Visa Investor Day 2017

2017 Investor Day
June 22, 2017

Forward-Looking Statements
This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995
that relate to, among other things, our future operations, prospects, developments, strategies, business growth and financial outlook.
Forward-looking statements generally are identified by words such as "believes," "estimates," "expects," "intends," "may," "projects,"
“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. We describe risks and
uncertainties that could cause actual results to differ materially from those expressed in, or implied by, any of these forward-looking
statements 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, 2016 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.
***
Note: 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. With the exception of slide titled “Acceptance Penetration Drives PCE Penetration,” PCE is
defined as Purchase PCE (does not include non-financial transactions).
Visa Inc. 2017 Investor Day
Visa Overview
Alfred F. Kelly Jr.
Chief Executive Officer
Agenda
8:00 am Visa Overview Al Kelly 11:50 am Luncheon

Ryan
8:35 am Global Growth Opportunity 12:40 pm Technology Rajat Taneja
McInerney
Opportunity Through New
9:05 am Jim McCarthy 1:10 pm Power of the Visa Brand Lynne Biggar
Inflection Points
9:35 am Global Merchants Jack Forestell 1:40 pm Investment Proposition Vasant Prabhu
Questions & Answers

10:05 am Break 2:10 pm All Presenters
Session
10:20 am North America Oliver Jenkyn 3:00 pm Innovation Showcase
10:50 am Asia Pacific Chris Clark
11:20 am Europe Bill Sheedy

Key Takeaways
There is substantial growth opportunity in payments volume, processed

transactions and revenue
Our network and our brand are unique differentiators
We have a sound strategy to deliver the growth
We will invest as required to support our strategy
Starting points are different in many markets so our approaches will be

appropriately customized
Overarching Business Objective
Exponential increase in global Continue to deliver strong

payments credentials and growth and shareholder
acceptance points returns
We Have Delivered Superior Shareholder Returns Since the IPO
825%
243%
122%
105%
81%
34%
3 Year TSR 5 Year TSR Since IPO

Source: Factset, TSR calculated as of 5/31/2017
IPO date of 3/19/2008 and based on IPO price of $11
Visa S&P 500
Point of Departure | Eco-system evolving | Strong position | Building for the future
More New Increasing

More More More
Acceptance Payment Form Government
Digital Players Consumers
Points Factors Involvement
Excellent Set of Partners

Global Footprint
13M 542M
Europe
9M 917M
North America 10M 908M
Visa Asia Pacific
3M 322M
44MM Central Europe
Merchant Middle East &
locations 9M 454M Africa
Latin America
3B+
Cards
Source: Visa Operating Certificates CY2016. Merchant locations are provided by Visa’s issuing and acquiring financial institutions; card counts include cards carrying the Visa, Visa Electron, V PAY and Interlink brands as well as PLUS proprietary cards.
Great Brand
Our Focus is growing the market versus battling for share in the
current market
The Future requires a focus on innovation and ensuring payments are

central in evolving infrastructures
The Industry Is Changing and we will continue to adapt
The Basics remain important

Our Greatest Opportunity is to Grow the Pie
1 Conversion of Cash 2 Shift to Digital 3 Expanding Access
Cash & check Growth in digital New acceptance

replacement categories / points
New form factors
IoT
Commercial
Geographic expansion
Growth in issuance
4 PCE Growth
We Are Adapting to Changes in the Industry
Regulation Deep engagement with governments

about benefits of payments
National Payments Leveraging our strengths − scale,
Networks brand and innovation
Faster Payments Solutions in market and scaling

quickly
New Entrants Partner where possible, compete

where necessary
China Potential longer-term opportunity

Continue to Strengthen Our Core Business
“Open” Visa
Segmented “go to market” approach
Basics are important
Digital is key to future growth
Client engagement and collaboration is central
Focused on value delivery and solutions for clients
VisaNet evolution and differentiation
Brand is a great asset and shared asset with clients

Strategic Framework
Growth
Pillars
Drive Digital Deepen Partnerships Expand Access
Develop Best Talent
Foundational
Pillars
Transform Champion Leverage
Technology Security World-Class Brand
Develop Best Talent
In Support of Our Overall Strategy
Global / Local • Employees in an additional

28 countries since FY15
69 • 74% of employees outside

of headquarters
countries with Visa staff
Source: Visa Data, includes Europe, data as of 3/31/2017. Headquarters defined as Foster City, San Francisco, Palo Alto and Mountain View
Develop Best Talent
Experienced Leadership • Mix of experienced leaders

(VP+) with newer talent to bring
complementary skillsets
42% 16% • Average Country Manager

tenure is 10.1 years
>10 years <2 years
Source: Visa Data, Europe not included, as of 5/31/2017

Develop Best Talent
Investing in • 79% growth in Digital Products

Areas of Growth • Added offices in key talent
65%
hubs (Bangalore, Palo Alto,
Austin, UK, Manila)
growth in Technology & Innovation
Source: Visa Data, includes Europe, EOM March 2014 to EOM March 2017; Headcount excludes employees in severance, fringe benefits (e.g. long-term disabilities leave) and interns. Digital headcount includes CardinalCommerce.
Observations
Europe
North
America Asia Pacific
Central
Europe
Latin Middle East
America & Africa
Central Europe Middle East & Africa Russia
80+ Countries and Territories Southeast

Europe
1,333 Financial Institutions
3MM Merchant Locations Middle East
$260B Payments Volume
North Africa
322MM Cards
Visa Payments Volume Visa Processed Transactions
Sub-Saharan
CEMEA CEMEA Africa
4% 2%
Source: Operating certificates and Visa Networks CY2016

Latin America
Mexico Caribbean
45+ Countries and Territories
620 Financial Institutions
Central
America Andean 9MM Merchant Locations
$354B Payments Volume
Brazil 454MM Cards
South
Cone Latin America Latin America
5% 7%

Europe
Nordics &
• Extremely pleased with year one
Baltics
• Integration progress has been steady
• Revenue: moving clients to commercial terms with
appropriate incentives UK&I Central &
• Expense Reductions: Central Eastern
Phase I – People / Process / Cost rationalization France Europe Europe
complete South
Phase II – Technology migration in process Southern Central
Europe Europe
• Management team largely in place
• Working with clients on impact of PSD2
• Importing innovation from around the globe
Innovation Remains a Focal Point and Priority
• An area of great focus and investment

• Solutions/products in various stages
from early ideation to commercial
implementation
• Our approach is client-centric,
value-oriented and forward looking
• Cornerstone of our approach is
collaboration and co-creation with
merchant, acquirer and issuer clients
Innovation is a Continual Journey to Unearth Solutions
to Help the Payments Ecosystem
Our Innovation Lifecycle Our Approach to Innovation
Ideation Visa Innovation

“Visa Developed”
Team
Market Prototyping
Rollout Visa Innovation
“Co-Developed”
Centers
Market Pilot Visa Developer

“Externally Developed”
Readiness Platform
Summary
• Payments industry has plenty of upside

• Visa is well positioned and our focus is on winning
profitable PV
• As has always been the case, there will be challenges
and we will work hard to mitigate them
• Our road forward will be driven by our strategy
– …leveraging our scale network and our brand
– …with a maniacal commitment to our clients
– …and a huge focus on digital innovation to bring new
solutions to the eco-system
• We will make the investments required – organic and
acquisitions – to facilitate growth
Global Growth Opportunity

Ryan McInerney
President
Key Summary
• Visa has enormous growth potential
• We are investing in three areas that are critical to
our growth and success:
– Developing deep partnerships based on
value-added products and services
– Enabling continued growth in digital
commerce
– Expanding access to Visa products globally –
especially leveraging connectivity to enable a
significant increase in our network end-points
• While we face new threats and increasing
competition, we are proactively addressing these
challenges
• We are investing in local resources and capabilities,
and tailoring our approach market by market to
ensure we deliver relevant solutions and
capabilities
Significant Opportunity to Grow Payments
1 2 3
Conversion Shift to Digital Expanding to

of Cash Commerce New Segments
$17T in cash and check $2T sales, 5X growth rate vs physical $30T+ addressable spend
2X higher Visa share than physical
P2P
G2C
B2C
B2B
Source: Visa analysis of data from Oxford Economics, Nilson Report, Euromonitor, Haver Analytics, UK Card Association, Central Bank of the Russian Federation, Norges Bank, Swiss National Bank, Bank of Thailand, Reserve Bank of Australia, Federal Reserve,
Statistics New Zealand, Saudi Arabian Monetary Agency, Central Bank of Ireland, eMarketer PRO as of June 13, 2017, comScore study (2016), McKinsey & Company (2017), EIU (2017)
1 Converting Cash and Check Remains a Large Opportunity…
Global Cash and Check
USD, Trillions, 2016 Constant Dollars
CAGR
2%
$16.4 $16.6 $17.0
$15.6 $15.9
2012 2013 2014 2015 2016

Statistics New Zealand, Saudi Arabian Monetary Agency, Central Bank of Ireland
…All Around the World
Global Cash and Check
USD, 2016
Europe
CEMEA
$3.5T $2.4T
North America
$3.2T
Asia Pacific
$6.1T
LAC
$1.8T
Statistics New Zealand, Saudi Arabian Monetary Agency, Central Bank of Ireland
2 Spend is Increasingly Shifting from Physical to Digital
Total Global Retail Spend
CAGR
Physical 91% 85% 4%
Digital
9% 15% 20%
2016 2020
Note: Total global retail spend excludes travel and event ticket sales
Source: eMarketer PRO as of June 13, 2017
Visa Benefits Significantly from the Shift to Digital
For every $1 dollar spent…
Physical Digital
15¢ 43¢
…is charged on a Visa card
Note: Both figures exclude China; digital share figure is for desktop expenditure only and also excludes CEMEA
Statistics New Zealand, Saudi Arabian Monetary Agency, Central Bank of Ireland, comScore study (2016)
3 Significant Visa Opportunity within New Segments
Opportunities Example Partners
P2P • Increasingly shifting to electronic and mobile
payment models
$5T
• Deliver real-time, seamless experiences

G2C • Prevents misuse of funds, expands financial access,
serves as effective disaster relief instrument
$5-10T
B2C
• Real-time disbursement of funds, especially
powerful for the “gig economy”
B2B • Still largely based on check and ACH/EFT

>$20T
B2B CONNECT
• Multinationals seeking cross-border solutions
Source: McKinsey & Company (2017) and EIU (2017)

Visa Direct Extends the Visa Network to Serve New Segments
Visa Direct Volume

USD Billions
Debit
Credit Prepaid +65%

$12
Contract Staffing Marketplaces
Person Government
$8
Lotteries & Gaming Financial Merchants Sharing Economy

Institutions
Enables “pushing” funds to a Visa card
Note: Q2’16 and Q2’17 are for the fiscal year

Q2’16 Q2’17
Source: VisaNet settlement data
The B2B Segment Represents a Significant Growth Opportunity
Travel A/P & Bill US Healthcare Marketplace
Payments1 Payments2 Payments3 Payments4
Global
Opportunity ~$1T ~$13T ~$2T ~$3T
Visa • Single use & central • Invoice-to-pay • Virtual card integration • Enhanced data
Capabilities travel accounts automation for hospital procurement
• Self-registration driven
• Online travel agency • Tokenized, virtual cards • Patient reimbursement via API
payment flows via Visa Direct
• Virtual card integration • Integrated payables
• Enhanced data (data • Medical claim payments (virtual card)
aggregators and folio • Dynamic discounting & with cards
data) supply chain finance
Source: 1) GBTA BTI™ Outlook (2016); 2) Visa CCE estimates; 3) Large and middle market US hospitals only, Bank of America (2015), Mercator (2015), IBISWorld (2009), Deloitte Research (2010), Aite Group (2015); 4) QYR ICT Research Center (2017)
In Summary, Visa Has Enormous Growth Potential
1 2 3
Converting cash and check Spending is rapidly shifting Large opportunity to capture
to Visa cards remains a from physical to digital, spend in additional segments
significant opportunity in and Visa captures more than (P2P, disbursements, B2B)
all parts of the world: $17T in double its share of spend in
annual spending digital commerce
Capturing Our Growth Opportunity
Deepen Partnerships Drive Digital Expand Access

Develop deeper partnerships Accelerate the growth of digital Expand access to Visa products
with financial institutions, commerce with simple, secure, and services globally
merchants, acquirers, new and easy-to-use payment
industry partners, and solutions
governments
Visa’s Partners Are Critical to Our Growth and Success
Issuance Acceptance
3B+ 13,000+ 3,000+ 44M

cards issuers acquirers merchant locations
Strategic Partners
Governments
Strengthening Partnerships – Issuer Solutions
Improving Business Performance Enabling a Great Buying Experience Enhancing Security
Debit Processing (DPS) Visa Offers Platform Visa Advanced Authorization
Visa Performance Solutions Cardholder Benefits Platform

Visa Risk Manager
VisaVue Transaction Controls
Visa Token Service
Integrated Marketing Solutions Travel Notification Service
Credit Performance Accelerator 3D Secure 2.0
ACCOUNT
Visa Account Updater
UPDATER
Premium Product Optimizer Mobile Location Confirmation

Cross-border Accelerator
Credit Risk Solutions
Authorization Improvement Engine
Virtual Cards
Rewards Redemption
Strengthening Partnerships – Merchant & Acquirer Solutions
Improving Business Performance Enabling a Great Buying Experience Enhancing Security
Visa Commerce Network Decision Manager
Rewards Redemption Cardinal Commerce
Visa Advertising Solutions

Visa Token Services
Merchant Measurement
3D Secure 2.0
ACCOUNT
Co-Marketing UPDATER
TRANSACTION
ADVISOR
Visa Transaction Advisor
Strengthening Partnerships – Strategic Partners
Platform Providers Commerce Enablers Internet of Things
Commercial partnerships strengthen and extend the four-party model

Strengthening Partnerships – Governments
Strategic Signed MOU for a G2C program with potential

Partnership Egypt for 60M new accounts, 250K new acceptance
points, and incremental $100B+ in annual PV
Dominican
Engagement Evolution
Modernized government payment system by

Republic digitizing 8 subsidy programs onto a Visa card
Building
Ecosystems
Seeking to double the POS network and accelerate PV
Poland growth with an infrastructural development project
Building
Capabilities Focus on payment digitization (BharatQR, cashless
India city), education, and capacity building
and Standards
Constructive Lay groundwork for future product introductions,

Engagement China financial education, and trust and confidence in Visa
Growing Digital Commerce
Core Card Next Generation

Security Ease of Use
Enablement Commerce
• eCommerce • Visa Token Service • Visa Checkout • Internet of Things

enablement • 3D Secure 2.0 • PAYs • Voice commerce
• Unblock BINs • Decision Manager • mVisa • Connected Car
• Cross-border • Card controls • CyberSource • Wearables
enablement
• Mobile Location
• Authorization rates Confirmation
Expanding Access Has Grown the Visa Network
Visa Cards Visa Merchant Locations
Billions Millions
3
44
2 30
1 20
10
‘58 ‘01 ‘08 ‘16 ‘58 ‘92 ‘00 ’10 ‘16

We Continue to Grow Our Product Base and Acceptance…
Expand Issuance
+ Expand Acceptance
Core Products Cheaper, faster, smarter POS solutions…

• Credit • Smart POS
• Debit • Contactless
• Pre-paid • mPOS
• Commercial • QR
Expansion Products …enable significant merchant expansion

• Virtual Cards • New merchant categories
• Visa Direct • New segments
• B2B Connect • Expanding markets
…and Enable Billions of Connected Devices to Pay and Be Paid…
Wearables Transportation Home Retail Cities

…Leading to an Explosion in the Visa Network
Today Tomorrow: 10x Increase
3B+
cards
~30B
ways to pay
44M
merchant locations
~400M
ways to be paid

We Are Proactively Addressing a Number of Emerging Threats
Threat Description Examples Visa Advantages Approach
• Government • World-class brand • Compete

National sponsored or aggressively with
Payment • Global acceptance
mandated domestic new products &
Schemes payment scheme • Superior products innovation
• Digital and • Continue driving

innovation preference among
Faster issuers, merchants,
• Scale and ability to and consumers
Payments
invest
• Use scale advantages
to fund local
investments in brand,
Technology acceptance, and new
Disruptors features
• New, real-time “push • Proven real-time • Expand real-time

National payment” systems network (VisaNet) Visa Direct product
Payment capabilities around
• Focused on new • Push payment
Schemes the world globally
segments: P2P, G2C, capabilities (Visa
B2C Direct) • Partner with key
global platforms to
• Over time, may • Established operating
Faster embed Visa Direct as
expand to retail POS regulations
Payments preferred payment
• Trusted brand method
• Established
connections –
Technology financial institutions,
Disruptors merchants
• Non-financial • Commerce brands • Open access to • Develop deep

National institution VisaNet and Visa commercial
Payment • Messaging
competitors and services via API (Visa partnerships that
platforms
Schemes technology platforms Developer Platform) support and expand
building out large- • Fintech players the four-party model
• Proven real-time
scale payment
network (VisaNet) • Make Visa the
ecosystems
Faster commerce platform
• Established operating
Payments of choice for any and
regulations
all developers
• Established
• Compete vigorously
connections –
where needed
Technology financial institutions,
Disruptors merchants
Tailoring Our Approach by Market
Market Characteristics Examples Approach
Terminals PCE GDP per
per 1,000 pop Penetration Capita ($K)
• US • Provide innovative, convenient ways to pay and be paid

• UK (contactless, IoT, PAYs)
• Canada • Partner with technology disruptors to create new payment
Developed >15 >25% >$25 experiences
• Australia
• Expand into new segments and categories
• Provide innovative merchant solutions
• India • Offer full range of products: affluent credit, commercial,
• South Africa pre-paid, etc.
• Argentina • Massively expand acceptance, targeting everyday spend
Developing 5-20 10-30% $5-$25
merchant categories
• Poland
• Grow preference for Visa cards versus alternatives
• Government partnerships to drive electronification
• Myanmar • Introduce and grow core products: debit, credit, and prepaid
• Kenya • Build acceptance in core categories – emphasis on
Emerging <5 <10% <$5
• Egypt mobile/digital
Note: PCE penetration includes both credit and debit cards; the characteristics noted above are representative for each market category, but each characteristic may not apply to each example country within each market
Statistics New Zealand, Saudi Arabian Monetary Agency, Central Bank of Ireland, Euromonitor Passport Database, Timetric, Lafferty, RBR-EFTPOS, World Bank – World Development Indicators (CY2015)
Key Summary
• Visa has enormous growth potential
• We are investing in three areas that are critical to
our growth and success:
– Developing deep partnerships based on
value-added products and services
– Enabling continued growth in digital
commerce
– Expanding access to Visa products globally –
especially leveraging connectivity to enable a
significant increase in our network end-points
• While we face new threats and increasing
competition, we are proactively addressing these
challenges
• We are investing in local resources and capabilities,
and tailoring our approach market by market to
ensure we deliver relevant solutions and
capabilities
Opportunity Through New Inflection Points

Jim McCarthy
EVP, Innovation & Strategic Partnerships
Key Takeaways
• The proliferation of the mobile

internet has significantly increased
Visa’s ability to extend its network
capabilities across the globe
• Visa is decomposing VisaNet into a
set of foundational capabilities that
can be rapidly combined with partner
capabilities to create new bespoke
payment services
• Disciplined and proven process to
support the long tail of innovation
and co-creation
1950’s
The Fresno Drop
1960’s
Opening the Network
1970’s
The Platform as a Service
1990’s
eCommerce Goes Mainstream
Image Credit: NASA Earth Observatory/NOAA NGDC
2010’s
Visa is Everywhere
You Want to Be
Image Credit: NASA Earth Observatory/NOAA NGDC
Pew Research Center, February, 2016, Smartphone Ownership
The Visa Payment Stack
Tapping into Creating Next
Digitizing Accelerating
New Use Cases New Payment
eCommerce
Generation
Physical POS Flows Experiences
Partners
VisaNet
Strategic APIs
Product Payments Core Risk Value-Add Insights Ecosystem
Packages Enabled Offerings Mgmnt. Services
Foundation Visa Developer Platform

Visa Developer Platform
Opening the Network (Again) and Extending Access to Payment Capabilities
• Access to 60+ APIs

• Testing sandbox for
easy deployment
• Global innovation +
engagement centers
for ideation and
co-development
From Products to Solutions
An API For Every Payment Need
Value-Add Insights Ecosystem

Services
Card Controls Cardholder Segmentation Blockchain

Network Hub Push Provisioning Card on File Data API Internet of Things
Token Lifecycle Management Data & Analytics Android OS
Card on File Token Enquiry API Apple iOS
Instant Issue
Product Payments Core Risk

Packages Enabled Offerings Mgmnt.
Visa Token Service Fund Secure Remote Acceptance ID & Verification

Visa Checkout Push Debit Card Cardholder Authentication
Visa Direct Tap Co-Brand Card Biometrics
Credit Card
Debit Card
Visa Confidential
The Token API Powers the Digital Future
Visa Token Service
Network Hub Push Provisioning API
Enables Issuers
Value-Add to Push Token Credentials to Participating Token Requestors
Services
Via a Single Visa Integration
Visa Token Service
Network Hub
Provisioning
Issuer Token Requestors

Third-party wallets
COF merchants
IoT devices
Visa Checkout
Consumer Transaction Control API’s
Making the Issuer Mobile App the Command and Control Center
Card Controls
In-Store Decline All
Recurring Spend Limit
Contactless Cross-Border
Funds Transfer ATM Withdrawal
MCC-level Controls eCommerce

Push Transaction API
Revolutionizing the Way We Use Cards
Push
Traditional “pull”
funds from card
New “push”
funds to card
Accelerating Next Gen
Digitizing the POS New Payment Flows eCommerce Commerce
• “Pays” and HCE • Visa Direct • Visa Checkout • Internet of Things

• Scan & Pay • Token Push & Controls • Innovation Centers
Digitizing the POS
Numerous Tokens Can Be Linked to a Single Card, Minimizing the Risk of
Compromising the Account While Also Supporting Numerous Digital Use Cases
Visa Token Service
Card Tokens Use Cases POS ONLINE IN-APP
Token #1
Issuer wallet
Token #2
Token #3
Token #4
Token #5
Digitizing the POS in Developed Markets
ID & Verification
Tokenization
Biometrics
Card Link
Tap
Digitizing the POS in Emerging Markets
• Scan QR code and pay
• No plastic and no POS machine
• Mobile phone as POS
• New EMVCo Standard
• Supports tokenized merchant

pull or consumer push
Visa Direct Creates New Payment Flows
Push to Card Real-Time Payments Platform Capabilities
Immediacy Reach Security/Controls

Real-time notification and Global scale connecting to Built-in compliance controls,
funds availability 3B+ cards worldwide security and transaction limits
Visa is the Global Real-Time Payment Rail
Projected Global Visa Direct Fast Funds
Enablement of Visa Debit and Prepaid Cards
• Visa’s fast funds enablement projected to grow to
1.7B approximately 90% of global debit and prepaid cards
by CY 2019
• Markets today with significant fast funds enablement

732M Next 6-18 • United States
months • Canada
• Russia
• Ukraine
• Africa
• SE Asia - India, Australia
1,032M Today
• New market launches and issuer fast funds mandates will
help close remaining gaps, such as EU and LAC
# Visa Debit & Prepaid Cards Source: Visa Direct market sizing for real-time payments, McKinsey, June 2017; Visa Inc. Cards by Country - Quarter Ended September 2016; Visa Direct
OCT coverage statistics, March 2017; Visa Direct projected coverage analysis June 2017.
Actual fund availability varies by financial institution and region. Visa requires U.S. issuers to make funds available to its cardholders within a maximum of
30 minutes of approving the transaction.
Visa Confidential
Visa Direct Opens New Market Opportunities
Many Use Cases Can Benefit From Real-Time Digital Payments Innovation
Healthcare Property + Sharing economy Online marketplaces Lotteries + gaming Life insurance
casualty
Financial Merchant payouts Government Student finance Alternative lending Contract staffing
institution
Source: Aite, Business to Consumer Disbursements, 2015; Funds Disbursement Market Analysis, Visa internal data, January 2017
New Payment Flow Use Case: Lyft Express Pay
Keep Real-Time Payment Features Simple and Accessible
Visa Direct
• To make it even easier to

get paid, Lyft put Express
Pay front and center on the
Driver Console’s ‘Earnings’
tab
• Drivers can choose from

Express Pay instant
deposits or weekly bank
deposits — conveniently
listed in one place
Note: Actual fund availability varies by financial institution; Visa requires U.S. issuers to make funds available to its cardholders within a maximum of 30 minutes of approving the transaction. Source. www.lyft.com
New Payment Flow Use Case: Square Instant Deposits
Improved Value Proposition and a New Revenue Stream
Visa Direct
Note: Actual fund availability varies by financial institution; Visa requires U.S. issuers to make funds available to its cardholders within a maximum of 30 minutes of approving the transaction. Source. www.square.com
New Payment Flow Use Case: Allstate Quick Card Pay
Gives Customers Peace of Mind With Immediate Insurance Claim Payments
Visa Direct
• The Allstate claims adjuster asks

"Do you have a debit card? I can
put the money right on your card”
• Real-time payment made to customer

improves customer satisfaction and
loyalty
• Reduced back office reconciliation

of outstanding checks increases
accounting and operational efficiency
Note: Actual fund availability varies by financial institution; Visa requires U.S. issuers to make funds available to its cardholders within a maximum of 30 minutes of approving the transaction. Source. www.Allstate.com
Visa Direct Enables Incremental Bank Card Payments
Volume to Financial Institutions Visa Direct
• Partner to drive scale on behalf of 4-party ecosystem

• Platform Tools – Visa Developer Platform enables acquirers/acquirer
processors to support marketplace solutions
Instant Deposits
2016 2017
LIVE Q1 Q2 Q3 Q4
Visa Checkout Platform for Digital Payments
Product Visa Checkout
Set product standard of excellence for

digital acceptance
Usage Acceptance
Active engagement gives Push towards ubiquitous
cardholders platform acceptance
benefits
1 Visa
By the Numbers
internal data as of June 2017
26 ~22M 340,000+ $171B 82%

2 Live or under contract to go live as of June 2017
3 Based
on internal Visa product data for a six
month period from Dec 2016 – May 2017; and Markets1 Enrollments1 Merchants2 Addressable Volume2 Conversion Rate3
Adobe 2016 Mobile Retail Report.
PayPal Partnership to Promote Visa
Extends Consumer Choice and Drives Top of Wallet
2016 2017
2016
PayPal Visa Issuer Data Visa ACH Visa
Card Art
Marketing Toolkits Quality Direct Migration Checkout
Merchants and Consumers Are Waiting to See…
When things are consistent, they are

predictable. When they aren’t, people and
businesses stall…
Karen Webster
Founder of PYMNTS.com and one of the world’s leading experts on
the emerging payments and commerce categories
Evolve Visa Checkout Into the Digital Visa Mark
Turning Visa Checkout Into an Open “Digital POS Terminal”
Visa Checkout
3DS 2.0
Token
EMV
Secure Remote
Acceptance
Standard
Push Provision Tokens to Token Requestors
Allow Consumers to Send Credentials to Multiple Token Requestors
With One Issuer Integration Point
Visa Token Service
Network Hub Provisioning
Card Controls
Token Lifecycle Management
Illustrative
Share and Manage Token Access
Give Consumers the Ability to Share and Manage Access to Their Accounts
Visa Token Service
Network Hub Provisioning
Card Controls
Token Lifecycle Management
Illustrative
An Explosion of Connected Possibility
IoT Vision and Approach
Near-Term Vision Approach – IoT Execution Pillars
Offer new ways to pay and be paid. Tokens

Tokenize devices in these verticals: Extend Tokenization to IoT
+ emerging use-cases
Token Service Providers

Empower Token Service
Providers (TSPs) to drive
new Token Requestors
Template
Templatize processes/
programs to enhance
+ streamline execution
for issuers
Visa Ready’s TSP Program Allows Us to Scale Tokens
Token Service Provider
Visa Token
Service
Visa Ready Program
TSP
IoT
Mobile Point of Merchant QR Token Service
Sale (mPOS) Solutions Biometrics Provider
Visa’s Everywhere Initiative
Visa Innovation Center Network
Key Takeaways
• The proliferation of the mobile

internet has significantly increased
Visa’s ability to extend its network
capabilities across the globe
• Visa is decomposing VisaNet into a
set of foundational capabilities that
can be rapidly combined with partner
capabilities to create new bespoke
payment services
• Disciplined and proven process to
support the long tail of innovation
and co-creation
Global Merchants
Jack Forestell
Global Head of Merchant and Acquirer Solutions
Key Takeaways
Significant opportunity to Delivering solutions that

grow acceptance drive our merchant
partners’ business
performance
Partnerships with Merchants and Acquirers are Critical to
Our Success
3,000+ 44 Million 840+ 2,900+

Acquirers1 Merchant locations1 Co-brand partners Tech and channel partners
Supported by our sales and solutions teams serving clients in 200+ countries2
Beyond acceptance, our merchant product teams are developing new commerce
solutions, e.g.:
• Digital commerce solutions
• Security solutions
• Marketing and loyalty solutions
Sources: 1Visa Operating Certificates CY2016. Merchant locations are provided by Visa’s issuing and acquiring financial institutions. 2 200+ countries and territories.
Expand Access Drive Digital Deepen Partnerships

Acceptance Penetration Drives PCE Penetration
80%
Canada
70% Hong Kong

Australia
Sweden China
Denmark
UK
60% Singapore Norway
Card PV
Penetration 50%
Netherlands
US
France
of PCE Portugal
40% UAE
Brazil Turkey
South Africa Chile Israel
30% Taiwan
Saudi Arabia Austria
Thailand Malaysia Russia
20% Colombia
Germany
Argentina
Czech Rep.
Poland Japan
Philippines Mexico
Indonesia
10% Vietnam Ukraine
Romania
India
Egypt
0%
0 500 1000 1500 2000 2500 3000 3500 4000
Terminals / 100,000 population

Sources: Euromonitor Passport 2016 , Euromonitor “Merchant Segment Study 11th Edition”, March 2016, Lafferty Market Study, World Bank Population Database. Represents only countries covered by Euromonitor. Country level results may vary by source data.
Card Usage Penetration is of all card payment brands. Best fit curve through data points representing model outputs from a linear regression exercise. Select outlier results not displayed due to data discrepancies
Technology is Enabling Low Cost, Easy to Deploy Acceptance
Device distribution/
Cost reduction vs.
consumer access
dedicated hardware1
enablement2
Dedicated point of sale
(POS) terminal Days to weeks
Mobile POS >65%

Connected devices,
no POS terminal ~100% Minutes
Sources: 1. Cost reduction estimates represent the cost of the mPOS enabling device. Average sales Price POS: Technavio Global POS Terminals Market Report, 2016. Average sales price mPOS: Juniper Worldwide mpOS Markets Report, June 2016, Excel
companion. 2. Agreement Express: Merchant acquirer’s onboarding guide and case study with Global Payments, Jan 2017
Emerging and Developing Markets Acceptance Growth
• Drive down the cost of adoption

• Focus on digital acceptance
• Market/segment specific solutions
Emerging Markets: Drive Down the Cost of Adoption
Example: Oxxo Mexico
• Low penetration of small merchants

• Partnered to increase distribution of
mPOS in 15,000 convenience stores
• Drove 3% expansion of the Point of
Sale base in Mexico over 3 months
Emerging Markets: Focus on Digital Acceptance
Example: mVisa India
• Demonetization created urgent need to

build new low cost acceptance
• Delivered terminal free acceptance
with mVisa
– Uses existing Visa rails
– Standard QR code
– Simplified merchant sign-up
– Live in India, Kenya, Egypt and
Rwanda, available in 10 additional
countries in 2017
Emerging Markets: Segment Specific Solutions
Example: Card on Delivery
• Cash on delivery prevalent in ecommerce in

many emerging markets
• Partnering with ecommerce players in India,
Indonesia, Malaysia, Vietnam to drive card
on delivery
– Low cost terminals
– Consumer awareness
– Incentives
New Categories and Digital Platforms Drive Acceptance
Growth in Developed Markets
• Fragmented segments
• Large ticket and small ticket
• Digital platforms
Developed Markets: Fragmented, Large Ticket Segment
Example: Rent
• More than $1.8T in rent paid globally1

• 80% of renters would prefer to pay rent
with a card2
• Properties using online payment technology3
− Can spend 65% less time processing rent
− Can decrease rent delinquencies by 50%
• Partnering with top rent platforms, added
1 million renters in US in 6 months
Sources:
1 https://stats.oecd.org; Global total based on 2016 actual rentals for housing estimate for OECD countries converted to USD; Notable exclusions include China, India, Brazil and Russia.
2 US 2015 Renter Preference Study by the National Multifamily Housing Council
3 Entrata data
Developed Markets: Fragmented, Small Ticket Segment
Example: Parking
• $100B paid for parking, mainly in cash and

coins, globally1
• Digital platforms are providing consumer
conveniences such as payments, availability,
expiration notifications and top up
• Partnering with top parking platforms and
adding 25,000 locations2 on a quarterly basis
Source: 1 Frost and Sullivan estimate, 2015 2 As reported by partners. May include meters, kiosks and other parking payment devices and interfaces
Developed Markets: Fragmented Segment
Example: Charity
• More than $400B in donations globally1

• Partnering with specialized charity
platforms
• Thousands of charities added for ad
hoc and recurring donations
Source: 1 Based on estimated charitable donations in select countries including USA, UK, Australia, Russia, Switzerland, China sourced from nptrust.com, philanthropy.org, Charities Aid Foundation
Developed Markets: Digital Platforms
Example: Dining
• Connected devices are reinventing how

consumers dine
• Partnering with top merchants and
platforms
• Digital QSR 14X growth of QSR face to
face PV1
Source: 1 VisaNet Data Calendar Years 2012 & 2016. Visa Sales Volume acquired in the United States ECI compared to F2F MCC 5814 (Fast Food Restaurants).
Contactless
• Decreases checkout time and enhances Contactless share of face to face

customer experience transactions3
• Increases spend per active card

by 14-16%1 Australia Singapore4 Canada U.K.
• Replaces cash, especially in low ticket 2014 52% 22% 14% 4%

transactions2
2017 84% 52% 42% 44%
Source: 1VisaNet 2015-2016 Increased volume per active card for Australia cards without payWave -4% and with payWave +10% growth post activation window. Singapore (+2% and +18% respectively) 2Drives penetration in low ticket transactions. Reserve
Bank of Australia, Research Discussion Paper, The Changing Way We Pay: Trends in Consumer Payments, 2014. Research by Reserve Bank of Australia shows contactless is a driver of increasing card penetration in low-transaction-value segments 3VisaNet,
Domestic Face-to-face transactions only, 2014 = Jul – Sep 2014, 2017 = May 2017. 4 2014 and 2017 Paywave penetration with collection-only reported transactions included.
Connectivity
44M
merchant locations
~400M
ways to be paid

Expand Access Drive Digital Deepen Partnerships

Visa Advertising Solutions
• 189 merchants including 90+ of US

largest merchants participate1
– consumers with propensity
to buy
– on leading digital ad platforms
– ROI measured with Visa data
Sources: 1 out of top 250 merchants as measured by VisaNet PV for CY2016. Visa solutions define groups of potential targets with protections in place for privacy
Visa Checkout
• 56% Higher Conversion Rate Than

Traditional Checkout Conversion1
• 63% Lower Fraud Rate2
• ~22MM Enrollments3
• 26 Markets
• 44% of the U.S. addressable Retail
eCommerce Market4
Sources: 1 Enrolled Visa Checkout users have an 82% conversion rate; 56% percentage points higher than traditional
checkout conversion Based on internal Visa product data for a six month period from Dec 2016-May 2017.
2Visa Checkout’s fraud volume as a percentage of sales is 63% lower than non-Visa Checkout volume at top Visa
Checkout merchants. Based on Visa Checkout and VisaNet data from July 2015 to June 2016.
3 Visa internal data as of June 2017.
4 Merchants representing addressable volume either live or under contract to go live % of the US retail eCommerce
market, excluding eBay, Amazon, Apple. Retail ecommerce excludes billers and travel sites. eMarketer Ecommerce Sales,
United States, 2008-2020, Internet Retailer 2015 estimates, and Visa analysis.
Decision Manager Fraud
Detection Capabilities
Increased
Detection
Visibility
200X
68B 260+
Visa & Typical Correlation Tests
CyberSource Merchant
Transactions
Data
All in<1 second

Typical response. Time may vary with rule complexity.
Sources: CyberSource and Visa data; Transaction count current as of CY2016

CardinalCommerce
Platform for consumer authentications
Seamlessly share more

information from merchant
and consumer to issuer
Time to authenticate a
cardholder from 10-15 to
about 1-2 seconds
Drives fraud down,

authorizations / sales up.
Visa Commerce Solutions
Visa Commerce Network:
Enroll eligible Visa card
Make a qualifying purchase
Enjoy rewards!
Visa Commerce Solutions capabilities

support clients globally:
30 countries 6.8M enrolled 14K merchants1
illustrative
Sources: 1Statistics reflect campaigns which have been concluded or are in progress. Availability/capabilities vary by country. Visa Loyalty Platform Solutions (VLPS) live in 30 countries. Cardholder/merchants numbers include enrolled users and onboarded
merchants across all client programs/platforms/services in all countries aggregate as of April 2017.
Key Takeaways
Significant opportunity to Delivering solutions that

grow acceptance drive our merchant
partners’ business
performance
North America
Oliver Jenkyn
Group Executive, North America
Key takeaways
• Strong, established market position
• Deep client relationships, based on partnering to deliver value

− 7 of top 10 U.S. credit issuers − 4 of top 5 Canada credit issuers
− 9 of top 10 U.S. debit issuers − Strong partnerships in regional/community space
− 7 of top 10 U.S. co-brand programs − 100+ merchant and acquirer agreements
• Digital leadership is central to client partnership and realizing growth opportunity
• Significant growth remains to be captured

− $3.2T Cash/check opportunity − New segments abound: Disbursements, P2P,
− 46% Card share of PCE Rent, Education, Vending, etc.
Source: VisaNet data Calendar Year 2016; Nilson Report #1006, #1103, #1104, #1105, #1106, #1107, #1109; Euromonitor Merchant Segment Study May 2017, 11th Edition; Oxford Economics Calendar Year 2016; Visa analysis
North America
10,400+ Financial Institutions
9MM+ Merchant Locations
$3T+ Payments Volume
$3.2T+ Cash/Check Opportunity
900MM Cards
North America North America
45% 62%
Oxford Economics Calendar Year 2016; Euromonitor Calendar Year 2016; Nilson Report #1006, #1103, #1109; Visa analysis;
Payments Affluent vs. Core
Trends
Affluent vs. Core Affluent led credit growth coming out of the recession, but core has
bounced back, creating balanced growth across those segments
Gray is the New Black
Millennials
U.S. credit growth by segment
U.S. Credit
Navigating through 13% Core Affluent

Change
10% 10%
9%
7%
4%
2009-2012 2013-2015 4Q2015-4Q2016

Source: Visa Performance Solutions; VisaNet data Calendar Year 2009-2012; Visa analysis
Note: Affluent defined as $100,000+ Annual Household Income; Core defined as <$100,000 Annual Household Income
Payments Gray is the New Black
Trends
Affluent vs. Core 50% of forecasted U.S. credit spend growth over next 5 years
will come from 60+ age group
Millennials U.S. credit growth by cohort

U.S. Credit (5yr forecast)
70+ 24%
Navigating through
Change 46%
60-69 22%
50-59 13%
<50 41%
Source: Visa Performance Solutions Fall Market Insights 2016

Payments More Like Their Parents Than They’d Like to Admit
Trends
Affluent vs. Core
Millennials increase their ownership of credit and debit cards
as they mature
Millennials
% that own credit and debit cards
U.S. Credit
Navigating through
Change
62% 61%
47%
18-24 years 25-34 years Total population

Source: Visa Payments Panel survey data Calendar Year 2016; U.S. respondents only (18+)
Payments U.S. Credit Product Trends
Trends
Affluent vs. Core
Gray is the New Black Portfolio 2014-2016 CAGR

Millennials Cashback 21%
U.S. Credit
Bank-branded travel 20%
Navigating through
Change Co-brand 5%
Other 1%
(Generic rewards & non-rewards)
U.S. Credit 9%
Source: VisaNet data Calendar Years 2014-2016, normalized for Visa-specific factors
Payments Navigating Through Change
Trends
Affluent vs. Core
10 years ago Today
Millennials
Did not exist Top 10 by PV
U.S. Credit
Navigating through
Change
Outside Top 20 One of the largest

Visa Merchants Visa Merchants
Visa x-9010
Source: VisaNet Data, Visa analysis

Executing on our Strategy in North America
Deepen Partnerships Drive Digital Expand Access

Deep Partnerships: Visa 360
Marketing Apple Pay Digital &
FIFA
NFL
Android Pay
APIs
Innovation
NHL
TIFF Contactless
Visa Checkout
Olympics Innovation
Centers
Fraud & Travel Tag Co-marketing
Visa
Developer Visa Direct
Risk 3DS 2.0 Tokens
Co-creation
Debit
Fraud Card Controls

Insights Affluent Small
Business
Visa Risk Alerts
Credit
Core
Manager
Prepaid
Scorecards
Products
Benchmarking
DPS
Macroeconomics Commercial
Advisory Visa Commerce STIP
Quick Chip Network
Marketing Analytics Tokens
Solutions Visa Offers
Account Updater Platform
Consulting Credit
Accelerator CyberSource
Rewards
Redemption Loyalty &
Spend insights Offers
Analytics Cardinal
Commerce
Acquiring
Deep Partnerships: FIs
Consumer debit scorecard
Core
Digital & Products
Marketing
Innovation
Debit
Fraud Affluent Small

& Risk Credit Business
Core Premium travel and protection benefits
Products
Prepaid
Scorecards
DPS
Commercial
Consulting STIP
Loyalty
& Offers
Acquiring
Spend insights Visa SavingsEdge
Compared to consumers, businesses spend
much more in ecommerce channels
Physical
+25% eCom
Consumer Small business
Source: Visa Product

Apple Pay Digital &
Android Pay
APIs
Innovation
Visa Contactless
Checkout Innovation
Marketing Digital & Centers
Visa
Innovation
Co-creation
Fraud
& Risk
Core
Products
Consulting
Loyalty
& Offers
Acquiring
Source: Visa Digital Product, Visa Marketing

FIFA
NFL NHL
TIFF
Olympics
Digital &
Marketing Marketing
Innovation
Co-marketing
Fraud
& Risk
Core
Products
Consulting
Loyalty
& Offers
Acquiring
Source: Visa Marketing

Fraud & Risk Tokenization Fraud monitoring
Marketing Digital &

Travel Tag Innovation
3DS 2.0
Tokens
Fraud Fraud
Insights Card Controls Alerts Mobile Location Travel Tag
& Risk
Visa Risk
Alerts Core
Manager
Products
Consulting
Loyalty
& Offers
Acquiring
Source: Visa Digital Product; product designs are illustrative

Macroeconomics Opportunity sizing
Baby Boomer
Estimated Total Boomer PV
Marketing Digital & $800B

Innovation Capturable Market for Issuer A
$5.0B
Fraud Benchmarking Issuer A Est.
& Risk
PV Growth
Core $0.5B
For full yr.
Products
Benchmarking
Macroeconomics Spend insights
Consulting Consumer credit* spending
Advisory Loyalty (YoY growth, by annual US$ HH income)
Advisory Last actual: Q4 2016
Marketing Analytics & Offers 16%
Solutions Acquiring 12%

<$50k
$50–100k
Credit
Accelerator
8% Total
4% $100–150k
$150k+
Consulting 0%
2011 2012 2013 2014 2015 2016
Source: Visa Performance Solutions; examples shown are illustrative

Quick Chip Account Updater
Marketing Digital &

Innovation
Fraud
& Risk
Core
Products How much lift are we getting
Analytics
from marketing campaign?
Consulting
Monthly spend
Quick Loyalty
Chip & Offers Targeted
Acquiring
customers
Tokens
Account
Updater Control
CyberSource
Acquiring
-3 -2 -1 Campaign +1 +2 +3
Months Months Month Month Months Months
Spend insights
Analytics Cardinal
Commerce
Source: Visa Merchant Product; examples shown are illustrative
Marketing Digital &

Innovation
Fraud
& Risk
Core
Products
Consulting Visa
Loyalty
Commerce
Network
& Offers
Acquiring Visa Offers
Platform
Rewards
Redemption
Loyalty
& Offers
Source: Visa Loyalty & Offers, product designs shown are illustrative
FIFA
NFL
Android Pay
APIs
Innovation
NHL
TIFF Contactless
Visa Checkout
Olympics Innovation
Centers
Fraud & Travel Tag Co-marketing
Visa
Risk 3DS 2.0 Tokens
Co-creation
Debit
Fraud Card Controls

Insights Affluent Small
Business
Visa Risk Alerts
Credit
Core
Manager
Prepaid
Scorecards
Products
Benchmarking
DPS
Macroeconomics Commercial
Advisory Visa Commerce STIP
Quick Chip Network
Marketing Analytics Tokens
Solutions Visa Offers
Account Updater Platform
Consulting Credit
Accelerator CyberSource
Rewards
Spend insights Offers
Analytics Cardinal
Commerce
Acquiring
Deep Partnerships: Merchants
FIFA
NFL
Android Pay
APIs
Innovation
NHL
TIFF Olympics Contactless
Visa
Co-marketing Checkout Innovation
Centers
Fraud & Visa
Transaction Visa Advertising Developer Visa Direct
Risk Advisor Solutions Co-creation
Auth Rate
3DS 2.0
Tokens Improvement
Fraud Insights Visa
CyberSource Account Merchant
Updater scorecards Acceptance
Decision Manager
EMV & Operations
Benchmarking Quick Chip
Macroeconomics STIP
Advisory Future of Product Visa Commerce
Point-of-Sale Design Network
Analytics Visa Offers
Spend Insights Platform
Consulting Omnichannel Rewards
New Customer
Acquisition
Unique Marketing
Offers
Assets Support
Co-Brand
Deep Partnerships: U.S. Debit
U.S. Debit continues to evolve; Diverse market across continuum
from relatively stable to very dynamic segments
Stable end of continuum: Acceptance, Capability, and Risk Advantages

• Acceptance: Estimate 40% of F2F merchants only connect to V/MA debit; also true for vast majority of online merchants
• Functionality: Visa has specific capabilities that many segments require
- Hotels require different amounts at check-in (authorization) versus at check-out (billing)
- Restaurants require similar capabilities for tipping
• Online: Online authorization message (when place order) is different from billing (when individual item shipped)
• Risk: Visa’s scale, data and fraud tools enhance risk management
Dynamic end of continuum: Partnerships with both sides of market

• Issuers: Structure partnerships that drive issuer value in return for card placement
- 9 of top 10 debit issuers
- Strong relationships across Regional, Community, Processor space
• Merchants: Structure arrangements that drive merchant value in return for routing transactions
- 100+ merchant agreements
- Partnership with most top acquirers
Sources: VisaNet data; Nilson Report #1105; Visa analysis
Digital Leadership
Opportunity Leverage Migration is Now Platform for Growth

Digital Physical
47₵ 23₵ Catalyze war on

Visa digital share per ~$12B shifted from cash with new technology
dollar of PCE in North physical to digital in the
America is >2x physical holiday season alone
Source: comScore data June 2017; Oxford Economics Calendar Year 2016; Euromonitor data Calendar Year 2016; VisaNet data Calendar Year 2015 and 2016; Visa analysis
Digital Leadership: Visa’s Approach
On behalf of services (OBO)

Product and services that are ready
to use and can be quickly deployed
APIs
Modular services that clients can
plug into their apps or products
Co-creation
Immersive collaboration experience to
jointly develop new products with clients
On behalf of services (OBO) EMV Visa Direct

Visa Token
to use and can be quickly deployed Service
Visa Risk
APIs 3D Secure 2.0
Manager
Visa Transaction DPS
plug into their apps or products Advisor
Rewards
Co-creation Redemption
Immersive collaboration experience
to jointly develop new products with Visa Advanced Authorization
clients

Would you like to temporarily
deactivate this card?
APIs
DEACTIVATE KEEP CARD ACTIVE
Co-creation
to jointly develop new products with
clients Preliminary design for demonstration purposes

APIs
Co-creation
to jointly develop new products with
clients
Expand Access
Cash / Check PCE Emerging Segments
Traditional Funds
Rent
Acceptance Person 2 Disbursements
$2T+ $300B+ Person
Long
$1T+ $9T+
Term Care
Charitable
Unattended $200B+ Giving
Retail Debt
$100B+ $75B+ Repayment
Parking Education
$20B+ $130B+ $1T+
Source: Aite Group, Government Accountability Office, Bureau of Labor Statistics, Morgan Stanley, eMarketer, Statistica, Oxford Economics, FDIC, PYMNTS.com, Caregiver.org; Visa analysis; estimates represent total addressable opportunity
Expand Access
Cash / Check PCE Emerging Segments
Financial
Institutions
Expand Access
Funds > $1.3B in payouts made

through Uber Instant Pay in
Disbursements the first year
> 50% of Lyft drivers now use

Express Pay
Source: TechCrunch; Lyft blog

Expand Access
P2P
Verification code
Verification sentsent
code to user’s
to user’s User entering their debit card
ing the the
pleting account
account phone to verify the the
user’s User entering their debit card Setup complete.
Setup User
complete. cancan
User start
start
phone to verify user’s details
details sending andand
sending receiving money
receiving money
phone
phonenumber
number
Expand Access
Resident Portal
Rent
9010
More than 6X increase in card adoption

> over 10-month pilot with Visa
> 50% decrease in rent delinquencies

with increased online payment adoption
Source: Entrata
Key takeaways
• Strong, established market position
• Deep client relationships, based on partnering to deliver value

− 7 of top 10 U.S. credit issuers − 4 of top 5 Canada credit issuers
− 9 of top 10 U.S. debit issuers − Strong partnerships in regional/community space
− 7 of top 10 U.S. co-brand programs − 100+ merchant and acquirer agreements
• Digital leadership is central to client partnership and realizing growth opportunity
• Significant growth remains to be captured

− $3.2T Cash/check opportunity − New segments abound: Disbursements, P2P,
− 46% Card share of PCE Rent, Education, Vending, etc.
Source: VisaNet data Calendar Year 2016; Nilson Report #1006, #1103, #1104, #1105, #1106, #1107, #1109; Euromonitor Merchant Segment Study May 2017, 11th Edition; Oxford Economics Calendar Year 2016; Visa analysis
Asia Pacific
Chris Clark
Group Executive, Asia Pacific
There are more people
living inside this circle
than outside of it.
Source: World Bank World Development Indicators, April 2017

Key Takeaways
• Asia Pacific represents an attractive

opportunity for growth
• Powerful client roster provides

strong foundation
• Acceptance growth strategies tied to

market maturity
• Digital assets and leadership are key
• Our approach is tailored by market

Asia Pacific South Korea
& Mongolia
46 Countries and Territories
Greater
900 Financial Institutions Japan
India & China
10MM Merchant Locations South
Asia
908MM Cards
$1.6T Payments Volume South
East Asia
Asia Pacific Asia Pacific

Australia,
22% 7% New Zealand &
South Pacific
Demographics and Economic Momentum Create
Environment for Growth
Per Capita
GDP Growth Population Growth Income Growth
(‘12-’16) (‘12-’16) (‘12-’16)
India 9%
6% CAGR CAGR China 8%
5%
(12-16) (12-16) Vietnam 7%
Asia Asia 5%
4.5%
Singapore
Pacific 3.8 B 0.9%

4%
Pacific Indonesia 5%
3% South Korea 4%
2% EU 1.5% EU 0.5 B 0.3% Hong Kong, China 3%

Taiwan 2%
1% U.S. 2.1% U.S.
United States 2%
U.S. 0.3 B 0.8% Australia 2%
0%
2012 2013 2014 2015 2016 EU
Europe 1%
-1% Japan 0%
Source: Oxford Economics (2016) for GDP, Population, Income per capita. Asia Pacific aggregate figures include only for countries where Visa Asia Pacific operates.
$6.1T Cash Opportunity Underpins Growth
China $4.4T Japan

47% $2.3T
$2.1T Asia Pacific
India 68%
$1.5T
$1.1T $11T
86%
$1.0T
South East Asia

55%
$6.1T
$1.3T
76%
$1.0T
Australia $0.6T
21% Total PCE
$0.1T
Cash & Check
Source: Visa analysis of data from Oxford Economics, The Nilson Report, Euromonitor, Haver Analytics, The Bank of Thailand, Reserve Bank of Australia, Federal Reserve, and Statistics New Zealand.
Capturing the Growth Opportunity in Asia Pacific
Drive Digital Expand Access Deepen Partnerships
• Support mobile payments • Expand acceptance reach • Develop new, and deepen
growth across developing markets existing, bank and merchant
partnerships
• Ensure online transaction • Deepen acceptance in new
security through Visa risk segments in developed • Build partnerships with new
assets markets ecosystem entrants
• Grow eCommerce solutions • Reach new users with QR • Co-create innovative payment
in key markets and contactless and commerce solutions
Powerful Client Roster Provides Strong Foundation
Australia Japan China Merchants
Significant PV with 3 Significant PV with 5 Significant PV with 6 of Strategic partnerships
of 5 top issuers of top 5 issuers 7 top issuers* with key merchants
Sumitomo Mitsui Card Corporation
Bank of Tokyo Mitsubishi UFJ
Credit Saison
Rakuten Card
(* Based on international scheme

only, excludes CUP)
Source: Visa Operating Certificates, Country estimates of client portfolio share for Australia, Japan, and China
Acceptance Growth Strategies Tailored to Stage
of Market Development
Emerging Developing Developed

Myanmar, Indonesia, Malaysia, Thailand, Hong Kong, Australia, New
Philippines, Vietnam, India, Sri Lanka Zealand, Singapore, Japan,
Nepal, China * Taiwan, Korea
• Focus on acceptance growth • Focus of acceptance growth • Focus on acceptance

in core merchant categories in core and ‘Long tail’ growth in Informal Sectors,
• POS Terminal, QR Code, merchant categories Untapped segments (eg.
mPOS acceptance methods • Product innovation as well Transit)
• ‘Push Payments’ as standard POS Terminal, • Advanced products
QR Code, mPOS acceptance • E-comm acceptance
• Risk and fraud products methods products (Checkout, 3DS2.0)
• E-comm acceptance • New business models
products (Checkout, 3DS2.0)
* China is a developed market for CUP/Alt Payments etc. but Visa acceptance is still low making acceptance growth a key priority
Leverage Digital Assets
Push Consumer
Risk Assets Tokenization Contactless Payments Enrollments
32% 90,149 28% $4B 1.3MM

of total Issuers live, % of total F2F Volume Consumer accounts
eCommerce wallet programs transactions
volume launched
Source: Risk Assets: VisaNet May, FY17; Tokenization: May, FY17; Contactless: VisaNet CY16Q4; Push Payments: Internal Report annualized based on Q2 FY17; Visa Checkout: Internal Report February 2017
India – Impact of Demonetization
Demonetization Government Push Significant Growth

Effect for Digital Payments in Everyday Spend
1.8X • Waiver of import duty on • Fuel 3.2X

POS transaction growth POS terminals • Food & Grocery 1.9X
• Tax breaks
1MM • Common QR standard
•
•
Dept. Stores 1.8X
Restaurants 1.8X
New Acceptance Points*
• 86% of currency demonetized • Drive usage through consumer and • Growth driven by non-
• Cash shortage drove digital merchant incentives discretionary, everyday, low ticket
payments growth • Pushed deployment of 1M spend
incremental POS terminals
Source: POS transaction, Acceptance Point growth: Reserve Bank of India, monthly data, Mar’17 vs. Jul-Oct’16 average; Demonitization percentage: Reserve Bank of India; Growth in everyday spend: VisaNet March’17 vs. Pre-demonetization 12 week average.
*Acceptance Point: POS Terminal or a QR Acceptance Location
Capturing the Opportunity in India
Expanding Delivering Digital

Growing Debit
Acceptance Innovation
200MM
Incremental Card Issuance 10MM (4X) 25%
Acceptance points Contactless and QR
2X transactions
Transaction Growth
• $1T cash displacement opportunity • Expand traditional and digital • Investment in QR, tokenization,
remains • Focus on underpenetrated Visa payWave, Visa Checkout
• Investment in debit marketing and categories • Support government digital
activation • Scale acceptance through FinTech payments push, cashless cities
partnerships
Source: India targets over the next 3-5 years; Cash displacement opportunity data: Visa estimates based on Oxford Economics and Euromonitor.
Capturing the Opportunity in Japan
The Debit Opportunity Focus on Processing to Government Partnership
Deepen Value Creation Key to Digital &
Cards (M) PV ($B) % Processed Contactless
6X 3X
5X
32%
4
4 17%
FY16 3-5 FY16 3-5 FY10 FY16 3-5

years years years
• $1.5T cash displacement opportunity • Deepen value creation for clients by • Interoperable contactless key
• Targeting 27 new debit issuers rolling out value added services e.g. focus for Tokyo 2020 and Visa’s
(currently 17) risk solutions, tokenization, etc. digital strategy
Source: Debit Cards, PV: FY16 Operating Certificates, Japan targets over the next 3-5 years; Processing Penetration, VisaNet; PCE Data: Visa estimates based on Oxford Economics and Euromonitor
Capturing the Opportunity in South East Asia
Sizable Fast-Growth Markets Focus on Digital to Capture Opportunity
8%
10%
PCE $T & ’13-’16 CAGR $1.3T
2%
8%
10% 8%
13% 4%
SEA
Digital issuance and acceptance
key to future growth
Cards ACH Cash
• Fastest growing AP region with $1T cash • Scaling deployment of digital solutions
displacement opportunity (76% of PCE) • Acceptance Development Programs
• Visa has leading share in 6 out of the 7 markets
Source: SEA PCE and 13-16 growth: Visa estimates based on Oxford Economics, Euromonitor, Bank of Thailand
Capturing the Opportunity in Australia
Advanced Market With Deepening Processing Contactless Leader
Significant Opportunity Penetration
% of face-to-face transactions
Cash Electronic 97% Taiwan

30%1
21% 79%
88%
52%1 22%
82% Hong Kong
Singapore
FY16 FY17 84% Australia 66%

3-5 years New Zealand
• $100B cash displacement • Deep partnerships to drive VisaNet • Continue roll-out of contactless
opportunity remains processing growth payments
• Enables advanced value-added • Lays platform for Future of
solutions to partners (e.g. risk and Payments and digital collaboration
loyalty solutions) with partners
Source: 1PayWave penetration with collection-only reported transactions included.
PCE & Cash penetration: Visa Estimates from Oxford Economics, Euromonitor; Processing penetration: VisaNet and OpCerts Q2, FY17, Australia 3-5 year target, Contactless penetration: VisaNet
Capturing the Opportunity in China… Long-Term
• Strong existing China business and

deep client partnerships;
– Leading share (among international
schemes)
– Strong cross-border growth
• Significant long-term growth

opportunity
• Preparing for, and executing on,

market entry strategy
• Highly competitive market, requires

tailored strategy
Key Takeaways
• Asia Pacific represents an attractive

opportunity for growth
• Powerful client roster provides

strong foundation
• Acceptance growth strategies tied to

market maturity
• Digital assets and leadership are key

Europe
Bill Sheedy
CEO, Europe
Key Takeaways
• Acquisition integration on track
• Market structure and diversity present

growth opportunities
• Complex regulatory landscape creates
challenges and opportunities
• Digital capabilities position us to compete
with faster payments
• Engaging with merchants and domestic
processors to accelerate our processing
growth
Europe Acquisition Integration Status Update
Leverage Global Scale
Deliver Innovation and Digital Capabilities
Deepen Client Relationships and Secure Volumes
Transform from Association

Leverage Global Scale
Our Thesis Status
• Bring benefits of global scale and resources • Acquisition integration on track
• Fully integrate systems • Streamlined organization and outperforming

on cost metrics
• Achieve efficiencies in headcount, purchasing,
and technology
• Capture $200MM in pre-tax cost synergies
annually by FY20
Deliver Innovation and Digital Capabilities
Our Thesis Status
• Accelerate roll-out of innovation platforms and • Accelerated launch of Visa Checkout and
solutions including Visa Developer Platform, Token Service
Checkout, and Token Service
• Opened London innovation center and
• Leverage strategic partnerships launched Visa Developer Platform
• Enhance product suite with value added • Leveraging global partnerships like PayPal
services such as TrialPay, Cardinal Commerce, and Uber
and CyberSource
• Initiated fresh product roadmap across
Europe
Deepen Client Relationships and Secure Volumes
Our Thesis Status
• Deliver a seamless experience for global clients • Migrating to longer-term contracts with
performance triggers
• Facilitate client growth via innovative products,
services and competitive mindset • Unified global client service
Transform from Association
Our Thesis Status
• Improve net revenue yield • Introduced faster decision-making and

international pricing
• Align pricing with client value
• Net revenue yield exceeding our
• Instill client-centricity in culture and decision-
expectations
making
• Strengthening management team
Europe
45 Countries and Territories Nordics &
Baltics
3,302 Financial Institutions
13MM Merchant Locations UK&I Central &
$1.7T Payments Volume Central Eastern
542MM Cards France Europe Europe
South
Southern Central
Europe Europe
Europe Region Europe Region
24% 22%
$3.5T Cash Opportunity Underpins Growth
Norway
• Strengthening cross-border flows from single
$0.2T
economic union
9%
$0.02T • New payment models driven by technology
UK and regulation
$1.4T • Broad diversity in economies, payments
Germany
27% France maturity, and domestic landscape
$0.4T
$1.1T
$1.6T Europe
40%
26%
$0.3T
$0.6T $8.6T
Italy 41%
$0.9T $3.5T
62%
$0.6T Total PCE
Cash & Check

Note: PCE defined as Purchase PCE (does note include non-financial transactions)
Source: Oxford Economics & Haver Analytics (2016) for PCE; Euromonitor & The Nilson Report (2016) for Cash & Check penetration in PCE
Managing a Complex Regulatory Landscape
Fee caps on credit and debit interchange; separation of scheme & processing
Interchange Fee
regulation Our response: maintain active dialogue with regulators and implement compliant,
commercially-focused structure
Strong authentication, faster funds and open banking

PSD2 Our response: roll out robust authentication tools, support clients in navigating
changing landscape, explore options to expand capability set
36 National Regulators, EU Institutions, Standards Bodies, and Industry Associations

Local and National
Regulation Our response: strengthen local market presence and government relations
efforts to influence and shape the evolving requirements
Capturing the Growth Opportunity in Europe
Drive Digital Expand Access Deepen Partnerships

• Drive mobile, digital and IoT • Close key acceptance gaps • Partner with new European
players
• Grow eCommerce in key • Penetrate P2P, G2C, B2C, B2B
markets with debit and Visa • Engage Merchants and
Checkout • Leverage contactless to Acquirers
displace cash
• Collaborate and co-develop • Deepen engagement with
domestic processors
• Partner with Governments
Digital Growth will Accelerate in Europe
UK eCommerce Europe Developed Markets*
2016 2016 36%

31% Cross Border PV
eComm (e-Comm)
64%
Domestic PV
6 ppt (e-Comm) 16 ppt
increase increase
69%
Non-eComm
Source: VisaNet and Operating Certificate data (2013 to 2016)

*Selected countries: Denmark, France, Germany, Italy, Luxembourg, Norway, Sweden, UK
Contactless is Key in Europe to Convert Cash
Contactless Monthly Contactless • Europe leads the world in contactless

Penetration of Transit Transactions infrastructure
Face-to-face (MM)
Transactions
22
− More than 160MM contactless cards
+88% CAGR 39% +91% CAGR
with 30% penetration
6 − 4.6MM contactless terminals,

expanding 62% in 2016
11%
• Mandates driving contactless on all new
cards from 2016 and all terminals by 2020
2015 Today
2017 2015 Today
2017
Source: VisaNet (2015, 2017) for Contactless penetration and Transit transactions; RBR (2016 Report) for Contactless terminals; Visa Operating Certificate (2016) for Cards
Engaging with Merchants and Domestic Networks
to Drive Processing Growth
European Processing Visa Processing
• Room for growth: despite being • Market leader: our large client base will
Europe’s largest payment brand, Visa look to Visa for support
processes less than 15% of the 180B • Geographic expansion: opportunity
interbank transactions to expand beyond our four key markets
• Fragmented market: top 10 players via investment, partnership and
represent less than 60% of card acquisition
payments • Expand beyond core network
services: CyberSource, APIs, token, etc.
• Consolidation trend: clients and
networks require scale and greater
functionality
Source: VisaNet (ERIC & GMBS, 2016) for Visa Processing, Key Markets; European Payment Report - HSBC Global Research (Sept 2015) for Interbank Transactions, Top 10 Players
Capturing the Opportunity in the UK
Leading Debit Base Growth Opportunity Unique Visa Assets
103M $2.7T
1 Unparalleled bank relationships
PV opportunity across P2P, G2C, B2C and B2B
65M
2 Strong consumer brand
• Card well-positioned to capture growth
3 Established VisaNet platform
• Regulatory enablers
• Visa Direct
Visa Cards Total − Open Banking
Population • Open Checkout
− PSD2
• Cybersecurity
− Faster Funds mandate
• VisaNet integration a key
enabler
Source: Visa Operating Certificate (2016) for Cards; Office for National Statistics (2017) for Population; McKinsey Global Payments Map – UK Country Level (2015) for Opportunity
Capturing Germany’s Growth Potential
Starting Position Opportunity Path to Accelerate

$649B
• Expand acceptance: 1MM terminals
to 2MM
• Drive contactless: increase
penetration from 10% to 100%
38MM 41MM • Introduce digital services:
• Tokenize V Pay cards
• Launch Visa Checkout
Visa Debit Total Cash and Check
Cards Households • Shape consumer perceptions via
brand and larger market presence
• Promote Visa capabilities versus
• $41B Visa Payments Volume • Largest single cash local processors
opportunity in Europe
Source: Euromonitor & The Nilson Report (2016) for Cash and Check; Retail Banking Research (2016 report) for Terminals; Visa Operating Certificate (2016) for PV & Contactless penetration
Poland: Drive to a Cashless Economy
Government-led
cashless drive Opportunity Path to Accelerate
“Our goal is to digitize the A leading contactless market Visa/bank Market Development
economy and society to • 70% of Visa transactions and 90% of Fund
deliver a paperless, cashless terminals
Poland. Our vision is … an $170MM investment to:
Rapidly growing card
entirely digital, cashless
penetration (since 2009) • Double acceptance over the next 4
society”
• 250% increase in acceptance years
Deputy Minister for Development, • PCE penetration nearly doubled
Tadeusz Kościński – June 2017 • Introduce loyalty solutions and Visa
• 400% growth in card transactions Token Service
Driving value from Visa network
• Expand preference and cross-border
Objective: From 20% to 80% • 80% PV transactions Visa-processed volumes via trusted brand campaigns
cashless payment penetration
in a few years
Source: Oxford Economics (2009, 2016) & Haver Analytics (2016) for Penetration of PCE; VisaNet (ERIC, 2016) & Visa Business & Economic Insights (2016) for Contactless transactions, Visa Processed transactions & Terminals; National Bank of Poland (2009,
2016) for card acceptance, Visa Operating Certificate (2016) for Card transactions
Key Takeaways
• Acquisition integration on track
• Market structure and diversity present

growth opportunities
• Complex regulatory landscape creates
challenges and opportunities
• Digital capabilities position us to compete
with faster payments
• Engaging with merchants and domestic
processors to accelerate our processing
growth
Technology at Visa
Rajat Taneja
EVP, Technology and Operations
Key Takeaways
• Technology is a vital pillar of Visa’s
business
• The Visa network is engineered to
provide unmatched reliability, security,
and scale
• We are transforming our technology
infrastructure to drive the future of
payments
• We employ best-in-class cyber defense
tools to protect the Visa network and
the broader ecosystem
• Our Technology furthers our innovation
and product agenda
Visa Pillars
Visa Brand
Operating Technology
Regulations
Visa’s Technology
Network
Processing
Data
Platform Digital
and Solutions
Products
Technology SOFTWARE
Merchant Issuer
and Acquirer Processing
Processing
Hardware
100B+
Storage
Mainframes
Processed
Transactions
Arrays
160
Currencies
200+
Countries and
Open territories
Systems Network
Source: Visa operational performance data for CY 2016 including Europe in all periods
Data Centers
• Multiple data centers

interconnected via multiple
high-bandwidth circuits
• Redundant connectivity, power
and cooling systems
• Data replication across centers
for seamless failover
• Designed to support processing
growth for the next 15 years
Global
Telecommunications
Network
Visa Data Center
Internet Exchange
Client Data Center

Global
Telecommunications
Network
MPLS VPN network

covering a total distance
of more than 10 million
miles
Visa Data Center
Internet Exchange
Client Data Center

New On-Ramps to VisaNet
Financial Merchants
Institutions Partners
Open Access
Visa Developer Portal
Standards-Based, Rest APIs, Interoperable, Adaptive, Software Development Kits
Visa Checkout Transaction Controls mVisa Card-Linked Offers Digital Commerce App
Digital Products
ATM Locator
Visa Direct Mobile Location Visa Transaction Alerts Visa Commerce Network
Confirmation
Visa Token Service DigitalPayments

Cloud-Based Platform Shared Platform Services
Registration Card Payment Payment Value-add Alerts

and profile validation tokens methods services
• Register user • User validation • Provision SE • Scan QR • Loyalty • Alert
• Register service • Service validation • Provision HCE • Tap NFC • Reward • Inform
• Register card • Account validation • Provision CoF • Stream ecommerce • Offer • History
• Administrate • Card validation • Provision other VisaNet • Push P2P • Credit
Evolving VisaNet
VisaNet
Egypt
Cambodia
Indonesia
Payment Security
Protect Data Harness Data

Safeguard payment data Stop fraud before it occurs
• Encryption • Detection
• PCI • Disruption
• Exchange
Data • Authentication
Devalue Data Empower Consumers

Render data useless Engage cardholders in
payment security
• EMV chip
• Tokenization • Alerts
• Digital controls
Cyber Security
Detection
Vulnerability
and
Management
External Response
Threat Data
Security
Intelligence
Risk Malware
Intelligence Prevention
Identity and
Access
Management
Intelligence-Driven Security Architecture
Moving from Reactive to Proactive
Threat Detection
Rules 6B
events/day
External Threat Neural Networks Cyber

Sources Indicators mine data for Defense
feed into Visa’s emerging threats
Threat Intelligence
Fusion Platform per
Instrumentation
day Monitoring
Hardware, software, and
network
Supporting Our Innovation Agenda
• Driving innovation through client co-

creation sessions
• Building rapid prototypes of next
generation payment experiences
across industries and cardholder
scenarios
• Exploratory engineering in blockchain,
IoT, VR
Key Takeaways
• Technology is a vital pillar of Visa’s
business
• The Visa network is engineered to
provide unmatched reliability, security,
and scale
• We are transforming our technology
infrastructure to drive the future of
payments
• We employ best-in-class cyber defense
tools to protect the Visa network and
the broader ecosystem
• Our Technology furthers our innovation
and product agenda
The Power of the Visa Brand

Lynne Biggar
Chief Marketing & Communications Officer
• Visa has a category-leading brand in

the U.S. and globally
• The Visa brand drives substantial

value to clients, and to us
• Our partners amplify our brand

investment
• We continue to evolve our brand

and our programs to stay relevant
today and in the digital world
The best way to pay and be paid, for everyone, everywhere
Acceptance Security Confidence Frictionless

Visa Has a Category-Leading Brand in the U.S…
Credit/debit cardholder brand preference
68% 16%
Brand A
10%
Brand B
66% 12% 16%

Affluent** Affluent** Affluent**
69% 18%
Non-Affluent**
6%
Non-Affluent** Non-Affluent**
69% 17%
Millennials**
8%
Millennials** Millennials**
68% 15% 10%

Non-Millennials** Non-Millennials** Non-Millennials**
U.S. Credit/Debit Cardholders are aged 18+ and own a credit/charge card and/or debit card. **Affluent have household income of $100,000 or more. Millennials are defined as aged 18-34. Question: Which of these brands of payment card (credit/charge/debit)
do you most prefer? Please select one answer. Sources: Simmons National Consumer Study, Summer 2016, (Nationally representative sample of 800 re-contacts projected to a sample of 25,343 U.S. adult credit and/or debit cardholders aged 18+); Simmons
Proprietary Research Study, Summer 2016.
…and Globally
9.4x Multiple of Visa’s lead over next largest global payment network
7.1x in consumer brand preference
5.4x
5.2x
4.7x
4.0x
3.8x 3.7x
3.3x
2.8x 2.8x
2.5x 2.4x 2.3x
2.0x
1.7x 1.6x 1.6x 1.5x 1.5x
1.2x 1.2x 1.2x 1.1x 1.1x
Taiwan
Dom. Rep.
South Korea
Peru
New Zealand
Canada
Panama
China
UK
Costa Rica
Hong Kong
Russia
Mexico
Colombia
Argentina
Chile
Greece
Singapore
France
India
Australia
Japan
Brazil
Puerto Rico
UAE
Source (all countries except UK, France, Greece): Brand Vitality Assessment (BVA) is an on-going quantitative survey commissioned by Visa and conducted by an independent research firm, FactWorks GmbH, among consumers age 18-70 (18-54 in China, Singapore, Hong Kong, Taiwan, South Korea) who have
ever used any payment brand. Data collected in 2016. Sample size varies by country, with a minimum of 600 and a maximum of less than 4,000. The most preferred brand is defined as the brand that has received a score of 5, or a lower score that is higher than for any other brand. Source (UK, France, Greece):
Brand Health Check is a quantitative survey commissioned by Visa Europe and conducted by an independent research firm, Millward Brown, among consumers age 18-64 who have a bank account. Data collected in 2016. Sample size is 400 per country. Question (all countries except UK, France Greece): Please
indicate the extent to which you have a preference for each of these brands: 1. A brand I would never consider 2. A brand I would only consider if I had no choice 3. A brand I would consider 4. One of my favorite brands 5. I prefer this above all others [5 is exclusive and can only be chosen for one brand].
Question (UK, France, Greece): How likely are you to consider choosing each of these brands when you pay for something in person? By this we mean when you are physically in a shop, or any transaction that is not made using the internet: 1. It would be my first choice 2. I would seriously consider it 3. I might
consider it 4. I would not consider it. If only one brand chosen as “It would be my first choice” otherwise ask: Which one of your first choices, if any, are you most likely to choose?
Brand Preference Links to Higher Share of Wallet
Multiple of spend when Visa is most preferred
12X 6X
7X 7X
6X 6X
5X 5X
4X 4X
China Japan Canada Australia UAE Brazil Russia U.S. Mexico
Footnote: Share of Wallet 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
or mortgage payments). Source: Brand Vitality Assessment Survey (BVA) is an on-going quantitative survey commissioned by Visa and conducted by an independent research firm, FactWorks GmbH, among consumers age 18-70 (China 18-54) who have ever
used any payment brand. Data shown is for 2016 calendar year. 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 entered above, what percentage did you spend using each of the following? Please provide your best estimate. Chart is not to scale. Does not include European region.
Visa’s Brand Drives Value for Merchants
When Visa Signage is on U.S. Merchant Door, Consumers Are…
2.6x more likely to think merchant is reputable
1.9x more likely to enter an unfamiliar store
2.2x more likely to return for repeat purchase
Source: 2016 Value of Visa Research, U.S., is a quantitative survey commissioned by Visa and conducted by an independent research firm, Ipsos LLC. The study was conducted in the United States in November, 2016. Note: Lift is relative to absence of signage.
Clients View the Visa Brand as a Differentiator
% Reporting Visa Brand Stronger Than Competition
Financial
79%
Institutions
79%
Merchants 76%
Source: FY17 Visa Client Engagement Study. Q: How would you rate Visa compared to alternative network partners in [Strength of brand to cardholders]? 1 Much worse – 5 Much better. Note: figures above are sum of “4-Somewhat better” and “5-much better.”
Sample: 1,070 FIs and 324 merchants.
Harness the Brand to Drive Outcomes – For Visa and For Clients
Sponsorships Now Amplify Client Messages: Rio Olympics
Past Olympics Rio 2016
Bradesco Wearable Samsung Pay Uber RioPool
United MileagePlus Co-Brand Costco Acceptance Best Buy + Visa Checkout

Using the Brand to Drive Outcomes – For Visa and For Clients
Visa brand umbrella amplifies issuer marketing actions in India
Brand Presence is Increasingly Delivered Digitally
Growth of Digital Spend
(U.S. Example)
>50%
55%
30%
30%
2013 2017
Source: Visa financial results FY13. Visa financial predictions FY17. Note: Traditional media includes TV, radio, print, out-of-home signage. Digital media includes online/internet, search and social.
Our Brand Extends as Point of Sale Evolves…
Storefront eComm / mComm
In Store Mobile Pays

…and Will Continue to Transform for the Future
In Home On the Go
On the Road On You

Visa: The Investment Proposition

Vasant Prabhu
Chief Financial Officer
Visa: The Investment Proposition
• The Global Growth Opportunity

• Visa’s Core Assets
• Capturing the Growth Opportunity
• Managing the Challenges
• Visa’s Track Record
• The Growth Model
• Capital Allocation Priorities
The Global Growth Opportunity
• $17 Trillion cash and check

conversion opportunity
• Growth is approaching an inflection
point, one of four over Visa’s 60 year
history
• Connected devices could drive a
massive expansion in use cases and
acceptance points
• Significant opportunity to accelerate

payments volume and transaction
growth
$17 Trillion Cash and Check Conversion Opportunity
Cash and Check Opportunity
USD, 2016
Europe
CEMEA
$3.5T $2.4T
North America
$3.2T
Asia Pacific
$6.1T
LAC
$1.8T
Source: Visa analysis of data from Oxford Economics, The Nilson Report, Euromonitor, Haver Analytics, UK Card Association, the Central Bank of the Russian Federation, The Norges Bank, The Swiss National Bank, The Bank of Thailand, Reserve Bank of Australia,
Federal Reserve, Statistics New Zealand, Saudi Arabian Monetary Agency and the Central Bank of Ireland
Growth is Approaching an Inflection Point,
One of Four over Visa’s 60 Year History
Inflection Points
Opening the The Platform eCommerce goes Visa is Everywhere
Network as a Service mainstream You Want to Be
1960’s 1970’s 1990’s 2010’s

3 | Opportunity Through New Inflection Points | June 7, 2017 4 | Opportunity Through New Inflection Points | June 7, 2017
(1960) (1975) (1995) (2016)
Cards <1 Million ~40 Million ~450 Million 3 Billion+
Payments <$1 Billion ~$10 Billion ~$600 Billion $7 Trillion+

Volume
Connected Devices Could Drive a Massive Expansion
in Use Cases and Acceptance Points
3B+
cards
~30B
ways to pay
44M
merchant locations
~400M
ways to be paid
Significant Opportunity to Accelerate Payments Volume
and Transaction Growth
1 2 3
Conversion Shift to Digital Expanding to
of Cash Commerce New Segments
$17T in cash and check $2T sales, 5X growth rate vs physical $30T+ addressable spend
2X higher Visa share than physical
P2P
G2C
B2C
B2B
Source: Visa analysis of data from Oxford Economics, The Nilson Report, Euromonitor, Haver Analytics, UK Card Association, the Central Bank of the Russian Federation, The Norges Bank, The Swiss National Bank, The Bank of Thailand, Reserve Bank of Australia,
Federal Reserve, Statistics New Zealand, Saudi Arabian Monetary Agency, the Central Bank of Ireland, eMarketer (2017), comScore (2016), McKinsey & Company (2017), EIU (2017)
Visa’s Core Assets
The resources of the four-party network reinforced

by new strategic partners
The scale, reliability and security of VisaNet
The power of the Visa Brand
Financial resources of Global Visa

The Resources of the Four-Party Network Reinforced
by New Strategic Partners
Issuance Acceptance
3B+ 13,000+ 3,000+ 44M

cards issuers acquirers merchant locations
Strategic Partners
Governments

The Scale, Reliability and Security of VisaNet
• 100+ billion processed transactions

Scale • 160 currencies processed
• 200+ countries
• Multiple data centers connected via multiple high bandwidth circuits

Reliability • Redundant connectivity, power, and cooling systems
• Data replication across centers for seamless failover
• Multiple layers of security

Security • Intelligence driven security
• Moving from reactive to proactive
Acceptance Security Confidence Frictionless
The best way to pay and be paid, for everyone, everywhere.

Financial Resources of Global Visa
(2011- 2016)
High Growth High Margin High Cash

Net Revenue Operating Profit Cumulative Operating
Growth Margin Cash Flow
10% Mid-60’s $30B+
Note: For a reconciliation of our GAAP to Non-GAAP financial metrics, please refer to our annual reports on form 10K.
Capturing the Growth Opportunity
Growth
Pillars
Drive Digital Deepen Partnerships Expand Access
Develop Best Talent
Foundational
Pillars
Transform Champion Leverage
Technology Security World-Class Brand
Deepen Client Partnerships: Banks
Marketing Digital &

Innovation
Fraud
& Risk
Core
Products
Consulting STIP
Loyalty
& Offers
Acquiring
Deepen Client Partnerships: Merchant
Marketing Digital &

Innovation
Fraud
& Risk
Acceptance
& Operations
Consulting
Loyalty
& Offers
Co-Brand
Drive Digital
Tapping into Creating Next
Digitizing Accelerating
New Use Cases New Payment
eCommerce
Generation
Physical POS Flows Experiences
Partners
VisaNet
Strategic APIs
Product Payments Core Risk Value-Add Insights Ecosystem
Packages Enabled Offerings Mgmnt. Services
Foundation Visa Developer Platform

Drive Digital
Accelerating Next Gen

Digitizing the POS New Payment Flows eCommerce Commerce
• “Pays” and HCE • Visa Direct • Visa Checkout • Internet of Things

• Scan & Pay • Token Push & Controls • Innovation Centers
Expand Access
Expand Issuance
+ Expand Acceptance
Core Products Cheaper, faster, smarter POS solutions…

• Credit • Smart POS
• Debit • Contactless
• Pre-paid • mPOS
• Commercial • QR
Expansion Products …enable significant merchant expansion

• Virtual Cards • New merchant categories
• Visa Direct • New segments
• B2B Connect • Expanding markets
Transform Technology
Transform Technology
Champion Security
Protect Data Harness Data

Safeguard payment data Stop fraud before it occurs
• Encryption • Detection
• PCI • Disruption
• Exchange
Data • Authentication
Devalue Data Empower Consumers

Render data useless Engage cardholders in
payment security
• EMV chip
• Tokenization • Alerts
• Digital controls
Leverage World Class Brand
Attract Best Talent
Global / Local Experienced Investing in

Leadership (VP+) Areas of Growth
69 42% 16% 65%

countries with Visa staff
>10 years <2 years growth in Technology
& Innovation
Tailoring Our Approach by Market
Market Characteristics Approach
Terminals PCE GDP per Capita
per 1,000 pop Penetration ($K)
• Provide innovative, convenient ways to pay and be paid

(contactless, IoT, PAYs)
• Partner with technology disruptors to create new payment
Developed >15 >20% >$25 experiences
• Expand into new segments and categories
• Provide innovative merchant solutions
• Offer full range of products: affluent credit, commercial,
pre-paid, etc.
• Massively expand acceptance, targeting everyday spend merchant
Developing 5-20 10-25% $5-$25 categories
• Grow preference for Visa cards versus alternatives
• Introduce and grow core products: debit, credit and prepaid
• Build acceptance in core categories – emphasis on mobile/digital
Emerging <5 <10% <$5
Note: PCE penetration includes both credit and debit cards
Source: Visa Business and Economic Insights analysis of data from Oxford Economics, The Nilson Report, Euromonitor, Haver Analytics, UK Card Association, the Central Bank of the Russian Federation, The Norges Bank, The Swiss National Bank, The Bank of
Thailand, Reserve Bank of Australia, Federal Reserve, Statistics New Zealand, and Saudi Arabian Monetary Agency; Primary: Euromonitor Passport Database, Secondary: Timetric, Lafferty and RBR-EFTPOS; World Bank – World Development Indicators (CY2015)
Managing the Challenges
National Payment
Faster Payments Technology Disruptors
Schemes
• Compete aggressively with new • Expand real-time Visa Direct • Develop deep commercial
products & innovation product capabilities around the partnerships that support and
• Continue driving preference among world globally expand the four-party model
issuers, merchants, and consumers • Partner with key global platforms • Make Visa the commerce platform of
to embed Visa Direct as preferred choice for any and all developers
• Use scale advantages to fund local
payment method
investments in brand, acceptance, • Compete vigorously where needed
and new features
Visa Advantages
• World-Class Brand • Proven Real Time Network (VisaNet) • Established Connection
• Global Acceptance • Push Payment Capabilities (Banks/Merchants)
• Superior Products (Visa Direct) • Open Access to VisaNet and Visa
• Digital and Innovation • Established Operating Regulations Services via API (Visa Developer
• Scale • Trusted Brand Platform)
Visa’s Track Record
Operating Performance
Net Revenue ($B) x Operating Leverage (% Margin) = Operating Income ($B)
CAGR 10% +7 ppts CAGR 13%
59.0 66.0
10.0
15.1
9.2 5.5
2011 2016 2011 2016 2011 2016
Tax Rate (%) Weighted Average Shares Outstanding (B) 1 EPS ($)
-7 ppts -15% Total CAGR 18%
36.3
29.1
2.8 2.84
2.4
1.25
2011 2016
2011 2016 2011 2016
1) Includes issuance of preferred stock convertible into approximately 79M of class A common stock in June 2016. Figures shown for fiscal year ending September 30 on adjusted Non-GAAP basis and excludes one-time, non-recurring items. For a reconciliation
of our GAAP to Non-GAAP financial metrics, please refer to our annual reports on form 10K
Visa’s Track Record
Shareholder Value Creation
Dividends ($B) Stock Buybacks ($B) 1
$5.4B (2011-16) $25.6B (2011-16)
1.4 7.1
1.2
1.0 5.4
0.9 4.6
0.6 3.2 2.9
0.4 2.4
2011 2016 2011 2016
Stock Price Performance (%) 2 Total Shareholder Return (%) 2

243
231
Visa 105
81
84
78 S&P 500 34
21 25 22 17
15
1 Year 3 Years 5 Years 1 Year 3 Years 5 Years
1) Includes funding of U.S. litigation escrow account which dilute class B common stock through adjustment to the conversion rate (2011: $1.2B, 2012: $1.7B, 2014: $0.5B)
2) Calculated as of May 31, 2017
Figures shown for fiscal year ending September 30

The Growth Model
Payments
Net Operating
Volume & Operating Financial EPS
Revenue Income
Transaction Leverage Levers Growth
Growth Growth
Growth
The Growth Model – Net Revenue Growth
PCE Growth PCE Penetration
Market Growth Market Share
Value Added
Net Pricing Volume Growth
Services
Net Revenue
Growth
The Growth Model
Net Revenue Growth Contribution
(2011-16 Constant Dollar)
All
Other
(20%)
PCE PCE
Growth Penetration
(20%) (60%)

The Growth Model – Client Incentives
Why Why Why
The Bottom Line
Client Incentives? High Growth? Difficult to Forecast?
Client incentives are
• Drive Payments Volume • Growth of Payments • Timing of renewal a means to an end…
and Transaction growth Volume and Transactions driving volume
• Terms of renewal
• Incent “win-win” • Exclusivity & Net Revenue
outcomes • Actual volumes/mix (2011-16 CAGR)
• Longer contract terms vs.
• Secure multi-year Forecast volumes/mix Payments
contracts • Issuer consolidation 9%
Volume
• Ensure price • Expansion to U.S. Processed
Merchants and Acquirers 10%
competitiveness Transactions
Net Revenue 10%
Nominal dollar basis fiscal year ending September 30

The Growth Model – Operating Leverage
Volume Growth
Variable Cost Fixed Cost

Productivity
Growth Inflation
Core Expense
Investments
Growth
Operating Expense
Growth
The Growth Model – Operating Leverage
Operating Drivers of Components of
Expense1 Operating Leverage Expense Growth
• Economies of scale (fixed vs.
(Illustrative)
9-10%
Support
variable cost mix)
Functions2
15% • Productivity and purchasing 6%
Technology savings
Related
Brand 35%
Related
20% Offset by ...
Product,
Sales and • Wage and expense inflation
Service
Volume Growth
Productivity
Investment
Expense Growth
Scale
Inflation
Related
30% • P&L investments in new
capabilities and growth programs
1. Fiscal year 2016. Excludes certain items that are either non-recurring or have no cash impact
2. Support Functions include Finance, Legal, Risk, HR, Strategy and Government Relations
The Growth Model – EPS Growth
Components of EPS Growth
(2011-16 Constant Dollar)
Financial Stock
Levers Buybacks
(30%)
Net
Tax Rates Revenue
Growth
Operating
Leverage
Operating
Levers
(70%)

Capital Allocation Priorities
1 Invest to Fund Growth Initiatives
2 Pay 20% to 25% of EPS in Dividends
3 Return Excess Cash Through Stock Buybacks
4 Manage Capital Structure to Sustain Debt Ratings

1 Invest to Fund Growth Initiatives
Capital Investments P&L Cash Investments

• Invest to fund growth programs
(2011-16) (2011-16)
• Acquire or invest in new
$2.7B ~$3-3.5B
technologies / capabilities
Selective Acquisitions and Investments

(2011-16)
Acquisitions
~$24B
Europe
2010 2011 2012 2013 2014 2015 2016 2017

Minority
Investments

2 Dividends
Payout Ratio (%) Dividends
20 (2011-16)
$5.4B
20% - 25% 12
Payout Ratio
2011 2016
3 Stock Buybacks
Buybacks 1 Weighted Average Shares Outstanding (B) 2
(2011-16)
Deploy “excess”
$25.6B
2.8
cash to buyback 2.4
stock
2011 2016
1) Includes funding of U.S. litigation escrow account which dilute class B common stock through adjustment to the conversion rate (2011: $1.2B, 2012: $1.7B, 2014: $0.5B)
2) Includes issuance of preferred stock convertible into approximately 79M of class A common stock in June 2016

4 Manage Capital Structure to Sustain Debt Ratings
Current Rating: S&P (A+/A-1) / Moody’s (A1/P-1)

Target Leverage: 1.2x – 1.5x Gross Debt / EBITDA
Gross Debt / EBITDA (x LTM) 1 Debt Maturity Schedule ($16B) Cash and Investments ($10.8B)
4.0
1.5
1.4 3.5
(At 3/31/17)
1.3 3.0
2.25
1.75 4.0
1.5
Required
Backstop for
Settlement
6.8
12/31/15 9/30/16 3/31/17 2017 2020 2022 2025 2035 2045
1) EBITDA is a Non-GAAP metric defined as Operating Income plus Depreciation and Amortization, pro forma for the acquisition of Visa Europe and excluding one-time, non-recurring items
Summary
• Sizeable global growth opportunity

• Visa has powerful assets to capture
this opportunity
• Well defined strategy and tactics
tailored by market
• Track record of revenue and EPS
growth
• Disciplined capital allocation
• Well positioned to sustain superior
shareholder value creation

Visa Investor Day 2017

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What are Visa's overarching business objectives?

What are Visa's overarching business objectives?

What are Visa's capital allocation priorities?

What are Visa's capital allocation priorities?

2017 Investor Day

June 22, 2017

8:00 am Visa Overview Al Kelly 11:50 am Luncheon

Questions & Answers

10:20 am North America Oliver Jenkyn 3:00 pm Innovation Showcase

10:50 am Asia Pacific Chris Clark

11:20 am Europe Bill Sheedy

There is substantial growth opportunity in payments volume, processed

Our network and our brand are unique differentiators

We have a sound strategy to deliver the growth

We will invest as required to support our strategy

Starting points are different in many markets so our approaches will be

Exponential increase in global Continue to deliver strong

3 Year TSR 5 Year TSR Since IPO

More New Increasing

Excellent Set of Partners

Visa Asia Pacific

The Future requires a focus on innovation and ensuring payments are

The Industry Is Changing and we will continue to adapt

The Basics remain important

1 Conversion of Cash 2 Shift to Digital 3 Expanding Access

Cash & check Growth in digital New acceptance

Regulation Deep engagement with governments

Faster Payments Solutions in market and scaling

New Entrants Partner where possible, compete

China Potential longer-term opportunity

Segmented “go to market” approach

Basics are important

Digital is key to future growth

Client engagement and collaboration is central

Focused on value delivery and solutions for clients

VisaNet evolution and differentiation

Brand is a great asset and shared asset with clients

Develop Best Talent

Global / Local • Employees in an additional

69 • 74% of employees outside

countries with Visa staff

Experienced Leadership • Mix of experienced leaders

42% 16% • Average Country Manager

Source: Visa Data, Europe not included, as of 5/31/2017

Investing in • 79% growth in Digital Products

growth in Technology & Innovation

80+ Countries and Territories Southeast

Source: Operating certificates and Visa Networks CY2016

Source: Operating certificates and Visa Networks CY2016

• An area of great focus and investment

Ideation Visa Innovation

Market Pilot Visa Developer

• Payments industry has plenty of upside

Global Growth Opportunity

Conversion Shift to Digital Expanding to

2012 2013 2014 2015 2016

Physical 91% 85% 4%

• Deliver real-time, seamless experiences

B2B • Still largely based on check and ACH/EFT

Source: McKinsey & Company (2017) and EIU (2017)