Visa : Q4 2020 Earnings Release

Visa Inc. Reports Fiscal Fourth Quarter and Full-Year 2020 Results

San Francisco, CA, October 28, 2020 - Visa Inc. (NYSE: V)

Fiscal Fourth Quarter Results:

• GAAP net income of $2.1B or $0.97 per share and non-GAAP net income of $2.5B or $1.12 per share
• Net revenues of $5.1B, a decrease of 17% or approximately 11% with service revenues recognized on current quarter payments volume

Fiscal Full-Year Results:

• GAAP net income of $10.9B or $4.89 per share and non-GAAP net income of $11.2B or $5.04 per share
• Net revenues of $21.8B, a decrease of 5%

Other Highlights:

• Payments volume, cross-border volume and processed transactions growth all improved through the quarter and were at varying stages of recovery. Full-year business drivers were all impacted by COVID-19 starting in March, with an improving trend exiting September.
• Returned $2.3B and $10.8B of capital to shareholders for Q4 and full-year, respectively, in the form of share repurchases and dividends
• The board of directors increased Visa's quarterly cash dividend to $0.32 per share

Q4 and Full-Year 2020 Results

(Ended September 30, 2020)

	Q4 2020		Full-Year 2020
In billions, except percentages and per share data. % change is
USD	% Change		USD	% Change
calculated over the comparable prior-year period.
Net Revenues	$5.1	(17%)	$21.8	(5%)
GAAP Net Income	$2.1	(29%)	$10.9	(10%)
GAAP Earnings Per Share	$0.97	(28%)	$4.89	(8%)
Non-GAAP Net Income(1)	$2.5	(25%)	$11.2	(9%)
Non-GAAP Earnings Per Share(1)	$1.12	(23%)	$5.04	(7%)

1. Non-GAAPresults exclude special items, equity investment gains and losses, amortization of acquired intangible assets and non-recurringacquisition-related costs.

Q4 and Full-Year 2020 Key Business Drivers

(YoY increase / (decrease), volume in constant dollars)

	Q4 2020	Full-Year 2020
Payments Volume	4%	2%
Cross-Border Volume Excluding Intra Europe(1)	(41%)	(22%)
Cross-Border Volume Total	(29%)	(16%)
Processed Transactions	3%	2%

1. Cross-bordervolume excluding transactions within Europe.

Alfred F. Kelly, Jr., Chairman

and Chief Executive Officer,

Visa Inc., commented on the results:

"While our business drivers and financial results were impacted by COVID-19 in 2020, we've made significant progress in advancing our growth strategy. Visa drove the adoption of eCommerce and tap to pay to accelerate cash digitization, successfully unlocked new flows by expanding Visa Direct and B2B partnerships, and facilitated client innovation through our value added services. As the world turns increasingly to digital payments, we see tremendous opportunity for growth. We'll remain thoughtful in our investments as we advance our strategy to enable the movement of money for everyone, everywhere."

Fiscal Fourth Quarter 2020 - Financial Highlights

GAAP net income in the fiscal fourth quarter was $2.1 billion or $0.97 per share, decreases of 29% and 28%, respectively, over prior year's results. Current year's results included $357 million from special items related to the remeasurement of deferred tax balances and the resolution of a tax item, $39 million of net gains from equity investments and $17 million related to the amortization of acquired intangible assets and non-recurringacquisition-related costs. Prior year's results included a special item of $370 million for a litigation provision associated with the interchange multi-district litigation ("MDL") case, $42 million of net gains from equity investments and $5 million related to the amortization of acquired intangible assets and non-recurringacquisition-related costs. Excluding these items and the related tax impacts, non-GAAP net income for the quarter was $2.5 billion or $1.12 per share, decreases of 25% and 23%, respectively, over prior year's results (refer to the accompanying financial tables for further details and a reconciliation of the non-GAAP measures presented). Non-GAAP earnings per share decrease was approximately 23% on a constant-dollar basis. All references to earnings per share assume fully-diluted class A share count.

Net revenues in the fiscal fourth quarter were $5.1 billion, a decrease of 17%, primarily driven by the year-over-year declines in prior quarter payments volume and current quarter cross-border volume, partially offset by growth in processed transactions. Net revenues decrease was approximately 17% on a constant-dollar basis. Had we recognized service revenues on current quarter payments volume and other revenue components remained unchanged, net revenues would have decreased approximately 11%.

Payments volume for the three months ended June 30, 2020, on which fiscal fourth quarter service revenue is recognized, decreased 10% over the prior year on a constant-dollar basis.

Payments volume for the three months ended September 30, 2020, increased 4% over the prior year on a constant-dollar basis.

Cross-border volume excluding transactions within Europe, which drive our international transaction revenues, declined 41% on a constant-dollar basis for the three months ended September 30, 2020. Total cross-border volume on a constant-dollar basis declined 29% in the quarter.

Total processed transactions, which represent transactions processed by Visa, for the three months ended September 30, 2020, were 37.4 billion, a 3% increase over the prior year, led by domestic transactions.

Fiscal fourth quarter service revenues were $2.2 billion, a decrease of 13% 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 grew 4% over the prior year to $2.9 billion. International transaction revenues declined 38% over the prior year to $1.3 billion. Other revenues of $361 million rose 5% over the prior year. Client incentives, a contra-revenue item, were $1.7 billion and represent 25.0% of gross revenues.

GAAP operating expenses were $2.0 billion for the fiscal fourth quarter, an 18% decrease over the prior year's results, including the amortization of acquired intangible assets and non-recurringacquisition-related costs in the current and prior year and the special item related to the litigation provision associated with the MDL case in the prior year. Excluding these operating expense items, non-GAAP operating expenses decreased 4% over the prior year, primarily driven by general and administrative, professional fees and marketing expenses.

GAAP non-operating expense was $87 million for the fiscal fourth quarter, including $39 million of net equity investment gains. Excluding this item, non-GAAPnon-operating expense was $126 million.

GAAP effective income tax rate was 30.0% for the quarter ended September 30, 2020, including the special items related to the remeasurement of deferred tax balances and the resolution of a tax item as well as the tax impacts of the net equity investment gains, amortization of acquired intangible assets and non-recurringacquisition-related costs. Excluding these items, the non-GAAP effective income tax rate was 18.3% for the quarter ended September 30, 2020.

Cash, cash equivalents and investment securities were $20.3 billion at September 30, 2020.

The weighted-average number of diluted shares of class A common stock outstanding was 2.21 billion for the quarter ended September 30, 2020.

2

Fiscal Full-Year 2020 - Financial Highlights

GAAP net income in the fiscal full-year 2020 was $10.9 billion or $4.89 per share, decreases of 10% and 8%, respectively, over prior year's results. Current year's results included $357 million from special items related to the remeasurement of deferred tax balances and the resolution of a tax item, $101 million of net gains from equity investments and $63 million related to the amortization of acquired intangible assets and non-recurringacquisition-related costs. Prior year's results included a special item of $370 million for a litigation provision associated with the MDL case, $131 million of net gains from equity investments and $10 million related to the amortization of acquired intangible assets and non-recurringacquisition-related costs. Excluding these items and the related tax impacts, non-GAAP net income for the full-year was $11.2 billion or $5.04 per share, decreases of 9% and 7%, respectively, over prior year's results (refer to the accompanying financial tables for further details and a reconciliation of the non- GAAP measures presented). Non-GAAP earnings per share decrease was approximately 6% on a constant-dollar basis.

Net revenues in the fiscal full-year 2020 were $21.8 billion, a decrease of 5%, driven by the year-over-year changes in payments volume, cross-border volume and processed transactions. These key business drivers began to be significantly impacted by COVID-19 in March and are exiting the fiscal year on an improving trajectory. Net revenues decrease was approximately 4% on a constant-dollar basis.

Payments volume for the twelve months ended September 30, 2020, increased 2% over the prior year on a constant-dollar basis.

Cross-border volume excluding transactions within Europe, which drive our international transaction revenues, declined 22% on a constant-dollar basis for the twelve months ended September 30, 2020. Total cross-border volume on a constant-dollar basis declined 16% for the fiscal year.

Total processed transactions, which represent transactions processed by Visa, for the twelve months ended September 30, 2020, were 140.8 billion, a 2% increase over the prior year.

Fiscal full-year 2020 service revenues were $9.8 billion, an increase of 1% over the prior year. Data processing revenues rose 6% over the prior year to $11.0 billion. International transaction revenues declined 19% over the prior year to $6.3 billion. Other revenues of $1.4 billion rose 9% over the prior year. Client incentives, a contra-revenue item, were $6.7 billion and represent 23.4% of gross revenues.

GAAP operating expenses were $7.8 billion for the fiscal full-year 2020, a 3% decrease over the prior year's results, including the amortization of acquired intangible assets and non-recurringacquisition-related costs in the current and prior year and the special item related to the litigation provision associated with the MDL case in the prior year. Excluding these operating expense items, non-GAAP operating expenses increased 1% over the prior year, primarily driven by an increase in personnel expenses mostly offset by decreases in marketing and general and administrative expenses.

GAAP non-operating expense was $291 million for the fiscal full-year 2020, including $101 million of net equity investment gains. Excluding this item, non-GAAPnon-operating expense was $392 million.

GAAP effective income tax rate was 21.2% for the twelve months ended September 30, 2020, including the special items related to the remeasurement of deferred tax balances and the resolution of a tax item as well as the tax impacts from net equity investment gains, amortization of acquired intangible assets and non-recurringacquisition-related costs. Excluding the tax impacts from these items, the non-GAAP effective income tax rate was 18.6% for the fiscal full-year ended September 30, 2020.

The weighted-average number of diluted shares of class A common stock outstanding was 2.22 billion for the fiscal full-year ended September 30, 2020.

3

Other Notable Items

Visa continues to monitor the COVID-19 impact globally. Many countries had stable to positive year-over-year domestic spending growth in the fiscal fourth quarter. Overall cross-border spending remains depressed, led by travel spending, as the majority of borders remain closed. Card not present excluding travel in both domestic and cross-border volume continued to grow at elevated levels even with the gradual recovery of card present spend.

On August 17, 2020, Visa issued fixed-rate senior notes in an aggregate principal amount of $3.25 billion with maturities ranging between 7 and 30 years, and interest rates from 0.75% to 2.0%. The weighted-average interest rate is 1.53%. The net proceeds from the offering of the 2027 Notes will be used to fund eligible green projects and the net proceeds from the offering of the 2031 Notes and the 2050 Notes will be used for general corporate purposes.

At the closing of the acquisition of Visa Europe in June 2016, Visa Inc. issued preferred stock to cover certain expenses incurred by Visa in defending and resolving multilateral interchange fee-related claims asserted in the UK and Europe. Visa is required to undertake periodic release assessments to determine if value should be released from the series B and C preferred stock. The first such release assessment occurred on June 21, 2020, the 4th anniversary of the closing of the Visa Europe acquisition. On September 24, 2020, Visa released approximately $7.3 billion from the series B and C convertible participating preferred stock. This did not affect the fully diluted share count.

On October 27, 2020, Visa announced it signed a definitive agreement to acquire YellowPepper. We believe this acquisition will accelerate the adoption of Visa's "network of networks" strategy in Latin America and the Caribbean by significantly reducing the time-to-market and cost for issuers and processors associated with accessing innovative and interoperable solutions, regardless of who owns or operates the payment rails.

During the three months ended September 30, 2020, Visa repurchased 8.2 million shares of class A common stock at an average price of $197.73 per share for $1.6 billion. In the twelve months ended September 30, 2020, Visa repurchased a total of 44.2 million shares of class A common stock at an average price of $183.30 per share for $8.1 billion. The Company had $5.4 billion of remaining authorized funds for share repurchase as of September 30, 2020.

On October 23, 2020, the board of directors declared an increase to Visa's quarterly cash dividend to $0.32 per share of class A common stock (determined in the case of class B and C common stock and series A, B and C convertible participating preferred stock on an as-converted basis) payable on December 1, 2020, to all holders of record as of November 13, 2020.

Financial Outlook for Fiscal Full-Year 2021

Given the continuing impact of COVID-19 and the significant uncertainty in the global economy, it is difficult to reasonably estimate the Company's annual results; therefore we are not providing a fiscal full-year 2021 outlook at this time.

4

Fiscal Fourth Quarter and Full-Year 2020 Earnings Results Call Details

Visa's executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific

Time) today to discuss the financial results and business highlights. All interested parties are invited to listen to the live webcast at http://investor.visa.com. A replay of the webcast will be available on the Visa Investor Relations website for 30 days. Investor information, including supplemental financial information, is available on Visa Inc.'s Investor Relations website at

http://investor.visa.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, the impact on our underlying business drivers and other volume and transaction trends as a result of COVID-19, our future operations, prospects, developments, strategies and business growth. Forward-looking statements generally are identified by words such as "anticipates," "estimates," "expects," "intends," "may," "projects," "outlook," "could," "should," "will," "continue" and other similar expressions. All statements other than statements of historical fact could be forward- looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict.

Actual results could differ materially from those expressed in, or implied by, our forward-looking statements due to a variety of factors, including, but not limited to:

• impact of global economic, political, market, health and social events or conditions, including the impact of COVID-19;
• increased oversight and regulation of the global payments industry and our business;
• impact of government-imposed obligations and/or restrictions on international payment systems;
• outcome of tax, litigation and governmental investigation matters;
• increasingly intense competition in the payments industry, including competition for our clients and merchants;
• proliferation and continuous evolution of new technologies and business models;
• our ability to maintain relationships with our clients, acquirers, processors, merchants and other third parties;
• brand or reputational damage;
• exposure to loss or illiquidity due to settlement guarantees;
• the impact of the United Kingdom's withdrawal from the European Union;
• a disruption, failure, breach or cyber-attack of our networks or systems;
• risks, uncertainties and the failure to achieve the anticipated benefits with respect to our acquisitions and other strategic investments; and
• other factors described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended September 30, 2019, and our subsequent reports on Forms 10-Q and 8-K.

Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise.

About Visa Inc.

Visa Inc. (NYSE: V) is the world's leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. Our relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/about-visa.html, usa.visa.com/visa- everywhere/blog.html and @VisaNews.

	Contacts		Investor Relations	Media Relations
		Mike Milotich, 650-432-7644	Andy Gerlt, 415-805-5070
			[e-mail]	[e-mail]

5

Fiscal Fourth Quarter 2020 - Financial Summary

Q4 FISCAL 2020 INCOME STATEMENT SUMMARY

(in millions, except percentages and per share		Three Months Ended	YoY Change
	September 30, 2020
data)
	GAAP		Non-GAAP	GAAP	Non-GAAP
Re ve nues
Service revenues	$	2,217	$	2,217	(13%)	(13%)
Data processing revenues		2,875		2,875	4%	4%
International transaction revenues		1,346		1,346	(38%)	(38%)
Other revenues		361		361	5%	5%
Client incentives		(1,698)		(1,698)	0%	0%
Net revenues		5,101		5,101	(17%)	(17%)
Operating Expenses
Personnel		922		919	6%	6%
Marketing		288		288	(6%)	(6%)
Network and processing		191		190	(1%)	(2%)
Professional fees		104		103	(30%)	(31%)
Depreciation and amortization		196		184	14%	10%
General and administrative		256		256	(25%)	(25%)
Litigation provision		2		2	(99%)	NM
Total operating expenses		1,959		1,942	(18%)	(4%)
Operating income		3,142		3,159	(16%)	(23%)
Non-operating expense		(87)		(126)	252%	91%
Effective tax rate		30.0%		18.3%	12 ppt	0 ppt
Net income	$	2,137	$	2,476	(29%)	(25%)
Earnings per share	$	0 .97	$	1 .12	(28%)	(23%)
NM - Not Meaningful
Q4 FISCAL 2020 KEY BUSINESS DRIVERS
		YoY Change
		Constant		Nominal
Payments volume		4%		4%
Cross-border volume excluding intra-Europe(1)		(41%)		(41%)
Cross-border volume total		(29%)		(28%)
Processed transactions		3%		3%

1. Cross-bordervolume excluding transactions within Europe.

6

Fiscal Full-Year 2020 - Financial Summary

FISCAL FULL-YEAR 2020 INCOME STATEMENT SUMMARY

Twelve Months Ended

(in millions, except percentages and per shareSeptember 30, 2020YoY Change data)

GAAP Non-GAAP GAAP Non-GAAP

Re ve nue s
Service revenues	$	9,804	$	9,804	1%	1%
Data processing revenues		10,975		10,975	6%	6%
International transaction revenues		6,299		6,299	(19%)	(19%)
Other revenues		1,432		1,432	9%	9%
Client incentives		(6,664)		(6,664)	8%	8%
Net revenues		21,846		21,846	(5%)	(5%)
Operating Expenses
Personnel		3,785		3,777	10%	10%
Marketing		971		971	(12%)	(12%)
Network and processing		727		723	1%	0%
Professional fees		408		404	(10%)	(10%)
Depreciation and amortization		767		720	17%	11%
General and administrative		1,096		1,096	(8%)	(8%)
Litigation provision		11		11	(97%)	(63%)
Total operating expenses		7,765		7,702	(3%)	1%
Operating income		14,081		14,144	(6%)	(8%)
Non-operating expense		(291)		(392)	148%	59%
Effective tax rate		21.2%		18.6%	2 ppt	0 ppt
Net income	$	10,866	$	11,193	(10%)	(9%)
Earnings per share	$	4.89	$	5 .04	(8%)	(7%)

FISCAL FULL-YEAR 2020 KEY BUSINESS DRIVERS

	YoY Change
	Constant	Nominal
Payments volume	2%	0%
Cross-border volume excluding intra-Europe(1)	(22%)	(23%)
Cross-border volume total	(16%)	(16%)
Processed transactions	2%	2%

1. Cross-bordervolume excluding transactions within Europe.

7

Visa Inc. Consolidated Balance Sheets (unaudited)

September 30,

20202019

(in millions, except par value data)

	Assets
	Cash and cash equivalents	$
	Restricted cash equivalents-U.S. litigation escrow
	Investment securities
	Settlement receivable
	Accounts receivable
	Customer collateral
	Current portion of client incentives
	Prepaid expenses and other current assets
	Total current assets
	Investment securities
	Client incentives
	Property, equipment and technology, net
	Goodwill
	Intangible assets, net
	Other assets
	Total assets	$
	Liabilities
	Accounts payable	$
	Settlement payable
	Customer collateral
	Accrued compensation and benefits
	Client incentives
	Accrued liabilities
	Current maturities of debt
	Accrued litigation
	Total current liabilities
	Long-term debt
	Deferred tax liabilities
	Other liabilities
	Total liabilities
	Equity
	Preferred stock, $0.0001 par value, 25 shares authorized and 5 shares issued and outstanding as follows:
	Series A convertible participating preferred stock, less than one and no shares issued and outstanding at
	September 30, 2020 and 2019 (the "series A preferred stock"), respectively
	Series B convertible participating preferred stock, 2 shares issued and outstanding at September 30, 2020 and
	2019 (the "UK&I preferred stock")
	Series C convertible participating preferred stock, 3 shares issued and outstanding at September 30, 2020 and
	2019 (the "Europe preferred stock")
	Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 1,683 and 1,718 shares issued and outstanding at
	September 30, 2020 and 2019, respectively
	Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at September 30,
	2020 and 2019
	Class C common stock, $0.0001 par value, 1,097 shares authorized, 11 shares issued and outstanding at September 30,
	2020 and 2019
	Right to recover for covered losses
	Additional paid-in capital
	Accumulated income
	Accumulated other comprehensive income (loss), net:
	Investment securities
	Defined benefit pension and other postretirement plans
	Derivative instruments
	Foreign currency translation adjustments
	Total accumulated other comprehensive income (loss), net
	Total equity
	Total liabilities and equity	$

16,289	$	7,838
901		1,205
3,752		4,236
1,264		3,048
1,618		1,542
1,850		1,648
1,214		741
757		712
27,645		20,970
231		2,157
3,175		2,084
2,737		2,695
15,910		15,656
27,808		26,780
3,413		2,232
80,919	$	72,574
174	$	156
1,736		3,990
1,850		1,648
821		796
4,176		3,997
1,840		1,625
2,999		-
914		1,203
14,510		13,415
21,071		16,729
5,237		4,807
3,891		2,939
44,709		37,890
2,437		-
1,106		2,285
1,543		3,177

-	-
-	-
-	-
(39)
(171)
16,721	16,541
14,088	13,502

3		6
(196)		(192)
(291)		199
838		(663)
354		(650)
36,210		34,684
80,919	$	72,574

8

Visa Inc. Consolidated Statements of Operations (unaudited)

					Three Months Ended						Twelve Months Ended
						September 30,						September 30,
			2020			2019					2020							2019
											(in millions, except per share data)
	Net revenues		$			5,101			$			6,137			$	21,846				$			22,977
	Operating Expenses
	Personnel					922						871				3,785							3,444
	Marketing					288						306				971							1,105
	Network and processing					191						193				727							721
	Professional fees					104						149				408							454
	Depreciation and amortization					196						172				767							656
	General and administrative					256						341				1,096							1,196
	Litigation provision					2						370				11							400
	Total operating expenses					1,959						2,402				7,765							7,976
	Operating income					3,142						3,735				14,081							15,001
	Non-operating Income (Expense)
	Interest expense, net					(145)						(120)				(516)							(533)
	Investment income and other					58						96				225							416
	Total non-operating income (expense)					(87)						(24)				(291)							(117)
	Income before income taxes					3,055						3,711				13,790							14,884
	Income tax provision					918						686				2,924							2,804
	Net income		$			2,137			$			3,025			$	10,866				$			12,080
	Basic Earnings Per Share
	Class A common stock		$			0.97			$			1.34			$	4.90				$			5.32
	Class B common stock	$			1.57			$			2.19			$		7.94				$			8.68
	Class C common stock		$			3.88			$			5.38			$	19.58				$			21.30
	Basic Weighted-average Shares Outstanding
	Class A common stock					1,685						1,724				1,697							1,742
	Class B common stock					245						245				245							245
	Class C common stock				11						11				11							12
	Diluted Earnings Per Share
	Class A common stock		$			0.97			$			1.34			$	4.89				$			5.32
	Class B common stock	$			1.57			$			2.19			$		7.93				$			8.66
	Class C common stock		$			3.87			$			5.37			$	19.56				$			21.26
	Diluted Weighted-average Shares Outstanding
	Class A common stock					2,208						2,253				2,223							2,272
	Class B common stock					245						245				245							245
	Class C common stock				11						11				11							12

9

Visa Inc. Consolidated Statements of Cash Flows (unaudited)

						For the Years Ended
						September 30,
			2020							2019
						(in millions)
	Operating Activities
	Net income		$			10,866			$			12,080
	Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Client incentives					6,664						6,173
	Share-based compensation					416						407
	Depreciation and amortization of property, equipment, technology and intangible assets					767						656
	Deferred income taxes					307						214
	VE territory covered losses incurred					(37)						(172)
	Other					(145)						(271)
	Change in operating assets and liabilities:
	Settlement receivable					1,858						(1,533)
	Accounts receivable					(43)						(333)
	Client incentives					(8,081)						(6,430)
	Other assets					(402)						(310)
	Accounts payable					21						(24)
	Settlement payable					(2,384)						1,931
	Accrued and other liabilities					923						627
	Accrued litigation					(290)						(231)
	Net cash provided by (used in) operating activities					10,440						12,784
	Investing Activities
	Purchases of property, equipment and technology					(736)						(756)
	Investment securities:
	Purchases					(2,075)						(2,653)
	Proceeds from maturities and sales					4,510						3,996
	Acquisitions, net of cash and restricted cash acquired					(77)						(699)
	Purchases of / contributions to other investments					(267)						(501)
	Other investing activities					72						22
	Net cash provided by (used in) investing activities					1,427						(591)
	Financing Activities
	Repurchase of class A common stock					(8,114)						(8,607)
	Proceeds from issuance of senior notes					7,212						-
	Dividends paid					(2,664)						(2,269)
	Payment of deferred purchase consideration related to the Visa Europe acquisition					-						(1,236)
	Cash proceeds from issuance of common stock under employee equity plans					190						162
	Restricted stock and performance-based shares settled in cash for taxes					(160)						(111)
	Payments to settle derivative instruments					(333)						-
	Other financing activities					(99)						-
	Net cash provided by (used in) financing activities					(3,968)						(12,061)
	Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents					440						(277)
	Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents					8,339						(145)
	Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year					10,832						10,977
	Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year		$			19,171			$			10,832
	Supplemental Disclosure
	Cash paid for income taxes, net		$			2,671			$			2,648
	Interest payments on debt		$			537			$			537
	Accruals related to purchases of property, equipment and technology		$			38			$			95

10

Visa Inc. Fiscal 2020 and 2019 Quarterly Results of Operations (unaudited)

					Fiscal 2020 Quarter Ended					Fiscal 2019
									Quarter Ended
		September 30,			June 30,			March 31,		December 31,			September 30,
		2020			2020			2020				2019			2019
								(in millions)
Net revenues	$	5,101		$	4,837		$	5,854			$	6,054		$	6,137
Operating Expenses
Personnel		922			941			940				982			871
Marketing		288			174			235				274			306
Network and processing		191			172			183				181			193
Professional fees		104			95			103				106			149
Depreciation and amortization		196			197			192				182			172
General and administrative		256			258			269				313			341
Litigation provision		2			1			8				-			370
Total operating expenses		1,959			1,838			1,930				2,038			2,402
Operating income		3,142			2,999			3,924				4,016			3,735
Non-operating Income (Expense)
Interest expense, net		(145)			(142)			(118)				(111)			(120)
Investment income and other		58			75			23				69			96
Total non-operating income (expense)		(87)			(67)			(95)				(42)			(24)
Income before income taxes		3,055			2,932			3,829				3,974			3,711
Income tax provision		918			559			745				702			686
Net income	$	2,137		$	2,373		$	3,084			$	3,272		$	3,025

11

Visa Inc. Reconciliation of Non-GAAP Financial Results (unaudited)

We use non-GAAP financial measures of our performance which exclude certain items which we believe are not representative of our continuing operations, as they may be non-recurring or have no cash impact, and may distort our longer-term operating trends. We consider non-GAAP measures useful to investors because they provide greater transparency into management's view and assessment of our ongoing operating performance. Starting in fiscal 2020, we revised our non-GAAP methodology to also exclude the impact of gains and losses on our equity investments, amortization of acquired intangible assets and acquisition-related costs for acquisitions that closed in fiscal 2019 and subsequent periods. Prior year amounts have been restated to conform to our current presentation.

• • Gains and losses on equity investments. Gains and losses on equity investments include periodic non-cash fair value adjustments and gains and losses upon sale of an investment. These long-term investments are strategic in nature and are primarily private company investments. Gains and losses and the related tax impacts associated with these investments are tied to the performance of the companies that we invest in and therefore do not correlate to the underlying performance of our business.
• Amortization of acquired intangible assets. Amortization of acquired intangible assets consists of amortization of intangible assets such as developed technology, customer relationships and brands acquired in connection with business combinations executed beginning in fiscal 2019. Amortization charges for our acquired intangible assets are non-cash and are significantly affected by the timing, frequency and size of our acquisitions, rather than our core operations. As such, we have excluded this amount and the related tax impact to facilitate an evaluation of our current operating performance and comparison to our past operating performance.
• Acquisition-relatedcosts. Acquisition-related costs consist primarily of one-time transaction and integration costs associated with our business combinations. These costs include professional fees, technology integration fees, restructuring activities and other direct costs related to the purchase and integration of acquired entities. It also includes retention equity and deferred equity compensation when they are agreed upon as part of the purchase price of the transaction but are required to be recognized as expense post-combination. We have excluded these amounts and the related tax impacts as the expenses are recognized for a limited duration and do not reflect the underlying performance of our business.
• • Litigation provision. During the three and twelve months ended September 30, 2019, we recorded a litigation provision of $370 million and related tax benefit of $83 million associated with the interchange multidistrict litigation. The tax impact is determined by applying applicable federal and state tax rates to the litigation provision. Under the U.S. retrospective responsibility plan, we recover the monetary liabilities related to the U.S. covered litigation through a reduction to the conversion rate of our class B common stock to shares of class A common stock.
  • Remeasurement of deferred tax balances. During the three and twelve months ended September 30, 2020, in connection with the UK enacted legislation that repealed the previous tax rate reduction from 19% to 17% that was effective on April 1, 2020, we remeasured our net deferred tax liabilities as of the enactment date, resulting in the recognition of a non-recurring,non-cash income tax expense of $329 million.
  • Resolution of a tax item. During the three and twelve months ended September 30, 2020, we resolved a long- outstanding tax matter, dating back more than 12 years, relating to certain tax filing positions taken prior to our initial public offering. The resolution of this matter resulted in the recognition of a one-time charge to income tax expense of $28 million, which we believe is not representative of our continuing operations and ongoing effective tax rate.

12

Visa Inc. Reconciliation of Non-GAAP Financial Results - continued (unaudited)

Non-GAAP operating expenses, non-operating income (expense), income tax provision, effective income tax rate, net income and diluted earnings per share should not be relied upon as substitutes for measures calculated in accordance with U.S. GAAP. The following tables reconcile our as-reported financial measures, calculated in accordance with U.S. GAAP, to the respective non-GAAP financial measures for the three and twelve months ended September 30, 2020 and 2019.

														Three Months Ended
														September 30, 2020
									Non-								Effective					Diluted
								operating
			Operating			Income				Income Tax	Income Tax				Earnings Per
				Expenses		(Expense)				Provision		Rate(1)	Net Income			Share(1)
									(in millions, except percentages and per share data)
As reported		$		1,959		$	(87)				$	918		30.0	%	$	2,137		$	0.97
(Gains) Losses on equity investments, net					-				(39)					(9)							(30)			(0.01)
Amortization of acquired intangible assets					(11)				-					3							8			-
Acquisition-related costs					(6)				-					2							4			-
Remeasurement of deferred tax balances					-				-					(329)							329			0.15
Resolution of a tax item					-				-					(28)							28			0.01
Non-GAAP		$		1,942		$	(126)				$	557		18.3	%	$	2,476		$	1.12
														Twelve Months Ended
														September 30, 2020
									Non-								Effective					Diluted
								operating
			Operating			Income				Income Tax	Income Tax				Earnings Per
				Expenses		(Expense)				Provision		Rate(1)	Net Income			Share(1)
									(in millions, except percentages and per share data)
As reported		$		7,765		$	(291)			$	2,924		21.2	%	$	10,866		$	4.89
(Gains) Losses on equity investments, net					-				(101)					(23)							(78)			(0.04)
Amortization of acquired intangible assets					(46)				-					11							35			0.02
Acquisition-related costs					(17)				-					4							13			0.01
Remeasurement of deferred tax balances					-				-					(329)							329			0.15
Resolution of a tax item					-				-					(28)							28			0.01
Non-GAAP		$		7,702		$	(392)			$	2,559		18.6	%	$	11,193		$	5.04
														Three Months Ended
														September 30, 2019
									Non-								Effective					Diluted
									operating
					Operating			Income				Income Tax		Income Tax				Earnings Per
					Expenses			(Expense)					Provision		Rate(1)	Net Income			Share(1)
									(in millions, except percentages and per share data)
As reported			$	2,402			$	(24)			$	686			18.5	%	$	3,025		$	1.34
(Gains) Losses on equity investments, net				-				(42)					(9)							(33)			(0.01)
Amortization of acquired intangible assets				(4)				-					1							3			-
Acquisition-related costs				(1)				-					-							1			-
Litigation provision				(370)				-					83							287			0.13
Non-GAAP			$	2,027			$	(66)			$	761			18.8	%	$	3,283		$	1.46

13

Visa Inc. Reconciliation of Non-GAAP Financial Results - continued (unaudited)

						Twelve Months Ended
						September 30, 2019
				Non-			Effective				Diluted
				operating
	Operating		Income	Income Tax	Income Tax			Earnings Per
		Expenses		(Expense)		Provision	Rate(1)	Net Income		Share(1)
				(in millions, except percentages and per share data)
As reported	$	7,976	$	(117)	$	2,804	18.8	%	$	12,080	$	5.32
(Gains) Losses on equity investments, net		-		(131)		(30)				(101)		(0.04)
Amortization of acquired intangible assets		(6)		-		1				5		-
Acquisition-related costs		(4)		-		1				3		-
Litigation provision		(370)		-		83				287		0.13
Non-GAAP	$	7,596	$	(248)	$	2,859	18.9	%	$	12,274	$	5.40

1. Figures in the table may not recalculate exactly due to rounding. Effective income tax rate, diluted earnings per share and their respective totals are calculated based on unrounded numbers.

14

Operational Performance Data

The tables below provide information regarding the available operational results for the 3 months ended September 30, 2020, as well as the prior four quarterly reporting periods and the 12 months ended September 30, 2020 and 2019, for cards and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands.

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 and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands and excludes Europe co-badged volume and transactions for all periods. 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 September 30, 2020
		Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
		Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$545			(10.6%)	(11.2%)	$452	(8.5%)	(9.6%)	8,003			$93	(19.8%)	(18.3%)	820	3	4
Canada	75	(3.4%)	(2.4%)	69	(3.5%)	(2.5%)	1,055			6	(2.4%)	(1.3%)	10	63	62
CEMEA	301			(2.3%)	4.0%	141		6.3%	14.8%	6,406			159	(8.9%)	(4.0%)	1,108	3	3
LAC	201			(16.4%)	(0.1%)	94		(12.4%)	6.2%	3,652			106			(19.7%)	(5.0%)	975			2		2
US	1,262			8.0%	8.0%	1,097		7.5%	7.5%	18,853			165			11.8%	11.8%	813			6	6
Europe		613			5.9%	3.6%	495		12.2%	9.1%		11,680				117		(14.3%)	(14.6%)		741		19	22
Visa Inc.	2,995			0.5%	1.9%	2,349		3.5%	4.0%	49,649			647	(9.4%)	(5.3%)	4,467	96	101
Visa Credit Programs
US	$500			(8.7%)	(8.7%)	$493		(7.4%)	(7.4%)	5,865			$6	(56.0%)	(56.0%)	10	-		-
International		667			(12.6%)	(11.6%)	628		(11.8%)	(10.8%)		10,989				39	(24.1%)	(23.5%)	164	976	1,124
Visa Inc.		1,166	(11.0%)	(10.4%)	1,121	(9.9%)	(9.3%)	16,854	45	(31.1%)	(30.7%)	174	976	1,124
Visa Debit Programs
US	$762	22.7%	22.7%	$603	23.7%	23.7%	12,988	$159	19.1%	19.1%	803	-		-
International		1,067			1.6%	4.9%	624		16.5%	17.1%		19,807				443	(14.0%)	(8.5%)	3,490			2,057	2,244
Visa Inc.		1,829	9.4%	11.6%	1,227	19.9%	20.2%	32,795			602	(7.2%)	(2.6%)	4,293	2,057	2,244
									For the 3 Months Ended June 30, 2020
		Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
		Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$475			(21.0%)	(18.8%)	$396	(18.2%)	(16.1%)	7,040			$80	(32.1%)	(29.7%)	702	903	995
Canada	63	(15.5%)	(12.2%)	56	(18.2%)	(15.0%)	845			7	15.6%	20.1%	7	74	81
CEMEA	238			(19.5%)	(14.0%)	108	(12.5%)	(5.2%)	4,948			130	(24.5%)	(20.2%)	907	355	353
LAC	162	(30.8%)	(14.5%)	72	(30.5%)	(13.0%)	2,931	89	(31.0%)	(15.6%)	841	463	503
US	1,092	(6.4%)	(6.4%)	950	(6.9%)	(6.9%)	16,120	142	(3.1%)	(3.1%)	710	803	992
Europe		463			(17.7%)	(14.4%)	373		(13.3%)	(10.0%)		8,794				90	(32.2%)	(28.7%)	558			522	570
Visa Inc.		2,493			(15.1%)	(11.9%)	1,954	(12.4%)	(9.9%)	40,677			539	(23.6%)	(18.6%)	3,724	3,120	3,493
Visa Credit Programs
US	$424	(21.7%)	(21.7%)	$417	(21.0%)	(21.0%)	4,903	$7	(49.5%)	(49.5%)	8	275	340
International		563			(24.0%)	(20.5%)	529		(23.4%)	(19.9%)		9,299				34	(31.9%)	(28.8%)	134	710	800
Visa Inc.		987			(23.0%)	(21.0%)	946		(22.4%)	(20.4%)		14,202				41	(35.9%)	(33.6%)	142	985	1,139
Visa Debit Programs
US	$667	6.9%	6.9%	$532	8.2%	8.2%	11,217	$135	1.9%	1.9%	702	528	653
International		838			(18.4%)	(12.3%)	475		(8.3%)	(2.6%)		15,259				363	(28.8%)	(22.4%)	2,881	1,607	1,701
Visa Inc.		1,506			(8.9%)	(4.7%)	1,008	(0.3%)	2.8%	26,475	498	(22.4%)	(17.0%)	3,583	2,135	2,354

15

								For the 3 Months Ended March 31, 2020
			Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
			Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
		($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$545		(8.9%)	(7.1%)	$437	(8.4%)	(6.2%)	7,422	$108			(10.8%)	(10.4%)	987		898	988
Canada	66		2.6%	3.7%	61	2.0%	3.2%	932	6	9.0%	10.2%	11		74	80
CEMEA	291		8.4%	9.4%	130	18.3%	19.5%	5,553	161	1.6%	2.3%	1,160		363	359
LAC	219		(4.5%)	7.8%	101	(0.6%)	14.3%	3,824	119	(7.7%)	2.8%	1,108		455	493
US	1,123		4.9%	4.9%	983	5.8%	5.8%	17,629	139	(1.0%)	(1.0%)	853		794	978
Europe		534		1.1%	4.0%	419	3.4%	6.0%		10,346	116	(6.5%)	(2.7%)	814		516	565
Visa Inc.		2,779		0.7%	2.7%	2,131	2.3%	4.1%		45,706	648			(4.4%)	(1.5%)	4,933		3,100	3,464
Visa Credit Programs
US	$508		4.0%	4.0%	$493	4.0%	4.0%	5,943	$15	2.8%	2.8%	14	276	340
International		668		(6.5%)	(3.4%)	624	(6.5%)	(3.4%)		10,552				44			(6.7%)	(4.3%)		186			712	802
Visa Inc.		1,176		(2.2%)	(0.4%)	1,116	(2.1%)	(0.2%)		16,495	59	(4.5%)	(2.5%)	199	988	1,142
Visa Debit Programs
US	$615	5.6%	5.6%	$491	7.6%	7.6%	11,687	$124	(1.4%)	(1.4%)	839	518	638
International		988		1.3%	4.9%	523	7.7%	11.1%		17,524				465			(5.1%)	(1.4%)		3,894			1,594	1,684
Visa Inc.		1,603		2.9%	5.2%	1,014	7.6%	9.4%		29,211	589	(4.3%)	(1.4%)	4,733		2,111	2,322
							For the 3 Months Ended December 31, 2019
			Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
			Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
		($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$629		2.1%	1.9%	$511	3.7%	4.3%	8,171	$118			(4.4%)	(7.3%)	1,072		902	995
Canada	79		4.5%	4.6%	73	4.3%	4.3%	1,059			6			7.9%	7.9%	11	72	75
CEMEA	322		11.9%	10.6%	142	25.1%	23.0%	5,639	180	3.3%	2.5%	1,276	362	360
LAC	254		1.0%	8.7%	116	7.2%	17.0%	4,114	138	(3.7%)	2.5%	1,236	447	486
US	1,200	7.1%	7.1%	1,055	7.8%	7.8%	19,019	144	2.1%	2.1%	919	787	969
Europe		596		4.5%	5.3%	462	7.7%	8.2%		11,328			134		(5.3%)	(3.6%)		961			516			568
Visa Inc.	3,080		5.4%	6.1%	2,360	7.6%	8.2%	49,329	720	(1.3%)	(0.4%)	5,475		3,087	3,454
Visa Credit Programs
US	$568		6.6%	6.6%	$554	6.7%	6.7%	6,756	$14	1.3%	1.3%	15	276	340
International		779		3.6%	4.9%	731	4.2%	5.5%		11,595			49		(4.2%)	(3.4%)		212			711			797
Visa Inc.	1,348		4.9%	5.6%	1,285	5.3%	6.1%	18,350	63	(3.0%)	(2.4%)	227	987	1,138
Visa Debit Programs
US	$631	7.6%	7.6%	$501	9.1%	9.1%	12,264	$130	2.1%	2.1%	904	511	629
International		1,101		4.9%	5.8%	574	11.9%	12.6%		18,716			526	(1.9%)	(0.8%)	4,344		1,588	1,688
Visa Inc.		1,732		5.8%	6.4%	1,076	10.6%	10.9%		30,979			657	(1.1%)	(0.3%)	5,248		2,099	2,316
							For the 3 Months Ended September 30, 2019
			Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
			Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
		($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$609		1.8%	2.9%	$494	3.8%	5.6%	7,908	$115			(6.0%)	(7.4%)	987		879	973
Canada	77	8.4%	9.2%	71	8.1%	9.0%	1,052	6	10.8%	11.7%	12	67	68
CEMEA	308		11.3%	11.4%	133	25.5%	24.8%	5,397	175	2.5%	3.1%	1,259	361	358
LAC	240		4.2%	9.4%	108	11.5%	17.8%	3,820	132	(1.1%)	3.5%	1,213	438	475
US	1,168	7.3%	7.3%	1,021	8.1%	8.1%	18,786	148	2.1%	2.1%	950	766	937
Europe		579		2.1%	6.2%	442	4.8%	9.1%		10,873	137			(5.6%)	(2.4%)	998		510	559
Visa Inc.		2,982		5.3%	6.7%	2,268	7.5%	8.9%		47,836	714			(1.2%)	0.0%	5,420		3,022	3,371
Visa Credit Programs
US	$547		6.7%	6.7%	$533	6.8%	6.8%	6,603	$14	1.7%	1.7%	16	273	337
International		763		5.0%	6.9%	712	5.4%	7.3%		11,285	51	(0.2%)	1.9%	225		711	792
Visa Inc.		1,310		5.7%	6.8%	1,245	6.0%	7.1%		17,889	66	0.2%	1.8%	241	983	1,130
Visa Debit Programs
US	$621	7.8%	7.8%	$488	9.4%	9.4%	12,183	$133	2.2%	2.2%	934	494	600
International		1,051		3.3%	5.9%	536	9.2%	12.8%		17,765	515	(2.3%)	(0.8%)	4,245		1,545	1,642
Visa Inc.		1,672		4.9%	6.6%	1,024	9.3%	11.2%		29,948	648	(1.4%)	(0.2%)	5,179		2,039	2,241

16

							For the 12 Months Ended September 30, 2020
			Total	Growth	Growth	Payments	Growth	Growth			Payments			Cash	Growth	Growth			Cash
			Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions			Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)			(millions)	($ billions)	USD)	USD)			(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$2,194		(9.5%)	(8.7%)	$1,796		(7.8%)	(6.8%)	30,635		$398		(16.6%)	(16.1%)	3,581
Canada	283		(3.1%)	(1.6%)	259		(4.0%)	(2.5%)	3,891		25	7.3%	8.9%	38
CEMEA	1,152		(0.7%)	2.6%	522		8.7%	13.1%	22,546		630		(7.3%)	(4.8%)	4,451
LAC	836		(12.5%)	1.0%	383		(9.0%)	6.7%	14,521		452		(15.3%)	(3.3%)	4,160
US	4,676		3.3%	3.3%	4,085		3.4%	3.4%	71,622		591		2.5%	2.5%	3,295
Europe		2,206		(1.5%)	(0.3%)	1,749		2.5%	3.5%		42,147	457	(14.6%)	(12.4%)	3,073
Visa Inc.		11,347		(2.2%)	(0.3%)	8,793		0.2%	1.6%		185,362			2,553		(9.6%)	(6.3%)		18,598
Visa Credit Programs
US	$2,000		(5.2%)	(5.2%)	$1,957		(4.7%)	(4.7%)	23,467		$43		(25.3%)	(25.3%)	47
International		2,676		(9.9%)	(7.6%)	2,511		(9.4%)	(7.1%)		42,435			166	(16.8%)	(15.0%)	695
Visa Inc.		4,677		(7.9%)	(6.6%)	4,468	(7.4%)	(6.0%)	65,901	208	(18.7%)	(17.4%)	742
Visa Debit Programs
US	$2,676		10.8%	10.8%	$2,128	12.2%	12.2%	48,155	$548		5.6%	5.6%	3,248
International		3,994		(2.7%)	1.0%	2,197		7.0%	9.7%		71,306	1,797	(12.4%)	(8.0%)	14,609
Visa Inc.		6,670		2.3%	4.7%	4,325	9.5%	10.9%	119,460	2,345	(8.7%)	(5.2%)	17,857
							For the 12 Months Ended September 30, 2019
			Total	Growth	Growth	Payments	Growth	Growth			Payments			Cash	Growth	Growth			Cash
			Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions			Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)			(millions)	($ billions)	USD)	USD)			(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$2,425		0.3%	4.0%	$1,948		2.3%	6.6%	29,779	$477		(7.2%)	(5.3%)	4,039		879		973
Canada	292		3.5%	6.9%	269		3.7%	7.0%	3,925	23	2.2%	5.5%	46	67	68
CEMEA	1,160		4.6%	9.2%	480	17.0%	22.3%	19,466	680	(2.7%)	1.5%	4,960	361		358
LAC	955		(4.1%)	7.4%	421		1.1%	15.5%	14,418	534	(7.9%)	1.9%	4,834		438		475
US	4,526		7.9%	7.9%	3,949		8.8%	8.8%	72,265	577	1.9%	1.9%	3,708		766		937
Europe		2,240		(1.1%)	5.8%	1,705		1.4%	8.0%		40,733	535	(8.6%)	(0.8%)	3,989	510		559
Visa Inc.		11,599		2.9%	6.7%	8,773		5.7%	9.0%		180,585	2,825		(4.7%)	0.0%	21,575	3,022		3,371
Visa Credit Programs
US	$2,111		7.1%	7.1%	$2,053	7.2%	7.2%	25,025	$58	3.0%	3.0%	61	273		337
International		2,969		1.3%	7.0%	2,770		1.8%	7.4%		42,384	199	(4.4%)	0.8%	879	711		792
Visa Inc.		5,080		3.6%	7.0%	4,824	4.0%	7.3%	67,408	256	(2.9%)	1.3%	939	983	1,130
Visa Debit Programs
US	$2,415	8.6%	8.6%	$1,896	10.5%	10.5%	47,240	$519	1.8%	1.8%	3,647	494	600
International	4,103		(0.9%)	5.2%	2,053		5.3%	11.6%	65,937	2,050	(6.5%)	(0.6%)	16,988	1,545			1,642
Visa Inc.	6,518		2.4%	6.4%	3,949	7.8%	11.1%	113,176	2,569	(4.9%)	(0.1%)	20,635	2,039			2,241

17

2. Cross-Border Volume

The table below represents cross-border volume growth for cards and other form factors carrying the Visa, Visa Electron, V PAY, Interlink and PLUS brands. Cross-border volume refers to payments and cash volume where the issuing country is different from the merchant country.

	Total	Total	Ex. Intra-Europe(1)
	Growth	Growth	Growth
	(Nominal	(Constant	(Constant
Period	USD)	USD)	USD)
3 Months Ended
Sep 30, 2020	(28%)	(29%)	(41%)
Jun 30, 2020	(38%)	(37%)	(47%)
Mar 31, 2020	(4%)	(2%)	(4%)
Dec 31, 2019	7%	9%	9%
Sep 30, 2019	4%	7%	9%
12 Months Ended
Sep 30, 2020	(16%)	(16%)	(22%)

1. Cross-bordervolumes excluding transactions within Europe drive our international transaction revenues.

3. Visa Processed Transactions

The table below represents transactions using cards and other form factors carrying the Visa, Visa Electron, V PAY, Interlink and PLUS brands processed on Visa's networks.

	Processed
	Transactions
Period	(millions)	Growth
3 Months Ended
Sep 30, 2020	37,448	3%
Jun 30, 2020	30,676	(13%)
Mar 31, 2020	34,941	7%
Dec 31, 2019	37,775	11%
Sep 30, 2019	36,425	11%
12 Months Ended
Sep 30, 2020	140,839	2%

18

Footnote

Payments volume, including Visa Direct volume, represents the aggregate dollar amount of purchases made with cards and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands and excludes Europe co-badged volume 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 and 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 transactions processed by Visa and reported 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. 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, Europe 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.

19