Visa : Q2 2021 Earnings Release

Visa Inc. Reports Fiscal Second Quarter 2021 Results

San Francisco, CA, April 27, 2021 - Visa Inc. (NYSE: V)

• GAAP and non-GAAP net income of $3.0B or $1.38 per share
• Net revenues of $5.7B, a decrease of 2% or approximately flat if service revenues were recognized on current quarter's payments volume
• Our key business driver growth rates are starting to ramp up, reflecting the depressed levels in 2020 due to COVID-19 and making year-over-year comparisons difficult to interpret
• Compared to fiscal second quarter 2019 levels, payments volume and processed transactions were both 16 percentage points higher, while cross-border volumes excluding intra-Europe remained 25 percentage points lower. All business drivers were consistent or improved from the fiscal first quarter's results indexed to 2019
• Returned $2.4B of capital to shareholders in the form of share repurchases and dividends

		Q2 2021
In billions, except percentages and per share data. % change is	USD		% Change
calculated over the comparable prior-year period.
Net Revenues	$5.7	(2%)
GAAP Net Income	$3.0	(2%)
GAAP Earnings Per Share	$1.38	0%
Non-GAAP Net Income(1)	$3.0	(2%)
Non-GAAP Earnings Per Share(1)	$1.38	(1%)

1. Non-GAAPresults exclude a special item, equity investment gains and losses, amortization of acquired intangible assets, non-recurringacquisition-related costs and the related
   tax impacts.

Q2 2021 Key Business Drivers

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

	Q2 2021
Payments Volume	11%
Cross-Border Volume Excluding Intra-Europe(1)	(21%)
Cross-Border Volume Total	(11%)
Processed Transactions	8%

1. Cross-bordervolume excluding transactions within Europe.

Alfred F. Kelly, Jr., Chairman and Chief Executive Officer, Visa Inc., commented on the results:

"The COVID-19 pandemic certainly has turned the world upside down in the last year, but we believe we are starting to see the beginning of the end and the recovery is well underway in a number of key markets around the world. This quarter, we saw a return to positive growth for credit and card present transactions and debit and eCommerce growth stayed at very healthy levels. Cross-border travel is the slowest sector to return, but there are some green shoots that offer real indication of people looking to see the world. As economies are recovering, Visa is very well-positioned and continues to invest and innovate to drive big gains in our three strategic growth areas: consumer payments, new flows and value added services."

Fiscal Second Quarter 2021 - Financial Highlights

GAAP net income in the fiscal second quarter was $3.0 billion or $1.38 per share, a decrease of 2% and flat, respectively, over prior year's results. Current year's results included $152 million pertaining to a special item for additional indirect taxes related to prior periods, $156 million of net gains from equity investments and $18 million regarding the amortization of acquired intangible assets and non-recurringacquisition-related costs. Prior year's results included $2 million of net losses from equity investments and $16 million corresponding to the amortization of acquired intangible assets and non-recurringacquisition-related costs. Excluding these items and the related tax impacts, non-GAAP net income for the quarter was $3.0 billion or $1.38 per share, decreases of 2% and 1%, respectively, over prior year's results (refer to the accompanying financial tables for further details and a reconciliation of the non-GAAP measures presented). Non-GAAP earnings per share was approximately flat on a constant-dollar basis. All references to earnings per share assume fully-diluted class A share count.

Net revenues in the fiscal second quarter were $5.7 billion, a decrease of 2%, primarily driven by the year-over-year decline in cross-border volume, mostly offset by growth in payments volume and processed transactions. Net revenues decreased approximately 3% on a constant-dollar basis. Had we recognized service revenues on current quarter payments volume and other revenue components remained unchanged, net revenues would have been approximately flat.

Payments volume for the three months ended December 31, 2020, on which fiscal second quarter service revenue is recognized, increased 5% over the prior year on a constant-dollar basis.

Payments volume for the three months ended March 31, 2021, increased 11% over the prior year on a constant-dollar basis.

Cross-border volume excluding transactions within Europe, which drive our international transaction revenues, declined 21% on a constant-dollar basis for the three months ended March 31, 2021. Total cross-border volume on a constant-dollar basis declined 11% in the quarter.

Total processed transactions, which represent transactions processed by Visa, for the three months ended March 31, 2021, were 37.6 billion, an 8% increase over the prior year, led by domestic transactions.

Fiscal second quarter service revenues were $2.8 billion, an increase of 8% over the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues grew 11% over the prior year to $3.0 billion. International transaction revenues declined 19% over the prior year to $1.5 billion. Other revenues of $392 million were flat over the prior year. Client incentives, a contra-revenue item, were $2.0 billion and represented 25.8% of gross revenues.

GAAP operating expenses were $2.1 billion for the fiscal second quarter, an 11% increase over the prior year's results, including the special item related to the additional indirect taxes in the current year and the amortization of acquired intangible assets and non- recurring acquisition-related costs in the current and prior year. Excluding these operating expense items, non-GAAP operating expenses increased 3% over the prior year, primarily driven by an increase in personnel expenses partially offset by decreases in general and administrative, marketing and professional fees.

GAAP non-operating income was $47 million for the fiscal second quarter, including $156 million of net equity investment gains. Excluding this item, non-GAAPnon-operating expense was $109 million.

GAAP effective income tax rate was 16.6% for the quarter ended March 31, 2021, including the tax impacts of the special item, net equity investment gains, amortization of acquired intangible assets and non-recurringacquisition-related costs. Excluding these items, the non-GAAP effective income tax rate was 16.8% for the quarter ended March 31, 2021. GAAP and non-GAAP tax rates benefited from completing certain tax audits.

Cash, cash equivalents and investment securities were $18.7 billion at March 31, 2021.

The weighted-average number of diluted shares of class A common stock outstanding was 2.19 billion for the quarter ended March 31, 2021.

2

Other Notable Items

During the three months ended March 31, 2021, Visa repurchased 8.3 million shares of class A common stock at an average price of $208.51 per share for $1.7 billion. In the six months ended March 31, 2021, Visa repurchased a total of 17.0 million shares of class A common stock, at an average price of $205.33 per share, using $3.5 billion of cash on hand. The Company had $9.9 billion of remaining authorized funds for share repurchase as of March 31, 2021.

On April 23, 2021, the board of directors declared a quarterly cash dividend of $0.32 per share of class A common stock (determined in the case of class B and C common stock and series A, B and C convertible participating preferred stock on an as- converted basis) payable on June 1, 2021, to all holders of record as of May 14, 2021.

Financial Outlook for Fiscal Full-Year 2021

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

3

Fiscal Second Quarter 2021 Earnings Results Call Details

Visa's executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss the financial results and business highlights. All interested parties are invited to listen to the live webcast at

http://investor.visa.com. A replay of the webcast will be available on the Visa Investor Relations website for 30 days. Investor information, including supplemental financial information, is available on Visa Inc.'s Investor Relations website at

http://investor.visa.com.

Forward-Looking Statements

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

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

• impact of global economic, political, market, health and social events or conditions, including the impact of COVID-19;
• increased oversight and regulation of the global payments industry and our business;
• impact of government-imposed obligations and/or restrictions on international payment systems;
• outcome of tax, litigation and governmental investigation matters;
• increasingly intense competition in the payments industry, including competition for our clients and merchants;
• proliferation and continuous evolution of new technologies and business models;
• our ability to maintain relationships with our clients, acquirers, processors, merchants and other third parties;
• brand or reputational damage;
• exposure to loss or illiquidity due to settlement guarantees;
• the impact of the United Kingdom's withdrawal from the European Union;
• a disruption, failure, breach or cyber-attack of our networks or systems;
• risks, uncertainties and the failure to achieve the anticipated benefits with respect to our acquisitions and other strategic investments; and
• other factors described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended September 30, 2020, and our subsequent reports on Forms 10-Q and 8-K.

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

About Visa Inc.

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

	Contacts	Investor Relations	Media Relations
	Mike Milotich or Jennifer Como, 650-432-7644	Andy Gerlt, 650-432-2990
		[e-mail]	[e-mail]

4

Fiscal Second Quarter 2021 - Financial Summary

Q2 FISCAL 2021 INCOME STATEMENT SUMMARY

(in millions, except percentages and per share data)

Re ve nue s

Three Months Ended	YoY Change
March 31, 2021
GAAP	Non-GAAP	GAAP	Non-GAAP

Service revenues	$	2,845	$	2,845	8%	8%
Data processing revenues		2,996		2,996	11%	11%
International transaction revenues		1,488		1,488	(19%)	(19%)
Other revenues		392		392	0%	0%
Client incentives		(1,992)		(1,992)	17%	17%
Net revenues		5,729		5,729	(2%)	(2%)
Operating Expenses
Personnel		1,114		1,112	18%	19%
Marketing		206		206	(12%)	(12%)
Network and processing		179		179	(2%)	(1%)
Professional fees		82		80	(21%)	(21%)
Depreciation and amortization		201		187	5%	4%
General and administrative		363		211	35%	(22%)
Litigation provision		3		3	(66%)	(66%)
Total operating expenses		2,148		1,978	11%	3%
Operating income		3,581		3,751	(9%)	(5%)
Non-operating income/(expense)		47		(109)	(150%)	15%
Effective tax rate		16.6%		16.8%	(3 ppt)	(3 ppt)
Net income	$	3,026	$	3,031	(2%)	(2%)
Earnings per share	$	1 .38	$	1 .38	0%	(1%)
Q2 FISCAL 2021 KEY BUSINESS DRIVERS
		YoY Change
		Constant		Nominal
Payments volume		11%		14%
Cross-border volume excluding intra-Europe(1)		(21%)		(19%)
Cross-border volume total		(11%)		(6%)
Processed transactions		8%		8%

1. Cross-bordervolume excluding transactions within Europe.

5

Visa Inc. Consolidated Balance Sheets (unaudited)

					March 31,						September 30,
					2021							2020
					(in millions, except per share data)
	Assets
	Cash and cash equivalents	$	16,494		$	16,289
	Restricted cash equivalents-U.S. litigation escrow				894							901
	Investment securities		2,058							3,752
	Settlement receivable				1,434							1,264
	Accounts receivable		1,791							1,618
	Customer collateral				2,057							1,850
	Current portion of client incentives		1,324							1,214
	Prepaid expenses and other current assets				849							757
	Total current assets		26,901							27,645
	Investment securities				110							231
	Client incentives		3,252							3,175
	Property, equipment and technology, net				2,684							2,737
	Goodwill		15,980							15,910
	Intangible assets, net				27,823							27,808
	Other assets		3,445							3,413
	Total assets			$	80,195					$	80,919
	Liabilities
	Accounts payable			$	126					$	174
	Settlement payable		2,000							1,736
	Customer collateral				2,057							1,850
	Accrued compensation and benefits		794							821
	Client incentives				4,760							4,176
	Accrued liabilities		2,088							1,840
	Current maturities of debt				-							2,999
	Accrued litigation		886							914
	Total current liabilities				12,711							14,510
	Long-term debt		20,974							21,071
	Deferred tax liabilities				5,212							5,237
	Other liabilities		3,602							3,891
	Total liabilities				42,499							44,709
	Equity
	Preferred stock, $0.0001 par value, 25 shares authorized and 5 shares issued and outstanding as follows:
	Series A convertible participating preferred stock, less than one shares issued and outstanding at March 31, 2021 and		713							2,437
	September 30, 2020 (the "series A preferred stock")
	Series B convertible participating preferred stock, 2 shares issued and outstanding at March 31, 2021 and September				1,097							1,106
	30, 2020 (the "UK&I preferred stock")
	Series C convertible participating preferred stock, 3 shares issued and outstanding at March 31, 2021 and September		1,537							1,543
	30, 2020 (the "Europe preferred stock")
	Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 1,694 and 1,683 shares issued and outstanding at				-							-
	March 31, 2021 and September 30, 2020, respectively
	Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at March 31, 2021 and		-						-
	September 30, 2020
	Class C common stock, $0.0001 par value, 1,097 shares authorized, 11 shares issued and outstanding at March 31, 2021 and				-							-
	September 30, 2020
	Right to recover for covered losses		(41)							(39)
	Additional paid-in capital				18,505							16,721
	Accumulated income		15,513							14,088
	Accumulated other comprehensive income (loss), net:
	Investment securities		1							3
	Defined benefit pension and other postretirement plans				(192)							(196)
	Derivative instruments		(310)							(291)
	Foreign currency translation adjustments				873							838
	Total accumulated other comprehensive income (loss), net		372							354
	Total equity				37,696							36,210
	Total liabilities and equity	$	80,195					$	80,919

6

Visa Inc. Consolidated Statements of Operations (unaudited)

				Three Months Ended					Six Months Ended
					March 31,								March 31,
			2021							2020							2021					2020
											(in millions, except per share data)
	Net revenues		$		5,729				$		5,854						$	11,416				$	11,908
	Operating Expenses
	Personnel			1,114						940							2,095					1,922
	Marketing				206						235							411					509
	Network and processing			179						183							352					364
	Professional fees				82						103							165					209
	Depreciation and amortization			201						192							398					374
	General and administrative				363						269							566					582
	Litigation provision			3						8							4					8
	Total operating expenses				2,148						1,930							3,991					3,968
	Operating income			3,581						3,924							7,425					7,940
	Non-operating Income (Expense)
	Interest expense, net				(121)						(118)							(257)					(229)
	Investment income and other			168						23							208					92
	Total non-operating income (expense)				47						(95)							(49)					(137)
	Income before income taxes			3,628						3,829							7,376					7,803
	Income tax provision				602						745							1,224					1,447
	Net income	$		3,026				$		3,084						$	6,152				$	6,356
	Basic Earnings Per Share
	Class A common stock		$		1.38				$		1.39					$	2.80				$	2.85
	Class B common stock
	$		2.24				$		2.25			$	4.55		$	4.62
	Class C common stock		$		5.52				$		5.54					$	11.22				$	11.40
	Basic Weighted-average Shares Outstanding
	Class A common stock			1,695						1,703							1,695					1,708
	Class B common stock				245						245							245					245
	Class C common stock
			11						11							11					11
	Diluted Earnings Per Share
	Class A common stock		$		1.38				$		1.38					$	2.80				$	2.85
	Class B common stock
	$		2.24		$		2.25			$	4.54		$	4.62
	Class C common stock		$		5.52				$		5.54					$	11.20				$	11.38
	Diluted Weighted-average Shares Outstanding
	Class A common stock			2,193						2,228							2,196					2,234
	Class B common stock				245						245							245					245
	Class C common stock
			11						11							11					11

7

Visa Inc. Consolidated Statements of Cash Flows (unaudited)

Six Months Ended

March 31,

			2021						2020
				(in	millions)
	Operating Activities
	Net income	$	6,152			$	6,356
	Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Client incentives		3,850					3,453
	Share-based compensation			275					215
	Depreciation and amortization of property, equipment, technology and intangible assets		398					374
	Deferred income taxes			(27)					(37)
	VE territory covered losses incurred		(17)					(13)
	Other			(220)					(84)
	Change in operating assets and liabilities:
	Settlement receivable			(127)					1,642
	Accounts receivable		(165)					38
	Client incentives			(3,262)					(4,323)
	Other assets		(116)					(496)
	Accounts payable			(41)					14
	Settlement payable		210					(2,165)
	Accrued and other liabilities			(39)					303
	Accrued litigation		(29)					65
	Net cash provided by (used in) operating activities			6,842					5,342
	Investing Activities
	Purchases of property, equipment and technology			(318)					(407)
	Investment securities:
	Purchases			(2,015)					(499)
	Proceeds from maturities and sales		3,871					3,420
	Acquisitions, net of cash acquired			(75)					(77)
	Purchases of / contributions to other investments		(30)					(30)
	Other investing activities			41					34
	Net cash provided by (used in) investing activities		1,474					2,441
	Financing Activities
	Repurchase of class A common stock		(3,509)					(5,503)
	Repayments of debt			(3,000)					-
	Dividends paid		(1,404)					(1,339)
	Proceeds from issuance of commercial paper			-					1,001
	Cash proceeds from issuance of class A common stock under employee equity plans		108					109
	Restricted stock and performance-based shares settled in cash for taxes			(140)					(155)
	Net cash provided by (used in) financing activities		(7,945)					(5,887)
	Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents			16					88
	Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents		387					1,984
	Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period			19,171					10,832
	Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	19,558			$	12,816
	Supplemental Disclosure
	Cash paid for income taxes, net	$	1,505			$	1,691
	Interest payments on debt		$	340				$	269
	Accruals related to purchases of property, equipment and technology	$	17		$	42

8

Visa Inc. Fiscal 2021 and 2020 Quarterly Results of Operations (unaudited)

				Fiscal 2021 Quarter Ended						Fiscal 2020 Quarter Ended
				March 31,				December 31,				September 30,					June 30,				March 31,
				2021					2020					2020						2020					2020
														(in millions)
	Net revenues		$	5,729				$	5,687				$	5,101					$	4,837				$	5,854
	Operating Expenses
	Personnel		1,114					981					922						941					940
	Marketing			206					205					288						174					235
	Network and processing		179					173					191						172					183
	Professional fees			82					83					104						95					103
	Depreciation and amortization		201					197					196						197					192
	General and administrative			363					203					256						258					269
	Litigation provision		3					1					2						1					8
	Total operating expenses			2,148					1,843					1,959						1,838					1,930
	Operating income		3,581					3,844					3,142						2,999					3,924
	Non-operating Income (Expense)
	Interest expense, net			(121)					(136)					(145)						(142)					(118)
	Investment income and other		168					40					58						75					23
	Total non-operating income (expense)			47					(96)					(87)						(67)					(95)
	Income before income taxes		3,628					3,748					3,055						2,932					3,829
	Income tax provision			602					622					918						559					745
	Net income	$	3,026				$	3,126				$	2,137					$	2,373				$	3,084

9

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

We use non-GAAP financial measures of our performance which exclude certain items which we believe are not representative of our continuing operations, as they may be non-recurring or have no cash impact, and may distort our longer-term operating trends. We consider non-GAAP measures useful to investors because they provide greater transparency into management's view and assessment of our ongoing operating performance.

• Gains and losses on equity investments. Gains and losses on equity investments include periodic non-cash fair value adjustments and gains and losses upon sale of an investment. These long-term investments are strategic in nature and are primarily private company investments. Gains and losses and the related tax impacts associated with these investments are tied to the performance of the companies that we invest in and therefore do not correlate to the underlying performance of our business.
• Amortization of acquired intangible assets. Amortization of acquired intangible assets consists of amortization of intangible assets such as developed technology, customer relationships and brands acquired in connection with business combinations executed beginning in fiscal 2019. Amortization charges for our acquired intangible assets are non-cash and are significantly affected by the timing, frequency and size of our acquisitions, rather than our core operations. As such, we have excluded this amount and the related tax impact to facilitate an evaluation of our current operating performance and comparison to our past operating performance.
• Acquisition-relatedcosts. Acquisition-related costs consist primarily of one-time transaction and integration costs associated with our business combinations. These costs include professional fees, technology integration fees, restructuring activities and other direct costs related to the purchase and integration of acquired entities. It also includes retention equity and deferred equity compensation when they are agreed upon as part of the purchase price of the transaction but are required to be recognized as expense post-combination. We have excluded these amounts and the related tax impacts as the expenses are recognized for a limited duration and do not reflect the underlying performance of our business.
• Indirect taxes. During the three and six months ended March 31, 2021, we recognized a one-time charge within general and administrative expense of $152 million, before tax. Net of the related income tax benefit of $40 million, determined by applying applicable tax rates, non-GAAP net income increased by $112 million. This charge is to record our estimate of probable additional indirect taxes, related to prior periods, for which we could be liable as a result of certain changes in applicable law. This one-time charge is not representative of our ongoing operations.

10

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

Non-GAAP operating expense, non-operating income (expense), income tax provision, effective income tax rate, net income and diluted earnings per share should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with U.S. GAAP. The following tables reconcile our as-reported financial measures, calculated in accordance with U.S. GAAP, to our respective non-GAAP financial measures for the three and six months ended March 31, 2021 and 2020.

																				Three Months Ended March 31, 2021
																	Non-																				Effective													Diluted
								Operating					operating									Income Tax									Net								Earnings
												Income															Income Tax										Per
									Expenses						(Expense)										Provision							Rate(1)					Income								Share(1)
																	(in millions, except percentages and per share data)
	As reported	$		2,148				$		47		$	602				16.6	%								$	3,026			$	1.38
	(Gains) Losses on equity investments, net						-					(156)											(35)																						(121)										(0.05)
	Amortization of acquired intangible assets						(13)								-										3																						10										-
	Acquisition-related costs								(5)								-											1																						4										-
	Indirect taxes						(152)								-										40																						112										0.05
	Non-GAAP	$		1,978				$		(109)						$	611				16.8 %								$	3,031								$	1.38
																										Six Months Ended March 31, 2021
																	Non-																				Effective													Diluted
									Operating					operating										Income Tax									Net								Earnings
													Income																Income Tax										Per
									Expenses					(Expense)										Provision							Rate(1)					Income								Share(1)
																	(in millions, except percentages and per share data)
	As reported				$	3,991				$	(49)				$	1,224				16.6	%						$	6,152			$	2.80
	(Gains) Losses on equity investments, net						-						(172)											(39)																						(133)										(0.06)
	Amortization of acquired intangible assets						(25)								-										6																						19										0.01
	Acquisition-related costs						(8)								-										2																						6										-
	Indirect taxes						(152)								-										40																						112										0.05
	Non-GAAP				$	3,806						$	(221)						$	1,233				16.7 %						$	6,156							$	2.80
																						Three Months Ended March 31, 2020
																	Non-																				Effective													Diluted
									Operating					operating										Income Tax									Net								Earnings
													Income																Income Tax										Per
									Expenses					(Expense)										Provision							Rate(1)				Income								Share(1)
																	(in millions, except percentages and per share data)
	As reported	$	1,930				$	(95)		$	745				19.4 %					$	3,084			$	1.38
	(Gains) Losses on equity investments, net						-					2											-																			2										-
	Amortization of acquired intangible assets						(11)							-											2																						9										-
	Acquisition-related costs						(5)							-										2																						3										-
	Non-GAAP	$	1,914				$	(93)		$	749				19.5 %					$	3,098			$	1.39
																										Six Months Ended March 31, 2020
																	Non-																				Effective													Diluted
									Operating					operating										Income Tax									Net								Earnings
													Income																Income Tax										Per
									Expenses					(Expense)										Provision							Rate(1)					Income								Share(1)
																	(in millions, except percentages and per share data)
	As reported		$	3,968				$	(137)			$	1,447				18.5	%						$	6,356			$	2.85
	(Gains) Losses on equity investments, net						-						(11)											(3)																						(8)										-
	Amortization of acquired intangible assets						(22)								-										5																						17										0.01
	Acquisition-related costs						(7)								-										2																						5										-
	Non-GAAP		$	3,939				$	(148)			$	1,451				18.6	%						$	6,370			$	2.85

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

11

Operational Performance Data

The tables below provide information regarding the available operational results for the 3 months ended March 31, 2021, as well as the prior four quarterly reporting periods and the 12 months ended March 31, 2021 and 2020, for cards and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands.

1. Branded Volume and Transactions

The tables present regional total volume, payments volume, and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands and excludes Europe co-badged volume and transactions for all periods. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.

							For the 3 Months Ended March 31, 2021
		Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
		Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$570		4.6%	(0.9%)	$474	8.5%	1.9%	8,071	$95		(11.5%)	(13.1%)	809	3	4
Canada	74	11.6%	5.1%	67	11.0%	4.6%	970			7		18.0%	11.2%	8	63	62
CEMEA	306		5.3%	10.4%	155	18.5%	26.3%	6,592	151	(5.5%)	(2.1%)	1,036	3	3
LAC	220		0.4%	10.8%	111	9.9%	22.6%	4,277	110	(7.7%)	1.0%	1,002	2	2
US	1,315	17.2%	17.2%	1,157	17.7%	17.7%	19,119	158	13.5%	13.5%	815	6	6
Europe		558		4.4%	(1.9%)	459	9.5%	2.4%		11,621			99		(14.2%)	(17.7%)		557		19	22
Visa Inc.	3,043		9.5%	8.2%	2,423	13.7%	11.5%	50,651			620			(4.2%)	(2.9%)	4,227			96		101
Visa Credit Programs
US	$508		0.1%	0.1%	$500	1.6%	1.6%	5,744			$8		(46.6%)	(46.6%)	10	-		-
International		681		2.0%	(1.6%)	643	3.0%	(0.7%)		11,131				38		(12.1%)	(14.9%)	146	976	1,124
Visa Inc.		1,190		1.2%	(0.9%)	1,143	2.4%	0.3%		16,875	46	(21.0%)	(22.8%)	156	976	1,124
Visa Debit Programs
US	$806	31.3%	31.3%	$657	33.9%	33.9%	13,375	$150	20.8%	20.8%	806	-		-
International		1,047		6.0%	4.9%	623	19.0%	14.6%		20,401				424		(8.7%)	(6.7%)	3,266	2,057	2,244
Visa Inc.		1,854		15.7%	15.0%	1,280	26.2%	23.8%		33,776	574		(2.5%)	(0.8%)	4,072	2,057	2,244
						For the 3 Months Ended December 31, 2020
		Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
		Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$592		(5.9%)	(9.3%)	$494	(3.4%)	(7.6%)	8,446	$98		(17.0%)	(16.7%)	857	897	990
Canada	81	2.3%	1.2%	75	1.4%	0.4%	1,079	7		12.6%	11.4%	8	78	84
CEMEA	315		(1.9%)	6.4%	155	8.7%	20.4%	6,668	161	(10.3%)	(4.3%)	1,116	365	369
LAC	239		(5.6%)	8.3%	116	0.1%	16.2%	4,446	123	(10.4%)	1.9%	1,083	492	532
US	1,283		7.0%	7.0%	1,140	8.1%	8.1%	19,463	143	(1.3%)	(1.3%)	767	831	1,040
Europe		607		1.9%	(0.1%)	496	7.4%	5.0%		11,449	111		(17.0%)	(17.8%)	650	528	575
Visa Inc.		3,118		1.3%	2.0%	2,475	4.9%	4.7%		51,551	642		(10.7%)	(7.2%)	4,480			3,192	3,592
Visa Credit Programs
US	$542		(4.6%)	(4.6%)	$535	(3.4%)	(3.4%)	6,309	$7	(54.5%)	(54.5%)	10	278	353
International		721		(7.4%)	(8.7%)	680	(6.8%)	(8.1%)		11,594				40		(16.7%)	(16.8%)	158			713	803
Visa Inc.		1,263		(6.3%)	(7.0%)	1,216	(5.3%)	(6.1%)		17,902	47		(25.3%)	(25.4%)	168	992	1,156
Visa Debit Programs
US	$741	17.4%	17.4%	$605	20.7%	20.7%	13,155	$136	4.5%	4.5%	757	553	687
International	1,115		1.2%	4.3%	655	13.9%	15.0%	20,494			460		(12.7%)	(8.0%)	3,555			1,648			1,749
Visa Inc.	1,855		7.1%	9.1%	1,260	17.1%	17.7%	33,649	596		(9.3%)	(5.4%)	4,312			2,201		2,436

12

						For the 3 Months Ended September 30, 2020
		Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
		Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$545		(10.6%)	(11.2%)	$452	(8.4%)	(9.6%)	8,007		$93		(19.9%)	(18.4%)	819		894		985
Canada	75		(3.6%)	(2.6%)	69	(3.5%)	(2.4%)	1,056		6		(5.1%)	(4.1%)	8		75		82
CEMEA	301		(2.3%)	4.3%	141	6.2%	15.5%	6,422		159		(8.8%)	(3.9%)	1,120		358		358
LAC	201		(16.3%)	0.1%	95	(12.1%)	6.5%	3,652		106		(19.7%)	(5.0%)	975		471		511
US	1,262		8.0%	8.0%	1,096	7.4%	7.4%	18,863		165		11.8%	11.8%	813		808		997
Europe		611		5.6%	3.3%	495	12.1%	9.0%		11,680			116		(15.2%)	(15.5%)		734			524			570
Visa Inc.	2,995		0.4%	1.9%	2,349	3.5%	4.1%	49,680		646		(9.5%)	(5.4%)	4,470		3,130		3,502
Visa Credit Programs
US	$500	(8.7%)	(8.7%)	$493	(7.4%)	(7.4%)	5,865		$6	(55.9%)	(55.9%)	10	277	343
International		667		(12.5%)	(11.6%)	628	(11.7%)	(10.7%)		10,993			39		(24.2%)	(23.6%)		163			713			798
Visa Inc.	1,167		(10.9%)	(10.4%)	1,121	(9.9%)	(9.3%)	16,858	45	(31.2%)	(30.8%)	173	990	1,141
Visa Debit Programs
US	$762	22.7%	22.7%	$603	23.6%	23.6%	12,998	$159	19.2%	19.2%	803	531	653
International		1,066		1.4%	4.8%	624	16.4%	17.1%		19,824			442		(14.2%)	(8.8%)		3,494			1,609			1,707
Visa Inc.	1,828	9.3%	11.6%	1,227	19.8%	20.2%	32,822	601	(7.3%)	(2.8%)	4,297		2,140	2,361
							For the 3 Months Ended June 30, 2020
		Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
		Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$476		(20.9%)	(18.7%)	$396	(18.1%)	(16.1%)	7,047		$80		(32.1%)	(29.8%)	701		895		988
Canada	63		(15.6%)	(12.3%)	56	(18.2%)	(15.0%)	845		7		15.6%	20.1%	7		74		81
CEMEA	238		(19.5%)	(13.8%)	108	(12.3%)	(4.4%)	4,954		130		(24.7%)	(20.3%)	905		354		354
LAC	162		(30.7%)	(14.4%)	72	(30.3%)	(12.7%)	2,932		89	(31.0%)	(15.6%)	841		462	501
US	1,092	(6.5%)	(6.5%)	950	(6.9%)	(6.9%)	16,122	142	(3.2%)	(3.2%)	709	803	995
Europe		460		(18.2%)	(14.8%)	371	(13.6%)	(10.4%)		8,787			89		(33.0%)	(29.5%)		550			517			563
Visa Inc.	2,491		(15.1%)	(12.0%)	1,954	(12.4%)	(9.9%)	40,686		537		(23.9%)	(18.8%)	3,713		3,105		3,482
Visa Credit Programs
US	$424	(21.7%)	(21.7%)	$417	(21.0%)	(21.0%)	4,903		$7	(49.5%)	(49.5%)	8	275	340
International		563		(24.0%)	(20.5%)	529	(23.4%)	(19.8%)		9,306			33	(32.7%)	(29.6%)	130		710		797
Visa Inc.		987		(23.0%)	(21.0%)	946	(22.3%)	(20.3%)		14,209			41		(36.5%)	(34.2%)		138			985			1,136
Visa Debit Programs
US	$667	6.8%	6.8%	$532	8.2%	8.2%	11,218	$135	1.8%	1.8%	701	528	656
International		837		(18.6%)	(12.5%)	475	(8.5%)	(2.7%)		15,259			362	(29.0%)	(22.6%)	2,874		1,593		1,689
Visa Inc.		1,504	(9.0%)	(4.8%)	1,007	(0.4%)	2.7%	26,477	497	(22.6%)	(17.2%)	3,575	2,121	2,345
							For the 3 Months Ended March 31, 2020
		Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
		Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$545		(8.9%)	(7.2%)	$437	(8.4%)	(6.3%)	7,426		$108		(11.1%)	(11.1%)	983		892		981
Canada	66		2.6%	3.8%	61	2.1%	3.2%	932		6		9.0%	10.2%	11		74		80
CEMEA	291		8.4%	8.9%	131	18.5%	18.7%	5,558		160		1.3%	2.2%	1,158		363		360
LAC	220		(4.5%)	7.7%	101	(0.4%)	14.0%	3,824		119		(7.7%)	3.0%	1,108		453		491
US	1,122		4.8%	4.8%	983	5.7%	5.7%	17,623		139		(0.9%)	(0.9%)	854		788		977
Europe		534		1.1%	3.9%	419	3.4%	5.9%		10,348			116		(6.5%)	(3.0%)		815			516			565
Visa Inc.	2,778		0.6%	2.5%	2,131	2.3%	3.8%	45,712		647		(4.5%)	(1.8%)	4,928		3,085		3,456
Visa Credit Programs
US	$508	4.0%	4.0%	$493	4.0%	4.0%	5,943	$15	2.8%	2.8%	14	276	340
International		668		(6.4%)	(3.9%)	624	(6.3%)	(3.8%)		10,556			44		(7.7%)	(5.8%)		183			712			802
Visa Inc.	1,175		(2.2%)	(0.7%)	1,117	(2.0%)	(0.6%)	16,499	59	(5.2%)	(3.8%)	196	988	1,142
Visa Debit Programs
US	$614	5.5%	5.5%	$490	7.4%	7.4%	11,681	$124	(1.4%)	(1.4%)	840	512	637
International		988		1.2%	4.6%	524	7.6%	10.5%		17,533			464	(5.1%)	(1.6%)	3,891		1,586	1,676
Visa Inc.		1,603	2.8%	5.0%	1,014	7.5%	9.0%	29,213	589	(4.4%)	(1.6%)	4,731	2,097	2,314

13

						For the 12 Months Ended March 31, 2021
		Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
		Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$2,182		(8.5%)	(10.1%)	$1,817	(5.7%)	(7.9%)	31,572	$365	(20.3%)	(19.5%)	3,186
Canada	293		(1.6%)	(2.1%)	267	(2.6%)	(3.1%)	3,949	26	10.0%	9.4%	31
CEMEA	1,161	(4.6%)	1.9%	559	5.6%	14.9%	24,636	602	(12.4%)	(7.7%)	4,177
LAC	823	(13.1%)	1.6%	394	(8.0%)	8.8%	15,307	429	(17.3%)	(4.2%)	3,901
US	4,951	6.3%	6.3%	4,343	6.5%	6.5%	73,567	608	5.1%	5.1%	3,104
Europe		2,237		(1.6%)	(3.1%)	1,821	3.9%	1.8%	43,538	416	(20.0%)	(20.0%)	2,491
Visa Inc.		11,646		(1.1%)	0.1%	9,200	2.4%	2.6%	192,568		2,446	(12.2%)	(8.6%)	16,891
Visa Credit Programs
US	$1,975		(8.8%)	(8.8%)	$1,946	(7.6%)	(7.6%)	22,820	$28	(51.6%)	(51.6%)	38
International		2,631		(10.8%)	(10.6%)	2,480		(10.0%)	(9.8%)		43,023	151	(21.8%)	(21.3%)	597
Visa Inc.		4,606		(9.9%)	(9.8%)	4,427	(9.0%)	(8.9%)	65,844	179	(28.7%)	(28.3%)	635
Visa Debit Programs
US	$2,976	19.5%	19.5%	$2,397	21.6%	21.6%	50,747	$580	11.5%	11.5%	3,067
International		4,065		(2.5%)	0.6%	2,377		10.4%	11.4%		75,978			1,687		(16.3%)	(11.5%)		13,189
Visa Inc.	7,041		5.7%	7.8%	4,774		15.7%	16.3%	126,725		2,267		(10.6%)	(6.6%)	16,256
						For the 12 Months Ended March 31, 2020
		Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
		Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$2,385		(1.7%)	0.1%	$1,926	(0.3%)	2.1%	31,049	$459	(7.3%)	(8.0%)	4,033	892		981
Canada	298		4.3%	5.8%	274	4.1%	5.6%	4,045	24	6.8%	8.5%	45	74	80
CEMEA	1,216	9.1%	9.6%	529	21.5%	21.5%	21,700	687	1.2%	2.2%	4,939	363	360
LAC	947	(0.5%)	8.3%	429	5.1%	16.0%	15,378	519	(4.7%)	2.8%	4,755	453	491
US	4,656	6.7%	6.7%	4,078	7.6%	7.6%	74,047	578	1.2%	1.2%	3,668	788	977
Europe		2,272		1.3%	5.2%	1,752		4.1%	7.8%		42,916			520	(7.3%)	(2.9%)	3,780		516		565
Visa Inc.		11,775		3.4%	5.3%	8,989	5.6%	7.3%	189,135		2,786	(3.0%)	(0.7%)	21,219	3,085	3,456
Visa Credit Programs
US	$2,166	6.1%	6.1%	$2,107	6.2%	6.2%	25,695	$58	2.7%	2.7%	60	276	340
International		2,949		0.4%	3.3%	2,756		0.7%	3.7%		44,162			193		(4.4%)	(2.0%)		842			712			802
Visa Inc.		5,114		2.7%	4.5%	4,864		3.0%	4.7%		69,857			251		(2.8%)	(0.9%)		902			988			1,142
Visa Debit Programs
US	$2,491		7.3%	7.3%	$1,971	9.1%	9.1%	48,352		$520	1.1%	1.1%	3,608		512		637
International	4,169		2.1%	5.3%	2,154		8.5%	11.8%	70,926		2,015		(4.0%)	(1.2%)	16,709		1,586			1,676
Visa Inc.	6,660		4.0%	6.0%	4,125		8.8%	10.5%	119,278		2,535		(3.0%)	(0.7%)	20,317		2,097		2,314

14

2. Cross-Border Volume

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

	Total	Total	Ex. Intra-Europe(1)
	Growth	Growth	Growth
	(Nominal	(Constant	(Constant
Period	USD)	USD)	USD)
3 Months Ended
Mar 31, 2021	(6%)	(11%)	(21%)
Dec 31, 2020	(18%)	(21%)	(33%)
Sep 30, 2020	(28%)	(29%)	(41%)
Jun 30, 2020	(38%)	(37%)	(47%)
Mar 31, 2020	(4%)	(2%)	(4%)
12 Months Ended
Mar 31, 2021	(23%)	(25%)	(36%)

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

3. Visa Processed Transactions

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

	Processed
	Transactions
Period	(millions)	Growth
3 Months Ended
Mar 31, 2021	37,644	8%
Dec 31, 2020	39,213	4%
Sep 30, 2020	37,448	3%
Jun 30, 2020	30,676	(13%)
Mar 31, 2020	34,941	7%
12 Months Ended
Mar 31, 2021	144,981	0%

15

Footnote

Payments volume, including Visa Direct volume, represents the aggregate dollar amount of purchases made with cards and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands and excludes Europe co-badged volume for the relevant period, and cash volume represents the aggregate dollar amount of cash disbursements obtained with these cards for the relevant period and includes the impact of balance transfers and convenience checks, but excludes proprietary PLUS volume. Total volume represents payments and cash volume.

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

The data presented is based on transactions processed by Visa and reported by Visa's financial institution clients on their operating certificates. Estimates may be utilized if data is unavailable.

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

Visa's CEMEA region is comprised of countries in Central Europe, the Middle East and Africa. Several European Union countries in Central Europe, Israel and Turkey are not included in CEMEA. LAC is comprised of countries in Central and South America and the Caribbean. International includes Asia Pacific, Canada, CEMEA, Europe and LAC.

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

Figures in the tables may not recalculate exactly due to rounding. The totals and percentages are calculated based on unrounded numbers.

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