What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2022-11-16 compared with 2021-11-18 · 135 added, 134 removed, 192 unchanged (58% of the section changed)

Visa is one of the world’s leaders in digital payments.

Our mission is to connect the world through the most innovative, reliable and secure payments network — enabling individuals, businesses and economies to thrive.

We facilitate global commerce and money movement across more than 200 countries and territories among a global set of consumers, merchants, financial institutions, businesses, strategic partners and government entities through innovative technologies.

Since Visa’s inception in 1958, Visa has been in the business of facilitating payments between consumers and businesses.

With new ways to pay, we have evolved into a global company that is a trusted engine of commerce, working to provide payment solutions for everyone, everywhere.

We are focused on extending, enhancing and investing in our proprietary network, VisaNet, while seeking new ways to offer products and services and become a single connection point for facilitating any payment transaction, using our network, other networks, or a combination of networks.

We offer products and solutions that facilitate secure, reliable and efficient money movement for all participants in the ecosystem.

• We facilitate secure, reliable and convenient transactions among financial institutions, merchants and consumers.

Our purpose is to uplift everyone, everywhere by being the best way to pay and be paid.

We facilitate global commerce and money movement across more than 200 countries and territories among a global set of consumers, merchants, financial institutions and government entities through innovative technologies.

Since Visa’s early days in 1958, we have been in the business of facilitating payments between consumers and businesses.

As a trusted engine of commerce and with new ways to pay, we are working to provide payment solutions for everyone, everywhere.

We are focused on extending, enhancing and investing in our proprietary network, VisaNet, to offer a single connection point for facilitating payment transactions to multiple endpoints through various form factors.

Through our network, we offer products, solutions and services that facilitate secure, reliable and efficient money movement for participants in the ecosystem.

• We facilitate secure, reliable and efficient money movement among consumers, issuing and acquiring financial institutions, and merchants.

We have traditionally referred to this as the “four-party” model.

Please see Our Core Business discussion below.

As the payments ecosystem continues to evolve, we have broadened this model to include digital banks, digital wallets and a range of financial technology companies (fintechs), governments and non-governmental organizations (NGOs).

2 unchanged sentences

Of the 258 billion total transactions, 193 billion were processed by Visa.

• We offer a wide range of Visa-branded payment products that our 15,100 financial institution clients use to develop and offer core business solutions, including credit, debit, prepaid and cash access programs for individual, business and government account holders.

During fiscal year 2021, Visa’s total payments and cash volume was $13 trillion, and 3.7 billion credentials were available worldwide to be used at more than 80 million (1) merchant locations.

• We offer a wide range of Visa-branded payment products that our clients, including nearly 15,000 financial institutions, use to develop and offer core business solutions, including credit, debit, prepaid and cash access programs for individual, business and government account holders.

During fiscal year 2022, Visa’s total payments and cash volume was $14 trillion, and 4.1 billion credentials (1) were available worldwide to be used at more than 80 million merchant locations, plus an estimated 20 million locations through payment facilitators.

• We take an open partnership approach and seek to provide value by enabling access to our global network, including offering our technology capabilities through application programming interfaces (APIs).

We partner with both traditional and emerging players to innovate and expand the payments ecosystem, allowing them to leverage the resources of our platform to scale and grow their businesses more quickly and effectively.

• We are accelerating the migration to digital payments and evolving Visa to be a “network of networks” to enable the movement of money through all available networks.

• We are accelerating the migration to digital payments and continue to evolve to be a “network of networks” to enable the movement of money through all available networks.

We aim to provide a single connection point so that Visa clients can enable money movement for businesses, governments and consumers, regardless of which network is used to start or complete the transaction.

ultimately, helping to unify a complex payments ecosystem.

This ultimately helps to unify a complex payments ecosystem.

Visa’s network of networks approach creates opportunities by facilitating person-to-person (P2P), business-to-consumer (B2C), business-to-business (B2B), business-to-small business (B2b) and government-to-consumer (G2C) payments, in addition to consumer to business (C2B) payments.

• We provide value added services to our clients, including issuer solutions;

acceptance solutions;

risk and identity solutions;

and advisory services.

• We provide value added services to our clients, including issuing solutions, acceptance solutions, risk and identity solutions, open banking and advisory services.

• We invest in and promote our brand to the benefit of our clients and partners through advertising, promotional and sponsorship initiatives with FIFA, the International Olympic Committee, the International Paralympic Committee and the National Football League (NFL), among others.

We also use these sponsorship assets to showcase our payment innovations.

(1) Data provided to Visa by acquiring institutions and other third parties.

(1) Data provided to Visa by acquiring institutions and other third parties as of June 30, 2022.

FISCAL YEAR 2022 KEY STATISTICS

6 unchanged sentences

The acquirer pays the amount of the purchase, minus the merchant discount rate (MDR), to the merchant.

Visa earns revenue by facilitating money movement across more than 200 countries and territories among a global set of consumers, merchants, financial institutions, businesses, strategic partners and government entities through innovative technologies.

Visa earns revenue by facilitating money movement across more than 200 countries and territories among a global set of consumers, merchants, financial institutions and government entities through innovative technologies.

Net revenues consist of service revenues, data processing revenues, international transaction revenues and other revenues, minus client incentive arrangements we have with our clients.

3 unchanged sentences

We do not issue cards, extend credit or set rates and fees for account holders of Visa products nor do we earn revenues from, or bear credit risk with respect to, any of these activities.

Interchange reimbursement fees reflect the value merchants receive from accepting our products and play a key role in balancing the costs and benefits that account holders and merchants derive from participating in our payments networks.

Interchange reimbursement fees reflect the value merchants receive from accepting our products and play a key

role in balancing the costs and benefits that account holders and merchants derive from participating in our payments networks.

Generally, interchange reimbursement fees are collected from acquirers and paid to issuers.

We establish default interchange reimbursement fees that apply absent other established settlement terms.

In addition, we do not earn revenues from the fees that merchants are charged by acquirers for acceptance, including

In addition, we do not earn revenues from the fees that merchants are charged by acquirers for acceptance, including the MDR.

Our acquiring clients are generally responsible for soliciting merchants as well as establishing and earning these fees.

3 unchanged sentences

Consumer Payments

We are accelerating efforts to move approximately $18 trillion (2) in consumer spending still exchanged in cash and check to cards and digital accounts on Visa’s network of networks.

We remain focused on moving the trillions of consumer spending in cash and checks to cards and digital accounts on Visa’s network of networks.

Core Products

Visa’s growth has been driven by the strength of our core products — credit, debit and prepaid products.

Visa’s growth has been driven by the strength of our core products — credit, debit and prepaid.

Credit cards and digital credentials allow consumers and businesses to access credit to pay for goods and services.

3 unchanged sentences

The Visa/PLUS Global ATM network also provides debit, credit and prepaid account holders with cash access, and other banking capabilities, in more than 200 countries and territories worldwide through issuing and acquiring partnerships with both financial institutions and independent ATM operators.

(2) Estimate as of December 2018.

Prepaid cards and digital credentials draw from a designated balance funded by individuals, businesses or governments.

1 unchanged sentence

Visa-branded prepaid cards also play an important part in financial inclusion, bringing payment solutions to those with limited or no access to traditional banking products.

We offer capabilities, tools and solutions that enable consumer payments and help our clients grow as digital commerce, new technologies and new participants continue to transform the payments ecosystem.

Some of our offerings include:

As we seek to improve the user experience in the face-to-face environment, contactless payments or tap to pay, which is tapping a contactless card or mobile device on a terminal to make a payment, has emerged as a preferred way to pay among consumers in many countries around the world.

We enable consumer payments and help our clients grow as digital commerce, new technologies and new participants continue to transform the payments ecosystem.

Some examples include:

As we seek to improve the user experience in the face-to-face environment, contactless payments or tap to pay, which is the process of tapping a contactless card or mobile device on a terminal to make a payment, has emerged as a preferred way to pay among consumers in many countries around the world.

Tap to pay adoption is growing and many consumers have come to expect touchless payment experiences.

In addition, Visa continues to work with payments industry partners and governments to support raising contactless payment limits.

Globally we have more than 20 countries with more than 90 percent contactless penetration and nearly 70 countries where tap to pay is more than 50 percent of face-to-face transactions.

Excluding the United States, nearly 70 percent of face-to-face transactions globally were contactless.

In the U.S., Visa has more than 15 percent contactless penetration.

We have 400 million tap-to-pay-enabled Visa cards, and now three cities have above 25 percent face-to-face tap-to-pay penetration:

New York, San Francisco and San Jose.

We have activated nearly 500 contactless public transport projects worldwide and have nearly 750 projects in our pipeline.

Globally, we have more than 30 countries and territories with more than 90 percent contactless penetration and more than 90 countries where tap to pay is more than 50 percent of face-to-face transactions.

Excluding the United States, more than 70 percent of face-to-face transactions globally were contactless.

In the U.S., Visa has 28 percent contactless penetration and 495 million tap-to-pay-enabled Visa cards.

We have activated more than 600 contactless public transport projects worldwide.

In addition, we surpassed one billion contactless transactions on global transit systems in fiscal year 2022, an increase of 70% year over year.

Visa Token Service (VTS) brings trust to digital commerce innovation.

As consumers increasingly rely on digital transactions, VTS is designed to enhance the digital ecosystem through improved authorization, reduced fraud and improved customer experience.

VTS helps protect digital transactions by replacing 16-digit Visa account numbers with a token protecting the underlying account information.

As consumers increasingly rely on digital transactions, VTS is designed to enhance the digital ecosystem through improved authorization, reduced fraud and improved consumer experience.

VTS helps protect digital transactions by replacing 16-digit Visa account numbers with a token that includes a surrogate account number, cryptographic information and other data to protect the underlying account information.

This security technology can work for a variety of payment transactions, both in the physical and online space.

The issuance of network tokens continues to accelerate.

In the past 17 months, we have more than doubled the number of network tokens issued from one billion to 2.6 billion.

By comparison, it took nearly six years to reach our first one billion network tokens.

The provisioning of network tokens continues to accelerate.

As of the end of fiscal year 2022, Visa provisioned more than 4 billion network tokens, surpassing the number of physical cards in circulation.

The milestone reinforces Visa’s commitment to secure, seamless, digital payments, in-store and online.

Click to Pay provides a simplified and more consistent cardholder checkout experience online by removing time-consuming key entry of personal information and enabling consumer and transaction data to be passed securely between payments network participants.

1 unchanged sentence

The goal of Click to Pay is to make digital payments safe, consistent and interoperable like the checkout experience in physical stores.

Cryptocurrency

We enable cryptocurrencies for everyday payments through our global presence, partnership approach and trusted brand.

We want to serve as the bridge between the crypto ecosystem and our global network, which would enable our clients to provide consumers the ability to easily convert cryptocurrencies into fiat and access our global network of more than 80 million merchant locations and 15,100 financial institutions.

In fiscal year 2021, we had $3.5 billion in payments volume on crypto-linked card programs, which are crypto wallets linked to Visa credentials

where cryptocurrencies are converted to fiat currency before funds can be accessed through the Visa credential.

We are advancing this effort through our partnerships with nearly 60 crypto platforms on crypto-linked Visa card programs.

We are also building infrastructure capabilities and value added services to support crypto use cases, including future settlement in digital currencies, a new Visa Crypto API platform to help financial institutions create a cryptocurrency offering, assisting central banks as they evaluate digital currencies and a growing number of other services and infrastructure capabilities.

New flows represent a $185 trillion (3) volume opportunity.

Visa’s network of networks approach creates opportunities to capture new sources of money movement through card and non-card flows for consumers, businesses and governments around the world by facilitating P2P, B2C, B2B, B2b and G2C payments.

Visa Direct is Visa’s global, real-time (4) push payments platform, which reverses the traditional card payment flow by allowing payment originators, through their acquirer, to push funds directly to eligible debit and prepaid cards or accounts.

It helps facilitate fast, simple and secure money movement around the world, enabling businesses and consumers to send money directly to a bank account or card, including domestic or cross-border payouts and payments, P2P, payments to small businesses, and corporate, worker, insurance and government payouts.

In fiscal year 2021, we had 5.2 billion Visa Direct transactions, an increase of 50 percent year over year, and more than 20 use cases and 500 programs.

Visa Direct connected 16 card-based networks, 66 automated clearing house (ACH) schemes, seven real time payment (RTP) networks and five gateways.

With the addition of Visa Direct Payouts, Visa Direct provides access to almost 6 billion credentials across more than 200 countries and territories.

Visa Direct is Visa’s global, real-time (2) payments network that helps facilitate the fast delivery of funds directly to eligible cards and bank accounts around the world.

Visa Direct leverages Visa’s infrastructure to enable different transaction types and new money flows between parties for a wide range of use cases, such as P2P payments and account-to-account transfers, business and government payouts to individuals and small businesses, merchant settlements and refunds.

In fiscal year 2022, we had 5.9 billion Visa Direct transactions, an increase of 36 percent year over year, excluding Russia from both periods, and more than 60 use cases and 2,000 programs.

Visa Direct connected 16 card-based networks, 66 automated clearing house (ACH) schemes, 11 real-time payment (RTP) networks and five gateways.

With the addition of push-to-wallet capabilities to Visa Direct Payouts, which is an existing service that allows Visa financial institutions and its partners to send push-to-account and push-to-card payouts, Visa Direct will be able to provide access to nearly 7 billion cards, accounts and digital wallets across more than 190 countries and territories.

Visa Business Solutions

3 unchanged sentences

Business solutions are designed to bring efficiency, controls and automation to small businesses, commercial and government payment processes, ranging from employee travel to fully integrated, invoice-based payables.

Visa B2B Connect is a multilateral B2B cross-border payments network designed to facilitate transactions from the bank of origin directly to the beneficiary bank, helping streamline settlement and optimize payments for financial institutions’ corporate client base.

The network delivers B2B cross-border payments that are predictable, flexible, data-rich, secure and cost-effective.

Visa B2B Connect continues to scale, with the ability to operate in more than 100 countries and territories.

(3) McKinsey Global Payments Map and Visa Analysis, 2018.

Visa B2B Connect continues to scale and is available in more than 100 countries and territories.

Visa Treasury as a Service

Aligned with our global network of networks strategy, we are focused on building the infrastructure that enables our clients to deliver cross-border products and services for their consumers.

This includes a series of new solutions for our established cross-border consumer payments business as well as introducing new use cases enabled by our digitally native Currencycloud platform, which includes real-time foreign exchange rates, virtual accounts, and enhanced liquidity and settlement capabilities.

(2) Actual fund availability varies by receiving financial institution, receiving account type, region and whether the transaction is domestic or cross-border.

1 unchanged sentence

Value added services represent an opportunity for us to diversify our revenue with products and solutions that differentiate our network, deepen our client relationships and deliver innovative solutions across other networks.

Issuer Solutions

Visa Debit Processing Service (DPS) is one of the largest issuer processors of Visa debit transactions in the world and is able to deliver agility at scale.

Visa DPS provides a wide range of debit, prepaid and credit value added services to clients including call center services, data analytics, campaign management, fraud and risk solutions, and a white-label branded mobile app.

Visa DPS continues to extend and expand our capabilities in modern, API-based issuer processing solutions called DPS Forward, which will be used for both the U.S.

and international markets.

We have expanded Visa DPS into Europe, providing European issuers in select countries access to a comprehensive and end-to-end solution, from core processing services to value added services.

Issuing Solutions

Visa DPS is one of the largest issuer processors of Visa debit transactions in the world.

In addition to multi-network transaction processing, Visa DPS also provides a wide range of value added services, including fraud mitigation, dispute management, data analytics, campaign management, a suite of digital solutions and contact center services.

Our capabilities in API-based issuer processing solutions, like DPS Forward, allow our clients to create new payments use cases and provide them with modular capabilities for digital payments.

We also provide a range of other services and digital solutions to issuers, such as account controls, digital issuance, branded consumer experiences and Buy Now, Pay Later (BNPL) capabilities.

BNPL or installment payments allow shoppers the flexibility to pay for a purchase in equal payments over a defined period of time.

Visa is investing in installments as a payments strategy — by offering our own solution, Visa Installments — and by partnering with innovative installments providers who use our cards and services to support a wider variety of installment options.

Visa Installments offers issuing banks the opportunity to offer Visa cardholders the option to divide their total purchase amount into smaller payments during or after checkout, at the store and online at participating merchants.

Visa is investing in installments as a payments strategy — by offering a portfolio of BNPL solutions for traditional clients, as well as installments providers, who use our cards and services to support a wide variety of installment options before, during or after checkout, in store and online.

Acceptance Solutions

Cybersource is a global payment management platform that provides modular, digital capabilities in addition to the traditional gateway function of connecting merchants to payment processing.

Using Cybersource, merchants of all sizes can improve the way their consumers engage and transact, mitigate fraud and security risk, lower operational costs and adapt to changing business requirements.

Cybersource is a global payment management platform that provides modular, value added services in addition to the traditional gateway function of connecting merchants to payment processing.

Using Cybersource, merchants of all sizes can improve the way their consumers engage, transact and mitigate fraud;

help to lower operational costs;

and adapt to changing business requirements.

Cybersource white-labeled capabilities provide new and enhanced payment integrations with ecommerce platforms, enabling sellers and acquirers to provide tailored commerce experiences with payments seamlessly embedded.

Cybersource enables an omnichannel solution with a cloud-based architecture to deliver more innovation at the point of sale.

In addition, we provide secure, reliable services for merchants and acquirers that reduce friction and drive acceptance.

Examples include Global Urban Mobility, which allows transit operators to accept Visa contactless payments in addition to proprietary closed-loop payment solutions;

Rapid Seller Onboarding, which enables digital onboarding of small businesses and acquirers;

and Visa Account Updater, which provides updated account information to merchants to strengthen customer relationships and retention.

Visa also offers dispute management services, including a network agnostic solution with Verifi that enables merchants to prevent and resolve disputes with a single connection.

In addition, Visa provides secure, reliable services for merchants and acquirers that reduce friction and drive acceptance.

Examples include Global Urban Mobility, which supports transit operators to accept Visa contactless payments in addition to closed-loop payment solutions;

and Visa Account Updater, which provides updated account information for merchants to help strengthen customer relationships and retention.

Visa also offers dispute management services, including a network-agnostic solution from Verifi that enables merchants to prevent and resolve disputes with a single connection.

Risk and Identity Solutions

Visa’s risk and identity solutions transform data into insights for near real-time decisions and facilitate account holder authentication to help clients prevent fraud and protect account holder data.

With the increasing popularity of omnichannel commerce among consumers, preventing fraud helps increase trust in digital payments.

With the increasing popularity of omnichannel commerce and digital payments among consumers, fraud prevention helps increase trust in digital payments.

Solutions such as Visa Advanced Authorization, Visa Secure, Visa Advanced Identity Score, Visa Consumer Authentication Service, and payment-decisioning solutions from CardinalCommerce empower financial institutions and merchants with tools that help automate and simplify fraud prevention and enhance payment security.

These value added payment security tools layer on top of a suite of programs that protect the safety and integrity of the payment ecosystem, and along with our investments in intelligence and technology, help to prevent, detect and mitigate threats.

These value-added fraud prevention tools layer on top of a suite of programs that protect the safety and integrity of the payment ecosystem, and along with our investments in intelligence and technology, help to prevent, detect and mitigate threats.

These programs and Visa’s fraud prevention expertise are among the core benefits of being part of the Visa network.

Through the combined efforts of security and identity tools and services, payment and cyber intelligence, insights and learnings from client/partner breach investigations and law enforcement

Through the combined efforts of security and identity tools and services, payment and cyber intelligence, insights and learnings from client or partner breach investigations, and law enforcement

engagement, Visa helps protect financial institutions and merchants from fraud and solve payment security challenges.

In March 2022, Visa acquired Tink AB (Tink), an open banking platform, to catalyze fintech innovation and accelerate the development and adoption of open banking securely and at scale.

Visa’s open banking capabilities range from data access use cases, such as account verification, balance check and personal finance management, to payment initiation capabilities, such as account-to-account transactions and merchant payments.

These capabilities can help our partner businesses deliver valuable services to their customers.

Advisory Services

13 unchanged sentences

and advanced cyber detection and response capabilities.

We deploy security tools that help keep our clients and consumers safe, while providing buyer and seller solutions that help make Visa the best way to pay and be paid.

We deploy security tools that help keep our clients and consumers safe.

We also invest significantly in our comprehensive approach to cybersecurity.

We deploy security technologies to strengthen data confidentiality, integrity and service availability, emphasizing core cybersecurity capabilities to minimize risk.

Visa’s brand strength helps deliver added value to our clients and their customers, financial institutions, merchants and partners through compelling brand expressions, a wide range of products and services as well as innovative brand and marketing efforts.

In line with our commitment to an expansive and diverse range of partnerships for the benefit of our stakeholders, Visa is the only brand in the world that is a top sponsor of FIFA, the Olympic Games, and the NFL and is one of the most active sponsors of women’s football around the world.

This year, we launched a multi-year brand initiative to spotlight the diverse capabilities of our network and our commitment to enabling global economic inclusion.

The “Meet Visa” campaign reintroduced Visa as a network working for everyone.

Attracting, developing and retaining the best talent globally is critical to our continued success.

Our workforce grew from approximately 20,500 in fiscal year 2020 to approximately 21,500 employees in fiscal year 2021.

Visa employees are located in more than 80 countries, with more than 49 percent located outside the U.S.

We deploy security technologies to strengthen data confidentiality, the integrity of our network and service availability to protect our core cybersecurity capabilities to minimize risk.

Visa’s strong brand helps deliver added value to our clients and their customers, financial institutions, merchants and partners through compelling brand expressions, a wide range of products and services as well as innovative brand and marketing efforts.

In line with our commitment to an expansive and diverse range of partnerships for the benefit of our stakeholders, Visa is the only brand in the world that is a top sponsor of FIFA, the

Olympic Games, and the NFL and is one of the most active sponsors of women’s football around the world.

Attracting, developing and advancing the best talent globally is critical to our continued success.

This year we grew our total workforce from approximately 21,500 in fiscal year 2021 to approximately 26,500 employees in fiscal year 2022, an increase of 23 percent year over year.

Voluntary workforce turnover (rolling 12-month attrition) was 12.1 percent as of September 30, 2022.

At the end of fiscal year 2021, Visa’s global workforce was 58 percent male and 42 percent female, and women represented 35 percent of Visa’s leadership (defined as vice president level and above).

Visa employees are located in more than 80 countries and territories, with 54 percent located outside the U.S.

At the end of fiscal year 2022, Visa’s global workforce was 58 percent men and 42 percent women, and women represented 36 percent of Visa’s leadership (defined as vice president level and above).

In the U.S., ethnicity of our workforce was 41 percent Asian, 8 percent Black, 12 percent Hispanic, 3 percent Other and 36 percent White.

leadership, the breakdown was 18 percent Asian, 7 percent Black, 13 percent Hispanic, 2 percent Other and 60 percent White.

At Visa, we have an unwavering commitment to inclusion and diversity, and we foster an inclusive workplace to encourage diversity of thought, culture and background.

In 2020, we established “Stand Together” goals in support of social justice and racial equality in the U.S.

Given Visa’s ambitious growth agenda, it is important to enable our employees to achieve their individual performance goals while also supporting personal career interests.

This year we introduced several changes to career growth and planning at Visa, including new growth paths and tools that take into consideration the unique professional backgrounds, skills, accomplishments, and future performance goals of our employees.

These tools support meaningful dialogue about performance and help drive development, retention and growth of top talent in a highly competitive talent market.

We have an unwavering commitment to valuing the unique identities of our employees and their contributions to Visa.

In 2020, we established the Stand Together initiative in support of social justice and racial equality in the U.S.

focused on our people, our community and our company.

We are proud of the progress we made in fiscal year 2021, including the launch of the Visa Black Scholars and Jobs Program in the U.S.

with the inaugural class of 50 Visa Black Scholars who will participate in year-round programs and training aimed at developing their professional and technical skills.

We are proud of the progress we have made.

Our partnership with the Thurgood Marshall College Fund for the Visa Black Scholars and Jobs Program resulted in Visa’s inaugural class of 51 scholars participating in year-round programs and training aimed at developing their professional and technical skills this past year.

We also welcomed the second cohort of 75 scholars this fall.

Upon graduation, all scholars who have met their commitments will be offered a full-time job with Visa.

We have also increased the number of underrepresented employees in the U.S.

We are supporting Visa’s commitment to recruit and retain diverse talent by launching employee development programs and partnering with several non-profit and community organizations, as well as historically black colleges and a generally more diverse set of universities to develop our talent pipeline.

We continue to increase the number of underrepresented employees in the U.S.

We are committed to recruiting and retaining diverse talent through employee development programs aimed at advancing their careers at Visa.

As a company, we continue to partner with historically Black colleges and a generally more diverse set of universities to further develop our talent pipeline.

Visa is committed to pay equity, regardless of gender or race/ethnicity, and conducts pay equity analyses on an annual basis.

More details regarding our human capital management, as well as enhanced workforce disclosures that include our 2020 Consolidated EEO-1 Report and our 2020 Environmental, Social and Governance (ESG) Report can be found on our website at usa.visa.com/about-visa/esg.html .

More details regarding our human capital management, as well as enhanced workforce disclosures that include our 2021 Consolidated EEO-1 Report and our 2021 Environmental, Social and Governance (ESG) Report, can be found on our website at visa.com/esg .

See Available Information below.

For additional information, please see the section titled “Talent and Human Capital Management” in Visa’s 2022 Proxy Statement.

6 unchanged sentences

With our startup engagement programs, the Visa Everywhere Initiative and the Inclusive Fintech 50, early-stage companies can build payment solutions based on our capabilities.

With Visa Fintech Partner Connect, a program launched globally this year, we are helping our clients tap into innovations emerging from the fintech community.

The program is designed to help financial institutions quickly connect with a vetted and curated set of technology providers, helping Visa’s issuing partners create digital-first experiences without the cost and complexity of building the back-end technology in-house.

MERGERS AND ACQUISITIONS AND STRATEGIC INVESTMENTS

With the global Visa Fintech Partner Connect program, we are helping our clients tap into innovations emerging from the fintech community.

The program is designed to help financial institutions quickly connect with a curated set of technology providers, helping Visa’s issuing partners create digital-first experiences.

MERGERS AND ACQUISITIONS, JOINT VENTURES AND STRATEGIC INVESTMENTS

Visa continually explores opportunities to augment our capabilities and provide meaningful value to our clients.

Mergers and acquisitions and strategic investments complement our internal development and enhance our partnerships to align with Visa’s priorities.

Visa applies a rigorous business analysis to our acquisitions and investments to ensure they will differentiate our network, provide value added services and accelerate growth.

In fiscal year 2021, we acquired YellowPepper to accelerate our network of networks strategy in Latin America and the Caribbean by becoming a single point of access for initiating multiple transaction types and significantly reducing the time-to-market and cost for issuers and processors to launch card and account agnostic payments solutions.

On June 24, 2021, we signed a definitive agreement to acquire Tink AB (Tink), a European open banking platform that enables financial institutions, fintechs and merchants to build tailored financial management tools, products and services for European consumers and businesses based on their financial data.

On July 22, 2021, we signed a definitive agreement to acquire The Currency Cloud Group Limited (Currencycloud), a UK-based global platform that enables banks and fintechs to provide innovative foreign exchange solutions for cross-border payments.

The Tink and Currencycloud transactions are subject to regulatory approvals and other customary closing conditions.

Mergers and acquisitions, joint ventures and strategic investments complement our internal development and

enhance our partnerships to align with Visa’s priorities.

Visa applies a rigorous business analysis to our acquisitions, joint ventures and investments to ensure they will differentiate our network, provide value added services and accelerate growth.

In fiscal year 2022, we acquired The Currency Cloud Group Limited (Currencycloud), a global platform that enables financial institutions and fintechs to provide innovative, cross-border foreign exchange solutions.

We also acquired Tink, an open banking platform that enables financial institutions, fintechs and merchants to build financial products and services and move money.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

7 unchanged sentences

and operating responsibly.

Our 2020 ESG report, which provides enhanced ESG disclosures is available on our website at usa.visa.com/about-visa/esg.html .

Our 2021 ESG report, as well as other ESG-related resources are available on our website at visa.com/esg .

See Available Information below.

INTELLECTUAL PROPERTY

3 unchanged sentences

We give our clients access to these assets through agreements with our issuers and acquirers, which authorize the use of our trademarks in connection with their participation in our payments network.

Additionally, we have filed patent applications in the U.S.

and international jurisdictions covering certain aspects of our proprietary technology and new innovations, and own a number of patents, patent applications and other intellectual property relating to our business.

Additionally, we own a number of patents and patent applications related to our business and continue to pursue patents in emerging technologies that may have applications in our business.

We rely on a combination of patent, trademark, copyright and trade secret laws in the U.S.

12 unchanged sentences

These competitors may be more concentrated in specific geographic regions, such as JCB in Japan and Discover in the U.S., or have a leading position in certain countries, such as UnionPay in China.

See Item 1A—Risk Factors—Regulatory Risks—Government-imposed obligations and/or restrictions on international payment systems may prevent us from competing against providers in certain countries, including significant markets such as China, India and Russia .

Based on available data, Visa is one of the largest retail electronic funds transfer networks used throughout the world.

5 unchanged sentences

Cards (M) 3,936 2,579 122 144 66

(1) Mastercard, American Express, JCB and Diners Club / Discover data sourced from The Nilson Report issue 1199 (June 2021).

(1) Mastercard, American Express, JCB and Diners Club / Discover data sourced from The Nilson Report issue 1224 (July 2022).

Includes all consumer, small business and commercial credit, debit and prepaid cards.

Mastercard excludes Maestro and Cirrus figures.

5 unchanged sentences

These networks typically focus on debit payment products, and may have strong local acceptance, and recognizable brands.

Examples include STAR, NYCE, and Pulse in the U.S., Interac in Canada, EFTPOS in Australia and Mir in Russia.

Alternative Payment Providers:

These providers such as digital wallets, closed commerce ecosystems, BNPL solutions, cryptocurrency platforms, and account-to-account systems often have a primary focus of enabling payments through ecommerce and mobile channels;

Examples include STAR, NYCE, and Pulse in the U.S., Interac in Canada and eftpos in Australia.

Digital Wallet Providers:

They continue to expand payment capabilities in person and online for consumers and merchants.

While digital wallets can help drive Visa volumes, they can also be funded by non-card payment options.

Alternative Payments Providers:

These providers, such as closed commerce ecosystems, BNPL solutions and cryptocurrency platforms, often have a primary focus of enabling payments through ecommerce and mobile channels;

however, they are expanding or may expand their offerings to the physical point of sale.

These companies may process payments using in-house account transfers between parties, electronic funds transfer networks like the ACH, global or local networks like Visa, or some combination of the foregoing.

In some cases, these entities are both a partner and a competitor to Visa.

ACH and RTP Networks:

These networks are often governed by local regulations.

Primarily focused on interbank transfers, many are adding capabilities that may make them more competitive for retail payments.

We also compete with closed-loop payment systems, emerging payments networks, wire transfers and electronic benefit transfers.

In some cases, these entities can be both a partner and a competitor to Visa.

Real-time Payment (RTP) Networks:

RTP networks have launched in multiple markets, mainly driven by government sponsorship and regulatory intervention.

These networks primarily focus on domestic transactions, with adoption varying by use cases and geographies.

They can compete with Visa on consumer payments and other payment flows (e.g., B2B and P2P) but can be partners for value added services, such as risk management.

Payment Processors:

2 unchanged sentences

For example, as a result of regulation in Europe under the Interchange Fee Regulation (IFR), we may face competition from other networks, processors and other third parties who could process Visa transactions directly with issuers and acquirers.

Value Added Products and Service Providers:

We face competition from companies that provide alternatives to our value added products and services, including information services and consulting firms that provide consulting services and insights to financial institutions, merchants and governments and technology companies that provide cyber and fraud solutions.

Regulatory initiatives could also lead to increased competition in this space.

Value Added Service and New Flows Providers:

We face competition from companies that provide alternatives to our value added services as well as new flows (e.g., Visa Direct and Visa B2B Connect).

This includes a wide range of players, such as technology companies, information services and consulting firms, governments and merchant services companies.

Regulatory initiatives could also lead to increased competition in these areas.

We believe our fundamental value proposition of security, convenience, speed and reliability as well as the number of credentials and our acceptance footprint help us to succeed.

In addition, we understand the needs of the individual markets in which we operate and partner with local financial institutions, merchants, fintechs, governments, NGOs and business organizations to provide tailored and innovative solutions.

Our network of networks strategy implies that we have and we will continue to utilize other networks to facilitate the movement of money.

We believe Visa is well-positioned competitively due to our global brand, our broad set of payment products and value added services, and our proven track record of processing payment transactions securely and reliably.

We will continue to utilize our network of networks strategy to facilitate the movement of money.

We believe Visa is well-positioned competitively due to our global brand, our broad set of payment products, new flows offerings and value added services, and our proven track record of processing payment transactions securely and reliably.

GOVERNMENT REGULATION

5 unchanged sentences

Foreign Corrupt Practices Act (FCPA), the UK Bribery Act and other laws that generally prohibit the making or offering of improper payments to foreign government officials and political figures for the purpose of obtaining or retaining business or to gain an unfair business advantage.

subject to anti-money laundering and anti-terrorist financing laws and regulations, including the U.S.

We are also subject to anti-money laundering and anti-terrorist financing laws and regulations, including the U.S.

Bank Secrecy Act.

2 unchanged sentences

Government-Imposed Market Participation Restrictions:

Certain governments, including China, India, Indonesia, Russia, Thailand and Vietnam, have taken actions to promote domestic payments systems and/or certain issuers, payments networks or processors, by imposing regulations that favor domestic providers, impose local ownership requirements on processors, require data localization or mandate that domestic processing be done in that country.

Certain governments, including China, India, Indonesia, Thailand and Vietnam, have taken actions to promote domestic payments systems and/or certain issuers, payments networks or processors, by imposing regulations that favor domestic providers, impose local ownership requirements on processors, require data localization or mandate that domestic processing be done in that country.

Interchange Rates and Fees:

1 unchanged sentence

For example, the U.S.

Dodd-Frank Wall Street Reform and Consumer Act (Dodd-Frank Act) limits interchange reimbursement rates for certain debit card transactions in the U.S., the European Union (EU) IFR limits interchange rates in Europe (as discussed below), and the Reserve Bank of Australia and the Central Bank of Brazil regulate average permissible levels of interchange.

Dodd-Frank Wall Street Reform and Consumer Act (Dodd-Frank Act) limits interchange reimbursement rates for certain debit card transactions in the U.S., the European Union (EU) IFR limits interchange rates in the European Economic Area (EEA) (as discussed below), and the Reserve Bank of Australia and the Central Bank of Brazil regulate average permissible levels of interchange.

Internet Transactions:

11 unchanged sentences

Visa is subject to financial sector oversight and regulation in substantially all of the jurisdictions in which we operate.

In the U.S., for example, the Federal Financial Institutions Examination Council (FFIEC) has supervisory oversight over Visa under applicable federal banking laws and policies as a technology service provider to U.S.

In the U.S., for example, the Federal Banking Agencies (FBA) (formerly known as the Federal Financial Institutions Examination Council) has supervisory oversight over Visa under applicable federal banking laws and policies as a technology service provider to U.S.

financial institutions.

The federal banking agencies comprising the FFIEC are the Federal Reserve Board, the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the National Credit Union Administration.

Visa also may be separately examined by the Bureau of Consumer Financial Protection as a service provider to the banks that issue Visa-branded consumer credit and debit card products.

Central banks in other countries/regions, including Europe, India, Russia, Ukraine and the United Kingdom (as discussed below), have recognized or designated Visa as a retail payment system under various types of financial stability regulations.

The federal banking agencies comprising the FBA are the Federal Reserve Board, the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the National Credit Union Administration.

Visa also may be separately examined by the Consumer Financial Protection Bureau as a service provider to the banks that issue Visa-branded consumer credit and debit card products.

Central banks in other countries/regions, including Europe, India, Ukraine and the United Kingdom (as discussed below), have recognized or designated Visa as a retail payment system under various types of financial stability regulations.

Visa is also subject to oversight by banking and financial sector authorities in other jurisdictions, such as Brazil and Hong Kong.

European and United Kingdom Regulations and Supervisory Oversight:

Visa in Europe continues to be subject to complex and evolving regulation in the United Kingdom and the European Economic Area (EEA).

Specifically, in the United Kingdom, Visa Europe is designated as a Recognized Payment System, bringing it within the scope of the Bank of England’s supervisory powers and subject to various requirements, including on issues such as governance and risk management designed to maintain the stability of the United Kingdom’s financial system.

Visa Europe is also regulated by the United Kingdom’s Payment Systems Regulator (PSR), which has wide-ranging powers and authority to review our business practices, systems, rules and fees with respect to promoting competition and innovation in the United Kingdom, and ensuring payments meet account holder needs.

Furthermore, there are a number of EU regulations that impact our business.

As discussed above, the IFR regulates interchange rates within Europe, requires Visa Europe to separate its payment card scheme activities from processing activities for accounting, organization, and decision-making purposes within the EU and imposes limitations on network exclusivity and routing.

National competent authorities in the EU are responsible for monitoring and enforcing the IFR in their markets.

Visa in Europe continues to be subject to complex and evolving regulation in the EEA and the UK.

There are a number of EU regulations that impact our business.

As discussed above, the IFR regulates interchange rates within the EEA, requires Visa Europe to separate its payment card scheme activities from processing activities for accounting, organization and decision-making purposes within the EEA and imposes limitations on network exclusivity and routing.

National competent authorities in the EEA are responsible for monitoring and enforcing the IFR in their markets.

We are also subject to regulations governing privacy and data protection, anti-bribery, anti-money laundering, anti-terrorism and sanctions.

1 unchanged sentence

PSD2 also includes strong customer authentication requirements for certain transactions that could impose both operational complexity on Visa and negatively impact consumer payment experiences.

Post-Brexit, the United Kingdom has adopted various European regulations, including regulations that impact the payments ecosystem such as the IFR and PSD2.

The PSR is responsible for monitoring Visa Europe’s compliance with the IFR as adopted in the United Kingdom.

Visa Europe is also subject to supervisory oversight by the European Central Bank and other national competent authorities in Europe.

In the UK, Visa Europe is designated as a Recognized Payment System, bringing it within the scope of the Bank of England’s supervisory powers and subject to various requirements, including on issues such as governance and risk management designed to maintain the stability of the UK’s financial system.

Visa Europe is also regulated by the UK’s Payment Systems Regulator (PSR), which has wide-ranging powers and authority to review our business practices, systems, rules and fees with respect to promoting competition and innovation in the UK, and ensuring payment systems take care of, and promote, the interest of service-users.

Post-Brexit, the UK has adopted various European regulations, including regulations that impact the payments ecosystem, such as the IFR and PSD2.

The PSR is responsible for monitoring Visa Europe’s compliance with the IFR as adopted in the UK.

ESG and Sustainability:

Certain governments around the world are adopting laws and regulations pertaining to ESG performance, transparency and reporting.

Regulations may include mandated corporate reporting on ESG overall (e.g., EU Sustainable Reporting Directive) or in individual areas such as mandated reporting on climate-related financial disclosures.

Regulations may include mandated corporate reporting on ESG overall (e.g., Corporate Sustainability Reporting Directive) or in individual areas, such as mandated reporting on climate-related financial disclosures.

Additional Regulatory Developments:

3 unchanged sentences

AVAILABLE INFORMATION

Our corporate website is usa.visa.com/about-visa.html .

Our corporate website is visa.com/ourbusiness .

Our annual reports on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K, proxy statements and any amendments to those reports filed or furnished pursuant to the U.S.

Securities Exchange Act of 1934, as amended, can be viewed at www.sec.gov and our investor relations website at investor.visa.com as soon as reasonably practicable after these materials are electronically filed with or furnished to the U.S.

Securities Exchange Act of 1934, as amended, can be viewed at sec.gov and our investor relations website at investor.visa.com as soon as reasonably practicable after these materials are electronically filed with or furnished to the U.S.

Securities and Exchange Commission (SEC).

In addition, we routinely post financial and other information, which could be deemed to be material to investors, on our investor relations website.

Information regarding our ESG, corporate responsibility and sustainability initiatives is also available on our website at usa.visa.com/about-visa/esg.html.

Information regarding our ESG, corporate responsibility and sustainability initiatives is also available on our website at visa.com/esg.

The content of any of our websites referred to in this report is not incorporated by reference into this report or any other filings with the SEC.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business