Visa (V) 8-K Visa Inc. Reports Fiscal Second Quarter 2015 Net Income of $1.6 billion or $0.63 per Diluted Share

Exhibit 99.1

Visa Inc. Reports Fiscal Second Quarter 2015 Net Income of $1.6 billion or $0.63 per Diluted Share

Foster City, CA, April 30, 2015 – Visa Inc. (NYSE: V) today announced financial results for the Company’s fiscal second quarter 2015. Net income for the quarter was $1.6 billion. Earnings per share was $0.63 (adjusted for the Company’s four-for-one class A common stock split on March 19, 2015), flat over the prior year period and reflective of the one-time favorable tax benefit of $201 million recognized in that period. All references to earnings per share assume fully-diluted class A share count unless otherwise noted.

Net operating revenue in the fiscal second quarter of 2015 was $3.4 billion, an increase of 8% nominally or 10% on a constant dollar basis over the prior year, driven by solid growth in service revenues, data processing and international transaction revenues. The strengthening of the U.S. dollar impacted net operating revenues by approximately 2.5 percentage points of negative growth during the quarter.

“Visa reported another solid quarter of financial results against the continued backdrop of a tepid global economy. While the negative impacts from the strengthening of the U.S. dollar and lower gasoline prices continued to exert pressure on revenue growth, our results and volume trends have remained strong,” said Charlie Scharf, Chief Executive Officer of Visa Inc. “It continues to be a very exciting time in payments and at Visa. There are trillions of dollars of cash to disintermediate and our work in digital payments will allow us to capture more than we could have contemplated a few years ago. We are very pleased to have been selected by Costco as the credit card network for its U.S. warehouse clubs and gasoline locations commencing next year and to bring this unique and very strategic opportunity to our issuers and their cardholders.”

Fiscal Second Quarter 2015 Financial Highlights:

Payments volume growth, on a constant dollar basis, for the three months ended December 31, 2014, on which fiscal second quarter service revenue is recognized, was 11% over the prior year at $1.2 trillion.

Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2015, was 11% over the prior year at $1.2 trillion.

Cross-border volume growth, on a constant dollar basis, was 8% for the three months ended March 31, 2015.

Total processed transactions, which represent transactions processed by VisaNet, for the three months ended March 31, 2015, were 17.0 billion, an 11% increase over the prior year.

Fiscal second quarter 2015 service revenues were $1.6 billion, an increase of 8% over the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 9% over the prior year to $1.3 billion. International transaction revenues grew 11% over the prior year to $964 million. Other revenues, which include the Visa Europe licensing fee, were $204 million, an increase of 12% over the prior year. Client incentives, which are a contra revenue item, were $676 million and represent 16.5% of gross revenues.

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Total operating expenses were $1.1 billion for the quarter, a 1% increase over the prior year, primarily related to increased personnel, general and administrative expenses and additional depreciation from our ongoing investments in technology assets and infrastructure, partially offset by the absence of marketing campaigns related to prior year events such as the 2014 Sochi Winter Olympics and 2014 FIFA World Cup.

The effective tax rate was 32.1% for the quarter ended March 31, 2015.

Cash, cash equivalents, and available-for-sale investment securities were $7.3 billion at March 31, 2015.

The weighted-average number of diluted shares of class A common stock outstanding was 2.5 billion for the quarter ended March 31, 2015.

Notable Events:

During the three months ended March 31, 2015, the Company repurchased 16.2 million shares of class A common stock, at an average price of $64.84 per share, using $1.1 billion of cash on hand. Fiscal year to date through March 31, 2015, the Company repurchased a total of 28.6 million shares of class A common stock, at an average price of $64.86 per share, using $1.9 billion of cash on hand. The Company has $3.8 billion of remaining funds, authorized by the board of directors, available for share repurchase under the current program.

On April 22, 2015, the board of directors declared a quarterly cash dividend of $0.12 per share of class A common stock (determined in the case of class B and class C common stock on an as-converted basis) payable on June 2, 2015, to all holders of record of the Company’s class A, B and C common stock as of May 15, 2015.

Financial Outlook:

Visa Inc. reaffirms its financial outlook for the following metrics for fiscal full-year 2015:

• Annual net revenue growth: Constant dollar revenue growth of low double digits, with an expectation of two percentage points of negative foreign currency impact;

• Client incentives as a percent of gross revenues: 17.5% to 18.5% range;

• Annual operating margin: Mid 60s;

• Tax rate: Low 30s; and

• Annual free cash flow greater than $6 billion.

Visa Inc. updates its financial outlook for the following metric for fiscal full-year 2015:

• Annual diluted class A common stock earnings per share growth: Low-end of the mid-teens range.

Fiscal full-year 2015 annual diluted earnings per share growth assumes an adjusted basis for fiscal full-year 2014.

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Fiscal Second Quarter 2015 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 Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 56,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.

Forward-Looking Statements:

This Press Release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are identified by words such as “estimates,” “expectation,” “outlook,” “will,” “continued” and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make about our revenue, client incentives, operating margin, tax rate, earnings per share, 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 not statements of historical fact or guarantees of future performance; and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from our forward-looking statements due to a variety of factors, including the following:

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

• rules capping debit interchange reimbursement rates and expanding financial institutions’ and merchants’ choices among debit payments networks promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act;

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

• increased government support of national payments networks outside the United States; and

• increased regulation of consumer privacy, data use and security;

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• developments in litigation and government enforcement, including those affecting interchange reimbursement fees, antitrust and tax;

• new lawsuits, investigations or proceedings, or changes to our potential exposure in connection with pending lawsuits, investigations or proceedings;

• economic factors, such as:

• economic fragility in the Eurozone and in the United States;

• general economic, political and social conditions in mature and emerging markets globally;

• general stock market fluctuations, which may impact consumer spending;

• material changes in cross-border activity, foreign exchange controls and fluctuations in currency exchange rates;

• volatility in market prices for oil and natural gas; and

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

• industry developments, such as competitive pressure, rapid technological developments and disintermediation from our payments network;

• system developments, such as:

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

• account data breaches or increased fraudulent or other illegal activities involving Visa-branded cards or payment products; and

• failure to maintain systems interoperability with Visa Europe;

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

• the loss of organizational effectiveness or key employees;

• the failure to integrate acquisitions successfully or to effectively develop new products and businesses;

• natural disasters, terrorist attacks, military or political conflicts, and public health emergencies; and

various other factors, including those contained in our Annual Report on Form 10-K for the year ended September 30, 2014, and our other filings with the U.S. Securities and Exchange Commission. You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward–looking statements as a result of new information, future developments or otherwise.

Contacts:

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

Media Relations: Connie Kim, 650-432-2990,globalmedia@visa.com

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VISA INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

	March 31, 2015			September 30, 2014
	(in millions, except par value data)
Assets
Cash and cash equivalents	$	2,039		$	1,971
Restricted cash—litigation escrow		1,178			1,498
Investment securities:
Trading		71			69
Available-for-sale		2,496			1,910
Settlement receivable		679			786
Accounts receivable		896			822
Customer collateral		1,079			961
Current portion of client incentives		243			210
Deferred tax assets		838			1,028
Prepaid expenses and other current assets		586			307
Total current assets		10,105			9,562
Investment securities, available-for-sale		2,779			3,015
Client incentives		89			81
Property, equipment and technology, net		1,843			1,892
Other assets		887			855
Intangible assets, net		11,379			11,411
Goodwill		11,753			11,753
Total assets	$	38,835		$	38,569
Liabilities
Accounts payable	$	81		$	147
Settlement payable		1,126			1,332
Customer collateral		1,079			961
Accrued compensation and benefits		334			450
Client incentives		987			1,036
Accrued liabilities		701			624
Accrued litigation		1,135			1,456
Total current liabilities		5,443			6,006
Deferred tax liabilities		4,131			4,145
Other liabilities		1,024			1,005
Total liabilities		10,598			11,156
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, 1,964 and 1,978 shares issued and outstanding at March 31, 2015 and September 30, 2014, respectively		—			—
Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at March 31, 2015 and September 30, 2014		—			—
Class C common stock, $0.0001 par value, 1,097 shares authorized, 20 and 22 shares issued and outstanding at March 31, 2015 and September 30, 2014, respectively		—			—
Additional paid-in capital		18,098			18,299
Accumulated income		10,108			9,131
Accumulated other comprehensive income (loss), net:
Investment securities, available-for-sale		6			31
Defined benefit pension and other postretirement plans		(84	)		(84	)
Derivative instruments classified as cash flow hedges		110			38
Foreign currency translation adjustments		(1	)		(2	)
Total accumulated other comprehensive income (loss), net		31			(17	)
Total equity		28,237			27,413
Total liabilities and equity	$	38,835		$	38,569

VISA INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended March 31,						Six Months Ended March 31,
	2015			2014			2015			2014
	(in millions, except per share data)
Operating Revenues
Service revenues	$	1,577		$	1,462		$	3,115		$	2,881
Data processing revenues		1,340			1,234			2,723			2,498
International transaction revenues		964			871			1,934			1,762
Other revenues		204			183			408			363
Client incentives		(676	)		(587	)		(1,389	)		(1,186	)
Total operating revenues		3,409			3,163			6,791			6,318
Operating Expenses
Personnel		483			446			992			916
Marketing		190			245			395			431
Network and processing		109			120			223			252
Professional fees		77			77			147			152
Depreciation and amortization		125			107			245			214
General and administrative		141			120			267			228
Litigation provision		3			—			3			—
Total operating expenses		1,128			1,115			2,272			2,193
Operating income		2,281			2,048			4,519			4,125
Non-operating income		1			13			25			19
Income before income taxes		2,282			2,061			4,544			4,144
Income tax provision		732			463			1,425			1,139
Net income	$	1,550		$	1,598		$	3,119		$	3,005
Basic earnings per share
Class A common stock	$	0.63		$	0.63		$	1.27		$	1.18
Class B common stock	$	1.04		$	1.06		$	2.09		$	1.99
Class C common stock	$	2.53		$	2.53		$	5.06		$	4.74
Basic weighted-average shares outstanding
Class A common stock		1,963			2,003			1,969			2,011
Class B common stock		245			245			245			245
Class C common stock		20			26			21			26
Diluted earnings per share
Class A common stock	$	0.63		$	0.63		$	1.26		$	1.18
Class B common stock	$	1.04		$	1.06		$	2.08		$	1.99
Class C common stock	$	2.52		$	2.52		$	5.05		$	4.72
Diluted weighted-average shares outstanding
Class A common stock		2,460			2,534			2,469			2,544
Class B common stock		245			245			245			245
Class C common stock		20			26			21			26

VISA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Six Months Ended March 31,
	2015			2014
	(in millions)
Operating Activities
Net income	$	3,119		$	3,005
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of client incentives		1,389			1,186
Share-based compensation		93			89
Excess tax benefit for share-based compensation		(70	)		(68	)
Depreciation and amortization of property, equipment, technology and intangible assets		245			214
Deferred income taxes		173			(375	)
Other		15			12
Change in operating assets and liabilities:
Settlement receivable		107			47
Accounts receivable		(74	)		(71	)
Client incentives		(1,479	)		(1,251	)
Other assets		(467	)		(350	)
Accounts payable		(44	)		(68	)
Settlement payable		(206	)		(126	)
Accrued and other liabilities		262			171
Accrued litigation		(324	)		1,055
Net cash provided by operating activities		2,739			3,470
Investing Activities
Purchases of property, equipment, technology and intangible assets		(202	)		(217	)
Proceeds from sales of property, equipment and technology		10			—
Investment securities, available-for-sale:
Purchases		(1,267	)		(1,292	)
Proceeds from sales and maturities		895			1,406
Purchases of / contributions to other investments		(2	)		(3	)
Proceeds / distributions from other investments		9			—
Net cash used in investing activities		(557	)		(106	)
Financing Activities
Repurchase of class A common stock		(1,855	)		(2,210	)
Dividends paid		(591	)		(507	)
Payments from (return to) litigation escrow account—retrospective responsibility plan		321			(1,056	)
Cash proceeds from exercise of stock options		46			58
Restricted stock and performance-based shares settled in cash for taxes		(106	)		(83	)
Excess tax benefit for share-based compensation		70			68
Net cash used in financing activities		(2,115	)		(3,730	)
Effect of exchange rate changes on cash and cash equivalents		1			—
Increase (decrease) in cash and cash equivalents		68			(366	)
Cash and cash equivalents at beginning of year		1,971			2,186
Cash and cash equivalents at end of period	$	2,039		$	1,820
Supplemental Disclosure
Income taxes paid, net of refunds	$	1,376		$	1,392
Accruals related to purchases of property, equipment, technology and intangible assets	$	26		$	27

VISA INC.

FISCAL 2015 AND 2014 QUARTERLY RESULTS OF OPERATIONS

(UNAUDITED)

	Fiscal 2015 Quarter Ended						Fiscal 2014 Quarter Ended
	March 31, 2015			December 31, 2014			September 30, 2014			June 30, 2014			March 31, 2014
	(in millions)
Operating Revenues
Service revenues	$	1,577		$	1,538		$	1,499		$	1,417		$	1,462
Data processing revenues		1,340			1,383			1,348			1,321			1,234
International transaction revenues		964			970			938			860			871
Other revenues		204			204			212			195			183
Client incentives		(676	)		(713	)		(768	)		(638	)		(587	)
Total operating revenues		3,409			3,382			3,229			3,155			3,163
Operating Expenses
Personnel		483			509			496			463			446
Marketing		190			205			241			228			245
Network and processing		109			114			128			127			120
Professional fees		77			70			94			82			77
Depreciation and amortization		125			120			112			109			107
General and administrative		141			126			153			126			120
Litigation provision		3			—			453			—			—
Total operating expenses		1,128			1,144			1,677			1,135			1,115
Operating income		2,281			2,238			1,552			2,020			2,048
Non-operating income (expense)		1			24			(2	)		10			13
Income before income taxes		2,282			2,262			1,550			2,030			2,061
Income tax provision		732			693			477			670			463
Net income	$	1,550		$	1,569		$	1,073		$	1,360		$	1,598

Operational Performance Data

The tables below provide information regarding the available operational results for the 3 months ended March 31, 2015, as well as the prior four quarterly reporting periods and the 12 months ended March 31, 2015 and 2014, 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 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.

	For the 3 Months Ended March 31, 2015
	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	$	497		3.3%		9.0%	$	344		5.2%		12.0%		4,109	$	152		-0.8%		2.9%	971
Canada		53		-5.5%		6.6%		49		-5.6%		6.5%		599		4		-4.3%		7.9%	11
CEMEA		213		-15.5%		12.5%		54		-8.0%		20.1%		1,618		159		-17.8%		10.1%	1,134
LAC		242		-3.1%		13.2%		93		-1.5%		15.6%		2,529		149		-4.0%		11.7%	1,042
US		747		8.3%		8.3%		627		9.1%		9.1%		12,180		120		4.4%		4.4%	890
Visa Inc.		1,753		1.3%		9.6%		1,168		5.4%		10.8%		21,034		585		-6.0%		7.3%	4,048
Visa Credit Programs
US	$	316		12.2%		12.2%	$	302		12.2%		12.2%		3,622	$	13		12.1%		12.1%	15
International		465		0.3%		11.8%		429		2.9%		13.0%		5,548		35		-22.8%		-0.8%	168
Visa Inc.		780		4.8%		12.0%		732		6.5%		12.7%		9,170		48		-15.6%		2.4%	183
Visa Debit Programs
US	$	432		5.6%		5.6%	$	325		6.3%		6.3%		8,558	$	107		3.5%		3.5%	875
International		541		-6.2%		9.5%		111		-3.5%		12.1%		3,306		429		-6.9%		8.9%	2,990
Visa Inc.		972		-1.3%		7.8%		436		3.6%		7.7%		11,864		536		-5.0%		7.8%	3,865
	For the 3 Months Ended December 31, 2014
	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	$	511		3.6%		8.0%	$	359		5.8%		10.7%		4,186	$	152		-1.4%		1.9%	974	698	797
Canada		66		-0.1%		8.7%		62		-0.1%		8.7%		671		5		0.2%		9.0%	11	42	49
CEMEA		265		-7.4%		16.2%		65		3.6%		27.1%		1,619		200		-10.4%		13.1%	1,225	325	321
LAC		286		-0.4%		13.8%		109		-0.6%		15.3%		2,697		177		-0.2%		12.8%	1,130	415	453
US		772		9.3%		9.3%		651		10.1%		10.1%		12,590		121		5.2%		5.2%	914	614	783
Visa Inc.		1,900		3.3%		10.5%		1,245		7.0%		11.4%		21,763		654		-2.9%		8.7%	4,254	2,093	2,403
Visa Credit Programs
US	$	341		13.7%		13.7%	$	327		13.9%		13.9%		3,956	$	13		9.2%		9.2%	16	236	313
International		512		1.9%		11.3%		468		4.0%		12.2%		5,775		44		-15.9%		2.4%	188	485	544
Visa Inc.		853		6.3%		12.2%		795		7.8%		12.9%		9,731		58		-11.2%		3.9%	204	721	857
Visa Debit Programs
US	$	431		6.1%		6.1%	$	323		6.6%		6.6%		8,634	$	108		4.7%		4.7%	898	378	470
International		616		-2.2%		11.3%		127		2.7%		15.6%		3,398		489		-3.4%		10.3%	3,152	994	1,076
Visa Inc.		1,047		1.1%		9.1%		450		5.5%		9.0%		12,032		597		-2.0%		9.2%	4,050	1,372	1,546

Operational Performance Data

	For the 3 Months Ended September 30, 2014
	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	$	506		9.1%		9.0%	$	352		11.9%		11.8%		4,000	$	154		3.2%		3.2%		960		677		774
Canada		66		2.0%		7.4%		61		1.7%		7.0%		651		5		5.5%		11.0%		12		40		47
CEMEA		280		5.9%		15.0%		68		18.0%		26.5%		1,489		213		2.5%		11.7%		1,173		321		318
LAC		276		6.6%		12.1%		105		7.4%		14.4%		2,496		171		6.1%		10.8%		1,056		417		448
US		756		9.2%		9.2%		632		9.9%		9.9%		12,314		124		6.0%		6.0%		951		590		754
Visa Inc.		1,884		8.0%		10.3%		1,217		10.2%		11.5%		20,949		667		4.2%		8.3%		4,152		2,044		2,341
Visa Credit Programs
US	$	327		12.7%		12.7%	$	313		12.7%		12.7%		3,734	$	14		11.8%		11.8%		17		230		304
International		506		7.6%		10.4%		458		9.0%		11.3%		5,554		49		-3.7%		2.8%		192		484		545
Visa Inc.		833		9.6%		11.3%		770		10.5%		11.9%		9,289		62		-0.6%		4.7%		209		714		850
Visa Debit Programs
US	$	429		6.7%		6.7%	$	319		7.2%		7.2%		8,579	$	110		5.4%		5.4%		933		360		450
International		622		6.9%		11.7%		127		16.7%		20.8%		3,081		495		4.6%		9.5%		3,009		970		1,042
Visa Inc.		1,052		6.8%		9.6%		447		9.7%		10.7%		11,660		605		4.8%		8.7%		3,943		1,330		1,492
	For the 3 Months Ended June 30, 2014
	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	$	488		7.1%		9.6%	$	338		11.1%		12.3%		3,821	$	151		-1.0%		3.9%		910		658		754
Canada		65		0.6%		7.6%		60		1.1%		8.2%		627		5		-5.2%		1.5%		12		39		46
CEMEA		276		5.0%		13.9%		65		18.1%		26.8%		1,389		212		1.6%		10.5%		1,196		313		310
LAC		266		-1.3%		9.6%		101		0.3%		12.4%		2,408		165		-2.3%		8.0%		1,013		418		446
US		750		9.4%		9.4%		628		10.1%		10.1%		12,225		122		5.9%		5.9%		953		580		743
Visa Inc.		1,845		6.1%		10.1%		1,191		9.4%		11.6%		20,469		654		0.7%		7.3%		4,083		2,008		2,299
Visa Credit Programs
US	$	316		12.1%		12.1%	$	304		12.3%		12.3%		3,574	$	13		8.3%		8.3%		16		223		296
International		489		5.7%		10.1%		440		7.0%		11.0%		5,366		49		-4.3%		2.4%		199		478		536
Visa Inc.		805		8.2%		10.9%		744		9.1%		11.5%		8,940		62		-1.9%		3.5%		215		701		832
Visa Debit Programs
US	$	433		7.4%		7.4%	$	325		8.1%		8.1%		8,651	$	109		5.6%		5.6%		937		357		447
International		607		2.7%		10.9%		123		15.0%		22.8%		2,879		484		0.0%		8.2%		2,932		950		1,020
Visa Inc.		1,040		4.6%		9.4%		448		9.9%		11.7%		11,529		593		1.0%		7.7%		3,869		1,307		1,467

Operational Performance Data

	For the 3 Months Ended March 31, 2014
	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	$	481		7.1%		11.6%	$	328		10.9%		15.1%		3,574	$	153		-0.3%		5.0%		878		642		738
Canada		57		0.8%		10.3%		52		0.7%		10.1%		552		5		2.3%		11.9%		11		37		44
CEMEA		252		4.1%		13.7%		59		16.4%		25.9%		1,252		194		0.9%		10.4%		1,105		306		307
LAC		250		-4.7%		11.7%		95		-4.0%		14.0%		2,367		155		-5.1%		10.3%		984		411		439
US		690		8.0%		8.0%		575		8.6%		8.6%		11,142		115		5.1%		5.1%		875		568		726
Visa Inc.		1,730		4.9%		10.2%		1,108		8.0%		11.5%		18,888		622		-0.2%		7.7%		3,854		1,963		2,253
Visa Credit Programs
US	$	281		10.2%		10.2%	$	269		10.6%		10.6%		3,148	$	12		1.3%		1.3%		14		214		283
International		463		4.9%		12.1%		417		6.0%		13.1%		5,069		46		-3.9%		2.2%		176		474		533
Visa Inc.		744		6.9%		11.3%		687		7.8%		12.1%		8,217		57		-2.9%		2.0%		191		688		817
Visa Debit Programs
US	$	409		6.5%		6.5%	$	305		6.8%		6.8%		7,994	$	103		5.6%		5.6%		861		354		443
International		577		1.4%		11.9%		115		13.1%		24.6%		2,677		461		-1.1%		9.1%		2,802		922		994
Visa Inc.		985		3.5%		9.4%		421		8.4%		10.7%		10,671		565		0.0%		8.3%		3,663		1,275		1,437

Operational Performance Data

	For the 12 Months Ended March 31, 2015
	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	$	2,002		5.7%		8.9%	$	1,393		8.4%		11.7%		16,115	$	609		0.0%		3.0%	3,815
Canada		251		-0.6%		7.6%		231		-0.5%		7.7%		2,547		20		-0.9%		7.3%	46
CEMEA		1,034		-2.9%		14.5%		251		7.6%		25.3%		6,115		783		-5.9%		11.4%	4,728
LAC		1,070		0.5%		12.1%		408		1.3%		14.4%		10,130		662		-0.1%		10.8%	4,241
US		3,025		9.1%		9.1%		2,538		9.8%		9.8%		49,308		487		5.4%		5.4%	3,708
Visa Inc.		7,382		4.7%		10.1%		4,822		8.0%		11.3%		84,215		2,561		-1.0%		7.9%	16,538
Visa Credit Programs
US	$	1,299		12.7%		12.7%	$	1,246		12.8%		12.8%		14,886	$	53		10.4%		10.4%	64
International		1,972		3.9%		10.9%		1,795		5.7%		11.9%		22,243		177		-11.4%		1.8%	747
Visa Inc.		3,271		7.2%		11.6%		3,041		8.5%		12.3%		37,130		230		-7.2%		3.7%	812
Visa Debit Programs
US	$	1,725		6.5%		6.5%	$	1,292		7.0%		7.0%		34,422	$	433		4.8%		4.8%	3,644
International		2,386		0.3%		10.9%		489		7.4%		17.8%		12,664		1,897		-1.4%		9.2%	12,082
Visa Inc.		4,111		2.8%		9.0%		1,781		7.1%		9.8%		47,085		2,331		-0.3%		8.4%	15,726
	For the 12 Months Ended March 31, 2014
	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	$	1,894		8.3%		12.7%	$	1,285		9.3%		14.4%		14,162	$	609		6.1%		9.2%	3,440	642		738
Canada		253		2.6%		7.6%		232		2.7%		7.7%		2,331		20		1.4%		6.2%	45	37		44
CEMEA		1,066		9.7%		14.6%		233		23.3%		29.2%		4,652		832		6.4%		11.0%	4,549	306		307
LAC		1,065		1.9%		11.0%		403		4.6%		15.0%		9,526		662		0.4%		8.8%	4,022	411		439
US		2,774		8.8%		8.8%		2,312		9.6%		9.6%		45,356		462		5.0%		5.0%	3,605	568		726
Visa Inc.		7,051		7.5%		10.9%		4,466		9.3%		12.1%		76,027		2,586		4.5%		8.7%	15,661	1,963		2,253
Visa Credit Programs
US	$	1,153		10.1%		10.1%	$	1,105		10.3%		10.3%		13,105	$	48		5.8%		5.8%	62	214		283
International		1,898		6.1%		11.8%		1,699		6.8%		12.8%		20,415		200		0.7%		3.4%	767	474		533
Visa Inc.		3,051		7.6%		11.1%		2,803		8.2%		11.7%		33,521		248		1.6%		3.9%	829	688		817
Visa Debit Programs
US	$	1,621		8.0%		8.0%	$	1,207		9.0%		9.0%		32,250	$	414		4.9%		4.9%	3,542	354		443
International		2,380		7.0%		12.9%		455		17.9%		24.8%		10,256		1,924		4.7%		10.4%	11,289	922		994
Visa Inc.		4,000		7.4%		10.7%		1,662		11.3%		12.7%		42,506		2,338		4.8%		9.3%	14,832	1,275		1,437

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
Mar 31, 2015	2%	8%
Dec 31, 2014	4%	8%
Sep 30, 2014	9%	10%
Jun 30, 2014	6%	7%
Mar 31, 2014	5%	8%
12 Months Ended
Mar 31, 2015	5%	8%
Mar 31, 2014	9%	10%

Operational Performance Data

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
Mar 31, 2015	16,980	11%
Dec 31, 2014	17,599	10%
Sep 30, 2014	16,991	10%
Jun 30, 2014	16,662	11%
Mar 31, 2014	15,354	11%
12 Months Ended
Mar 31, 2015	68,233	10%
Mar 31, 2014	61,802	13%

4. CyberSource Transactions

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

Period	Billable Transactions       (millions)	Growth
3 Months Ended
Mar 31, 2015	2,113	14%
Dec 31, 2014	2,192	16%
Sep 30, 2014	1,905	12%
Jun 30, 2014	1,890	15%
Mar 31, 2014	1,859	16%
12 Months Ended
Mar 31, 2015	8,100	14%
Mar 31, 2014	7,098	21%

Operational Performance Data

Footnote

Payments volume represents the aggregate dollar amount of purchases made with cards carrying the Visa, Visa Electron and Interlink brands for the relevant period; and cash volume represents the aggregate dollar amount of cash disbursements obtained with these cards for the relevant period and includes the impact of balance transfers and convenience checks; but excludes proprietary PLUS volume. Total volume represents payments volume plus cash volume.

Visa payment products are comprised of credit and debit programs, and data relating to each program is included in the tables. Debit programs include Visa’s signature based and Interlink (PIN) debit programs.

The data presented is based on results reported quarterly by Visa’s financial institution clients on their operating certificates. Estimates may be utilized if data is unavailable.

On occasion, previously presented information may be updated. Prior period updates, if any, are not material.

Visa’s CEMEA region is comprised of countries in Central Europe, the Middle East and Africa. Effective with the 3 months ended September 2013, Croatia moved from the CEMEA region to Visa Europe. Several European Union countries in Central Europe, Israel and Turkey are not included in CEMEA. LAC is comprised of countries in Central and South America and the Caribbean. International includes Asia Pacific, Canada, CEMEA and LAC.

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