8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 3, 2010

VISA INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware	001-33977	26-0267673
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

P.O. Box 8999 San Francisco, California	94128-8999
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (415) 932-2100

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On February 3, 2010, Visa Inc. (the “Company”) issued a press release announcing financial results for its fiscal first quarter ended December 31, 2009.

A copy of the press release is attached hereto as Exhibit 99.1. All information in the press release is furnished but not filed.

On February 3, 2010, the Company will host a conference call to discuss its fiscal first quarter ended December 31, 2009 financial results.

A copy of the presentation to be used during the conference call is attached hereto as Exhibit 99.2. All information in the presentation is furnished but not filed.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1	Press release of Visa Inc., dated February 3, 2010.
99.2	Presentation of Visa Inc., dated February 3, 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	VISA INC.
Date: February 3, 2010
	By:	/s/ Joseph W. Saunders
		Joseph W. Saunders
		Chief Executive Officer and Chairman of the Board of Directors

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press release of Visa Inc., dated February 3, 2010.
99.2	Presentation of Visa Inc., dated February 3, 2010.

EX-99.1

Exhibit 99.1

Visa Inc. Posts Solid Fiscal First Quarter 2010 Earnings Results

• GAAP quarterly net income of $763 million or $1.02 per diluted class A common share

• Company updates full-year 2010 guidance for net revenue, operating margin, tax rate and capital expenditures

SAN FRANCISCO, CA, February 3, 2010 – Visa Inc. (NYSE: V) today announced financial results for the Company’s fiscal first quarter 2010 ended December 31, 2009. GAAP net income for the quarter was $763 million, or $1.02 per diluted class A common share. The weighted average number of diluted class A common shares outstanding was 745 million.

GAAP net operating revenue in the fiscal first quarter of 2010 was $2.0 billion, an increase of 13% over the prior year and driven by strong contributions across all revenue categories, in particular data processing revenues and international transaction revenues.

“By all measures, Visa’s fiscal first quarter was a strong start to the new year, as we continued to execute well against our business plan,” said Joseph Saunders, Chairman and Chief Executive Officer, Visa Inc. “We were able to capitalize on the secular trend to digital currency and grow revenues, as we expanded our payments network and processing capabilities to drive transaction growth through effective marketing programs. Even in the midst of the current economic environment, we remain fully committed to assisting our clients through these challenging times and returning excess cash to our shareholders.”

Fiscal First Quarter 2010 Financial Highlights:

Visa Inc.’s operational performance highlights as measured by business activity for the three months ended September 30, 2009, include:

• Payments volume growth, on a constant basis, was a positive 2.5% over the prior year at $720 billion; and

• Total cards carrying the Visa brands rose 5% worldwide over the prior year to 1.8 billion.

Cross border volume growth, on a constant basis, was positive 2% for the three months ended December 31, 2009.

Total processed transactions, which represent transactions processed by VisaNet for the three months ended December 31, 2009, totaled 10.9 billion, a 12% increase over the prior year.

1

For the fiscal first quarter 2010, service revenues were $827 million, an increase of 4% versus the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 38% over the prior year to $765 million. International transaction revenues, which are driven by cross-border payments volume, grew 9% over the prior year to $552 million. Other revenues, which include the Visa Europe licensing fee, were $190 million, up 21% over the prior year. Volume and support incentives, which are a contra revenue item, were $374 million, which represents 16% of gross revenue.

Total operating expenses on a GAAP basis were $743 million for the quarter, a 4% decrease primarily a result of a $41 million pre-tax gain recognized related to the prepayment of the remaining obligations under the Retailers’ litigation.

Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $6.0 billion at December 31, 2009.

Operational Performance Highlight for the Quarter Ended December:

Commencing with this quarter, current payments volume growth and other select metrics will be provided in the operational performance data supplement. Service revenues will continue to be recognized based on payments volume in the prior quarter.

Payments volume growth, on a constant basis, for the three months ended December 31, 2009, was a positive 8.5% over the prior year at $769 million.

Notable Events:

In October 2009, the Company announced that its Board of Directors authorized a $1.0 billion share repurchase plan through September 30, 2010, and is subject to extension or expansion at the determination of Visa’s Board of Directors. During the first quarter of fiscal 2010, the Company repurchased 5.5 million shares at an average price of $78.78 per share for a total cost of $432 million. At the end of the first fiscal quarter, $568 million remained available for repurchase under the existing repurchase authorization.

On January 20, 2010, the Company held its 2010 annual meeting of stockholders. Stockholders approved the election of five Class III directors and the ratification of the appointment of KPMG LLP as our independent registered public accounting firm for fiscal year 2010. In addition, the Board of Directors declared a quarterly divided in the aggregate amount of $0.125 per share of class A common stock

2

(determined in the case of class B and class C common stock on an as-converted basis) payable on March 2, 2010 to all holders of record of the Company’s class A, class B and class C common stock as of February 12, 2010.

As previously announced, the Board of Directors approved the release of additional class C shares. The number of shares released for any class C shareholder will be the greater of (a) 50% (fifty percent) of the restricted class C shares held by that shareholder as of March 1, 2010, and (b) 5,000 (five thousand) class C shares. The shares will automatically become eligible for public sale on March 8, 2010. The remaining restricted class C shares will continue to be subject to the general transfer restrictions that expire on March 25, 2011, under Visa’s certificate of incorporation. Class C shares sold in the public market upon release under this program will automatically convert to class A shares. Approximately 56 million class C shares are expected to be released from transfer restrictions. The release of the class C shares will not increase the number of outstanding shares on an as-converted basis of the Company’s common stock, and there will be no dilutive effect to the outstanding class A common stock share count on an as-converted basis.

Financial Outlook:

Visa Inc. updates its financial outlook for the following metrics for 2010:

• Annual net revenue growth in the range of 11% to 15%;

• Annual operating margin in the mid to high 50% range;

• GAAP tax rate in the range of 36.5% to 38.5%; and

• Capital expenditures about $200 million.

Visa Inc. affirms its financial outlook for the following metrics through 2010:

• Volume and support incentives in the range of 16-17% of gross revenue;

• Advertising, marketing and promotion expenses less than $1 billion;

• Annual diluted class A common stock earnings per share growth of greater than 20%; and

• Annual free cash flow in excess of $2 billion.

Visa Inc. affirms its financial outlook for the following metrics through 2011:

• Annual diluted class A common stock earnings per share growth of greater than 20%.

3

Fiscal First Quarter 2010 Earnings Results Conference Call Details:

Visa’s executive management team will host a live audio webcast beginning at 5:00 p.m. EDT (2:00 p.m. PDT) 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.

###

About Visa Inc.

Visa Inc. operates the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world’s largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com.

Forward Looking Statements

Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. These statements can be identified by the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will” and similar expressions which are intended to identify forward-looking statements. In addition, any underlying assumptions are forward-looking statements. Such forward-looking statements include but are not limited to statements regarding certain of Visa’s goals and expectations with respect to earnings per share, revenue, operating margin, free cash flow, and the growth rate in those items, as well as other measures of economic performance.

By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors, including all the risks discussed under the heading “Risk Factors” in Part 1, Item 1A – “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Periodic Reports on Form 8-K, if any. You are cautioned not to place undue reliance on such statements, which speak only as of the date of this press release. Unless required to do so under U.S. federal securities laws or other applicable laws, we do not intend to update or revise any forward-looking statements.

Contacts:

Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 415-932-2213, ir@visa.com

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

4

Visa Inc.

Selected Consolidated Statements of Operations

(unaudited)

	Three Months Ended December 31,
	2009			2008
	(in millions, except per share data)
Operating Revenues
Service revenues	$	827		$	793
Data processing revenues		765			554
International transaction revenues		552			505
Other revenues		190			156
Volume and support incentives		(374	)		(269	)
Total operating revenues		1,960			1,739
Operating Expenses
Personnel		274			299
Network, EDP and communications		105			93
Advertising, marketing and promotion		216			210
Professional and consulting fees		51			56
Depreciation and amortization		62			52
Administrative and other		78			63
Litigation provision		(43	)		—
Total operating expenses		743			773
Operating income		1,217			966
Other Income (Expense)
Equity in earnings of unconsolidated affiliates		—			(1	)
Interest expense		(16	)		(30	)
Investment income, net		5			19
Other		2			(1	)
Total other expense		(9	)		(13	)
Income before income taxes		1,208			953
Income tax expense		445			379
Net income including non-controlling interest		763			574
Loss attributable to non-controlling interest		—			—
Net income attributable to Visa Inc.	$	763		$	574
Basic earnings per share
Class A common stock	$	1.03		$	0.74
Class B common stock	$	0.60		$	0.52
Class C common stock	$	1.03		$	0.74
Basic weighted average shares outstanding
Class A common stock		468			446
Class B common stock		245			245
Class C common stock		129			152
Diluted earnings per share
Class A common stock	$	1.02		$	0.74
Class B common stock	$	0.60		$	0.52
Class C common stock	$	1.02		$	0.74
Diluted weighted average shares outstanding
Class A common stock		745			773
Class B common stock		245			245
Class C common stock		129			152

5

Visa Inc.

Selected Consolidated Balance Sheets

(unaudited)

	December 31, 2009			September 30, 2009
	(in millions, except par value)
Assets
Cash and cash equivalents	$	4,160		$	4,617
Restricted cash - litigation escrow		1,365			1,365
Investment securities
Trading		68			59
Available-for-sale		25			56
Settlement receivable		736			605
Accounts receivable		536			444
Customer collateral		815			812
Current portion of volume and support incentives		241			214
Current portion of deferred tax assets		595			703
Prepaid expenses and other current assets		212			366
Total current assets		8,753			9,241
Restricted cash - litigation escrow		280			350
Investment securities, available-for-sale		159			168
Volume and support incentives		109			102
Property, equipment and technology, net		1,203			1,204
Other assets		120			125
Intangible assets		10,883			10,883
Goodwill		10,208			10,208
Total assets	$	31,715		$	32,281
Liabilities
Accounts payable	$	87		$	156
Settlement payable		629			634
Customer collateral		815			812
Accrued compensation and benefits		228			396
Volume and support incentives		314			284
Accrued liabilities		883			754
Current portion of long-term debt		12			12
Current portion of accrued litigation		669			1,394
Total current liabilities		3,637			4,442
Long-term debt		41			44
Accrued litigation		260			323
Deferred tax liabilities		3,806			3,807
Other liabilities		494			472
Total liabilities		8,238			9,088
Equity
Preferred stock, $0.0001 par value, 25 shares authorized and none issued	$	—		$	—
Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 469 and 470 issued and outstanding at December 31, 2009, and September 30, 2009, respectively		—			—
Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at December 31, 2009, and September 30, 2009		—			—
Class C common stock, $0.0001 par value, 1,097 shares authorized, 128 and 131 shares issued and outstanding at December 31, 2009, and September 30, 2009, respectively		—			—
Additional paid-in capital		20,957			21,160
Class C treasury stock		(1	)		(2	)
Accumulated income		2,691			2,219
Accumulated other comprehensive loss, net
Investment securities, available for sale		10			10
Defined benefit pension and other postretirement plans		(133	)		(136	)
Derivative instruments		(50	)		(58	)
Foreign currency translation loss		(2	)		(4	)
Total accumulated other comprehensive loss, net		(175	)		(188	)
Total Visa Inc. stockholders’ equity		23,472			23,189
Non-controlling interest		5			4
Total equity		23,477			23,193
Total liabilities and equity		31,715			32,281

6

Visa Inc.

Consolidated Statements Of Cash Flows

(unaudited)

	Three Months Ended December 31,
	2009			2008
	(in millions)
Operating Activities
Net income including non-controlling interest	$	763		$	574
Adjustments to reconcile net income including non-controlling interest to net cash (used in) provided by operating activities:
Depreciation and amortization of property, equipment and technology		62			52
Share-based compensation		32			32
Interest earned on litigation escrow, net of tax		—			(7	)
Tax benefit for share-based compensation		(5	)		—
Restricted stock instruments settled in cash for taxes		(12	)		—
Net recognized (gain) loss on investment securities, including other-than-temporary impairment		(1	)		7
Asset impairment		1			1
Amortization of volume and support incentives		374			269
Accrued litigation and accretion		(33	)		25
Equity in earnings of unconsolidated affiliates		—			1
Deferred income taxes		102			179
Change in operating assets and liabilities:
Trading securities		(9	)		7
Accounts receivable		(92	)		(36	)
Settlement receivable		(131	)		386
Volume and support incentives		(378	)		(254	)
Other assets		137			95
Accounts payable		(69	)		(66	)
Settlement payable		(5	)		(453	)
Accrued compensation and benefits		(168	)		(157	)
Accrued and other liabilities		158			59
Accrued litigation		(755	)		(529	)
Net cash (used in) provided by operating activities		(29	)		185
Investing Activities
Investment securities, available-for-sale:
Proceeds from sales and maturities		41			195
Distribution from money market investment		19			775
Purchases of / contributions to other investments		(1	)		(1	)
Purchases of property, equipment and technology		(37	)		(68	)
Net cash provided by investing activities		22			901
Financing Activities
Tax benefit for share-based compensation		5			—
Cash proceeds from exercise of stock options		8			—
Funding of litigation escrow account - Retrospective Responsibility Plan		—			(1,100	)
Payments from litigation escrow account - Retrospective Responsibility Plan		70			397
Payment for redemption of stock		—			(2,646	)
Dividends paid		(93	)		(81	)
Principal payments on debt		(3	)		(2	)
Principal payments on capital lease obligations		(7	)		—
Repurchase of class A common stock		(432	)		—
Net cash used in financing activities		(452	)		(3,432	)
Effect of exchange rate changes on cash and cash equivalents		2			(20	)
Decrease in cash and cash equivalents		(457	)		(2,366	)
Cash and cash equivalents at beginning of year		4,617			4,979
Cash and cash equivalents at end of period	$	4,160		$	2,613
Supplemental Disclosure of Cash Flow Information
Income taxes paid, net of refunds	$	25		$	4
Amounts included in accounts payable and accrued and other liabilities related to purchases of property, equipment and technology	$	6		$	21
Interest payments on debt	$	1		$	1
Assets acquired in joint venture with note payable and equity interest issued	$	—		$	22

7

Fiscal 2009 and 2010 Quarterly Results of Operations

US$ in millions

	Fiscal 2009 Quarter Ended												Fiscal 2010 Quarter Ended
	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)
Operating Revenues
Service revenues	$	793		$	804		$	769		$	808		$	827
Data processing revenues		554			544			605			727			765
International transaction revenues		505			446			458			507			552
Other revenues		156			148			158			163			190
Volume and support incentives		(269	)		(295	)		(344	)		(326	)		(374	)
Total operating revenues		1,739			1,647			1,646			1,879			1,960
Operating Expenses
Personnel (1)		299			292			282			355			274
Network, EDP and communications		93			92			97			111			105
Advertising, marketing and promotion		210			196			229			283			216
Professional and consulting fees (1)		56			64			62			86			51
Depreciation and amortization		52			56			57			61			62
Administrative and other		63			66			96			113			78
Litigation provision		—			—			1			1			(43	)
Total operating expenses		773			766			824			1,010			743
Operating income		966			881			822			869			1,217
Other Income (Expense)
Equity in earnings of unconsolidated affiliates		(1	)		1			—			—			—
Interest expense		(30	)		(30	)		(30	)		(25	)		(16	)
Investment income, net		19			34			504			18			5
Other		(1	)		1			1			1			2
Total other income (expense)		(13	)		6			475			(6	)		(9	)
Income before income taxes		953			887			1,297			863			1,208
Income tax expense		379			352			568			349			445
Net income including non-controlling interest		574			535			729			514			763
Loss attributable to non-controlling interest (2)		—			1			—			—			—
Net income attributable to Visa Inc.	$	574		$	536		$	729		$	514		$	763

⁽¹⁾ Certain reclassifications, not affecting net income attributable to Visa, have been made to fiscal 2009 quarterly information to conform to the current period presentation format, including the reclassification of contractor expense, which was previously reported in professional and consulting fees, to personnel.

⁽²⁾ The Company began to report non-controlling interest (previously referred to as minority interest) as a component of equity in the first quarter of fiscal 2010 and has updated all requisite financial statements, including the statement of operations, for all comparable periods presented as required under Accounting Standards Codification 810.

8

Operational Performance Data

The tables below provide information regarding the available operational results for the 3 months ended December 31, 2009, as well as the prior seven quarterly reporting periods and the 12 months ended December 31, 2009 and 2008, and September 30, 2009 and 2008, for cards carrying the Visa, Visa Electron and Interlink brands.

1. Branded Volume and Transactions

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

	For the 3 Months Ended December 31, 2009
	Total 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	$	316	29.8	%	18.2	%	$	196	21.8	%	9.8	%	2,524	$	120	45.5	%	35.1	%	566
Canada		51	19.6	%	1.3	%		47	23.1	%	4.3	%	429		4	-10.8	%	-24.4	%	9
CEMEA		144	5.5	%	5.7	%		23	16.1	%	8.9	%	353		121	3.7	%	5.1	%	773
LAC		190	32.5	%	12.5	%		64	37.6	%	16.1	%	1,516		126	30.0	%	10.7	%	870
US		531	5.1	%	5.1	%		438	7.2	%	7.2	%	8,751		92	-4.1	%	-4.1	%	781
Visa Inc.		1,232	15.0	%	9.2	%		769	14.0	%	8.5	%	13,573		463	16.7	%	10.5	%	2,999
Visa Credit Programs
US	$	215	-6.9	%	-6.9	%	$	201	-1.1	%	-1.1	%	2,371	$	14	-49.7	%	-49.7	%	19
Rest of World		315	18.7	%	6.0	%		278	21.7	%	8.1	%	3,594		38	0.4	%	-7.9	%	141
Visa Inc.		530	6.8	%	0.3	%		478	11.0	%	4.1	%	5,965		52	-20.9	%	-24.8	%	160
Visa Debit Programs
US	$	316	15.2	%	15.2	%	$	238	15.4	%	15.4	%	6,380	$	78	14.4	%	14.4	%	762
Rest of World		386	28.4	%	18.6	%		53	40.2	%	21.6	%	1,228		333	26.7	%	18.1	%	2,078
Visa Inc.		702	22.1	%	17.0	%		291	19.3	%	16.5	%	7,608		411	24.2	%	17.4	%	2,839

	For the 3 Months Ended September 30, 2009
	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	$	281	12.5	%	10.6	%	$	183	12.0	%	8.8	%	2,475	$	98	13.4	%	14.0	%	534	433	522
Canada		48	-3.3	%	-3.1	%		44	-1.0	%	-0.8	%	412		4	-23.1	%	-22.9	%	9	24	31
CEMEA		134	-7.1	%	4.3	%		21	-1.8	%	2.6	%	320		113	-8.1	%	4.6	%	738	187	190
LAC		166	4.6	%	11.4	%		55	9.1	%	14.7	%	1,366		111	2.6	%	9.8	%	815	323	350
US		510	-2.8	%	-2.8	%		417	-1.0	%	-1.0	%	8,398		93	-10.2	%	-10.2	%	787	496	673
Visa Inc.		1,139	1.0	%	3.0	%		720	2.7	%	2.5	%	12,972		419	-1.7	%	3.7	%	2,883	1,463	1,766
Visa Credit Programs
US	$	210	-14.3	%	-14.3	%	$	195	-8.6	%	-8.6	%	2,299	$	16	-51.6	%	-51.6	%	21	230	302
Rest of World		295	5.1	%	4.9	%		258	7.8	%	6.5	%	3,474		37	-10.1	%	-4.7	%	140	423	485
Visa Inc.		505	-3.9	%	-4.0	%		452	0.0	%	-0.6	%	5,773		53	-28.3	%	-25.9	%	161	652	787
Visa Debit Programs
US	$	300	7.2	%	7.2	%	$	223	6.8	%	6.8	%	6,099	$	77	8.4	%	8.4	%	766	266	372
Rest of World		334	3.8	%	11.3	%		45	11.8	%	16.5	%	1,100		289	2.6	%	10.5	%	1,957	544	608
Visa Inc.		634	5.4	%	9.3	%		268	7.6	%	8.3	%	7,199		366	3.8	%	10.1	%	2,723	810	979

9

Operational Performance Data

	For the 3 Months Ended June 30, 2009
	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	$	259	3.7	%	10.3	%	$	165	2.0	%	8.4	%	2,325	$	94	6.9	%	13.7	%	540	424	512
Canada		45	-11.5	%	-3.7	%		41	-9.8	%	-1.8	%	396		4	-25.1	%	-18.5	%	9	23	31
CEMEA		123	-6.4	%	9.8	%		20	2.8	%	12.3	%	324		103	-8.0	%	9.3	%	736	179	184
LAC		150	-2.8	%	15.3	%		49	-0.4	%	16.3	%	1,302		101	-3.9	%	14.8	%	798	317	344
US		505	-3.9	%	-3.9	%		412	-2.5	%	-2.5	%	8,286		93	-9.5	%	-9.5	%	778	483	662
Visa Inc.		1,083	-2.7	%	3.1	%		687	-1.7	%	1.5	%	12,634		396	-4.4	%	6.0	%	2,861	1,426	1,732
Visa Credit Programs
US	$	209	-15.0	%	-15.0	%	$	192	-9.6	%	-9.6	%	2,282	$	17	-49.2	%	-49.2	%	21	233	309
Rest of World		269	-3.1	%	5.1	%		234	-1.5	%	6.1	%	3,293		35	-12.1	%	-1.6	%	137	418	482
Visa Inc.		479	-8.7	%	-4.8	%		426	-5.3	%	-1.6	%	5,576		52	-29.0	%	-24.6	%	159	651	791
Visa Debit Programs
US	$	296	5.9	%	5.9	%	$	220	4.6	%	4.6	%	6,004	$	76	9.7	%	9.7	%	757	250	352
Rest of World		308	-0.3	%	15.1	%		41	7.2	%	23.0	%	1,054		267	-1.3	%	14.0	%	1,946	526	589
Visa Inc.		604	2.6	%	10.4	%		261	5.0	%	7.1	%	7,058		343	0.9	%	13.0	%	2,702	776	941
	For the 3 Months Ended March 31, 2009
	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	$	229	-6.5	%	11.3	%	$	147	-7.8	%	10.2	%	2,176	$	82	-4.2	%	13.3	%	545	420	506
Canada		36	-23.3	%	-0.8	%		32	-22.2	%	0.5	%	347		4	-30.6	%	-10.3	%	9	23	31
CEMEA		108	-4.8	%	19.6	%		17	-0.4	%	19.5	%	294		91	-5.6	%	19.6	%	666	178	182
LAC		128	-10.3	%	16.1	%		42	-9.3	%	15.2	%	1,283		86	-10.7	%	16.6	%	775	313	341
US		468	-4.3	%	-4.3	%		379	-2.5	%	-2.5	%	7,510		89	-11.1	%	-11.1	%	708	482	665
Visa Inc.		969	-6.5	%	4.0	%		617	-5.5	%	2.0	%	11,610		352	-8.4	%	7.7	%	2,703	1,417	1,724
Visa Credit Programs
US	$	196	-15.5	%	-15.5	%	$	176	-9.7	%	-9.7	%	2,084	$	19	-47.0	%	-47.0	%	22	240	318
Rest of World		236	-11.9	%	7.3	%		204	-11.0	%	8.0	%	3,105		32	-17.7	%	3.1	%	131	418	480
Visa Inc.		431	-13.6	%	-4.4	%		380	-10.4	%	-1.0	%	5,189		51	-31.7	%	-23.7	%	153	658	797
Visa Debit Programs
US	$	272	5.8	%	5.8	%	$	202	4.7	%	4.7	%	5,426	$	70	9.1	%	9.1	%	686	243	347
Rest of World		265	-5.4	%	19.0	%		34	-2.5	%	25.3	%	996		231	-5.8	%	18.1	%	1,864	517	579
Visa Inc.		537	0.0	%	11.9	%		237	3.6	%	7.3	%	6,421		301	-2.7	%	15.9	%	2,550	759	926
	For the 3 Months Ended December 31, 2008
	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	$	243	1.1	%	11.5	%	$	161	2.1	%	12.6	%	2,227	$	82	-0.9	%	9.4	%	533	414	501
Canada		43	-16.3	%	2.1	%		38	-15.4	%	3.2	%	395		4	-23.5	%	-6.6	%	9	23	30
CEMEA		136	18.5	%	34.2	%		20	11.9	%	30.1	%	306		117	19.7	%	35.0	%	708	174	179
LAC		144	-1.2	%	22.0	%		47	-0.4	%	22.0	%	1,344		97	-1.6	%	22.0	%	848	312	340
US		505	-1.9	%	-1.9	%		409	-1.0	%	-1.0	%	7,830		96	-5.3	%	-5.3	%	711	487	668
Visa Inc.		1,071	0.4	%	8.1	%		675	-0.9	%	4.7	%	12,102		397	2.6	%	14.2	%	2,809	1,409	1,718
Visa Credit Programs
US	$	231	-9.0	%	-9.0	%	$	203	-6.9	%	-6.9	%	2,380	$	28	-21.7	%	-21.7	%	28	258	335
Rest of World		266	-2.3	%	11.2	%		228	-1.6	%	11.5	%	3,228		37	-5.9	%	9.4	%	148	415	478
Visa Inc.		496	-5.5	%	1.4	%		431	-4.2	%	2.5	%	5,608		65	-13.4	%	-5.8	%	176	673	813
Visa Debit Programs
US	$	274	5.0	%	5.0	%	$	206	5.6	%	5.6	%	5,450	$	69	3.4	%	3.4	%	683	229	333
Rest of World		301	7.1	%	24.4	%		38	5.9	%	28.6	%	1,043		263	7.3	%	23.7	%	1,949	507	572
Visa Inc.		575	6.1	%	14.7	%		244	5.6	%	9.0	%	6,494		331	6.5	%	19.2	%	2,633	737	905

10

Operational Performance Data

	For the 3 Months Ended September 30, 2008
	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	$	250	16.4	%	19.9	%	$	163	16.3	%	19.8	%	2,144	$	87	16.6	%	20.0	%	525	400	480
Canada		50	5.5	%	9.1	%		44	6.9	%	10.6	%	395		5	-4.9	%	-1.6	%	9	24	32
CEMEA		144	43.4	%	42.5	%		21	38.6	%	40.6	%	280		123	44.3	%	42.9	%	671	169	176
LAC		159	31.3	%	27.0	%		51	32.9	%	28.7	%	1,237		108	30.5	%	26.2	%	798	301	334
US		525	7.3	%	7.3	%		421	8.6	%	8.6	%	7,687		104	2.4	%	2.4	%	745	474	651
Visa Inc.		1,128	15.9	%	15.9	%		701	12.4	%	13.2	%	11,744		427	22.2	%	21.0	%	2,748	1,368	1,673
Visa Credit Programs
US	$	245	2.0	%	2.0	%	$	213	3.5	%	3.5	%	2,367	$	32	-7.0	%	-7.0	%	30	263	336
Rest of World		280	15.6	%	17.9	%		239	16.1	%	18.7	%	3,115		41	12.9	%	13.6	%	153	410	473
Visa Inc.		526	8.9	%	9.9	%		452	9.8	%	11.1	%	5,482		74	3.2	%	3.3	%	183	672	809
Visa Debit Programs
US	$	280	12.4	%	12.4	%	$	208	14.3	%	14.3	%	5,320	$	71	7.3	%	7.3	%	714	211	314
Rest of World		322	33.8	%	32.5	%		41	37.5	%	37.6	%	941		282	33.3	%	31.7	%	1,851	484	549
Visa Inc.		602	22.9	%	22.0	%		249	17.5	%	17.4	%	6,261		353	27.1	%	25.6	%	2,565	695	864
	For the 3 Months Ended June 30, 2008
	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	$	250	24.3	%	21.4	%	$	162	22.4	%	19.1	%	2,032	$	88	28.0	%	25.8	%	498	387	472
Canada		51	14.3	%	10.3	%		45	14.5	%	10.4	%	383		6	13.0	%	9.0	%	9	24	31
CEMEA		131	45.8	%	38.8	%		19	37.8	%	36.4	%	255		112	47.2	%	39.2	%	640	159	168
LAC		155	35.4	%	23.1	%		50	40.3	%	27.5	%	1,160		105	33.2	%	21.1	%	754	303	328
US		526	8.8	%	8.8	%		423	9.8	%	9.8	%	7,666		103	4.9	%	4.9	%	738	465	642
Visa Inc.		1,113	19.2	%	15.9	%		699	15.2	%	13.4	%	11,495		414	26.6	%	20.7	%	2,639	1,338	1,642
Visa Credit Programs
US	$	246	4.7	%	4.7	%	$	213	5.0	%	5.0	%	2,338	$	34	2.9	%	2.9	%	29	262	335
Rest of World		278	21.7	%	17.5	%		238	22.6	%	18.3	%	2,969		40	16.4	%	13.0	%	146	404	464
Visa Inc.		524	13.1	%	10.9	%		450	13.6	%	11.4	%	5,307		74	9.8	%	7.9	%	175	666	798
Visa Debit Programs
US	$	280	12.6	%	12.6	%	$	210	15.0	%	15.0	%	5,328	$	69	5.9	%	5.9	%	708	203	308
Rest of World		309	39.4	%	30.9	%		38	40.3	%	32.0	%	860		271	39.3	%	30.8	%	1,756	470	536
Visa Inc.		589	25.2	%	20.9	%		248	18.2	%	17.0	%	6,188		340	30.9	%	24.1	%	2,464	673	844
	For the 3 Months Ended March 31, 2008
	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	$	245	29.4	%	22.5	%	$	159	26.5	%	19.4	%	1,913	$	85	35.2	%	28.6	%	458	376	457
Canada		47	30.9	%	10.0	%		41	30.5	%	9.7	%	337		6	33.8	%	12.5	%	9	24	31
CEMEA		114	40.8	%	35.2	%		17	40.4	%	37.9	%	236		96	40.9	%	34.7	%	584	148	156
LAC		143	37.8	%	22.4	%		46	47.5	%	30.5	%	1,123		97	33.7	%	18.8	%	719	288	312
US		488	10.8	%	10.8	%		389	12.0	%	12.0	%	7,086		100	6.5	%	6.5	%	689	456	664
Visa Inc.		1,036	22.0	%	16.6	%		652	19.1	%	15.0	%	10,696		384	27.2	%	19.8	%	2,460	1,291	1,620
Visa Credit Programs
US	$	231	8.0	%	8.0	%	$	195	8.1	%	8.1	%	2,172	$	36	7.5	%	7.5	%	30	260	368
Rest of World		268	28.5	%	18.5	%		229	29.5	%	19.1	%	2,798		39	23.0	%	15.0	%	134	387	446
Visa Inc.		499	18.1	%	12.9	%		424	18.7	%	13.2	%	4,969		75	15.0	%	10.8	%	164	647	814
Visa Debit Programs
US	$	257	13.5	%	13.5	%	$	193	16.2	%	16.2	%	4,914	$	64	6.0	%	6.0	%	659	196	297
Rest of World		280	39.6	%	29.3	%		35	44.1	%	32.6	%	812		245	38.9	%	28.9	%	1,636	448	510
Visa Inc.		537	25.8	%	20.3	%		228	19.8	%	18.1	%	5,726		309	30.6	%	22.4	%	2,296	644	806

11

Operational Performance Data

	For the 12 Months Ended December 31, 2009
	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	$	1,085	9.8	%	12.8	%	$	691	7.0	%	9.3	%	9,500	$	394	15.1	%	19.4	%	2,186
Canada		180	-5.2	%	-1.6	%		164	-3.0	%	0.6	%	1,583		16	-23.1	%	-19.4	%	35
CEMEA		509	-3.2	%	9.0	%		81	4.2	%	10.0	%	1,292		428	-4.5	%	8.8	%	2,914
LAC		635	5.8	%	13.6	%		211	9.2	%	15.6	%	5,467		425	4.3	%	12.6	%	3,258
US		2,014	-1.5	%	-1.5	%		1,647	0.3	%	0.3	%	32,945		367	-8.8	%	-8.8	%	3,053
Visa Inc.		4,423	1.7	%	4.9	%		2,793	2.4	%	3.7	%	50,788		1,630	0.5	%	7.0	%	11,446
Visa Credit Programs
US	$	830	-13.0	%	-13.0	%	$	764	-7.3	%	-7.3	%	9,037	$	66	-49.3	%	-49.3	%	83
Rest of World		1,115	2.2	%	5.7	%		973	4.2	%	7.2	%	13,465		142	-10.0	%	-3.2	%	549
Visa Inc.		1,945	-4.9	%	-3.1	%		1,737	-1.2	%	0.3	%	22,502		208	-27.7	%	-24.8	%	632
Visa Debit Programs
US	$	1,184	8.5	%	8.5	%	$	883	7.9	%	7.9	%	23,909	$	302	10.4	%	10.4	%	2,971
Rest of World		1,294	6.7	%	15.9	%		173	14.4	%	21.2	%	4,377		1,120	5.6	%	15.1	%	7,844
Visa Inc.		2,478	7.6	%	12.2	%		1,056	8.9	%	9.9	%	28,286		1,422	6.6	%	14.0	%	10,814

	For the 12 Months Ended December 31, 2008
	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	$	988	16.8	%	18.3	%	$	646	16.0	%	17.4	%	8,317	$	342	18.4	%	20.0	%	2,015	414	501
Canada		190	6.5	%	7.5	%		169	7.0	%	8.2	%	1,510		21	2.3	%	2.4	%	36	23	30
CEMEA		525	36.0	%	37.7	%		77	30.9	%	36.0	%	1,077		448	36.9	%	38.1	%	2,603	174	179
LAC		600	23.9	%	23.6	%		193	27.4	%	26.7	%	4,863		407	22.3	%	22.2	%	3,120	312	340
US		2,044	6.0	%	6.0	%		1,642	7.1	%	7.1	%	30,270		403	2.0	%	2.0	%	2,883	487	668
Visa Inc.		4,348	13.7	%	13.8	%		2,727	10.9	%	11.3	%	46,036		1,621	18.8	%	18.7	%	10,655	1,409	1,718
Visa Credit Programs
US	$	953	1.1	%	1.1	%	$	824	2.1	%	2.1	%	9,257	$	130	-4.9	%	-4.9	%	118	258	335
Rest of World		1,092	14.8	%	16.0	%		934	15.5	%	16.5	%	12,110		158	10.7	%	12.5	%	581	415	478
Visa Inc.		2,045	8.0	%	8.4	%		1,757	8.8	%	9.2	%	21,367		288	3.1	%	3.6	%	698	673	813
Visa Debit Programs
US	$	1,091	10.8	%	10.8	%	$	818	12.6	%	12.6	%	21,013	$	273	5.7	%	5.7	%	2,765	229	333
Rest of World		1,212	28.4	%	29.0	%		152	29.8	%	32.5	%	3,656		1,061	28.2	%	28.5	%	7,192	507	572
Visa Inc.		2,303	19.4	%	19.3	%		970	15.0	%	15.2	%	24,669		1,334	22.8	%	22.7	%	9,957	737	905
	For the 12 Months Ended September 30, 2009
	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	$	1,012	2.7	%	10.9	%	$	656	2.1	%	10.0	%	9,203	$	357	3.9	%	12.6	%	2,152	433	522
Canada		172	-13.5	%	-1.4	%		155	-11.9	%	0.3	%	1,549		17	-25.6	%	-14.6	%	35	24	31
CEMEA		501	-0.6	%	15.9	%		77	2.9	%	15.1	%	1,244		424	-1.2	%	16.1	%	2,849	187	190
LAC		589	-2.2	%	16.1	%		193	0.0	%	17.1	%	5,295		395	-3.2	%	15.6	%	3,236	323	350
US		1,988	-3.2	%	-3.2	%		1,617	-1.8	%	-1.8	%	32,025		371	-9.1	%	-9.1	%	2,984	496	673
Visa Inc.		4,262	-1.9	%	4.5	%		2,699	-1.2	%	2.7	%	49,317		1,564	-3.0	%	7.8	%	11,256	1,463	1,766
Visa Credit Programs
US	$	846	-13.4	%	-13.4	%	$	766	-8.7	%	-8.7	%	9,046	$	80	-42.1	%	-42.1	%	92	230	302
Rest of World		1,066	-2.9	%	7.1	%		923	-1.5	%	8.0	%	13,100		142	-11.4	%	1.4	%	557	423	485
Visa Inc.		1,911	-7.8	%	-2.9	%		1,690	-4.9	%	-0.1	%	22,145		222	-25.6	%	-19.8	%	648	652	787
Visa Debit Programs
US	$	1,143	6.0	%	6.0	%	$	851	5.4	%	5.4	%	22,979	$	292	7.7	%	7.7	%	2,892	266	372
Rest of World		1,208	1.4	%	17.1	%		158	5.9	%	23.0	%	4,193		1,050	0.7	%	16.3	%	7,716	544	608
Visa Inc.		2,351	3.6	%	11.5	%		1,009	5.5	%	7.9	%	27,172		1,342	2.2	%	14.3	%	10,608	810	979

12

Operational Performance Data

	For the 12 Months Ended September 30, 2008
	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	$	985	24.3	%	21.6	%	$	642	22.2	%	19.5	%	8,021	$	343	28.6	%	25.9	%	1,934	400	480
Canada		199	18.9	%	10.8	%		176	19.1	%	11.0	%	1,497		23	17.6	%	9.4	%	37	24	32
CEMEA		504	43.5	%	38.8	%		75	40.1	%	38.6	%	1,006		429	44.1	%	38.8	%	2,485	169	176
LAC		602	34.3	%	23.6	%		193	40.8	%	29.2	%	4,652		409	31.5	%	21.0	%	3,028	301	334
US		2,054	9.5	%	9.5	%		1,646	10.6	%	10.6	%	29,862		408	5.3	%	5.3	%	2,887	474	651
Visa Inc.		4,344	19.5	%	16.5	%		2,733	16.2	%	14.3	%	45,037		1,611	25.7	%	20.7	%	10,370	1,368	1,673
Visa Credit Programs
US	$	976	5.9	%	5.9	%	$	839	6.5	%	6.5	%	9,344	$	137	2.2	%	2.2	%	123	263	336
Rest of World		1,098	22.8	%	18.3	%		937	23.6	%	18.9	%	11,745		160	18.6	%	14.4	%	569	410	473
Visa Inc.		2,074	14.2	%	11.9	%		1,776	14.9	%	12.5	%	21,089		298	10.5	%	8.1	%	692	672	809
Visa Debit Programs
US	$	1,078	13.0	%	13.0	%	$	807	15.2	%	15.2	%	20,518	$	271	7.0	%	7.0	%	2,764	211	314
Rest of World		1,192	37.8	%	30.7	%		149	41.1	%	33.8	%	3,430		1,043	37.4	%	30.2	%	6,914	484	549
Visa Inc.		2,270	24.8	%	21.1	%		957	18.6	%	17.5	%	23,948		1,314	29.8	%	24.1	%	9,678	695	864

Footnote

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

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

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

The data presented is reported quarterly by Visa’s members on their operating certificates and is subject to verification by Visa. On occasion, members may update previously submitted information.

Visa’s CEMEA region is comprised of countries in Central Europe, the Middle East and Africa. For the 3 months ended September, 2009, Pakistan and Afghanistan were moved from the AP to CEMEA region. Several European Union countries in Central Europe, Israel and Turkey are not included in CEMEA. LAC is comprised of countries in Central and South America and the Caribbean. Rest of World includes Asia Pacific, Canada, CEMEA and LAC.

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

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, 2009	8	%	2	%
Sep 30, 2009	-9	%	-5	%
Jun 30, 2009	-15	%	-8	%
Mar 31, 2009	-15	%	-6	%
Dec 31, 2008	-6	%	0	%
Sep 30, 2008	14	%	12	%
Jun 30, 2008	20	%	14	%
Mar 31, 2008	25	%	17	%
12 Months Ended
Dec 31, 2009	-8	%	-4	%
Dec 31, 2008	13	%	11	%

3. Processed Transactions

The table below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa’s networks.

Period	Processed Transactions (millions)	Growth
3 Months Ended
Dec 31, 2009	10,924	12	%
Sep 30, 2009	10,463	9	%
Jun 30, 2009	10,266	8	%
Mar 31, 2009	9,360	6	%
Dec 31, 2008	9,797	8	%
Sep 30, 2008	9,590	11	%
Jun 30, 2008	9,473	13	%
Mar 31, 2008	8,800	15	%
12 Months Ended
Dec 31, 2009	41,012	9	%
Dec 31, 2008	37,659	11	%

14

EX-99.2

Visa Inc.

Fiscal First Quarter

Financial Results

February 3, 2010

Exhibit 99.2

2

Fiscal Q1 2010 Earnings Results

2

Safe Harbor Reminder

•

Certain statements contained in this press release are forward-looking statements within

the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E

of the Securities Exchange Act of 1934, as amended, which are subject to the “safe

harbor”

created by those sections. These statements can be identified by the terms

“anticipate,”

“believe,”

“continue,”

“could,”

“estimate,”

“expect,”

“intend,”

“may,”

“plan,”

“potential,”

“predict,”

“project,”

“should,”

“will”

and similar expressions which are intended

to identify forward-looking statements. In addition, any underlying assumptions are

forward-looking statements. Such forward-looking statements include but are not limited

to statements regarding certain of Visa’s goals and expectations with respect to earnings

per share, revenue, operating margin, free cash flow, and the growth rate in those items,

as well as other measures of economic performance.

•

By their nature, forward-looking statements: (i) speak only as of the date they are made,

(ii) are not guarantees of future performance or results and (iii) are subject to risks,

uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual

results could differ materially and adversely from those forward-looking statements as a

result of a variety of factors, including all the risks discussed under the heading “Risk

Factors”

in Part 1, Item 1A –

“Risk Factors”

in our most recent Annual Report on Form

10-K and subsequent Quarterly Reports on Form 10-Q or Periodic Reports on Form 8-K,

if any. You are cautioned not to place undue reliance on such statements, which speak

only as of the date of this presentation. Unless required to do so under U.S. federal

securities laws or other applicable laws, we do not intend to update or revise any

forward-looking statements.

3

Fiscal Q1 2010 Earnings Results

Solid Fiscal First Quarter Results

•

Repurchased 5.5 million shares of class A common stock at an

average price of $78.78

•

Quarterly net income of $763 million, up 33%, and diluted

earnings of $1.02 per share, up 38% over prior year

•

Strong operating revenues of $2.0 billion, up 13% over prior year

•

Continued positive secular trends and business model resilience

despite economic slowdown

4

Fiscal Q1 2010 Earnings Results

701

452

249

452

268

720

Total Visa Inc.

Credit

Debit

2008

2009

ROW  41

Quarter ended September

US$ in billions, nominal, except percentages

Payments Volume

ROW

280

ROW

258

U.S.

421

U.S.

417

ROW

303

U.S.

213

239

ROW

U.S.

195

U.S.

208

U.S.

223

ROW  45

Note: Figures may not sum due to rounding. Growth rates calculated based on whole numbers, not rounded numbers. From time to time, previously

submitted volume information may be updated. Prior year volume information presented has not been updated, as changes made are not material. 

Constant dollar growth rates exclude the impact of foreign currency fluctuations against the U.S. dollar in measuring performance.

YOY Change

(nominal)

0%

8%

3%

YOY Change

(constant)

3%

(1)%

8%

ROW

=

Rest

of

World

5

Fiscal Q1 2010 Earnings Results

431

244

675

478

291

769

Total Visa Inc.

Credit

Debit

2008

2009

ROW  38

Quarter ended December

US$ in billions, nominal, except percentages

Payments Volume

ROW

266

ROW

278

U.S.

409

U.S.

438

ROW

331

U.S.

203

228

ROW

U.S.

201

U.S.

206

U.S.

238

ROW 53

Commencing this quarter, current payments volume and other select metrics are provided in the operational performance data supplement. 

Service revenues will continue to be recognized based on payments volume in the prior quarter.  From time to time, reported payments volume

information

may

be

updated

to

reflect

revised

client

submissions

or

other

adjustments. 

ROW

=

Rest

of

World

YOY Change

(nominal)

14%

11%

19%

YOY Change

(constant)

9%

4%

17%

6

Fiscal Q1 2010 Earnings Results

421

21

163

51

44

183

55

44

21

417

United States

Asia Pacific

Latin America and

Caribbean

Canada

Central and

Eastern Europe,

Middle East and

Africa

2008

2009

Quarter ended September

US$ in billions, nominal, except percentages

Payments Volume

Note: Growth rates calculated based on whole numbers, not rounded numbers. From time to time, previously submitted volume information may be

updated.

Prior

year

volume

information

presented

has

not

been

updated,

as

changes

made

are

not

material.

Constant

dollar

growth

rates

exclude

the

impact of foreign currency fluctuations against the U.S. dollar in measuring performance.

YOY Change

(nominal)

(1%)

12%

9%

(1%)

(2%)

YOY Change

(constant)

(1%)

9%

15%

(1%)

3%

7

Fiscal Q1 2010 Earnings Results

409

20

161

47

38

196

64

47

23

438

United States

Asia Pacific

Latin America and

Caribbean

Canada

Central and

Eastern Europe,

Middle East and

Africa

2008

2009

Quarter ended December

US$ in billions, nominal, except percentages

Payments Volume

Commencing this quarter, current payments volume and other select metrics are provided in the operational performance data supplement. 

Service revenues will continue to be recognized based on payments volume in the prior quarter.  From time to time, reported payments volume

information

may

be

updated

to

reflect

revised

client

submissions

or

other

adjustments.

YOY Change

(nominal)

7%

22%

38%

23%

16%

YOY Change

(constant)

7%

10%

16%

4%

9%

8

Fiscal Q1 2010 Earnings Results

9,590

14,898

9,797

14,483

10,463

16,572

10,924

15,855

Total Transactions

Processed

Transactions

Total Transactions

Processed

Transactions

2008

2009

Quarter ended September

in millions, except percentages

Transactions –

Q1 2010

Note: Processed transactions represent transactions involving Visa, Visa Electron, Interlink and Plus cards processed on Visa’s networks.

Total transactions represent payments and cash transactions as reported by Visa members on their operating certificates.  From time to time,

previously submitted volume information may be updated.  Prior year volume information presented has not been updated, as changes made

are not material.

Quarter ended December

Debit

63%

Credit

37%

Credit

39%

Debit

61%

Credit

39%

Debit

61%

Credit

37%

Debit

63%

YOY

Change

9%

9%

11%

12%

9

Fiscal Q1 2010 Earnings Results

864

1,676

812

979

1,766

787

Credit

Debit

Visa Inc.

2008

2009

Quarter ended September

in millions, except percentages

Total Cards

YOY

Change

(3%)

13%

5%

10

Fiscal Q1 2010 Earnings Results

2,008

1,739

(269)

1,960

2,334

(374)

Fiscal 2009

Fiscal 2010

Revenue –

Q1 2010

US$ in millions, except percentages

Gross

Revenues

Incentives

Net Operating

Revenues

YOY

Change

16%

39%

13%

Note: Growth rates calculated based on whole numbers, not rounded numbers.

11

Fiscal Q1 2010 Earnings Results

Revenue Detail –

Q1 2010

US$ in millions, except percentages

Service

Revenues

Data

Processing

Revenues

International

Transaction

Revenues

Other

Revenues

793

505

554

156

765

827

552

190

Fiscal 2009

Fiscal 2010

YOY

Change

4%

38%

9%

21%

Note: Growth rates calculated based on whole numbers, not rounded numbers.

12

Fiscal Q1 2010 Earnings Results

Operating Margin –

Q1 2010

US$ in millions, except percentages

1,739

966

773

743

1,960

1,217

Net Operating

Revenues

Total Operating

Expenses

Operating Income

56%

62%

Operating Margin

Fiscal 2009

Fiscal 2010

YOY

Change

6 ppts

13%

(4%)

26%

Note: Growth rates calculated based on whole numbers, not rounded numbers.

13

Fiscal Q1 2010 Earnings Results

299

773

0

63

52

56

210

93

743

(43)

105

216

51

62

78

274

Fiscal 2009

Fiscal 2010

Operating Expenses –

Q1 2010

US$ in millions, except percentages

Personnel

Network,

EDP and

Communications

Advertising,

Marketing and

Promotion

Professional

and

Consulting

Fees

Depreciation

and

Amortization

Administrative

and Other

Total Operating

Expenses

Litigation

Provision

YOY

Change

(8)%

13%

3%

(9)%

18%

24%

NM

(4)%

Note: Growth rates calculated based on whole numbers, not rounded numbers.

14

Fiscal Q1 2010 Earnings Results

Other Financial Results

•

Cash, cash equivalents, restricted cash and available-for-sale

investment securities of $6.0 billion at the end of the fiscal first quarter

which includes $1.6 billion of restricted cash for litigation escrow

•

Free cash flow of $788 million

•

Utilized $432 million of the overall $1.0 billion share repurchase plan to

repurchase 5.5 million shares of class A common stock at an average

price of $78.78 per share

•

Pre-tax gain of $41 million recognized related to the prepayment of

remaining $800 million of obligations related to a class action lawsuit at

a discounted amount of $682 million

•

Capital expenditures during fiscal Q1 2010 of $37 million

15

Fiscal Q1 2010 Earnings Results

Less than

$1 billion

Advertising, marketing and promotion expenses

Less than

$1 billion

11-15% range

Annual net revenue growth

Financial Metrics for Fiscal Year 2010

Annual operating margin

Mid to high      

50% range

16-17% of

gross

revenue

Volume and support incentives

16

Fiscal Q1 2010 Earnings Results

Financial Metrics for Fiscal Year 2010

Capital Expenditures

About $200

million

Annual diluted class A common stock earnings

per share growth

20% +

GAAP tax rate

36.5 to 38.5%

range

Annual free cash flow

$2 billion +

Appendix

Reconciliation of

Non-GAAP Measures

Fiscal Q1 2010 Earnings Results

A-1

Adjusted Diluted Class A Common Stock

Earnings Per Share

US$ in millions, except per share data

Three months

ended

December 31,

2009

Diluted

EPS

(1)

Net Income (as reported)

763

$              

1.02

$    

Adjustment for non-recurring item:

Less: gain from retailers' litigation prepayment

(2)

(41)

Addback: tax expense related to the gain

(2)

15

Adjustment net of tax

(26)

Adjusted net income

737

$              

0.99

$    

Impact to EPS

0.03

$    

(2)

Adjustment to remove effect of one time gain from Retailer's litigation prepayment

(1)

Calculated using 745 million of weighted average shares outstanding at December 31, 2009

Fiscal Q1 2010 Earnings Results

A-2

Calculation of Free Cash Flow

US$ in millions

(1)

(2)

Includes changes in volume & support incentives, trade receivables, settlement receivable/payable, and personnel incentives.

Excludes

$202

million

of

estimated

federal

and

a

majority

of

the

estimated

state

tax

payments

for

Visa's

fiscal

Q1,

which

were

not

paid

until

they were due in January.  Estimated tax payments for Visa's fiscal Q2 will be paid when due in March.

Additions (+) /

Reductions (-) to

Net income

attributable to

Visa Inc.

Q1 FY 2010

Net income attributable to Visa Inc. (as reported)

763

+

Depreciation and amortization

62

-

Capital expenditures

(37)

25

+

Litigation provision

(43)

+

Accretion expense

10

-

Settlement payments

(73)

+

Settlement payments funded by litigation escrow

70

(36)

Share-based Compensation

+

Share-based compensation

32

Pension

+

Pension expense

15

+

Income tax expense

445

-

Income taxes paid

(25)

420

Changes in Working Capital

(2)

+

Changes in other working capital accounts

(431)

Total Free Cash Flow

788

Less: Retailers' Litigation Prepayment

-

Settlement payment

(682)

Adjusted Free Cash Flow

106

Taxes

(1)

Capital Assets

Litigation