Visa Inc. Posts Solid Fiscal First Quarter 2010 Earnings Results
2/03/2010
- GAAP quarterly net income of $763 million or $1.02 per diluted class A common share
- Company updates full-year 2010 guidance for net revenue, operating margin, tax rate and capital expenditures
SAN FRANCISCO, Feb 03, 2010 /PRNewswire via COMTEX/ -- Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal first quarter 2010 ended December 31, 2009. GAAP net income for the quarter was $763 million, or $1.02 per diluted class A common share. The weighted average number of diluted class A common shares outstanding was 745 million.
GAAP net operating revenue in the fiscal first quarter of 2010 was $2.0 billion, an increase of 13% over the prior year and driven by strong contributions across all revenue categories, in particular data processing revenues and international transaction revenues.
"By all measures, Visa's fiscal first quarter was a strong start to the new year, as we continued to execute well against our business plan," said Joseph Saunders, Chairman and Chief Executive Officer, Visa Inc. "We were able to capitalize on the secular trend to digital currency and grow revenues, as we expanded our payments network and processing capabilities to drive transaction growth through effective marketing programs. Even in the midst of the current economic environment, we remain fully committed to assisting our clients through these challenging times and returning excess cash to our shareholders."
Fiscal First Quarter 2010 Financial Highlights:
Visa Inc.'s operational performance highlights as measured by business activity for the three months ended September 30, 2009, include:
- Payments volume growth, on a constant basis, was a positive 2.5% over the prior year at $720 billion; and
- Total cards carrying the Visa brands rose 5% worldwide over the prior year to 1.8 billion.
Cross border volume growth, on a constant basis, was positive 2% for the three months ended December 31, 2009.
Total processed transactions, which represent transactions processed by VisaNet for the three months ended December 31, 2009, totaled 10.9 billion, a 12% increase over the prior year.
For the fiscal first quarter 2010, service revenues were $827 million, an increase of 4% 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 38% over the prior year to $765 million. International transaction revenues, which are driven by cross-border payments volume, grew 9% over the prior year to $552 million. Other revenues, which include the Visa Europe licensing fee, were $190 million, up 21% over the prior year. Volume and support incentives, which are a contra revenue item, were $374 million, which represents 16% of gross revenue.
Total operating expenses on a GAAP basis were $743 million for the quarter, a 4% decrease primarily a result of a $41 million pre-tax gain recognized related to the prepayment of the remaining obligations under the Retailers' litigation.
Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $6.0 billion at December 31, 2009.
Operational Performance Highlight for the Quarter Ended December:
Commencing with this quarter, current payments volume growth and other select metrics will be provided in the operational performance data supplement. Service revenues will continue to be recognized based on payments volume in the prior quarter.
Payments volume growth, on a constant basis, for the three months ended December 31, 2009, was a positive 8.5% over the prior year at $769 million.
Notable Events:
In October 2009, the Company announced that its Board of Directors authorized a $1.0 billion share repurchase plan through September 30, 2010, and is subject to extension or expansion at the determination of Visa's Board of Directors. During the first quarter of fiscal 2010, the Company repurchased 5.5 million shares at an average price of $78.78 per share for a total cost of $432 million. At the end of the first fiscal quarter, $568 million remained available for repurchase under the existing repurchase authorization.
On January 20, 2010, the Company held its 2010 annual meeting of stockholders. Stockholders approved the election of five Class III directors and the ratification of the appointment of KPMG LLP as our independent registered public accounting firm for fiscal year 2010. In addition, the Board of Directors declared a quarterly divided in the aggregate amount of $0.125 per share of class A common stock (determined in the case of class B and class C common stock on an as-converted basis) payable on March 2, 2010 to all holders of record of the Company's class A, class B and class C common stock as of February 12, 2010.
As previously announced, the Board of Directors approved the release of additional class C shares. The number of shares released for any class C shareholder will be the greater of (a) 50% (fifty percent) of the restricted class C shares held by that shareholder as of March 1, 2010, and (b) 5,000 (five thousand) class C shares. The shares will automatically become eligible for public sale on March 8, 2010. The remaining restricted class C shares will continue to be subject to the general transfer restrictions that expire on March 25, 2011, under Visa's certificate of incorporation. Class C shares sold in the public market upon release under this program will automatically convert to class A shares. Approximately 56 million class C shares are expected to be released from transfer restrictions. The release of the class C shares will not increase the number of outstanding shares on an as-converted basis of the Company's common stock, and there will be no dilutive effect to the outstanding class A common stock share count on an as-converted basis.
Financial Outlook:
Visa Inc. updates its financial outlook for the following metrics for 2010:
- Annual net revenue growth in the range of 11% to 15%;
- Annual operating margin in the mid to high 50% range;
- GAAP tax rate in the range of 36.5% to 38.5%; and
- Capital expenditures about $200 million.
Visa Inc. affirms its financial outlook for the following metrics through 2010:
- Volume and support incentives in the range of 16-17% of gross revenue;
- Advertising, marketing and promotion expenses less than $1 billion;
- Annual diluted class A common stock earnings per share growth of greater than 20%; and
- Annual free cash flow in excess of $2 billion.
Visa Inc. affirms its financial outlook for the following metrics through 2011:
- Annual diluted class A common stock earnings per share growth of greater than 20%.
Fiscal First Quarter 2010 Earnings Results Conference Call Details:
Visa's executive management team will host a live audio webcast beginning at 5:00 p.m. EST (2:00 p.m. PST) today to discuss the financial results and business highlights.
All interested parties are invited to listen to the live webcast at https://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 https://investor.visa.com/.
About Visa Inc.
Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit http://www.corporate.visa.com/.
Forward Looking Statements
Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the "safe harbor" created by those sections. These statements can be identified by the terms "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will" and similar expressions which are intended to identify forward-looking statements. In addition, any underlying assumptions are forward-looking statements. Such forward-looking statements include but are not limited to statements regarding certain of Visa's goals and expectations with respect to earnings per share, revenue, operating margin, free cash flow, and the growth rate in those items, as well as other measures of economic performance.
By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors, including all the risks discussed under the heading "Risk Factors" in Part 1, Item 1A - "Risk Factors" in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Periodic Reports on Form 8-K, if any. You are cautioned not to place undue reliance on such statements, which speak only as of the date of this press release. Unless required to do so under U.S. federal securities laws or other applicable laws, we do not intend to update or revise any forward-looking statements.
Contacts:
Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 415-932-2213, [email protected]
Media Relations: Paul Cohen or Will Valentine, 415-932-2564, [email protected]
Visa Inc.
Selected Consolidated Statements of Operations
(unaudited)
Three Months Ended
December 31,
------------
2009 2008
---- ----
(in millions,
except per share data)
Operating Revenues
Service revenues $827 $793
Data processing revenues 765 554
International transaction revenues 552 505
Other revenues 190 156
Volume and support incentives (374) (269)
---- ----
Total operating revenues 1,960 1,739
----- -----
Operating Expenses
Personnel 274 299
Network, EDP and communications 105 93
Advertising, marketing and promotion 216 210
Professional and consulting fees 51 56
Depreciation and amortization 62 52
Administrative and other 78 63
Litigation provision (43) -
--- -
Total operating expenses 743 773
--- ---
Operating income 1,217 966
----- ---
Other Income (Expense)
Equity in earnings of unconsolidated affiliates - (1)
Interest expense (16) (30)
Investment income, net 5 19
Other 2 (1)
- --
Total other expense (9) (13)
-- ---
Income before income taxes 1,208 953
Income tax expense 445 379
--- ---
Net income including non-controlling interest 763 574
Loss attributable to non-controlling interest - -
- -
Net income attributable to Visa Inc. $763 $574
==== ====
Basic earnings per share
Class A common stock $1.03 $0.74
===== =====
Class B common stock $0.60 $0.52
===== =====
Class C common stock $1.03 $0.74
===== =====
Basic weighted average shares outstanding
Class A common stock 468 446
=== ===
Class B common stock 245 245
=== ===
Class C common stock 129 152
=== ===
Diluted earnings per share
Class A common stock $1.02 $0.74
===== =====
Class B common stock $0.60 $0.52
===== =====
Class C common stock $1.02 $0.74
===== =====
Diluted weighted average shares outstanding
Class A common stock 745 773
=== ===
Class B common stock 245 245
=== ===
Class C common stock 129 152
=== ===
Visa Inc.
Selected Consolidated Balance Sheets
(unaudited)
December 31, September 30,
2009 2009
---- ----
(in millions, except par value)
Assets
Cash and cash equivalents $4,160 $4,617
Restricted cash - litigation escrow 1,365 1,365
Investment securities
Trading 68 59
Available-for-sale 25 56
Settlement receivable 736 605
Accounts receivable 536 444
Customer collateral 815 812
Current portion of volume and support
incentives 241 214
Current portion of deferred tax assets 595 703
Prepaid expenses and other current assets 212 366
--- ---
Total current assets 8,753 9,241
Restricted cash - litigation escrow 280 350
Investment securities, available-for-sale 159 168
Volume and support incentives 109 102
Property, equipment and technology, net 1,203 1,204
Other assets 120 125
Intangible assets 10,883 10,883
Goodwill 10,208 10,208
------ ------
Total assets $31,715 $32,281
======= =======
Liabilities
Accounts payable $87 $156
Settlement payable 629 634
Customer collateral 815 812
Accrued compensation and benefits 228 396
Volume and support incentives 314 284
Accrued liabilities 883 754
Current portion of long-term debt 12 12
Current portion of accrued litigation 669 1,394
--- -----
Total current liabilities 3,637 4,442
Long-term debt 41 44
Accrued litigation 260 323
Deferred tax liabilities 3,806 3,807
Other liabilities 494 472
--- ---
Total liabilities 8,238 9,088
----- -----
Equity
Preferred stock, $0.0001 par value, 25
shares authorized and none issued $- $-
Class A common stock, $0.0001 par value,
2,001,622 shares authorized, 469 and 470
issued and outstanding at December 31,
2009, and September 30, 2009, respectively - -
Class B common stock, $0.0001 par value,
622 shares authorized, 245 shares issued
and outstanding at December 31, 2009,
and September 30, 2009 - -
Class C common stock, $0.0001 par value,
1,097 shares authorized, 128 and 131
shares issued and outstanding at
December 31, 2009, and September 30,
2009, respectively - -
Additional paid-in capital 20,957 21,160
Class C treasury stock (1) (2)
Accumulated income 2,691 2,219
Accumulated other comprehensive loss, net
Investment securities, available for sale 10 10
Defined benefit pension and other
postretirement plans (133) (136)
Derivative instruments (50) (58)
Foreign currency translation loss (2) (4)
-- --
Total accumulated other comprehensive
loss, net (175) (188)
---- ----
Total Visa Inc. stockholders' equity 23,472 23,189
Non-controlling interest 5 4
- -
Total equity 23,477 23,193
------ ------
Total liabilities and equity 31,715 32,281
====== ======
Visa Inc.
Consolidated Statements Of Cash Flows
(unaudited)
Three Months Ended
December 31,
--------------
2009 2008
---- ----
(in millions)
Operating Activities
Net income including non-controlling interest $763 $574
Adjustments to reconcile net income including non-
controlling interest to net cash (used in) provided by
operating activities:
Depreciation and amortization of property, equipment
and technology 62 52
Share-based compensation 32 32
Interest earned on litigation escrow, net of tax - (7)
Tax benefit for share-based compensation (5) -
Restricted stock instruments settled in cash for taxes (12) -
Net recognized (gain) loss on investment securities,
including other-than-temporary impairment (1) 7
Asset impairment 1 1
Amortization of volume and support incentives 374 269
Accrued litigation and accretion (33) 25
Equity in earnings of unconsolidated affiliates - 1
Deferred income taxes 102 179
Change in operating assets and liabilities:
Trading securities (9) 7
Accounts receivable (92) (36)
Settlement receivable (131) 386
Volume and support incentives (378) (254)
Other assets 137 95
Accounts payable (69) (66)
Settlement payable (5) (453)
Accrued compensation and benefits (168) (157)
Accrued and other liabilities 158 59
Accrued litigation (755) (529)
---- ----
Net cash (used in) provided by operating activities (29) 185
--- ---
Investing Activities
Investment securities, available-for-sale:
Proceeds from sales and maturities 41 195
Distribution from money market investment 19 775
Purchases of / contributions to other investments (1) (1)
Purchases of property, equipment and technology (37) (68)
--- ---
Net cash provided by investing activities 22 901
-- ---
Financing Activities
Tax benefit for share-based compensation 5 -
Cash proceeds from exercise of stock options 8 -
Funding of litigation escrow account - Retrospective
Responsibility Plan - (1,100)
Payments from litigation escrow account - Retrospective
Responsibility Plan 70 397
Payment for redemption of stock - (2,646)
Dividends paid (93) (81)
Principal payments on debt (3) (2)
Principal payments on capital lease obligations (7) -
Repurchase of class A common stock (432) -
---- -
Net cash used in financing activities (452) (3,432)
---- ------
Effect of exchange rate changes on cash and cash
equivalents 2 (20)
- ---
Decrease in cash and cash equivalents (457) (2,366)
Cash and cash equivalents at beginning of year 4,617 4,979
----- -----
Cash and cash equivalents at end of period $4,160 $2,613
====== ======
Supplemental Disclosure of Cash Flow Information
Income taxes paid, net of refunds $25 $4
Amounts included in accounts payable and
accrued and other liabilities related to
purchases of property, equipment and technology
$6 $21
Interest payments on debt $1 $1
Assets acquired in joint venture with note
payable and equity interest issued $- $22
== ===
Fiscal 2009 and 2010 Quarterly Results of Operations
US$ in millions
Fiscal 2010
Quarter
Fiscal 2009 Quarter Ended Ended
------------------------- ----------
Dec. 31, March 31, June 30, Sept. 30, Dec. 31,
2008 2009 2009 2009 2009
---------- --------- -------- ----------- ----------
(unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
Operating Revenues
Service revenues $793 $804 $769 $808 $827
Data processing
revenues 554 544 605 727 765
International
transaction
revenues 505 446 458 507 552
Other revenues 156 148 158 163 190
Volume and
support
incentives (269) (295) (344) (326) (374)
---- ---- ---- ---- ----
Total operating
revenues 1,739 1,647 1,646 1,879 1,960
----- ----- ----- ----- -----
Operating Expenses
Personnel (1) 299 292 282 355 274
Network, EDP and
communications 93 92 97 111 105
Advertising,
marketing
and promotion 210 196 229 283 216
Professional and
consulting
fees (1) 56 64 62 86 51
Depreciation and
amortization 52 56 57 61 62
Administrative
and other 63 66 96 113 78
Litigation
provision - - 1 1 (43)
- - - - ---
Total
operating
expenses 773 766 824 1,010 743
--- --- --- ----- ---
Operating income 966 881 822 869 1,217
--- --- --- --- -----
Other Income
(Expense)
Equity in
earnings of
unconsolidated
affiliates (1) 1 - - -
Interest expense (30) (30) (30) (25) (16)
Investment
income, net 19 34 504 18 5
Other (1) 1 1 1 2
-- - - - -
Total other
income (expense) (13) 6 475 (6) (9)
--- - --- -- --
Income before
income taxes 953 887 1,297 863 1,208
Income
tax
expense 379 352 568 349 445
--- --- --- --- ---
Net income
including
non-
controlling
interest 574 535 729 514 763
Loss attributable
to non-
controlling
interest (2) - 1 - - -
- - - - -
Net income
attributable
to Visa Inc. $574 $536 $729 $514 $763
==== ==== ==== ==== ====
(1) Certain reclassifications, not affecting net income attributable to
Visa, have been made to fiscal 2009 quarterly information to conform
to the current period presentation format, including the
reclassification of contractor expense, which was previously reported
in professional and consulting fees, to personnel.
(2) The Company began to report non-controlling interest (previously
referred to as minority interest) as a component of equity in the
first quarter of fiscal 2010 and has updated all requisite financial
statements, including the statement of operations, for all comparable
periods presented as required under Accounting Standards Codification
810.
Operational Performance Data
The tables below provide information regarding the available operational results for the 3 months ended December 31, 2009, as well as the prior seven quarterly reporting periods and the 12 months ended December 31, 2009 and 2008, and September 30, 2009 and 2008, for cards carrying the Visa, Visa Electron and Interlink brands.
1. Branded Volume and Transactions
The tables present total volume, payments volume, and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.
For the 3 Months Ended December 31, 2009
----------------------------------------
Total Growth Growth Payments Growth Growth
Volume (Nominal (Constant Volume (Nominal (Constant
($billions) USD) USD) ($billions) USD) USD)
--------- -------- --------- --------- -------- ---------
All Visa Credit
& Debit
Asia Pacific $316 29.8% 18.2% $196 21.8% 9.8%
Canada 51 19.6% 1.3% 47 23.1% 4.3%
CEMEA 144 5.5% 5.7% 23 16.1% 8.9%
LAC 190 32.5% 12.5% 64 37.6% 16.1%
US 531 5.1% 5.1% 438 7.2% 7.2%
Visa Inc. 1,232 15.0% 9.2% 769 14.0% 8.5%
Visa Credit
Programs
US $215 -6.9% -6.9% $201 -1.1% -1.1%
Rest of World 315 18.7% 6.0% 278 21.7% 8.1%
Visa Inc. 530 6.8% 0.3% 478 11.0% 4.1%
Visa Debit
Programs
US $316 15.2% 15.2% $238 15.4% 15.4%
Rest of World 386 28.4% 18.6% 53 40.2% 21.6%
Visa Inc. 702 22.1% 17.0% 291 19.3% 16.5%
For the 3 Months Ended December 31, 2009
----------------------------------------
Payments Cash Growth Growth Cash
Transactions Volume (Nominal (Constant Transactions
(millions) ($billions) USD) USD) (millions)
------------- ----------- -------- --------- ------------
All Visa Credit
& Debit
Asia Pacific 2,524 $120 45.5% 35.1% 566
Canada 429 4 -10.8% -24.4% 9
CEMEA 353 121 3.7% 5.1% 773
LAC 1,516 126 30.0% 10.7% 870
US 8,751 92 -4.1% -4.1% 781
Visa Inc. 13,573 463 16.7% 10.5% 2,999
Visa Credit Programs
US 2,371 $14 -49.7% -49.7% 19
Rest of World 3,594 38 0.4% -7.9% 141
Visa Inc. 5,965 52 -20.9% -24.8% 160
Visa Debit Programs
US 6,380 $78 14.4% 14.4% 762
Rest of World 1,228 333 26.7% 18.1% 2,078
Visa Inc. 7,608 411 24.2% 17.4% 2,839
For the 3 Months Ended September 30, 2009
-----------------------------------------
Total Growth Growth Payments Growth Growth
Volume (Nominal (Constant Volume (Nominal (Constant
($billions) USD) USD) ($billions) USD) USD)
--------- -------- --------- --------- -------- ---------
All Visa Credit
& Debit
Asia Pacific $281 12.5% 10.6% $183 12.0% 8.8%
Canada 48 -3.3% -3.1% 44 -1.0% -0.8%
CEMEA 134 -7.1% 4.3% 21 -1.8% 2.6%
LAC 166 4.6% 11.4% 55 9.1% 14.7%
US 510 -2.8% -2.8% 417 -1.0% -1.0%
Visa Inc. 1,139 1.0% 3.0% 720 2.7% 2.5%
Visa Credit
Programs
US $210 -14.3% -14.3% $195 -8.6% -8.6%
Rest of World 295 5.1% 4.9% 258 7.8% 6.5%
Visa Inc. 505 -3.9% -4.0% 452 0.0% -0.6%
Visa Debit
Programs
US $300 7.2% 7.2% $223 6.8% 6.8%
Rest of World 334 3.8% 11.3% 45 11.8% 16.5%
Visa Inc. 634 5.4% 9.3% 268 7.6% 8.3%
For the 3 Months Ended September 30, 2009
-----------------------------------------
Payments Cash Growth Growth Cash
Transactions Volume Nominal (Constant Transactions
(millions) ($billions) USD) USD) (millions)
------------- ----------- ------- --------- ------------
All Visa Credit
& Debit
Asia Pacific 2,475 $98 13.4% 14.0% 534
Canada 412 4 -23.1% -22.9% 9
CEMEA 320 113 -8.1% 4.6% 738
LAC 1,366 111 2.6% 9.8% 815
US 8,398 93 -10.2% -10.2% 787
Visa Inc. 12,972 419 -1.7% 3.7% 2,883
Visa Credit
Programs
US 2,299 $16 -51.6% -51.6% 21
Rest of World 3,474 37 -10.1% -4.7% 140
Visa Inc. 5,773 53 -28.3% -25.9% 161
Visa Debit
Programs
US 6,099 $77 8.4% 8.4% 766
Rest of World 1,100 289 2.6% 10.5% 1,957
Visa Inc. 7,199 366 3.8% 10.1% 2,723
For the 3 Months Ended September 30, 2009
-----------------------------------------
Accounts Cards
(millions) (millions)
----------- ----------
All Visa Credit
& Debit
Asia Pacific 433 522
Canada 24 31
CEMEA 187 190
LAC 323 350
US 496 673
Visa Inc. 1,463 1,766
Visa Credit
Programs
US 230 302
Rest of World 423 485
Visa Inc. 652 787
Visa Debit
Programs
US 266 372
Rest of World 544 608
Visa Inc. 810 979
For the 3 Months Ended June 30, 2009
------------------------------------
Total Growth Growth Payments Growth Growth
Volume (Nominal (Constant Volume (Nominal (Constant
($billions) USD) USD) ($billions) USD) USD)
--------- -------- --------- --------- -------- ---------
All Visa Credit
& Debit
Asia Pacific $259 3.7% 10.3% $165 2.0% 8.4%
Canada 45 -11.5% -3.7% 41 -9.8% -1.8%
CEMEA 123 -6.4% 9.8% 20 2.8% 12.3%
LAC 150 -2.8% 15.3% 49 -0.4% 16.3%
US 505 -3.9% -3.9% 412 -2.5% -2.5%
Visa Inc. 1,083 -2.7% 3.1% 687 -1.7% 1.5%
Visa Credit
Programs
US $209 -15.0% -15.0% $192 -9.6% -9.6%
Rest of World 269 -3.1% 5.1% 234 -1.5% 6.1%
Visa Inc. 479 -8.7% -4.8% 426 -5.3% -1.6%
Visa Debit
Programs
US $296 5.9% 5.9% $220 4.6% 4.6%
Rest of World 308 -0.3% 15.1% 41 7.2% 23.0%
Visa Inc. 604 2.6% 10.4% 261 5.0% 7.1%
For the 3 Months Ended June 30, 2009
------------------------------------
Payments Cash Growth Growth Cash
Transactions Volume (Nominal (Constant Transactions
(millions) ($billions) USD) USD) (millions)
------------ --------- -------- --------- ------------
All Visa Credit
& Debit
Asia Pacific 2,325 $94 6.9% 13.7% 540
Canada 396 4 -25.1% -18.5% 9
CEMEA 324 103 -8.0% 9.3% 736
LAC 1,302 101 -3.9% 14.8% 798
US 8,286 93 -9.5% -9.5% 778
Visa Inc. 12,634 396 -4.4% 6.0% 2,861
Visa Credit
Programs
US 2,282 $17 -49.2% -49.2% 21
Rest of World 3,293 35 -12.1% -1.6% 137
Visa Inc. 5,576 52 -29.0% -24.6% 159
Visa Debit
Programs
US 6,004 $76 9.7% 9.7% 757
Rest of World 1,054 267 -1.3% 14.0% 1,946
Visa Inc. 7,058 343 0.9% 13.0% 2,702
For the 3 Months Ended June 30, 2009
------------------------------------
Accounts Cards
(millions) (millions)
----------- ----------
All Visa Credit & Debit
Asia Pacific 424 512
Canada 23 31
CEMEA 179 184
LAC 317 344
US 483 662
Visa Inc. 1,426 1,732
Visa Credit Programs
US 233 309
Rest of World 418 482
Visa Inc. 651 791
Visa Debit Programs
US 250 352
Rest of World 526 589
Visa Inc. 776 941
For the 3 Months Ended March 31, 2009
-------------------------------------
Total Growth Growth Payments Growth Growth
Volume (Nominal (Constant Volume (Nominal (Constant
($billions) USD) USD) ($billions) USD) USD)
--------- -------- --------- --------- -------- ---------
All Visa Credit
& Debit
Asia Pacific $229 -6.5% 11.3% $147 -7.8% 10.2%
Canada 36 -23.3% -0.8% 32 -22.2% 0.5%
CEMEA 108 -4.8% 19.6% 17 -0.4% 19.5%
LAC 128 -10.3% 16.1% 42 -9.3% 15.2%
US 468 -4.3% -4.3% 379 -2.5% -2.5%
Visa Inc. 969 -6.5% 4.0% 617 -5.5% 2.0%
Visa Credit
Programs
US $196 -15.5% -15.5% $176 -9.7% -9.7%
Rest of World 236 -11.9% 7.3% 204 -11.0% 8.0%
Visa Inc. 431 -13.6% -4.4% 380 -10.4% -1.0%
Visa Debit
Programs
US $272 5.8% 5.8% $202 4.7% 4.7%
Rest of World 265 -5.4% 19.0% 34 -2.5% 25.3%
Visa Inc. 537 0.0% 11.9% 237 3.6% 7.3%
For the 3 Months Ended March 31, 2009
-------------------------------------
Payments Cash Growth Growth Cash
Transactions Volume (Nominal (Constant Transactions
(millions) ($billions) USD) USD) (millions)
------------- --------- -------- --------- ------------
All Visa Credit
& Debit
Asia Pacific 2,176 $82 -4.2% 13.3% 545
Canada 347 4 -30.6% -10.3% 9
CEMEA 294 91 -5.6% 19.6% 666
LAC 1,283 86 -10.7% 16.6% 775
US 7,510 89 -11.1% -11.1% 708
Visa Inc. 11,610 352 -8.4% 7.7% 2,703
Visa Credit
Programs
US 2,084 $19 -47.0% -47.0% 22
Rest of World 3,105 32 -17.7% 3.1% 131
Visa Inc. 5,189 51 -31.7% -23.7% 153
Visa Debit
Programs
US 5,426 $70 9.1% 9.1% 686
Rest of World 996 231 -5.8% 18.1% 1,864
Visa Inc. 6,421 301 -2.7% 15.9% 2,550
For the 3 Months Ended March 31, 2009
-------------------------------------
Accounts Cards
(millions) (millions)
---------- ----------
All Visa Credit & Debit
Asia Pacific 420 506
Canada 23 31
CEMEA 178 182
LAC 313 341
US 482 665
Visa Inc. 1,417 1,724
Visa Credit Programs
US 240 318
Rest of World 418 480
Visa Inc. 658 797
Visa Debit Programs
US 243 347
Rest of World 517 579
Visa Inc. 759 926
For the 3 Months Ended December 31, 2008
----------------------------------------
Total Growth Growth Payments Growth Growth
Volume (Nominal (Constant Volume (Nominal (Constant
($billions) USD) USD) ($billions) USD) USD)
--------- -------- --------- --------- -------- ---------
All Visa Credit
& Debit
Asia Pacific $243 1.1% 11.5% $161 2.1% 12.6%
Canada 43 -16.3% 2.1% 38 -15.4% 3.2%
CEMEA 136 18.5% 34.2% 20 11.9% 30.1%
LAC 144 -1.2% 22.0% 47 -0.4% 22.0%
US 505 -1.9% -1.9% 409 -1.0% -1.0%
Visa Inc. 1,071 0.4% 8.1% 675 -0.9% 4.7%
Visa Credit
Programs
US $231 -9.0% -9.0% $203 -6.9% -6.9%
Rest of World 266 -2.3% 11.2% 228 -1.6% 11.5%
Visa Inc. 496 -5.5% 1.4% 431 -4.2% 2.5%
Visa Debit
Programs
US $274 5.0% 5.0% $206 5.6% 5.6%
Rest of World 301 7.1% 24.4% 38 5.9% 28.6%
Visa Inc. 575 6.1% 14.7% 244 5.6% 9.0%
For the 3 Months Ended December 31, 2008
----------------------------------------
Payments Cash Growth Growth Cash
Transactions Volume (Nominal (Constant Transactions
(millions) ($billions) USD) USD) (millions)
------------ --------- -------- --------- ------------
All Visa Credit
& Debit
Asia Pacific 2,227 $82 -0.9% 9.4% 533
Canada 395 4 -23.5% -6.6% 9
CEMEA 306 117 19.7% 35.0% 708
LAC 1,344 97 -1.6% 22.0% 848
US 7,830 96 -5.3% -5.3% 711
Visa Inc. 12,102 397 2.6% 14.2% 2,809
Visa Credit
Programs
US 2,380 $28 -21.7% -21.7% 28
Rest of World 3,228 37 -5.9% 9.4% 148
Visa Inc. 5,608 65 -13.4% -5.8% 176
Visa Debit
Programs
US 5,450 $69 3.4% 3.4% 683
Rest of World 1,043 263 7.3% 23.7% 1,949
Visa Inc. 6,494 331 6.5% 19.2% 2,633
For the 3 Months Ended December 31, 2008
Accounts Cards
(millions) (millions)
----------- ----------
All Visa Credit & Debit
Asia Pacific 414 501
Canada 23 30
CEMEA 174 179
LAC 312 340
US 487 668
Visa Inc. 1,409 1,718
Visa Credit Programs
US 258 335
Rest of World 415 478
Visa Inc. 673 813
Visa Debit Programs
US 229 333
Rest of World 507 572
Visa Inc. 737 905
For the 3 Months Ended September 30, 2008
-----------------------------------------
Total Growth Growth Payments Growth Growth
Volume (Nominal (Constant Volume (Nominal (Constant
($billions) USD) USD) ($billions) USD) USD)
---------- -------- --------- --------- -------- ---------
All Visa Credit
& Debit
Asia Pacific $250 16.4% 19.9% $163 16.3% 19.8%
Canada 50 5.5% 9.1% 44 6.9% 10.6%
CEMEA 144 43.4% 42.5% 21 38.6% 40.6%
LAC 159 31.3% 27.0% 51 32.9% 28.7%
US 525 7.3% 7.3% 421 8.6% 8.6%
Visa Inc. 1,128 15.9% 15.9% 701 12.4% 13.2%
Visa Credit
Programs
US $245 2.0% 2.0% $213 3.5% 3.5%
Rest of World 280 15.6% 17.9% 239 16.1% 18.7%
Visa Inc. 526 8.9% 9.9% 452 9.8% 11.1%
Visa Debit
Programs
US $280 12.4% 12.4% $208 14.3% 14.3%
Rest of World 322 33.8% 32.5% 41 37.5% 37.6%
Visa Inc. 602 22.9% 22.0% 249 17.5% 17.4%
For the 3 Months Ended September 30, 2008
-----------------------------------------
Payments Cash Growth Growth Cash
Transactions Volume (Nominal (Constant Transactions
(millions) ($billions) USD) USD) (millions)
------------ --------- -------- --------- ------------
All Visa Credit
& Debit
Asia Pacific 2,144 $87 16.6% 20.0% 525
Canada 395 5 -4.9% -1.6% 9
CEMEA 280 123 44.3% 42.9% 671
LAC 1,237 108 30.5% 26.2% 798
US 7,687 104 2.4% 2.4% 745
Visa Inc. 11,744 427 22.2% 21.0% 2,748
Visa Credit
Programs
US 2,367 $32 -7.0% -7.0% 30
Rest of World 3,115 41 12.9% 13.6% 153
Visa Inc. 5,482 74 3.2% 3.3% 183
Visa Debit
Programs
US 5,320 $71 7.3% 7.3% 714
Rest of World 941 282 33.3% 31.7% 1,851
Visa Inc. 6,261 353 27.1% 25.6% 2,565
For the 3 Months Ended September 30, 2008
-----------------------------------------
Accounts Cards
(millions) (millions)
----------- ----------
All Visa Credit & Debit
Asia Pacific 400 480
Canada 24 32
CEMEA 169 176
LAC 301 334
US 474 651
Visa Inc. 1,368 1,673
Visa Credit Programs
US 263 336
Rest of World 410 473
Visa Inc. 672 809
Visa Debit Programs
US 211 314
Rest of World 484 549
Visa Inc. 695 864
For the 3 Months Ended June 30, 2008
------------------------------------
Total Growth Growth Payments Growth Growth
Volume (Nominal (Constant Volume (Nominal (Constant
($billions) USD) USD) ($billions) USD) USD)
--------- -------- --------- --------- -------- ---------
All Visa Credit
& Debit
Asia Pacific $250 24.3% 21.4% $162 22.4% 19.1%
Canada 51 14.3% 10.3% 45 14.5% 10.4%
CEMEA 131 45.8% 38.8% 19 37.8% 36.4%
LAC 155 35.4% 23.1% 50 40.3% 27.5%
US 526 8.8% 8.8% 423 9.8% 9.8%
Visa Inc. 1,113 19.2% 15.9% 699 15.2% 13.4%
Visa Credit
Programs
US $246 4.7% 4.7% $213 5.0% 5.0%
Rest of World 278 21.7% 17.5% 238 22.6% 18.3%
Visa Inc. 524 13.1% 10.9% 450 13.6% 11.4%
Visa Debit
Programs
US $280 12.6% 12.6% $210 15.0% 15.0%
Rest of World 309 39.4% 30.9% 38 40.3% 32.0%
Visa Inc. 589 25.2% 20.9% 248 18.2% 17.0%
For the 3 Months Ended June 30, 2008
------------------------------------
Payments Cash Growth Growth Cash
Transactions Volume (Nominal (Constant Transactions
(millions) ($billions) USD) USD) (millions)
------------ --------- -------- --------- ------------
All Visa Credit
& Debit
Asia Pacific 2,032 $88 28.0% 25.8% 498
Canada 383 6 13.0% 9.0% 9
CEMEA 255 112 47.2% 39.2% 640
LAC 1,160 105 33.2% 21.1% 754
US 7,666 103 4.9% 4.9% 738
Visa Inc. 11,495 414 26.6% 20.7% 2,639
Visa Credit
Programs
US 2,338 $34 2.9% 2.9% 29
Rest of World 2,969 40 16.4% 13.0% 146
Visa Inc. 5,307 74 9.8% 7.9% 175
Visa Debit
Programs
US 5,328 $69 5.9% 5.9% 708
Rest of World 860 271 39.3% 30.8% 1,756
Visa Inc. 6,188 340 30.9% 24.1% 2,464
For the 3 Months Ended June 30, 2008
------------------------------------
Accounts Cards
(millions) (millions)
----------- ----------
All Visa Credit & Debit
Asia Pacific 387 472
Canada 24 31
CEMEA 159 168
LAC 303 328
US 465 642
Visa Inc. 1,338 1,642
Visa Credit Programs
US 262 335
Rest of World 404 464
Visa Inc. 666 798
Visa Debit Programs
US 203 308
Rest of World 470 536
Visa Inc. 673 844
For the 3 Months Ended March 31, 2008
-------------------------------------
Total Growth Growth Payments Growth Growth
Volume (Nominal (Constant Volume (Nominal (Constant
($billions) USD) USD) ($billions) USD) USD)
--------- -------- --------- --------- -------- ---------
All Visa Credit
& Debit
Asia Pacific $245 29.4% 22.5% $159 26.5% 19.4%
Canada 47 30.9% 10.0% 41 30.5% 9.7%
CEMEA 114 40.8% 35.2% 17 40.4% 37.9%
LAC 143 37.8% 22.4% 46 47.5% 30.5%
US 488 10.8% 10.8% 389 12.0% 12.0%
Visa Inc. 1,036 22.0% 16.6% 652 19.1% 15.0%
Visa Credit
Programs
US $231 8.0% 8.0% $195 8.1% 8.1%
Rest of World 268 28.5% 18.5% 229 29.5% 19.1%
Visa Inc. 499 18.1% 12.9% 424 18.7% 13.2%
Visa Debit
Programs
US $257 13.5% 13.5% $193 16.2% 16.2%
Rest of World 280 39.6% 29.3% 35 44.1% 32.6%
Visa Inc. 537 25.8% 20.3% 228 19.8% 18.1%
For the 3 Months Ended March 31, 2008
-------------------------------------
Payments Cash Growth Growth Cash
Transactions Volume (Nominal (Constant Transactions
(millions) ($billions) USD) USD) (millions)
------------ --------- -------- --------- ------------
All Visa Credit
& Debit
Asia Pacific 1,913 $85 35.2% 28.6% 458
Canada 337 6 33.8% 12.5% 9
CEMEA 236 96 40.9% 34.7% 584
LAC 1,123 97 33.7% 18.8% 719
US 7,086 100 6.5% 6.5% 689
Visa Inc. 10,696 384 27.2% 19.8% 2,460
Visa Credit
Programs
US 2,172 $36 7.5% 7.5% 30
Rest of World 2,798 39 23.0% 15.0% 134
Visa Inc. 4,969 75 15.0% 10.8% 164
Visa Debit
Programs
US 4,914 $64 6.0% 6.0% 659
Rest of World 812 245 38.9% 28.9% 1,636
Visa Inc. 5,726 309 30.6% 22.4% 2,296
For the 3 Months Ended March 31, 2008
-------------------------------------
Accounts Cards
(millions) (millions)
----------- ----------
All Visa Credit & Debit
Asia Pacific 376 457
Canada 24 31
CEMEA 148 156
LAC 288 312
US 456 664
Visa Inc. 1,291 1,620
Visa Credit Programs
US 260 368
Rest of World 387 446
Visa Inc. 647 814
Visa Debit Programs
US 196 297
Rest of World 448 510
Visa Inc. 644 806
For the 12 Months Ended December 31, 2009
-----------------------------------------
Total Growth Growth Payments Growth Growth
Volume (Nominal (Constant Volume (Nominal (Constant
($billions) USD) USD) ($billions) USD) USD)
--------- -------- --------- --------- -------- ---------
All Visa Credit
& Debit
Asia Pacific $1,085 9.8% 12.8% $691 7.0% 9.3%
Canada 180 -5.2% -1.6% 164 -3.0% 0.6%
CEMEA 509 -3.2% 9.0% 81 4.2% 10.0%
LAC 635 5.8% 13.6% 211 9.2% 15.6%
US 2,014 -1.5% -1.5% 1,647 0.3% 0.3%
Visa Inc. 4,423 1.7% 4.9% 2,793 2.4% 3.7%
Visa Credit
Programs
US $830 -13.0% -13.0% $764 -7.3% -7.3%
Rest of World 1,115 2.2% 5.7% 973 4.2% 7.2%
Visa Inc. 1,945 -4.9% -3.1% 1,737 -1.2% 0.3%
Visa Debit
Programs
US $1,184 8.5% 8.5% $883 7.9% 7.9%
Rest of World 1,294 6.7% 15.9% 173 14.4% 21.2%
Visa Inc. 2,478 7.6% 12.2% 1,056 8.9% 9.9%
For the 12 Months Ended December 31, 2009
-----------------------------------------
Payments Cash Growth Growth Cash
Transactions Volume (Nominal (Constant Transactions
(millions) ($billions) USD) USD) (millions)
------------ --------- -------- --------- ------------
All Visa Credit
& Debit
Asia Pacific 9,500 $394 15.1% 19.4% 2,186
Canada 1,583 16 -23.1% -19.4% 35
CEMEA 1,292 428 -4.5% 8.8% 2,914
LAC 5,467 425 4.3% 12.6% 3,258
US 32,945 367 -8.8% -8.8% 3,053
Visa Inc. 50,788 1,630 0.5% 7.0% 11,446
Visa Credit
Programs
US 9,037 $66 -49.3% -49.3% 83
Rest of World 13,465 142 -10.0% -3.2% 549
Visa Inc. 22,502 208 -27.7% -24.8% 632
Visa Debit
Programs
US 23,909 $302 10.4% 10.4% 2,971
Rest of World 4,377 1,120 5.6% 15.1% 7,844
Visa Inc. 28,286 1,422 6.6% 14.0% 10,814
For the 12 Months Ended December 31, 2008
-----------------------------------------
Total Growth Growth Payments Growth Growth
Volume (Nominal (Constant Volume (Nominal (Constant
($billions) USD) USD) ($billions) USD) USD)
--------- -------- --------- --------- -------- ---------
All Visa Credit
& Debit
Asia Pacific $988 16.8% 18.3% $646 16.0% 17.4%
Canada 190 6.5% 7.5% 169 7.0% 8.2%
CEMEA 525 36.0% 37.7% 77 30.9% 36.0%
LAC 600 23.9% 23.6% 193 27.4% 26.7%
US 2,044 6.0% 6.0% 1,642 7.1% 7.1%
Visa Inc. 4,348 13.7% 13.8% 2,727 10.9% 11.3%
Visa Credit
Programs
US $953 1.1% 1.1% $824 2.1% 2.1%
Rest of World 1,092 14.8% 16.0% 934 15.5% 16.5%
Visa Inc. 2,045 8.0% 8.4% 1,757 8.8% 9.2%
Visa Debit
Programs
US $1,091 10.8% 10.8% $818 12.6% 12.6%
Rest of World 1,212 28.4% 29.0% 152 29.8% 32.5%
Visa Inc. 2,303 19.4% 19.3% 970 15.0% 15.2%
For the 12 Months Ended December 31, 2008
-----------------------------------------
Payments Cash Growth Growth Cash
Transactions Volume (Nominal (Constant Transactions
(millions) ($billions) USD) USD) (millions)
------------ --------- -------- --------- ------------
All Visa Credit
& Debit
Asia Pacific 8,317 $342 18.4% 20.0% 2,015
Canada 1,510 21 2.3% 2.4% 36
CEMEA 1,077 448 36.9% 38.1% 2,603
LAC 4,863 407 22.3% 22.2% 3,120
US 30,270 403 2.0% 2.0% 2,883
Visa Inc. 46,036 1,621 18.8% 18.7% 10,655
Visa Credit
Programs
US 9,257 $130 -4.9% -4.9% 118
Rest of World 12,110 158 10.7% 12.5% 581
Visa Inc. 21,367 288 3.1% 3.6% 698
Visa Debit
Programs
US 21,013 $273 5.7% 5.7% 2,765
Rest of World 3,656 1,061 28.2% 28.5% 7,192
Visa Inc. 24,669 1,334 22.8% 22.7% 9,957
For the 12 Months Ended December 31, 2008
-----------------------------------------
Accounts Cards
(millions) (millions)
----------- -----------
All Visa Credit & Debit
Asia Pacific 414 501
Canada 23 30
CEMEA 174 179
LAC 312 340
US 487 668
Visa Inc. 1,409 1,718
Visa Credit Programs
US 258 335
Rest of World 415 478
Visa Inc. 673 813
Visa Debit Programs
US 229 333
Rest of World 507 572
Visa Inc. 737 905
For the 12 Months Ended September 30, 2009
------------------------------------------
Total Growth Growth Payments Growth Growth
Volume (Nominal (Constant Volume (Nominal (Constant
($billions) USD) USD) ($billions) USD) USD)
--------- -------- --------- --------- -------- ---------
All Visa Credit
& Debit
Asia Pacific $1,012 2.7% 10.9% $656 2.1% 10.0%
Canada 172 -13.5% -1.4% 155 -11.9% 0.3%
CEMEA 501 -0.6% 15.9% 77 2.9% 15.1%
LAC 589 -2.2% 16.1% 193 0.0% 17.1%
US 1,988 -3.2% -3.2% 1,617 -1.8% -1.8%
Visa Inc. 4,262 -1.9% 4.5% 2,699 -1.2% 2.7%
Visa Credit
Programs
US $846 -13.4% -13.4% $766 -8.7% -8.7%
Rest of World 1,066 -2.9% 7.1% 923 -1.5% 8.0%
Visa Inc. 1,911 -7.8% -2.9% 1,690 -4.9% -0.1%
Visa Debit
Programs
US $1,143 6.0% 6.0% $851 5.4% 5.4%
Rest of World 1,208 1.4% 17.1% 158 5.9% 23.0%
Visa Inc. 2,351 3.6% 11.5% 1,009 5.5% 7.9%
For the 12 Months Ended September 30, 2009
------------------------------------------
Payments Cash Growth Growth Cash
Transactions Volume (Nominal (Constant Transactions
(millions) ($billions) USD) USD) (millions)
------------ --------- -------- --------- ------------
All Visa Credit
& Debit
Asia Pacific 9,203 $357 3.9% 12.6% 2,152
Canada 1,549 17 -25.6% -14.6% 35
CEMEA 1,244 424 -1.2% 16.1% 2,849
LAC 5,295 395 -3.2% 15.6% 3,236
US 32,025 371 -9.1% -9.1% 2,984
Visa Inc. 49,317 1,564 -3.0% 7.8% 11,256
Visa Credit
Programs
US 9,046 $80 -42.1% -42.1% 92
Rest of World 13,100 142 -11.4% 1.4% 557
Visa Inc. 22,145 222 -25.6% -19.8% 648
Visa Debit
Programs
US 22,979 $292 7.7% 7.7% 2,892
Rest of World 4,193 1,050 0.7% 16.3% 7,716
Visa Inc. 27,172 1,342 2.2% 14.3% 10,608
For the 12 Months Ended September 30, 2009
------------------------------------------
Accounts Cards
(millions) (millions)
----------- ----------
All Visa Credit
& Debit
Asia Pacific 433 522
Canada 24 31
CEMEA 187 190
LAC 323 350
US 496 673
Visa Inc. 1,463 1,766
Visa Credit
Programs
US 230 302
Rest of World 423 485
Visa Inc. 652 787
Visa Debit
Programs
US 266 372
Rest of World 544 608
Visa Inc. 810 979
For the 12 Months Ended September 30, 2008
------------------------------------------
Total Growth Growth Payments Growth Growth
Volume (Nominal (Constant Volume (Nominal (Constant
($billions) USD) USD) ($billions) USD) USD)
--------- -------- --------- --------- -------- ---------
All Visa Credit
& Debit
Asia Pacific $985 24.3% 21.6% $642 22.2% 19.5%
Canada 199 18.9% 10.8% 176 19.1% 11.0%
CEMEA 504 43.5% 38.8% 75 40.1% 38.6%
LAC 602 34.3% 23.6% 193 40.8% 29.2%
US 2,054 9.5% 9.5% 1,646 10.6% 10.6%
Visa Inc. 4,344 19.5% 16.5% 2,733 16.2% 14.3%
Visa Credit
Programs
US $976 5.9% 5.9% $839 6.5% 6.5%
Rest of World 1,098 22.8% 18.3% 937 23.6% 18.9%
Visa Inc. 2,074 14.2% 11.9% 1,776 14.9% 12.5%
Visa Debit
Programs
US $1,078 13.0% 13.0% $807 15.2% 15.2%
Rest of World 1,192 37.8% 30.7% 149 41.1% 33.8%
Visa Inc. 2,270 24.8% 21.1% 957 18.6% 17.5%
For the 12 Months Ended September 30, 2008
------------------------------------------
Payments Cash Growth Growth Cash
Transactions Volume (Nominal (Constant Transactions
(millions) ($billions) USD) USD) (millions)
------------ --------- -------- --------- ------------
All Visa Credit
& Debit
Asia Pacific 8,021 $343 28.6% 25.9% 1,934
Canada 1,497 23 17.6% 9.4% 37
CEMEA 1,006 429 44.1% 38.8% 2,485
LAC 4,652 409 31.5% 21.0% 3,028
US 29,862 408 5.3% 5.3% 2,887
Visa Inc. 45,037 1,611 25.7% 20.7% 10,370
Visa Credit
Programs
US 9,344 $137 2.2% 2.2% 123
Rest of World 11,745 160 18.6% 14.4% 569
Visa Inc. 21,089 298 10.5% 8.1% 692
Visa Debit
Programs
US 20,518 $271 7.0% 7.0% 2,764
Rest of World 3,430 1,043 37.4% 30.2% 6,914
Visa Inc. 23,948 1,314 29.8% 24.1% 9,678
For the 12 Months Ended September 30, 2008
------------------------------------------
Accounts Cards
(millions) (millions)
----------- -----------
All Visa Credit & Debit
Asia Pacific 400 480
Canada 24 32
CEMEA 169 176
LAC 301 334
US 474 651
Visa Inc. 1,368 1,673
Visa Credit Programs
US 263 336
Rest of World 410 473
Visa Inc. 672 809
Visa Debit Programs
US 211 314
Rest of World 484 549
Visa Inc. 695 864
Footnote
The preceding tables present regional total volume, payments volume and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.
Payments volume represents the aggregate dollar amount of purchases made with cards carrying the Visa, Visa Electron and Interlink brands for the relevant period; and cash volume represents the aggregate dollar amount of cash disbursements obtained with these cards for the relevant period and includes the impact of balance transfers and convenience checks; but excludes proprietary PLUS volume. Total volume represents payments volume plus cash volume.
Visa payment products are comprised of credit and debit programs, and data relating to each program is included in the tables. Debit programs include Visa's signature based and Interlink (PIN) debit programs.
The data presented is reported quarterly by Visa's members on their operating certificates and is subject to verification by Visa. On occasion, members may update previously submitted information.
Visa's CEMEA region is comprised of countries in Central Europe, the Middle East and Africa. For the 3 months ended September, 2009, Pakistan and Afghanistan were moved from the AP to CEMEA region. Several European Union countries in Central Europe, Israel and Turkey are not included in CEMEA. LAC is comprised of countries in Central and South America and the Caribbean. Rest of World includes Asia Pacific, Canada, CEMEA and LAC.
Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which Visa Inc. volumes are reported ("Nominal USD"). These exchange rates are calculated on a quarterly basis using the established exchange rate for each quarter. To eliminate the impact of foreign currency fluctuations against the U.S. dollar in measuring performance, Visa Inc. also reports year-over-year growth in total volume, payments volume and cash volume on the basis of local currency information ("Constant USD"). This presentation represents Visa's historical methodology which may be subject to review and refinement.
2. Cross Border Volume
The table below represents cross border volume growth for cards carrying the Visa, Visa Electron, Interlink and PLUS brands. Cross border volume refers to payments and cash volume where the issuing country is different from the merchant country.
Growth Growth
(Nominal (Constant
Period USD) USD)
------ -------- ---------
3 Months Ended
--------------
Dec 31, 2009 8% 2%
Sep 30, 2009 -9% -5%
Jun 30, 2009 -15% -8%
Mar 31, 2009 -15% -6%
Dec 31, 2008 -6% 0%
Sep 30, 2008 14% 12%
Jun 30, 2008 20% 14%
Mar 31, 2008 25% 17%
12 Months Ended
---------------
Dec 31, 2009 -8% -4%
Dec 31, 2008 13% 11%
3. Processed Transactions
The table below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa's networks.
Processed
Transactions
Period (millions) Growth
------ ------------ ------
3 Months Ended
--------------
Dec 31, 2009 10,924 12%
Sep 30, 2009 10,463 9%
Jun 30, 2009 10,266 8%
Mar 31, 2009 9,360 6%
Dec 31, 2008 9,797 8%
Sep 30, 2008 9,590 11%
Jun 30, 2008 9,473 13%
Mar 31, 2008 8,800 15%
12 Months Ended
---------------
Dec 31, 2009 41,012 9%
Dec 31, 2008 37,659 11%
SOURCE Visa Inc.