Visa Inc. Posts Strong Fiscal Second Quarter 2010 Earnings Results
4/28/2010
SAN FRANCISCO, April 28, 2010 /PRNewswire via COMTEX/ --Visa Inc. (NYSE: V) today announced financial results for the Company's fiscal second quarter 2010 ended March 31, 2010. GAAP net income for the quarter was $713 million, or $0.96 per diluted class A common share. The weighted average number of diluted class A common shares outstanding was 742 million.
GAAP net operating revenue in the fiscal second quarter of 2010 was $2.0 billion, an increase of 19% over the prior year and driven by strong contributions across all revenue categories, in particular data processing and international transaction revenues.
"Visa delivered strong financial performance during our fiscal second quarter and we remain confident in delivering our guidance for fiscal year 2010," said Joseph Saunders, Chairman and Chief Executive Officer of Visa Inc. "Our performance was fueled by higher than expected payments volume growth. As I discussed at our recent Investor Day, we are increasingly optimistic that economic growth will gradually improve. At the same time, we remain diligent about how we manage our business and finances throughout the current economic environment."
"Visa's long term strategic goals and our ability to drive the migration to Visa products and services are based on our history of innovation and market responsiveness," added Saunders. "Our pending acquisition of CyberSource is the most recent example of the Company responding to market opportunities to fuel future growth. We remain focused on enhancing product offerings and providing new technologies to our clients and customers, while we continue to deliver value to our shareholders."
Fiscal Second Quarter 2010 Financial Highlights:
Payments volume growth, on a constant dollar basis for the three months ended December 31, 2009 on which fiscal second quarter service revenue is recognized, was a positive 8% over the prior year at $769 billion.
Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2010, was a positive 13% over the prior year at $745 billion.
Cross border volume growth, on a constant dollar basis, was positive 12% for the three months ended March 31, 2010.
Total processed transactions, which represent transactions processed by VisaNet, for the three months ended March 31, 2010 totaled 10.6 billion, a 14% increase over the prior year.
For the fiscal second quarter 2010, service revenues were $885 million, an increase of 10% 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 34% over the prior year to $728 million. International transaction revenues, which are driven by cross border payments volume, grew 22% over the prior year to $545 million. Other revenues, which include the Visa Europe licensing fee, were $173 million, up 17% over the prior year. Volume and support incentives, which are a contra revenue item, were $372 million, which represents 16% of gross revenue.
Total operating expenses on a GAAP basis were $837 million for the quarter, a 9% increase over the prior year.
Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $6.3 billion at March 31, 2010.
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 change at the determination of Visa's Board of Directors. During the three months ended March 31, 2010, we repurchased 2.8 million shares of our outstanding class A common stock at an average price of $83.61 per share in the open market for a total cost of $231 million. During the six months ended March 31, 2010, we repurchased 8.3 million shares of our outstanding class A common stock at an average price of $80.40 per share in the open market for a total cost of $664 million. At March 31, 2010, the share repurchase plan has remaining authorized funds of $336 million.
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 was 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. Under this program, 56 million shares of class C common stock were released from transfer restrictions during the second quarter of fiscal 2010. The release of the class C shares did not increase the number of outstanding shares on an as-converted basis, and there are no dilutive effects to the outstanding class A common stock share count on an as-converted basis from these transactions.
As previously announced, the Company has entered into a definitive agreement to acquire CyberSource Corporation ("CyberSource"), a leading provider of electronic payment, risk management and payment security solutions to online merchant, at a price of $26 per share, or total consideration of approximately $2.0 billion to be paid with cash on hand. With the addition of CyberSource, Visa will offer merchants and financial institutions eCommerce solutions that include enhanced online payment processing capabilities, payment routing, fraud protection services and secure data hosting. The transaction is subject to customary closing conditions, including approval by the stockholders of CyberSource and required regulatory approvals. The transaction, which has been approved by the Visa and CyberSource boards of directors, does not require a Visa shareholder vote, and is expected to close in Visa's fourth fiscal quarter of 2010.
Financial Outlook:
Visa Inc. updates its financial outlook for the following metrics for 2010:
- Annual net revenue growth: high end of the 11% to 15% range; and
- Volume and support incentives as a percent of gross revenues: high end of the 16% to 17% range.
Visa Inc. affirms its financial outlook for the following metrics through 2010:
- Advertising, marketing and promotion expenses: less than $1 billion;
- Annual operating margin: mid to high 50% range;
- GAAP tax rate: 36.5% to 38.5% range;
- Annual diluted class A common stock earnings per share: growth greater than 20%;
- Capital expenditures: about $200 million; and
- Annual free cash flow: in excess of $2 billion.
Visa Inc. affirms its financial outlook for the following metrics through 2011:
- Annual diluted class A common stock earnings per share: growth greater than 20%; and
- Annual free cash flow: in excess of $2 billion.
Fiscal Second Quarter 2010 Earnings Results Conference Call Details:
Visa's executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) today to discuss the financial results and business highlights.
All interested parties are invited to listen to the live webcast at 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 March Six Months Ended
31, March 31,
------------- ----------------
2010 2009 2010 2009
---- ---- ---- ----
(in millions, except per share data)
Operating Revenues
Service revenues $885 $804 $1,712 1,597
Data processing
revenues 728 544 1,493 1,098
International
transaction
revenues 545 446 1,097 951
Other revenues 173 148 363 304
Volume and support
incentives (372) (295) (746) (564)
Total operating
revenues 1,959 1,647 3,919 3,386
----- ----- ----- -----
Operating Expenses
Personnel 310 292 584 591
Network, EDP and
communications 98 92 203 185
Advertising,
marketing and
promotion 238 196 454 406
Professional and
consulting fees 50 64 101 120
Depreciation and
amortization 62 56 124 108
Administrative and
other 77 66 155 129
Litigation
provision 2 - (41) -
Total operating
expenses 837 766 1,580 1,539
--- --- ----- -----
Operating income 1,122 881 2,339 1,847
----- --- ----- -----
Other Income
(Expense)
Equity in earnings
of unconsolidated
affiliates (2) 1 (2) -
Interest expense (28) (30) (44) (60)
Investment income,
net 23 34 28 53
Other (2) 1 - -
--- ---
Total other
(expense) income (9) 6 (18) (7)
--- --- --- ---
Income before
income taxes 1,113 887 2,321 1,840
Income tax expense 401 352 846 731
--- --- --- ---
Net income
including non-
controlling
interest 712 535 1,475 1,109
Loss attributable
to non-
controlling
interest 1 1 1 1
--- --- --- ---
Net income
attributable to
Visa Inc. $713 $536 $1,476 $1,110
==== ==== ====== ======
Basic earnings per
share
Class A common
stock $0.97 $0.71 $1.99 $1.45
===== ===== ===== =====
Class B common
stock $0.56 $0.45 $1.16 $0.96
===== ===== ===== =====
Class C common
stock $0.97 $0.71 $1.99 $1.45
===== ===== ===== =====
Basic weighted
average shares
outstanding
Class A common
stock 472 447 470 447
=== === === ===
Class B common
stock 245 246 245 246
=== === === ===
Class C common
stock 122 152 125 152
=== === === ===
Diluted earnings
per share
Class A common
stock $0.96 $0.71 $1.99 $1.45
===== ===== ===== =====
Class B common
stock $0.56 $0.45 $1.16 $0.96
===== ===== ===== =====
Class C common
stock $0.96 $0.71 $1.99 $1.45
===== ===== ===== =====
Diluted weighted
average shares
outstanding
Class A common
stock 742 756 743 765
=== === === ===
Class B common
stock 245 246 245 246
=== === === ===
Class C common
stock 122 152 125 152
=== === === ===
Visa Inc.
Selected Consolidated Balance Sheets
(unaudited)
March September
31, 30,
2010 2009
---- ----
(in millions, except par
value data)
Assets
Cash and cash equivalents $4,560 $4,617
Restricted cash - litigation escrow 1,365 1,365
Investment securities
Trading 63 59
Available-for-sale 22 56
Settlement receivable 666 605
Accounts receivable 502 444
Customer collateral 842 812
Current portion of volume and support
incentives 212 214
Current portion of deferred tax assets 470 703
Prepaid expenses and other current assets 413 366
--- ---
Total current assets 9,115 9,241
Restricted cash - litigation escrow 210 350
Investment securities, available-for-sale 154 168
Volume and support incentives 129 102
Property, equipment and technology, net 1,183 1,204
Other assets 186 125
Intangible assets 10,883 10,883
Goodwill 10,208 10,208
------ ------
Total assets $32,068 $32,281
======= =======
Liabilities
Accounts payable $78 $156
Settlement payable 618 634
Customer collateral 842 812
Accrued compensation and benefits 276 396
Volume and support incentives 343 284
Accrued liabilities 698 754
Current portion of long-term debt 12 12
Current portion of accrued litigation 670 1,394
--- -----
Total current liabilities 3,537 4,442
Long-term debt 38 44
Accrued litigation 196 323
Deferred tax liabilities 3,808 3,807
Other liabilities 502 472
--- ---
Total liabilities 8,081 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, 494 and 470
shares issued and outstanding at March
31, 2010, and September 30, 2009,
respectively - -
Class B common stock, $0.0001 par value,
622 shares authorized, 245 shares issued
and outstanding at March 31, 2010, and
September 30, 2009 - -
Class C common stock, $0.0001 par value,
1,097 shares authorized, 100 and 131
shares issued and outstanding at March
31, 2010, and September 30, 2009,
respectively - -
Additional paid-in capital 20,883 21,160
Class C treasury stock - (2)
Accumulated income 3,199 2,219
Accumulated other comprehensive loss, net
Investment securities, available for sale 9 10
Defined benefit pension and other
postretirement plans (71) (136)
Derivative instruments (39) (58)
Foreign currency translation gain (loss) 2 (4)
--- ---
Total accumulated other comprehensive
loss, net (99) (188)
--- ----
Total Visa Inc. stockholders' equity 23,983 23,189
Non-controlling interest 4 4
Total equity $23,987 $23,193
------- -------
Total liabilities and equity $32,068 $32,281
======= =======
Visa Inc.
Consolidated Statements Of Cash Flows
(unaudited)
Six Months Ended
March 31,
----------------
2010 2009
---- ----
(in millions)
Operating Activities
Net income including non-
controlling interest $1,475 $1,109
Adjustments to reconcile net income
including non-controlling interest
to net cash provided by operating
activities:
Depreciation and amortization of
property, equipment and technology 124 108
Share-based compensation 61 64
Tax benefit for share-based
compensation (8) (6)
Restricted stock instruments settled
in cash for taxes (12) (22)
Interest earned on litigation
escrow, net of tax - (12)
Net recognized (gain) loss on
investment securities, including
other-than-temporary impairment (14) 8
Asset impairment 1 3
Gain on disposal of property,
equipment and technology (1) -
Amortization of volume and support
incentives 746 564
Accrued litigation and accretion (25) 48
Equity in earnings of unconsolidated
affiliates 2 -
Deferred income taxes 185 338
Change in operating assets and
liabilities:
Trading securities (4) 17
Accounts receivable (58) (30)
Settlement receivable (61) 252
Volume and support incentives (712) (464)
Other assets (141) (9)
Accounts payable (78) (87)
Settlement payable (16) (335)
Accrued compensation and benefits (120) (146)
Accrued and other liabilities 62 80
Accrued litigation (826) (1,062)
---- ------
Net cash provided by operating
activities 580 418
--- ---
Investing Activities
Investment securities, available-
for-sale:
Purchases (1) -
Proceeds from sales and maturities 45 252
Distribution from money market
investment 85 840
Purchases of /contributions to
other investments (1) (1)
Proceeds from sale of other
investment 1 -
Dividends/distributions from other
investments 1 1
Proceeds from disposal property,
equipment and technology 1 -
Purchases of property, equipment and
technology (79) (136)
Net cash provided by investing
activities 52 956
---
Financing Activities
Tax benefit for share-based
compensation 8 6
Cash proceeds from exercise of stock
options 21 2
Funding of litigation escrow account
-Retrospective Responsibility Plan - (1,100)
Payments from litigation escrow
account -Retrospective
Responsibility Plan 140 939
Payment for redemption of stock - (2,646)
Dividends paid (185) (161)
Principal payments on debt (6) (4)
Principal payments on capital lease
obligations (9) (4)
Repurchase of class A common stock (664) -
---- ---
Net cash used in financing
activities (695) (2,968)
----
Effect of exchange rate changes on
cash and cash equivalents 6 (22)
---
Decrease in cash and cash
equivalents (57) (1,616)
Cash and cash equivalents at
beginning of year 4,617 4,979
----- -----
Cash and cash equivalents at end of
period $4,560 $3,363
====== ======
Supplemental Disclosure of Cash Flow
Information
Income taxes paid, net of refunds $759 $324
Amounts included in accounts payable
and accrued and other liabilities
related to purchases of property,
equipment and technology $10 $41
Interest payments on debt $2 $2
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 2009 Quarter Ended
-------------------------
December 31, March 31, June 30, September 30,
------------ --------- -------- -------------
2008 2009 2009 2009
---- ---- ---- ----
(unaudited) (unaudited) (unaudited) (unaudited)
Operating
Revenues
Service
revenues $793 $804 $769 $808
Data
processing
revenues 554 544 605 727
International
transaction
revenues 505 446 458 507
Other
revenues 156 148 158 163
Volume and
support
incentives (269) (295) (344) (326)
---- ---- ---- ----
Total
operating
revenues 1,739 1,647 1,646 1,879
----- ----- ----- -----
Operating
Expenses
Personnel
(1) 299 292 282 355
Network, EDP
and
communications 93 92 97 111
Advertising,
marketing
and
promotion 210 196 229 283
Professional
and
consulting
fees (1) 56 64 62 86
Depreciation
and
amortization 52 56 57 61
Administrative
and other 63 66 96 113
Litigation
provision - - 1 1
--- --- --- ---
Total
operating
expenses 773 766 824 1,010
--- --- --- -----
Operating
income 966 881 822 869
--- --- --- ---
Other Income
(Expense)
Equity in
earnings of
unconsolidated
affiliates (1) 1 - -
Interest
expense (30) (30) (30) (25)
Investment
income, net 19 34 504 18
Other (1) 1 1 1
--- --- --- ---
Total other
(expense)
income (13) 6 475 (6)
--- --- --- ---
Income
before
income
taxes 953 887 1,297 863
Income tax
expense 379 352 568 349
--- --- --- ---
Net income
including
non-
controlling
interest 574 535 729 514
Loss
attributable
to non-
controlling
interest
(2) - 1 - -
--- --- --- ---
Net income
attributable
to Visa
Inc. $574 $536 $729 $514
==== ==== ==== ====
Fiscal 2010 Quarter Ended
-------------------------
December 31, March 31,
------------ ---------
2009 2010
---- ----
(unaudited) (unaudited)
Operating Revenues
Service revenues $827 $885
Data processing revenues 765 728
International transaction
revenues 552 545
Other revenues 190 173
Volume and support incentives (374) (372)
----
Total operating revenues 1,960 1,959
----- -----
Operating Expenses
Personnel (1) 274 310
Network, EDP and communications 105 98
Advertising, marketing and
promotion 216 238
Professional and consulting fees
(1) 51 50
Depreciation and amortization 62 62
Administrative and other 78 77
Litigation provision (43) 2
---
Total operating expenses 743 837
--- ---
Operating income 1,217 1,122
----- -----
Other Income (Expense)
Equity in earnings of
unconsolidated affiliates - (2)
Interest expense (16) (28)
Investment income, net 5 23
Other 2 (2)
---
Total other (expense) income (9) (9)
--- ---
Income before income taxes 1,208 1,113
Income tax expense 445 401
--- ---
Net income including non-
controlling interest 763 712
Loss attributable to non-
controlling interest (2) - 1
--- ---
Net income attributable to Visa
Inc. $763 $713
==== ====
(1) Certain reclassifications, not affecting net income attributable
to Visa, have been made to fiscal 2009 quarterly information to
conform to the current period presentation format, including the
reclassification of contractor expense, which was previously
reported in professional and consulting fees, to personnel.
(2) The Company began to report non-controlling interest
(previously referred to as minority interest) as a component of
equity in the first quarter of fiscal 2010 and has updated all
requisite financial statements, including the statement of
operations, for all comparable periods presented as required under
Accounting Standards Codification 810.
Operational Performance Data
The tables below provide information regarding the available operational results for the 3 months ended March 31, 2010, as well as the prior seven quarterly reporting periods and the 12 months ended March 31, 2010 and 2009, for cards carrying the Visa, Visa Electron and Interlink brands.
1. Branded Volume and Transactions
The tables present total volume, payments volume, and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.
Total Growth Growth Payments Growth
----- ------ ------ -------- ------
Volume (Nominal (Constant Volume (Nominal
------ -------- --------- ------ --------
($ ($
billions) USD) USD) billions) USD)
---------- ---- ---- ---------- ----
All Visa Credit &
Debit
Asia Pacific $296 29.2% 12.3% $193 31.6%
Canada 48 33.4% 8.2% 44 37.2%
CEMEA 141 30.2% 18.3% 23 32.3%
LAC 174 35.7% 15.5% 58 38.5%
US 518 10.8% 10.8% 427 12.7%
-- - -
Visa Inc. 1,176 21.5% 12.6% 745 20.8%
Visa Credit Programs
US $196 0.3% 0.3% $182 3.4%
Rest of World 305 29.4% 11.1% 266 30.8%
------------- - -
Visa Inc. 501 16.2% 6.6% 449 18.1%
Visa Debit Programs
US $322 18.4% 18.4% $245 20.9%
Rest of World 353 33.2% 16.8% 51 50.2%
------------- - -
Visa Inc. 675 25.7% 17.5% 296 25.1%
Growth Payments Cash Growth
------ -------- ---- ------
(Constant Transactions Volume (Nominal
--------- ------------ ------ --------
($
USD) (millions) billions) USD)
---- ---------- ---------- ----
All Visa Credit &
Debit
Asia Pacific 13.1% 2,472 $102 24.9%
Canada 11.2% 378 4 3.1%
CEMEA 17.6% 357 118 29.8%
LAC 20.4% 1,431 116 34.4%
US 12.7% 8,554 91 2.7%
-- --- -
Visa Inc. 13.4% 13,193 431 22.7%
Visa Credit Programs
US 3.4% 2,115 $14 -27.6%
Rest of World 12.3% 3,440 39 20.4%
------------- --- -
Visa Inc. 8.5% 5,554 52 2.5%
Visa Debit Programs
US 20.9% 6,440 $77 11.0%
Rest of World 27.0% 1,199 302 30.6%
------------- --- -
Visa Inc. 21.9% 7,639 379 26.1%
Growth Cash
------ ----
(Constant Transactions
--------- ------------
USD) (millions)
---- ----------
All Visa Credit &
Debit
Asia Pacific 10.9% 556
Canada -16.4% 8
CEMEA 18.4% 770
LAC 13.2% 808
US 2.7% 755
-- -
Visa Inc. 11.2% 2,897
Visa Credit Programs
US -27.6% 17
Rest of World 3.3% 142
------------- -
Visa Inc. -7.2% 159
Visa Debit Programs
US 11.0% 738
Rest of World 15.2% 2,000
------------- ---
Visa Inc. 14.4% 2,738
For the 3 Months Ended December 31, 2009
----------------------------------------
Total Growth Growth Payments Growth
----- ------ ------ -------- ------
Volume (Nominal (Constant Volume (Nominal
------ -------- --------- ------ --------
($ ($
billions) USD) USD) billions) USD)
---------- ---- ---- ---------- ----
All Visa Credit &
Debit
Asia Pacific $318 30.6% 19.0% $197 22.1%
Canada 51 18.9% 0.7% 47 22.4%
CEMEA 146 7.5% 7.7% 23 16.2%
LAC 191 33.0% 13.0% 64 37.5%
US 531 5.1% 5.1% 438 7.2%
-- - -
Visa Inc. 1,237 15.5% 9.7% 769 14.0%
Visa Credit Programs
US $215 -6.9% -6.9% $201 -1.1%
Rest of World 317 19.2% 6.4% 278 21.8%
------------- - -
Visa Inc. 531 7.1% 0.6% 478 11.0%
Visa Debit Programs
US $316 15.2% 15.2% $238 15.4%
Rest of World 390 29.7% 19.8% 53 40.3%
------------- - -
Visa Inc. 706 22.8% 17.7% 291 19.3%
Growth Payments Cash Growth
------ -------- ---- ------
(Constant Transactions Volume (Nominal
--------- ------------ ------ --------
($
USD) (millions) billions) USD)
---- ---------- ---------- ----
All Visa Credit &
Debit
Asia Pacific 10.1% 2,541 $121 47.4%
Canada 3.7% 430 4 -11.3%
CEMEA 9.0% 353 124 6.1%
LAC 16.0% 1,516 127 30.9%
US 7.2% 8,752 92 -4.1%
-- --- -
Visa Inc. 8.5% 13,593 468 18.1%
Visa Credit Programs
US -1.1% 2,372 $14 -49.8%
Rest of World 8.2% 3,611 39 3.6%
------------- --- -
Visa Inc. 4.1% 5,983 53 -19.2%
Visa Debit Programs
US 15.4% 6,380 $78 14.5%
Rest of World 21.7% 1,230 337 28.2%
------------- --- -
Visa Inc. 16.5% 7,610 416 25.4%
Growth Cash Accounts Cards
------ ---- -------- -----
(Constant Transactions (millions) (millions)
--------- ------------ ---------- ----------
USD) (millions)
---- ----------
All Visa Credit &
Debit
Asia Pacific 36.8% 570 442 531
Canada -24.9% 9 24 31
CEMEA 7.5% 794 192 196
LAC 11.4% 873 331 359
US -4.1% 781 511 690
-- - - -
Visa Inc. 11.7% 3,026 1,500 1,808
Visa Credit Programs
US -49.8% 19 227 297
Rest of World -5.0% 141 425 488
------------- - - -
Visa Inc. -23.1% 160 653 784
Visa Debit Programs
US 14.5% 762 283 394
Rest of World 19.5% 2,104 564 630
------------- --- - -
Visa Inc. 18.5% 2,866 847 1,024
For the 3 Months Ended September 30, 2009
-----------------------------------------
Total Growth Growth Payments Growth
----- ------ ------ -------- ------
Volume (Nominal (Constant Volume (Nominal
------ -------- --------- ------ --------
($ ($
billions) USD) USD) billions) USD)
---------- ---- ---- ---------- ----
All Visa Credit &
Debit
Asia Pacific $281 12.5% 10.6% $183 12.0%
Canada 48 -3.3% -3.1% 44 -1.0%
CEMEA 134 -7.1% 4.3% 21 -1.8%
LAC 166 4.6% 11.4% 55 9.1%
US 510 -2.8% -2.8% 417 -1.0%
-- - -
Visa Inc. 1,140 1.0% 3.0% 720 2.7%
Visa Credit Programs
US $210 -14.3% -14.3% $195 -8.6%
Rest of World 295 5.1% 4.9% 258 7.8%
------------- - -
Visa Inc. 505 -3.9% -4.0% 452 0.0%
Visa Debit Programs
US $300 7.2% 7.2% $223 6.8%
Rest of World 334 3.8% 11.3% 45 11.8%
------------- - -
Visa Inc. 634 5.4% 9.3% 268 7.6%
Growth Payments Cash Growth
------ -------- ---- ------
(Constant Transactions Volume (Nominal
--------- ------------ ------ --------
($
USD) (millions) billions) USD)
---- ---------- ---------- ----
All Visa Credit &
Debit
Asia Pacific 8.8% 2,475 $98 13.4%
Canada -0.8% 412 4 -23.1%
CEMEA 2.6% 320 113 -8.1%
LAC 14.7% 1,366 111 2.6%
US -1.0% 8,400 93 -10.2%
-- --- -
Visa Inc. 2.6% 12,973 419 -1.7%
Visa Credit Programs
US -8.6% 2,299 $16 -51.6%
Rest of World 6.5% 3,474 37 -10.1%
------------- --- -
Visa Inc. -0.6% 5,773 53 -28.3%
Visa Debit Programs
US 6.8% 6,100 $77 8.4%
Rest of World 16.5% 1,100 289 2.6%
------------- --- -
Visa Inc. 8.3% 7,200 366 3.8%
Growth Cash Accounts Cards
------ ---- -------- -----
(Constant Transactions (millions) (millions)
--------- ------------ ---------- ----------
USD) (millions)
---- ----------
All Visa Credit &
Debit
Asia Pacific 14.0% 534 433 522
Canada -22.9% 9 24 31
CEMEA 4.6% 738 187 190
LAC 9.8% 815 323 350
US -10.2% 787 496 674
-- - - -
Visa Inc. 3.7% 2,883 1,463 1,766
Visa Credit Programs
US -51.6% 21 230 302
Rest of World -4.7% 140 423 485
------------- - - -
Visa Inc. -25.9% 161 652 787
Visa Debit Programs
US 8.4% 766 266 372
Rest of World 10.5% 1,957 544 608
------------- --- - -
Visa Inc. 10.1% 2,722 810 979
For the 3 Months Ended June 30, 2009
------------------------------------
Total Growth Growth Payments Growth
----- ------ ------ -------- ------
Volume (Nominal (Constant Volume (Nominal
------ -------- --------- ------ --------
($ ($
billions) USD) USD) billions) USD)
---------- ---- ---- ---------- ----
All Visa Credit &
Debit
Asia Pacific $259 3.7% 10.3% $165 2.0%
Canada 45 -11.5% -3.7% 41 -9.8%
CEMEA 123 -6.4% 9.8% 20 2.8%
LAC 150 -2.8% 15.3% 49 -0.4%
US 506 -3.9% -3.9% 412 -2.5%
-- - -
Visa Inc. 1,083 -2.7% 3.1% 687 -1.7%
Visa Credit Programs
US $209 -15.0% -15.0% $192 -9.6%
Rest of World 269 -3.1% 5.1% 234 -1.5%
------------- - -
Visa Inc. 479 -8.7% -4.8% 426 -5.3%
Visa Debit Programs
US $296 5.9% 5.9% $220 4.6%
Rest of World 308 -0.3% 15.1% 41 7.2%
------------- - -
Visa Inc. 604 2.6% 10.4% 261 5.0%
Growth Payments Cash Growth
------ -------- ---- ------
(Constant Transactions Volume (Nominal
--------- ------------ ------ --------
($
USD) (millions) billions) USD)
---- ---------- ---------- ----
All Visa Credit &
Debit
Asia Pacific 8.4% 2,315 $94 6.9%
Canada -1.8% 396 4 -25.1%
CEMEA 12.3% 324 103 -8.0%
LAC 16.3% 1,302 101 -3.9%
US -2.5% 8,288 93 -9.5%
-- --- -
Visa Inc. 1.5% 12,625 396 -4.4%
Visa Credit Programs
US -9.6% 2,282 $17 -49.2%
Rest of World 6.1% 3,283 35 -12.1%
------------- --- -
Visa Inc. -1.6% 5,566 52 -29.0%
Visa Debit Programs
US 4.6% 6,006 $76 9.7%
Rest of World 23.0% 1,054 267 -1.3%
------------- --- -
Visa Inc. 7.1% 7,059 343 0.9%
Growth Cash Accounts Cards
------ ---- -------- -----
(Constant Transactions (millions) (millions)
--------- ------------ ---------- ----------
USD) (millions)
---- ----------
All Visa Credit &
Debit
Asia Pacific 13.7% 540 424 512
Canada -18.5% 9 23 31
CEMEA 9.3% 736 179 184
LAC 14.8% 798 317 344
US -9.5% 778 483 661
-- - - -
Visa Inc. 6.0% 2,861 1,426 1,732
Visa Credit Programs
US -49.2% 21 233 309
Rest of World -1.6% 137 418 482
------------- - - -
Visa Inc. -24.6% 159 651 791
Visa Debit Programs
US 9.7% 757 250 352
Rest of World 14.0% 1,946 526 589
------------- --- - -
Visa Inc. 13.0% 2,702 776 941
For the 3 Months Ended March 31, 2009
Total Growth Growth Payments Growth
----- ------ ------ -------- ------
Volume (Nominal (Constant Volume (Nominal
------ -------- --------- ------ --------
($ ($
billions) USD) USD) billions) USD)
---------- ---- ---- ---------- ----
All Visa Credit &
Debit
Asia Pacific $229 -6.5% 10.2% $147 -7.8%
Canada 36 -23.3% -0.8% 32 -22.2%
CEMEA 108 -4.8% 20.0% 17 -0.4%
LAC 128 -10.3% 16.3% 42 -9.3%
US 468 -4.3% -4.3% 379 -2.5%
-- - -
Visa Inc. 969 -6.5% 4.4% 617 -5.5%
Visa Credit Programs
US $196 -15.5% -15.5% $176 -9.7%
Rest of World 236 -11.9% 6.8% 204 -11.0%
------------- - -
Visa Inc. 431 -13.6% -3.8% 380 -10.4%
Visa Debit Programs
US $272 5.8% 5.8% $202 4.7%
Rest of World 265 -5.4% 18.7% 34 -2.5%
------------- - -
Visa Inc. 537 0.0% 12.2% 237 3.6%
Growth Payments Cash Growth
------ -------- ---- ------
(Constant Transactions Volume (Nominal
--------- ------------ ------ --------
($
USD) (millions) billions) USD)
---- ---------- ---------- ----
All Visa Credit &
Debit
Asia Pacific 9.3% 2,176 $82 -4.2%
Canada 0.5% 347 4 -30.6%
CEMEA 20.3% 294 91 -5.6%
LAC 15.8% 1,283 86 -10.7%
US -2.5% 7,511 89 -11.1%
-- --- -
Visa Inc. 2.3% 11,611 352 -8.4%
Visa Credit Programs
US -9.7% 2,084 $19 -47.0%
Rest of World 7.4% 3,105 32 -17.7%
------------- --- -
Visa Inc. -0.6% 5,189 51 -31.7%
Visa Debit Programs
US 4.7% 5,426 $70 9.1%
Rest of World 25.2% 996 231 -5.8%
------------- - -
Visa Inc. 7.7% 6,422 301 -2.7%
Growth Cash Accounts Cards
------ ---- -------- -----
(Constant Transactions (millions) (millions)
--------- ------------ ---------- ----------
USD) (millions)
---- ----------
All Visa Credit &
Debit
Asia Pacific 12.1% 545 420 506
Canada -10.3% 9 23 31
CEMEA 19.9% 666 178 182
LAC 16.5% 775 313 341
US -11.1% 708 482 664
-- - - -
Visa Inc. 8.2% 2,703 1,417 1,723
Visa Credit Programs
US -47.0% 22 240 318
Rest of World 2.8% 131 418 480
------------- - - -
Visa Inc. -21.9% 153 658 797
Visa Debit Programs
US 9.1% 686 243 347
Rest of World 17.7% 1,864 517 579
------------- --- - -
Visa Inc. 15.8% 2,550 759 926
For the 3 Months Ended December 31, 2008
Total Growth Growth Payments Growth
----- ------ ------ -------- ------
Volume (Nominal (Constant Volume (Nominal
------ -------- --------- ------ --------
($ ($
billions) USD) USD) billions) USD)
---------- ---- ---- ---------- ----
All Visa Credit
& Debit
Asia Pacific $243 1.1% 11.5% $161 2.1%
Canada 43 -16.3% 2.1% 38 -15.4%
CEMEA 136 18.5% 34.2% 20 11.9%
LAC 144 -1.2% 22.0% 47 -0.4%
US 505 -1.9% -1.9% 409 -1.0%
-- - -
Visa Inc. 1,071 0.4% 8.1% 675 -0.9%
Visa Credit
Programs
US $231 -9.0% -9.0% $203 -6.9%
Rest of World 266 -2.3% 11.2% 228 -1.6%
------------- - -
Visa Inc. 496 -5.5% 1.4% 431 -4.2%
Visa Debit
Programs
US $275 5.0% 5.0% $206 5.6%
Rest of World 301 7.1% 24.4% 38 5.9%
------------- - -
Visa Inc. 575 6.1% 14.7% 244 5.6%
Growth Payments Cash Growth
------ -------- ---- ------
(Constant Transactions Volume (Nominal
--------- ------------ ------ --------
($
USD) (millions) billions) USD)
---- ---------- ---------- ----
All Visa Credit &
Debit
Asia Pacific 12.6% 2,227 $82 -0.9%
Canada 3.2% 395 4 -23.5%
CEMEA 30.1% 306 117 19.7%
LAC 22.0% 1,344 97 -1.6%
US -1.0% 7,831 96 -5.3%
-- --- -
Visa Inc. 4.7% 12,102 397 2.6%
Visa Credit Programs
US -6.9% 2,380 $28 -21.7%
Rest of World 11.5% 3,228 37 -5.9%
------------- --- -
Visa Inc. 2.5% 5,608 65 -13.4%
Visa Debit Programs
US 5.6% 5,451 $69 3.4%
Rest of World 28.6% 1,043 263 7.3%
------------- --- -
Visa Inc. 9.0% 6,494 331 6.5%
Growth Cash Accounts Cards
------ ---- -------- -----
(Constant Transactions (millions) (millions)
--------- ------------ ---------- ----------
USD) (millions)
---- ----------
All Visa Credit &
Debit
Asia Pacific 9.4% 533 414 501
Canada -6.6% 9 23 30
CEMEA 35.0% 708 174 179
LAC 22.0% 848 312 340
US -5.3% 711 487 668
-- - - -
Visa Inc. 14.2% 2,809 1,409 1,718
Visa Credit Programs
US -21.7% 28 258 335
Rest of World 9.4% 148 415 478
------------- - - -
Visa Inc. -5.8% 176 673 813
Visa Debit Programs
US 3.4% 683 229 333
Rest of World 23.7% 1,949 507 572
------------- --- - -
Visa Inc. 19.2% 2,633 737 905
For the 3 Months Ended September 30, 2008
Total Growth Growth Payments Growth
----- ------ ------ -------- ------
Volume (Nominal (Constant Volume (Nominal
------ -------- --------- ------ --------
($ ($
billions) USD) USD) billions) USD)
---------- ---- ---- ---------- ----
All Visa Credit &
Debit
Asia Pacific $250 16.4% 19.9% $163 16.3%
Canada 50 5.5% 9.1% 44 6.9%
CEMEA 144 43.4% 42.5% 21 38.6%
LAC 159 31.3% 27.0% 51 32.9%
US 525 7.3% 7.3% 421 8.6%
-- - -
Visa Inc. 1,128 16.0% 15.9% 701 12.5%
Visa Credit Programs
US $245 2.0% 2.0% $213 3.5%
Rest of World 280 15.6% 17.9% 239 16.1%
------------- - -
Visa Inc. 526 8.9% 9.9% 452 9.8%
Visa Debit Programs
US $280 12.4% 12.4% $208 14.3%
Rest of World 322 33.8% 32.5% 41 37.5%
------------- - -
Visa Inc. 602 22.9% 22.0% 249 17.5%
Growth Payments Cash Growth
------ -------- ---- ------
(Constant Transactions Volume (Nominal
--------- ------------ ------ --------
($
USD) (millions) billions) USD)
---- ---------- ---------- ----
All Visa Credit &
Debit
Asia Pacific 19.8% 2,144 $87 16.6%
Canada 10.6% 395 5 -4.9%
CEMEA 40.6% 280 123 44.3%
LAC 28.7% 1,237 108 30.5%
US 8.6% 7,688 104 2.4%
-- --- -
Visa Inc. 13.2% 11,744 427 22.2%
Visa Credit Programs
US 3.5% 2,367 $32 -7.0%
Rest of World 18.7% 3,115 41 12.9%
------------- --- -
Visa Inc. 11.1% 5,482 74 3.2%
Visa Debit Programs
US 14.3% 5,321 $71 7.3%
Rest of World 37.6% 941 282 33.3%
------------- - -
Visa Inc. 17.4% 6,262 353 27.1%
Growth Cash Accounts Cards
------ ---- -------- -----
(Constant Transactions (millions) (millions)
--------- ------------ ---------- ----------
USD) (millions)
---- ----------
All Visa Credit &
Debit
Asia Pacific 20.0% 525 400 480
Canada -1.6% 9 24 32
CEMEA 42.9% 671 169 176
LAC 26.2% 798 301 334
US 2.4% 745 474 651
-- - - -
Visa Inc. 21.0% 2,748 1,368 1,673
Visa Credit Programs
US -7.0% 30 263 336
Rest of World 13.6% 153 410 473
------------- - - -
Visa Inc. 3.3% 183 672 809
Visa Debit Programs
US 7.3% 714 211 314
Rest of World 31.7% 1,851 484 549
------------- --- - -
Visa Inc. 25.6% 2,565 695 863
For the 3 Months Ended June 30, 2008
Total Growth Growth Payments Growth
----- ------ ------ -------- ------
Volume (Nominal (Constant Volume (Nominal
------ -------- --------- ------ --------
($ ($
billions) USD) USD) billions) USD)
---------- ---- ---- ---------- ----
All Visa Credit & Debit
Asia Pacific $250 24.3% 21.4% $162 22.4%
Canada 51 14.3% 10.3% 45 14.5%
CEMEA 131 45.8% 38.8% 19 37.8%
LAC 155 35.4% 23.1% 50 40.3%
US 526 8.8% 8.8% 423 9.8%
-- - -
Visa Inc. 1,113 19.2% 15.9% 699 15.2%
Visa Credit Programs
US $246 4.7% 4.7% $213 5.0%
Rest of World 278 21.7% 17.5% 238 22.6%
------------- - -
Visa Inc. 524 13.1% 10.9% 450 13.6%
Visa Debit Programs
US $280 12.6% 12.6% $210 15.0%
Rest of World 309 39.4% 30.9% 38 40.3%
------------- - -
Visa Inc. 589 25.2% 20.9% 248 18.2%
Growth Payments Cash Growth
------ -------- ---- ------
(Constant Transactions Volume (Nominal
--------- ------------ ------ --------
($
USD) (millions) billions) USD)
---- ---------- ---------- ----
All Visa Credit & Debit
Asia Pacific 19.1% 2,032 $88 28.0%
Canada 10.4% 383 6 13.0%
CEMEA 36.4% 255 112 47.2%
LAC 27.5% 1,160 105 33.2%
US 9.8% 7,667 103 4.9%
-- --- -
Visa Inc. 13.4% 11,496 414 26.6%
Visa Credit Programs
US 5.0% 2,338 $34 2.9%
Rest of World 18.3% 2,969 40 16.4%
------------- --- -
Visa Inc. 11.4% 5,307 74 9.8%
Visa Debit Programs
US 15.0% 5,329 $69 5.9%
Rest of World 32.0% 860 271 39.3%
------------- - -
Visa Inc. 17.0% 6,189 340 30.9%
Growth Cash Accounts Cards
------ ---- -------- -----
(Constant Transactions (millions) (millions)
--------- ------------ ---------- ----------
USD) (millions)
---- ----------
All Visa Credit & Debit
Asia Pacific 25.8% 498 387 472
Canada 9.0% 9 24 31
CEMEA 39.2% 640 159 168
LAC 21.1% 754 303 328
US 4.9% 738 465 642
-- - - -
Visa Inc. 20.7% 2,639 1,338 1,642
Visa Credit Programs
US 2.9% 29 262 335
Rest of World 13.0% 146 404 464
------------- - - -
Visa Inc. 7.9% 175 666 798
Visa Debit Programs
US 5.9% 708 203 308
Rest of World 30.8% 1,756 470 536
------------- --- - -
Visa Inc. 24.1% 2,464 673 843
For the 12 Months Ended March 31, 2010
Total Growth Growth Payments Growth
----- ------ ------ -------- ------
Volume (Nominal (Constant Volume (Nominal
------ -------- --------- ------ --------
($ ($
billions) USD) USD) billions) USD)
---------- ---- ---- ---------- ----
All Visa Credit &
Debit
Asia Pacific $1,154 18.7% 13.2% $738 16.5%
Canada 192 7.0% 0.4% 175 9.7%
CEMEA 544 4.6% 9.8% 86 11.5%
LAC 682 16.5% 13.7% 227 20.1%
US 2,065 2.0% 2.0% 1,695 3.9%
-- --- ---
Visa Inc. 4,637 8.3% 7.1% 2,922 8.6%
Visa Credit Programs
US $830 -9.5% -9.5% $770 -4.3%
Rest of World 1,186 11.9% 6.9% 1,036 14.0%
------------- --- ---
Visa Inc. 2,016 2.0% -0.5% 1,806 5.4%
Visa Debit Programs
US $1,234 11.6% 11.6% $925 11.8%
Rest of World 1,386 15.8% 15.9% 191 26.5%
------------- --- -
Visa Inc. 2,620 13.8% 13.8% 1,116 14.1%
Growth Payments Cash Growth
------ -------- ---- ------
(Constant Transactions Volume (Nominal
--------- ------------ ------ --------
($
USD) (millions) billions) USD)
---- ---------- ---------- ----
All Visa Credit &
Debit
Asia Pacific 10.2% 9,804 $416 22.7%
Canada 2.9% 1,616 16 -15.7%
CEMEA 10.2% 1,355 458 3.4%
LAC 16.9% 5,616 455 14.7%
US 3.9% 33,993 370 -5.6%
-- ---- -
Visa Inc. 6.4% 52,384 1,715 7.9%
Visa Credit Programs
US -4.3% 9,068 $60 -46.4%
Rest of World 8.3% 13,807 150 -0.8%
------------- ---- -
Visa Inc. 2.5% 22,875 210 -20.3%
Visa Debit Programs
US 11.8% 24,925 $309 10.9%
Rest of World 22.0% 4,583 1,195 14.2%
------------- --- ---
Visa Inc. 13.5% 29,509 1,504 13.5%
Growth Cash
------ ----
(Constant Transactions
--------- ------------
USD) (millions)
---- ----------
All Visa Credit &
Debit
Asia Pacific 18.9% 2,199
Canada -20.7% 35
CEMEA 9.8% 3,038
LAC 12.2% 3,294
US -5.6% 3,101
-- ---
Visa Inc. 8.2% 11,668
Visa Credit Programs
US -46.4% 78
Rest of World -2.1% 560
------------- -
Visa Inc. -20.9% 638
Visa Debit Programs
US 10.9% 3,022
Rest of World 14.9% 8,007
------------- ---
Visa Inc. 14.1% 11,030
For the 12 Months Ended March 31, 2009
Total Growth Growth Payments Growth
----- ------ ------ -------- ------
Volume (Nominal (Constant Volume (Nominal
------ -------- --------- ------ --------
($ ($
billions) USD) USD) billions) USD)
---------- ---- ---- ---------- ----
All Visa Credit &
Debit
Asia Pacific $972 7.8% 15.3% $633 7.4%
Canada 179 -5.4% 5.0% 160 -4.5%
CEMEA 520 24.0% 33.4% 77 20.6%
LAC 586 11.8% 21.9% 189 13.4%
US 2,024 2.4% 2.4% 1,632 3.6%
-- --- ---
Visa Inc. 4,281 6.8% 10.9% 2,691 5.0%
Visa Credit Programs
US $918 -4.4% -4.4% $805 -2.0%
Rest of World 1,060 4.9% 13.1% 909 5.6%
------------- --- -
Visa Inc. 1,977 0.3% 4.4% 1,714 1.9%
Visa Debit Programs
US $1,106 8.9% 8.9% $827 9.8%
Rest of World 1,197 17.0% 26.2% 151 18.2%
------------- --- -
Visa Inc. 2,303 12.9% 17.2% 978 11.0%
Growth Payments Cash Growth
------ -------- ---- ------
(Constant Transactions Volume (Nominal
--------- ------------ ------ --------
($
USD) (millions) billions) USD)
---- ---------- ---------- ----
All Visa Credit &
Debit
Asia Pacific 14.9% 8,580 $339 8.8%
Canada 6.1% 1,519 19 -12.2%
CEMEA 31.4% 1,136 443 24.6%
LAC 23.1% 5,023 397 11.1%
US 3.6% 30,696 392 -2.3%
-- ---- -
Visa Inc. 8.2% 46,954 1,589 9.8%
Visa Credit Programs
US -2.0% 9,170 $113 -18.8%
Rest of World 13.7% 12,417 151 0.8%
------------- ---- -
Visa Inc. 5.9% 21,587 264 -8.6%
Visa Debit Programs
US 9.8% 21,526 $279 6.4%
Rest of World 30.5% 3,840 1,046 16.8%
------------- --- ---
Visa Inc. 12.6% 25,367 1,325 14.4%
Growth Cash Accounts Cards
------ ---- -------- -----
(Constant Transactions (millions) (millions)
--------- ------------ ---------- ----------
USD) (millions)
---- ----------
All Visa Credit &
Debit
Asia Pacific 16.2% 2,101 420 506
Canada -2.7% 36 23 31
CEMEA 33.8% 2,685 178 182
LAC 21.4% 3,175 313 341
US -2.3% 2,902 482 664
-- --- - -
Visa Inc. 15.8% 10,899 1,417 1,723
Visa Credit Programs
US -18.8% 109 240 318
Rest of World 9.5% 578 418 480
------------- - - -
Visa Inc. -4.6% 687 658 797
Visa Debit Programs
US 6.4% 2,792 243 347
Rest of World 25.6% 7,419 517 579
------------- --- - -
Visa Inc. 21.0% 10,212 759 926
Footnote
The preceding tables present regional total volume, payments volume and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.
Payments volume represents the aggregate dollar amount of purchases made with cards carrying the Visa, Visa Electron and Interlink brands for the relevant period; and cash volume represents the aggregate dollar amount of cash disbursements obtained with these cards for the relevant period and includes the impact of balance transfers and convenience checks; but excludes proprietary PLUS volume. Total volume represents payments volume plus cash volume.
Visa payment products are comprised of credit and debit programs, and data relating to each program is included in the tables. Debit programs include Visa's signature based and Interlink (PIN) debit programs.
The data presented is reported quarterly by Visa's members on their operating certificates and is subject to verification by Visa. On occasion, members may update previously submitted information.
Visa's CEMEA region is comprised of countries in Central Europe, the Middle East and Africa. For the 3 months ended September, 2009, Pakistan and Afghanistan were moved from the AP to CEMEA region. Several European Union countries in Central Europe, Israel and Turkey are not included in CEMEA. LAC is comprised of countries in Central and South America and the Caribbean. Rest of World includes Asia Pacific, Canada, CEMEA and LAC.
Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which Visa Inc. volumes are reported ("Nominal USD"). These exchange rates are calculated on a quarterly basis using the established exchange rate for each quarter. To eliminate the impact of foreign currency fluctuations against the U.S. dollar in measuring performance, Visa Inc. also reports year-over-year growth in total volume, payments volume and cash volume on the basis of local currency information ("Constant USD"). This presentation represents Visa's historical methodology which may be subject to review and refinement.
2. Cross Border Volume
The table below represents cross border volume growth for cards carrying the Visa, Visa Electron, Interlink and PLUS brands. Cross border volume refers to payments and cash volume where the issuing country is different from the merchant country.
Period Growth Growth
(Nominal (Constant
USD) USD)
3 Months Ended
--------------
Mar 31, 2010 19% 12%
Dec 31, 2009 8% 2%
Sep 30, 2009 -9% -5%
Jun 30, 2009 -15% -8%
Mar 31, 2009 -15% -6%
Dec 31, 2008 -6% 0%
Sep 30, 2008 14% 12%
Jun 30, 2008 20% 14%
12 Months Ended
---------------
Mar 31, 2010 -1% 0%
Mar 31, 2009 2% 5%
3. Processed Transactions
The table below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa's networks.
Period Processed Growth
Transactions
(millions)
3 Months Ended
--------------
Mar 31, 2010 10,648 14%
Dec 31, 2009 10,924 12%
Sep 30, 2009 10,463 9%
Jun 30, 2009 10,266 8%
Mar 31, 2009 9,360 6%
Dec 31, 2008 9,797 8%
Sep 30, 2008 9,590 11%
Jun 30, 2008 9,473 13%
12 Months Ended
---------------
Mar 31, 2010 42,300 11%
Mar 31, 2009 38,219 9%
SOURCE Visa Inc.