Visa Inc. 2017 Investor Day

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 digitalcommerce

– 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

1

Conversion

of Cash

$17T in cash and check

2

Shift to Digital

Commerce

$2T sales, 5X growth rate vs physical

2X higher Visa share than physical

3

Expanding to

New Segments

$30T+ addressable spend

B2B

P2P

G2C

B2C

Significant Opportunity to Grow Payments

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)

Converting Cash and Check Remains a Large Opportunity…

Global Cash and CheckUSD, Trillions, 2016 Constant Dollars

1

$15.6 $15.9 $16.4 $16.6 $17.0

2012 2013 2014 2015 2016

CAGR2%

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

North America

$3.2TAsia Pacific

$6.1T

Europe

$3.5T

LAC

$1.8T

Global Cash and CheckUSD, 2016

CEMEA

$2.4T

…All Around the World

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

CAGR

4%91% 85%

20202016

Digital

Physical

Spend is Increasingly Shifting from Physical to Digital

Note: Total global retail spend excludes travel and event ticket sales Source: eMarketer PRO as of June 13, 2017

2

Total Global Retail Spend

9% 15% 20%

For every $1 dollar spent…

Digital

43¢

…is charged on a Visa card

Visa Benefits Significantly from the Shift to Digital

Note: Both figures exclude China; digital share figure is for desktop expenditure only and also excludes CEMEASource: 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, comScore study (2016)

Physical

15¢

Opportunities Example Partners

P2P

G2C

B2C

B2B

Significant Visa Opportunity within New Segments

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

$5T

$5-1

0T

>$20T

• Prevents misuse of funds, expands financial access,

serves as effective disaster relief instrument

• Real-time disbursement of funds, especially

powerful for the “gig economy”

• Increasingly shifting to electronic and mobile

payment models

• Deliver real-time, seamless experiences

• Still largely based on check and ACH/EFT

• Multinationals seeking cross-border solutions

3

B2B CONNECT

+65%

Visa Direct VolumeUSD Billions

Contract Staffing Marketplaces

Lotteries & Gaming Sharing EconomyFinancial Institutions

Merchants

Government

Enables “pushing” funds to a Visa card

Person

Credit Prepaid

Debit

Visa Direct Extends the Visa Network to Serve New Segments

Note: Q2’16 and Q2’17 are for the fiscal yearSource: VisaNet settlement data

Q2’17Q2’16

$8

$12

The B2B Segment Represents a Significant Growth Opportunity

Travel

Payments1

A/P & Bill

Payments2

US Healthcare

Payments3

Marketplace

Payments4

Global Opportunity ~$1T ~$13T ~$2T ~$3T

Visa Capabilities

• Single use & central

travel accounts

• Online travel agency

payment flows

• Enhanced data (data

aggregators and folio

data)

• Invoice-to-pay

automation

• Tokenized, virtual cards

• Virtual card integration

• Dynamic discounting &

supply chain finance

• Virtual card integration

for hospital procurement

• Patient reimbursement

via Visa Direct

• Medical claim payments

with cards

• Enhanced data

• Self-registration driven

via API

• Integrated payables

(virtual card)

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

Converting cash and check

to Visa cards remains a

significant opportunity in

all parts of the world: $17T in

annual spending

1

Spending is rapidly shifting

from physical to digital,

and Visa captures more than

double its share of spend in

digital commerce

2

Large opportunity to capture

spend in additional segments

(P2P, disbursements, B2B)

3

Capturing Our Growth Opportunity

Drive Digital

Accelerate the growth of digital commerce with simple, secure,

and easy-to-use payment solutions

Deepen Partnerships

Develop deeper partnerships with financial institutions, merchants, acquirers, new

industry partners, and governments

Expand Access

Expand access to Visa products and services globally

Visa’s Partners Are Critical to Our Growth and Success

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.

Issuance Acceptance

Strategic Partners

Governments

3B+cards

13,000+ issuers

3,000+acquirers

44Mmerchant locations

Strengthening Partnerships – Issuer Solutions

Improving Business Performance Enabling a Great Buying Experience Enhancing Security

Debit Processing (DPS)

Visa Performance Solutions

VisaVue

Integrated Marketing Solutions

Credit Performance Accelerator

Premium Product Optimizer

Cross-border Accelerator

Authorization Improvement Engine

Rewards Redemption

Visa Offers Platform

Cardholder Benefits Platform

Transaction Controls

Travel Notification Service

Visa Account UpdaterACCOUNT

UPDATER

Visa Advanced Authorization

Visa Risk Manager

Visa Token Service

3D Secure 2.0

Mobile Location Confirmation

Credit Risk Solutions

Virtual Cards

Strengthening Partnerships – Merchant & Acquirer Solutions

Visa Commerce Network

Rewards Redemption

Visa Advertising Solutions

Merchant Measurement

Co-Marketing

Decision Manager

Cardinal Commerce

Visa Token Services

3D Secure 2.0

Visa Transaction Advisor

ACCOUNT

UPDATER

TRANSACTION

ADVISOR

Improving Business Performance Enabling a Great Buying Experience Enhancing Security

Commercial partnerships strengthen and extend the four-party model

Strengthening Partnerships – Strategic Partners

Platform Providers Commerce Enablers Internet of Things

Strengthening Partnerships – Governments En

gag

em

en

t Evo

luti

on

Signed MOU for a G2C program with potential for 60M new accounts, 250K new acceptance points, and incremental $100B+ in annual PV

EgyptStrategic Partnership

Building Capabilities and Standards

IndiaFocus on payment digitization (BharatQR, cashless city), education, and capacity building

ChinaConstructive Engagement

Lay groundwork for future product introductions, financial education, and trust and confidence in Visa

Building Ecosystems

Modernized government payment system by digitizing 8 subsidy programs onto a Visa card

Dominican Republic

Seeking to double the POS network and accelerate PV growth with an infrastructural development project

Poland

Growing Digital Commerce

Core Card Enablement

• eCommerce enablement

• Unblock BINs

• Cross-border enablement

• Authorization rates

• Visa Token Service

• 3D Secure 2.0

• Decision Manager

• Card controls

• Mobile Location Confirmation

Security

• Internet of Things

• Voice commerce

• Connected Car

• Wearables

Next Generation Commerce

• Visa Checkout

• PAYs

• mVisa

• CyberSource

Ease of Use

Expanding Access Has Grown the Visa Network

Source: Operating certificates and Visa Networks CY2016

‘01 ‘08 ‘16‘58 ‘92 ‘00 ‘16‘58 ’10

1

2

344

30

20

10

Visa CardsBillions

Visa Merchant LocationsMillions

We Continue to Grow Our Product Base and Acceptance…

Expand Acceptance+Expand Issuance

Core Products• Credit

• Debit

• Pre-paid

• Commercial

Expansion Products• Virtual Cards

• Visa Direct

• B2B Connect

Cheaper, faster, smarter POS solutions…• Smart POS

• Contactless

• mPOS

• QR

…enable significant merchant expansion• New merchant categories

• New segments

• 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

Source: Operating certificates and Visa Networks CY2016

Today

3B+cards

44Mmerchant locations

Tomorrow: 10x Increase

~30Bways to pay

~400Mways to be paid

We Are Proactively Addressing a Number of Emerging Threats

Threat Description Examples Visa Advantages Approach

National

Payment

Schemes

• Government

sponsored or

mandated domestic

payment scheme

• World-class brand

• Global acceptance

• Superior products

• Digital and

innovation

• Scale and ability to

invest

• Compete

aggressively with

new products &

innovation

• Continue driving

preference among

issuers, merchants,

and consumers

• Use scale advantages

to fund local

investments in brand,

acceptance, and new

features

Faster

Payments

Technology

Disruptors

We Are Proactively Addressing a Number of Emerging Threats

Threat Description Examples Visa Advantages Approach

National

Payment

Schemes

• New, real-time “push

payment” systems

• Focused on new

segments: P2P, G2C,

B2C

• Over time, may

expand to retail POS

• Proven real-time

network (VisaNet)

• Push payment

capabilities (Visa

Direct)

• Established operating

regulations

• Trusted brand

• Established

connections –

financial institutions,

merchants

• Expand real-time

Visa Direct product

capabilities around

the world globally

• Partner with key

global platforms to

embed Visa Direct as

preferred payment

method

Faster

Payments

Technology

Disruptors

We Are Proactively Addressing a Number of Emerging Threats

Threat Description Examples Visa Advantages Approach

National

Payment

Schemes

• Non-financial

institution

competitors and

technology platforms

building out large-

scale payment

ecosystems

• Commerce brands

• Messaging

platforms

• Fintech players

• Open access to

VisaNet and Visa

services via API (Visa

Developer Platform)

• Proven real-time

network (VisaNet)

• Established operating

regulations

• Established

connections –

financial institutions,

merchants

• Develop deep

commercial

partnerships that

support and expand

the four-party model

• Make Visa the

commerce platform

of choice for any and

all developers

• Compete vigorously

where needed

Faster

Payments

Technology

Disruptors

Tailoring Our Approach by Market

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 marketSource: 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, Euromonitor Passport Database, Timetric, Lafferty, RBR-EFTPOS, World Bank – World Development Indicators (CY2015)

Market Characteristics Examples ApproachTerminals

per 1,000 pop

PCE

Penetration

GDP per

Capita ($K)

Developed >15 >25% >$25

• US

• UK

• Canada

• Australia

• Provide innovative, convenient ways to pay and be paid

(contactless, IoT, PAYs)

• Partner with technology disruptors to create new payment

experiences

• Expand into new segments and categories

• Provide innovative merchant solutions

Developing 5-20 10-30% $5-$25

• India

• South Africa

• Argentina

• Poland

• Offer full range of products: affluent credit, commercial,

pre-paid, etc.

• Massively expand acceptance, targeting everyday spend

merchant categories

• Grow preference for Visa cards versus alternatives

• Government partnerships to drive electronification

Emerging <5 <10% <$5

• Myanmar

• Kenya

• Egypt

• Introduce and grow core products: debit, credit, and prepaid

• Build acceptance in core categories – emphasis on

mobile/digital

• Government partnerships to drive electronification

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 digitalcommerce

– 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

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).

Forward-Looking Statements