What changed in this filing

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Item 1. Business

2024-11-13 compared with 2023-11-15 · 187 added, 144 removed, 242 unchanged (58% of the section changed)

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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.

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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.

During fiscal 2024, 303 billion payments and cash transactions with Visa’s brand were processed by Visa or other networks, equating to an average of 829 million transactions per day.

Of the 303 billion total transactions, 234 billion were processed by Visa.

• 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 offer a wide range of Visa-branded payment products that our clients, including nearly 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 2024, Visa’s total payments and cash volume were $16 trillion, an d we had 4.6 billion payment credentials, which are issued Visa card accounts, that were available to be used at more than 150 million merchant locations worldwide.

• 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).

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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 the International Olympic Committee, the International Paralympic Committee and the National Football League (NFL), among others.

• We provide value-added services to our clients, including issuing solutions, acceptance solutions, risk and identity solutions, open banking solutions 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 the International Olympic Committee, the International Paralympic Committee, the National Football League, and the Red Bull Formula One Teams — the Oracle Red Bull Racing Team and the Visa Cash App RB Formula One Team, among others.

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

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Data provided to Visa by acquiring institutions and other third parties as of June 30, 2024.

FISCAL YEAR 2023 KEY STATISTICS

FISCAL 2024 KEY STATISTICS

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

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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.

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

SERVICE REVENUES

Our net revenue in fiscal 2024 consisted of the following:

SERVICE REVENUE

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

OTHER REVENUES

OTHER REVENUE

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

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and fees for account holder services, certification and licensing

DATA PROCESSING REVENUES

Earned for authorization, clearing, settlement;

DATA PROCESSING REVENUE

Earned for authorization, clearing and settlement;

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

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increase Visa product acceptance;

win merchant routing transactions over to our network;

encourage merchant acceptance and use of Visa payment services;

and drive innovation

INTERNATIONAL TRANSACTION REVENUES

INTERNATIONAL TRANSACTION REVENUE

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.

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

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

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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.

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

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.

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

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

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.

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

Generally, interchange reimbursement fees are paid by acquirers to issuers.

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

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

These default interchange reimbursement fees are set independently from the revenue 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.

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Consumer Payments

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.

On an annual basis, we see more than $20 trillion (2) of opportunity globally, excluding Russia and China, to convert cash, check, Automated Clearing House (ACH), domestic schemes, and other forms of electronic payment into cards and digital accounts on Visa’s network.

We aim to grow consumer payments through expansion of credentials and acceptance points and deepening engagement with consumers through key enablers.

We are focused on developing innovative digital solutions and products across face-to-face and ecommerce payments, providing consumers and merchants around the world the best ways to pay and be paid.

Core Products

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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.

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.

The Visa/PLUS Global ATM network also provides debit, credit and prepaid account holders with cash access, and other

(2) Visa analysis based on third party studies.

banking capabilities, in more than 200 countries and territories worldwide through issuing and acquiring partnerships with both financial institutions and independent automated teller machine (ATM) operators.

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

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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.

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 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.

Since we introduced Tap to Pay technology over ten years ago, it has emerged as a preferred way to pay in the face-to-face environment among consumers in many countries around the world.

Tap to Pay adoption is growing and many consumers have come to expect this seamless payment experience.

Tap to Pay has become the default way Visa cardholders pay in nearly 60 countries and territories, with more than 90 percent penetration of Visa face-to-face transactions, and in over 125 countries and territories, Tap to Pay comprises more than 50 percent of our face-to-face transactions.

Excluding the U.S., over 80 percent of face-to-face Visa transactions globally were contactless in fiscal 2024.

In the U.S., Visa has surpassed 50 percent contactless penetration and more than 535 million Tap to Pay-enabled Visa cards have been issued.

In addition, we have activated more than 870 contactless public transport projects worldwide.

We processed more than 2.0 billion contactless transactions on global transit systems in fiscal 2024, surpassing the number of transactions in 2023.

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 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, reliable and efficient money movement, in person and online.

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

As of September 30, 2024, Visa has provisioned 11.5 billion network tokens.

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 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.

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

Our new flows business is focused on driving digitization and improving the payments and money movement experience across all payment flows, beyond C2B, through our network of networks.

These include P2P, B2C, B2B and G2C payments, which provide some of the largest payment opportunities in the world.

Representing a total addressable opportunity of approximately $200 trillion (3) of payment flows annually, excluding Russia and China, this pillar of our business aims to make payments and money movement easier for businesses, consumers, and governments, using both Visa’s global network and connectivity to other networks around the world .

We have two key objectives in this business area.

The first objective is to grow B2B payments volume through our Visa Commercial Solutions.

This part of the business focuses on addressing the $145 trillion of opportunity in B2B payment flows around the world annually, excluding Russia and China.

We believe around 15% of the annual opportunity, or $20 trillion, could be addressed

(3) Visa analysis based on third party studies.

by our card and virtual products, which we are continuously evolving for more use cases.

Another $105 trillion of the annual opportunity is in the accounts payable and accounts receivable space that largely relies on check, ACH, and wires.

Lastly, cross-border volumes, which are addressable by our Visa Commercial Solutions and Visa Direct Platform, represent $20 trillion of opportunity on an annual basis.

The second objective is to put the power of money movement in our clients’ hands, enabling them to move money around the world.

This part of the business focuses on addressing $20 trillion in B2C, $20 trillion in P2P, and $15 trillion in G2C opportunities annually, excluding Russia and China, as well as the cross-border B2B opportunity.

These flows are largely addressed through our Visa Direct Platform, encompassing a broad network of eligible cards, bank accounts, and digital wallets, as well as our Visa B2B Connect network.

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 reliable, flexible, data-rich, secure and cost-effective.

As a long-time participant in the B2B ecosystem, we have been supporting small businesses, large and middle market companies, and governments with their payments needs.

We continue to see opportunity for growth as businesses seek simple digital experiences, similar to those available to consumers.

Visa offers a holistic suite of tailored solutions for businesses – providing payment, reconciliation, and data to help manage working capital and drive efficiency, set spend controls, manage expenses, and automate payment processes.

Our portfolio of commercial payments solutions includes small business cards, corporate (travel) cards, purchasing cards, virtual cards and digital credentials.

Businesses look to optimize processes and effectively manage working capital by utilizing our commercial payments solutions.

To support small businesses we expanded the small business supplier matching webtool so that it is directly accessible to small and medium size businesses, enhancing their ability to use their cards for business payments.

For large business spend, we have been expanding our presence in specific commercial spend verticals, such as fleet and fuel, travel and agriculture.

We have also extended our products and capabilities specifically for accounts receivable and accounts payable spend, through either embedded finance capabilities, or new solutions like our Accounts Receivable Manager virtual card automation solution in the U.S.

Visa Direct Platform

We facilitate domestic and cross-border money movement, enabling clients to collect, convert, hold and send funds across our network, which has the potential to reach more than 11 billion cards, bank accounts and digital wallets.

Visa Direct enables P2P payments and account-to-account (A2A) transfers, business and government payouts to individuals or small businesses, merchant settlements and refunds, among other use cases, across more than 195 countries and territories.

Visa Direct utilizes more than 75 domestic payment schemes, more than 15 real-time payments schemes, more than 15 card-based networks and more than five payment gateways, with the potential to reach more than 11.0 billion endpoints, through 4.0 billion cards, 3.5 billion bank accounts and 3.5 billion digital wallets.

In fiscal 2024, Visa Direct processed nearly 10 billion transactions for more than 550 partners.

Visa B2B Connect is a key part of our value proposition and considered part of the Visa Direct platform.

It is a multilateral B2B cross-border payments network designed to facilitate reliable, secure and cost-effective transactions from the bank of origin directly to the beneficiary bank, helping streamline settlement and optimize payments for financial institutions’ corporate clients.

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

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.

The Visa Direct platform now also includes Visa Cross-Border Solutions and our digitally native Currencycloud capabilities that service new flows and our established cross-border consumer payments businesses with capabilities such as providing real-time foreign exchange rates, virtual accounts, and enhanced liquidity and settlement.

In addition, our Visa+ solution provides interoperability for our clients.

In fiscal 2023, we announced the launch of Visa+, which enables transfers between participating P2P apps.

Visa+ is now fully live for eligible users of PayPal and Venmo in the U.S.

In addition to bringing reach, flexibility and convenience to P2P payment experiences, Visa+

can help merchants improve the process of disbursing funds to their users, also known as B2C payouts, which is live with DailyPay.

Value-Added Services

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.

Value-added services represent an opportunity for us to diversify our revenue with products and solutions that help our clients and partners optimize their performance, differentiate their offerings and create better experiences for their customers.

Our comprehensive suite of value-added services spans five categories — Issuing Solutions, Acceptance Solutions, Risk and Identity Solutions, Open Banking Solutions and Advisory Services.

Our value-added services strategy has three areas of focus:

(1) provide services for Visa transactions;

(2) deliver network-agnostic services for non-Visa transactions;

and (3) provide services that go beyond payments.

We have made significant progress across each of these areas and offer more than 200 products and services as of September 30, 2024, many of which are designed to work together to deliver high impact business outcomes.

Issuing Solutions

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

Visa DPS is a large issuer processor of Visa debit transactions.

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, 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 person and online.

In early 2024, Visa completed its acquisition of Pismo, a global, cloud-native issuer processing and core banking platform with operations in Latin America, Asia Pacific and Europe.

Pismo’s technology platform expands Visa’s offerings to include core banking and card-issuer processing capabilities across credit, debit and prepaid cards via cloud native APIs and also helps enable Visa to provide support and connectivity for emerging payment frameworks and real-time payments (RTP) networks for financial institution clients.

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

In addition, Visa offers loyalty and benefits solutions to issuers aimed at creating compelling and differentiated cardholder experiences, as well as Buy Now, Pay Later (BNPL) capabilities, which 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 Visa credentials and BNPL solutions to issuers and fintechs.

Acceptance Solutions

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;

Visa Acceptance Solutions provide modular, value-added services in addition to the traditional gateway function of connecting merchants to payment processing.

Using the Visa Acceptance Platform, acquirers, payment service providers, independent software vendors and merchants can improve the way their consumers engage and transact;

help to mitigate fraud and lower operational costs;

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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.

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.

Using an omnichannel solution with a cloud-based architecture, Visa Acceptance Solutions capabilities, which includes Cybersource and Authorize.net, provide new and enhanced payment integrations with ecommerce platforms, enabling sellers and acquirers to provide tailored commerce experiences with payments seamlessly embedded.

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

Examples include Token Management Service, which helps simplify network token adoption, access and management for merchant and acquiring clients, provides a single integration point into major card networks and is used standalone or easily integrated into other payment solutions (please see the Tokenization discussion above);

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

and 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.

Visa’s Risk and Identity Solutions transform data into insights for near real-time decisions and facilitate account holder authentication to help financial institution and merchant clients prevent fraud and protect account holder data.

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 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.

The Visa Protect suite of solutions include a range of products that empower financial institutions and merchants with tools that facilitate automation, simplify fraud prevention and enhance payment security, such as:

Visa Consumer Authentication Service, Visa Protect Authentication Intelligence, and Visa Provisioning Intelligence.

These offerings highlight our artificial intelligence (AI) and machine learning capabilities, for example, Visa Protect Authentication Intelligence uses machine learning algorithms to identify fraud for Visa Secure authentication requests and Visa Provisioning Intelligence is an AI-based product designed to prevent tokens from being fraudulently provisioned.

In March 2024, Visa announced three new products as part of the end-to-end Visa Protect suite that are designed to reduce fraud across immediate A2A and card not present (CNP) payments, as well as transactions both on and off Visa’s network.

Visa Deep Authorization is an AI-powered transaction risk scoring solution tailored to better manage CNP payments, which strengthens the protection of Visa’s transactions through transaction risk scoring.

Visa Protect for A2A Payments is our first fraud prevention solution built specifically for real-time non-card payments.

Finally, Visa Risk Manager with scheme agnostic Visa Advanced Authorization is a comprehensive AI-powered fraud risk management solution.

Visa’s 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, help to prevent, detect and mitigate threats.

Open Banking Solutions

Since our acquisition of Tink AB, an open banking platform, we continue to accelerate the development and adoption of open banking securely and at scale.

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

In fiscal 2024, we expanded our presence in Europe and began expanding into the U.S.

with a suite of product offerings that enable users to connect accounts and provide trusted parties with access to their financial data, including digitizing and streamlining the A2A payments experience.

In fiscal 2025, we plan to launch Visa A2A in the UK, an open system bringing standards, rules and a dispute management service to eligible banks and businesses, enabling them to provide consumers with a more streamlined bill payment experience.

Key features will include increased protection, more optionality by allowing consumers to pay directly from their bank accounts and enhanced controls over payment permissions.

Advisory Services

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.

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.

Visa Advisory Services offers deep payments expertise through a global consulting practice, proprietary analytics models, data scientists and economists, marketing services and managed services to deliver insights for issuers, acquirers, merchants, fintechs and other partners that help them make better business decisions and scale their operations.

Operating as the payments consulting arm of Visa, Visa Consulting and Analytics (VCA) utilizes our payments expertise and economic intelligence to identify actionable insights, make recommendations and help implement solutions.

VCA is comprised of specialized advisory practices such as:

strategy and commercial money movement, portfolio optimization, digital, AI, risk and implementation support, which drive measurable outcomes for our clients.

VCA Managed Services embeds teams within client organizations to help execute key initiatives.

Visa Marketing Services provides clients with unique activation opportunities with Visa’s sponsorships and utilizes our data analytics and understanding of customers’ transactional behavior to provide marketing solutions designed to deliver effective results, drive brand preference and influence consumer behavior.

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

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.

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.

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

Visa has invested more than $3 billion in AI and data infrastructure over the last 10 years.

Technology Platforms

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and advanced cyber detection and response capabilities.

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 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.

We use information security tools that help keep our clients and consumers safe and invest significantly in our comprehensive approach to cybersecurity.

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

Our payments ecosystem risk and control team continually monitors threats to the payments ecosystem to help ensure attacks are detected and prevented efficiently and effectively through pairing our AI capabilities with our security experts.

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 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.

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 properties including the FIFA World Cup 2026 TM , the Olympic and Paralympic Games, the National Football League, the Red Bull Formula One Teams — the Oracle Red Bull Racing Team and the Visa Cash App RB Formula One Team.

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

This year we grew our total workforce from approximately 26,500 in fiscal year 2022 to approximately 28,800 employees in fiscal year 2023, an increase of 9 percent year over year.

This year, we grew our total workforce from approximately 28,800 in fiscal 2023 to approximately 31,600 employees in fiscal 2024, an increase of 10 percent year over year.

Voluntary workforce turnover (rolling 12-month attrition) was 5 percent as of September 30, 2024.

Visa employees are located in more than 80 countries and territories, with 57 percent located outside the U.S.

At the end of fiscal year 2023, 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 42 percent Asian, 8 percent Black, 13 percent Hispanic, 3 percent Other and 35 percent White.

At the end of fiscal 2024, Visa’s global workforce was 58 percent men and 42 percent women, and women represented 38 percent of Visa’s leadership (defined as vice president level and above).

In the U.S., ethnicity of our workforce was 42 percent Asian, 8 percent Black, 13 percent Hispanic, 3

percent Other and 34 percent White.

leadership, the breakdown was 19 percent Asian, 5 percent Black, 13 percent Hispanic, 3 percent Other and 59 percent White.

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.

As Visa strives to achieve our purpose and our growth objectives, we have focused on enhancing our employees’ expertise across our business.

We offer unique career pathways for employees and provide them with tools and support to build on their leadership impact and develop their careers.

Along with learning support from Visa University and our educational assistance program, employees are encouraged to broaden their knowledge and develop new skills through alternative career pathways and talent development programs including our global technology apprenticeship, military talent and mentorship programs.

Visa’s commitment to fostering a culture of innovation and collaboration also is demonstrated through our employees’ adoption of generative AI tools for content generation, productivity and business automation, including an internal, secure version of ChatGPT and our Ask People Team Portal.

We are committed to providing benefits that support our employees.

As part of our inclusive “whole person” approach to benefits, Visa offers a robust package of curated tools, resources, and benefits for our employees.

While some programs may vary by location, some of our financial benefits include our 401(k) match, employee stock purchase plan and financial wellbeing sessions and resources.

In addition to our enhanced mental well-being benefits, we began offering mental health first aid training for employees and are piloting a peer-to-peer ambassador network to create an employee support system.

Based on our latest employee engagement survey, 91% of employees would recommend Visa as a great place to work.

We strive to put our people first, and this is exemplified by prioritizing investments to create spaces that encourage collaboration, inspire creativity and reflect our brand in our office locations and data centers worldwide.

In 2024, Visa opened the Mission Rock market support center in San Francisco, forming a unified, complementary campus with our Foster City location.

This year, we also recommitted to ensuring that employees feel closely connected to one another and to our business at large.

To support this effort, Visa activated Viva Engage, our new internal social network, as a place for all employees to collaborate, share information and connect with company leadership in real time, every day.

Since our launch of Viva Engage, 97% of employees had visited the platform at least once, with 82% accessing the platform at least twice a week on average.

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.

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.

In recent years, Visa has prioritized and invested in employee recognition, which in turn drives engagement and innovation.

Our UPLIFT program is designed to drive engagement and innovation by enabling employees to recognize, appreciate and celebrate each other, no matter their role or level.

The UPLIFT program also drives Visa’s culture by grounding the recognition categories in Visa’s Leadership Principles – further reinforcing that at Visa, it is not only about what you achieve, but how you do it.

For fiscal 2024, active UPLIFT platform users as a percentage of all users was 78%, while the number of recognitions sent nearly doubled, from approximately 130,000 to nearly 248,000 since the prior year.

For additional information regarding our human capital management, please see the section titled “Talent and Human Capital Management” in Visa’s 2024 Proxy Statement as well as our website at visa.com/crs , which includes our 2023 Consolidated EEO-1 Report and our 2023 Corporate Responsibility and Sustainability (CRS) Report.

See Available Information below.

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

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 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 payments volume 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.

In fiscal 2024, we signed over 650 commercial partnerships with fintechs globally, from early-stage companies to growing and mature players, an increase of 30 percent year over year.

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

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.

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.

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.

With our startup engagement programs, like the Visa Everywhere Initiative, 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 the Africa Fintech Accelerator Program to uplift underrepresented communities.

MERGERS AND ACQUISITIONS, JOINT VENTURES AND STRATEGIC INVESTMENTS

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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 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.

In fiscal 2024, we completed our acquisition of Pismo, and entered into definitive agreements to acquire a majority interest in Prosa, a leading payments processor in Mexico, and to acquire Featurespace, a developer of real-time AI payments protection technology that prevents and mitigates payments fraud and financial crime risks.

After closing, Prosa will continue to operate as an independent company.

The Prosa and Featurespace acquisitions are both subject to customary closing conditions, including applicable regulatory 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.

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 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;

investing in our workforce;

protecting the planet;

and operating responsibly.

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

We believe deeply in our purpose, and we are focused on empowering people and economies, securing commerce and protecting customers, investing in our workforce, protecting the planet and operating responsibly.

Our 2023 CRS Report, as well as other CRS-related resources are available on our website at visa.com/crs .

See Available Information below.

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and other jurisdictions, as well as confidentiality procedures and contractual provisions, to protect our proprietary technology.

The global payments industry continues to undergo dynamic change.

The global payments industry continues to undergo dynamic and rapid change.

Existing and emerging competitors compete with Visa’s network and payment solutions for consumers and for participation by financial institutions and merchants.

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.

We compete against all forms of payment.

This includes paper-based payments, primarily cash and checks, and all forms of electronic payments.

These include paper-based payments, primarily cash and checks, and all forms of electronic payments.

Our electronic payment competitors principally include:

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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 American Express, Discover, JCB, Mastercard and UnionPay.

Examples include American Express, Diners Club/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.

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) :

The following chart compares our network with certain network competitors for calendar year 2023 (1) :

American Express

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

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

Examples include NYCE, Pulse and STAR in the U.S.;

Interac in Canada;

and eftpos in Australia.

Alternative Payments Providers:

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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 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.

RTP Networks:

RTP networks have launched in at least 80 countries 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.

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

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

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

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.

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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.

These include 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.

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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.

and the Reserve Bank of Australia (RBA) regulates average permissible levels of interchange.

Internet Transactions:

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However, merchants’ ability to surcharge varies by geographic market as well as Visa product type, and continues to be impacted by litigation, regulation and legislation.

Privacy and Data Protection:

Aspects of our operations or business are subject to privacy, data use and data security regulations, which impact the way we use and handle data, operate our products and services and even impact our ability to offer a product or service.

In addition, regulators are proposing new laws or regulations that could require Visa to adopt certain cybersecurity and data-handling practices, create new individual privacy rights and impose increased obligations on companies handling personal data.

Privacy, Data Use, AI and Cybersecurity:

Aspects of our operations or business are subject to increasingly complex and fragmented data-related regulations, including with respect to privacy, data use, AI and cybersecurity, which impact the way we collect, use and handle data, operate our products and services and even impact our ability to offer a product or service.

In addition, legislatures and regulators globally are proposing new laws or regulations on these topics that could require Visa to adopt more restrictive data collection and processing practices;

expand cybersecurity requirements;

limit cross-border data flows;

impact the adoption of advanced AI systems;

and impose increased obligations on companies handling personal data.

Supervisory Oversight of the Payments Industry:

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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.

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

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.

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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 interests of service-users.

The PSR recently established a supervisory team to specifically oversee payment system operators like Visa in the aforementioned areas.

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

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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.

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

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.

In October 2024, the CFPB in the United States issued a final rule on personal financial data rights that would provide consumers (and third parties

authorized by consumers) with access to consumers’ financial data.

These changes have the potential to change the competitive landscape, which would present new challenges and opportunities to our business.

AVAILABLE INFORMATION

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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 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 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 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/crs.

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