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Visa Inc. Reports Fiscal Second Quarter 2014 Net Income of $1.6 Billion or $2.52 per Diluted Share

  Visa Inc. Reports Fiscal Second Quarter 2014 Net Income of $1.6 Billion or
  $2.52 per Diluted Share

Business Wire

FOSTER CITY, Calif. -- April 24, 2014

Visa Inc. (NYSE:V) today announced financial results for the Company’s fiscal
second quarter 2014. Net income for the quarter was $1.6 billion, an increase
of 26% over the prior year, or $2.52 per share, an increase of 31% over the
prior year. These results include a tax benefit of $218 million of which $201
million relates to prior periods. Excluding the prior periods’ impact,
earnings per share was $2.20, 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 second quarter of 2014 was $3.2 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 2 percentage points of negative growth
during the quarter.

“Our underlying business drivers remained strong during the fiscal second
quarter with payments volume continuing to grow at solid levels,” said Charlie
Scharf, Chief Executive Officer of Visa Inc. “As expected, softer net revenue
growth was impacted by a strengthening U.S. dollar and difficult
year-over-year comparisons due to non-recurring items. We expect this impact
to be slightly more pronounced next quarter before rebounding in our fiscal
fourth quarter, which will be more reflective of the fundamental strength of
the business model. We continue to make substantial investments in products
and services that will drive our future growth, while enhancing our financial
institution and merchant client relationships.”

Fiscal Second Quarter 2014 Financial Highlights:

Payments volume growth, on a constant dollar basis, for the three months ended
December 31, 2013, on which fiscal second quarter service revenue is
recognized, was 12% over the prior year at $1.2 trillion.

Payments volume growth, on a constant dollar basis, for the three months ended
March 31, 2014, was 12% over the prior year at $1.1 trillion.

Cross-border volume growth, on a constant dollar basis, was 8% for the three
months ended March 31, 2014.

Total processed transactions, which represent transactions processed by
VisaNet, for the three months ended March 31, 2014, were 15.4 billion, an 11%
increase over the prior year.

Fiscal second quarter 2014 service revenues were $1.5 billion, an increase of
7% 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 7% over the prior year to $1.2
billion. International transaction revenues, which are driven by cross-border
volume, grew 5% over the prior year to $871 million. Other revenues, which
include the Visa Europe licensing fee, were $183 million, an increase of 5%
over the prior year. Client incentives, which are a contra revenue item, were
$587 million and represent 15.6% of gross revenues.

Total operating expenses were $1.1 billion for the quarter, a 2% increase over
the prior year, primarily due to an increase in marketing spend to support the
2014 Sochi Winter Olympics and 2014 World Cup campaigns, offset by a reduction
in personnel and professional fees.

The effective tax rate was 22.5% for the quarter ended March 31, 2014. This
rate was positively impacted by a $218 million tax benefit recognized during
the quarter related to a deduction for U.S. domestic production activities.
This benefit was fully contemplated in the Company’s earnings per share
guidance for fiscal full-year 2014.

Cash, cash equivalents, and available-for-sale investment securities were $6.5
billion at March 31, 2014.

The weighted-average number of diluted shares of class A common stock
outstanding was 634 million for the quarter ended March 31, 2014.

Notable Events:

During the three months ended March 31, 2014, the Company repurchased 5.1
million shares of classA common stock, at an average price of $217.61 per
share, using $1.1 billion of cash on hand. At March 31, 2014, the Company had
$3.0 billion of remaining funds, authorized by the board of directors,
available for share repurchase under the current program.

On April 23, 2014, the board of directors declared a quarterly cash dividend
of $0.40 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 June 3, 2014, to
all holders of record of the Company’s class A, class B and class C common
stock as of May 16, 2014.

Financial Outlook:

Visa Inc. updates its financial outlook for the following metrics for fiscal
full-year 2014:

  *Annual net revenue growth: Low double-digit constant revenue growth in the
    10-11% range, with an expectation of two percentage points of negative
    foreign currency impact; and
  *Annual operating margin: Low to mid 60s.

Visa Inc. affirms its financial outlook for the following metrics for fiscal
full-year 2014:

  *Client incentives as a percent of gross revenues: 16.5% to 17.5% range;
  *Annual diluted class A common stock earnings per share growth: Mid to high
    teens; and
  *Annual free cash flow: About $5 billion.

Visa Inc. provides its financial outlook for the following metric for fiscal
full-year 2014:

  *Tax rate: Approaching 30%.

Fiscal Second Quarter 2014 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 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 47,000 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, ahead of time with prepaid
or 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 "believes," "estimates,"
"expects," "intends," "may," "projects," "could," "should," "will," "will
continue" 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, earnings per share, free cash
flow, tax rate 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 payment
         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 payment networks outside the
         United States; and
       *increased regulation on 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;
       *material changes in cross-border activity, foreign exchange controls
         and fluctuations in currency exchange rates; 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, 2013 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)
                                         March 31,            September 30,
                                          2014                   2013
                                          (in millions, except par value data)
Assets
Cash and cash equivalents                 $   1,820              $  2,186
Restricted cash—litigation escrow             1,105                 49
Investment securities:
Trading                                       82                    75
Available-for-sale                            1,592                 1,994
Income tax receivable                         33                    142
Settlement receivable                         752                   799
Accounts receivable                           832                   761
Customer collateral                           923                   866
Current portion of client incentives          255                   282
Deferred tax assets                           850                   481
Prepaid expenses and other current           263                 187     
assets
                                                                            
Total current assets                          8,507                 7,822
                                                                 
Investment securities,                        3,066                 2,760
available-for-sale
Client incentives                             89                    89
Property, equipment and technology, net       1,760                 1,732
Other assets                                  843                   521
Intangible assets, net                        11,317                11,351
Goodwill                                     11,681              11,681  
                                                                            
Total assets                              $   37,263            $  35,956  
                                                                 
Liabilities
Accounts payable                          $   114                $  184
Settlement payable                            1,099                 1,225
Customer collateral                           923                   866
Accrued compensation and benefits             356                   523
Client incentives                             827                   919
Accrued liabilities                           582                   613
Accrued litigation                           1,060               5       
                                                                            
Total current liabilities                     4,961                 4,335
                                                                 
Deferred tax liabilities                      4,146                 4,149
Other liabilities                            861                 602     
                                                                            
Total liabilities                            9,968               9,086   
                                                                 
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, 500
and 508 shares issued and outstanding         —                     —
at March 31, 2014 and September 30,
2013, respectively
Class B common stock, $0.0001 par
value, 622 shares authorized, 245             —                     —
shares issued and outstanding at March
31, 2014 and September 30, 2013
Class C common stock, $0.0001 par
value, 1,097 shares authorized, 26 and
27 shares issued and outstanding at           —                     —
March 31, 2014 and September 30, 2013,
respectively
Additional paid-in capital                    18,555                18,875
Accumulated income                            8,714                 7,974
Accumulated other comprehensive income
(loss), net:
Investment securities,                        77                    59
available-for-sale
Defined benefit pension and other             (68      )            (60     )
postretirement plans
Derivative instruments classified as          18                    23
cash flow hedges
Foreign currency translation                 (1       )           (1      )
adjustments
                                                                            
Total accumulated other comprehensive        26                  21      
income, net
                                                                            
Total equity                                 27,295              26,870  
                                                                            
Total liabilities and equity              $   37,263            $  35,956  
                                                                            

VISA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
                                                            
                         Three Months Ended          Six Months Ended
                         March 31,                   March 31,
                         2014          2013          2014           2013
                         (in millions, except per share data)
Operating Revenues
Service revenues         $ 1,462       $ 1,369       $ 2,881        $ 2,669
Data processing            1,234         1,150         2,498          2,265
revenues
International              871           831           1,762          1,636
transaction revenues
Other revenues             183           175           363            354
Client incentives         (587  )      (567  )      (1,186 )      (1,120 )
                                                                             
Total operating           3,163       2,958       6,318        5,804  
revenues
                                                                             
Operating Expenses
Personnel                  446           486           916            940
Marketing                  245           195           431            388
Network and processing     120           119           252            229
Professional fees          77            91            152            179
Depreciation and           107           98            214            190
amortization
General and                120           108           228            214
administrative
Litigation provision      —           1           —            4      
                                                                             
Total operating           1,115       1,098       2,193        2,144  
expenses
                                                                             
Operating income           2,048         1,860         4,125          3,660
                                                                             
Non-operating income      13          (3    )      19           (2     )
(expense)
                                                                             
Income before income       2,061         1,857         4,144          3,658
taxes
                                                                             
Income tax provision      463         587         1,139        1,095  
                                                                             
Net income               $ 1,598      $ 1,270      $ 3,005       $ 2,563  
                                                                    
Basic earnings per
share
Class A common stock     $ 2.53       $ 1.93       $ 4.74        $ 3.87   
                                                                             
Class B common stock     $ 1.06       $ 0.81       $ 1.99        $ 1.63   
                                                                             
Class C common stock     $ 2.53       $ 1.93       $ 4.74        $ 3.87   
                                                                    
Basic weighted-average
shares outstanding
Class A common stock      501         524         503          528    
                                                                             
Class B common stock      245         245         245          245    
                                                                             
Class C common stock      26          28          26           29     
                                                                    
Diluted earnings per
share
Class A common stock     $ 2.52       $ 1.92       $ 4.72        $ 3.86   
                                                                             
Class B common stock     $ 1.06       $ 0.81       $ 1.99        $ 1.62   
                                                                             
Class C common stock     $ 2.52       $ 1.92       $ 4.72        $ 3.86   
                                                                    
Diluted
weighted-average
shares outstanding
Class A common stock      634         660         636          665    
                                                                             
Class B common stock      245         245         245          245    
                                                                             
Class C common stock      26          28          26           29     
                                                                             

VISA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
                                                   Six Months Ended March 31,
                                                    2014          2013
                                                    (in millions)
Operating Activities
Net income                                          $  3,005        $ 2,563
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Amortization of client incentives                      1,186          1,120
Share-based compensation                               89             98
Excess tax benefit for share-based compensation        (68    )       (56    )
Depreciation and amortization of property,             214            190
equipment, technology and intangible assets
Deferred income taxes                                  (375   )       1,580
Other                                                  12             35
Change in operating assets and liabilities:
Income tax receivable                                  109            (984   )
Settlement receivable                                  47             (34    )
Accounts receivable                                    (71    )       (79    )
Client incentives                                      (1,251 )       (1,108 )
Other assets                                           (459   )       (327   )
Accounts payable                                       (68    )       (15    )
Settlement payable                                     (126   )       3
Accrued and other liabilities                          171            218
Accrued litigation                                    1,055        (4,384 )
                                                                             
Net cash provided by (used in) operating              3,470        (1,180 )
activities
                                                                    
Investing Activities
Purchases of property, equipment, technology and       (217   )       (211   )
intangible assets
Investment securities, available-for-sale:
Purchases                                              (1,292 )       (1,854 )
Proceeds from sales and maturities                     1,406          1,616
Purchases of / contributions to other investments      (3     )       (3     )
Proceeds / distributions from other investments       —            3      
                                                                             
Net cash used in investing activities                 (106   )      (449   )
                                                                    
Financing Activities
Repurchase of class A common stock                     (2,210 )       (3,073 )
Dividends paid                                         (507   )       (437   )
(Return to) payments from litigation escrow            (1,056 )       4,383
account—retrospective responsibility plan
Cash proceeds from exercise of stock options           58             84
Restricted stock and performance shares settled        (83    )       (64    )
in cash for taxes
Excess tax benefit for share-based compensation        68             56
Payment for earn-out related to PlaySpan               —              (12    )
acquisition
Principal payments on capital lease obligations       —            (5     )
                                                                             
Net cash (used in) provided by financing              (3,730 )      932    
activities
                                                                             
Decrease in cash and cash equivalents                  (366   )       (697   )
Cash and cash equivalents at beginning of year        2,186        2,074  
                                                                             
Cash and cash equivalents at end of period          $  1,820       $ 1,377  
                                                                    
Supplemental Disclosure
Income taxes paid, net of refunds                   $  1,392        $ 421
Non-cash accruals related to purchases of
property, equipment, technology and intangible      $  27           $ 41
assets
                                                                             

VISA INC.
FISCAL 2014 AND 2013 QUARTERLY RESULTS OF OPERATIONS
(UNAUDITED)
                                                               
                 Fiscal 2014 Quarter         Fiscal 2013 Quarter Ended
                 Ended
                 March 31,     December      September     June 30,      March 31,
                 2014          31,           30,           2013         2013
                               2013          2013
                 (in millions)
Operating
Revenues
Service          $ 1,462       $ 1,419       $ 1,385       $ 1,298       $ 1,369
revenues
Data
processing         1,234         1,264         1,186         1,191         1,150
revenues
International
transaction        871           891           899           854           831
revenues
Other revenues     183           180           183           179           175
Client            (587  )      (599  )      (680  )      (521  )      (567  )
incentives
                                                                                 
Total
operating         3,163       3,155       2,973       3,001       2,958 
revenues
                                                                                 
Operating
Expenses
Personnel          446           470           499           493           486
Marketing          245           186           236           252           195
Network and        120           132           122           117           119
processing
Professional       77            75            130           103           91
fees
Depreciation
and                107           107           106           101           98
amortization
General and        120           108           129           108           108
administrative
Litigation        —           —           —           (1    )      1     
provision
                                                                                 
Total
operating         1,115       1,078       1,222       1,173       1,098 
expenses
                                                                                 
Operating          2,048         2,077         1,751         1,828         1,860
income
                                                                                 
Non-operating
income            13          6           15          5           (3    )
(expense)
                                                                                 
Income before      2,061         2,083         1,766         1,833         1,857
income taxes
                                                                                 
Income tax        463         676         574         608         587   
provision
                                                                                 
Net income       $ 1,598      $ 1,407      $ 1,192      $ 1,225      $ 1,270 
                                                                                 

                         Operational Performance Data

The tables below provide information regarding the available operational
results for the 3 months ended March 31, 2014, as well as the prior four
quarterly reporting periods and the 12 months ended March 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 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 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
                ($          USD)       USD)        ($          USD)       USD)        (millions)     ($          USD)       USD)        (millions)
                billions)                          billions)                                         billions)
                                                                                                                             
All Visa
Credit &
Debit
Asia Pacific    $479        6.6%       11.0%       $328        11.0%      15.0%       3,556          $151        -1.9%      3.2%        853
Canada          56          0.4%       9.8%        52          0.4%       9.8%        548            5           1.0%       10.4%       11
CEMEA           252         4.1%       14.1%       59          16.6%      28.1%       1,223          193         0.8%       10.4%       1,085
LAC             250         -4.5%      11.6%       95          -3.7%      14.3%       2,372          155         -5.1%      10.0%       985
US              690         7.9%       7.9%        575         8.5%       8.5%        11,134         115         5.0%       5.0%        875
Visa Inc.       1,727       4.7%       10.2%       1,108       8.0%       11.8%       18,834         619         -0.7%      7.5%        3,810
                                                                                                                                        
Visa Credit
Programs
US              $281        10.2%      10.2%       $269        10.6%      10.6%       3,148          $12         1.4%       1.4%        14
International   463         4.9%       12.3%       418         6.0%       13.3%       5,051          46          -3.9%      4.1%        176
Visa Inc.       744         6.9%       11.5%       687         7.8%       12.2%       8,200          57          -2.9%      3.5%        191
                                                                                                                                        
Visa Debit
Programs
US              $408        6.4%       6.4%        $305        6.7%       6.7%        7,986          $103        5.5%       5.5%        861
International   574         1.0%       11.4%       116         13.4%      25.2%       2,648          459         -1.7%      8.4%        2,758
Visa Inc.       983         3.2%       9.3%        421         8.5%       11.2%       10,634         562         -0.4%      7.9%        3,619
                                                                                                                                        

               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
                ($          USD)       USD)        ($          USD)       USD)        (millions)     ($          USD)       USD)        (millions)     (millions)   (millions)
                billions)                          billions)                                         billions)
                                                                                                                                                       
All Visa
Credit &
Debit
Asia Pacific    $493        7.5%       12.6%       $339        8.3%       14.1%       3,677          $154        5.8%       9.5%        890            622          721
Canada          66          -0.1%      5.5%        62          -0.2%      5.5%        609            5           0.3%       6.0%        11             33           43
CEMEA           286         9.4%       13.3%       62          23.2%      28.7%       1,233          223         6.0%       9.6%        1,176          295          300
LAC             287         1.9%       10.8%       110         5.5%       15.9%       2,506          177         -0.2%      7.8%        1,066          407          437
US              704         7.6%       7.6%        591         8.4%       8.4%        11,566         114         3.3%       3.3%        884            564          728
Visa Inc.       1,837       6.6%       10.2%       1,164       8.3%       11.5%       19,590         673         3.8%       8.0%        4,027          1,921        2,229
                                                                                                                                                                    
Visa Credit
Programs
US              $300        9.3%       9.3%        $288        9.6%       9.6%        3,439          $12         2.6%       2.6%        16             216          288
International   502         5.1%       11.5%       450         5.7%       12.4%       5,293          53          0.4%       4.1%        196            472          531
Visa Inc.       802         6.6%       10.7%       737         7.2%       11.3%       8,732          65          0.8%       3.8%        213            688          819
                                                                                                                                                                    
Visa Debit
Programs
US              $405        6.3%       6.3%        $303        7.4%       7.4%        8,127          $102        3.4%       3.4%        868            349          439
International   630         6.7%       12.2%       124         18.1%      24.7%       2,731          506         4.2%       9.5%        2,947          885          970
Visa Inc.       1,035       6.6%       9.8%        427         10.3%      11.9%       10,858         608         4.1%       8.4%        3,815          1,233        1,410
                                                                                                                                                                    

               For the 3 Months Ended September 30, 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
                ($          USD)       USD)        ($          USD)       USD)        (millions)     ($          USD)       USD)        (millions)     (millions)   (millions)
                billions)                          billions)                                         billions)
                                                                                                                                                       
All Visa
Credit &
Debit
Asia Pacific    $464        8.2%       13.6%       $314        8.5%       14.7%       3,558          $150        7.5%       11.2%       854            610          710
Canada          65          4.6%       9.4%        60          4.8%       9.6%        602            5           2.3%       7.0%        12             32           41
CEMEA           265         12.2%      16.1%       57          26.8%      32.7%       1,121          207         8.8%       12.2%       1,120          290          294
LAC             259         1.6%       11.8%       98          4.4%       16.0%       2,348          161         0.0%       9.4%        998            403          431
US              692         9.3%       9.3%        575         10.3%      10.3%       11,400         117         4.8%       4.8%        932            546          713
Visa Inc.       1,745       8.0%       11.8%       1,105       9.6%       13.0%       19,029         640         5.4%       9.8%        3,916          1,880        2,189
                                                                                                                                                                    
Visa Credit
Programs
US              $290        10.9%      10.9%       $277        11.0%      11.0%       3,324          $12         8.2%       8.2%        16             210          285
International   470         6.3%       12.9%       420         6.9%       14.0%       5,138          50          1.8%       5.1%        196            468          526
Visa Inc.       760         8.0%       12.2%       697         8.5%       12.8%       8,462          63          3.0%       5.7%        212            678          811
                                                                                                                                                                    
Visa Debit
Programs
US              $402        8.2%       8.2%        $298        9.6%       9.6%        8,076          $104        4.4%       4.4%        916            335          428
International   582         7.9%       13.9%       109         17.7%      24.9%       2,491          473         5.9%       11.6%       2,788          867          949
Visa Inc.       984         8.0%       11.5%       407         11.7%      13.3%       10,567         577         5.6%       10.3%       3,704          1,202        1,377
                                                                                                                                                                    

               For the 3 Months Ended June 30, 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
                ($          USD)       USD)        ($          USD)       USD)        (millions)     ($          USD)       USD)        (millions)     (millions)   (millions)
                billions)                          billions)                                         billions)
                                                                                                                                                       
All Visa
Credit &
Debit
Asia Pacific    $456        10.6%      13.2%       $304        9.7%       13.7%       3,354          $152        12.4%      12.2%       818            592          692
Canada          64          5.1%       5.8%        59          5.5%       6.2%        568            5           0.7%       1.3%        11             31           40
CEMEA           263         13.4%      15.7%       55          28.1%      32.0%       1,047          208         10.0%      12.0%       1,147          291          289
LAC             270         9.4%       12.5%       101         13.1%      17.7%       2,305          169         7.4%       9.6%        975            401          430
US              686         10.4%      10.4%       571         11.3%      11.3%       11,217         115         5.8%       5.8%        906            538          702
Visa Inc.       1,739       10.5%      12.0%       1,089       11.4%      13.2%       18,491         650         9.0%       10.2%       3,857          1,853        2,153
                                                                                                                                                                    
Visa Credit
Programs
US              $282        10.1%      10.1%       $270        10.0%      10.0%       3,187          $12         11.6%      11.6%       15             206          280
International   463         8.2%       11.8%       412         8.7%       12.7%       4,915          51          4.2%       5.3%        199            466          525
Visa Inc.       745         8.9%       11.2%       682         9.3%       11.6%       8,102          63          5.5%       6.4%        214            672          805
                                                                                                                                                                    
Visa Debit
Programs
US              $403        10.6%      10.6%       $300        12.5%      12.5%       8,030          $103        5.2%       5.2%        891            332          422
International   591         12.6%      14.2%       107         23.9%      26.1%       2,359          484         10.4%      11.8%       2,752          848          926
Visa Inc.       994         11.8%      12.7%       407         15.3%      15.8%       10,389         587         9.4%       10.6%       3,643          1,180        1,348
                                                                                                                                                                    

               For the 3 Months Ended March 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
                ($          USD)       USD)        ($          USD)       USD)        (millions)     ($          USD)       USD)        (millions)     (millions)   (millions)
                billions)                          billions)                                         billions)
                                                                                                                                                       
All Visa
Credit &
Debit
Asia Pacific    $449        10.1%      12.3%       $295        9.9%       13.1%       3,116          $154        10.6%      10.7%       755            581          682
Canada          56          0.3%       0.5%        51          1.3%       1.5%        489            5           -9.5%      -9.3%       10             29           38
CEMEA           242         15.2%      17.2%       50          28.1%      31.3%       932            192         12.3%      13.9%       1,070          278          277
LAC             262         5.0%       12.0%       99          8.5%       17.1%       2,240          164         2.9%       9.2%        926            402          431
US              639         3.5%       3.5%        530         4.3%       4.3%        10,358         110         0.0%       0.0%        847            535          700
Visa Inc.       1,649       7.0%       8.7%        1,026       7.1%       8.6%        17,135         623         6.8%       8.9%        3,608          1,825        2,128
                                                                                                                                                                    
Visa Credit
Programs
US              $255        9.2%       9.2%        $244        9.1%       9.1%        2,843          $12         13.3%      13.3%       14             206          278
International   441         7.1%       10.3%       394         7.7%       11.4%       4,582          48          2.0%       1.7%        181            462          522
Visa Inc.       697         7.9%       9.9%        638         8.2%       10.4%       7,425          59          4.1%       3.9%        196            668          801
                                                                                                                                                                    
Visa Debit
Programs
US              $384        0.0%       0.0%        $286        0.5%       0.5%        7,516          $98         -1.4%      -1.4%       832            329          421
International   568         11.1%      14.5%       102         21.2%      25.9%       2,195          466         9.1%       12.3%       2,580          828          906
Visa Inc.       952         6.4%       7.8%        388         5.3%       5.7%        9,711          564         7.1%       9.4%        3,412          1,157        1,327
                                                                                                                                                                    

               For the 12 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
                ($          USD)       USD)        ($          USD)       USD)        (millions)     ($          USD)       USD)        (millions)
                billions)                          billions)                                         billions)
                                                                                                                             
All Visa
Credit &
Debit
Asia Pacific    $1,892      8.1%       12.6%       $1,285      9.3%       14.4%       14,145         $607        5.7%       8.9%        3,414
Canada          252         2.5%       7.5%        232         2.6%       7.6%        2,327          20          1.1%       5.9%        45
CEMEA           1,066       9.7%       14.7%       234         23.4%      30.3%       4,623          832         6.4%       11.0%       4,529
LAC             1,066       2.0%       11.6%       403         4.6%       16.0%       9,532          663         0.4%       9.1%        4,024
US              2,772       8.8%       8.8%        2,311       9.6%       9.6%        45,317         461         4.7%       4.7%        3,598
Visa Inc.       7,048       7.4%       11.0%       4,466       9.3%       12.4%       75,943         2,582       4.3%       8.8%        15,610
                                                                                                                                        
Visa Credit
Programs
US              $1,153      10.1%      10.1%       $1,105      10.3%      10.3%       13,098         $48         5.8%       5.8%        62
International   1,899       6.1%       12.1%       1,699       6.8%       13.1%       20,397         200         0.7%       4.6%        767
Visa Inc.       3,051       7.6%       11.4%       2,804       8.1%       12.0%       33,496         248         1.6%       4.9%        829
                                                                                                                                        
Visa Debit
Programs
US              $1,619      7.8%       7.8%        $1,206      9.0%       9.0%        32,219         $412        4.6%       4.6%        3,536
International   2,377       6.9%       12.9%       456         18.1%      25.2%       10,229         1,922       4.6%       10.3%       11,245
Visa Inc.       3,996       7.3%       10.8%       1,662       11.3%      13.0%       42,448         2,334       4.6%       9.3%        14,781
                                                                                                                                        

               For the 12 Months Ended March 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
                ($          USD)       USD)        ($          USD)       USD)        (millions)     ($          USD)       USD)        (millions)     (millions)   (millions)
                billions)                          billions)                                         billions)
                                                                                                                                                       
All Visa
Credit &
Debit
Asia Pacific    $1,750      9.5%       11.1%       $1,176      10.4%      12.0%       12,498         $574        7.7%       9.3%        2,853          581          682
Canada          246         3.8%       4.4%        226         4.4%       5.0%        2,091          20          -2.6%      -1.8%       43             29           38
CEMEA           972         14.7%      19.5%       189         26.7%      32.8%       3,380          782         12.1%      16.7%       4,375          278          277
LAC             1,045       3.6%       14.7%       385         6.7%       19.2%       8,863          660         1.9%       12.2%       3,849          402          431
US              2,548       1.7%       1.7%        2,108       1.8%       1.8%        41,358         440         1.4%       1.4%        3,501          535          700
Visa Inc.       6,561       5.9%       8.4%        4,085       5.7%       7.2%        68,190         2,476       6.2%       10.6%       14,621         1,825        2,128
                                                                                                                                                                    
Visa Credit
Programs
US              $1,047      9.3%       9.3%        $1,002      9.7%       9.7%        11,833         $46         1.3%       1.3%        61             206          278
International   1,789       7.4%       10.4%       1,591       8.7%       11.9%       18,505         198         -1.4%      0.1%        759            462          522
Visa Inc.       2,836       8.1%       10.0%       2,592       9.1%       11.0%       30,338         244         -0.9%      0.4%        820            668          801
                                                                                                                                                                    
Visa Debit
Programs
US              $1,501      -3.0%      -3.0%       $1,107      -4.5%      -4.5%       29,525         $394        1.4%       1.4%        3,440          329          421
International   2,223       9.8%       16.1%       386         17.4%      24.4%       8,328          1,837       8.3%       14.5%       10,361         828          906
Visa Inc.       3,724       4.2%       7.3%        1,493       0.3%       1.3%        37,852         2,232       7.0%       11.8%       13,802         1,157        1,327
                                                                                                                                                                    

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 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.

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.

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
Mar 31, 2014          5%             8%
Dec 31, 2013          11%            12%
Sep 30, 2013          9%             11%
Jun 30, 2013          11%            11%
Mar 31, 2013          10%            10%
                                           
12 Months Ended
Mar 31, 2014          9%             10%
Mar 31, 2013          9%             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
Period             Transactions    Growth
                      (millions)
                                  
3 Months Ended
Mar 31, 2014          15,354             11%
Dec 31, 2013          15,985             13%
Sep 30, 2013          15,491             14%
Jun 30, 2013          14,972             14%
Mar 31, 2013          13,850             6%
                                              
12 Months Ended
Mar 31, 2014          61,802             13%
Mar 31, 2013          54,695             3%
                                              

4. CyberSource Transactions

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

                      Billable
Period             Transactions    Growth
                      (millions)
                                  
3 Months Ended
Mar 31, 2014          1,859              16%
Dec 31, 2013          1,894              20%
Sep 30, 2013          1,696              24%
Jun 30, 2013          1,648              27%
Mar 31, 2013          1,608              25%
                                              
12 Months Ended
Mar 31, 2014          7,098              21%
Mar 31, 2013          5,854              26%

Contact:

Visa Inc.
Investor Relations:
Jack Carsky or Victoria Hyde-Dunn, 650-432-7644
ir@visa.com
Media Relations:
Paul Cohen, 650-432-2990
globalmedia@visa.com
 
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