Visa Inc. 2020 Investor Day: Segment 1 Presentation

2020 Investor Day

2020 Investor Day

Strategic Overview	Al Kelly
The Power of the Visa Brand	Lynne Biggar
Accelerating Global Growth	Ryan McInerney

Forward-looking Statements

This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are identified by words such as "will," "is expected," and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make regarding the opportunities for growth, our strategy, future operations and outlook.

By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are not statements of historical fact or guarantees of future performance; and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from Visa's forward- looking statements due to a variety of factors, including those contained in our Annual Report on Form 10-K for the fiscal year ended September 30, 2019 and our other filings with the U.S. Securities and Exchange Commission.

You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future developments or otherwise.

Please see end of presentation for notes and disclosures.

3	©2020 Visa. All rights reserved.

Agenda			2020 Investor Day
	Strategic Overview	Al Kelly
8:00 a.m. - 9:30 a.m.	The Power of the Visa Brand	Lynne Biggar
	Accelerating Global Growth	Ryan McInerney
	Break and Visa Showcase
		Oliver Jenkyn
	Growing Consumer Payments	Chris Clark
	Charlotte Hogg
9:45 a.m. - 12:05 p.m.		Andrew Torre
	Eduardo Coello
	Driving New Flows	Ryan McInerney
	Bill Sheley
		Kevin Phalen
	Lunch and Visa Showcase
		Jack Forestell
	Deepening Client Partnerships with Value Added Services	Mary Kay Bowman
	Carleigh Jaques
		Melissa McSherry
12:30 p.m. - 2:30 p.m.	Visa: The Investment Proposition	Vasant Prabhu
		Al Kelly
	Q&A	Vasant Prabhu
	Ryan McInerney
		Mike Milotich
	Visa Showcase

Strategic Overview

Al Kelly

Chairman and Chief Executive Officer

2020 Investor Day

Key trends are driving fundamental changes in the ecosystem

Consumers choosing	Accessto financial
simple, compelling	products and services
experiences	expanding globally

Flows digitizing		Alternative money
beyond consumer		movement platforms
payments		modernizing

Digital fintech platforms

increasingly launching

payments products

Governments

becoming increasingly

active in payments

6	©2020 Visa. All rights reserved.

Since 1958, Visa has facilitated commercefor consumers and businesses by providing a secure and seamless payment experience...

7	©2020 Visa. All rights reserved.

...with developments in technology, expansion of our reach and new ways to pay, we are now enabling the movement of moneyfor everyone, everywhere.

8	©2020 Visa. All rights reserved.

We continue to extend our partnerships as the payments ecosystem expands

Issuers

Acquirers

Neobanks

Merchants

Fintechs

Enablers

9	Wallets	©2020 Visa. All rights reserved.

Our industry is unique - total addressable market continues to expand with many vectors for growth

eCommerce share

of spending

New platforms to reach 1.7 billion unbanked

Fintech / wallet expansion

Cash PCE continues to grow

New
acceptance	P2P and B2C
form factors
	digitization

Government disbursement digitization

Ecosystem demand for value added services

B2B modernization

	Total Addressable
10	Market

©2020

Since our last Investor Day, the opportunity for growth has expanded

Facilitating Commerce			Moving Money
		$18		New Flows ($T)
	$17	3%		B2b
Global cash	B2B	$5
and check ($T)			CAGR	$120		B2C
CY16	CY18
			$30

	9%	14%		$185T
% Digital of	23%
global retail			CAGR
spend1
CY16	CY19

P2P $20

G2C $10

11Note: 1. CAGR represents dollar growth of digital spend.

Sources: Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study, 2018; eMarketer Pro; McKinsey Global Payments Map and Visa Analysis.

©2020 Visa. All rights reserved.

The fourth growth inflection point in Visa's 60+ year history offers the next 10x growth opportunity

Inflection Points
(10x growth over ~20 years)
	BANK
	AMERICARD
	60s	70s	90s	2010s	Next 10x
	Opening the	The Platform	eCommerce	Everywhere	Visa is Moving
	Network	as a Service	Goes Mainstream	You Want to Be	Money
	1960	1975	1995	2016	Connected
Cards	<1 Million	~40 Million	~450 Million	3 Billion+	Devices
New Flows
Payments	<$1 Billion	~$10 Billion	~$600 Billion	$7 Trillion+
Network
Volume
					of Networks
12Source: Visa Operating Certificates.

As we look to the next 3-5 years, our strategy is clear

We will accelerate the

growth in our

revenue streams and fortify Visa's strong foundation

Accelerate growth

Grow and broaden our revenue streams in consumer payments, new flows and value added services as we expand the network into the Network of Networks

Fortify our foundation

Build upon Visa's strong brand, leading technology, fortress security and exemplary talent

13	©2020 Visa. All rights reserved.

We have an opportunity to accelerate revenue growth

Accelerate growth

Consumer	New	Value Added
Payments	Flows	Services

Fortify our foundation

Brand	Technology	Security	Talent
	Platforms

14	©2020 Visa. All rights reserved.

Three levers broaden our revenue streams and expand the network

Consumer Payments	New Flows	Value Added Services
Grow the two-sided network	Expand our Network of	Drive utilization of our
by expanding Visa credentials	Networks to capture new	services to help our clients
and acceptance points and	sources of payments and	grow profits and deepen our
driving user engagement	money movement between	partnerships
	individuals, businesses and
	governments

15	©2020 Visa. All rights reserved.

We have an opportunity to accelerate revenue growth

Consumer Payments

New Flows

Credentials

B2B

B2b

Acceptance

B2C

P2P

Engagement

G2C

Value Added Services

Issuer & Consumer Solutions

Acquirer & Seller Solutions

Security & Identity

Data Solutions

Visa Consulting & Analytics

16	©2020 Visa. All rights reserved.

Lynne Biggar

Chief Marketing and

Communications Officer

17		2020 Investor Day

Lynne Biggar

Chief Marketing and

Communications Officer

Ryan McInerney

President

18		2020 Investor Day

Lynne Biggar	Ryan McInerney
Chief Marketing and	President
Communications Officer

Oliver Jenkyn	Andrew Torre
Regional President,	Regional President,
North America	CEMEA

Chris Clark	Eduardo Coello
Regional President,	Regional President,
Asia Pacific	LAC

Charlotte Hogg

CEO,

Europe

19		2020 Investor Day

Lynne Biggar	Ryan McInerney	Oliver Jenkyn
Chief Marketing and	President	Regional President,
Communications Officer		North America

Chris Clark

Regional President,

Asia Pacific

Charlotte Hogg

CEO,

Europe

Andrew Torre

Regional President,

CEMEA

Eduardo Coello

Regional President,

LAC

Bill Sheley	Kevin Phalen
Head of Push Payments	Head of Visa
	Business Solutions

20		2020 Investor Day

Lynne Biggar	Ryan McInerney	Oliver Jenkyn	Bill Sheley
Chief Marketing and	President	Regional President,	Head of Push Payments
Communications Officer		North America
		Chris Clark	Kevin Phalen
		Regional President,	Head of Visa
		Asia Pacific	Business Solutions
		Charlotte Hogg
		CEO,
		Europe
		Andrew Torre
		Regional President,
		CEMEA
		Eduardo Coello
		Regional President,
		LAC

Jack Forestell

Chief Product Officer

Mary Kay Bowman

Head of Consumer

and Seller Solutions

21

Carleigh Jaques

General Manager,

CyberSource

Melissa McSherry

Head of Security,

Identity and Data

Products

2020 Investor Day

Lynne Biggar	Ryan McInerney	Oliver Jenkyn	Bill Sheley
Chief Marketing and	President	Regional President,	Head of Push Payments
Communications Officer		North America
		Chris Clark	Kevin Phalen
		Regional President,	Head of Visa
		Asia Pacific	Business Solutions
		Charlotte Hogg
		CEO,
		Europe
		Andrew Torre
		Regional President,
		CEMEA
		Eduardo Coello
		Regional President,
		LAC

Vasant Prabhu

Vice Chairman and

Chief Financial Officer

22

Jack Forestell

Chief Product Officer

Mary Kay Bowman

Head of Consumer

and Seller Solutions

Carleigh Jaques

General Manager,

CyberSource

Melissa McSherry

Head of Security,

Identity and Data

Products

2020 Investor Day

23	©2020 Visa. All rights reserved.

To fortify our strong foundation, we will continue to invest in our brand, technology platforms, security and talent

Accelerate growth

Consumer	New	Value Added
Payments	Flows	Services

Fortify our foundation

Brand	Technology	Security	Talent
	Platforms

24	©2020 Visa. All rights reserved.

To fortify our strong foundation, we will continue to invest in our brand, technology platforms, security and talent

Accelerate growth

Consumer	New	Value Added
Payments	Flows	Services

Fortify our foundation

Brand	Technology	Security	Talent
	Platforms

25	©2020 Visa. All rights reserved.

The power of the Visa brand

Visa is the unequaled category-leadingbrand

The Visa brand drives substantial value

to Visa, clients, partners and the ecosystem

We continue to evolve our brandas Visa's business and the payments landscape evolve

WORLD'S MOST	TOP 100 MOST VALUABLE
VALUABLE BRANDS	GLOBAL BRANDS

INTERBRAND BEST	WORLD'S MOST
GLOBAL BRANDS	ADMIRED COMPANIES

26	©2020 Visa. All rights reserved.

The Visa brand is preferred around the world

Visa's Brand Preference Advantage Over the Next

Largest Global Payment Network

>8x

4-8x

2-4x1.4-2x

Guatemala

Peru

Argentina

Japan

UAE

UK

Norway Taiwan	U.S.	Russia
+4 more	+7 more

Source: Brand Health Measurement (BHM) is an on-going quantitative survey commissioned by Visa and conducted by independent research firms, Phoenix Marketing International and Ipsos, among consumers age 18-70(18-54 South Korea, Taiwan, and UAE) who have ever used any payment brand. Data collected in FY19 (October 2018 - September 2019). Sample size varies by country. The preferred brand is defined as the brand that was the only brand preferred when asked the question "Which payment brand(s) do you prefer?" Respondents have the option of selecting one brand, selecting multiple brands, indicating that they don't have a preference or selecting "none

27of these". Chart shows the multiple of Visa sole preference vs. Mastercard sole preference in the respective markets. Note: the sample size for Mastercard sole preference is below 50 in Taiwan (12), South Korea (48), Guatemala (5), Peru (11) and Norway (27).

Denmark France

Mexico Poland

+7 more

©2020 Visa. All rights reserved.

Visa's brand is also preferred across priority audiences

Audience

U.S.

UK

Japan

India

Russia

UAE

Mexico

Women

Millennials

Affluent

Non-affluent

28Source: Brand Health Measurement program FY19 full year data (except Japan, Russia and US, which use Q1-Q3FY19 data). A total of 52 markets measured in FY19. Global payment networks included in the calculation are Visa, Mastercard and American Express.

©2020 Visa. All rights reserved.

Brand preference links to higher share of wallet

Multiple of spend when Visa is preferred

>15x

11-14x

6-10x

3-5x

China

Germany

Chile

India

Canada

France

Argentina Hong Kong

Indonesia Vietnam	Japan Thailand	Poland	Russia	Mexico	UK
	+3 more	+12 more	+8 more

Source: Brand Health Measurement (BHM) is an on-going quantitative survey commissioned by Visa and conducted by independent research firms, Phoenix Marketing International and Ipsos, among consumers age 18-70(18-54 China, Hong Kong, India, Indonesia,

Thailand, Vietnam) who have ever used any payment brand. Data collected in FY19 (October 2018 - September 2019). Sample size varies by country. Question: Thinking about last month, approximately how much money did you spend on purchase of goods, services

and regular monthly expenditures (excluding rent or mortgage payments)? Question: Thinking about the amount you spent last month, what percentage did you spend using each of the following: (payment brand list varies by country)? Please provide your best

29estimate. Share of Wallet (SOW) is defined as the average percentage that consumers reported spending on Visa when thinking about how much money they spent in the last month on the purchase of goods, services and regular monthly expenditures (excluding rent ©2020 Visa. All rights reserved.or mortgage payments). Chart shows the multiple of Visa SOW when Visa is Solely Preferred vs. Visa SOW when Visa is Not Preferred. Definition of Visa Not preferred = Multiple brands preferred but not Visa, or another brand (not Visa) has Sole Preference.

Note: the sample size of Visa sole preferred is below 50 in Chile (22) and Hong Kong (45).

Brand preference links to higher share of wallet

Multiple of spend when Visa is preferred1

Delivering a premium for clients2

>15x

11-14x

6-10x3-5x

10.7%

U.S. Spend Lift

2%

China

Germany

Chile

India

Canada

France

Argentina

Hong Kong

Indonesia Vietnam	Japan Thailand	Poland	Russia	Mexico	UK
	+3 more	+12 more	+8 more

Risk-adjusted

U.S. Balance Lift

vs. leading competitor

Source: 1. Brand Health Measurement (BHM) is an on-going quantitative survey commissioned by Visa and conducted by independent research firms, Phoenix Marketing International and Ipsos, among consumers age 18-70(18-54 China, Hong Kong, India, Indonesia,

Thailand, Vietnam) who have ever used any payment brand. Data collected in FY19 (October 2018 - September 2019). Sample size varies by country. Question: Thinking about last month, approximately how much money did you spend on purchase of goods, services

and regular monthly expenditures (excluding rent or mortgage payments)? Question: Thinking about the amount you spent last month, what percentage did you spend using each of the following: (payment brand list varies by country)? Please provide your best estimate. Share of Wallet (SOW) is defined as the average percentage that consumers reported spending on Visa when thinking about how much money they spent in the last month on the purchase of goods, services and regular monthly expenditures (excluding rent

30or mortgage payments). Chart shows the multiple of Visa SOW when Visa is Solely Preferred vs. Visa SOW when Visa is Not Preferred. Definition of Visa Not preferred = Multiple brands preferred but not Visa, or another brand (not Visa) has Sole Preference. Notes: the ©2020 Visa. All rights reserved.sample size of Visa sole preferred is below 50 in Chile (22) and Hong Kong (45). 2. Transunion analysis of their proprietary US transaction database spanning over 310 million US Visa- and MC-branded active credit cards showing spend lift (March 2017-March 2018

performance period), less Visa-calculated Costco effect; risk-adjusted balance line is calculated on the full database of 310 million active cards whereas spend lift is calculated based on a subset of active credit cards where Issuers send monthly payment data to Transunion.

We leverage our brand assets to drive outcomes for Visa and clients

Activating exclusive global sponsorships with FIFA and Olympics

FIFA Women's World Cup 2019TM		Olympic Games Tokyo 2020

31	©2020 Visa. All rights reserved.

We leverage our brand assets to drive outcomes for Visa and clients

Amplifying key strategic priorities

Tap to Pay		New Flows

32	©2020 Visa. All rights reserved.

We leverage our brand assets to drive outcomes for Visa and clients

Enabling individuals, businesses and economies to thrive

Support for Small Business	Empowerment of Women

33	©2020 Visa. All rights reserved.

As a result, Visa's clients view the brand as a powerful differentiator

Clients view the Visa brand as stronger than the competition1…

79%	86%	86%
Financial	Merchants	Digital & Fintech
Institutions		Partners

…which is one of the key factors that makes Visa a global leader in co-brand

We hold majority share in 13 of the largest 20 portfolios2

We continue to fortify and grow our leadership with top co-brand partners:

Representative wins

Expand and Renew		Grow

341. Visa 2019 Global Client Engagement Survey. 2. Visa analysis and publicly available information. Assessment does not include programs in China; Qantas program not included given the direct transfer construct; includes self-issuedco-brands. Of the 13 Visa programs, Visa either has exclusivity or has a majority share of the portfolio.

©2020 Visa. All rights reserved.

Our brand extends as payments evolve…and is transforming for the future

35	©2020 Visa. All rights reserved.

Key takeaways

Together, Visa and its partners benefit from Visa's highly valued brand to drive business outcomes

TheVisa brand is well positioned to support Visa's evolving strategy

Visa is and will continue to be

Everywhere You Want to Be

36	©2020 Visa. All rights reserved.

To fortify our strong foundation, we will continue to invest in our brand, technology platforms, security and talent

Accelerate growth

Consumer	New	Value Added
Payments	Flows	Services

Fortify our foundation

Brand	Technology	Security	Talent
	Platforms

37	©2020 Visa. All rights reserved.

Visa's technology promise includes security, reliability and scale for the benefit of our payments ecosystem participants

Technology is a vital pillar of Visa's business

Processed 140 billiontransactions in 160 currencies, for 15,500 financial institutions across 200 countries and territories

Resiliency is core to the fabric of our network

99.999%availability

We have opened our network for clients

~600 API endpointsopening access to our network, receiving over 1 billion API callsper month

Our network connects the ecosystem

Multiple data centers with10 million miles of privately leased telecommunication lines

38

Source: Visa analysis.

©2020 Visa. All rights reserved.

To fortify our strong foundation, we will continue to invest in our brand, technology platforms, security and talent

Accelerate growth

Consumer	New	Value Added
Payments	Flows	Services

Fortify our
foundation	Brand	Technology	Security	Talent
		Platforms

39	©2020 Visa. All rights reserved.

Our intelligent security architecture is built on a multi-layered,

data-driven framework to deliver seamless, secure experiences...

End-to-End Transaction Services

1. Account Onboarding & Management

Recognizing fraudulent account activity (e.g., opening or accessing) through sophisticated analytics and risk tools

5. Performance Optimization

Enhancing payment performance through tailored expertise and benchmark data

4. Dispute Management

2. Consumer Identity & Authentication

Enabling seamless, data-led authentication to confirm consumers are who they say they are

3. Transaction Authorization

Optimizing authorizations through sophisticated data analytics that minimize fraudulent transactions

Facilitating logic-based, streamlined dispute management and resolution

Core Network Capabilities

Tokenization

Transaction Controls

40	©2020 Visa. All rights reserved.

...and provides in-depth protection against cybersecurity threats

Vulnerability	Detection &
Mgmt	Response

Data

Security

Threat	Malware
Intelligence	Prevention

Identity &

Access Mgmt

41	©2020 Visa. All rights reserved.

To fortify our strong foundation, we will continue to invest in our brand, technology platforms, security and talent

Accelerate growth

Consumer	New	Value Added
Payments	Flows	Services

Fortify our foundation

Brand	Technology	Security	Talent
	Platforms

42	©2020 Visa. All rights reserved.

Visa has transformed our workforce

More Global

1.6x

Faster headcount growth rate in international

markets vs. the U.S. since 20161

More Millennials

+14 ppt

Increase in millennials and younger as a percent of total workforce since 2016

More Diverse

~300 bp

Increase in females as a percentage

of total executives since 2016

More Expertise

~60%

Of our workforce is in technology,

cyber, risk and product

43Note: 1. Growth rate = CAGR.

Source: Visa Analysis.

©2020 Visa. All rights reserved.

We focus on all key constituencies to connect the world and enable individuals, businesses and economies to thrive

Employees

Purpose matters to the entire company

Clients

Good governance

is an ongoing commitment

Shareholders

Society

Local communities

Regulators

Governments

44	©2020 Visa. All rights reserved.

We are driving impact through global corporate citizenship

Society

Local communities

Connected	Empowering
500M	women via
Women's World
previously unbanked	Banking, She's Next,
individuals to	SheTrades
Visa accounts
from 2015-2019

100%

Renewable

electricity goal reached in 2019

Assets in Visa	Visa's Practical Money Skills
Foundation	Program has reached
$450M	40M
	people since 2012

Visa employees in 2019 donated

40K $4.2M

volunteer hours to 4,700 charities, matched by Visa

45

Source: Visa Analysis.

©2020 Visa. All rights reserved.

We aim to earn and maintain public authority trust in Visa and our business model

Regulators and Governments

Be local

Our government engagement team is embedded in local teams to find proactive solutions to local problems

Be open and transparent

We welcome ongoing dialog with governments to help individuals, businesses, the governments themselves and economies thrive

Be a trusted advisor to governments

We support governments in solving key policy issues and promoting financial inclusion

~90%Of our government engagement professionals are located in the countries and regions they service

Shared our perspective on key ecosystem and security dynamics with:

~1,600Industry and government stakeholders at summits across every region in 2019

Visa School of Public Policy provided payments industry training in 2018 to:

~950Government 42countriesparticipants from

Goal: Governments view Visa as a long-term partner, value the continuous innovation we deliver and provide an enabling regulatory environment

46

Source: Visa Analysis.

©2020 Visa. All rights reserved.

We focus on all key constituencies to connect the world and enable individuals, businesses and economies to thrive

Employees

Purpose matters to the entire company

Clients

Good governance

is an ongoing commitment

Shareholders

Society

Local communities

Regulators

Governments

47	©2020 Visa. All rights reserved.

We have delivered strong financial performance and superior

shareholder returns since 2016...

Net Revenue ($B)

15%

CAGR

23.0

15.1

FY16FY19

Non-GAAP EPS ($)1

24%

CAGR

5.40

2.84

FY16FY19

Total Shareholder Return

29%

CAGR

Growth of $100 from 9/30/16-9/30/192

$212 Visa

$146 S&P 500

FY16 FY17 FY18 FY19

48Notes: 1. Non-GAAP EPS excludes the impact of special items and equity investment gains and losses. 2. Growth of $100 from September 30, 2016 through September 30, 2019. Assumes reinvestment of dividends.

Source: Visa Analysis.

©2020 Visa. All rights reserved.

...driven by meaningful growth in our business drivers

Growth since 2016

Facilitating commerce	Moving money
34%Payments volume	2xBank account reach

40%Payments transactions

130+Fast funds enabled countries

42%Merchant locations

41%B2B payments volume

49Sources: World Bank; CAN; RBR; Visa Operating Certificates; VisaNet data; Visa analysis.

©2020 Visa. All rights reserved.

We are a purpose-driven company that will fortify our foundation and grow revenue streams

We have a clear approach and strategyfor the opportunity

With themost scale in the industry and many engines of growth, we are operating from a position of strength

Our industry-leadingbrandis a real differentiator

Our peopleare innovative collaborators with the ecosystem

We are committed to thoughtful engagement, working with and mindful of all stakeholders

50	©2020 Visa. All rights reserved.

Accelerating Global Growth

Ryan McInerney

President

2020 Investor Day

Key takeaways

We have a significant opportunity for continued growth in consumer payments

Our addressable market continues to expand as we extend into new flows

We are utilizing an expanding Network of Networksto move money for everyone, everywhere

Value Added Servicesexpand the revenue growth opportunity beyond payments and money movement and drive growth for our clients

52	©2020 Visa. All rights reserved.

Three levers broaden our revenue streams and expand the network

Consumer Payments	New Flows	Value Added Services
Grow the two-sided network	Expand our Network of	Drive utilization of our
by expanding Visa credentials	Networks to capture new	services to help our clients
and acceptance points and	sources of payments and	grow profits and deepen our
driving user engagement	money movement between	partnerships
	individuals, businesses and
	governments

53	©2020 Visa. All rights reserved.

We have an opportunity to accelerate revenue growth

Consumer Payments

New Flows

Credentials

B2B

B2b

Acceptance

B2C

P2P

Engagement

G2C

Value Added Services

Issuer & Consumer Solutions

Acquirer & Seller Solutions

Security & Identity

Data Solutions

Visa Consulting & Analytics

54	©2020 Visa. All rights reserved.

Growing consumer payments remains an enormous opportunity

1Cash and check continue to grow, totaling $18T globally

Consumer	New	Value Added
Payments	Flows	Services

1. Spend continues to shift from physical to digitaland Visa's share of digital is 3x that of physical
2. There is a wave of next generation issuers- neobanks, fintechs and digital platforms - issuing credentials
3. The cost to enable acceptance has dramatically decreasedand next generation acquirers are expanding acceptance
4. Governments are increasingly engaging to digitize payments

55Sources: Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study 2018; eMarketer; Comscore.

©2020 Visa. All rights reserved.

1Cash and check continue to grow

Consumer	New	Value Added
Payments	Flows	Services

Significant untapped potential to increase PCE penetration and grow core revenue

Global Cash & Check ($T)

2018 Constant Dollars

CAGR 4%

18

14

CY12CY18

Cash & Check Opportunity by Region

	$3T
$4T	$6T
$2T	$3T

Cash & Check Opportunity as a % of PCE:

High (>50% cash & check)

Moderate (25%-50% cash & check)

Low (<25% cash & check)

56Sources: Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study 2018; Visa Operating Certificates.

©2020 Visa. All rights reserved.

2Spend continues to shift from physical to digital and Visa's share of digital is 3x that of physical

Consumer	New	Value Added
Payments	Flows	Services

Total Global Retail Spend ($T)1

			29	CY16-CY19
		25		CAGR
22
				3%
Physical		19%
		14%
9%
		23%
Digital
	CY16	CY19	CY22

Visa's Share of Every $1 Spent

Physical

~15¢

Digital

~43¢

57Note: 1. Total global retail spend excludes travel and event ticket sales. CAGR represents dollar growth of digital spend.

Sources: eMarketer; Comscore; Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study 2018.

©2020 Visa. All rights reserved.

New ecosystem participants, technology advances Payments	Flows	Services
Consumer	New	Value Added

and governments are driving the digitization of cash

3

There is a wave of next

generation issuers - neobanks, fintechs and digital platforms - issuing credentials

1B+

Potential credentials from

Visa wallet partners

4

The cost to enable acceptance has dramatically decreased and next generation acquirers are expanding acceptance

>90%

Reduction in cost to enable acceptance compared to dedicated terminals

5

Governments are

increasingly engaging to digitize payments

~3x	India card volume
growth since
demonetization in
November 2016

~2xJapan government targeted increase in digital penetration 2016-2027

58Sources: Publicly reported user numbers; Reserve Bank of India; Ministry of Economy, Trade and Industry of Japan; Visa Analysis.

©2020 Visa. All rights reserved.

Visa's network uniquely positions us to lead the digitization movement

13,000

Visa Issuers

3.4B

Cards

750M $8.8T 180B

Visa Tokens	Payments	Payments
	Volume	Transactions

Consumer	New	Value Added
Payments	Flows	Services

3,000

Visa Acquirers

61M

Merchant Locations

~65M

POS Enabled for Tap to Pay

59

Sources: RBR; Visa Operating Certificates; Visa Analysis.

©2020 Visa. All rights reserved.

Increasing the number of endpoints and deepening engagement will drive growth

Consumer	New	Value Added
Payments	Flows	Services

	Credentials	Engagement
•	Leading issuers	•	Activation& usage
	and co-brands	•	Authorization
•	Next generation issuers	•	Click to pay
•	Unbanked	•	Tap topay
•	Tokenization	•	IoT

Acceptance

•New acquirer / PSP partnerships

•Fintech enablers

•Wallets

•New form factors

•Underpenetrated use cases

60	©2020 Visa. All rights reserved.

Our endpoints are rapidly expanding through the opening of traditionally closed-loop ecosystems

	Credentials	Acceptance
		
		
		
		
Wallets
	





		
			
			
		
Networks
Chilean local network		
	Caribbean local networks		

Consumer	New	Value Added
Payments	Flows	Services

Total opportunity from current closed-loop partners:

1B+ 65M+

61Sources: Partner provided user numbers; Publicly reported user numbers; Visa Analysis.

©2020 Visa. All rights reserved.

Growing credentials to bring new consumers into the digital payments ecosystem

Consumer	New	Value Added
Payments	Flows	Services

•Continue to lead and grow sharewith traditional issuers		of the 25 largest portfolios
		in North America are
and co-brands	19	primarily Visa1

• Expandissuancewith neobanks, fintechs and digital platforms
• EmbedVisa credentialsin digital wallets
• Reach theunbankedthrough new products and government partnerships
• Drivetokenizationto enable new use cases

70%+	Global fintech win rate2
1B+	Potential credentials among
Visa wallet partners
500M	Previously unbanked individuals
connected to Visa accounts
from 2015-2019

~6B	Tokenized transactions

62Notes: 1. Includes debit and consumer credit. 2. Fintech win rate based on analysis of deals won as a percentage of total pool of deals over a certain size.

Sources: Nilson; U.S. Consumer Payment Panel Study; Publicly reported numbers from large wallet partners; Visa Operating Certificates; VisaNet Data; Visa Analysis.

Enormous opportunity remains to expand acceptance

• Developstrategic acquirer partnerships to broaden Visa's acceptance reach
• Partner withfintechs andleading wallets to enable new acceptance methods
• Attractsmaller, cash-based merchants through QR codes / mPOS / tap to phone
• Invest inunderpenetrateduse cases

Consumer	New	Value Added
Payments	Flows	Services

	5.5M	Net new acceptance locations
	in 2019 via partnerships1
50M+
QR merchants in China
accessed through AliPay
and WeChat partnerships
19M+	mPOS devices globally

180+	Cities with live tap to pay
transit systems and 150
more planned

63Note: 1. Excluding China.

Sources: Juniper Research; Visa Operating Certificates; Visa Analysis.

Deepening user engagement and increasing usage accelerates growth in the core business

Consumer	New	Value Added
Payments	Flows	Services

• Increase user and selleractivation and usagethrough data, analytics and consulting
• Improveauthorization rates andreduce fraud in eCommerce
• Reduce eCommerce friction throughclick to payand tokenization
• Drive repeat usage inface-to-face (F2F) through tap to pay
• Betterintegrate payments into IoT technology that powers daily life

15%	Lift in cross-border spend
per card when issuers use
	Travel Predict

$25B		Annual fraud prevented by
	Visa Advanced Authorization
$1T	eCommerce volume from
participants committed to Visa
Token Service
+10%		Year-over-year growth in
	average transactions per active
	tap to pay card in top Visa
	markets from 2016-2019
~10B	Connected consumer
		devices globally

64Sources: Juniper Research; VisaNet Data; Visa Analysis.

New flows represent a $185T opportunity

Consumer	New	Value Added
Payments	Flows	Services

Consumer Payments	New Flows	Value Added Services
Grow the two-sided network	Expand our Network of	Drive utilization of our
by expanding Visa credentials	Networks to capture new	services to help our clients
and acceptance points and	sources of payments and	grow profits and deepen our
driving user engagement	money movement between	partnerships
	individuals, businesses and
	governments

65	©2020 Visa. All rights reserved.

We are focused on capturing new flows using our growing Network of Networks

Consumer	New	Value Added
Payments	Flows	Services

$185T

B2B

B2b

B2C

P2P

G2C

	$120T		$5T		$30T		$20T		$10T
•	SME, T&E, Fleet,	•	Merchant	•	Insurance	•	Friends and	•	Government
	Purchasing		Settlement	•	Payroll		Family		Benefits
•	Receivables,	•	Marketplaces	•	Gig Economy	•	Remittances	•	Tax Refunds
	Payables	•	Alternative
•	Cross-border		Lending

66

Sources: McKinsey Global Payments Map; Visa Analysis.

©2020 Visa. All rights reserved.

The $185T opportunity is spread around the world

North America

Europe

Consumer	New	Value Added
Payments	Flows	Services

	$53T	$40T	Asia Pacific
	Latin America	CEMEA	$74T
B2B	$8T	$10T
B2b
B2C
P2P
G2C

67	Note: Regional totals rounded.	©2020 Visa. All rights reserved.
Sources: McKinsey Global Payments Map; Visa Analysis.

Visa's Network of Networks strategy

Consumer	New	Value Added
Payments	Flows	Services

All Endpoints

Move money end-to-end for businesses, governments and consumers

All Networks

Optimize speed and costby using all available networks

Unify fragmented networks to complete transactions started on one network and finishing on a different network in a frictionless way

Always Available	Facilitate liquidity andguarantee payments through
	Visa Settlement Service

Enable Value Added Services (e.g., tokenization,

Intelligentauthentication, fraud reduction, dispute resolution) on transactions

68	©2020 Visa. All rights reserved.

Enabling money movement with Visa's Network of Networks

Consumer	New	Value Added
Payments	Flows	Services

VisaNet

Other Visa Networks

•	PLUS	•Visa B2B
•	Earthport	Connect

Non-Visa Networks

•	Card Networks	•	SWIFT
•	RTP / ACH	•	Correspondent Banks
•	SEPA

69	©2020 Visa. All rights reserved.

VisaNet

Other Visa Networks

Non-Visa Networks

Senders:

Consumers

Businesses	The Network of Networks

Governments

70

Consumer	New	Value Added
Payments	Flows	Services

Receivers:

Consumers

Businesses

Governments

©2020 Visa. All rights reserved.

Network of Networks transactions: Cross-border examples

Consumer	New	Value Added
Payments	Flows	Services

Illustrative	U.S.			Canada
1	Carded	VisaNet	VisaNet
to Carded	Visa	Visa Direct	Visa Direct	Visa
2	Carded	U.S.	VisaNet	ACH	Philippines
to Non-Carded	Visa	Visa Direct	Via Earthport	Bank Account
3	Non-Carded	U.S.	ACH	RTP	Germany
to Non-Carded	Bank Account	Via Earthport	Via Earthport	Bank Account
4	Non-Carded	U.K.	Visa B2B Connect	RTP	Singapore
		Via Earthport
to Non-Carded		Visa B2B Connect	Corporate Account
		Corporate Account

71

VisaNet

Other Visa Networks

Non-Visa Networks

©2020 Visa. All rights reserved.

Role of RTP in Visa's strategy

45+ RTP networks live and 30+ in progress globally

Consumer	New	Value Added
Payments	Flows	Services

Ecosystems typically have three layers:

Applications and services drive revenue and profit opportunity:

Applications

End-user applications that access RTP infrastructure to move money or enable payments

Core infrastructure build is a high investment,low return business with limited scalability,no network effects and strong

		Used by participants and / or
		operators to enhance
	Services	the transaction
		Facilitation of real-time, account-
		to-account clearing and real-time
	Core	or near real-time settlement
Infrastructure

government or bank consortium control

Infrastructure is typically open to be used by all market participantsto move money at a regulated price

Illustrative RTP

revenue opportunity

72

Source: Visa Analysis.

©2020 Visa. All rights reserved.

We will utilize RTPs as part of our Network of Networks strategy

Consumer	New	Value Added
Payments	Flows	Services

Applications

Partnering with application providers to facilitate transactions using Visa's Network of Networks

	Delivering key Value Added Servicesto RTP operators such as tokenization,
Services	authentication, fraud reduction and dispute resolution

Core	Leveraging all available RTP systemsto move money as part of our
Network of Networks platform
Infrastructure

73	©2020 Visa. All rights reserved.

Value Added Services help our partners grow	Payments	Flows	Services
	Consumer	New	Value Added

profits by enhancing their utilization of Visa's networks

Consumer Payments	New Flows	Value Added Services
Grow the two-sided network	Expand our Network of	Drive utilization of our
by expanding Visa credentials	Networks to capture new	services to help our clients
and acceptance points and	sources of payments and	grow profits and deepen our
driving user engagement	money movement between	partnerships
	individuals, businesses and
	governments

74	©2020 Visa. All rights reserved.

Value Added Services grow revenue and help clients Consumer NewValue Added

capitalize on best-in-class capabilities and innovation

Payments Flows Services

	Deepen relationships
	by enabling our
Help our clients	clients and partners	Capture new
to succeed
grow profits with		sources of
platforms and		revenue to
services that		complement
unlock the power		payments and
of our networks		money movement

75	©2020 Visa. All rights reserved.

The convergence of physical and digital commerce drives increasing demand for Value Added Services

Consumer	New	Value Added
Payments	Flows	Services

Issuer & Consumer		Acquirer &	Security	Data Solutions
Solutions		Seller Solutions	& Identity

Platforms that power	Secure, reliable services for
payments transactions,	sellers and acquirers that
enable growth and innovation	reduce friction and drive
and influence the customer	acceptance
journey

Protections against fraud, theft and unauthorized use through advanced risk management capabilities

Data tools to help clients grow their business and drive differentiated experiences

Visa Consulting & Analytics

Actionable insights, recommendations and data-driven strategies for clients and partners

~$3.5BFY 2020 Projected Revenue	>20%Growth from FY 2019

76

Source: Visa Analysis.

©2020 Visa. All rights reserved.

Visa offers a broad and expanding suite of Value Added Services

Issuer & Consumer	Acquirer &	Security
Solutions	Seller Solutions	& Identity

Consumer	New	Value Added
Payments	Flows	Services

Examples

Data Solutions

•	Issuer Processing (DPS)	•	Acceptance	•	Token Management	•	Visa Analytics Platform
•	Digital Issuance		•	CyberSource	•	Fraud Management	•	Benchmarking
•	Account & Transaction	•	Urban Mobility	•	Authorization	•	Data APIs
	Controls		•	Tap to Phone		Optimization	•	Marketing
•	Consumer Benefits &	•	Account Updater	•	Authentication	•	Underwriting
	Experiences	Loyalty					•	Fraedom
	•
	•	Installments
	•	Dispute Management
	•	Open Banking

Visa Consulting & Analytics

•Strategy

•Product

•Portfolio Management

•Risk

•Digital

•Execution

77	©2020 Visa. All rights reserved.

Our growth strategy has three levers to drive double-digit revenue growth

Consumer Payments

Digitizing cash & check

PCE1($T) CAGR

41 5%

31	18	4%
14
16	23	7%
		CY12	CY18
		Cash & Check		Other

New Flows

TAM 4x the size of PCE and

low penetration rates

B2b	Visa
P2P	Penetration:
<1%
B2B$185T B2C
G2C

Value Added Services

Expanding TAM with new

services and solutions

2x

FY 2019 revenue growth in Value Added Services vs. Consumer Payments

78Note: 1. Excludes non-financial transactions consisting of payments that are imputed by national statistics agencies such as homeowners' imputed rent; numbers may not sum due to rounding.

Sources: Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study 2018; McKinsey Global Payments Map; Visa Analysis.

©2020 Visa. All rights reserved.

Key takeaways

We have a significant opportunity for continued growth in consumer payments

Our addressable market continues to expand as we extend into new flows

We are utilizing an expanding Network of Networksto move money for everyone, everywhere

Value Added Servicesexpand the revenue growth opportunity beyond payments and money movement and drive growth for our clients

79	©2020 Visa. All rights reserved.

Notes and disclosures

During the three months ended December 31, 2018, we updated our definition of payments volume to now include all disbursement volume related to Visa Direct, in addition to the funding volume previously included. All prior periods presented have been adjusted accordingly. Please refer to the Operational Performance Data section of Exhibit 99.1 in Form 8-K filed on January 30, 2019 for more details on the impact from this update in our payments volume definition.

Total transactions represent payments and cash transactions as reported by Visa clients on their operating certificates.

On occasion, reported payments volume, transaction and card information may be updated to reflect revised client submissions or other adjustments. Prior-period updates, other than the change to the payments volume definition, are not material. Figures may not recalculate exactly due to rounding. Percentage changes and totals are calculated based on unrounded numbers. Constant-dollar growth rates exclude the impact of foreign currency fluctuations against the U.S. dollar in measuring performance.

All brand names and logos are the property of their respective owners, are used for identification purposes only and do not imply product endorsement or affiliation with Visa.

Any reference to PCE is as of 2018 unless otherwise noted and excludes non-financial transactions consisting of payments that are imputed by national statistics agencies such as homeowners' imputed rent.

For real-time payouts, actual fund availability varies by receiving financial institution, receiving account type, region and whether transaction is domestic or cross-border.

This presentation includes data researched by Euromonitor International plc for its client, Visa U.S.A. Inc. and its subsidiaries using industry standards. Euromonitor disclaims and excludes any and all liability for any loss suffered by any party as a direct or indirect result of the use of any of the Extracts.

Use cases are for illustrative purposes only. Program providers are responsible for their programs and compliance with any applicable laws and regulations.

80	©2020 Visa. All rights reserved.