Dear fellow shareholders,

Visa started with a simple yet

revolutionary idea: to connect buyers

and sellers through seamless, secure

digital payments. Rooted in this history

is our purpose — to uplift everyone,

everywhere by being the best way to

pay and be paid.

Over the past 60 years, we have made

significant progress bringing this idea

to life. We have built a global payments

network connecting consumers and

businesses in more than 200 countries

and territories around the world.

We have developed and delivered

innovative solutions across the payments

ecosystem to enable seamless and

secure experiences for buyers and

sellers. 2024 was no exception.

A strong 2024

During fiscal year 2024 (2024), Visa

delivered strong financial results of $35.9

billion in net revenues and GAAP earnings

per share of $9.73, up 10 percent and 17

percent from the prior year, respectively.

Visa's total payments and cash volume

was $16 trillion and the Visa network

processed 234 billion total transactions —

639 million transactions every day.

But these numbers only tell part of

the story. In 2024, Visa's solutions

helped our clients and partners deliver

digital payments to individuals and

businesses around the world, benefiting

communities and economies globally. We

ended the year with 4.6 billion payment

credentials, up 7% from last year, that

can be used at more than 150 million

merchant locations worldwide.

The integrity of the payments ecosystem

is fundamental to our success.

Throughout 2024, we prevented billions

of dollars of potentially fraudulent

purchase volume, working with our

clients and partners to stop bad actors

and enable legitimate transactions on our

network, leading to higher sales, lower

fraud and better consumer experiences.

Our clients are at the center of everything

we do. We partner closely with more

than 14,000 financial institutions and the

world's major technology and consumer

digital platforms. We are proud of how

we serve and deliver for our clients. For

example, in 2024 alone, we signed over

12,000 new deals and renewals with

our clients for value-added services

(VAS), up 17 percent from last year. Our

Annual Global Client Engagement Survey

showcased a Global Net Promoter Score

of 76, up three points from last year and

an enviable score for any client-facing

organization.

Executing on our growth strategy

We made great progress across our key

growth drivers: consumer payments,

new flows and value-added services, and

we are confident in our ability to drive

growth from each of these three areas

going forward.

In consumer payments, we accelerated

our efforts to address the $20 trillion'

annual opportunity by converting

consumer spending from cash, checks,

ACH, domestic schemes and other

forms of electronic payments into digital

payments on Visa's network. Let me

highlight a few innovative ways we are

enabling our partners by creating the

best payment experiences to capture this

opportunity.

First, we launched an innovative new

way to pay called the Visa Flexible

Credential, which empowers consumers

by allowing them to choose from an array

of different funding sources when making

a payment — whether it's debit, credit,

installments or rewards points. Second,

Tap to Pay usage continues to grow and

has become the default way to pay in

person, with 72 percent of all face-to-face

Visa transactions now taps. With the

launch of Tap to Phone, any of the billions

of mobile phones around the world can

now be a point-of-sale device to accept

Visa payments. Third, we announced

plans to launch Visa Payment Passkey,

a biometric authentication solution

that replaces passwords and one-time

codes for e-commerce payments. Last,

we expanded Visa Token Service, which

helps protect digital transactions by

replacing16-digit Visa account numbers

with a token. We reached 11.5 billion

tokens by the end of 2024, driving down

fraud and increasing authorization rates.

Beyond consumer payments, our

new flows business is focused on

driving digitization and improving the

payments and money movement

experience for businesses, consumers

and governments. The total

addressable opportunity is enormous —

approximately $200 trillion2 in payments

annually.

Visa Commercial Solutions, representing

$1.7 trillion in 2024 payments volume,

helps small businesses, large and middle

market companies and governments

simplify payments, improve expense

management, streamline accounts

payables and enable seamless cross-

border payments. Visa Direct facilitates

domestic and cross-border money

movement, enabling clients to collect,

convert, hold and send funds to more

than 11 billion cards, bank accounts and

digital wallets, with nearly10 billion

transactions in 2024.

In our VAS business, we have deepened

our relationships with our clients through

multiple solutions and continued

to expand our services beyond Visa

transactions to non-Visa transactions

and non-payment services. We have

done this across a diverse portfolio

of services, encompassing Issuing

Solutions, Acceptance Solutions,

Risk and Identity Solutions, Advisory

Services and Open Banking Solutions.

As a result, we are helping our clients and

partners optimize their performance,

differentiate their offerings, and create

better experiences for their customers.

For example, in Advisory Services alone,

we delivered more than 3,000 consulting

engagements during 2024, up nearly 50

percent from last year, and we estimate

that we helped clients realize over $5

billion in incremental revenue as a result.

We are integrating artificial intelligence

(Al) into our VAS offerings to help

merchants and financial institutions

prevent fraud and protect account holder

data. In Risk and Identity Solutions, we

launched Visa Protect for Account-to-

Account Payments, bringing AI-powered

risk decisioning to the growing space of

real-time account-to-account payments.

We also launched Visa Provisioning

Intelligence, utilizing machine learning to

predict the probability of fraud in token

provisioning requests, empowering

financial institutions to combat token

fraud at its source. We continue to

expand our portfolio of services.

We announced our intent to acquire

Featurespace, a developer of real-time

Al payments protection technology. It

will enable Visa to provide enhanced

fraud prevention tools to our clients and

protect consumers in real-time across

various payment methods.

The power of Visa's brand

At the most fundamental level, the power

of Visa's brand is its ability to create trust.

Visa enables individuals and businesses

who do not know one another and who

have no reason to trust one another, to

exchange value in milliseconds, around

the world. We are recognized as one of

the world's most valuable brands and one

of the most trusted.

Our brand continues to be a differentiator

in attracting client business and serving

as a driving force of preference for

clients to work with Visa. In fact, part

of the role the Visa brand plays in

creating commercial value is reinforcing

the shorthand in people's minds and

behaviors that Visa is the best way to pay

and be paid.

Creating a client-obsessed culture

Our people are our greatest asset. We

are proud to have an engaged, talented

and global workforce that embodies

our Visa Leadership Principles of

leading courageously, obsessing about

customers, collaborating as one Visa

and executing with excellence. We have

created an environment where our

employees can thrive and learn while

innovating for our clients. It's just one of

the reasons we continue to be recognized

as one of the best places to work.

Capturing the future opportunity

The benefits of digital payments are as

relevant today as they were over 60 years

ago. And while we've made meaningful

progress, there is immense opportunity

ahead of us to bring more people into the

digital economy and create innovative

payment solutions for all.

I want to extend my gratitude to our

shareholders for their continued

commitment and support. To our clients

and partners, thank you for trusting us

with your business. You are at the center

of everything we do, and we are focused

on your success.

And to the more than 31,000 Visa

employees, I deeply appreciate your

dedication, leadership and collaboration.

I am confident that we will continue to

deliver on our growth strategy while

leading the future of digital payments.

Thank you for a great 2024. We look

forward to 2025.

Ryan McInerney

Chief Executive Officer