NYSE: V

•We offer a wide range of Visa-branded payment products that our clients, including over 14,000 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 2026, Visa’s total payments and cash volume was $18 trillion, and we had over 5 billion payment credentials, which are issued Visa card accounts, that were available to be used at more than 400 million(1) seller locations worldwide.

•We take an open partnership approach and seek to provide value by enabling access to our global network through multiple integration methods, including programmatic access via application programming interfaces (APIs) and structured data exchange through our Model Context Protocol (MCP) server. We partner with traditional financial institutions and emerging fintech and AI companies to innovate and expand the payments ecosystem, enabling them to leverage our platform infrastructure to accelerate their business growth and market expansion.

•We are using our componentized capabilities and global connectivity to power all types of payments and deliver services to all types of clients worldwide through our Visa as a Service stack, which has four layers: the foundation layer, the services layer, the solutions layer and the access layer. Our foundation layer comprises the network infrastructure that enables connections to more than 18 billion cards, bank accounts and digital wallets with more than 400 million seller locations across more than 200 countries and territories. Our services layer organizes core capabilities, including authentication, risk management and fraud detection, into discrete, reusable components that can be utilized individually or combined into solutions. These modular services are the building blocks of our comprehensive portfolio in our solutions layer, which we have enhanced to create new features and capabilities for our clients. Finally, the access layer provides clients the entry point to these solutions via on-demand APIs, our MCP server that enables AI

(1) Data provided to Visa by acquiring institutions and other third parties as of June 30, 2026 and includes Visa internal estimates of over 200 million indirect acceptance locations through digital wallet partnerships, but excludes sellers behind digital marketplaces that accept Visa as a payment method for purchases.

systems to interface with our Visa Intelligent Commerce APIs, or fully managed solutions. The Visa as a Service stack enables organizations of any size to access the reach, reliability and scale of Visa, the leading hyperscaler of payments globally.

•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 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 commercial and money movement solutions (CMS) that help businesses, consumers and governments digitize, simplify and improve the movement of money. Our solutions include Visa Commercial Solutions and Visa Direct. Visa Commercial Solutions helps businesses and governments make and manage payments through commercial cards, virtual payments and related payment, reconciliation and data capabilities. These solutions help clients manage working capital and expenses and automate payment and reconciliation processes. Visa Direct helps financial institutions, fintechs and other clients enable domestic and cross-border money movement across multiple payment systems, including card-based, account-to-account (A2A) and wallet networks, providing flexible ways to send and receive funds.

•We provide value-added services (VAS) that help our clients and partners improve performance, manage risk, deepen customer engagement and operate more efficiently. Our services span four portfolios: Issuing Solutions, Acceptance Solutions, Risk and Security Solutions, and Advisory and Other Services. These capabilities support Visa and non-Visa payment flows and include issuer processing and engagement, acceptance and payment optimization, fraud prevention and authentication, consulting, data analytics, marketing services and open banking solutions.

•We believe agentic commerce will expand our addressable market and drive future growth. Through our agentic platform, Visa Intelligent Commerce, we are working with frontier AI labs, sellers, issuers and other ecosystem participants to make agent-initiated transactions transparent, trusted and scalable. We are building infrastructure and capabilities for the payments ecosystem, co-authoring the Trusted Agent Protocol to establish a communication layer between agents and sellers and building services on top of this protocol, helping prepare financial institutions for agentic commerce with our Agentic ready program, and helping cards be the best way to pay in agentic transactions for businesses, developers and all users.

•We are active and investing in each domain of the stablecoin ecosystem, from blockchain to issuance, wallets, infrastructure and orchestration, and applications. In the blockchain domain, Visa serves on select blockchain networks as a validator, operating network infrastructure, and as a super validator, driving ecosystem growth and adoption to help make confidential, regulated blockchain transactions possible. In the issuance domain, Visa joined Open Standard, which issues Open USD, a new stablecoin designed for global money movement. In the infrastructure and orchestration domain, we work with ecosystem partners to support the movement and conversion of value across blockchain networks and payment rails. In the applications domain, we launched the Visa Stablecoin Platform for stablecoin minting, movement, and management, and we support stablecoin settlement capabilities and stablecoin-linked card programs that help connect digital assets to everyday commerce.

•We invest in and promote our brand through advertising, promotional and sponsorship initiatives with the International Olympic Committee, the International Paralympic Committee, FIFA 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 use these sponsorship assets to deepen our engagement with clients and partners, showcase our payment innovations and capabilities, drive adoption of our value-added services such as Marketing Services, and support cross-border commerce.

Fiscal 2026 Key Statistics

(1)Please see Item 7 of this report for further details and a reconciliation of our GAAP to non-GAAP financial measures presented.

Visa’s business spans consumer payments, CMS and VAS, which contribute to revenue recognized across our service, data processing, international transaction and other revenue categories. Visa earns revenue by facilitating money movement across more than 200 countries and territories, among a global set of consumers, sellers, financial institutions and government entities, through innovative technologies.

Our net revenue in fiscal 2026 consisted of the following:

SERVICE REVENUE

Earned for services provided in support of client usage of Visa’s payment services and VAS related to certain Issuing Solutions

OTHER REVENUE

Consists mainly of VAS primarily related to Advisory and Other Services and certain Issuing Solutions; license fees for use of the Visa brand or technology; and fees for account holder services, certification and licensing

DATA PROCESSING REVENUE

Earned for authorization, clearing and settlement; VAS primarily related to Acceptance Solutions, Risk and Security Solutions and certain Issuing 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, sellers and other business partners to grow payments volume; increase Visa product acceptance; encourage seller acceptance and use of Visa’s payment services; and drive innovation

INTERNATIONAL TRANSACTION REVENUE

Earned for cross-border transaction processing and currency conversion activities

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

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.

Four-Party Model

In a typical Visa C2B payment transaction, the consumer purchases goods or services from a seller using a Visa card or payment product. The seller 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 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 (IRF). The acquirer pays the amount of the purchase, minus the merchant discount rate (MDR), to the seller.

Visa provides payment processing for both Visa-branded and non-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 revenue 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 revenue. 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 revenue and data processing revenue. If they do not use our network, we may 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 card products nor do we earn revenue from or bear credit risk with respect to any of these activities. IRFs reflect the value sellers receive from accepting our products and play a key role in balancing the costs and benefits that account holders and sellers derive from participating in our payments network. Generally, IRFs are paid by acquirers to issuers. We establish default IRFs that apply absent other established settlement terms. These default IRFs are set independently from the revenue we receive from issuers and acquirers. Our acquiring clients are responsible for soliciting sellers and for setting the fees they charge to sellers for the MDR. Visa sets fees to acquirers independently from any fees that acquirers may charge sellers. Therefore, the fees we receive from issuers and acquirers are not derived from IRFs or MDRs.

Visa’s strategy is grounded in our purpose to uplift everyone, everywhere by being the best way to pay and be paid. We execute our strategy by growing and strengthening consumer payments, CMS and VAS, while fortifying the key foundations of our business model. In consumer payments, we are focused on strengthening our impact in card-based consumer payments and expanding our reach in non-card-based payments. In CMS, we are driving and enabling further penetration of commercial payments and money movement. Finally, in VAS, we are delivering innovative services to deepen our partnerships with our clients.

We seek to accelerate revenue growth through the following areas:

Consumer Payments

On an annual basis, we see more than $40 trillion(2) of addressable consumer spend, excluding Russia and China. Of this spend opportunity, we are pursuing an estimated more than $20 trillion annual opportunity in consumer spend, spread across cash, check, legacy Automated Clearing House (ACH), A2A payments, real-time payments (RTP) or other less effective forms of digital payments.

We aim to grow consumer payments by strengthening Visa’s impact in card-based consumer payments and expanding our reach in non-card-based payments. As we extend our reach across a broader range of payment credentials and funding sources, stablecoin-linked card issuance has expanded to over 225 programs across more than 50 countries. We are investing in Tap to Everything, network token technology, cross-border capabilities, offerings to affluent consumers, consumer credit capabilities and other opportunities to drive our volume and expand the scope of our transactions and our payment credentials on top of which we can deliver a growing array of Visa services.

(2) Visa analysis based on third-party studies for the period covering calendar year 2024.

Core Products

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

Credit: Credit cards and digital payment credentials allow consumers and businesses to access credit to pay for goods and services. Credit cards are affiliated with programs operated by financial institution clients, co-brand partners, fintechs and affinity partners.

Debit: Debit cards and digital payment 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 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. Issuing and acquiring partnerships with both financial institutions and independent ATM operators enable these capabilities.

Prepaid: Prepaid cards and digital payment credentials draw from a designated balance funded by individuals, businesses or governments. Prepaid cards address many use cases and needs, including general purpose reloadable, payroll, government and corporate disbursements, healthcare, gifting and travel. Visa-branded prepaid cards also play an important part in financial inclusion, bringing payment solutions to those with limited or no access to traditional banking products.

Key Enablers

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

Tap to Everything

Since we introduced Tap to Pay technology over 20 years ago, it has emerged as a preferred way to pay in the face-to-face environment. Tap to Pay has become the default way Visa cardholders pay, comprising 84% and 76% of face-to-face transactions globally and in the United States, respectively, in September 2026. We have launched more than 1,100 Tap to Ride projects globally and processed more than 2.9 billion contactless transit transactions in fiscal 2026.

We continue to expand our ‘Tap to Everything’ use cases. Tap to Phone surpassed 25 million transacting devices across more than 100 markets in fiscal 2026, enabling sellers to accept contactless payments using eligible mobile devices without dedicated payment terminals. We have also increased tokens provisioned through our Tap to Add Card capability, which helps simplify enrollment and enhance security by enabling consumers to add payment credentials to digital wallets by tapping their cards to mobile devices. Tap to Activate and Tap to Confirm enable issuers to authenticate cardholders and verify possession of physical cards for account activation and certain higher-risk transactions.

Network Token Technology

We are expanding our token infrastructure with identity-based authentication and other capabilities that support emerging commerce experiences, including autonomous and agentic commerce. Visa Token Service (VTS) brings trust to digital commerce innovation. As consumers increasingly rely on digital transactions, VTS is designed to enhance the digital ecosystem through improved authorization, reduced fraud and enhanced consumer experiences. VTS helps protect digital transactions by replacing 16-digit Visa account numbers with tokens that contain surrogate account numbers, cryptographic information and other data designed to protect underlying account information. This technology can be used across a variety of in-person and ecommerce payment transactions and increasingly supports digital identity, authentication and payment authorization use cases. As of September 30, 2026, over 60% of ecommerce transactions were tokenized.

As commerce extends to new channels and agents, we are enriching token data with additional information about transaction context and token usage, while also providing token assurance signals based on token provisioning and behavioral history to support authorization decisions. Through Visa Intelligent Commerce, we are integrating our tokenization technology with authentication, payment authorization and related commerce capabilities to support AI-enabled and agent-driven commerce experiences.

In addition, the Visa Cloud Token Framework is a cloud-based security technology program that expands token use cases to mobile wallets, ecommerce platforms and Internet of Things devices while providing fraud mitigation

capabilities. We continue to develop new capabilities, including Visa Payment Passkey, which links tokens to consumers' device passkey information to enhance payment security. These capabilities also support ecommerce experiences such as Click to Pay, which simplifies ecommerce checkout by enabling verified, token-based payment information to be provided to sellers, reducing the need for manual entry.

Cross-Border

Our network supports cross-border payment flows across consumer, commercial, travel and ecommerce. Our cross-border business benefits from a diversified mix of travel and ecommerce volumes across multiple corridors and regions, reducing our reliance on any single market, geography or use case. For cross-border travel, we are a preferred global payments network in key markets, differentiated by our risk management and fraud prevention capabilities, including tokenization, and our cross-border currency and settlement capabilities, which include foreign exchange solutions. In ecommerce, we continue to invest in capabilities that help sellers and financial institution clients facilitate secure cross-border commerce, utilizing our fraud prevention, authentication and acceptance capabilities.

As our cross-border volume continues to grow year-over-year, we are investing in cross-border commerce through several strategic initiatives. These include expanding the scope and utility of our cross-border network, particularly in key travel corridors, where cash usage remains high, and increasing acceptance locations. We are also enhancing our value proposition in travel and ecommerce to drive consumer preference for Visa payment credentials while improving cross-border transaction performance and authorization rates, including through Visa Intelligent Authorization, which uses advanced analytics and AI-enabled capabilities to help optimize authorization outcomes. In addition, we are focused on improving the performance of cross-border portfolios and expanding into high-potential verticals with a significant mix of cross-border payments. We are also building more feature functionality with products like multi-currency payment credentials that allow Visa cardholders to hold and transact in multiple currencies seamlessly.

Offerings to Affluent Consumers

Visa is a global leader in affluent and premium co-branded programs, including our Infinite brand, which is designed to bring together benefits, experiences and product features to deliver a premium value proposition to our affluent cardholders. During fiscal 2026, we re-launched our Infinite product suite outside the U.S. with refreshed brand positioning, more flexible product architecture, an enhanced platform layer, and expanded partner ecosystem. Our strength in this focus area is driven by core capabilities that align with the needs of affluent consumers, such as our global acceptance footprint, differentiated credit products, advanced fraud protection and dispute resolution services, brand equity and premium benefits.

We continue to invest in experiential benefits to better serve this consumer base, including music events, concierge services and access to premier hotels and dining experiences. In addition, we leverage our portfolio of sponsorship assets to deliver unique experiences at events, including the Olympic and Paralympic Games, the FIFA World CupTM and FIFA Women’s World CupTM and through our partnership with Visa’s two Red Bull Formula One racing teams. These benefits enhance our premium value proposition and strengthen relationships with issuing partners.

Affluent consumers represent a highly attractive market opportunity within our consumer payments business. This focus area demonstrates significantly higher spend per cardholder in cross-border, credit and ecommerce volumes, generating more revenue for Visa compared to the average Visa cardholder.

Powering Credit

We have built a strong reputation and brand around our credit products by offering robust security, advanced fraud mitigation and effective dispute management. Over time, we have introduced several innovations that differentiate our credit offerings and drive consumer preference for Visa. For example, we were a pioneer in dual-message technology, which enables real-time transaction authorization, a capability that only a few payments providers globally can provide.

Even with our strong foundation in credit, significant opportunity remains in international markets, where the penetration of card-linked credit products as a percentage of consumer spending is less than half that of the U.S. To address this, we continue to develop products and capabilities that help issuers launch, manage and differentiate credit programs while providing greater flexibility, control and insight to our issuing clients and their customers. For example, Visa Flex Credential allows consumers to use a single Visa payment credential to access and switch

between multiple funding sources, including debit and credit. As of September 30, 2026, we have approximately 50 signed Visa Flex Credential clients in approximately 40 countries across all regions.

Expanding Our Reach in Consumer Payments

We aim to capture value and drive yield from consumer payments currently routed through A2A networks via two primary strategies. First, we are focused on capturing A2A payments through card-enabled payment flows. One example of our innovations in this space is Visa Pay, which is designed to extend Visa's network and acceptance capabilities into the growing ecosystem of digital wallets and other non-card payment experiences. Visa Pay connects participating digital wallets and payment providers to Visa's global acceptance network through digital credentials, enabling consumers to transact globally while continuing to use familiar local payment experiences. By extending Visa's network capabilities to these payment ecosystems, Visa Pay creates new opportunities for payment activity to utilize Visa's acceptance, security and processing infrastructure.

Second, we leverage open banking and account-based payment infrastructure to deliver Visa-branded payment solutions and value-added services, most notably through Tink, our open banking solution in regions such as Europe and Latin America. Tink enables open banking and data exchange for A2A transactions. Since acquiring Tink in 2022, we have scaled our open banking payments network, reaching thousands of bank connections as of September 30, 2026. Please see our Advisory and Other Services discussion below. In fiscal 2026, we also expanded our participation in account-based payment infrastructure through our acquisition of Newpay in Argentina, which operates real-time payment infrastructure. In addition, as we expand the Visa as a Service stack, we are providing value-added services including risk, security and payment performance capabilities, to local payment methods operating on A2A or RTP networks. Please see our Risk and Security Solutions discussion below.

Commercial & Money Movement Solutions

CMS 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 address B2B payments flows from small businesses up to large enterprises and governments through our Visa Commercial Solutions, a card and virtual payments-led business. This part of the business focuses on addressing approximately $35 trillion of annual opportunity by converting small and medium business spend to our solutions; scaling our existing large and middle market use cases to more countries, corporates and partners; delivering product innovation and network flexibility, driving more B2B spend to cards and virtual payments, enabling new and emerging B2B verticals; and unlocking new commercial card acceptance with suppliers.

The second objective is to address money movement and a subset of B2B flows through Visa Direct. This part of the business focuses on growing our domestic business through our core P2P use case and penetrating new use cases, growing our cross-border flows through enhanced network capabilities; and deepening our relationships with existing clients through new use cases, corridors and services. Through our Visa Direct strategy, we are pursuing approximately $55 trillion of annual opportunity in P2P, B2C and G2C money movement flows and approximately $25 trillion of annual opportunity in B2B money movement flows.

Visa Commercial Solutions

As a long-time participant in the B2B ecosystem, we continue to support small businesses, large and middle market companies, and governments with their payments needs. We continue to see opportunities for growth as businesses seek simple digital experiences, similar to those available to consumers. Visa offers a holistic suite of

(3) Visa analysis based on third-party studies as of 2022.

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 payment credentials. Businesses use our commercial payments solutions to optimize processes and manage working capital more effectively. 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 payment credentials 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 workflows, through embedded finance capabilities and solutions such as Visa Commercial Solutions Hub and Visa Accounts Receivable Manager virtual card automation solution. We continue to integrate Visa payment capabilities into enterprise software platforms and workflows, helping businesses automate processes, streamline payments and reconciliation processes and unlock new payment flows.

Visa Direct

We have the largest money movement platform in the world — by transactions, volumes and endpoints — through years of product innovation and acquisitions. Visa Direct began with cards, by taking our existing Visa network and allowing users to receive money to their bank accounts via their debit cards as an endpoint. We have also expanded our network of networks by adding connectivity to accounts and digital wallets through acquisitions and innovation. We have strengthened our position in the money movement space through additional assets we have acquired and built, such as Currencycloud and YellowPepper, to create the Visa Direct platform. The Visa Direct platform facilitates domestic and cross-border money movement, enabling clients to collect, hold, convert and send funds across our network. The platform also includes Alias Directory Service, which enables financial institutions, digital wallet providers and platform providers to offer their customers the ability to send and receive money using familiar identifiers, such as a phone number. Visa Direct enables P2P payments and A2A transfers, business and government payouts to individuals or small businesses, seller settlements and refunds, among other use cases, across more than 200 countries and territories. Visa Direct utilizes more than 100 domestic payment schemes and more than 60 card and wallet networks, with the potential to reach more than 18 billion endpoints, through cards, bank accounts and digital wallets. In fiscal 2026, Visa Direct processed more than 15 billion transactions for more than 800 clients.

Value-Added Services

VAS represents approximately a $520 billion annual revenue opportunity(4) 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 consumers. Our comprehensive suite of value-added services spans four portfolios: Issuing Solutions, Acceptance Solutions, Risk and Security Solutions and Advisory and Other Services, which represent approximately $125 billion, $95 billion, $150 billion and $150 billion, respectively, of our overall $520 billion annual revenue opportunity in VAS.

Our VAS strategy, aimed at deepening our partnerships, has three areas of focus: (1) enhance Visa payments by making the Visa network easier to access, more attractive and more secure, increasing yield per transaction; (2) enable all payments by providing access and managing experiences for A2A, alternative payment methods and other card schemes; and (3) go beyond payments by helping clients optimize their payments businesses and achieve multiplier effects. We have made significant progress across each of these areas and offer more than 250 products and services as of September 30, 2026, many of which are designed to work together to deliver high-impact business outcomes. These products and services increasingly incorporate advanced analytics and AI-enabled capabilities that help clients improve authorization performance, manage risk and fraud, and drive operational efficiency.

(4) Visa analysis based on third-party studies as of 2024.

Issuing Solutions

The largest division under our Issuing Solutions business is our Cardholder Engagement solutions, which provide issuers with benefits including airport lounge access, dining reservations, shopping experiences, event tickets, seller offers and access to unique experiences with the goal of driving engagement and spend on Visa payment credentials. 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 payment credentials and BNPL solutions to issuers and fintechs.

In Cardholder Experiences, we cover a wide variety of use cases enabling issuers to offer payment experiences to their consumers, which in turn can help drive higher engagement and spend on Visa payment credentials. Our digital enablement solutions help issuers build and deploy new functionalities to their account holders, such as our subscription manager solution that offers an issuer’s consumers enhanced visibility into card-on-file transactions and the ability to manage or discontinue recurring payments. In addition, our Smarter Stand-In Processing uses AI to authorize transactions on behalf of issuers in the event of system outages or maintenance.

Our Issuer Processing and Core Banking capabilities are delivered through a portfolio of platforms, including Visa DPS, Prisma Medios de Pago (Prisma) in Argentina and Pismo. Visa DPS is a large issuer processor of multi-network transactions, which 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, such as DPS Forward, allow our clients to create new payments use cases and provide them with modular capabilities for digital payments.

We continue to invest in modern issuer processing and core banking infrastructure. In fiscal 2026, we completed our acquisition of Prisma, a provider of credit, debit and prepaid card issuer processing services in Argentina, expanding our issuer processing presence in Latin America. Complementing our Latin America processing capabilities, Pismo’s technology platform provides cloud-native core banking and card issuer processing capabilities across credit, debit and prepaid payment credentials through modern API-based infrastructure. It also provides core banking support and connectivity for RTP networks and other emerging payment frameworks, helping financial institution clients modernize their banking and payments technology stacks and adopt new payment capabilities.

Acceptance Solutions

Visa Acceptance Solutions provide modular, value-added services in addition to the traditional gateway function of connecting sellers to payment processing, as well as secure, reliable services for sellers and acquirers that help reduce friction and drive acceptance. Our Network Products represent a suite of solutions designed to enhance Visa transactions for sellers and acquirers. In fiscal 2026, we launched Visa Intelligent Authorization, which uses advanced analytics and AI-enabled capabilities to help improve authorization performance while reducing payment friction for sellers, acquirers and payment service providers. Our suite also includes services such as Account Verification Service, which checks for invalid or compromised payment credentials before a purchase to help prevent fraud, and Account Updater, which provides updated account information for sellers to help strengthen customer relationships and retention.

Using the Visa Acceptance Platform, acquirers, payment service providers, independent software vendors and sellers can improve the way their consumers engage and transact, while helping to mitigate fraud and lower operational costs. These solutions enable them to enhance, complement or supplement their existing payment services to adapt to changing business requirements, including support for card networks, digital wallets and other

payment methods. Built on a cloud-based architecture, our Acceptance Platform solutions such as Cybersource and Authorize.net provide new and enhanced omnichannel payment integrations with ecommerce platforms, enabling sellers and acquirers to provide tailored commerce experiences with seamlessly embedded payments tools. We are also developing capabilities that help sellers and technology partners support emerging digital commerce experiences through secure payment, authentication and acceptance integrations. For example, in fiscal 2026, we launched a pilot for Intelligent Commerce Connect, which enables technology partners and sellers to integrate payment, authentication and acceptance capabilities into emerging digital commerce experiences through the Visa Acceptance Platform. Token Management Service, another example, helps simplify network token adoption, offers access and management for seller and acquiring clients, provides a single integration point into major card networks and may be used standalone or integrated into other payment solutions. For more information, see the Network Token Technology discussion above. Our Post-Purchase solutions include a network-agnostic solution from Verifi that enables sellers to prevent and resolve disputes on a single platform as well as dispute tools for issuers and acquirers like Visa Resolve Online.

Risk and Security Solutions

Visa’s Risk and Security Solutions offer risk detection and prevention solutions underpinned by real-time AI-driven scores. As payment ecosystems evolve and fraud threats become increasingly sophisticated, these solutions help clients make more informed risk decisions across payment types and channels. These solutions are increasingly becoming payment-type and card-network agnostic. We transform data into insights for near real-time decisions and facilitate account holder authentication to help financial institutions and seller clients prevent fraud and protect account holder data. Transaction risk includes the Visa Protect suite of solutions with a range of products that empower financial institutions and sellers with tools that facilitate automation, simplify fraud prevention and enhance payment security. These offerings use AI, machine learning and network intelligence to help clients address evolving fraud and financial crime risks. We are also applying AI and advanced analytics across our network, including through our Large Transaction Model, which is trained on billions of transactions and is designed to enhance fraud detection, improve authorization performance and reduce false declines.

The Visa Protect suite of products is designed to reduce fraud across immediate A2A and ecommerce payments, as well as transactions both on and off Visa’s network. These solutions extend our risk management capabilities beyond traditional card payments and help clients address emerging fraud and financial crime risks across a broad range of payment flows. 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, and help to prevent, detect and mitigate threats. In addition, Visa's Cybersource Decision Manager helps our seller and acquirer clients manage and reduce fraud in payments acceptance.

In authentication solutions, we offer a range of authentication and transaction risk solutions to help acquirers and sellers identify customers and limit fraud across multiple payment methods and sales channels. Meanwhile, our cybersecurity solutions provide risk mitigation against newer threats such as enumeration and device protection. Together, these capabilities help clients strengthen trust, security and resilience across digital commerce experiences. We expanded our Risk and Security Solutions offerings through the acquisition of Featurespace, whose real-time behavioral analytics and AI-powered payments protection technology help prevent payments fraud, mitigate financial crime risks and strengthen trust in payments.

Advisory and Other Services

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, sellers, fintechs and other partners that help them optimize business decisions and scale their operations. Operating as the payments consulting arm of Visa, Visa Consulting and Analytics (VCA) utilizes our payments expertise, economic intelligence and AI-enabled tools 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, stablecoin, cybersecurity, risk and implementation support, which drive measurable outcomes for our clients. In fiscal 2026, we released the Visa Vulnerability Agentic Harness, an open-source, model-agnostic orchestration layer for identifying software vulnerabilities and supporting their remediation and validation, and we expanded our VCA Cybersecurity Advisory Practice with new advisory services designed to help clients assess risk, prioritize remediation efforts and

strengthen resilience in an evolving threat environment. VCA Implementation Services embeds teams within client organizations to help execute key initiatives.

Visa Marketing Services offers a full suite of solutions that spans across the entire campaign lifecycle. This includes research, strategy, campaign design, execution and measurement. We bring customized solutions to Visa clients with unique activation opportunities through Visa’s sponsorship portfolio, including global sporting and entertainment events, and we utilize our data analytics and understanding of consumers’ transactional behavior to provide marketing solutions designed to deliver effective results, drive brand preference and influence consumer behavior. Our Data Solutions suite uses Visa transaction data to help clients analyze and improve performance across a range of areas, including consumer spend, peer benchmarking and fraud performance, and help clients make more informed business decisions.

In addition, through our open banking platform, Tink, we continue to 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 A2A transactions and seller payments. These capabilities can help our partner businesses deliver valuable services to their customers.

We are fortifying the key foundations of our business model, which consist of our brand, product innovation, platforms and security, government affairs, sales and service and talent and people, in order to execute our strategy and deliver our purpose.

Brand

Visa’s strong brand helps deliver added value to financial institutions, sellers 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 Olympic and Paralympic Games, the FIFA World CupTM and FIFA Women’s World CupTM, and the Red Bull Formula One Teams (the Oracle Red Bull Racing Team and the Visa Cash App RB Formula One Team), among others.

Product Innovation

We are focused on our product innovation to build new capabilities and enhance our existing solutions. We introduced more than 350 product releases during fiscal 2026. We are also applying agentic AI to how we build products through the Visa Agentic Toolchain, an end-to-end AI-driven pipeline with human oversight which can develop and critique requirements, create prototypes, generate and correct code, support releases and capture post-launch feedback, helping us design, build and ship products to clients faster. Teams using the Toolchain have accelerated requirement definition and feature development. For companies that want to be in the money movement or payments business, they can build on top of the Visa as a Service stack in order to connect billions of buyers and sellers through secure and seamless digital payments. We believe this scale and reach will continue to drive innovative forms of commerce and support Visa’s long-term growth.

We are investing in capabilities that support the emerging agentic commerce ecosystem. We are developing products, infrastructure and standards intended to help enable trusted transactions initiated by AI agents, including solutions designed to support authentication, credentialing, security and consumer controls. By helping establish trust in agent-initiated transactions, these capabilities are intended to help consumers, sellers, financial institutions and technology partners participate in agentic commerce as adoption expands.

We also continue to develop capabilities that support emerging forms of money movement and settlement, including stablecoin-enabled solutions. Our stablecoin-enabled payment and settlement solutions help financial institutions, fintechs and payment providers integrate digital assets into payment, treasury and settlement

workflows. In fiscal 2026, we introduced Visa Stablecoin Platform, which is designed to enable our partners to settle with Visa in stablecoins and move funds between fiat currencies and stablecoins across a variety of use cases.

Platforms and Security

Our technology platforms form the backbone of what Visa does and provide security, reliability, uptime and operational excellence, all while fueling our product development and innovation. Visa’s leading technology platforms comprise software, hardware, data centers and a large telecommunications infrastructure. Visa’s global 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.

Our in-depth, multi-layer security approach includes a formal program to devalue sensitive and/or personal data through various cryptographic means; embedded security in the software development lifecycle; identity and access management controls to protect against unauthorized access; and advanced cyber detection and response capabilities. 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 the pairing of our AI capabilities with our security experts.

Government Affairs

Our team of Government Affairs professionals engage with governments across the more than 200 countries and territories where Visa operates. Our Government Affairs team seeks to proactively influence the policy and regulatory landscape to expand our business and support Visa’s purpose to uplift everyone, everywhere, by being the best way to pay and be paid. The team plays a crucial role in creating opportunities to expand access to digital payments and shape public policy that empowers governments, businesses and individual consumers to succeed. Visa actively works with governments, officials, policymakers and stakeholders to shape the future of digital payments. We also leverage our country managers around the world who are deeply connected with the governments where we operate. Our engagement is as important as it has ever been, and we have a proven track record of partnering with governments to advance digitization of payments and shape regulatory policies. Through our work with governments, we foster innovation and find opportunities to drive digital transformation and further enable access to financial services.

Sales and Service

Our Sales and Service teams are the vital link between Visa and our clients, delivering innovative, data-driven solutions that enable secure digital commerce. As the first point of contact for our clients, our Sales and Service teams help our clients grow by providing services that anticipate and meet their needs and drive tangible business results.

Talent and People

Attracting, developing and advancing the best talent globally is critical to our continued success. As of September 30, 2026, we had approximately 34,800 employees located in 90 countries and territories, with approximately 65% located outside the U.S. Voluntary workforce turnover (rolling 12-month attrition) was approximately 7%. Based on our latest employee engagement survey, 87% of employees would recommend Visa as a great place to work.

As Visa strives to achieve our purpose and our growth objectives, we are focused on attracting talent with the skills and attributes needed in a global and AI-enabled business. We are committed to developing talent with the expertise and skills Visa needs to remain a leader in the payments industry. Guided by our Progress Starts With You employee value proposition, we continue to evolve the employee experience, investing in programs that help employees grow, connect and contribute through personalized onboarding experiences and opportunities to voice their ideas and feedback. We offer unique career pathways for employees and provide them with tools and support to build on their impact and grow their careers. Along with our educational assistance program, we invest in internal learning opportunities that help employees build the capabilities that are important to our business and culture, including Visa Smart Learning, our enterprise-wide program for building business fluency and skills. Visa’s commitment to development and innovation is also reflected in how we equip employees with GenAI capabilities that can enhance decision making and accelerate productivity, including through our internal GenAI hub and Visa’s

AI assistant for employees. In addition, we are deeply committed to building world-class leaders who can bring Visa into the future, offering tailored development experiences for every stage of leadership, including New to Visa People Leadership, People Leader Labs, New to VP program, high-potential development programs, and executive assessment and coaching.

To help ensure employees feel valued in their day-to-day work, Visa has prioritized and invested in employee recognition, which in turn drives engagement and innovation. Our UPLIFT program enables our employees to recognize, appreciate and celebrate each other, while grounding recognition categories in our Visa Leadership Principles. Finally, we strive to provide 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 programs vary by location, some of our financial benefits include retirement savings, employee stock purchase plan and financial well-being sessions and resources. We also offer mental health first aid training and a peer-to-peer ambassador network to strengthen our well-being support and culture of community for employees.

For additional information regarding our human capital management, please see our website at visa.com/crs, which includes our 2025 Corporate Responsibility and Sustainability (CRS) Report. See Available Information below.

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. 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 2026, we completed our acquisition of Prisma, a provider of credit, debit and prepaid card issuer processing, and Newpay, a multi-network infrastructure provider that operates real-time payments services, the Banelco ATM network and the bill payment platform PagoMisCuentas, in Argentina. The acquisition strengthens our capabilities and payment infrastructure in Argentina and complements our global network and value-added services. This acquisition is subject to review by the Argentine competition authority. Also in fiscal 2026, we entered into a definitive agreement to acquire BioCatch, a leading provider of behavioral-first, multi-signal fraud intelligence. BioCatch's solutions use AI and machine learning to analyze application, behavioral, device and network signals to help detect fraud and financial crime. The transaction is 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 a trusted network and global leader in digital payments, Visa strives to join with clients, partners and other stakeholders to empower people, businesses and communities to thrive. Visa’s purpose is to uplift everyone, everywhere by being the best way to pay and be paid. While we work toward this goal, we are committed to managing the risks and opportunities that arise from environmental and social issues and providing strong executive and Board oversight of our overall strategy. Our 2025 CRS Report and other CRS-related resources are available in the CRS Resources section of our corporate website at visa.com/crs. See Available Information below. 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 U.S. Securities and Exchange Commission (SEC).

Intellectual Property

We own and manage the Visa brand, which stands for acceptance, security, convenience, speed and reliability. Our portfolio of Visa-owned trademarks is important to our business. Generally, trademark registrations are valid indefinitely as long as they are in use and/or maintained. We give our clients access to these assets through agreements with our issuers and acquirers, which authorize the use of our trademarks in connection with their participation in our payments network. Additionally, we own many patents and patent applications related to our business and continue to pursue patents in emerging technologies that may have applications in our business. We rely on a combination of patent, trademark, copyright and trade secret laws in the U.S. and other jurisdictions, as well as confidentiality procedures and contractual provisions, to protect our proprietary technology.

Competition

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 sellers. Technology and innovation are shifting consumer habits and driving growth opportunities in ecommerce, GenAI agent-based commerce, mobile payments, blockchain technology and digital currencies, including stablecoins. 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. These include paper-based payments, primarily cash and checks, and all forms of electronic payments. Our electronic payment competitors principally include the ones listed below.

Global or Multi-regional Networks: These networks typically offer a range of branded, general purpose card payment products that consumers can use at millions of seller locations around the world. Examples include American Express, Diners Club/Discover (owned by Capital One), 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 markets of this report. 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 certain network competitors for calendar year 2025(1):

Visa American Express Diners Club / Discover JCB Mastercard

Payments Volume ($B) 14,567 1,888 257 342 8,812

Total Volume ($B)(2)
17,100 1,897 271 350 10,646

Total Transactions (B) 336 13 4 7 223

Cards (M)(3)
5,142 153 72 178 3,377

(1)American Express, Diners Club / Discover, JCB and Mastercard data sourced from The Nilson Report issue 1310 (June 2026). Includes all consumer, small business and commercial credit, debit and prepaid cards for Visa and Mastercard and includes all consumer, small business and commercial credit cards, including business from third-party issuers, for American Express, Diners Club / Discover, and JCB. 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.

(3)Cards as of December 31, 2025.

Local and Regional Networks: Operated in many countries, these networks often have the support of government influence or mandate. In some cases, they are owned by financial institutions or payment processors. 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.

Alternative Payment Providers: These providers, such as closed commerce ecosystems, digital wallets, BNPL providers and other fintech-enabled payment solutions, often focus on enabling payments through ecommerce and mobile channels but may increasingly expand to physical point-of-sale environments. These companies may process payments using in-house account transfers between parties, electronic funds transfer networks such as ACH, global or local networks such as Visa, or some combination thereof. In some cases, these entities can be both customers and competitors to Visa.

Digital Currencies and Stablecoins: Stablecoins and other digital currencies are gaining broader regulatory clarity and adoption globally. These solutions can enable payments and money movement across consumer, business and cross-border use cases and may offer alternatives to traditional payment systems through blockchain-based settlement infrastructure. Payment service providers, financial institutions, technology companies and other ecosystem participants are increasingly exploring or enabling the use of digital currencies for payment acceptance and money movement. While these technologies present partnership and growth opportunities for Visa, they may also compete with certain payment and money movement solutions.

RTP Networks and Digital Public Infrastructure: RTP networks and government-sponsored digital payment infrastructures continue to expand globally, often supported by regulatory initiatives and public policy objectives.

RTP networks have launched in over 100 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 Unified Payments Interface (UPI) in India). These infrastructures are increasingly being positioned as alternatives to traditional domestic payment schemes and may extend into additional payment flows over time. 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, Fintechs and Emerging Payment Platforms: Digital wallet providers and fintechs continue to expand payment capabilities in person and online for consumers and sellers 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. Fintech platforms, BNPL providers and other emerging payment solutions are increasingly embedding payments directly into digital experiences and commerce journeys. Emerging technologies, including AI-enabled and agentic commerce solutions, may create new customer interfaces for initiating and managing payments.

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

CMS Providers: We compete with alternative solutions to our CMS (e.g., Visa Direct) 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 industry players who are experimenting with B2B blockchain payments, including stablecoins, which can operate globally 24/7, and have the capability to support cross-border transactions.

VAS Providers: We face competition from companies that provide alternatives to our value-added services. These include a wide range of players such as technology companies, data and analytics providers, information services and consulting firms, governments, merchant services companies and fintechs. Competition spans risk and fraud management, cybersecurity, identity and authentication, data and analytics, consulting and advisory services, loyalty and engagement solutions, open finance-related offerings, and AI-enabled decisioning and workflow solutions. The integration of technology like GenAI can create new and better offerings that compete with our value-added services, such as strengthened risk monitoring and managing digital identification. Regulatory initiatives could also lead to increased competition in these areas.

We believe our fundamental value proposition of security, convenience, speed and reliability as well as the number of payment credentials and our acceptance footprint help us to succeed. In addition, we understand the needs of the individual markets in which we operate and partner with local financial institutions, sellers, fintechs, governments, NGOs and business organizations to provide tailored and innovative solutions. We will continue to utilize our network of networks strategy to facilitate the movement of money. We believe Visa is well-positioned competitively due to our global brand, our broad set of payment products, CMS and VAS offerings and our proven track record of processing payment transactions securely and reliably.

Government Regulation

As a global payments technology company, we are subject to complex and evolving global regulations in the various jurisdictions in which our products and services are used. 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—Regulatory Risks of this report.

Anti-Corruption, Anti-Money Laundering, Anti-Terrorism and Sanctions: We are subject to anti-corruption laws and regulations, including the U.S. Foreign Corrupt Practices Act (FCPA), the UK Bribery Act and other laws that generally prohibit the making or offering of improper payments to foreign government officials and political figures for the purpose of obtaining or retaining business or to gain an unfair business advantage. We are also subject to anti-money laundering and anti-terrorist financing laws and regulations, including the U.S. Bank Secrecy Act. 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, 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: Certain governments, including China, India and South Africa, have taken actions to promote domestic payments systems and/or certain issuers, payments networks or processors, by imposing regulations that favor domestic providers, impose local ownership requirements on processors, require data localization or mandate that domestic processing be done in that country.

Interchange Rates and Fees: An increasing number of jurisdictions around the world regulate or influence debit and credit interchange reimbursement rates in their regions. 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) Interchange Fee Regulation (IFR) limits interchange rates in the European Economic Area (EEA) (as discussed below); and the Reserve Bank of Australia regulates permissible levels of interchange for both domestic and cross-border transactions.

Internet Transactions: 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: In the U.S., the Dodd-Frank Act limits network exclusivity and restrictions on seller routing choice for the debit and prepaid market segments. Other jurisdictions impose similar limitations, such as the IFR’s prohibition in Europe on restrictions that prevent multiple payment brands or functionality on the same card.

No-surcharge Rules: We have historically enforced rules that prohibit sellers from charging higher prices to consumers who pay using Visa products instead of other means. However, sellers’ ability to surcharge varies by geographic market as well as Visa product type, and continues to be impacted by litigation, regulation and legislation.

Privacy, Data Use, AI and Cybersecurity: Aspects of our operations or business are subject to increasingly complex, fragmented, and overlapping 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. Compliance with evolving and often divergent legal and regulatory requirements relating to privacy, data protection, AI, resilience and cybersecurity, including varying incident-reporting obligations across authorities and jurisdictions, may increase operational and technology costs, complicate regulatory compliance and limit our ability to innovate, scale technology and leverage data effectively.

Supervisory Oversight of the Payments Industry: Visa is subject to financial sector oversight and regulation in substantially all of the jurisdictions in which we operate. In the U.S., for example, the Federal Banking Agencies (FBA) have supervisory oversight over Visa under applicable federal banking laws and policies as a technology service provider to U.S. financial institutions. The federal banking agencies comprising the FBA are the Federal Reserve Board, the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the National Credit Union Administration. 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. Visa is also subject to oversight by banking and financial sector authorities in other jurisdictions, such as Brazil and Hong Kong. In Brazil, the Central Bank adopted regulations applicable to payment networks like Visa that impose enhanced prudential requirements, including requirements that would obligate Visa to absorb certain settlement related losses for certain transactions involving sellers in Brazil, when our risk mitigation measures do not fully protect against the resulting settlement-related exposure. We have submitted proposed rule changes to the Central Bank for approval and are updating our processes and risk management protocols to comply with these requirements and mitigate our exposure.

European and United Kingdom Regulations and Supervisory Oversight: Visa in Europe continues to be subject to complex and evolving regulation in the EEA and the UK.

There are several EU regulations that impact our business. As discussed above, the IFR regulates interchange rates within the EEA, requires Visa Europe to separate its payment card scheme activities from processing activities for accounting, organization and decision-making purposes within the EEA, and imposes limitations on network exclusivity and routing. National competent authorities in the EEA are responsible for monitoring and enforcing the IFR in their markets. We are also subject to regulations governing 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 impact consumer payment experiences. Visa Europe is also subject to supervisory oversight by the European Central Bank (ECB) and certain competent authorities in Europe. Visa Europe was recently designated as a systemically important payment system by the ECB. The designation may entail additional oversight, governance, and other regulatory requirements for Visa 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. 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 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. The PSR is responsible for monitoring Visa Europe’s compliance with the IFR as adopted in the UK.

Corporate Responsibility and Sustainability: Certain governments around the world are adopting laws and regulations pertaining to corporate responsibility and sustainability performance, transparency and reporting (e.g., the EU Corporate Sustainability Reporting Directive, Australia’s Treasury Laws Amendment, and U.S. states such as California).

Additional Regulatory Developments: Various regulatory agencies across the world continue to examine a wide variety of issues that could affect our financial institution and other clients, as well as our own business, including mobile payment transactions, tokenization, access rights for non-financial institutions, money transfer services, identity theft, account management guidelines, disclosure rules, consumer protection, privacy, data rights, artificial intelligence, cybersecurity and marketing practices. In addition, a number of U.S. states have enacted or are considering enacting requirements in these and other areas that, in some cases, are more stringent than applicable federal laws. State regulators and attorneys general may increase regulatory, investigative, and enforcement activity, including in response to changes in the regulatory, supervision, or enforcement priorities of federal agencies. 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 U.S. 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. While the regulatory status of the CFPB’s rule is uncertain, all these changes have the potential to change the competitive landscape, which would present new challenges and opportunities to our business.

Available Information

Our corporate website is corporate.visa.com. 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 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 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/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.