What changed in this filing

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Item 1. Business

2023-11-15 compared with 2022-11-16 · 191 added, 132 removed, 195 unchanged (62% of the section changed)

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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.

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

As a network of networks enabling global movement of money through all available networks, we are working to provide payment solutions and services for everyone, everywhere.

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.

We have traditionally referred to this structure 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).

We provide transaction processing services (primarily authorization, clearing and settlement) to our financial institution and merchant clients through VisaNet, our advanced transaction processing network.

During fiscal year 2022, we saw 258 billion payments and cash transactions with Visa’s brand, equating to an average of 707 million transactions per day.

We provide transaction processing services (primarily authorization, clearing and settlement) to our financial institution and merchant clients through VisaNet.

During fiscal year 2023, 276 billion payments and cash transactions with Visa’s brand were processed by Visa or other networks, equating to an average of 757 million transactions per day.

Of the 276 billion total transactions, 213 billion were processed by Visa.

• 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 offer a wide range of Visa-branded payment products that our clients, including 14,500 financial institutions, use to develop and offer payment solutions or services, including credit, debit, prepaid and cash access programs for individual, business and government account holders.

During fiscal year 2023, Visa’s total payments and cash volume was $15 trillion, an d 4.3 billion payment credentials, which are issued Visa card accounts that were available worldwide to be used at more than 130 million merchant locations.

• 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 continue to evolve to be a “network of networks” to enable the movement of money through all available networks.

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

• We are accelerating the migration to digital payments through our network of networks strategy.

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.

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.

This model 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) and government-to-consumer (G2C) payments, in addition to consumer to business (C2B) payments.

• 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 invest in and promote our brand to the benefit of our clients and partners through advertising, promotional and sponsorship initiatives with 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) The number includes an estimated 30 million locations through payment facilitators, which are technology providers that provide payment acceptance services to merchants on behalf of acquirers .

Data provided to Visa by acquiring institutions and other third parties as of June 30, 2023.

FISCAL YEAR 2023 KEY STATISTICS

(1) Please see Item 7–Management’s Discussion and Analysis of Financial Condition and Results of Operations for a reconciliation of our GAAP to non-GAAP financial results.

(1) Please see Item 7 of this report for a reconciliation of our GAAP to non-GAAP financial results.

OUR CORE BUSINESS

In an example of a typical Visa C2B payment transaction, the consumer purchases goods or services from a merchant using a Visa card or payment product.

In a typical Visa C2B payment transaction, the consumer purchases goods or services from a merchant using a Visa card or payment product.

The merchant presents the transaction data to an acquirer, usually a bank or third-party processing firm that supports acceptance of Visa cards or payment products, for verification and processing.

Through VisaNet, the acquirer presents the transaction data to Visa, which in turn contacts the issuer to check the account holder’s account or credit line for authorization.

After the transaction is authorized, the issuer effectively pays the acquirer an amount equal to the value of the transaction, minus the interchange reimbursement fee, and then posts the transaction to the consumer’s account.

Through VisaNet, the acquirer presents the transaction data to Visa, which in turn sends the transaction data to the issuer to check the account holder’s account balance or credit line for authorization.

After the transaction is authorized, the issuer posts the transaction to the consumer’s account and effectively pays the acquirer an amount equal to the value of the transaction, minus the interchange reimbursement fee.

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 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.

We have one reportable segment, which is Payment Services.

We generally do not experience any pronounced seasonality in our business.

Our net revenues in fiscal year 2023 consisted of the following:

SERVICE REVENUES

Earned for services provided in support of client usage of Visa payment services

OTHER REVENUES

Consist mainly of value added services related to advisory, marketing and certain card benefits;

license fees for use of the Visa brand or technology;

and fees for account holder services, certification and licensing

DATA PROCESSING REVENUES

Earned for authorization, clearing, settlement;

value added services related to issuing, acceptance, and risk and identity solutions;

network access;

and other maintenance and support services that facilitate transaction and information processing among our clients globally

CLIENT INCENTIVES

Paid to financial institution clients, merchants and other business partners to grow payments volume;

increase Visa product acceptance;

win merchant routing transactions over to our network;

and drive innovation

INTERNATIONAL TRANSACTION REVENUES

Earned for cross-border transaction processing and currency conversion activities

(1) Figure may not recalculate exactly due to rounding.

Please see Item 7 and Note 1—Summary of Significant Accounting Policies included in Item 8 of this report, which include disclosures on how we earn and recognize our revenues.

Visa provides payment processing for both non-Visa-branded and Visa-branded card transactions.

In the context of non-Visa-branded card transactions, we facilitate payment processing by providing gateway routing services to other payment networks.

At the client’s request, we may provide authorization, clearing or settlement services on our network before or after we route the transaction to the other payments network.

In those instances, Visa may earn data processing revenues for the specific services provided.

In the context of Visa-branded card transactions on our network, we provide authorization, clearing and settlement services and may earn service, data processing, international transaction, or other revenues.

Depending on applicable regulations, some payment processors may or may not use our network to process Visa-branded card transactions.

If they use our network, we may earn service revenues and data processing revenues.

If they do not use our network, we earn only service revenues.

Visa is not a financial institution.

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.

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

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 paid by acquirers 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 the MDR.

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

Our net revenues in fiscal year 2022 consisted of the following:

These default interchange reimbursement fees are set independently from the revenues we receive from issuers and acquirers.

Our acquiring clients are responsible for setting the fees they charge to merchants for the MDR and for soliciting merchants.

Visa sets fees to acquirers independently from any fees that acquirers may charge merchants.

Therefore, the fees we receive from issuers and acquirers are not derived from interchange reimbursement fees or MDRs.

Visa’s strategy is to accelerate our revenue growth in consumer payments, new flows and value added services, and fortify the key foundations of our business model.

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Consumer Payments

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.

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

Core Products

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Credit cards are affiliated with programs operated by financial institution clients, co-brand partners, fintechs and affinity partners.

Debit cards and digital credentials allow consumers and small businesses to purchase goods and services using funds held in their bank accounts.

Debit cards and digital credentials allow consumers and small businesses to purchase goods and services using funds held in their deposit accounts.

Debit cards enable account holders to transact in person, online or via mobile without needing cash or checks and without accessing a line of credit.

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

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.

Globally, we have 50 countries and territories with more than 90 percent contactless penetration and more than 100 countries and territories where tap to pay is more than 50 percent of face-to-face transactions.

Excluding the United States, 76 percent of face-to-face transactions globally were contactless in fiscal year 2023.

In the U.S., Visa has surpassed 40 percent contactless penetration and more than 520 million tap-to-pay-enabled Visa cards.

We have activated more than 750 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.

In addition, we processed more than 1.6 billion contactless transactions on global transit systems in fiscal year 2023, an increase of more than 30 percent year over year.

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

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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.

This security technology can work for a variety of payment transactions, both in person or online.

The provisioning of network tokens continues to accelerate.

As of the end of fiscal year 2023, Visa provisioned more than 7.5 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.

The milestone reinforces Visa’s commitment to secure, reliable and efficient money movement, in person 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.

Based on the EMV ® Secure Remote Commerce industry standard, Click to Pay brings a standardized and streamlined approach to online checkout and meets the needs of consumers shopping across a growing number of connected devices.

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

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 (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

We are also extending our network with B2B payments.

Our three strategic areas of focus include investing and growing card-based payments, accelerating our efforts in non-card, cross-border payments and digitizing domestic accounts payable and accounts receivable processes.

We offer a portfolio of business payment solutions, including small business, corporate (travel) cards, purchasing cards, virtual cards and digital credentials, non-card cross-border B2B payment options and disbursement accounts, covering most major industry segments around the world.

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.

The goal of Click to Pay is to make digital payments as secure, reliable and interoperable as the checkout experience in person.

New flows focus on facilitating commercial and global money movement across Visa’s network of networks.

This 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 and G2C payments .

Visa Direct is part of Visa’s strategy beyond C2B payments and helps facilitate the delivery of funds to eligible cards, deposit accounts and digital wallets across more than 190 countries and territories.

Visa Direct supports multiple use cases, such as P2P payments and account-to-account transfers, business and government payouts to individuals or small businesses, merchant settlements and refunds.

Visa Direct utilizes more than 70 domestic payment schemes, 10 real-time payments schemes, 15 card-based networks and five payment gateways, with the potential to reach more than 8.5 billion cards, deposit accounts and digital wallets.

In fiscal year 2023, Visa Direct processed more than 7.5 billion transactions across more than 2,800 global programs.

Visa Direct solutions supported more than 500 partners across more than 65 use cases.

We also announced in fiscal year 2023 Visa’s partnership with DailyPay, i2C, PayPal, TabaPay, Venmo and Western Union to pilot Visa+, an innovative service that aims to help individuals send money quickly and securely between different participating P2P digital payment apps.

We continue to build on our network of networks strategy by investing in our own capabilities with Visa+ and Visa Alias Directory Service, which offers capabilities to our clients to link aliases, such as mobile numbers or email addresses, to payment credentials, as well as strategically collaborating with digital and mobile payment providers to expand the reach of Visa Direct and deliver even stronger domestic and cross-border payment and connection capabilities to our clients.

Visa Commercial Solutions

We are also expanding our network with B2B payments.

Our three strategic areas of focus include investing in and growing card-based payments, accelerating our efforts in non-card, cross-border payments and digitizing domestic accounts payable and accounts receivable processes.

We offer a portfolio of commercial payment solutions, including small business, corporate (travel) cards, purchasing cards, virtual cards and digital credentials, non-card cross-border B2B payment options and disbursement accounts, covering most major industry segments around the world.

These 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 clients.

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

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

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.

Visa Cross-Border Solutions

Formerly Treasury as a Service, Visa Cross-Border Solutions aligns with our global network of networks strategy, as we are focused on building the infrastructure that enables our clients of all sizes to deliver cross-border products with visibility, speed and security.

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

Value Added Services

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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.

We also provide a range of other services and digital solutions to issuers, such as account controls, digital issuance, and branded consumer experiences.

Additionally, Visa provides loyalty and benefits solution to issuers aimed at creating compelling and differentiated cardholder experiences, as well as 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 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, 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;

Visa Acceptance Solutions, which includes Cybersource, provides modular, value added services in addition to the traditional gateway function of connecting merchants to payment processing.

Using the platform, acquirers, payment service providers, independent software vendors, and merchants of all sizes can improve the way their consumers engage and transact;

help to mitigate fraud and 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.

They can also connect with other fintechs through a global payment management platform to use their services.

Visa Acceptance Solutions’ capabilities provide new and enhanced payment integrations with ecommerce platforms, enabling sellers and acquirers to provide tailored commerce experiences with payments seamlessly embedded.

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

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

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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 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 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.

Solutions such as Visa Advanced Authorization, Visa Secure, Visa Risk Manager and Decision Manager, 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.

Aligned to our network of networks strategy, Visa is increasingly bringing our expertise and capabilities to emerging fraud challenges, working with network operators and financial institutions to help mitigate fraud.

These value-added fraud prevention tools layer on top of a suite of our network 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 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, 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.

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Advisory Services

Visa Consulting and Analytics is the payments consulting advisory arm of Visa.

Visa Consulting and Analytics (VCA) is the payments consulting advisory arm of Visa.

The combination of our deep payments expertise, proprietary analytical models applied to a breadth of data and our economic intelligence allows us to identify actionable insights, make recommendations and help implement solutions that can drive better business decisions and measurable outcomes for clients.

Visa Consulting and Analytics offers consulting services for issuers, acquirers, merchants, fintechs and other partners, spanning the entire customer journey from acquisition to retention.

VCA offers consulting services for issuers, acquirers, merchants, fintechs and other partners, spanning the entire customer journey from acquisition to retention.

Further, VCA Managed Services, our dedicated execution arm within the consulting division, is being increasingly utilized by clients to implement our recommendations and wider value added services product enablement.

We are fortifying the key foundations of our business model, which consist of becoming a network of networks, our technology platforms, security, brand and talent.

Network of Networks

Visa strives to become a network of networks, offering a single connection point for senders and receivers to enable money movement to all endpoints and to all form factors, using all available networks.

Our network of networks strategy means moving money to all endpoints and to all form factors, using all available networks and being a single connection point for our partners;

and providing our value added services on all transactions, no matter the network.

The key component of our network of networks strategy is interoperability.

We are opening up our network and increasingly using other networks to reach accounts we could not otherwise reach and enabling new types of money movement.

Visa B2B Connect, Visa Direct, and Visa+ are examples of our strategy.

Technology Platforms

Visa’s technology platforms include software, hardware, data centers and a large telecommunications infrastructure, each with a distinct architecture and operational footprint wrapped with several layers of security and protection technologies.

Visa’s three data centers are a critical part of our global processing environment and have a high redundancy of network connectivity, power and cooling designed to provide continuous availability of systems.

Visa’s leading technology platforms comprise software, hardware, data centers and a large telecommunications infrastructure.

Visa’s four data centers are a critical part of our global processing environment and have a high redundancy of network connectivity, power and cooling designed to provide continuous availability of systems.

Together, these systems deliver the secure, convenient and reliable service that our clients and consumers expect from the Visa brand.

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We also invest significantly in our comprehensive approach to cybersecurity.

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.

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

payments fraud disruption team continually monitors threats to the payments ecosystem to help ensure attacks are detected and prevented efficiently and effectively.

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.

In line with our commitment to an expansive and diverse range of partnerships for the benefit of our stakeholders, Visa is a sponsor of top entertainment and sports events including the FIFA Women’s World Cup 2023 TM , the Olympic and Paralympic Games, and the Super Bowl.

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

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leadership, the breakdown was 18 percent Asian, 6 percent Black, 13 percent Hispanic, 3 percent Other and 60 percent White.

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 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 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.

Given Visa’s ambitious growth agenda and efforts to achieve our purpose, we have focused on enhancing our employees’ expertise across our business.

This includes an enhanced development program for our senior leaders and a formal technology apprenticeship program to help us broaden and strengthen our talent channels and pipelines.

We have also committed to providing employees with the tools they need to do their work more quickly and easily, including an artificial intelligence or AI-driven portal with a searchable knowledge base to create customized results and bespoke solutions.

We enhanced our mental well-being and retirement benefits, which is reflective of our key priority to take care of our employees.

We also are dedicated to ensuring that employees feel valued in their day-to-day work.

During our global employee engagement survey last year, we learned that our employees wanted more opportunities to recognize and be recognized, in more informal ways.

In response, Visa developed a program that better enabled employees to provide peer-to-peer recognition for each other’s contributions.

Using UPLIFT, Visa’s new recognition platform, employees can celebrate their peers’ achievements, send e-cards to celebrate the employee journey (from welcoming new hires to recognizing service anniversaries), use an automated internal networking tool that matches employees based on smart algorithms, and more.

Importantly, all our recognition categories are grounded in behaviors that reflect our employee value proposition or Visa’s Leadership Principles – further reinforcing that at Visa, it is not only about what you achieve, but how you do it.

Employee engagement in peer recognition has significantly increased since the launch, with monthly active users reaching 78 percent in September 2023, compared to 45 percent in September 2022.

With this enhanced platform, employees are encouraged to recognize and uplift each other.

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 2021 Consolidated EEO-1 Report and our 2021 Environmental, Social and Governance (ESG) Report, can be found on our website at visa.com/esg .

We are also committed to transparency – this year, we launched total rewards statements in the United Kingdom in addition to those already provided in Asia, to drive a deeper understanding and appreciation of total rewards value to the individual.

We plan to introduce statements in the U.S.

For additional information regarding our human capital management, please see the section titled “Talent and Human Capital Management” in Visa’s 2023 Proxy Statement as well as our website at visa.com/esg , which includes enhanced workforce disclosures that include our 2022 Consolidated EEO-1 Report and our 2022 Environmental, Social and Governance (ESG) Report.

See Available Information below.

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

FINTECH AND DIGITAL PARTNERSHIPS

Fintechs are a vital growth engine for Visa and a key driver in realizing our purpose – to uplift everyone, everywhere by being the best way to pay and be paid.

Fintechs are key enablers of new payment experiences and new flows.

Our work with fintechs has opened new points of acceptance, extended credit at the point of sale, made cross-border money flows more efficient, moved B2B spend onto Visa’s network, expedited payroll and provided digital wallet customers access to our services.

Our work with fintechs is one of our greatest opportunities and has opened new points of acceptance, extended credit at the point of sale, made cross-border money flows more efficient, moved B2B spend onto Visa’s network, expedited payroll and provided digital wallet customers access to our services.

Our portfolio of fintech partners is diverse and continues to grow and scale.

We signed more than 500 commercial partnerships with

fintechs globally, from early stage companies to growing and mature players, an increase of 25 percent year over year.

To better serve fintechs, Visa has a suite of streamlined commercial programs and digital onboarding tools.

Our Fintech Fast Track program enables qualifying fintechs to quickly launch and scale their programs.

Fintech Fast Track, our flagship program for fintechs is designed to help launch new financial features quickly, such as launching a new card program or enabling the movement of money with Visa Direct.

We provide streamlined onboarding and turnkey access to hundreds of ecosystem partners.

The program has welcomed hundreds of fintechs who are actively engaged in the program.

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 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.

Visa Ready, our certification program, helps technology companies build and launch payment solutions that meet Visa's global standards around security and functionality.

Fintech Partner Connect helps build pathways between Visa’s issuing clients and fintech providers.

With our startup engagement programs, like the Visa Everywhere Initiative that launched in 2022, early-stage companies can build payment solutions based on our capabilities.

Visa also manages programs including She’s Next, Empowered by Visa, a global women’s entrepreneurship initiative, and Africa Fintech Accelerator Program to uplift underrepresented communities.

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, joint ventures and strategic investments complement our internal development and

enhance our partnerships to align with Visa’s priorities.

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

As a trusted brand, Visa has an opportunity and responsibility to contribute to a more inclusive, equitable and sustainable world.

We believe that economies that include everyone everywhere, uplift everyone everywhere.

As we build business resilience and long-term value, we are committed to managing the risks and opportunities that arise from ESG issues.

We are focused on empowering people and economies;

In fiscal year 2023, we signed a definitive agreement to acquire Pismo, a cloud-native issuer processing and core banking platform with operations in Latin America, Asia Pacific and Europe.

The transaction is subject to customary closing conditions, including applicable regulatory reviews and approvals.

CORPORATE RESPONSIBILITY AND SUSTAINABILITY

Visa is committed to operating as a responsible, ethical, inclusive and sustainable company.

As one of the global leaders in digital payments, Visa strives to join with clients, partners and other stakeholders to empower people, businesses and communities to thrive, to be an industry leader in addressing the corporate responsibility and sustainability (CRS) topics most significant to our role as a payments technology company, and to meet and exceed our expectations for performance and transparency.

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

We believe deeply in our purpose, and we are focused on empowering people and economies;

securing commerce and protecting customers;

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and operating responsibly.

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

Our 2022 ESG Report, as well as other CRS-related resources are available on our website at visa.com/esg .

See Available Information below.

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Technology and innovation are shifting consumer habits and driving growth opportunities in ecommerce, mobile payments, blockchain technology and digital currencies.

These advances are enabling new entrants, many of which depart from traditional network payment models.

These advances are enabling new entrants, many

of which depart from traditional network payment models.

In certain countries, the evolving regulatory landscape is creating local networks or enabling additional processing competition.

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These networks typically offer a range of branded, general purpose card payment products that consumers can use at millions of merchant locations around the world.

Examples include Mastercard, American Express, Discover, JCB and UnionPay.

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 and India .

Examples include American Express, Discover, JCB, Mastercard and UnionPay.

These competitors may be more concentrated in specific geographic regions, such as Discover in the U.S.

and JCB in Japan, or have a leading position in certain countries, such as UnionPay in China.

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

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

The following chart compares our network with these network competitors for calendar year 2022 (1) :

Visa Mastercard American Express JCB Diners Club

American Express

Diners Club / Discover

JCB Mastercard

Payments Volume ($B) 11,668 1,540 243 312 6,568

Total Volume ($B) (2)

14,108 1,553 258 320 8,177

Total Transactions (B) 260 10 4 6 150

Cards (M) 4,160 133 80 153 2,713

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

(1) American Express, Diners Club / Discover, JCB and Mastercard data sourced from The Nilson Report issue 1241 (May 2023).

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

Mastercard excludes Maestro and Cirrus figures.

American Express, Diners Club / Discover, and JCB include business from third-party issuers.

JCB figures include other payment-related products and some figures are estimates.

Mastercard excludes Maestro and Cirrus figures.

(2) Total volume is the sum of payments volume and cash volume.

Cash volume generally consists of cash access transactions, balance access transactions, balance transfers and convenience checks .

Local and Regional Networks:

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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 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.

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

Alternative Payments Providers:

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Real-time Payment (RTP) Networks:

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

RTP networks have launched in multiple markets and continue to be driven by strong government sponsorship and regulatory initiatives to enable and drive adoption (e.g., FedNow in the U.S., PIX in Brazil and United Payments Interface (UPI) in India), increasing their position as an alternative to payment card schemes.

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.

However, with linkages such as PayNow in Singapore and UPI in India, cross-border RTP networks are advancing and will compete with our cross-border business.

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

Digital Wallet Providers:

They continue to expand payment capabilities in person and online for consumers and merchants and provide consumers with additional ways to pay.

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

Digital wallet providers who utilize RTP networks provide additional competition.

Payment Processors:

Payment processors may perform processing services on third-party payments networks on behalf of issuers or acquirers .

We compete with payment processors for the processing of Visa transactions.

These processors may benefit from mandates requiring them to handle processing under local regulation.

These processors may benefit from mandates requiring them to handle processing under local

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 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).

New Flows Providers:

We compete with alternative solutions to our new flows (e.g., Visa Direct and Visa B2B Connect) such as ACH, RTP and wires.

We compete with other global and local card networks for commercial card portfolios.

Additionally, we may face competition from financial institution clients who are experimenting with B2B blockchain payments.

Value Added Service Providers:

We face competition from companies that provide alternatives to our value added services.

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

The integration of technology like generative AI can create new and better offerings that compete with our value added services, such as strengthened risk monitorization and managing digital identification.

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

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The most significant government regulations that impact our business are discussed below.

For further discussion of how global regulations may impact our business, see Item 1A-Risk Factors-Regulatory Risks .

For further discussion of how global regulations may impact our business, see Item 1A — Regulatory Risks .

Anti-Corruption, Anti-Money Laundering, Anti-Terrorism and Sanctions:

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In addition, we are subject to economic and trade sanctions programs administered by the Office of Foreign Assets Control (OFAC) in the U.S.

Therefore, we do not permit financial institutions or other entities that are domiciled in countries or territories subject to comprehensive OFAC trade sanctions (currently, Cuba, Iran, North Korea, Syria and Crimea), or that are included on OFAC’s list of Specially Designated Nationals and Blocked Persons, to issue or acquire Visa cards or engage in transactions using our services.

Therefore, we do not permit financial institutions or other entities that are domiciled in countries or territories subject to comprehensive OFAC trade sanctions (currently, Cuba, Iran, North Korea, Syria, Crimea, and the Donetsk People’s Republic and Luhansk People’s Republic regions of Ukraine), or that are included on OFAC’s list of Specially Designated Nationals and Blocked Persons, to issue or acquire Visa cards or engage in transactions using our products and services.

Government-Imposed Market Participation Restrictions:

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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 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.

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 (RBA) and the Central Bank of Brazil regulate average permissible levels of interchange.

Internet Transactions:

Many jurisdictions have adopted regulations that require payment system participants to monitor, identify, filter, restrict or take other actions with regard to certain types of payment transactions on the Internet, such as gambling, digital currencies, the purchase of cigarettes or alcohol and other controversial transaction types.

Many jurisdictions have adopted regulations that require payments system participants to monitor, identify, filter, restrict or take other actions with regard to certain types of payment transactions on the Internet, such as gambling, digital currencies, the purchase of cigarettes or alcohol and other controversial transaction types.

Network Exclusivity and Routing:

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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.

Central banks in other countries/regions, including Canada, Europe, India, Ukraine and the UK (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.

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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.

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

Other regulations in Europe, such as the second Payment Services Directive (PSD2), require, among other things, that our financial institution clients provide certain customer account access rights to emerging non-financial institution players.

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

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.

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

Visa Europe is also subject to supervisory oversight by the European Central Bank and certain 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 subjecting it to various requirements, including on issues such as governance and risk management designed to maintain the stability of the UK’s financial system.

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., Corporate Sustainability Reporting Directive) or in individual areas, such as mandated reporting on climate-related financial disclosures.

Corporate Responsibility and Sustainability:

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

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

Additional Regulatory Developments:

Various regulatory agencies across the world also continue to examine a wide variety of other issues, including mobile payment transactions, tokenization, access rights for non-financial institutions, money transfer services, identity theft, account management guidelines, disclosure rules, security and marketing that could affect our financial institution clients and our business.

Furthermore, following the passage of PSD2 in Europe, several countries, including Australia, Brazil, Canada, Hong Kong and Mexico, are contemplating granting or have already granted various types of access rights to third party processors, including access to consumer account data maintained by our financial institution clients.

Furthermore, following the

passage of PSD2 in Europe, several countries, including Australia, Brazil, Canada, Hong Kong and Mexico, are contemplating granting or have already granted various types of access rights to third-party processors, including access to consumer account data maintained by our financial institution clients.

These changes could have negative implications for our business depending on how the regulations are framed and implemented.

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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 visa.com/esg.

Information regarding our 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