Visa Inc. 2017 Investor Day

Global Merchants

Jack Forestell

Global Head of Merchant and Acquirer Solutions

Key Takeaways

Significant opportunity to grow acceptance

Delivering solutions that drive our merchant partners’ business

performance

Partnerships with Merchants and Acquirers are Critical to Our Success

Sources: 1Visa Operating Certificates CY2016. Merchant locations are provided by Visa’s issuing and acquiring financial institutions. 2 200+ countries and territories.

Supported by our sales and solutions teams serving clients in 200+ countries2

Beyond acceptance, our merchant product teams are developing new commerce solutions, e.g.:

• Digital commerce solutions

• Security solutions

• Marketing and loyalty solutions

840+

Co-brand partners

3,000+

Acquirers1

2,900+

Tech and channel partners

44 Million

Merchant locations1

Capturing Our Growth Opportunity

Drive DigitalExpand Access Deepen Partnerships

Acceptance Penetration Drives PCE Penetration

Sources: Euromonitor Passport 2016 , Euromonitor “Merchant Segment Study 11th Edition”, March 2016, Lafferty Market Study, World Bank Population Database. Represents only countries covered by Euromonitor. Country level results may vary by source data. Card Usage Penetration is of all card payment brands. Best fit curve through data points representing model outputs from a linear regression exercise. Select outlier results not displayed due to data discrepancies

0%

10%

20%

30%

40%

50%

60%

70%

80%

0 500 1000 1500 2000 2500 3000 3500 4000

Card PV

Penetration

of PCE

Terminals / 100,000 population

Canada

Hong KongAustralia

Sweden

UKDenmark

Norway

China

Singapore

FranceNetherlands

US

Portugal

TurkeyUAE

BrazilIsraelSouth Africa Chile

TaiwanSaudi Arabia Austria

MalaysiaArgentina

JapanCzech Rep.

RussiaThailand

GermanyPolandColombia

Mexico

Romania

Philippines Indonesia

Vietnam Ukraine

IndiaEgypt

Cost reduction vs. dedicated hardware1

Device distribution/ consumer access

enablement2

Dedicated point of sale

(POS) terminalDays to weeks

Mobile POS >65%Connected devices,

no POS terminal ~100% Minutes

Technology is Enabling Low Cost, Easy to Deploy Acceptance

Sources: 1. Cost reduction estimates represent the cost of the mPOS enabling device. Average sales Price POS: Technavio Global POS Terminals Market Report, 2016. Average sales price mPOS: Juniper Worldwide mpOS Markets Report, June 2016, Excel companion. 2. Agreement Express: Merchant acquirer’s onboarding guide and case study with Global Payments, Jan 2017

Emerging and Developing Markets Acceptance Growth

• Drive down the cost of adoption

• Focus on digital acceptance

• Market/segment specific solutions

Emerging Markets: Drive Down the Cost of AdoptionExample: Oxxo Mexico

• Low penetration of small merchants

• Partnered to increase distribution of mPOS in 15,000 convenience stores

• Drove 3% expansion of the Point of Sale base in Mexico over 3 months

Emerging Markets: Focus on Digital Acceptance Example: mVisa India

• Demonetization created urgent need to build new low cost acceptance

• Delivered terminal free acceptance with mVisa

– Uses existing Visa rails

– Standard QR code

– Simplified merchant sign-up

– Live in India, Kenya, Egypt and Rwanda, available in 10 additional countries in 2017

Emerging Markets: Segment Specific SolutionsExample: Card on Delivery

• Cash on delivery prevalent in ecommerce in many emerging markets

• Partnering with ecommerce players in India, Indonesia, Malaysia, Vietnam to drive card on delivery

– Low cost terminals

– Consumer awareness

– Incentives

New Categories and Digital Platforms Drive Acceptance Growth in Developed Markets

• Fragmented segments

• Large ticket and small ticket

• Digital platforms

Developed Markets: Fragmented, Large Ticket Segment Example: Rent

• More than $1.8T in rent paid globally1

• 80% of renters would prefer to pay rent with a card2

• Properties using online payment technology3

− Can spend 65% less time processing rent

− Can decrease rent delinquencies by 50%

• Partnering with top rent platforms, added 1 million renters in US in 6 months

Sources: 1 https://stats.oecd.org; Global total based on 2016 actual rentals for housing estimate for OECD countries converted to USD; Notable exclusions include China, India, Brazil and Russia. 2 US 2015 Renter Preference Study by the National Multifamily Housing Council3 Entrata data

Developed Markets: Fragmented, Small Ticket SegmentExample: Parking

• $100B paid for parking, mainly in cash and

coins, globally1

• Digital platforms are providing consumer

conveniences such as payments, availability,

expiration notifications and top up

• Partnering with top parking platforms and

adding 25,000 locations2 on a quarterly basis

Source: 1 Frost and Sullivan estimate, 2015 2 As reported by partners. May include meters, kiosks and other parking payment devices and interfaces

Source: 1 Based on estimated charitable donations in select countries including USA, UK, Australia, Russia, Switzerland, China sourced from nptrust.com, philanthropy.org, Charities Aid Foundation

Developed Markets: Fragmented SegmentExample: Charity

• More than $400B in donations globally1

• Partnering with specialized charity

platforms

• Thousands of charities added for ad

hoc and recurring donations

Developed Markets: Digital Platforms Example: Dining

• Connected devices are reinventing how

consumers dine

• Partnering with top merchants and

platforms

• Digital QSR 14X growth of QSR face to

face PV1

Source: 1 VisaNet Data Calendar Years 2012 & 2016. Visa Sales Volume acquired in the United States ECI compared to F2F MCC 5814 (Fast Food Restaurants).

Contactless

• Decreases checkout time and enhances

customer experience

• Increases spend per active card

by 14-16%1

• Replaces cash, especially in low ticket

transactions2

Source: 1VisaNet 2015-2016 Increased volume per active card for Australia cards without payWave -4% and with payWave +10% growth post activation window. Singapore (+2% and +18% respectively) 2Drives penetration in low ticket transactions. Reserve Bank of Australia, Research Discussion Paper, The Changing Way We Pay: Trends in Consumer Payments, 2014. Research by Reserve Bank of Australia shows contactless is a driver of increasing card penetration in low-transaction-value segments 3VisaNet, Domestic Face-to-face transactions only, 2014 = Jul – Sep 2014, 2017 = May 2017. 4 2014 and 2017 Paywave penetration with collection-only reported transactions included.

Australia Singapore4 Canada U.K.

2014 52% 22% 14% 4%

2017 84% 52% 42% 44%

Contactless share of face to face transactions3

44Mmerchant locations ~400M

ways to be paid

Connectivity

Source: Operating certificates and Visa Networks CY2016

Today Tomorrow: 10x Increase

Capturing Our Growth Opportunity

Drive DigitalExpand Access Deepen Partnerships

Visa Advertising Solutions

• 189 merchants including 90+ of US largest merchants participate1– consumers with propensity

to buy

– on leading digital ad platforms

– ROI measured with Visa data

Sources: 1 out of top 250 merchants as measured by VisaNet PV for CY2016. Visa solutions define groups of potential targets with protections in place for privacy

Visa Checkout

Sources: 1 Enrolled Visa Checkout users have an 82% conversion rate; 56% percentage points higher than traditional

checkout conversion Based on internal Visa product data for a six month period from Dec 2016-May 2017.

2 Visa Checkout’s fraud volume as a percentage of sales is 63% lower than non-Visa Checkout volume at top Visa

Checkout merchants. Based on Visa Checkout and VisaNet data from July 2015 to June 2016.

3 Visa internal data as of June 2017.

4 Merchants representing addressable volume either live or under contract to go live % of the US retail eCommerce

market, excluding eBay, Amazon, Apple. Retail ecommerce excludes billers and travel sites. eMarketer Ecommerce Sales,

United States, 2008-2020, Internet Retailer 2015 estimates, and Visa analysis.

• 56% Higher Conversion Rate Than

Traditional Checkout Conversion1

• 63% Lower Fraud Rate2

• ~22MM Enrollments3

• 26 Markets

• 44% of the U.S. addressable Retail

eCommerce Market4

Decision Manager Fraud Detection Capabilities

Sources: CyberSource and Visa data; Transaction count current as of CY2016

Increased Detection Visibility

200X

68BVisa &

CyberSource Transactions

260+Correlation TestsTypical

Merchant

Data

All in<1 secondTypical response. Time may vary with rule complexity.

CardinalCommerce

Platform for consumer authentications

Seamlessly share more information from merchant and consumer to issuer

Time to authenticate a cardholder from 10-15 to about 1-2 seconds

Drives fraud down, authorizations / sales up.

Visa Commerce Solutions

Sources: 1Statistics reflect campaigns which have been concluded or are in progress. Availability/capabilities vary by country. Visa Loyalty Platform Solutions (VLPS) live in 30 countries. Cardholder/merchants numbers include enrolled users and onboarded merchants across all client programs/platforms/services in all countries aggregate as of April 2017.

Make a qualifying purchase

Enroll eligible Visa card

Enjoy rewards!

30 countries 6.8M enrolled 14K merchants1

Visa Commerce Network:

Visa Commerce Solutions capabilities support clients globally:

illustrative

Key Takeaways

Significant opportunity to grow acceptance

Delivering solutions that drive our merchant partners’ business

performance

This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995

that relate to, among other things, our future operations, prospects, developments, strategies, business growth and financial outlook.

Forward-looking statements generally are identified by words such as "believes," "estimates," "expects," "intends," "may," "projects,"

“could," "should," "will," "continue" and other similar expressions. All statements other than statements of historical fact could be

forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to

certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict. We describe risks and

uncertainties that could cause actual results to differ materially from those expressed in, or implied by, any of these forward-looking

statements in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year

ended September 30, 2016 and our subsequent reports on Forms 10-Q and 8-K. Except as required by law, we do not intend to update

or revise any forward-looking statements as a result of new information, future events or otherwise.

***

Note: All brand names and logos are the property of their respective owners, are used for identification purposes only, and do not imply

product endorsement or affiliation with Visa. With the exception of slide titled “Acceptance Penetration Drives PCE Penetration,” PCE is

defined as Purchase PCE (does not include non-financial transactions).

Forward-Looking Statements