retrospective   4,383       70
responsibility plan
Cash proceeds from exercise of stock options            70          44
Restricted stock and performance shares settled in cash (64)        —
for taxes
Excess tax benefit for share-based compensation         50          18
Payment for earn-out related to PlaySpan acquisition    (12)        —
Principal payments on capital lease obligations         (5)         (5)
Net cash provided by (used in) financing activities     2,949       (1,665)
Decrease in cash and cash equivalents                   (740)       (185)
Cash and cash equivalents at beginning of year          2,074       2,127
Cash and cash equivalents at end of period              $ 1,334     $ 1,942
Supplemental Disclosure of Cash Flow Information
Income taxes paid, net of refunds                       $    45  $    57
Amounts included in accounts payable and accrued and
other liabilities related to purchases of property,     $    33  $    42
equipment, technology and intangible assets



VISA INC.
FISCAL 2013 AND 2012 QUARTERLY RESULTS OF OPERATIONS
(UNAUDITED)
                         Fiscal 2013
                         Quarter       Fiscal 2012 Quarter Ended
                         Ended
                         December 31,  September    June 30,  March  December
                         2012          30,          2012      31,    31,
                                       2012                   2012   2011
                         (in millions)
Operating Revenues
                         $        $       $        $    $    
Service revenues                  1,264     1,216     1,241    1,151
                         1,300
Data processing revenues 1,115         1,062        1,040     922    951
International            805           796          748       733    748
transaction revenues
Other revenues           179           172          175       179    178
Client incentives        (553)         (563)        (614)     (497)  (481)
Total operating revenues 2,846         2,731        2,565     2,578  2,547
Operating Expenses
Personnel                454           471          435       431    389
Marketing                193           271          242       170    190
Network and processing   110           111          102       103    98
Professional fees        88            134          99        82     70
Depreciation and         92            89           84        80     80
amortization
General and              106           131          112       106    102
administrative
Litigation provision     3             2            4,098     —      —
Total operating expenses 1,046         1,209        5,172     972    929
Operating income (loss)  1,800         1,522        (2,607)   1,606  1,618
Non-operating income     1             66           —         3      (1)
(expense)
Income (loss) before     1,801         1,588        (2,607)   1,609  1,617
income taxes
Income tax provision     508           (74)         (768)     317    590
(benefit)
Net income (loss)
including                1,293         1,662        (1,839)   1,292  1,027
non-controlling interest
Loss attributable to     —             —            —         —      2
non-controlling interest
Net income (loss)        $        $       $         $    $    
attributable to Visa              1,662     (1,839)   1,292    1,029
Inc.                     1,293



Operational Performance Data

The tables below provide information regarding the available operational
results for the 3 months ended December 31, 2012, as well as the prior four
quarterly reporting periods and the 12 months ended December 31, 2012 and
2011, 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 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, 2012
            Total     Growth   Growth    Payments Growth   Growth    Payments     Cash      Growth   Growth    Cash
            Volume    (Nominal (Constant Volume    (Nominal (Constant Transactions Volume    (Nominal (Constant Transactions
            ($        USD)     USD)      ($        USD)     USD)      (millions)   ($        USD)     USD)      (millions)
            billions)                    billions)                                 billions)
All Visa
Credit &
Debit
Asia        $458      11.9%    11.5%     $313      13.4%    12.5%     3,269        $145      8.8%     9.2%      764
Pacific
Canada      66        10.3%    6.5%      62        11.0%    7.1%      559          5         2.2%     -1.3%     11
CEMEA       265       20.1%    21.6%     52        34.1%    36.7%     930          213       17.1%    18.4%     1,164
LAC         256       -2.7%    4.9%      104       11.7%    21.8%     2,393        152       -10.6%   -4.2%     973
US 652       2.7%     2.7%      544       2.8%     2.8%      10,630       108       2.2%     2.2%      861
Visa Inc.   1,697     6.9%     8.1%      1,075     8.2%     8.7%      17,781       623       4.6%     7.0%      3,772
Visa Credit
Programs
US          $274      10.4%    10.4%     $262      10.7%    10.7%     3,124        $12       4.4%     4.4%      16
Rest of     478       11.0%    11.2%     425       12.2%    12.6%     4,862        53        2.3%     1.0%      201
World
Visa Inc.   752       10.8%    10.9%     687       11.6%    11.9%     7,985        64        2.7%     1.6%      217
Visa Debit
Programs
US          $378      -2.3%    -2.3%     $282      -3.6%    -3.6%     7,506        $97       1.9%     1.9%      845
Rest of     568       8.6%     12.3%     106       24.7%    29.1%     2,290        462       5.5%     9.0%      2,710
World
Visa Inc.   946       4.0%     6.0%      388       2.8%     3.6%      9,796        558       4.8%     7.7%      3,555



                                         For the 3 Months Ended September 30, 2012
            Total     Growth   Growth    Payments Growth   Growth    Payments     Cash      Growth   Growth    Cash
            Volume    (Nominal (Constant Volume    (Nominal (Constant Transactions Volume    (Nominal (Constant Transactions Accounts   Cards
            ($        USD)     USD)      ($        USD)     USD)      (millions)   ($        USD)     USD)      (millions)   (millions) (millions)
            billions)                    billions)                                 billions)
All Visa
Credit &
Debit
Asia        $429      6.7%     9.2%      $290      6.5%     8.2%      3,115        $139      7.3%     11.5%     693          558        659
Pacific
Canada      62        2.3%     3.7%      57        2.8%     4.3%      528          5         -3.7%    -2.3%     11           27         35
CEMEA       238       11.9%    18.9%     47        27.0%    35.6%     805          191       8.8%     15.4%     1,070        264        265
LAC         239       -4.1%    9.8%      92        3.5%     19.8%     2,165        147       -8.3%    4.2%      909          395        424
US 632       1.0%     1.0%      521       0.8%     0.8%      10,320       111       1.7%     1.7%      886          540        698
Visa Inc.   1,600     3.2%     6.9%      1,008     3.8%     5.9%      16,932       592       2.3%     8.7%      3,569        1,783      2,081
Visa Credit
Programs
US          $261      8.2%     8.2%      $250      9.2%     9.2%      2,976        $11       -10.1%   -10.1%    16           213        273
Rest of     441       4.9%     8.9%      392       6.2%     10.1%     4,593        49        -3.9%    0.1%      190          455        515
World
Visa Inc.   703       6.1%     8.6%      642       7.3%     9.7%      7,570        61        -5.1%    -2.0%     206          669        788
Visa Debit
Programs
US          $371      -3.6%    -3.6%     $271      -5.8%    -5.8%     7,344        $99       3.3%     3.3%      870          327        425
Rest of     526       4.6%     13.2%     95        11.4%    20.2%     2,019        432       3.2%     11.8%     2,493        788        868
World
Visa Inc.   897       1.1%     5.6%      366       -1.9%    -0.2%     9,363        531       3.2%     10.1%     3,363        1,114      1,293



                                         For the 3 Months Ended June 30, 2012
            Total     Growth   Growth    Payments Growth   Growth    Payments     Cash      Growth   Growth    Cash
            Volume    (Nominal (Constant Volume    (Nominal (Constant Transactions Volume    (Nominal (Constant Transactions Accounts   Cards
            ($        USD)     USD)      ($        USD)     USD)      (millions)   ($        USD)     USD)      (millions)   (millions) (millions)
            billions)                    billions)                                 billions)
All Visa
Credit &
Debit
Asia        $413      8.8%     11.2%     $277      11.5%    13.0%     3,001        $136      3.6%     7.6%      651          537        645
Pacific
Canada      61        1.8%     6.3%      56        1.9%     6.4%      513          5         0.8%     5.2%      11           25         33
CEMEA       234       14.4%    23.4%     45        28.4%    39.2%     751          189       11.5%    20.2%     1,088        256        258
LAC         244       -0.3%    15.4%     88        3.2%     19.9%     2,055        155       -2.1%    13.0%     961          385        415
US 619       -0.7%    -0.7%     512       -1.1%    -1.1%     10,007       107       1.5%     1.5%      861          528        687
Visa Inc.   1,570     3.9%     8.1%      978       3.9%     6.2%      16,327       592       3.9%     11.5%     3,572        1,731      2,037
Visa Credit
Programs
US          $256      9.2%     9.2%      $246      9.7%     9.7%      2,880        $11       -0.4%    -0.4%     15           209        265
Rest of     426       6.7%     11.2%     378       8.5%     12.9%     4,437        49        -5.6%    0.0%      192          451        511
World
Visa Inc.   683       7.6%     10.5%     623       9.0%     11.6%     7,317        59        -4.7%    -0.1%     207          660        776
Visa Debit
Programs
US          $363      -6.6%    -6.6%     $267      -9.3%    -9.3%     7,127        $96       1.7%     1.7%      846          320        421
Rest of     525       7.5%     17.7%     88        16.9%    28.3%     1,883        437       5.8%     15.8%     2,519        752        839
World
Visa Inc.   888       1.2%     6.4%      355       -4.0%    -2.2%     9,011        533       5.0%     13.0%     3,364        1,071      1,261



                                         For the 3 Months Ended March 31, 2012
            Total     Growth   Growth    Payments Growth   Growth    Payments     Cash      Growth   Growth    Cash
            Volume    (Nominal (Constant Volume    (Nominal (Constant Transactions Volume    (Nominal (Constant Transactions Accounts   Cards
            ($        USD)     USD)      ($        USD)     USD)      (millions)   ($        USD)     USD)      (millions)   (millions) (millions)
            billions)                    billions)                                 billions)
All Visa
Credit &
Debit
Asia        $408      16.0%    14.2%     $269      16.6%    14.0%     2,874        $139      14.7%    14.8%     637          530        631
Pacific
Canada      56        6.8%     8.8%      51        6.9%     8.9%      463          5         5.6%     7.5%      10           24         32
CEMEA       211       19.1%    24.1%     40        33.3%    39.7%     665          171       16.1%    20.9%     1,015        250        251
LAC         251       13.2%    18.9%     90        16.9%    22.8%     2,016        161       11.2%    16.8%     953          391        420
US 616       7.0%     7.0%      508       6.5%     6.5%      10,118       108       9.3%     9.3%      880          536        680
Visa Inc.   1,541     11.8%    12.9%     958       11.1%    11.2%     16,137       584       13.0%    15.9%     3,495        1,731      2,013
Visa Credit
Programs
US          $234      11.8%    11.8%     $223      12.1%    12.1%     2,599        $10       5.5%     5.5%      15           205        265
Rest of     411       13.1%    12.9%     365       14.9%    14.4%     4,229        47        0.8%     2.4%      182          453        513
World
Visa Inc.   645       12.6%    12.5%     588       13.8%    13.5%     6,828        57        1.6%     2.9%      197          658        778
Visa Debit
Programs
US          $382      4.2%     4.2%      $284      2.4%     2.4%      7,519        $97       9.7%     9.7%      865          330        414
Rest of     515       17.1%    21.0%     85        26.0%    29.5%     1,790        429       15.5%    19.4%     2,433        742        820
World
Visa Inc.   897       11.2%    13.2%     370       7.0%     7.6%      9,309        527       14.4%    17.5%     3,299        1,073      1,235



                                         For the 3 Months Ended December 31, 2011
            Total     Growth   Growth    Payments Growth   Growth    Payments     Cash      Growth   Growth    Cash
            Volume    (Nominal (Constant Volume    (Nominal (Constant Transactions Volume    (Nominal (Constant Transactions Accounts   Cards
            ($        USD)     USD)      ($        USD)     USD)      (millions)   ($        USD)     USD)      (millions)   (millions) (millions)
            billions)                    billions)                                 billions)
All Visa
Credit &
Debit
Asia        $409      13.2%    11.2%     $276      15.0%    12.0%     2,948        $133      9.5%     9.6%      621          519        613
Pacific
Canada      60        4.1%     5.6%      56        4.7%     6.2%      500          5         -2.2%    -0.8%     10           27         36
CEMEA       221       20.1%    25.1%     39        29.1%    37.0%     643          182       18.3%    22.8%     1,066        241        243
LAC         263       13.0%    19.0%     93        14.7%    20.9%     2,068        169       12.1%    17.9%     998          383        414
US 635       7.4%     7.4%      529       7.3%     7.3%      10,612       106       8.2%     8.2%      879          531        670
Visa Inc.   1,588     11.3%    12.3%     993       10.6%    10.5%     16,771       595       12.4%    15.3%     3,574        1,701      1,977
Visa Credit
Programs
US          $248      9.7%     9.7%      $237      9.7%     9.7%      2,808        $11       10.4%    10.4%     16           203        263
Rest of     430       12.8%    12.1%     379       13.5%    12.6%     4,366        51        7.7%     8.8%      189          456        516
World
Visa Inc.   678       11.6%    11.2%     616       12.0%    11.4%     7,174        63        8.2%     9.0%      205          659        779
Visa Debit
Programs
US          $387      6.0%     6.0%      $292      5.4%     5.4%      7,803        $95       7.9%     7.9%      863          328        407
Rest of     523       15.1%    19.1%     85        20.3%    24.6%     1,793        438       14.1%    18.1%     2,506        714        791
World
Visa Inc.   910       11.0%    13.1%     377       8.4%     9.1%      9,597        532       13.0%    16.1%     3,369        1,042      1,198



                                         For the 12 Months Ended December 31, 2012
            Total     Growth   Growth    Payments Growth   Growth    Payments     Cash      Growth   Growth    Cash
            Volume    (Nominal (Constant Volume    (Nominal (Constant Transactions Volume    (Nominal (Constant Transactions
            ($        USD)               ($        USD)     USD)      (millions)   ($        USD)     USD)      (millions)
            billions)          USD)      billions)                                 billions)
All Visa
Credit &
Debit
Asia        $1,707    10.7%    11.5%     $1,149    11.8%    11.8%     12,260       $559      8.5%     10.7%     2,744
Pacific
Canada      246       5.2%     6.2%      226       5.6%     6.6%      2,063        20        1.1%     2.2%      43
CEMEA       948       16.3%    21.9%     184       30.7%    37.7%     3,151        764       13.3%    18.6%     4,337
LAC         989       1.2%     11.9%     375       8.6%     21.1%     8,629        615       -2.9%    7.0%      3,795
US 2,519     2.4%     2.4%      2,085     2.2%     2.2%      41,076       434       3.5%     3.5%      3,488
Visa Inc.   6,409     6.3%     8.9%      4,018     6.7%     7.9%      67,178       2,391     5.8%     10.6%     14,408
Visa Credit
Programs
US          $1,025    9.9%     9.9%      $981      10.4%    10.4%     11,579       $44       -0.7%    -0.7%     62
Rest of     1,757     8.8%     11.0%     1,559     10.3%    12.4%     18,121       197       -1.7%    0.8%      764
World
Visa Inc.   2,782     9.2%     10.6%     2,540     10.3%    11.6%     29,700       242       -1.5%    0.6%      827
Visa Debit
Programs
US          $1,494    -2.2%    -2.2%     $1,104    -4.2%    -4.2%     29,497       $389      4.1%     4.1%      3,426
Rest of     2,134     9.2%     15.8%     374       19.5%    26.6%     7,981        1,760     7.2%     13.8%     10,155
World
Visa Inc.   3,627     4.2%     7.7%      1,478     0.9%     2.1%      37,478       2,149     6.6%     11.9%     13,581



                                         For the 12 Months Ended December 31, 2011
            Total     Growth   Growth    Payments Growth   Growth    Payments     Cash      Growth   Growth    Cash
            Volume    (Nominal (Constant Volume    (Nominal (Constant Transactions Volume    (Nominal (Constant Transactions Accounts   Cards
            ($        USD)     USD)      ($        USD)     USD)      (millions)   ($        USD)     USD)      (millions)   (millions) (millions)
            billions)                    billions)                                 billions)
All Visa
Credit &
Debit
Asia        $1,542    19.2%    12.8%     $1,027    21.5%    14.1%     11,222       $515      14.7%    10.2%     2,424        519        613
Pacific
Canada      234       11.0%    7.0%      214       11.0%    7.1%      1,881        20        10.0%    6.0%      40           27         36
CEMEA       815       26.9%    26.0%     141       35.6%    35.2%     2,227        674       25.2%    24.2%     3,963        241        243
LAC         978       22.8%    19.7%     345       27.6%    24.4%     7,530        633       20.3%    17.3%     3,699        383        414
US 2,460     9.4%     9.4%      2,041     9.5%     9.5%      41,105       419       8.7%     8.7%      3,527        531        670
Visa Inc.   6,028     16.1%    13.6%     3,768     15.0%    12.5%     63,966       2,261     18.0%    15.6%     13,652       1,701      1,977
Visa Credit
Programs
US          $933      9.5%     9.5%      $889      9.8%     9.8%      10,327       $45       4.9%     4.9%      65           203        263
Rest of     1,614     20.0%    14.0%     1,414     20.4%    14.2%     16,450       201       17.2%    12.6%     713          456        516
World
Visa Inc.   2,548     16.0%    12.3%     2,302     16.1%    12.4%     26,777       245       14.7%    11.1%     778          659        779
Visa Debit
Programs
US          $1,527    9.3%     9.3%      $1,152    9.3%     9.3%      30,778       $374      9.2%     9.2%      3,462        328        407
Rest of     1,954     22.3%    19.5%     313       31.5%    27.8%     6,411        1,641     20.7%    18.0%     9,413        714        791
World
Visa Inc.   3,481     16.2%    14.6%     1,465     13.4%    12.7%     37,189       2,015     18.4%    16.2%     12,874       1,042      1,198

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. Several European Union countries in Central Europe, Israel
and Turkey are not included in CEMEA. LAC is comprised of countries in Central
and South America and the Caribbean. Rest of World includes Asia Pacific,
Canada, CEMEA and LAC.

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

2. Cross Border Volume

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

                Growth   Growth
Period          (Nominal (Constant
                USD)     USD)
3 Months Ended
Dec 31, 2012    11%      11%
Sep 30, 2012    7%       10%
Jun 30, 2012    10%      14%
Mar 31, 2012    15%      16%
Dec 31, 2011    12%      13%
12 Months Ended
Dec 31, 2012    10%      13%
Dec 31, 2011    17%      14%



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
Period          Transactions Growth
                (millions)
3 Months Ended
Dec 31, 2012    14,159       4%
Sep 30, 2012    13,573       2%
Jun 30, 2012    13,113       1%
Mar 31, 2012    13,038       8%
Dec 31, 2011    13,600       8%
12 Months Ended
Dec 31, 2012    53,883       4%
Dec 31, 2011    51,941       10%



4. CyberSource Transactions

The table below represents billable transactions processed on Visa Inc.'s
CyberSource network.

                Billable
Period          Transactions Growth
                (millions)
3 Months Ended
Dec 31, 2012    1,581        28%
Sep 30, 2012    1,363        25%
Jun 30, 2012    1,303        25%
Mar 31, 2012    1,281        26%
Dec 31, 2011    1,235        25%
12 Months Ended
Dec 31, 2012    5,527        26%
Dec 31, 2011    4,385        32%



SOURCE Visa Inc.

Website: http://www.corporate.visa.com