2020 Investor Day

2020 Investor Day
2020 Investor Day

Strategic Overview Al Kelly
The Power of the Visa Brand Lynne Biggar
Accelerating Global Growth Ryan McInerney
Forward-looking Statements
This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act
of 1995. Forward-looking statements generally are identified by words such as “will,” “is expected,” and other similar
expressions. Examples of forward-looking statements include, but are not limited to, statements we make regarding the
opportunities for growth, our strategy, future operations and outlook.
By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are not statements of historical
fact or guarantees of future performance; and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances
that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from Visa’s forward-
looking statements due to a variety of factors, including those contained in our Annual Report on Form 10-K for the fiscal year
ended September 30, 2019 and our other filings with the U.S. Securities and Exchange Commission.
You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any
forward-looking statements as a result of new information, future developments or otherwise.
Please see end of presentation for notes and disclosures.
3 ©2020 Visa. All rights reserved.

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

Key trends are driving fundamental changes in the ecosystem
Consumers choosing Access to financial Digital fintech platforms

simple, compelling products and services increasingly launching
experiences expanding globally payments products
Flows digitizing Alternative money Governments

beyond consumer movement platforms becoming increasingly
payments modernizing active in payments
Since 1958, Visa has facilitated commerce
for consumers and businesses by providing
a secure and seamless payment experience...

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

We continue to extend our partnerships as the payments
ecosystem expands
Issuers Acquirers
Neobanks Merchants
Fintechs Enablers
9
Wallets
©2020 Visa. All rights reserved.
Our industry is unique – total addressable market continues to
expand with many vectors for growth
New
acceptance
eCommerce share form factors P2P and B2C
of spending digitization
Government disbursement
New platforms to reach digitization
1.7 billion unbanked
Fintech / wallet Ecosystem demand for

expansion value added services
Cash PCE continues

B2B modernization
to grow
Total Addressable
10
Market
Since our last Investor Day, the opportunity for growth
has expanded
Facilitating Commerce Moving Money
New Flows ($T)
$18
B2b
Global cash
$17 3% B2B $5
CAGR B2C
and check ($T) $120
CY16 CY18 $30
P2P
$185T
$20
14%
9% G2C
% Digital of 23% $10
global retail CAGR
spend1 CY16 CY19
Note: 1. CAGR represents dollar growth of digital spend.

Sources: Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study, 2018; eMarketer Pro; McKinsey Global Payments Map and Visa Analysis.
The fourth growth inflection point in Visa’s 60+ year history
offers the next 10x growth opportunity
Inflection Points
(10x growth over ~20 years)
BANK
AMERICARD
60s 70s 90s 2010s Next 10x

Opening the The Platform eCommerce Everywhere Visa is Moving
Network as a Service Goes Mainstream You Want to Be Money
1960 1975 1995 2016
Connected
Devices
Cards <1 Million ~40 Million ~450 Million 3 Billion+
New Flows
Payments
<$1 Billion ~$10 Billion ~$600 Billion $7 Trillion+ Network
Volume
of Networks
12 Source: Visa Operating Certificates. ©2020 Visa. All rights reserved.
As we look to the next 3-5 years, our strategy is clear
We will accelerate the Accelerate growth Fortify our foundation

growth in our
revenue streams and Grow and broaden our Build upon Visa’s strong
revenue streams in consumer brand, leading technology,
fortify Visa’s strong payments, new flows and fortress security and
foundation value added services as we exemplary talent
expand the network into
the Network of Networks

We have an opportunity to accelerate revenue growth
Accelerate
growth Consumer
Payments
New
Flows
Value Added
Services
Fortify our
foundation Brand Technology Security Talent
Platforms

Three levers broaden our revenue streams and expand
the network
Consumer Payments New Flows Value Added Services

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

Credentials B2B Issuer & Consumer Solutions
B2b Acquirer & Seller Solutions
B2C Security & Identity

Acceptance
P2P Data Solutions
Engagement G2C Visa Consulting & Analytics

Lynne Biggar
Chief Marketing and
Communications Officer
17 2020 Investor Day

Lynne Biggar
Chief Marketing and
Ryan McInerney
President

Lynne Biggar Ryan McInerney
Chief Marketing and President
Oliver Jenkyn Andrew Torre

Regional President, Regional President,
North America CEMEA
Chris Clark Eduardo Coello

Regional President, Regional President,
Asia Pacific LAC
Charlotte Hogg
CEO,
Europe

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

Head of Push Payments Head of Visa
Business Solutions

Lynne Biggar Ryan McInerney Oliver Jenkyn Bill Sheley
Chief Marketing and President Regional President, Head of Push Payments
Chris Clark Kevin Phalen

Regional President, Head of Visa
Asia Pacific Business Solutions
Charlotte Hogg
CEO,
Europe
Andrew Torre
Regional President,
CEMEA
Eduardo Coello
Regional President,
LAC
Carleigh Jaques
Jack Forestell General Manager,
Chief Product Officer CyberSource
Melissa McSherry
Mary Kay Bowman Head of Security,
Head of Consumer Identity and Data
and Seller Solutions Products

Lynne Biggar Ryan McInerney Oliver Jenkyn Bill Sheley Jack Forestell
Chief Marketing and President Regional President, Head of Push Payments Chief Product Officer
Chris Clark Kevin Phalen Mary Kay Bowman

Regional President, Head of Visa Head of Consumer
Asia Pacific Business Solutions and Seller Solutions
Charlotte Hogg Carleigh Jaques

CEO, General Manager,
Europe CyberSource
Andrew Torre Melissa McSherry

Regional President, Head of Security,
CEMEA Identity and Data
Products
Eduardo Coello
Regional President,
LAC
Vasant Prabhu
Vice Chairman and
Chief Financial Officer

To fortify our strong foundation, we will continue to invest
in our brand, technology platforms, security and talent
Accelerate
growth Consumer
Payments
New
Flows
Value Added
Services
Fortify our
Platforms

Accelerate
growth Consumer
Payments
New
Flows
Value Added
Services
Fortify our
Platforms

The power of the Visa brand
Visa is the unequaled
category-leading brand
WORLD’S MOST TOP 100 MOST VALUABLE

VALUABLE BRANDS GLOBAL BRANDS
The Visa brand drives
substantial value
to Visa, clients, partners
and the ecosystem
INTERBRAND BEST WORLD’S MOST

We continue to evolve our GLOBAL BRANDS ADMIRED COMPANIES
brand as Visa’s business and

the payments landscape
evolve
The Visa brand is preferred around the world
Visa’s Brand Preference Advantage Over the Next
Largest Global Payment Network
>8x
4-8x
2-4x
1.4-2x
Guatemala Peru Argentina Japan UAE UK Denmark France
Norway Taiwan U.S. Russia Mexico Poland
+4 more +7 more +7 more

Source: Brand Health Measurement (BHM) is an on-going quantitative survey commissioned by Visa and conducted by independent research firms, Phoenix Marketing International and Ipsos, among consumers age 18-70 (18-54
South Korea, Taiwan, and UAE) who have ever used any payment brand. Data collected in FY19 (October 2018 – September 2019). Sample size varies by country. The preferred brand is defined as the brand that was the only
brand preferred when asked the question “Which payment brand(s) do you prefer?” Respondents have the option of selecting one brand, selecting multiple brands, indicating that they don’t have a preference or selecting “none
27 of these”. Chart shows the multiple of Visa sole preference vs. Mastercard sole preference in the respective markets. Note: the sample size for Mastercard sole preference is below 50 in Taiwan (12), South Korea (48), Guatemala ©2020 Visa. All rights reserved.
(5), Peru (11) and Norway (27).
Visa’s brand is also preferred across priority audiences
Audience U.S. UK Japan India Russia UAE Mexico
Women
Millennials
Affluent
Non-affluent
Source: Brand Health Measurement program FY19 full year data (except Japan, Russia and US, which use Q1-Q3FY19 data). A total of 52 markets measured in FY19. Global payment
networks included in the calculation are Visa, Mastercard and American Express.
Brand preference links to higher share of wallet
Multiple of spend when Visa is preferred
>15x
11-14x
6-10x
3-5x
China Germany Chile India Canada France Argentina Hong Kong
Indonesia Vietnam Japan Thailand Poland Russia Mexico UK
+3 more +12 more +8 more
Source: Brand Health Measurement (BHM) is an on-going quantitative survey commissioned by Visa and conducted by independent research firms, Phoenix Marketing International and Ipsos, among consumers age 18-70 (18-54 China, Hong Kong, India, Indonesia,
Thailand, Vietnam) who have ever used any payment brand. Data collected in FY19 (October 2018 – September 2019). Sample size varies by country. Question: Thinking about last month, approximately how much money did you spend on purchase of goods, services
and regular monthly expenditures (excluding rent or mortgage payments)? Question: Thinking about the amount you spent last month, what percentage did you spend using each of the following: (payment brand list varies by country)? Please provide your best
29 estimate. Share of Wallet (SOW) is defined as the average percentage that consumers reported spending on Visa when thinking about how much money they spent in the last month on the purchase of goods, services and regular monthly expenditures (excluding rent ©2020 Visa. All rights reserved.
or mortgage payments). Chart shows the multiple of Visa SOW when Visa is Solely Preferred vs. Visa SOW when Visa is Not Preferred. Definition of Visa Not preferred = Multiple brands preferred but not Visa, or another brand (not Visa) has Sole Preference.
Note: the sample size of Visa sole preferred is below 50 in Chile (22) and Hong Kong (45).
Brand preference links to higher share of wallet
Multiple of spend when Visa is preferred1
Delivering a premium for clients2
>15x
11-14x
6-10x
10.7%
U.S. Spend Lift
3-5x
China Germany Chile India Canada France Argentina Hong Kong 2%

Risk-adjusted
Indonesia Vietnam Japan Thailand Poland Russia Mexico UK
U.S. Balance Lift
+3 more +12 more +8 more vs. leading competitor
Source: 1. Brand Health Measurement (BHM) is an on-going quantitative survey commissioned by Visa and conducted by independent research firms, Phoenix Marketing International and Ipsos, among consumers age 18-70 (18-54 China, Hong Kong, India, Indonesia,
Thailand, Vietnam) who have ever used any payment brand. Data collected in FY19 (October 2018 – September 2019). Sample size varies by country. Question: Thinking about last month, approximately how much money did you spend on purchase of goods, services
and regular monthly expenditures (excluding rent or mortgage payments)? Question: Thinking about the amount you spent last month, what percentage did you spend using each of the following: (payment brand list varies by country)? Please provide your best
estimate. Share of Wallet (SOW) is defined as the average percentage that consumers reported spending on Visa when thinking about how much money they spent in the last month on the purchase of goods, services and regular monthly expenditures (excluding rent
or mortgage payments). Chart shows the multiple of Visa SOW when Visa is Solely Preferred vs. Visa SOW when Visa is Not Preferred. Definition of Visa Not preferred = Multiple brands preferred but not Visa, or another brand (not Visa) has Sole Preference. Notes: the
30 sample size of Visa sole preferred is below 50 in Chile (22) and Hong Kong (45). 2. Transunion analysis of their proprietary US transaction database spanning over 310 million US Visa- and MC-branded active credit cards showing spend lift (March 2017-March 2018 ©2020 Visa. All rights reserved.
performance period), less Visa-calculated Costco effect; risk-adjusted balance line is calculated on the full database of 310 million active cards whereas spend lift is calculated based on a subset of active credit cards where Issuers send monthly payment data to
Transunion.
We leverage our brand assets to drive outcomes for Visa and clients
Activating exclusive global sponsorships with FIFA and Olympics
FIFA Women’s World Cup 2019TM Olympic Games Tokyo 2020

Amplifying key strategic priorities
Tap to Pay New Flows

Enabling individuals, businesses and economies to thrive
Support for Small Business Empowerment of Women

As a result, Visa’s clients view the brand as a powerful differentiator
Clients view the Visa brand as …which is one of the key factors that
stronger than the competition1… makes Visa a global leader in co-brand
We hold majority share in 13 of the largest 20 portfolios2
We continue to fortify and grow our

leadership with top co-brand partners:
Representative wins
79% 86% 86% Expand and Renew Grow
Financial Merchants Digital & Fintech

Institutions Partners
1. Visa 2019 Global Client Engagement Survey. 2. Visa analysis and publicly available information. Assessment does not include programs in China; Qantas program not included given
the direct transfer construct; includes self-issued co-brands. Of the 13 Visa programs, Visa either has exclusivity or has a majority share of the portfolio.
Our brand extends as payments evolve…and is transforming
for the future

Key takeaways
Together, Visa and its partners benefit

from Visa’s highly valued brand to drive
business outcomes
The Visa brand is well positioned

to support Visa’s evolving strategy
Visa is and will continue to be

Everywhere You Want to Be

Accelerate
growth Consumer
Payments
New
Flows
Value Added
Services
Fortify our
Platforms

Visa’s technology promise includes security, reliability and scale
for the benefit of our payments ecosystem participants
Technology is a vital pillar of Visa’s business
Processed 140 billion transactions in 160 currencies,
for 15,500 financial institutions across 200 countries
and territories
Resiliency is core to the fabric of our network

99.999% availability
We have opened our network for clients

~600 API endpoints opening access to our network,
receiving over 1 billion API calls per month
Our network connects the ecosystem

Multiple data centers with 10 million miles of privately
leased telecommunication lines
38 Source: Visa analysis. ©2020 Visa. All rights reserved.
Accelerate
growth Consumer
Payments
New
Flows
Value Added
Services
Fortify our
Platforms

Our intelligent security architecture is built on a multi-layered,
data-driven framework to deliver seamless, secure experiences...
1. Account Onboarding & Management 2. Consumer Identity & Authentication
Recognizing fraudulent account activity Enabling seamless, data-led authentication to
End-to-End Transaction Services
(e.g., opening or accessing) through confirm consumers are who they say they are
sophisticated analytics and risk tools
5. Performance Optimization 3. Transaction Authorization

Enhancing payment performance Optimizing authorizations through
through tailored expertise and sophisticated data analytics that
benchmark data minimize fraudulent transactions
4. Dispute Management
Facilitating logic-based, streamlined dispute management and resolution
Core Network
Capabilities
Tokenization Transaction Controls

...and provides in-depth protection against cybersecurity threats
Vulnerability Detection &

Mgmt Response
Data
Security
Threat Malware
Intelligence Prevention
Identity &
Access Mgmt

Accelerate
growth Consumer
Payments
New
Flows
Value Added
Services
Fortify our
Platforms

Visa has transformed our workforce
More Global More Diverse

1.6x ~300 bp
Faster headcount growth rate in international Increase in females as a percentage
markets vs. the U.S. since 20161 of total executives since 2016
More Millennials More Expertise

+14 ppt ~60%
Increase in millennials and younger as Of our workforce is in technology,
a percent of total workforce since 2016 cyber, risk and product
Note: 1. Growth rate = CAGR.

Source: Visa Analysis.
We focus on all key constituencies to connect the world and
enable individuals, businesses and economies to thrive
Employees Society
Purpose matters to
the entire company Local communities
Clients
Good governance Regulators
is an ongoing
commitment
Shareholders Governments

We are driving impact through global corporate citizenship
Society Local communities
Connected Empowering Assets in Visa Visa’s Practical Money Skills
500M
women via Foundation Program has reached
$450M 40M
Women’s World
previously unbanked Banking, She’s Next,
individuals to SheTrades people since 2012
Visa accounts
from 2015-2019
100%
Visa employees in 2019 donated
Renewable 40K $4.2M

volunteer hours to 4,700 charities,
electricity goal
matched by Visa
reached in 2019
45 Source: Visa Analysis. ©2020 Visa. All rights reserved.

We aim to earn and maintain public authority trust in Visa
and our business model
Regulators and Governments
~90%
Of our government engagement
Be local professionals are located in the countries
Our government engagement team is embedded in local
and regions they service
teams to find proactive solutions to local problems
Be open and transparent Shared our perspective on key ecosystem and security dynamics with:
~1,600
We welcome ongoing dialog with governments Industry and government stakeholders
to help individuals, businesses, the governments at summits across every region in 2019
themselves and economies thrive
Be a trusted advisor to governments Visa School of Public Policy provided payments industry training in 2018 to:
~950 42
We support governments in solving key policy Government
issues and promoting financial inclusion countries
participants from
Goal: Governments view Visa as a long-term partner, value the continuous

innovation we deliver and provide an enabling regulatory environment

We focus on all key constituencies to connect the world and
enable individuals, businesses and economies to thrive
Employees Society
Purpose matters to
the entire company Local communities
Clients
Good governance Regulators
is an ongoing
commitment
Shareholders Governments

We have delivered strong financial performance and superior
shareholder returns since 2016...
Net Revenue ($B) Non-GAAP EPS ($)1 Total Shareholder Return
15% 24% 29%

CAGR CAGR CAGR
23.0 5.40
2
Growth of $100 from 9/30/16-9/30/19
15.1
2.84 $212
Visa
$146
S&P 500
FY16 FY19 FY16 FY19 FY16 FY17 FY18 FY19
Notes: 1. Non-GAAP EPS excludes the impact of special items and equity investment gains and losses. 2. Growth of $100 from September 30, 2016 through September 30, 2019. Assumes reinvestment of dividends.
...driven by meaningful growth in our business drivers
Growth since 2016
Facilitating commerce Moving money
34% Payments volume 2x Bank account reach
40% Payments transactions 130+ Fast funds enabled countries
42% Merchant locations 41% B2B payments volume
49 Sources: World Bank; CAN; RBR; Visa Operating Certificates; VisaNet data; Visa analysis. ©2020 Visa. All rights reserved.
We are a purpose-driven company that will fortify our
foundation and grow revenue streams
We have a clear approach and strategy for the opportunity
With the most scale in the industry and many engines of growth,
we are operating from a position of strength
Our industry-leading brand is a real differentiator
Our people are innovative collaborators with the ecosystem
We are committed to thoughtful engagement, working with

and mindful of all stakeholders
Accelerating Global Growth
Ryan McInerney
President
2020 Investor Day

Key takeaways
We have a significant opportunity for continued growth in

consumer payments
Our addressable market continues to expand as we extend

into new flows
We are utilizing an expanding Network of Networks to move money

for everyone, everywhere
Value Added Services expand the revenue growth opportunity beyond

payments and money movement and drive growth for our clients

Three levers broaden our revenue streams and expand
the network

governments

B2C Security & Identity

Acceptance
P2P Data Solutions

Growing consumer payments remains an Consumer
Payments
New
Flows
Value Added
Services
enormous opportunity
1 Cash and check continue to grow, totaling $18T globally
Spend continues to shift from physical to digital and Visa’s share of digital
2
is 3x that of physical
There is a wave of next generation issuers – neobanks, fintechs and digital

3
platforms – issuing credentials
The cost to enable acceptance has dramatically decreased and next generation
4
acquirers are expanding acceptance
5 Governments are increasingly engaging to digitize payments
55 Sources: Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study 2018; eMarketer; Comscore. ©2020 Visa. All rights reserved.
1 Cash and check continue to grow Consumer
Payments
New
Flows
Value Added
Services
Global Cash & Check ($T) Cash & Check Opportunity by Region
2018 Constant Dollars
Significant
untapped CAGR
potential to 4% $3T
increase PCE 18 $4T $6T
penetration 14
and grow core
$3T
revenue $2T
Cash & Check Opportunity as a % of PCE:

High (>50% cash & check)
Moderate (25%-50% cash & check)
CY12 CY18 Low (<25% cash & check)
56 Sources: Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study 2018; Visa Operating Certificates. ©2020 Visa. All rights reserved.
2 Spend continues to shift from physical to digital Consumer
Payments
New
Flows
Value Added
Services
and Visa’s share of digital is 3x that of physical

Total Global Retail Spend ($T)1 Visa’s Share of Every $1 Spent
29 CY16-CY19
CAGR
25
Physical
~15 ¢
22
3%
Physical
19%
14% Digital
~43¢
9%
Digital 23%
CY16 CY19 CY22
Note: 1. Total global retail spend excludes travel and event ticket sales. CAGR represents dollar growth of digital spend.
Sources: eMarketer; Comscore; Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study 2018.
New ecosystem participants, technology advances Consumer
Payments
New
Flows
Value Added
Services
and governments are driving the digitization of cash

3 4 5
There is a wave of next The cost to enable acceptance has Governments are
generation issuers – neobanks, dramatically decreased and next increasingly engaging
fintechs and digital platforms – generation acquirers are to digitize payments
issuing credentials expanding acceptance
1B+ >90% ~3x

India card volume
growth since
demonetization in
November 2016
Reduction in cost to enable
~2x
Potential credentials from
Visa wallet partners acceptance compared to Japan government
dedicated terminals targeted increase in
digital penetration
2016-2027
58 Sources: Publicly reported user numbers; Reserve Bank of India; Ministry of Economy, Trade and Industry of Japan; Visa Analysis. ©2020 Visa. All rights reserved.
Visa’s network uniquely positions us to lead Consumer
Payments
New
Flows
Value Added
Services
the digitization movement
13,000 Visa Issuers

3,000
Visa Acquirers
3.4B Cards
61M
Merchant Locations
750M $8.8T 180B ~65M

Visa Tokens Payments Payments POS Enabled
Volume Transactions for Tap to Pay
59 Sources: RBR; Visa Operating Certificates; Visa Analysis. ©2020 Visa. All rights reserved.
Increasing the number of endpoints and Consumer
Payments
New
Flows
Value Added
Services
deepening engagement will drive growth
Credentials Engagement Acceptance

• Leading issuers • Activation & usage • New acquirer / PSP partnerships
and co-brands • Authorization • Fintech enablers
• Next generation issuers • Click to pay • Wallets
• Unbanked • Tap to pay • New form factors
• Tokenization • IoT • Underpenetrated use cases

Our endpoints are rapidly expanding through the Consumer
Payments
New
Flows
Value Added
Services
opening of traditionally closed-loop ecosystems

Credentials Acceptance
 
 
Total opportunity
  from current
  closed-loop
Wallets   partners:

 1B+


 65M+

Networks Chilean local network  
Caribbean local networks  
61 Sources: Partner provided user numbers; Publicly reported user numbers; Visa Analysis. ©2020 Visa. All rights reserved.
Growing credentials to bring new consumers Consumer
Payments
New
Flows
Value Added
Services
into the digital payments ecosystem
• Continue to lead and grow share with traditional issuers

and co-brands 19 of the 25 largest portfolios
in North America are
primarily Visa1
• Expand issuance with neobanks, fintechs and digital

platforms 70%+ Global fintech win rate2
• Embed Visa credentials in digital wallets

1B+ Potential credentials among
Visa wallet partners
• Reach the unbanked through new products and

500M
Previously unbanked individuals
government partnerships connected to Visa accounts
from 2015-2019
• Drive tokenization to enable new use cases

~6B
Tokenized transactions
Notes: 1. Includes debit and consumer credit. 2. Fintech win rate based on analysis of deals won as a percentage of total pool of deals over a certain size.
Sources: Nilson; U.S. Consumer Payment Panel Study; Publicly reported numbers from large wallet partners; Visa Operating Certificates; VisaNet Data; Visa Analysis.
Enormous opportunity remains Consumer
Payments
New
Flows
Value Added
Services
to expand acceptance
• Develop strategic acquirer partnerships to broaden

Visa’s acceptance reach 5.5M Net new acceptance locations
in 2019 via partnerships1
50M+
QR merchants in China
• Partner with fintechs and leading wallets to enable accessed through AliPay
and WeChat partnerships
new acceptance methods
• Attract smaller, cash-based merchants through

QR codes / mPOS / tap to phone
19M+ mPOS devices globally
180+
Cities with live tap to pay
• Invest in underpenetrated use cases transit systems and 150
more planned
Note: 1. Excluding China.

Sources: Juniper Research; Visa Operating Certificates; Visa Analysis.
Deepening user engagement and increasing Consumer
Payments
New
Flows
Value Added
Services
usage accelerates growth in the core business
• Increase user and seller activation and usage through

15%
Lift in cross-border spend
per card when issuers use
data, analytics and consulting Travel Predict
• Improve authorization rates and reduce fraud

in eCommerce $25B Annual fraud prevented by
Visa Advanced Authorization
• Reduce eCommerce friction through click to

$1T
eCommerce volume from
participants committed to Visa
pay and tokenization Token Service
+10%
Year-over-year growth in
• Drive repeat usage in face-to-face (F2F) average transactions per active
tap to pay card in top Visa
through tap to pay markets from 2016-2019
~10B
• Better integrate payments into IoT technology Connected consumer
devices globally
that powers daily life
64 Sources: Juniper Research; VisaNet Data; Visa Analysis. ©2020 Visa. All rights reserved.
New flows represent a $185T opportunity Consumer
Payments
New
Flows
Value Added
Services

governments

We are focused on capturing new flows using Consumer
Payments
New
Flows
Value Added
Services
our growing Network of Networks
$185T
B2B B2b B2C P2P G2C
$120T $5T $30T $20T $10T

• SME, T&E, Fleet, • Merchant • Insurance • Friends and • Government
Purchasing Settlement • Payroll Family Benefits
• Receivables, • Marketplaces • Gig Economy • Remittances • Tax Refunds
Payables • Alternative
• Cross-border Lending
66 Sources: McKinsey Global Payments Map; Visa Analysis. ©2020 Visa. All rights reserved.
The $185T opportunity is spread around the world Consumer
Payments
New
Flows
Value Added
Services
North America Europe
$40T
$53T
Asia Pacific
Latin America CEMEA $74T
B2B
B2b $8T $10T
B2C
P2P
G2C
Note: Regional totals rounded.

Sources: McKinsey Global Payments Map; Visa Analysis.
Visa’s Network of Networks strategy Consumer
Payments
New
Flows
Value Added
Services
All Endpoints
Move money end-to-end for businesses, governments
and consumers
Optimize speed and cost by using all available networks
All Networks
Unify fragmented networks to complete transactions
started on one network and finishing on a different
network in a frictionless way
Always Available Facilitate liquidity and guarantee payments through

Visa Settlement Service
Enable Value Added Services (e.g., tokenization,

Intelligent authentication, fraud reduction, dispute resolution)
68
on transactions ©2020 Visa. All rights reserved.
Consumer New Value Added
Payments Flows Services
VisaNet
Enabling money Other Visa Networks

movement with Visa’s • PLUS
Earthport
• Visa B2B
Connect
Network of Networks
•
Non-Visa Networks
• Card Networks • SWIFT
• RTP / ACH • Correspondent Banks
• SEPA

VisaNet Other Visa Networks Non-Visa Networks
Consumer New Value Added
Payments Flows Services
Senders: Receivers:
Consumers Consumers
Businesses
The Network of Networks Businesses
Governments Governments

Network of Networks transactions: Consumer
Payments
New
Flows
Value Added
Services
Cross-border examples
Illustrative
U.S. Canada
VisaNet VisaNet
1 Carded
to Carded
Visa Visa Direct Visa Direct Visa
U.S. Philippines
Carded VisaNet ACH
2 to Non-Carded Visa Direct Via Earthport
Visa Bank Account
U.S. Germany
Non-Carded ACH RTP
3 to Non-Carded
Via Earthport Via Earthport
Bank Account Bank Account
U.K. Singapore
Visa B2B Connect RTP
4 Non-Carded
to Non-Carded Visa B2B Connect Via Earthport
Corporate Account Corporate Account
71 VisaNet Other Visa Networks Non-Visa Networks ©2020 Visa. All rights reserved.
Role of RTP in Visa’s strategy Consumer
Payments
New
Flows
Value Added
Services
45+ RTP networks live and 30+ in progress globally
Ecosystems typically have three layers: Applications and services drive

revenue and profit opportunity:
End-user applications that access RTP
Core infrastructure build is a
infrastructure to move money or
high investment, low return
enable payments
Applications business with limited scalability,
no network effects and strong
government or bank consortium
Used by participants and / or
control
operators to enhance
Services the transaction
Infrastructure is typically open
Facilitation of real-time, account- to be used by all market
to-account clearing and real-time participants to move money
or near real-time settlement at a regulated price
Core Illustrative RTP
Infrastructure revenue opportunity
We will utilize RTPs as part of our Network Consumer
Payments
New
Flows
Value Added
Services
of Networks strategy
Partnering with application providers to facilitate transactions using Visa’s

Network of Networks
Applications
Delivering key Value Added Services to RTP operators such as tokenization,

authentication, fraud reduction and dispute resolution
Services
Leveraging all available RTP systems to move money as part of our

Core Network of Networks platform
Infrastructure

Value Added Services help our partners grow Consumer
Payments
New
Flows
Value Added
Services
profits by enhancing their utilization of Visa’s networks

governments

Value Added Services grow revenue and help clients Consumer
Payments
New
Flows
Value Added
Services
capitalize on best-in-class capabilities and innovation
Deepen relationships
by enabling our
clients and partners
Help our clients to succeed Capture new
grow profits with sources of
platforms and revenue to
services that complement
unlock the power payments and
of our networks money movement
The convergence of physical and digital commerce Consumer
Payments
New
Flows
Value Added
Services
drives increasing demand for Value Added Services
Issuer & Consumer Acquirer & Security

Solutions Seller Solutions & Identity Data Solutions
Platforms that power Secure, reliable services for Protections against fraud, Data tools to help clients
payments transactions, sellers and acquirers that theft and unauthorized use grow their business and drive
enable growth and innovation reduce friction and drive through advanced risk differentiated experiences
and influence the customer acceptance management capabilities
journey
Visa Consulting & Analytics
Actionable insights, recommendations and data-driven strategies for clients and partners
~$3.5B FY 2020 Projected Revenue

>20% Growth from FY 2019

Visa offers a broad and expanding suite Consumer
Payments
New
Flows
Value Added
Services
of Value Added Services

Examples
• Issuer Processing (DPS) • Acceptance • Token Management • Visa Analytics Platform

• Digital Issuance • CyberSource • Fraud Management • Benchmarking
• Account & Transaction • Urban Mobility • Authorization • Data APIs
Controls • Tap to Phone Optimization • Marketing
• Consumer Benefits & • Account Updater • Authentication • Underwriting
Experiences • Fraedom
• Loyalty
• Installments
• Dispute Management
• Open Banking

• Strategy • Product • Portfolio Management • Risk • Digital • Execution

Our growth strategy has three levers to drive double-digit
revenue growth
TAM 4x the size of PCE and Expanding TAM with new

Digitizing cash & check
low penetration rates services and solutions
PCE1 ($T) CAGR
2x
41 5% B2b
Visa
31 18 4% Penetration:
B2C
<1%
14 B2B
$185T FY 2019 revenue growth
23 7% P2P
16 in Value Added Services
vs. Consumer Payments
CY12 CY18 G2C
Cash & Check Other
Note: 1. Excludes non-financial transactions consisting of payments that are imputed by national statistics agencies such as homeowners’ imputed rent; numbers may not sum due to rounding.
78 Sources: Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study 2018; McKinsey Global Payments Map; Visa Analysis.
Key takeaways
We have a significant opportunity for continued growth in

consumer payments
Our addressable market continues to expand as we extend

into new flows

Value Added Services expand the revenue growth opportunity beyond


Notes and disclosures
During the three months ended December 31, 2018, we updated our definition of payments volume to now include all disbursement volume related to Visa Direct, in
addition to the funding volume previously included. All prior periods presented have been adjusted accordingly. Please refer to the Operational Performance Data
section of Exhibit 99.1 in Form 8-K filed on January 30, 2019 for more details on the impact from this update in our payments volume definition.
Total transactions represent payments and cash transactions as reported by Visa clients on their operating certificates.
On occasion, reported payments volume, transaction and card information may be updated to reflect revised client submissions or other adjustments. Prior-period
updates, other than the change to the payments volume definition, are not material. Figures may not recalculate exactly due to rounding. Percentage changes and totals
are calculated based on unrounded numbers. Constant-dollar growth rates exclude the impact of foreign currency fluctuations against the U.S. dollar in measuring
performance.
All brand names and logos are the property of their respective owners, are used for identification purposes only and do not imply product endorsement or affiliation
with Visa.
Any reference to PCE is as of 2018 unless otherwise noted and excludes non-financial transactions consisting of payments that are imputed by national statistics
agencies such as homeowners’ imputed rent.
For real-time payouts, actual fund availability varies by receiving financial institution, receiving account type, region and whether transaction is domestic or cross-border.
This presentation includes data researched by Euromonitor International plc for its client, Visa U.S.A. Inc. and its subsidiaries using industry standards. Euromonitor
disclaims and excludes any and all liability for any loss suffered by any party as a direct or indirect result of the use of any of the Extracts.
Use cases are for illustrative purposes only. Program providers are responsible for their programs and compliance with any applicable laws and regulations.

2020 Investor Day
Oliver Jenkyn
Chris Clark
Growing Consumer Payments Charlotte Hogg
Andrew Torre
Eduardo Coello
Ryan McInerney
Driving New Flows Bill Sheley
Kevin Phalen
ended September 30, 2019, and our other filings with the U.S. Securities and Exchange Commission.

Growing Consumer Payments
2020 Investor Day

North America
Oliver Jenkyn
Regional President
2020 Investor Day

North America: Overview 364M Population
Visa Scale Opportunity Cash & Check = 33% of PCE
~1B 1B+
Cards New Credentials
Credentials
Canada
~10M 10M+ U.S.

Merchant Untapped
Merchants
Acceptance Locations
$4T
$4T
Payments
76B
Payments
$4T Cash & Check Opportunity
as a % of PCE:
Cash & Check High (>50% cash & check)
Volume Transactions
Conversion
Opportunity
Low (<25% cash & check)
Engagement
Cash & Check Opportunity ($)
5 Sources: Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study, 2018;, World Bank Global Findex Database, 2017; Global SME Finance Forum; Visa Operating ©2020 Visa. All rights reserved.
Certificates; Visa Analysis.
North America: Key growth levers
North American clients prefer Visa because of
our brand, our platform and our expertise
19 / 25 Largest portfolios
are primarily Visa
>70%
• We lead with the largest partners in North America Win rate in fintech
deals
Credentials • We are winning with fintechs
Visa is opening up new acceptance in underpenetrated

~1M Annual new
acceptance points
25+
segments and enabling new use cases Transit systems
moving to tap to pay
Acceptance
Visa is driving innovation to make it easier to pay

300M U.S. tap to pay cards in
force by EOY 2020
• In-store (tap to pay)
Engagement
• Online (click to pay)
83 / 100 Top merchants accept
tap to pay
6 Sources: Nilson; U.S. Consumer Payment Panel Study; VisaNet Data; Visa Analysis. ©2020 Visa. All rights reserved.
Partnership strength: Leading partners choose Credentials Acceptance Engagement
Visa and outperform peers
Leading share with Visa partners outperform Visa partnership helps

largest partners our clients grow
Largest Visa Issuers vs. Visa Brand Premium
19 of 25 Largest North America Largest Competitor Issuers
10.7%
portfolios1 (3-Year View)2,3
8 of 10 Largest U.S. issuers2 1.1 ppt Faster growth U.S. Spend Lift4
4 of 5
Largest Canadian Visa Consulting & Analytics
credit issuers2 $65B Issuer volume  New product design
 Risk optimization
Digital marketing expertise
8 of 10 $1-1.5B Issuer revenue

Largest North America  Spend momentum analysis
co-brands
Notes: 1. Includes debit and consumer credit; 2. Excludes American Express and Discover; 3. Visa’s Top 5 U.S. Issuers by payments volume vs. Competitor’s Top 5 U.S. Issuers 2015-2018, excludes PIN debit; 4. Transunion analysis
of their proprietary U.S. transaction database spanning over 310 million U.S. Visa- and MA-branded active credit cards showing spend lift (March 2017-March 2018 performance period), less Visa-calculated Costco effect; risk-
adjusted balance line is calculated on the full database of 310 million active cards whereas spend lift is calculated based on a subset of active credit cards where Issuers send monthly payment data to Transunion.
Sources: Nilson; U.S. Consumer Payment Panel Study; Visa Consulting and Analytics Issuer Benchmark Study; TransUnion; Visa Operating Certificates; VisaNet data; Visa Analysis.
Fintech focus: Visa’s approach is successfully Credentials Acceptance Engagement
driving growth
U.S. consumers are Fintechs are choosing We are winning with

embracing fintechs Visa because of our top partners
>70% >70%
Brand Strength
Expertise and Trust

of North America • Advice & consulting Win Rate1
Experience
consumers used a
•
fintech app in 2019 Fintech Fast Track

• Streamlined onboarding
• Ecosystem partners
• Simple commercial
agreements
Note: 1. Fintech win rate based on analysis of deals won as a percentage of total pool of deals over a certain size.
Source: EY Global Fintech Adoption Index, % of digitally active consumers that used a money transfer or payments application; Visa Analysis.
Expand acceptance: Driving growth with new Credentials Acceptance Engagement
segments and use cases
$570B $350B $165B $120B

Rent1 Tuition Sports Wagering Micromobility
Opportunity
Size in New
Use Cases:
$50B $26B $17B $16B
Unattended Crowd-
Retail Parking funding Transit
Note: 1. Data was researched by Euromonitor International plc for its client, Visa U.S.A. Inc. and its subsidiaries using industry standards. Euromonitor disclaims and excludes any and all liability for any loss
suffered by any party as a direct or indirect result of the use of any of the Extracts.
Sources: Euromonitor Consulting 2019 Visa Rent Payments; Sports Legalsportsbetting.com; Barclays Research, 2019; IBIS World, 2019; Fundly.com; Euromonitor Merchant Segment Study, 2018; APTA Factbook,
2019; VisaNet Data.

NY MTA Momentum
• 4,000,000 Visa taps in 8 months
• ~60,000 Visa taps per weekday (on average)
• ~30% stations enabled to date; full roll-out by

end of 2020
10 Sources: Partner provided data; Visa Analysis. ©2020 Visa. All rights reserved.

British
Columbia
Edmonton
Vancouver
Laval
Ottawa
Transit Systems: Por tland Toronto
Boston
Live and in Planning1 New York
25+
New Jersey
Chicago
Philadelphia
San Diego
Dallas
Honolulu
Houston Tampa
Miami
Note: 1. NA cities currently accepting tap to pay payments or where transit agencies are planning next-generation payment systems expected to support tap to pay payments; map
11 shows only cities where next-generation payment systems are currently operating or have been publicly announced. ©2020 Visa. All rights reserved.
Source: Public statements; Visa Analysis.
Tap to pay: Frictionless way to pay in-store Credentials Acceptance Engagement
Cash remains prevalent in the U.S. Tap to pay displaces cash

Tap to pay drives
~20%
Americans average Cash still accounts for transaction lift in mature
12 55%
markets globally1
In the U.S. so far2

cash transactions of all transactions
per month <$10
+4 +$160
Transactions per month Spend per month
Note: 1. Study compares the U.S. to mature markets with similar ‘pre-contactless’ payment behaviors and sufficient contactless activity: Australia, Canada, Ireland, New Zealand,
Switzerland, and the U.K. 2. Transaction lift analysis of tap to pay active cardholders, VisaNet data, January 2018 – January 2019.
12 Sources: Federal Reserve, Diary of a Consumer, 2018; Assessing the U.S. Contactless Opportunity: Learnings from the Global Experience, A.T. Kearney 2018; VisaNet data. ©2020 Visa. All rights reserved.
Tap to pay: Frictionless way to pay in-store Credentials Acceptance Engagement
Tap to pay in the U.S. is poised for take-off
Issuer Side Merchant Side
145M tap to pay cards issued

today 8 of the top 10 merchants
accept tap to pay
300M tap to pay cards issued

by the end of 2020 83 of the top 100 merchants
accept tap to pay
17 of the top 25 issuers are

issuing tap to pay cards 69% of F2F transactions occur
at tap to pay merchants
13 Sources: VisaNet data; Visa Analysis. ©2020 Visa. All rights reserved.
Click to pay: Frictionless way to pay online Credentials Acceptance Engagement
Today, guest checkout represents

approximately half of digital card not With click to pay, it can be as
present purchases and can involve 23 simple as two clicks
steps, taking almost three minutes

North America is Visa’s largest region and still has a huge
runway for future growth
North American clients prefer Visa because of our brand, our platform
and our expertise
• We lead with the largest partners in North America
Credentials • We are winning with fintechs
Visa is opening up new acceptance in underpenetrated segments and

enabling new use cases
Acceptance
Visa is driving innovation to make it easier to pay

• In-store (tap to pay)
• Online (click to pay)
Engagement

Asia Pacific
Chris Clark
Regional President
2020 Investor Day

Asia Pacific: Overview 3.9B Population
970M 768M China

Cards Unbanked
Credentials $2.1T $1.4T
$1T
India Japan
20M 100M+
Merchant Untapped
Merchants
Acceptance Locations $1.1T
Southeast
Asia
$1.9T
Payments
30B
Payments
as a % of PCE:
Volume Transactions
Conversion
Opportunity
Engagement
Sources: Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study, 2018; World Bank Global Findex Database, 2017; Global SME Finance Forum; World Bank, 2018;
Euromonitor Industrial Database; Nilson; Visa Operating Certificates; Visa Analysis.
Asia Pacific: Key growth levers
20+ Wallet partners
We are investing to rapidly grow Visa credentials with an
Credentials
increasingly diverse roster of clients 1B+ Users connected to
these wallets
We are opening up new acceptance in underpenetrated

segments and enabling new uses cases 2.3x Acceptance locations
vs. three years ago
Acceptance
Visa is making the payment experience frictionless to 41% Tap to pay penetration
in 2019
increase consumer engagement – tap to pay is a key part
Engagement of this strategy
Up to 3.8x Transactions per active
card for tap to pay users
$4.5T
Asia Pacific is a very diverse region and we operate in 46 Cash & check opportunity
markets – our approach is tailored to each market and its across Japan, India and
unique needs China
18 Sources: Public announcements and data provided by partners; Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study, 2018; Visa Operating Certificates; VisaNet data. ©2020 Visa. All rights reserved.
We are partnering with market-leading wallets to Credentials Acceptance Engagement
grow credentials and acceptance across Asia Pacific

Visa offers wallets greater payment functionality to both
consumers and merchants in their ecosystem
Across AP India South Korea Thailand, Indonesia,

Japan and Taiwan
20+
164M Users
4 Key Markets
Wallet partners 540M Users 16M Users For Taiwan:
16M Merchants
$8B Payments Volume
1B+ 2.5M Credentials
Users
China Other markets underway
65M+
Merchants Indonesia and Southeast Asia
50M+ Merchants 155M App Downloads

420K Merchants
Notes: LINE users represent Monthly Active Users, LINE Taiwan numbers represent LINE Pay Visa co-brand in Taiwan only.
Sources: Public information; Data provided by partners; VisaNet data; Visa Operating Certificates.
Tap to pay drives higher consumer engagement Credentials Acceptance Engagement
through frictionless payment experiences

Comparing tap to pay users vs. Tap to Pay Penetration (%)
non-users: 96% AU
Up to
Asia Pacific tap to pay penetration2 85% 88% SG
3.8x Transactions per active card1

29%  41% 82% NZ
2016 2019 67% TW
60%
Up to
1.8x
59% HK
47%
Spend per active card
33% 37% MY
Post tap to pay activation, 20%

cardholders make: 11% PH
3.9x
4% 8% IN
Transactions at fast food
restaurants
0.1% JP
Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19
2.3x Transactions at grocery stores

and supermarkets
Notes: 1. Active card refers to cards with at least one purchase during analysis period; 2. Based on face-to-face transaction processed by Visa.
Source: VisaNet data.
India: Capturing the $1T opportunity Credentials Acceptance Engagement
Visa is the credit and debit market share leader with strong momentum
19% CAGR
93% Driving credentials and acceptance through
fintech partnerships
• Google Pay: Tokenized credentials
Transactions
FY16 FY17 FY18 FY19
• Paytm: Debit, co-brand credit, tap to pay acceptance
20% CAGR Expanding credit access to large debit base

82% (50M+ credit cards vs. 800M+ debit cards in 2019)
• Co-brand partnership with large consumer platforms (Amazon Pay, Ola)
Payments Volume • Deploying installment payment solution
FY16 FY17 FY18 FY19
34% CAGR
Improving consumer engagement through frictionless
103%
payment experiences
• Market-specific solutions such as: Recurring payments platform
Acceptance1 with BillDesk, Visa Safe Click
FY16 FY17 FY18 FY19
• FY 2019 tap to pay penetration 14x vs. FY 2018
Demonetization
Note: 1. Number of merchant locations.

Sources: Reserve Bank of India; VisaNet data; Visa Operating Certificates.
Japan: Capturing the $1.4T opportunity Credentials Acceptance Engagement
Government’s cashless agenda Debit opportunity

Significant growth since 2016…
ePayment PCE penetration • Enable tap to pay, leveraging
Government
goal
strong issuers and growing
acceptance in everyday spend 31 11M 3x
categories Issuers Cards Debit Payments
40%
Volume & Transactions
24% • Maximize Olympic Games Tokyo
• Large untapped opportunity: debit penetration <10%
2020 platform to drive
infrastructure enablement • Partnering with top banks to penetrate account holders with debit
2019 2025 • Support innovation: digital debit, tap to pay issuance, mobile
Fintech partnerships Processing penetration

% Processed transactions • Leverage strong partnerships to
Partnering with fintechs to scale credentials and acceptance grow penetration with optimized
42%
32% acquirer and issuer solutions
17% • Deepen value creation for clients

with Value Added Services
(e.g., risk solutions, tokenization,
FY10 FY16 FY19 data products, CyberSource)
22 Sources: METI of Japan; Visa Operating Certificates; VisaNet data. ©2020 Visa. All rights reserved.
China: Capturing the $2T opportunity Credentials Acceptance Engagement
Strong existing Partnering to scale Preparing for market entry

business acceptance • Beijing Innovation Center
• Leading share among • 18x traditional acceptance points to help tailor solutions
international schemes in since FY 2016
7 of top 8 issuers representing
~120M cards in force • Growing penetration into
new merchant segments
and smaller cities
• Partnering with large wallet

platforms to drive a step change
growth in inbound acceptance
• Working with Chinese
government to continue to
• Growing fintech partnerships progress market entry efforts
to facilitate new use cases
23 Source: Visa Operating Certificates. ©2020 Visa. All rights reserved.

Asia Pacific presents a significant long-term growth opportunity
We are investing to rapidly grow Visa credentials with an increasingly diverse roster of clients
Credentials
We are opening up new acceptance in underpenetrated segments and enabling

new uses cases
Acceptance
Visa is making the payment experience frictionless to increase consumer engagement – tap
to pay is a key part of this strategy
Engagement
Asia Pacific is a very diverse region and we operate in 46 markets – our approach is tailored
to each market and its unique needs
Europe
Charlotte Hogg
CEO
2020 Investor Day

Europe: Overview 619M Population
560M 53M UK
Cards Unbanked
Credentials
$150B $580B
Germany
16M 10M+ Italy

Merchant Untapped Spain
Merchants Turkey
$600B
$300B
$180B
$1.7T
Payments
41B
Payments
as a % of PCE:
Volume Transactions
Conversion
Opportunity
Engagement
Sources: Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study, 2018; World Bank Global Findex Database, 2017; Global SME Finance Forum; Visa Operating
Certificates; Visa Analysis.
Post integration, Europe is a stronger business poised for
accelerated growth
Team Capabilities Clients Performance
built our team enhanced our cultivated our realized greater financial
in local markets capabilities client base benefits than expected
+123% 100% +37% >2x

Increase in Clients migrated to Increase in Profit ahead of acquisition
client-facing staff VisaNet without incident client NPS business case
27 Source: Visa Analysis ©2020 Visa. All rights reserved.

Europe: Key growth levers
Visa is partnering with fintechs in their efforts to digitize
payments and reach the unbanked
85M Neobank customers
by 2023
Credentials
We are broadening into new verticals, including opening

up transit opportunities across Europe 20% Growth in acceptance
locations since FY
2017
Acceptance
Visa is setting the pace in new authentication products

as the European regulatory landscape is changing
2x Open banking service
providers since 2018
Engagement
We are deploying specific strategies tailored to trends in

each key market
$2.0T Cash & check opportunity
across France, Germany,
Poland, Spain, Italy and
Turkey
28 Sources: ATKearney European Retail Banking Radar 2019; Registrations with National Competent Authorities in Europe, 2Q19 to 3Q19; Visa Operating Certificates. ©2020 Visa. All rights reserved.
We are making meaningful progress across Credentials Acceptance Engagement
fintech segments
Fintech Fast Track
New end-to-end approach, shortening the onramp
Category Country Fintech for fintechs to partner with Visa
46
UK
Digital Banks Lithuania
Switzerland
Unbanked fintech deals
Turkey
Focus signed
84
XB Specialists Turkey
Lending UK
UK
B2B
Estonia active fintech
pipeline
Wallet France

Acceptance growth comes through expansion Credentials Acceptance Engagement
across new segments, markets and payment flows

Growth vector Success stories
Acquirer Rallye – Small business campaign

Reach small businesses
1 across Germany geared towards welcoming
in key markets international payment schemes
20% growth
Soft POS launch to accept tap to pay on any in acceptance
Enable acceptance Samsung device locations since 2017
2
via new channels
Expand to sectors Vending solutions to address payments UX and

connectivity issues at >35K vending machines
3 in which cards are
underpenetrated
70% tap to pay
penetration
Develop acceptance Electric vehicle solutions address UX and
roaming payments across charging network
4 in segments with low
card usage
Note: First Data is now Fiserv.
Sources: Visa Operating Certificates; Visa Analysis.
Transit creates a ‘halo’ effect in tap to pay Credentials Acceptance Engagement
enabled markets
From the launchpad of London we are now enabling public transportation across the region
London, Madrid, Milan, Rome,
Edinburgh, Manchester, Florence,
2x
Warsaw, Dijon, Prague, Glasgow,
Gdańsk, Lodz...
Greater increase
in transactions by
tap to pay TfL users
35
70%
Higher growth
Transit systems
in spend by tap
launched to
to pay TfL users
date
Visa Ready for Transit program

• Expert guidance to transit operators
40
Transit systems
• Visa certification for third-party products in pipeline
• Speed of delivery in close partnership
with technology providers
We are well positioned as open banking Credentials Acceptance Engagement
accelerates in Europe
Authentication solutions already in market to Visa’s broad reach and connectivity to financial institutions
support clients as they prepare for PSD2 & SCA put us in a strong position to scale open banking services
App Developers
3D secure 2.2 Enhanced 3DS to manage SCA
exemptions and improve UX
Lending
Visa delegated Allows issuers to “delegate”

authentication authentication to a 3rd-party
Brokerage / Banking
Visa transaction Helps acquirers and merchants identify Financial Open Banking Consumer /
advisor low risk transactions for SCA exemption Institutions Platform Business User
Personal Finance
Visa trusted listing Accelerates checkout experiences

by “trusting” preferred merchants Business Finance
Helping the ecosystem champion security Enabling the ecosystem to deliver secure
without jeopardizing the consumer experience innovation to better delight consumers

On the continent, we have market-specific Credentials Acceptance Engagement
strategies to fuel growth over the next several years

Germany Italy Spain
Cash & Cash & Cash &
Check PCE
Launch Debit as a platform Check PCE
As government incentives Check PCE
for everyday use and for promote e-payments, Focus on cash
innovation, including increase presence displacement in transit
eCommerce, mobile and with clients to help and tourism
$580B $600B $300B
international them capture growth
France Poland Turkey

Cash & Cash & Cash &
In advance of Paris 2024 With the help of the
Check PCE Check PCE Check PCE Support issuers and
Olympics, develop tap government Cashless
fintechs targeting the
to pay for public transit Poland initiative, build
unbanked, build tap to
and improve acceptance acceptance among small
$220B $150B $180B pay and eCommerce
of overseas cards businesses
33 Sources: Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study, 2018; World Bank population statistics. ©2020 Visa. All rights reserved.
Germany: A new approach to penetrating Credentials Acceptance Engagement
a nearly $600B cash & check opportunity

Through a refreshed strategy, we are creating ...and our efforts are beginning to deliver,
a flywheel for future growth... laying the foundation for growth
3X increase
in market staff
68% Visa Debit share of new

cards issued
Increase
Attack with
brand
Debit Visa Debit
80%+
awareness
Acceptance locations that
are tap to pay enabled
Deliver in-market
DPS Expand
acceptance 60% Clients using Value Added Services
to drive loyalty and usage
issuer processing
34 Sources: Oxford Economics; Visa Analysis. ©2020 Visa. All rights reserved.
Our strategies will accelerate growth across all of Europe
Visa is partnering with fintechs in their efforts to digitize payments
and reach the unbanked
Credentials
We are broadening into new verticals, including opening up transit

opportunities across Europe
Acceptance
Visa is setting the pace in new authentication products as the European

regulatory landscape is changing
Engagement
We are deploying specific strategies tailored to trends in each key market

Central Europe, Middle East
and Africa (CEMEA)
Andrew Torre
Regional President
2020 Investor Day

CEMEA: Overview 2B Population
360M 680M Russia &

Eastern Europe
Cards Unbanked
Credentials
$600B
Middle East
5M 60M+ Africa
$700B
Merchant Untapped
Merchants
$1.2T
$480B
Payments
19B
Payments
$2.5T Cash & Check penetration
as a % of PCE:
Volume Transactions
Conversion Moderate (25%-50% cash & check)
Opportunity
Engagement Cash & Check Opportunity ($)
37 Sources: Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study, 2018; World Bank Global Findex Database, 2017; Global SME Finance Forum; Visa Operating Certificates; ©2020 Visa. All rights reserved.
Visa Analysis.
CEMEA: Key growth levers
Visa is partnering with fintechs, neobanks and wallets
to enable new payment experiences 200M+ Potential credentials
with wallet partners
Credentials
We continue to accelerate growth by enabling new types

of merchants and distributors 27% Increase in acceptance
in the last year
Acceptance
Visa is leading the evolution to seamless and secure commerce

through tap to pay 52% Growth in tap to pay
penetration over last year
We are helping governments meet increasingly complex

payment demands 12+ Government partnerships
launched or planned
Engagement
Visa is co-creating customized value propositions for unique
market and segment needs 65% Share of affluent spend
in CEMEA
We are partnering with leading players in Sub-Saharan Africa 2/3 of people 15+ without
a bank account
Sources: Global Monthly Tap to Pay reports, Oct-18 and Sept-19; World Bank Global Findex Database, 2017; Projections based on Visa Operating Certificates; VisaNet data.
Visa is the partner of choice for fintechs, Credentials Acceptance Engagement
delivering Visa credentials to new users

Visa’s Fintech Fast Track
Program provides a one-
stop platform for new Issuing credentials with Supported by an
players to establish open fintechs, neobanks and ecosystem of enablers
loop wallets / capabilities digital wallets and funds / accelerators
and scale their offerings
Fintech Progress
>75% deal success rate1
31 partnerships
4 investments
12 fintech launches Examples of partnerships
Note: 1. Deal success rate based on analysis of deals won as a percentage of total pool of deals over a certain size.
Transforming Visa go-to-market and solutions Credentials Acceptance Engagement
to grow acceptance with merchants

Go-to-market approaches Examples of recent efforts and partnerships
1 Grow F2F acceptance in the

SME segment by partnering
SME acceptance across 10 African markets
~27%
Increase in acceptance
with new distributors and Low-cost terminals in South Africa locations in the last year
traditional acquirers
700K+
Enabling terminals for Visa acceptance
New POS
2 Expand eCommerce Gateway for Chat Commerce outlets
acceptance by enabling new
and innovative use cases eCommerce acceptance in Nigeria
400K+
New QR /
Build new value propositions Microlending to merchants USSD / Soft
3
for acquirers and merchants POS outlets
40 Source: Visa Operating Certificates; Visa Analysis. ©2020 Visa. All rights reserved.
Leading the evolution of seamless and secure Credentials Acceptance Engagement
digital commerce through tap to pay
Highest Visa region #10 Russia - 83%

In F2F tap to pay penetration
~16% #1 Georgia - 96%
52% Increase in
active
Growth of tap to pay penetration in cardholder
CEMEA over the last year spending from
tap to pay CEMEA F2F tap to pay penetration
Enablers
Very High (>80%)
activation
High (50%-80%)
Moderate (20%-50%)
Tokenization >200% in 2019 Low (<20%)
Urban Mobility 69 launches Global ranking
Driving innovation, new use cases and Credentials Acceptance Engagement
payments volume with local switches

Examples of partnerships Key partnership components
New Value
Visa on New
products Tokenization Added
mobile flows
• Launch of Multicurrency Prepaid with The Saudi and services Services
Tailored
Investment Bank to all government employees
payment
• Enabling domestic eCommerce with Saudi Payments
solutions
$8.2B opportunity size of government purchases1
• Rollout P2P, Tokenization and Mobile Apps with HPS

Value Added
domestic switch in Morocco
Services
Only 4% use mobile phone to access a bank account
Local • Building domestic infrastructure in South Africa

processing 22% YoY growth in Visa transactions
Ecosystem • Digitization of payments and financial inclusion

in Cote d’Ivoire
development
59% of people unbanked
12+ launched or planned government engagements and partnerships with local switches
Note: 1. Based on total value of government B2B purchases in 2019.
Sources: World Bank Global Findex Database, 2017; Euromonitor; VisaNet data; Visa analysis.
Delivering customized solutions for Credentials Acceptance Engagement
sophisticated and affluent cardholders

Affluent consumers drive outsized impact Visa continuously updates and tailors offers
for Visa’s business in CEMEA based on customer preferences and needs
Examples of recently launched product benefits include:
Affluent drives 30% of Visa CEMEA volumes
Free Unlimited Free Visa Airport

airport internet luggage airport fast-lane
Travel transfers abroad wrapping check-in
Affluent cards see ~15x higher cross-border

spend vs. other cards1
Dining City taxi Premium Online Cinema

discounts trip grocery retailer discounts
~65%
Lifestyle discounts offers offers
Visa holds share of affluent spend2
Customer awareness of benefits drives 25% higher card spend
Notes: 1. Affluent cards considered to be Visa Platinum, Signature and Infinite; 2. Calculated based on World Bank reported international travel and tourism expenditures from KSA, 2017.
Sources: VisaNet data; Visa Analysis.
Partnering with leading African players on Credentials Acceptance Engagement
credentials, acceptance and engagement

Credentials
Sub-Saharan Africa
Market-at-a-Glance
18.4 Median age vs.

Engagement
30.3 globally
Acceptance
2.4x Higher annual population
growth than global
~3% Card PCE penetration

(excl. South Africa)
2/3 of people 15+

without a bank account
46% of the world’s

mobile money users
Sources: World Bank Development Indicators; Euromonitor Soci-Economic Indicators; Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study, 2018; World Bank Global Findex Database, 2017; GSMA State of
the Industry Report on Mobile Money, 2018.
CEMEA has huge growth potential driven by bringing new
consumers and sellers in the financial system
Visa is partnering with fintechs, neobanks and wallets to enable new payment experiences
Credentials
We continue to accelerate growth by enabling new types of merchants and distributors

Acceptance
Visa is leading the evolution to seamless and secure commerce through tap to pay
We are helping governments meet increasingly complex payment demands

Engagement
Visa is co-creating customized value propositions for unique market and segment needs
We are partnering with leading players in Sub-Saharan Africa

Latin America and Caribbean (LAC)
Eduardo Coello
Regional President
2020 Investor Day

LAC: Overview 630M Population

Central America and
478M 212M
$465B The Caribbean
$280B
Mexico
Cards Unbanked
Credentials
Brazil
Andean $680B
12M 50M+
and South $600B
Cone
Merchant Untapped
Merchants
$413B
Payments
14B
Payments
as a % of PCE:
Volume Transactions
Conversion
Opportunity
Engagement
Sources: Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study, 2018; World Bank Global Findex Database, 2017; Global SME Finance Forum; Visa Operating Certificates; Visa
Analysis.
LAC: Key growth levers
Visa is poised to capitalize on the rapidly developing digital
ecosystem and grow credentials through fintechs and enablers 62% Smartphone penetration
in Latin America
18M
Innovation is driving Visa issuance on previously proprietary Credential opportunity
Credentials
local networks currently on local schemes
$535B
Visa is displacing cash by growing acceptance, embracing Visa cash volume –
digital platforms and improving the consumer experience 1.3x payments volume
Acceptance
12 ppts
Increase in domestic
Visa’s growth in domestic processing will diversify revenue,
processing penetration
accelerate digital deployment and improve client performance in last 5 years
2x
Engagement Visa takes a customer-centric approach to increasing Tap to pay penetration
engagement through improved experiences growth last year
$40B
Brazil is a great example of how Visa leverages our deep market Payments volume
knowledge and client understanding to deploy unique, opportunity from focused
cash conversion efforts
customized solutions by market and segment
48 Sources: GSMA Intelligence; World Bank; IBGE; Bacen; Visa Operating Certificates; Visa Analysis. ©2020 Visa. All rights reserved.
Rapid digital adoption drives new opportunities Credentials Acceptance Engagement
to deploy Visa credentials
Visa is partnering with enablers like

22M
~2
months on Regional SuperApp users
average to set
up new issuer
Launched by
that make it quick and easy for….

Paraguay white label
~50%
of issuer clients
issuer wallets
Banks Wallets
Neobanks Fintechs
84%
of Visa credentials
Uruguay multi-issuer wallet enabled
…to issue digital credentials
49 Sources: Client statements; Visa Analysis. ©2020 Visa. All rights reserved.
Innovation is driving Visa issuance on previously Credentials Acceptance Engagement
proprietary local networks
Chile
As payments innovation Partnership with Banco Estado
accelerates, local networks
12M 60% 37%

look to partner with Visa
to deliver value to their
cardholders cards converted of the total of POS debit
to Visa Debit debit cards transactions
• Tokenization
• Click to Pay
• Fast Funds Top Caribbean issuers that own local
networks are transforming proprietary
• Installments closed loop portfolios from a cost center
to a revenue center via Visa partnership
50 Source: Superintendencia de Bancos e Instituciones Financieras; Visa Analysis. ©2020 Visa. All rights reserved.
Converting cash on Visa credentials to the Credentials Acceptance Engagement
point of sale is a unique growth opportunity

Visa approach
Cash represents 1 Work with new acquirers

and payment facilitators
~300K
>50% of LAC’s PCE to expand acceptance
New merchants reached since initial
Visa partnership in 2017
2 Improve the consumer

experience at POS
Tap to pay Click to pay
$535B in cash was
withdrawn on a Visa
credential in 2019
3 Educate the ecosystem
4.4%
Lift in number of transactions due to merchant
and cardholder campaigns in Peru
51 Sources: Euromonitor; Oxford Economics; World Bank; Millward Brown Brand Lift Study; Visa Operating Certificates. ©2020 Visa. All rights reserved.
Visa increased domestic processing penetration Credentials Acceptance Engagement
in LAC by 12 ppts in the past five years

Domestic processing wins in the past 5 years
Domestic processing benefits:
Mexico: First issuer live for
Enhances and diversifies Visa authorization transactions
revenue on core payment flows
Guatemala: 93% of
authorization transactions
Puerto Rico: 76% → 100%
Accelerates Visa’s digital innovation
of credit transactions
Colombia: 100% of
Rappi transactions
Improves Visa client performance Peru: 16% → 86% of
through Value Added Services authorization transactions
Argentina: 0% → 80% of transactions,
100% expected by 2020
Facilitates deployment of new flows Uruguay: 0% → 40% of
authorization transactions

A commitment to understanding the end Credentials Acceptance Engagement
consumer has deepened engagement

Visa initiatives
Affluent
Revitalization
+14% +20%
affluent account growth domestic and cross-border
payments volume growth
Strong consumer
engagement drives Tap to Pay 2x ~50%
partnership with Deployment tap to pay penetration of F2F transactions in
clients and in one year Costa Rica and Chile
mutual growth
Visa Loyalty
Solutions:
49 89% 45%
clients are using customer redemption of reward
My Rewards the platform and satisfaction rate points by registered
Platform 33 clients in pipeline users

Visa is well positioned to capture rebounding Credentials Acceptance Engagement
economic growth in Brazil

Grow credentials Expand acceptance Deepen engagement
New significant wins Focused cash conversion 500K taps in the first 6 months
and renewals by delivering efforts in ~200
unique, superior value underpenetrated cities to 400K tap to pay cards
to clients reach ~$40B opportunity1 issued in Rio
96.5% retention of new users

+ Opportunity
40 new players enabled 60K new merchants

in the last 18 months in the last 12 months
Note: 1. Incremental payments volume if targeted regions reach average penetration, assuming 60% Visa share.
Sources: World Bank; IBGE; Bacen; Visa Analysis.
Substantial growth opportunity exists in LAC from
converting cash and expanding our network
Visa is poised to capitalize on the rapidly developing digital ecosystem and grow credentials through
fintechs and enablers
Credentials Innovation is driving Visa issuance on previously proprietary local networks
Visa is displacing cash by growing acceptance, embracing digital platforms and improving
the consumer experience
Acceptance
Visa’s growth in domestic processing will diversify revenue, accelerate digital deployment and
improve client performance
Engagement Visa takes a customer-centric approach to increasing engagement through improved experiences
Brazil is a great example of how Visa leverages our deep market knowledge and client understanding
to deploy unique, customized solutions by market and segment

Driving New Flows
Ryan McInerney
President
2020 Investor Day

Our new flows expand our total addressable market by extending
our reach into new use cases through a Network of Networks

governments

The market opportunity in new flows is 10x the cash and check
currently in consumer payments
$185T
B2B B2b B2C P2P G2C
$120T $5T $30T $20T $10T

• SME, T&E, Fleet, • Merchant • Insurance • Friends and • Government
Purchasing Settlement • Payroll Family Benefits
• Receivables, • Marketplaces • Gig Economy • Remittances • Tax Refunds
Payables • Alternative
• Cross-border Lending
58 Sources: McKinsey Global Payments Map and Visa Analysis. ©2020 Visa. All rights reserved.
We think about new flows in two broad groups in terms of
customer needs and use cases
$65T $120T
Lower value, higher velocity flows Higher value, lower velocity flows
P2P B2C Card-based Cross-border
$20T $30T $20T $10T
B2b G2C Domestic AR / AP
$5T $10T $90T

Visa Direct with Earthport meets the needs for the $65T of lower
value, higher velocity flows for consumers and small businesses
$65T
Lower value, higher velocity flows
P2P B2C
$20T $30T
B2b G2C
$5T $10T
Visa Direct with Earthport meets the needs for the $65T of lower
value, higher velocity flows for consumers and small businesses
$65T
Lower value, higher velocity flows
P2P B2C Visa

Direct
$20T $30T
B2b G2C
$5T $10T
Unique solutions meet the needs of higher value,
lower velocity flows from commercial clients
$120T
Higher value, lower velocity flows
Card-based Cross-border
$20T $10T
Domestic AR / AP
$90T
62 Source: McKinsey Global Payments Map and Visa Analysis. ©2020 Visa. All rights reserved.
Unique solutions meet the needs of higher value,
lower velocity flows from commercial clients
$120T
T&E,
Higher value, lower velocity flows
Purchasing,
Small
Business,
Virtual Card-based Cross-border
$20T $10T
Visa B2B
Connect Partnerships Domestic AR / AP
$90T
63 Source: McKinsey Global Payments Map and Visa Analysis. ©2020 Visa. All rights reserved.
In today’s discussion, we will cover the new flows
opportunity in each segment
Visa Direct - $65T Commercial Solutions - $120T
$20T $30T $20T $10T
$5T $10T $90T

How do
you want to
get paid?
Visa Direct

Key takeaways
Large market opportunity to digitize P2P, B2C and small business flows
Proven business model operating at scale
Premier real-time payments platform built on global reach

and processing infrastructure
Growing partner ecosystem and supply chain to accelerate growth
Investing in the future to ensure Visa Direct remains the money movement
network of choice for faster disbursements around the world
Visa Direct enables clients to deposit funds into recipient accounts
for consumers and small business, addressing $65T in new flows
Pull Transaction Push Transaction
eCommerce Checkout ATM Withdrawal Insurance Marketplaces
In-App Purchases Point of Sale Transactions On Demand Merchant Settlement
To be the best way to pay and be paid for everyone, everywhere

Visa Direct powers trusted “open money movement” ecosystem
Payout Enablers Global Endpoints
Single operational Ubiquitous, real-time
connection efficiency money movement
Acquirers Cards – Debit / Credit / Prepaid
Processors Bank Accounts

Gateways Wallets
Banks Direct
Global platform for
Commerce Platforms real-time payments
Scaled, global Network of Networks
distribution channels Trusted, “Open” Network
Marketplaces Card Networks
Mobile Earthport – ACH / RTP
Messaging Member Banks

Payroll Regional Networks
ERP
Visa Direct is underpinned by Visa’s secure and reliable
global payments network
Global Reach Risk Management Processing Capabilities

• Over 200 countries and • Trusted network of institutions • Visa settlement
territories with new program reviews
• 160 currencies
• 99% coverage of banked • Real-time watchlist screening
consumers and small business1 • Enhanced reconciliation
• Transaction limits reporting
• 130 countries enabled for
real-time payouts • Activity monitoring • Disputes / exception handling
• 75 countries enabled for • Real-time authorization • Full API Suite

real-time cross-border payouts
• Tokenization • Message translation
Note: 1. In 88 countries.
Visa Direct enables dozens of new use cases and flows...
Visa Direct Set-plays Attacking the Market in a Structured Way
Example use cases
1 Vertical Market Strategy

P2P REMITTANCE INSURANCE
2 Customer-focused Solutions
GIGM
WAORRKKEETRP LPAACYEOSU T S PAYROLL, WAGE ACCESS
3 Strategic Investment
Direct
4 Enabler Readiness A L T EMRANRAKTEITVPEL LAECNE D
S ING SMALL BUSINESS R E M IETRTPA N C E
5 Product Sales & Marketing

...with end-to-end ecosystem support for Visa partners
Solution Consulting Performance, Risk and Business Enablement and
and Innovation Compliance Monitoring Commercialization Support

Visa’s network effect enables fast growth and global
operating scale
Visa Direct Performance
Fiscal Year 2019 Visa Direct vs. Visa Debit Payments Volume Growth
Programs 250
Visa Visa
130M
Payments Volume Growth

Active Users Direct Debit
2B
From First Year

Transactions
Visa Direct:
Quarterly Run Rate 2x faster
11 B 68 B
growth than
Debit
$ $ Years Post-Launch
Q4 2016 Q4 2019
72 Sources: Visa Historical Reports; Visa Operating Certificates; VisaNet data. ©2020 Visa. All rights reserved.
Visa Direct enables

dozens of new use
GIGM
cases and flows Direct
A L T EMRANRAKTEITVPEL LAECNE D

P2P: We have made significant progress in the
$20T P2P segment
100+ P2P programs and counting are powered

by Visa Direct globally
7 of 7 of major global players are active or

launching with Visa Direct
>100% Visa Direct YoY growth rate for P2P

programs
74 Sources: “’Yape’, app del BCP, alcanzó el millión de usuários,“ Publimetro, 2019; VisaNet data. ©2020 Visa. All rights reserved.
Cross-border: Remittances started to go live
in 2019 and will expand significantly in 2020
75+ countries enabled for real-time

cross-border payouts
5 of 7 top global remitters live or

implementing Visa Direct
50% of MoneyGram’s Visa Direct service users are

first time MoneyGram customers
Multichannel pay out to
cards and accounts across
the globe
75 Sources: MoneyGram press release; VisaNet data. ©2020 Visa. All rights reserved.
Insurance: Enabling a digital claims experience
9+
insurance segments: health, auto, life,
property, pet, casualty, homeowner,
disability, disaster
~60% surveyed customers believe payments took

longer than they thought it should
5 of 10 top P&C insurers partner with Visa Direct

Toughest moments made
better with real-time claim
payouts
76 Sources: Visa Direct Research, J.D. Power 2017 U.S. Auto Claims Satisfaction Study; “What types of insurance do you need?” Motley Fool, 2019. ©2020 Visa. All rights reserved.
Gig Economy: Drivers, freelancers,
contractor payments
$4.5T total global gig economy estimated spending
57M Americans working in gig economy
70% of Postmates driver deposits are made using

Instant Deposits powered by Visa Direct
Providing on-demand
workers with
on-demand pay
77 Sources: Staffing Industry Analysts (SIA) US Gig Economy, 2019; Visa Digital Disbursements Consumer Preference Study, 2017; Visa and Postmates data. ©2020 Visa. All rights reserved.
Payroll: Early wage access driving payments
innovation and new payroll solutions
for employees
78% of U.S. full-time workers are living paycheck to

paycheck
95% of employees are interested in working for an

employer who provides earned wage access
400% Visa Direct YoY growth rate for

payroll programs Helps employees access
their wages early when
they need it
78 Sources: 2019 Earned Wage Access Insights; Accenture Research; VisaNet data. ©2020 Visa. All rights reserved.
Marketplaces: Visa Direct plays an important
role in facilitating payouts for small sellers
$2T total spend on top 100 online marketplaces
3-5 days is the average time a seller waits for

access to their proceeds
~30% of Mercari sellers have enrolled in Instant Pay

with Visa Direct
Providing earnings to
online sellers
faster than ever
Sources: “Top Online Marketplaces 2018,” Digital Commerce 360; “The Merchant’s Guide to Instant Credit Card Processing, Instant Deposits, & Getting Your Funds Fast,” Merchant
Maverick, 2020; “5 Challenges of Selling Via Cross-Border Marketplaces,” Pitney Bowes.
Small business: Visa Direct is helping small
businesses better manage cash flow with
faster settlement and loan disbursements Seamless integration with
a platform small
businesses already use
every day
61% of small businesses report that cash flow

is a regular concern
79% of small businesses want faster settlement
<30mins
funds for small businesses are available Improving small business
when using Visa Direct for faster cash-flow with quicker
in settlement and loan disbursement access to lines of credit
80 Sources: Accounting Today, 2018; “A Look at the Non-Bank and Alternative Lending Industry Business Model in 2020,” Business Insider, 2019; Visa Small Business Preferences Survey, 2017. ©2020 Visa. All rights reserved.
ERP platforms: Enabling Visa Direct for
payouts to individuals and small businesses
Visa Employee Digital
Expense Reimbursement
$35T the size of the Global B2C and B2b

disbursements market
85% U.S. firms planning to make real-time payments

integral to their operations within 3 years
430K customers across 175 countries on Oracle

platform
Digitizing and simplifying
employee expense
reimbursements
81 Sources: McKinsey Global Payments Map and Visa Analysis; Making real-time payments a reality study, Pymnts.com, 2020; Oracle Investor website. ©2020 Visa. All rights reserved.
Key takeaways
Large market opportunity to digitize P2P, B2C and small business flows
Proven business model operating at scale
Premier real-time payments platform built on global reach

and processing infrastructure
Growing partner ecosystem and supply chain to accelerate growth
Investing in the future to ensure Visa Direct remains the money movement
network of choice for faster disbursements around the world
In today’s discussion, we will cover the new flows
opportunity in each segment
Visa Direct - $65T Commercial Solutions - $120T
$20T $30T $20T $10T
$5T $10T $90T

Businesses and governments make $120T in payments
globally for the purchase of goods and services
$120T
Card-based Cross-border Domestic AR / AP
$20T $10T $90T

• Distributed • Security, reliability • Operational efficiency
employee spend • Speed • Linking payment to data
Needs • Expense tracking • Rich data about the payment
• Fraud controls • Geographic reach • Reconciliation
• Transaction data • Payment visibility • Digitization of paper
Primary • T&E, Purchasing, • Visa B2B Connect • Partnerships

Small Business,
Solutions Virtual
84 Sources: McKinsey Global Payments Report and Visa Analysis. ©2020 Visa. All rights reserved.
Card-based and cross-border flows represent 25% of the
volumes but 75% or more of the revenue opportunity
Addressable Payments Addressable Revenue
Volume Opportunity ($T) Opportunity ($B) Key Focus Areas
to Drive Growth
120 70-100
Drive growth in established
1
Card-based Solutions 20 card-based business
Cross-border 10
Systematically execute
Domestic AR / AP 2 strategy to scale Visa B2B
Connect
90 Test and learn in domestic

3 non-card B2B payments by
adding value beyond the
transaction
$20T in B2B payments can be addressed with
higher-yielding card-based solutions
Card-based
opportunity is as
large as consumer
payments cash
$20T $10T $90T digitization
• Distributed • Security, reliability • Operational efficiency opportunity
• Transaction data • Payment visibility • Digitize paper

Small Business,
Solutions Virtual
We are the B2B leader with $1T+ of Payments Volume
$1.1T
CY 2019 B2B Products Enabling Platforms
Payments
Volume
Visa Business
Small Business
CY 2018 B2B Payments Volume ($B)
980 Visa Corporate

T&E, Purchasing Visa Business
Reporting
657
486 Virtual (single use) Visa Compliance
Management
Visa Data Analytics
Fleet
Visa Fleet
Visa Mastercard American

Express
87 Sources: American Express and Mastercard company filings. ©2020 Visa. All rights reserved.
We are enhancing our leading position by focusing
on four areas to capture this $20T opportunity
Geographic Streamline
Expansion and Accelerate Extend to
Drive Digital Acceptance New Verticals
• Accelerate client onboarding • Build on leading position in • Eliminate friction • Enable additional vertical-
consumer to target specific use cases
• Expand use cases through markets with nascent • Grow straight through
provisioning to mobile wallets processing – Government
commercial volume – Travel
• Improve user experience • Ride broader trend in • Simplify virtual card – Gig economy
through mobile, expense markets moving from acceptance and drive – Healthcare
management, reporting cash to digital industry standards
• Enable through global APIs • Adopt local solutions • Support flexible
leveraging global interchange
88 Sources: McKinsey Global Payments Report and Visa Analysis. capabilities ©2020 Visa. All rights reserved.
$10T in cross-border flows represent a lucrative and largely
untapped opportunity
$120T
$20T $10T $90T


Small Business,
Solutions Virtual
Visa B2B Connect enables high value, low volume
cross-border transactions directly between banks
Existing Network of Bilateral Relationships Visa B2B Connect Multilateral Network
Payments routed through bilateral correspondent bank Single multilateral connection to all
relationships, passed through a varying number of intermediaries network members with transparent
timeframes, costs and payment data
using distributed ledger technology
Originating Originator Intermediary Beneficiary Beneficiary

Bank Bank’s Bank(s) Bank’s Bank
Correspondent Correspondent
Key Benefits:
Lack of visibility Fees
Difficult to predict costs or Fees accumulate at each • Speed, often same day
know when payments arrive step in the process, including • Payment transparency / visibility
correspondent bank and
Slow speeds • Rich data travels with payment to
third-party service fees
Average cross-border enable effective reconciliation
transaction takes 3-5 Payment data loss • Payment finality
business days Inconsistent processing between
• Efficient liquidity management
banks can result in payment
Lack of liquidity data loss and transaction errors
Due to separate accounts
90 Sources: Accenture; Juniper Research; Banking Circle; Glenbrook-Earthport, McKinsey; SWIFT data; Visa Analysis. ©2020 Visa. All rights reserved.
Visa B2B Connect: Building a new network
Today 2020-2021 2022
Availability • 71 markets • +30 more markets Network scale

achieved
Network
integrators
Network size • Engaged with 100+ • Expand delivery outside of Visa B2B Connect network
banks globally • Direct: +40 banks
• Through integrators: +60 banks
Status • Begin transacting

• Expand use cases (e.g., trade)
• Grow to 1 million transactions

Capturing the $90T in large enterprise AR / AP payments
Will require
extending
$20T $10T $90T beyond
payment
execution

Small Business,
Solutions Virtual
For AR / AP domestic B2B payments, we have to address
pain points beyond payment execution
Buyer Money Movement Supplier
• Supplier onboarding • Buyer onboarding

Key Characteristics: • Procure goods / services • Payment acceptance
Before payment
strategy
Lower revenue • Receive and process invoice
1 opportunity for • Financing and payment
• Supplier financing and
payment timing
timing
payment • Issue invoice
• Determine payment type
execution and initiate payment
2 Pain points and

Payment
complexity extend • Payment execution:

check, ACH, wire, RTP,
beyond the cash
payment
• Record payment made in • Receive payment
After payment
ERP / accounting system

• Reconcile payment to
Large enterprises invoice(s), record in ERP /
accounting system
currently pay only 1bp
for payment execution
We are partnering to create innovative solutions that
address the broader AR / AP value chain
Buyer Money Movement Supplier
• Supplier onboarding • Buyer onboarding

• Procure goods / services • Payment acceptance
Before payment
Buyer financing strategy
• Receive and process invoice
Offer SMEs instant access to • Supplier financing and
Expand acceptance
financing • Financing and payment payment timing Enabling payments
timing initiated on card to be
• Issue invoice delivered via ACH
• Determine payment type
and initiate payment
Payment
• Payment execution: E-Invoicing

check, ACH, wire, RTP, Enabling electronic
cash invoicing
Accounts Payable
Connecting banks with • Record payment made in • Receive payment
AP providers
After payment
ERP / accounting system

• Reconcile payment to
invoice(s), record in ERP /
accounting system
Accounts Receivable
Facilitating acceptance
and reconciliation
Key takeaways
We are the largest commercial payments card network and we are investing
to capture the $20T payments volume opportunity
We will leverage our global scale to build out Visa B2B Connect, a truly
unique payment solution, to address high value cross-border transactions
We will continue to invest and partner to offer innovative solutions for

domestic AR / AP that create value across the whole value chain

performance.
with Visa.

2020 Investor Day
Jack Forestell
Deepening Client Partnerships with Mary Kay Bowman
Value Added Services Carleigh Jaques
Melissa McSherry
Visa: The Investment Proposition Vasant Prabhu
ended September 30, 2019, and our other filings with the U.S. Securities and Exchange Commission.

Deepening Client Partnerships
with Value Added Services
Jack Forestell
Chief Product Officer
2020 Investor Day

Value Added Services help our partners grow
profits by enhancing their utilization of Visa’s networks

governments

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

Platforms that power Secure, reliable services for Protections against fraud, Data tools to help clients
payments transactions, sellers and acquirers that theft and unauthorized use grow their business and drive
enable growth and innovation reduce friction and drive through advanced risk differentiated experiences
and influence the customer acceptance management capabilities
journey
Actionable insights, recommendations and data-driven strategies for clients and partners
~$3.5B FY 2020 Projected Revenue

>20% Growth from FY 2019

Value Added Services help our clients and partners grow
revenues and reduce costs
Benefits of Value Added Services
Grow Revenues Reduce Costs
• Customer acquisition • Processing costs
• Share of wallet • Portfolio optimization
• Customer retention • Fraud reduction
• Higher authorization rates • Marketing efficiency and effectiveness
• Deployment of new capabilities (e.g., instant • Digitization of internal manual processes
issuance, installments, transaction controls)
Delightful payment and commerce experiences

Visa offers a broad and expanding suite of Value Added Services
Examples

• Loyalty
• Installments
• Open Banking


To support our Network of Networks strategy, we are unbundling
our services to add value to transactions on any network
Visa Pre-2010 Past Decade 2019+
Client & Partner Applications Client & Partner Applications
Value Added Services Value Added Services

Vertically integrated
applications, Value Added
Services and core payments
infrastructure
Core Payments Infrastructure Core Payments Infrastructure
Net
Earthport
Net Other
Visa B2B Networks
Visa Direct Connect

Visa offers a broad and expanding suite of Value Added Services


• Loyalty
• Installments
• Open Banking


Digital issuance
Account Balance
Congratulations
on opening your new account!

Digital issuance
Account Balance
Congratulations
on opening your new account!

Digital issuance
Jack Forestell
United States of America
One Market Plaza

San Francisco, CA 94105
+1 (415) 555-2911
CREATE VISA CARD

CREATE CARD

Digital issuance
~6B
Account Balance
Jack Forestell
Visa **** 1028
Card Actions tokenized transactions
Share Recurring Send

Access Payments Money
Transaction
History
Order
Physical
Account
Servicing
>100%
annual growth
Card
14 Source: VisaNet. ©2020 Visa. All rights reserved.

Share access
Choose a Recipient Set Up Card Limits
Account Balance
Share access to your Visa…1028 Set up limits to manage Ellie’s
spending and get notifications
Share your card access

Jack Forestell
Visa **** 1028 Time Limit:
For 30 Days
UntilMay
Until June
2013 - +
Card Actions
Ellie Forestell
Transaction Limit:

[email protected]
$ 100.00
+1 (415) 555-5135
✓
Daughter View more access controls
Transaction Order Account

History Physical Servicing NEXT SHARE ACCESS
Card

Share access
Ellie Forestell
Rose Miller
You now have access to Jack F’s FDNB Visa

card ending in 1028. Save to your wallet to
use everywhere Visa is accepted.
Time Limit: Transaction Limit:

30 Days $100.00
Add to DigitalPay

Recurring payments
Account Balance
Jack Forestell
Visa **** 1028
Card Actions

Transaction Order Account

History Physical Servicing
Card

Recurring payments
Recurring Payments
Review the details of your recurring

payments across your Visa card ****1028.
$13T+
AT&T ON
COMCAST ON
ON
DOLLAR SHAVE CLUB
Global Bill Payments Volume1
HULU ON
NETFLIX ON
SPOTIFY ON
Note: 1. Includes rent, utilities, insurance, education, healthcare and telecom only, and does not include debt payments and taxes.
Source: Euromonitor Merchant Segment Study (2017 and 2018 editions).
Visa DPS is a leading issuer processing solution
Account Mobile
Hosting App
Card Campaign
Management Management
DPS
8 of Top 10 Fraud & Risk

Other
Visa U.S. Issuers1 Services
Networks
Contact
Center
Reporting
Settlement
“Front Door” Dispute
APIs ATM Management
Driving
Note: 1. As of FY19.
Sources: VisaNet data, Visa Data Manager, Visa Analysis.
We are investing in digital issuer processing capabilities
Mobile-first Experiences Digital and Developer-focused
APIs to support
• Digital banking
• Mobile wallets
• Installments

Visa offers a broad and expanding suite Mary Kay Bowman
Head of Consumer and Seller Solutions


• Loyalty
• Installments
• Open Banking


Value Added Services create value for our customers and our
network by improving experiences across the payment journey
Payment
Journey Before Purchase Purchase After Purchase
“The benefits and offers “I want the product, but I “When I have a problem with
Sample I receive from my card do do not know if I can afford my purchase, it takes too long
Pain Points not fit me.” it today.” to resolve the problem.”
Sample
Value Added
Services
Account Holder Installments Disputes
Engagement Platform

Before purchase: Deliver personalized benefits Account Holder
Engagement
Installments Disputes
and offers to drive loyalty

Platform
Consumers are fatigued by loyalty programs... ...and crave tailored, experiential benefits
35% 22% 73% 83%

fully comprehend are very satisfied prefer experiences of consumers are willing
program benefits with offer relevance over monetary awards to share data to enable
personalization
Visa’s Account Holder Engagement Platform enables our clients to deliver contextual benefits and
offers enriched by Visa data and scale throughout their customers’ journeys
Personalized and Self-serve Common benefits

AI-driven engine platform and offer repository
23 Sources: U.S. Bond Brand Loyalty Report 2019; JD Power Credit Card Satisfaction Survey 2018; McKinsey; Accenture Hyper Relevance Report 2018; Accenture Pulse Check 2018; Visa Consumer Research 2019. ©2020 Visa. All rights reserved.
Before purchase: Success in Latin America led Account Holder
Engagement
to expansion worldwide
Platform
Loyalty offerings in Latin American and Caribbean
Visa Benefits Digital Visa Online My Rewards Visa Airport

Portal Concierge Medic Companion
Personalized and
AI-driven engine
Self-serve
platform
Common benefits
and offer repository

Purchase: Installments represent a $1.2T Account Holder
Engagement
global opportunity1
Platform
Consumers want transparency, control Sellers can drive higher sales volume
and budget management with installments
70% ~50% 20-30% 30%

of U.S. adults agree of total credit Payments increase in average increase in average
installments alleviate the Volume in Brazil is on card- ticket size conversion rate
stress of making a large based installments
purchase
Visa enables multiple ways to pay for purchases at the point of sale;
consumer choice is key, with multiple models co-existing
Works with No new credit Cross-border Single integration

existing cards approval required enabled for wide acceptance
Card-based installments Fintech or third-party financing providers

Note: 1. Excludes $1.5T in untraceable installments volume (e.g., “debt consolidation”).
25 Sources: Ipsos U.S. nationwide survey 2017; UK TSYS Consumer Study 2016; Afterpay and Klarna public material, Dec, 2017; Euromonitor International 2018; Auriemma Group, The Payments Report.
Purchase: Consumer choice is key – it is why we Account Holder
Engagement
are building and partnering

Platform
Card-based installments Fintech or third-party financing providers
Works with
3.4B cards
Venture
existing cards investments 2017 2018 2020
No new credit
$3.1T unused credit card lines in U.S.
approval required
Virtual
cards
Cross-border 200+ countries and territories

enabled
1 integration point Solution
61M
enablement
Single integration worldwide merchant locations
for wide acceptance
26 Sources: Visa Payment Panel FY18; Experian, “A Look at U.S. Consumer Credit Card Debt”; Visa Operating Certificates, Visa Analysis. ©2020 Visa. All rights reserved.
After purchase: Dispute resolution is core to our Account Holder
Engagement
network and we continue to improve the experience

Platform
Problem resolution has been However, disputes ...and becoming a top

a integral part of our network have been growing... concern for sellers
Over 70M ~9% 35%

disputes in 2019 annual growth 2017 to 2019 of sellers cite chargebacks as
top payments concern
Disputes have improved 56% with With Visa and Verifi combined, we
Visa Claim Resolution from: can resolve disputes in less than a day
55 days to 24 days to 17 hours

Pre Visa Claims Resolution Post Visa Claims Resolution Now with Verifi
27 Sources: Forrester, The State of Retail Payments – Outlook for 2019; Visa Analysis. ©2020 Visa. All rights reserved.
After purchase: With Verifi, dispute resolution will Account Holder
Engagement
be faster for more participants within Visa and

Platform
beyond our network

Better
Customer 24
Before: Multiple parties sending information to each another offline and asynchronously
Experience days
Sellers / Acquirers Issuers
Now: Fewer parties sending 17
information to each other real-time hours
Stronger Verifi brings 25,000 sellers and deeper integration with issuer customer service centers
Network
Effects The more sellers we have, the more issuers we can connect them to, resulting in better
dispute resolution
Network Consumers want peace of mind with every payments Other Brands Other Networks
Agnostic transaction and sellers want a way to resolve disputes across
Solution all brands, all networks and all players Other Players
28 Sources: Visa Analysis. ©2020 Visa. All rights reserved.

Key takeaways
Payment Journey Before Purchase Purchase After Purchase
We are focused on improving the payment journey as we Value to Partners

expand and enrich connections from sellers to consumers
Customer Share of
acquisition wallet
The largest network of consumers and sellers means more offers, Financing Customer
more installment options and more benefits revenue retention
With more data fed into our ecosystem, we can drive more Value to Visa
contextualized offers, more relevant benefits and faster
dispute resolution
Higher Incremental Top of

As one of the world’s largest payments platforms, Visa can Payments revenue wallet, repeat
build technology once and deploy for others who either Volume streams usage
do not have the capability or the business case to do so
Visa offers a broad and expanding suite Carleigh Jaques
General Manager, CyberSource


• Loyalty
• Installments
• Open Banking


What is a gateway?

CyberSource has scale and many marquee clients
Payments $526B $222B $101B $55B $50B
Volume
Sellers Acquirers
Note: Payments volume figures represent most recently available 12 month period. CyberSource, Square, and Shopify figures are for the 12 months ending September 2019. Adyen
32 figures are for the 12 months ending June 2019. Adyen figures are converted to USD using FX rate at end of 2018. NMI figure accessed at www.NMI.com on January 16, 2020. ©2020 Visa. All rights reserved.
Source: Publicly available material.
CyberSource has become a global
payment management platform
Heritage Today
Gateway focus Platform with full stack of services
eCommerce Omnichannel
U.S. centric Global footprint
Functional integration Vertically relevant solution offerings (e.g., transit)
Direct-to-merchant Expanded indirect model (acquirers, tech partners)

CyberSource takes the friction out of commerce through
a single integration to our platform
Payment Mobile Pays, Fraud Visa

Methods eWallets Tokenization Management Products
Visa Direct Click to pay

Single integration via
API to modular platform Visa Token Service
APIs
Delivered through all

payment channels
To a wide range of Telecom /

Retail eCommerce Transit Restaurant Airlines Insurance Utilities
vertical markets Media
Built on secure VisaNet infrastructure: 99.999% uptime

The Payworks acquisition enables a full-stack
omnichannel platform
Omnichannel delivers unique customer experiences
such as order ahead and buy online, pickup in-store
• Sellers want a single solution for all channels
• Integrated CyberSource platform
• Distributed through acquirers
CyberSource and Tulip power endless
Fraud Management aisle in-store experience for luxury
Payment Acceptance Tokenization Fraud Management retailers in the U.S. and Europe
APIs
• One easy integration via CyberSource POS
Software Developer Kit

We are accelerating growth through global reach
~80% of CyberSource revenue from

North America in FY 2019
Mitigating chargeback
risk for Lacoste in Brazil
Significant globalization
growth opportunity…
50% faster retail eCommerce growth

in AP, LAC & CEMEA
190+
countries and territories can be Powering payments for
accessed via a single
integration a leading eCommerce
retailer in India
36 Sources: eMarketer, eCommerce Continues Strong Gains Amid Global Economic Uncertainty, 2019, Visa Analysis. ©2020 Visa. All rights reserved.
Distribution through acquirers creates a path
to exponential growth
Seller
Acquirers white label the CyberSource +

platform – maintaining their brand and Acquirer Marquee Visa
customer relationships Acquirer in Japan
+
Acquirers have significant sales teams
10-year deal
to sell the CyberSource platform
= 100% VisaNet
Differentiated
Commerce Offering
Processing

Key takeaways:
CyberSource is a significant growth opportunity for Visa
+ + +
eCommerce & Acquirer Global
Omnichannel
Mobile Growth Channel Growth
• Increases Visa revenue per transaction and monetizes non-Visa transactions1

• Expands the scaled distribution of Visa products
• Supports a diverse and healthy seller and acquirer ecosystem
• Supports ecosystem growth with APIs enabling rapid grassroots innovation
• Promotes new acceptance across the globe
Note: 1. CyberSource charges a per transaction fee when a CyberSource product is used. For Visa transactions going through CyberSource, this increases Visa's revenue per transaction.
For non-Visa transactions going through CyberSource, this monetizes non-Visa transactions for Visa.
Visa offers a broad and expanding suite Melissa McSherry
Head of Security, Identity and Data Products


• Loyalty
• Installments
• Open Banking


Visa uses transaction data to drive better outcomes for
consumers, clients and economies through many products
Transaction Authentication Benchmarking Focused Underwriting

Security (Digital) and Reporting Marketing
Most Established Newest

Visa Advanced 3DSecure Visa Analytics Visa Cardholder
Authorization standard Platform Audiences Transaction Score
(1993) (2001) (2003) (2016) (2019)
Our investments yield benefits across data use cases
1,000+ 500+ 3ms

scoring time for
patents filed in past 5 years custom attributes scored
Tensorflow models1
112 PB of data capacity for

on-demand access2 Enhanced Seller Data Deep Learning
scoring models in products
Notes: 1. ms refers to milliseconds. 2. PB refers to petabytes of data.
Sources: Euromonitor; Nilson; ANA Storage Report FY19; PaymentsSource; Decision Manager FY19; STIP model FY19, Visa Analysis.
Visa uses transaction data to drive better outcomes for
consumers, clients and economies through many products

Representative Solutions
Visa Advanced 3DSecure Visa Analytics Visa Cardholder
Authorization standard Platform Audiences Transaction Score
Decision Manager Cardinal Centinel Fraedom
Visa Token Service Visa Consumer

Authentication Service

Visa Advanced Authorization (VAA) +
Visa Risk Manager (VRM) Client Impact Examples

Latin American Issuer with high
decline rate of good transactions
Advanced Authorization Visa Risk Manager
Advanced AI, Visa global data and Enable issuers to build rules that Within one year of
real-time scoring to identify Visa implements with no
implementing VAA & VRM:
fraudulent transactions integration required
+700 bps in approval rate
127B $25B 77%

transactions screened
annually
fraud prevented
annually
global penetration
+31% in approved
transaction dollars
Recurrent
8,000+ 500+ neural networks
issuers in 129
countries
risk attributes
evaluated in 1ms1 and other advanced AI
-35 bps in fraud rate
Visa charges per transaction, so revenue grows as the Visa network grows
Note: 1. ms refers to milliseconds.
Sources: PaymentsSource; VisaNet data, Visa Analysis.
Decision Manager
Client Impact Examples

Advise sellers on which transactions are likely fraudulent 53% increase in web sales,
vs. should be submitted for authorization, 66% reduction in fraud rate, 57%
reduction in manual review rate
managing fraud rules and manual reviews
Nearly halved seller decline rates

while reducing manual review
rates by 30% and fraud rates
1.3B $214B 21% by 15%
transactions screened volume screened annual transaction

in FY 2019 in FY 2019 growth from
FY 2011-19 In 100 cities delivering for 20,000+
200x <600ms restaurants – achieved a 0.23% fraud
rate, 5% seller decline rate, resulting
increase in visibility to screen incoming in 22% increase in monthly
of top merchant digital orders for fraud1 transactions
fraud pattern Note: In this context, fraud refers to fraud coded chargebacks and is not inclusive of other forms of fraud.
Visa charges per transaction, with higher rates for more managed services
Note: 1. ms refers to milliseconds.
Sources: Decision Manager Transaction Report; VisaNet data; Decision Manager.
Cardinal 3DS: Centinel and Consumer
Authentication Service (CAS) Client Impact Examples
Centinel (Sellers) Consumer Authentication Approval Fraud Rate

Service (Issuers) Vertical Rate Increase Reduction2
Use device information, Visa network data and seller provided data to Computers /
7% 18 bps
enable issuers to validate buyers through the 3DS standard Software
Luxury goods 5% 30 bps

Both
2.2B $280B 500M 50K <1s
Centinel
Clothing and
footwear
4.5% 13 bps
transactions purchase volume credential + device sellers to process1
screened in 2019 in 2019 combinations in 2019
Sporting goods 4.5% 121 bps
500M $61B 200K 2,500 >200 4% 19 bps

CAS
countries Entertainment
transactions purchase volume digital Financial
and
originated in 2019 sellers Institutions
territories
Visa charges per transaction and growth in Centinel drives 3DS volume, which drives Consumer Authentication Service growth
Notes: 1. When Cardinal is on both sides and there is no step up; 2. In this context, fraud refers to chargebacks and is not inclusive of other forms of fraud.
Sources: Centinel; VisaNet data.
Visa Token Service
+3.2% average authorization

Enables clients to store a credential that cannot be reused without
decryption, performing a service similar to what chips do in face-to-face rate lift1
-26% average reduction in

fraud rates2
>90% 107 Key Partners

Issuer Payments markets covered
Volume coverage
130 750M $1T

token requestors tokens issued eCommerce volume
committed by
participants
Notes: 1. Comparing authorization rate at top merchants for CNP token volume vs. PAN; 2. For Visa Token transactions compared to PAN-based transactions online
Sources: VisaNet data, Jan-March 2019. Authorization approval rate lift for CNP transactions processed as a Token vs. as Non-Tokenized credential. U.S. Issued Visa Cards at U.S.
45 merchants accepting Token transactions (22 merchants across 6 different Token Requestors). Average auth rate improvement seen across samples of top merchants accepting Token ©2020 Visa. All rights reserved.
transactions via third party Token Requestors with lifts seen by merchants acting as own Token Requestor. VisaNet, Jan-Dec’18, U.S. Issued Cards at all U.S. merchants.
Fraedom: Using payment data to help
financial institutions support corporate

clients
Financial institutions can white label to help their
>10%
corporate customers optimize their corporate card programs
increase in number of
cards in portfolios
1M transactions securely
600K >20%
companies using
processed per day platform increase in corporate
$90B
clients using expense
7M
volume managed
annually
employees using management
platform
Key Capabilities >98% client retention rate
Expense Advanced Invoice

Reporting Payments
Management
Card Management Statements Virtual Card
46 Sources: Fraedom. ©2020 Visa. All rights reserved.

Visa is delivering products to help clients
optimize their business beyond payments

Benchmarking
Marketing Underwriting
& Operations
Total Addressable Market $20B $88B $30B

What We Do • Simple web interface to key • Use machine learning to help clients • Use machine learning to score
client metrics like spend and target customers (e.g., cross-border individual accounts to assess:
transactions / card communications to people likely to  credit line increases
• Benchmark and identify areas of travel in the next 90 days)  cross sell debit to credit
improvement  approve / decline1
Why It Works • Visa breadth and scale • Because Visa sees the outcome data, • Visa transaction data in countries and
• No integration is required Visa is better positioned to build / or sectors with limited bureaus (e.g.,
effective models that target that emerging countries or small business)
outcome provides incremental insight
Client Impact Example

60% costs 2x response 5% eligible population
Decrease costs to train by focusing Focus cross-border marketing on Expand lending opportunities
calls to specific queues people likely to travel within their debit portfolio
Note: 1. Use case availability is subject to change, may vary by region, and is subject to terms, conditions and restrictions, and requirements as may be specified by Visa.
Sources: AT Kearney Study 2019; Coastal Federal Credit Union Case Study 2019; Etihad Airlines Case Study 2019; Visa Payments Forum FY19.
Key takeaways
Visa is committed to the security of our Network of Networks

and will continue to make investments that will yield benefits
across many use cases
Visa uses transaction data to drive better outcomes for the

entire ecosystem
We continue to enhance and evolve our offerings, from transaction

security and authentication, to products that help clients optimize
their businesses beyond payments

Visa offers a broad and expanding suite Jack Forestell
Chief Product Officer


• Loyalty
• Installments
• Open Banking


Driving growth and profitability with Visa Consulting & Analytics
2019 Metrics Client Types Practice Areas
Assessing market entry, growth, new trends
Strategy
and innovation, benchmarking performance
1,000+ Projects Delivered Issuer
Developing new products and refreshing
Product
existing value propositions
Acquirer
500+ Consultants &
Data Scientists
Portfolio
Management /
Acquiring new customers, then activating,
engaging and retaining existing customers
Marketing
Processor Optimizing risk from approvals through to

50+ Global Offices Risk authorizations, fraud and collections
Driving digital, from acquisition through to

Seller Digital token activation and engagement
400+ Clients Served
Implementing on client behalf with embedded
Execution teams, data products and managed services
Fintech

Key takeaways
Value Added Services help our clients and partners grow profits and
deliver delightful payment and commerce experiences
The convergence of digital and physical commerce drives increasing

demand for Value Added Services
Visa currently offers a broad and expanding suite of

Value Added Services
Value Added Services are a large and high-growth opportunity

Visa: The Investment Proposition
Capturing The Next
10x Growth Opportunity
Vasant Prabhu
Vice Chairman and Chief Financial Officer
2020 Investor Day

The fourth growth inflection point in Visa’s 60+ year history
offers the next 10x growth opportunity
Inflection points
(10x growth over ~20 years)
BANK
AMERICARD
60s 70s 90s 2010s Next 10x

Opening the The Platform eCommerce Everywhere Visa is Moving
Network as a Service Goes Mainstream You Want to Be Money
1960 1975 1995 2016
Connected
Devices
Cards <1 Million ~40 Million ~450 Million 3 Billion+
New Flows
Payments
<$1 Billion ~$10 Billion ~$600 Billion $7 Trillion+ Network
Volume
of Networks
53 Sources: Visa Operating Certificates. ©2020 Visa. All rights reserved.
Capturing the next 10x growth opportunity
Building Blocks
FY 2016-19 Results
(% CAGR)
Growth Strategy +15% Net revenue growth
Growth Levers
+24% Non-GAAP EPS growth
+29% Total shareholder return
Capital Allocation Priorities
Over the past 5 years, we have been Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
assembling the building blocks required

Priorities
to capture this growth opportunity

Building blocks to capture the next 10x
3 Enhancing network value
2 Enhancing network reach
1 Enhancing network capability
Our foundation
Brand Technology platforms Security Talent
55 ...built atop a high-performing, durable payments platform

1 Enhancing network capability Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
Priorities
Money Flows Access Usability

Faster “Frictionless”
One
One-way
Way Two
Two-way
Way
(C2B) (B2C, G2C) Instant Issuance
issuance Face-to-Face:
F2F: Tap to
Tap
pay
Pay
to Pay
Instant Acceptance
acceptance eCommerce: Click to pay
Pay
Any
Consumer
endpoint
Endpoint Cheaper Secure
to Merchant
merchant
to Any
any
endpoint
Endpoint Landlines
Landlines to
to Wireless
wireless Tokenization
endpoint
Endpoint
(C2B)
(P2P, B2B, B2b) Any
Any Connected
connected device
Device Authentication
Any Credential
credential Ubiquitous (IoT) Reliable
Card-to-card
Card to Card to Any
any
Credential
credential
Any
Any Form
form factor
Factor “Five
“Six 9s”
9s” availability
Availability
Anywhere High
High Authorization
authorization Rates
rates

2 Enhancing network reach Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
Priorities
Network of Networks
3.4B 61M
Cards Merchant Locations
$8.8T 180B
Payments Volume Payments Transactions
ACH / RTP Closed-Loop Networks

1 2 3 Visa B2B Connect
(Earthport) (Partnerships)
• Access to 99% of bank • 1B+ potential wallet credentials • Global AR / AP accounts
accounts in 88 countries • 65M+ potential merchants • Over 100 markets by end
• >2x current reach • Proprietary local networks of 2020
57 Sources: Visa Operating Certificates; World Bank; CAN; RBR; Publicly reported numbers from partners; Visa Analysis. ©2020 Visa. All rights reserved.
3 Enhancing network value Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
Priorities
Sources of added value the Visa network can uniquely offer:
Scale Connectivity Data Analytics Speed Security
Issuer & Consumer Acquirer & Security Data

Solutions Seller Solutions & Identity Solutions
Help our partners grow revenues and reduce costs with platforms
and services that unlock the power of our network

Built atop a high-performing, durable Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
payments platform
Priorities
Brand Technology Security Talent

Platforms
Most valuable Massive scale Proactive Expert
Best known Highly resilient Multi-layered Tenured
Most trusted Flexible Continuous Global
Highest impact Intelligent Cutting edge Diverse

The road to capturing the next 10x growth Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
opportunity has three lanes

Priorities
Acceptance B2C Security & Identity
P2P Data Solutions

The acquisition of Plaid1 accelerates progress Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
along the current three lanes and will add a suite

Priorities
of data-enabled services
Closer partnerships with Integrate payment and Add Value Added Services...
fintechs on payments connector services for fintechs • Security
• Identity
• Dispute resolution
Fast, easy account
...to fintech solutions
authentication for
money movement Best-in-class solution for
open banking
Accelerate international
Securely connect Offer a suite of
expansion to support
financial accounts to apps data-enabled services
fintechs globally
61 Note: 1. Acquisition of Plaid is not closed. ©2020 Visa. All rights reserved.
Capturing the next 10x growth opportunity Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
Priorities
Growing Consumer Driving Deepening Client

Payments New Flows Partnerships with
Value Added Services

Growing consumer payments remains an Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
enormous opportunity
Priorities
Cash and check continue to grow, totaling $18T globally
Spend continues to shift from physical to digital and Visa’s

share of digital is 3x that of physical
There is a wave of next generation issuers – neobanks, fintechs

and digital platforms – issuing credentials
The cost to enable acceptance has dramatically decreased and

next generation acquirers are significantly expanding acceptance
Governments are increasingly engaging to digitize payments
63 Sources: Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study 2018; eMarketer; Comscore ©2020 Visa. All rights reserved.
Increasing the number of endpoints and Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
deepening engagement will continue

Priorities
to drive consumer payments growth
Credentials Engagement Acceptance

• Leading issuers • Activation & usage • New acquirer / PSP partnerships
and co-brands • Authorization • Fintech enablers
• Next generation issuers • Click to pay • Wallets
• Unbanked • Tap to pay • New form factors
• Tokenization • IoT • Underpenetrated use cases
Driving New Flows represents a long-term Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
market opportunity that is 10x cash PCE

Priorities
$65T $120T
Lower value, higher velocity flows Higher value, lower velocity flows
$20T $30T $20T $10T
$5T $10T $90T

Visa Direct powers the $65T “Money Movement” Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
ecosystem for lower value, higher velocity flows

Priorities
Payout Enablers Global Endpoints

Single operational Ubiquitous, real-time
connection efficiency money movement
Acquirers Cards – Debit / Credit / Prepaid
Processors Bank Accounts

Gateways Wallets
Banks
Commerce Platforms Direct Network of Networks

Scaled, global Trusted, “Open” Network
distribution channels
Card Networks
Marketplaces
Earthport – ACH / RTP
Mobile
Member Banks
Messaging
Regional Networks
Payroll
66 ERP ©2020 Visa. All rights reserved.
Visa Direct is a capability that enables Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
dozens of new use cases and flows

Priorities
Attacking the Market in a Structured Way Visa Direct Performance

Example use cases
Fiscal Year 2019
250
Programs
Active Users 130M

2B
GIGM
Transactions
Direct
Quarterly Run Rate
A L T EMRANRAKTEITVPEL LAECNE D
$ 11B
Q4 2016
$ 68 B
Q4 2019
67 Sources: Visa Historical Reports; Visa Operating Certificates; VisaNet data. ©2020 Visa. All rights reserved.
Our multi-pronged, multi-horizon B2B strategy Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
“follows the money” for the $120T in higher value,

Priorities
lower velocity flows

Addressable Payments Addressable Revenue
Volume Opportunity ($T) Opportunity ($B) Key Focus Areas
to Drive Growth
120 70-100
Drive growth in established
1
Card-based Solutions 20 card-based business
Cross-border 10
Systematically execute
Domestic AR / AP 2 strategy to scale Visa B2B
Connect
90 Test and learn in domestic

3 non-card B2B payments by
adding value beyond the
transaction
Solutions are tailored to meet the unique Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
needs of each segment

Priorities
$20T $10T $90T


Small Business,
Solutions Virtual
Value Added Services help our clients grow Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
profits, deepen relationships and capture new

Priorities
sources of revenue
Value Added Services Benefits of Value Added Services
Grow Revenues Reduce Costs

Issuer & Consumer Acquirer & Security & Data • Customer acquisition • Processing costs
Solutions Seller Solutions Identity Solutions
• Share of wallet • Portfolio optimization
Platforms that Secure, reliable Protections Data tools to
power payments services for against fraud, help clients grow • Customer retention • Fraud reduction
transactions, sellers and theft and their business
enable growth and acquirers that unauthorized and drive • Higher authorization rates • Marketing efficiency
innovation and reduce friction use through differentiated and effectiveness
influence the and drive advanced risk experiences • Deployment of new
customer journey acceptance management
capabilities
capabilities (e.g., instant • Digitization of internal
issuance, installments, manual processes
Visa Consulting & Analytics transaction controls)
Actionable insights, recommendations and

Delightful payment and commerce experiences
data-driven strategies for clients and partners

We will continue to build and selectively acquire Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
to expand the suite of Valued Added Services we offer

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

• Loyalty
• Installments
• Open Banking
Enabling
Acquisitions

71 • Strategy • Product • Portfolio Management • Risk • Digital • Execution
We can pull five levers to drive revenue growth Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
Priorities
1
PCE Penetration + PCE Growth
(C2B)
2 4
Market Share + Market Growth
New Flows
(B2B, B2b, B2C, P2P, G2C)
3 5
Net Pricing + Volume Growth + Value Added Services
Revenue Growth Levers Net Revenue Growth

Over the past two years, New Flows and Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
Value Added Services have grown significantly

Priorities
faster than Consumer Payments

FY 2017-19 Growth Contribution
(Constant Dollar) Pricing
& Share
New Flows and
Value Added PCE
Services Growth
Consumer
Payments
Consumer
Payments
PCE
Consumer Penetration
Payments
73 Sources: Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study 2018; McKinsey Global Payments Map; Visa Analysis. ©2020 Visa. All rights reserved.
Superior growth rates in New Flows and Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
Value Added Services will help sustain / accelerate

Priorities
long term revenue growth

Superior Growth Revenue Growth Levers Larger Weight
(% Growth, FY 2017-19 (% Growth) (% of Visa Net Revenue)
Constant Dollar)
30+
Consumer Payments Growth

17
23
10
10
8 12
10
Consumer New Flows and 16 18 FY 2019 FY 2024

Payments Value Added New Flows and Value Added Services Growth
Services
74 Sources: Central Bank data; Oxford Economics; Euromonitor Merchant Segment Study 2018; McKinsey Global Payments Map; Visa Analysis. ©2020 Visa. All rights reserved.
Operating scale and productivity initiatives Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
can fund high levels of investment

Priorities
Volume Growth
1 2 Productivity /
Variable Cost Growth + Inflation – Efficiency
3
Core Expense Growth + Incremental
Investments
Net Expense Growth

Key Operating Levers

Investments to capture the next 10x growth Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
opportunity are driving higher expense growth

Priorities
Operating Expense Mix FY 2018-19 Investment Components of

Expense Growth
Support (% Growth, Illustrative)
Functions Consumer 9-11
Technology Payments 7-9
Foundation
Brand
New Value
Flows Added
Expense
Volume
Productivity
Investment
Inflation
Scale
Growth
Growth
Product, Sales & Services Services

Drivers of EPS growth Building
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
Priorities
Relative Contribution to EPS Growth

2009-2019 CAGR: 21%
Operating Levers Operating Levers

Financial
16 ppt
Levers Stock
• Net Revenue Growth Buybacks
(23%)
• Operating Leverage
Tax Rates
Operating Net
Leverage Revenue
Financial Levers Growth Financial Levers
• Tax Rates
• Stock Buybacks 5 ppt
Operating
Levers
77 Source: Visa Analysis.
(77%) ©2020 Visa. All rights reserved.
Capital allocation priorities Building
Blocks
Growth
Strategy
Growth
Levers
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 within Parameters

Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
Priorities
1 Invest to Fund Growth Initiatives – Acquisitions and Investments
Core Capabilities Complementary Capabilities

Build or Buy Partner or Invest
Speed to Market Speed to Scale

Prefer Prefer
Key Criteria:
Key Criteria:
to Commercial
to
Cost Build Agreement Partner
Deeper
Quality of Talent Partnership

Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
Priorities
1 Invest to Fund Growth Initiatives
Capital Investments Acquisitions and Investments Incremental P&L Investments

(FY 2017-19) (FY 2017-19) (FY 2017-19)
$2.2B ~$2B ~$1.5B

Acquisitions
FY 2017 FY 2018 FY 2019 FY 2020

Minority
~$50M (6 Deals) ~$50M (8 Deals) ~$100M (19 Deals)
Investments

Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
Priorities
2 Dividends Payout Ratio (%) Dividends
Payout Ratio (%) Dividends

23 22
(FY 2017-19)
20% - 25%
payout ratio $6B
FY17 FY19
3 Stock Buybacks
Buybacks1 Weighted Average Shares Outstanding (B)2
(FY 2017-19) 2.41
Deploy “excess” cash

$23B
2.27
to buyback stock
FY16 FY19
Notes: 1. Includes funding of U.S. litigation escrow account which dilute class B common stock through adjustment to the conversion rate; 2. Includes issuance of preferred stock convertible into approximately 79M of
81 class A common stock in June 2016. ©2020 Visa. All rights reserved.
Blocks
Growth
Strategy
Growth
Levers
Capital
Allocation
Priorities
4 Manage Capital Structure within Parameters
Current Rating: S&P (AA- / A-1+) / Moody’s (Aa3 / P-1)

Target Leverage: 1.2x – 1.5x Gross Debt / EBITDA
Gross Debt / EBITDA (x LTM) 1 Debt Maturity Schedule ($16.75B) Cash and Investments ($14.4B)
(At 12/31/19)
1.5 4.0
3.5
3.25
1.0 3.0
4.9
Backstop
1.5
for
0.75 0.75 Settlement
9.5
FY16 FY19 CY20 CY22 CY25 CY27 CY35 CY45 CY47
Note: 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.
We remain committed to sustaining our track record
of superior shareholder value creation
Total Shareholder Return (%)1
Visa S&P 500
1752
212
197
146
74
43 53
31
1 Year 3 Year 5 Year Since IPO
Note: 1. As of 12/31/2019.
Key takeaways
10 x Building blocks in place to capture the next 10x growth opportunity
Three-pronged growth strategy:

• Growing Consumer Payments
• Driving New Flows
• Deepening Client Partnerships with Value Added Services
Powerful foundational assets support our strategy:
Brand, Technology Platforms, Security and Talent
Disciplined capital allocation funds growth strategy
Well positioned to sustain track record of superior revenue,

EPS growth and shareholder value creation
Q&A
Visa is poised to capture the next 10x growth opportunity
We have a significant opportunity for continued growth in consumer
payments
Our addressable market expands significantly as we extend into new flows

Value Added Services extend the revenue growth opportunity beyond

To fortify our strong foundation, we will continue to invest in our Brand,

Technology Platforms, Security and Talent
performance
with Visa.

2020 Investor Day

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Please see end of presentation for notes and disclosures.

3 ©2020 Visa. All rights reserved.

2020 Investor Day

Consumers choosing Access to financial Digital fintech platforms

Flows digitizing Alternative money Governments

7 ©2020 Visa. All rights reserved.

8 ©2020 Visa. All rights reserved.

Fintech / wallet Ecosystem demand for

Cash PCE continues

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

60s 70s 90s 2010s Next 10x

We will accelerate the Accelerate growth Fortify our foundation

13 ©2020 Visa. All rights reserved.

14 ©2020 Visa. All rights reserved.

Consumer Payments New Flows Value Added Services

15 ©2020 Visa. All rights reserved.

Consumer Payments New Flows Value Added Services

Credentials B2B Issuer & Consumer Solutions

B2b Acquirer & Seller Solutions

B2C Security & Identity

P2P Data Solutions

Engagement G2C Visa Consulting & Analytics

16 ©2020 Visa. All rights reserved.

17 2020 Investor Day

18 2020 Investor Day

Oliver Jenkyn Andrew Torre

Chris Clark Eduardo Coello

19 2020 Investor Day

Bill Sheley Kevin Phalen

20 2020 Investor Day

Chris Clark Kevin Phalen

21 2020 Investor Day

Chris Clark Kevin Phalen Mary Kay Bowman

Charlotte Hogg Carleigh Jaques

Andrew Torre Melissa McSherry

22 2020 Investor Day

24 ©2020 Visa. All rights reserved.

25 ©2020 Visa. All rights reserved.

WORLD’S MOST TOP 100 MOST VALUABLE

INTERBRAND BEST WORLD’S MOST

brand as Visa’s business and

Guatemala Peru Argentina Japan UAE UK Denmark France

Norway Taiwan U.S. Russia Mexico Poland

+4 more +7 more +7 more

Audience U.S. UK Japan India Russia UAE Mexico

China Germany Chile India Canada France Argentina Hong Kong

Indonesia Vietnam Japan Thailand Poland Russia Mexico UK

+3 more +12 more +8 more

China Germany Chile India Canada France Argentina Hong Kong 2%

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

31 ©2020 Visa. All rights reserved.

Tap to Pay New Flows

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Support for Small Business Empowerment of Women

33 ©2020 Visa. All rights reserved.

We hold majority share in 13 of the largest 20 portfolios2

We continue to fortify and grow our