Visa (V) 8-K Visa Inc. Posts Strong Fiscal First Quarter 2012 Earnings Results and Authorizes New $500 Million Share Repurchase Program

Exhibit 99.1

Visa Inc. Posts Strong Fiscal First Quarter 2012 Earnings Results and Authorizes New $500 Million Share Repurchase Program

• Quarterly net income of $1.0 billion or $1.49 per share of diluted class A common stock

• Total as-converted class A common stock was reduced by 16.2 million shares, which was funded from $1.6 billion of the Company’s operating cash on hand

• Authorized a new $500 million class A share repurchase program

SAN FRANCISCO, CA, February 8, 2012 – Visa Inc. (NYSE: V) today announced financial results for the Company’s fiscal first quarter 2012 ended December 31, 2011. Net income for the quarter was $1.0 billion, or $1.49 per share of diluted class A common stock, an increase of 21% over the prior year. The weighted-average number of diluted class A common stock outstanding was 690 million.

Net operating revenue in the first quarter of fiscal 2012 was $2.5 billion, an increase of 14% over the prior year and driven by strong double-digit growth in service revenues, data processing revenues and international transaction revenues. Currency fluctuations contributed a positive 1% towards quarterly net operating revenues.

“Visa’s core businesses drove a strong start to fiscal 2012. We achieved solid financial and operational performance as we continued to benefit from the secular shift to electronic payments. Consumers’ desire to use our products is evident in the strong growth we see outside the U.S. and the resiliency we are seeing in the U.S. in the wake of debit regulation,” said Joe Saunders, chairman and chief executive officer. “We are in the midst of executing on our strategy to address the new landscape in the United States and we are pleased with the early results of our efforts.”

“We remain intensely focused on further growing our international business, partnering with financial institutions, merchants, technology providers and governments,” said Saunders. “At the same time, we are moving forward on our innovation strategy and are working side by side with our financial institution and merchant clients to deliver the products and solutions that best drive our mutual success.”

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Fiscal First Quarter 2012 Financial Highlights:

Payments volume growth, on a constant dollar basis, for the three months ended September 30, 2011, on which fiscal first quarter service revenue is recognized, was a positive 13% over the prior year at $971 billion.

Payments volume growth, on a constant dollar basis, for the three months ended December 31, 2011, was a positive 11% over the prior year at $994 billion.

Cross-border volume growth, on a constant dollar basis, was a positive 13% for the three months ended December 31, 2011.

Total processed transactions, which represent transactions processed by VisaNet, for the three months ended December 31, 2011, were 13.6 billion, a positive 8% increase over the prior year.

Fiscal first quarter 2012 service revenues were $1.2 billion, an increase of 14% 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 13% over the prior year to $951 million. International transaction revenues, which are driven by cross-border activity, grew 19% over the prior year to $748 million. Other revenues, which include the Visa Europe licensing fee, were $178 million, an 11% increase over the prior year. Client incentives, which are a contra revenue item, were $481 million and represent 16% of gross revenues.

Total operating expenses were $929 million for the quarter, a 7% increase over the prior year.

Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $7.9 billion at December 31, 2011.

Visa’s effective tax rate was 36% for the quarter ended December 31, 2011.

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Notable Events:

Total as-converted class A common stock was reduced by 16.2 million shares during the three months ended December 31, 2011, which was funded from $1.6 billion of our operating cash on hand. Of the $1.6 billion, $75 million was used to repurchase class A common stock in the open market. In addition, we deposited $1.57 billion from our operating cash into the litigation escrow account previously established under the retrospective responsibility plan. This deposit has the same economic effect on earnings per share as repurchasing the Company’s class A common stock as it reduces the as-converted class B common stock share count. The deposit reduced by an equivalent amount funds previously allocated to the amended July 2011 share repurchase program, which had no remaining authorized funds as of December 31, 2011.

Today, the Company announced that its Board of Directors has authorized a new $500 million class A share repurchase program. The authorization will be in place through February 1, 2013, and is subject to further change at the discretion of the Board.

On January 31, 2012, the Company held its 2012 annual meeting of stockholders. Stockholders approved all the proposals enumerated in the Company’s proxy statement.

The Board of Directors declared a quarterly dividend in the aggregate amount of $0.22 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 6, 2012, to all holders of record of the Company’s class A, class B and class C common stock as of February 17, 2012.

Financial Outlook:

Visa Inc. updates its financial outlook for the following metrics through 2012:

• Annual net revenue growth in the low double digits; and

• Adjusted annual diluted class A common stock earnings per share growth in the high teens.

Visa Inc. affirms its financial outlook for the following metrics for 2012:

• Client incentives as a percent of gross revenues: 17% to 18% range;

• Marketing expenses: Under $1 billion;

• Annual operating margin of about 60%;

• Adjusted tax rate: 33% to 34% range*;

• Capital expenditures $350 million to $400 million range; and

• Annual free cash flow greater than $4 billion.

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*Financial Outlook excludes the impact of possible non-cash revaluation of deferred tax liabilities, which could decrease the GAAP tax rate to 30 to 31%. These deferred tax liabilities are primarily associated with indefinite-lived intangible assets recorded as part of Visa’s October 2007 reorganization.

Fiscal First Quarter 2012 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 athttp://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 athttp://investor.visa.com.

About Visa

Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visitwww.corporate.visa.com.

Forward Looking Statements:

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be identified by the terms “continue,” “could,” “may,” “potential,” and similar references to the future. Examples of such forward-looking statements include, but are not limited to, statements we make about our strategy and its execution and about our revenue, earnings per share, incentive payments, expenses, operating margin, tax rate, capital expenditures and free cash flow and the growth of those items.

By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are neither statements of historical fact nor guarantees of future performance and (iii) are subject to risks, uncertainties, assumptions and changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements because of a variety of factors, including the following:

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• the impact of new laws, regulations and marketplace barriers, including:

• rules capping debit interchange reimbursement fees under the U.S. Wall Street Reform and Consumer Protection Act, or the Reform Act;

• rules under the Reform Act expanding issuers’ and retailers’ choice among debit payment networks;

• increased regulation outside the United States and in other product categories; and

• rules about consumer privacy and data use and security;

• developments in current or future litigation or government enforcement, including interchange, antitrust and tax disputes;

• economic factors, such as:

• an increase or spread of the current European crisis involving sovereign debt and the euro;

• other global economic, political and health conditions;

• cross-border activity and currency exchange rates; and

• material changes in our clients’ performance compared to our estimates;

• industry developments, such as competitive pressure, rapid technological developments, and disintermediation from the payments value stream;

• system developments, such as:

• disruption of our transaction processing systems or the inability to process transactions efficiently;

• account data breaches or increased fraudulent or other illegal activities involving our cards; and

• issues arising at Visa Europe, including failure to maintain interoperability between our systems;

• costs arising if Visa Europe were to exercise its right to require us to acquire all of its outstanding stock;

• loss of organizational effectiveness or key employees;

• failure to integrate recent acquisitions successfully or to effectively launch new products and businesses;

• changes in accounting principles or treatments; and

the other factors discussed in our most recent Annual Report on Form 10-K. You should not place undue reliance on such statements. Unless required to do so by law, we do not intend to update or revise any forward-looking statement, because of new information or future developments or otherwise.

Contacts:

Investor Relations: Jack Carsky or Anson Villaluz, 415-932-2213,ir@visa.com

Media Relations: Will Valentine, 415-932-2564,globalmedia@visa.com

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VISA INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended December 31,
	2011			2010
	(in millions, except per share data)
Operating Revenues
Service revenues	$	1,151		$	1,008
Data processing revenues		951			844
International transaction revenues		748			630
Other revenues		178			161
Client incentives		(481	)		(405	)
Total operating revenues		2,547			2,238
Operating Expenses
Personnel		389			357
Network and processing		98			80
Marketing		190			197
Professional fees		70			61
Depreciation and amortization		80			67
General and administrative		102			110
Total operating expenses		929			872
Operating income		1,618			1,366
Other Income (Expense)
Interest expense		(10	)		4
Investment income, net		10			10
Other		(1	)		2
Total other (expense) income		(1	)		16
Income before income taxes		1,617			1,382
Income tax provision		590			498
Net income including non-controlling interest		1,027			884
Loss attributable to non-controlling interest		2			—
Net income attributable to Visa Inc.	$	1,029		$	884
Basic earnings per share
Class A common stock	$	1.50		$	1.23
Class B common stock	$	0.73		$	0.63
Class C common stock	$	1.50		$	1.23
Basic weighted-average shares outstanding
Class A common stock		520			494
Class B common stock		245			245
Class C common stock		46			94
Diluted earnings per share
Class A common stock	$	1.49		$	1.23
Class B common stock	$	0.73		$	0.63
Class C common stock	$	1.49		$	1.23
Diluted weighted-average shares outstanding
Class A common stock		690			719
Class B common stock		245			245
Class C common stock		46			94

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VISA INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	December 31, 2011			September 30, 2011
	(in millions, except par value data)
Assets
Cash and cash equivalents	$	1,942		$	2,127
Restricted cash - litigation escrow		4,352			2,857
Investment securities
Trading		65			57
Available-for-sale		734			1,214
Settlement receivable		509			412
Accounts receivable		629			560
Customer collateral		908			931
Current portion of client incentives		206			278
Deferred tax assets		461			489
Prepaid expenses and other current assets		172			265
Total current assets		9,978			9,190
Investment securities, available-for-sale		899			711
Client incentives		106			85
Property, equipment and technology, net		1,542			1,541
Other assets		121			129
Intangible assets, net		11,454			11,436
Goodwill		11,668			11,668
Total assets	$	35,768		$	34,760
Liabilities
Accounts payable	$	87		$	169
Settlement payable		426			449
Customer collateral		908			931
Accrued compensation and benefits		259			387
Client incentives		615			528
Accrued liabilities		886			562
Accrued litigation		356			425
Total current liabilities		3,537			3,451
Deferred tax liabilities		4,212			4,205
Other liabilities		718			667
Total liabilities		8,467			8,323
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, 524 and 520 shares issued and outstanding at December 31, 2011, and September 30, 2011, respectively		—			—
Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at December 31, 2011 and September 30, 2011		—			—
Class C common stock, $0.0001 par value, 1,097 shares authorized, 44 and 47 shares issued and outstanding at December 31, 2011, and September 30, 2011, respectively		—			—
Additional paid-in capital		19,929			19,907
Accumulated income		7,544			6,706
Accumulated other comprehensive income (loss), net
Investment securities, available-for-sale		1			—
Defined benefit pension and other postretirement plans		(183	)		(186	)
Derivative instruments classified as cash flow hedges		18			18
Foreign currency translation adjustments		(8	)		(8	)
Total accumulated other comprehensive loss, net		(172	)		(176	)
Total equity		27,301			26,437
Total liabilities and equity	$	35,768		$	34,760

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VISA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Three Months Ended December 31,
	2011			2010
	(in millions)
Operating Activities
Net income including non-controlling interest	$	1,027		$	884
Adjustments to reconcile net income including non-controlling interest to net cash provided by (used in) operating activities:
Amortization of client incentives		481			405
Share-based compensation		38			48
Excess tax benefit for share-based compensation		(18	)		(7	)
Depreciation and amortization of intangible assets and property, equipment and technology		80			67
Deferred income taxes		34			82
Other		(37	)		(18	)
Change in operating assets and liabilities:
Trading securities		(8	)		(9	)
Settlement receivable		(97	)		(104	)
Accounts receivable		(69	)		(51	)
Client incentives		(343	)		(357	)
Other assets		122			57
Accounts payable		(82	)		(42	)
Settlement payable		(23	)		24
Accrued compensation and benefits		(128	)		(129	)
Accrued and other liabilities		379			227
Accrued litigation		(70	)		(71	)
Net cash provided by operating activities		1,286			1,006
Investing Activities
Purchases of property, equipment and technology		(66	)		(75	)
Proceeds from disposal of property, equipment and technology		2			—
Purchases of intangible assets		(35	)		—
Investment securities, available-for-sale:
Purchases		(933	)		—
Proceeds from sales and maturities		1,224			—
Purchases of / contributions to other investments		(2	)		—
Proceeds / distributions from other investments		4			2
Net cash provided by (used in) investing activities		194			(73	)
Financing Activities
Repurchase of class A common stock		(75	)		(306	)
Dividends paid		(152	)		(108	)
Deposits into litigation escrow account - retrospective responsibility plan		(1,565	)		(800	)
Payments from litigation escrow account - retrospective responsibility plan		70			70
Cash proceeds from exercise of stock options		44			26
Excess tax benefit for share-based compensation		18			7
Principal payments on debt		—			(3	)
Principal payments on capital lease obligations		(5	)		(7	)
Net cash used in financing activities		(1,665	)		(1,121	)
Effect of exchange rate changes on cash and cash equivalents		—			5
Decrease in cash and cash equivalents		(185	)		(183	)
Cash and cash equivalents at beginning of year		2,127			3,867
Cash and cash equivalents at end of period	$	1,942		$	3,684
Supplemental Disclosure of Cash Flow Information
Income taxes paid, net of refunds	$	57		$	29
Amounts included in accounts payable and accrued and other liabilities related to purchases of intangible assets and property, equipment and technology	$	42		$	17
Interest payment on debt	$	—		$	1

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VISA INC.

FISCAL 2011 AND 2012 QUARTERLY RESULTS OF OPERATIONS

(UNAUDITED)

	Fiscal 2011 Quarter Ended												Fiscal 2012 Quarter Ended
	December 31, 2010			March 31, 2011			June 30, 2011			September 30, 2011			December 31, 2011
	(in millions)
Operating Revenues
Service revenues	$	1,008		$	1,093		$	1,055		$	1,105		$	1,151
Data processing revenues		844			823			886			925			951
International transaction revenues		630			624			662			758			748
Other revenues		161			156			167			171			178
Client incentives		(405	)		(451	)		(448	)		(576	)		(481	)
Total operating revenues		2,238			2,245			2,322			2,383			2,547
Operating Expenses
Personnel		357			351			363			388			389
Network and processing		80			80			91			106			98
Marketing		197			183			251			239			190
Professional fees		61			77			84			115			70
Depreciation and amortization		67			70			74			77			80
General and administrative		110			95			114			95			102
Litigation provision		—			6			—			1			—
Total operating expenses		872			862			977			1,021			929
Operating income		1,366			1,383			1,345			1,362			1,618
Other Income (Expense)
Interest income (expense)		4			(12	)		(11	)		(13	)		(10	)
Investment income, net		10			9			88			1			10
Other		2			(3	)		121			4			(1	)
Total other income (expense)		16			(6	)		198			(8	)		(1	)
Income before income taxes		1,382			1,377			1,543			1,354			1,617
Income tax provision		498			497			539			476			590
Net income including non-controlling interest		884			880			1,004			878			1,027
Loss attributable to non-controlling interest		—			1			1			2			2
Net income attributable to Visa Inc.	$	884		$	881		$	1,005		$	880		$	1,029

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Operational Performance Data

The tables below provide information regarding the available operational results for the 3 months ended December 31, 2011, as well as the prior four quarterly reporting periods and the 12 months ended December 31, 2011 and 2010, for cards carrying the Visa, Visa Electron and Interlink brands. Also included is a table with information on the number of billable transactions processed on Visa Inc.’s CyberSource network.

1. Branded Volume and Transactions

The tables present total volume, payments volume, and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.

	For the 3 Months Ended December 31, 2011
	Total Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Payments Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Payments Transactions (millions)		Cash Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Cash Transactions (millions)
All Visa Credit & Debit
Asia Pacific	$	409		13.0	%		11.3	%	$	275		14.8	%		11.7	%		2,949	$	133		9.7	%		10.4	%		621
Canada		61		6.1	%		7.5	%		57		6.7	%		8.1	%		503		5		-0.1	%		1.2	%		10
CEMEA		220		19.4	%		24.3	%		39		30.3	%		37.9	%		631		180		17.2	%		21.7	%		1,060
LAC		264		13.4	%		19.5	%		94		15.9	%		21.9	%		2,084		169		12.1	%		18.2	%		998
US		635		7.3	%		7.3	%		529		7.3	%		7.3	%		10,605		106		7.7	%		7.7	%		877
Visa Inc.		1,588		11.3	%		12.4	%		994		10.8	%		10.8	%		16,773		594		12.1	%		15.2	%		3,566
Visa Credit Programs
US	$	248		9.7	%		9.7	%	$	237		9.6	%		9.6	%		2,807	$	11		10.4	%		10.4	%		16
Rest of World		431		13.1	%		12.5	%		380		13.8	%		13.0	%		4,378		51		8.0	%		9.4	%		189
Visa Inc.		680		11.8	%		11.5	%		617		12.2	%		11.7	%		7,185		63		8.4	%		9.6	%		205
Visa Debit Programs
US	$	387		5.9	%		5.9	%	$	292		5.4	%		5.4	%		7,798	$	95		7.4	%		7.4	%		861
Rest of World		522		14.9	%		19.1	%		86		21.1	%		25.2	%		1,789		436		13.7	%		18.0	%		2,500
Visa Inc.		909		10.9	%		13.1	%		378		8.6	%		9.3	%		9,588		531		12.5	%		15.9	%		3,361

	For the 3 Months Ended September 30, 2011
	Total Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Payments Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Payments Transactions (millions)		Cash Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Cash Transactions (millions)		Accounts (millions)		Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	402		23.2	%		13.9	%	$	272		28.3	%		17.5	%		2,893	$	130		13.6	%		7.1	%		626		509		601
Canada		61		14.6	%		7.6	%		56		14.7	%		7.7	%		489		5		13.5	%		6.6	%		10		26		35
CEMEA		212		29.7	%		27.2	%		37		38.8	%		36.1	%		569		175		28.0	%		25.5	%		998		241		239
LAC		249		22.4	%		16.7	%		89		30.0	%		23.8	%		1,905		160		18.5	%		13.1	%		929		372		403
US		626		9.0	%		9.0	%		517		9.1	%		9.1	%		10,483		109		9.0	%		9.0	%		906		507		653
Visa Inc.		1,550		17.4	%		13.7	%		971		17.0	%		13.4	%		16,339		579		18.0	%		14.2	%		3,469		1,654		1,930
Visa Credit Programs
US	$	241		11.0	%		11.0	%	$	229		10.3	%		10.3	%		2,663	$	13		26.5	%		26.5	%		18		201		261
Rest of World		421		24.4	%		15.6	%		369		25.0	%		15.9	%		4,219		51		20.0	%		13.4	%		182		453		513
Visa Inc.		662		19.2	%		13.9	%		598		19.0	%		13.7	%		6,882		64		21.2	%		15.8	%		200		653		774
Visa Debit Programs
US	$	385		7.8	%		7.8	%	$	288		8.1	%		8.1	%		7,821	$	97		7.0	%		7.0	%		888		306		392
Rest of World		504		23.3	%		18.2	%		85		39.8	%		32.4	%		1,637		419		20.4	%		15.7	%		2,381		695		765
Visa Inc.		888		16.1	%		13.5	%		373		14.0	%		12.8	%		9,457		515		17.6	%		14.0	%		3,269		1,001		1,157

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Operational Performance Data

	For the 3 Months Ended June 30, 2011
	Total Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Payments Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Payments Transactions (millions)		Cash Volume ($ billions)		Growth (Nominal USD)			Growth Constant USD)			Cash Transactions (millions)		Accounts (millions)		Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	379		22.7	%		13.2	%	$	248		25.5	%		14.8	%		2,758	$	131		17.6	%		10.4	%		599		495		588
Canada		60		13.6	%		7.7	%		55		14.0	%		8.0	%		473		5		9.9	%		4.2	%		10		25		34
CEMEA		204		32.3	%		27.0	%		35		41.6	%		35.5	%		532		170		30.5	%		25.4	%		992		230		232
LAC		244		31.8	%		22.9	%		85		37.1	%		27.7	%		1,817		159		29.1	%		20.5	%		912		365		398
US		623		9.9	%		9.9	%		518		10.3	%		10.3	%		10,410		106		8.1	%		8.1	%		901		499		652
Visa Inc.		1,511		19.1	%		14.7	%		941		17.3	%		13.5	%		15,990		570		22.2	%		16.8	%		3,414		1,614		1,904
Visa Credit Programs
US	$	234		9.4	%		9.4	%	$	224		9.8	%		9.8	%		2,569	$	11		2.1	%		2.1	%		17		199		258
Rest of World		400		25.0	%		15.7	%		348		25.3	%		15.8	%		4,042		52		22.6	%		15.3	%		179		448		509
Visa Inc.		634		18.8	%		13.3	%		572		18.8	%		13.4	%		6,610		62		18.5	%		12.8	%		196		647		766
Visa Debit Programs
US	$	389		10.2	%		10.2	%	$	294		10.7	%		10.7	%		7,841	$	95		8.9	%		8.9	%		885		300		394
Rest of World		488		27.8	%		20.5	%		75		36.6	%		27.3	%		1,538		413		26.3	%		19.4	%		2,334		667		744
Visa Inc.		877		19.4	%		15.7	%		369		15.1	%		13.7	%		9,379		508		22.6	%		17.3	%		3,219		967		1,138

	For the 3 Months Ended March 31, 2011
	Total Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Payments Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Payments Transactions (millions)		Cash Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Cash Transactions (millions)		Accounts (millions)		Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	352		18.7	%		12.4	%	$	230		18.5	%		11.8	%		2,629	$	121		19.0	%		13.5	%		578		476		573
Canada		52		12.3	%		7.3	%		48		11.4	%		6.5	%		420		5		21.2	%		15.8	%		9		25		33
CEMEA		177		26.5	%		24.9	%		30		33.8	%		31.2	%		483		147		25.1	%		23.7	%		906		226		225
LAC		222		26.8	%		20.5	%		77		32.5	%		25.9	%		1,740		145		23.9	%		17.8	%		860		360		389
US		576		11.1	%		11.1	%		477		11.6	%		11.6	%		9,579		99		8.9	%		8.9	%		839		504		649
Visa Inc.		1,379		17.2	%		14.3	%		862		15.7	%		13.1	%		14,851		517		19.9	%		16.5	%		3,193		1,592		1,869
Visa Credit Programs
US	$	209		7.6	%		7.6	%	$	199		9.1	%		9.1	%		2,282	$	10		-16.4	%		-16.4	%		15		197		256
Rest of World		364		19.2	%		13.2	%		318		19.1	%		12.9	%		3,825		46		19.9	%		15.5	%		163		444		504
Visa Inc.		573		14.7	%		11.1	%		517		15.1	%		11.4	%		6,107		56		11.5	%		8.3	%		177		641		760
Visa Debit Programs
US	$	367		13.2	%		13.2	%	$	278		13.4	%		13.4	%		7,297	$	89		12.6	%		12.6	%		824		307		393
Rest of World		439		24.4	%		19.9	%		68		31.8	%		26.1	%		1,448		372		23.2	%		18.9	%		2,192		644		715
Visa Inc.		806		19.0	%		16.8	%		345		16.6	%		15.7	%		8,744		461		21.0	%		17.6	%		3,016		950		1,109

	For the 3 Months Ended December 31, 2010
	Total Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Payments Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Payments Transactions (millions)		Cash Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Cash Transactions (millions)		Accounts (millions)		Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	361		13.6	%		8.2	%	$	240		21.9	%		15.4	%		2,767	$	121		0.2	%		-4.1	%		591		473		571
Canada		58		12.1	%		7.6	%		53		11.3	%		6.8	%		467		5		22.8	%		17.9	%		9		25		33
CEMEA		184		25.6	%		26.3	%		30		32.8	%		31.8	%		478		154		24.3	%		25.3	%		955		219		222
LAC		233		21.4	%		19.0	%		81		26.0	%		25.8	%		1,822		151		19.1	%		15.7	%		914		358		387
US		592		11.5	%		11.5	%		493		12.5	%		12.5	%		9,997		99		7.0	%		7.0	%		852		529		686
Visa Inc.		1,427		15.3	%		13.2	%		898		16.5	%		14.5	%		15,532		530		13.2	%		11.1	%		3,321		1,604		1,898
Visa Credit Programs
US	$	226		5.4	%		5.4	%	$	216		7.6	%		7.6	%		2,534	$	10		-26.7	%		-26.7	%		16		205		267
Rest of World		381		20.1	%		15.1	%		334		19.8	%		14.7	%		4,008		48		22.6	%		17.9	%		167		442		503
Visa Inc.		608		14.2	%		11.3	%		550		14.7	%		11.8	%		6,542		58		9.5	%		6.3	%		183		647		770
Visa Debit Programs
US	$	365		15.7	%		15.7	%	$	277		16.6	%		16.6	%		7,464	$	88		13.1	%		13.1	%		835		324		419
Rest of World		454		16.5	%		13.9	%		71		33.3	%		30.0	%		1,526		384		13.8	%		11.4	%		2,302		633		709
Visa Inc.		820		16.1	%		14.7	%		348		19.6	%		19.0	%		8,989		472		13.7	%		11.7	%		3,138		957		1,128

11

Operational Performance Data

	For the 12 Months Ended December 31, 2011
	Total Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Payments Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Payments Transactions (millions)		Cash Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Cash Transactions (millions)
All Visa Credit & Debit
Asia Pacific	$	1,542		19.2	%		12.7	%	$	1,027		21.5	%		14.0	%		11,229	$	515		14.8	%		10.3	%		2,424
Canada		235		11.5	%		7.5	%		215		11.6	%		7.6	%		1,885		20		10.6	%		6.6	%		40
CEMEA		814		26.7	%		25.9	%		141		35.9	%		35.3	%		2,215		672		24.9	%		24.0	%		3,957
LAC		979		22.9	%		19.8	%		346		27.9	%		24.7	%		7,546		633		20.3	%		17.3	%		3,699
US		2,460		9.3	%		9.3	%		2,040		9.5	%		9.5	%		41,077		420		8.4	%		8.4	%		3,523
Visa Inc.		6,029		16.1	%		13.7	%		3,768		15.1	%		12.6	%		63,953		2,260		17.8	%		15.6	%		13,642
Visa Credit Programs
US	$	933		9.5	%		9.5	%	$	888		9.7	%		9.7	%		10,320	$	45		4.8	%		4.8	%		65
Rest of World		1,616		20.2	%		14.3	%		1,415		20.6	%		14.4	%		16,463		201		17.3	%		13.3	%		713
Visa Inc.		2,548		16.0	%		12.5	%		2,303		16.2	%		12.6	%		26,784		245		14.8	%		11.7	%		778
Visa Debit Programs
US	$	1,527		9.2	%		9.2	%	$	1,152		9.3	%		9.3	%		30,757	$	375		8.9	%		8.9	%		3,458
Rest of World		1,953		22.2	%		19.4	%		314		31.8	%		27.8	%		6,412		1,639		20.5	%		17.9	%		9,407
Visa Inc.		3,480		16.1	%		14.7	%		1,465		13.4	%		12.8	%		37,169		2,015		18.2	%		16.1	%		12,865

	For the 12 Months Ended December 31, 2010
	Total Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Payments Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Payments Transactions (millions)		Cash Volume ($ billions)		Growth (Nominal USD)			Growth (Constant USD)			Cash Transactions (millions)		Accounts (millions)		Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	1,293		19.0	%		11.1	%	$	845		22.1	%		13.4	%		10,488	$	449		13.5	%		6.9	%		2,319		473		571
Canada		211		16.6	%		7.1	%		192		17.1	%		7.6	%		1,739		18		11.6	%		1.3	%		36		25		33
CEMEA		642		26.1	%		23.7	%		104		31.5	%		27.7	%		1,647		538		25.2	%		23.0	%		3,438		219		222
LAC		796		25.1	%		17.9	%		270		27.9	%		22.9	%		6,411		526		23.6	%		15.5	%		3,454		358		387
US		2,251		11.7	%		11.7	%		1,863		13.1	%		13.1	%		37,845		387		5.3	%		5.3	%		3,340		529		686
Visa Inc.		5,193		17.3	%		13.6	%		3,275		17.2	%		14.0	%		58,129		1,919		17.3	%		12.9	%		12,588		1,604		1,898
Visa Credit Programs
US	$	852		2.6	%		2.6	%	$	809		5.9	%		5.9	%		9,431	$	43		-35.8	%		-35.8	%		66		205		267
Rest of World		1,344		20.3	%		12.3	%		1,173		20.4	%		12.5	%		14,981		171		19.3	%		11.2	%		616		442		503
Visa Inc.		2,196		12.7	%		8.5	%		1,983		14.0	%		9.8	%		24,412		214		1.9	%		-2.6	%		683		647		770
Visa Debit Programs
US	$	1,399		18.1	%		18.1	%	$	1,054		19.4	%		19.4	%		28,415	$	345		14.3	%		14.3	%		3,274		324		419
Rest of World		1,598		23.3	%		17.5	%		238		38.5	%		30.7	%		5,302		1,360		21.0	%		15.5	%		8,631		633		709
Visa Inc.		2,997		20.8	%		17.8	%		1,292		22.5	%		21.4	%		33,717		1,705		19.6	%		15.3	%		11,905		957		1,128

12

Operational Performance Data

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. Effective with 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.

13

Operational Performance Data

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 (Nominal USD)			Growth (Constant USD)
3 Months Ended
Dec 31, 2011		12	%		13	%
Sep 30, 2011		19	%		15	%
Jun 30, 2011		20	%		14	%
Mar 31, 2011		16	%		13	%
Dec 31, 2010		16	%		15	%
12 Months Ended
Dec 31, 2011		17	%		14	%
Dec 31, 2010		18	%		15	%

3. Visa Processed Transactions

The table below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa’s networks. CyberSource transactions are not included in this table, and are reported in the next section.

Period	Processed Transactions (millions)		Growth
3 Months Ended
Dec 31, 2011		13,600		8	%
Sep 30, 2011		13,263		9	%
Jun 30, 2011		13,038		11	%
Mar 31, 2011		12,040		13	%
Dec 31, 2010		12,580		15	%
12 Months Ended
Dec 31, 2011		51,941		10	%
Dec 31, 2010		47,067		15	%

14

Operational Performance Data

4. CyberSource Transactions

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

Period	Billable Transactions (millions)		Growth
3 Months Ended
Dec 31, 2011		1,235		25	%
Sep 30, 2011		1,088		31	%
Jun 30, 2011		1,045		38	%
Mar 31, 2011		1,018		38	%
Dec 31, 2010		987		40	%
12 Months Ended
Dec 31, 2011		4,385		32	%
Dec 31, 2010		3,312		35	%

15