Visa 2011 Annual Report Download - page 18

Table of Contents
Based on payments volume, total volume, number of transactions and number of cards in circulation, Visa is the largest retail electronic payments
network in the world. The following chart compares our network with those of our major general-purpose payment network competitors for calendar year
2010:
Company
Payments
Volume
Total
Volume
Total
Transactions Cards
(billions) (billions) (billions) (millions)
Visa Inc.(1) $ 3,273 $ 5,191 70.8 1,897
MasterCard 2,047 2,727 34.8 975
American Express 702 713 4.8 91
Discover 107 114 1.8 56
JCB 87 93 0.9 64
Diners Club 26 27 0.2 6
(1) Visa Inc. figures as reported on form 8-K filed with the SEC on February 2 and May 5, 2011, respectively. Visa figures represent total volume,
payments volume and cash volume, and the number of payments transactions, cash transactions, accounts and cards for products carrying the Visa, Visa
Electron and Interlink brands. Card counts include PLUS proprietary cards. Payments volume represents the aggregate dollar amount of purchases
made with cards carrying the Visa, Visa Electron and Interlink brands for the relevant period. Total volume represents payments volume plus cash
volume. The data presented is reported quarterly by Visa's clients on their operating certificates and is subject to verification by Visa. On occasion,
clients may update previously submitted information.
Sources: MasterCard, American Express, JCB and Diners Club data sourced from The Nilson Report issue 968 (March 2011). Includes all consumer and
commercial credit, debit and prepaid cards. Some prior year figures have been restated. Currency figures are in U.S. dollars. MasterCard excludes Maestro
and Cirrus figures. American Express includes figures for third-party issuers. JCB figures are for April 2009 through March 2010 and include third-party
issuers. Transactions are estimates. Diners Club figures are for the 12 months ended November 30, 2010. Discover data sourced from The Nilson Report issue
963 (January 2011)—U.S. data only and includes business from third-party issuers.
For more information on the concentration of our operating revenues and other financial information, see Note 14—Enterprise-wide Disclosures and
Concentration of Business to our consolidated financial statements included in Item 8 of this report.
Working Capital Requirements
Payments settlement due from and due to issuing and acquiring clients generally represents our most consistent and substantial working capital
requirement, arising primarily from the payments settlement of certain credit and debit transactions and the timing of payments settlement between financial
institution clients with settlement currencies other than the U.S. dollar. These settlement receivables and payables generally remain outstanding for one to two
business days, consistent with industry practice for such transactions. We maintain working capital sufficient to enable uninterrupted daily settlement. During
fiscal 2011, we funded average daily net settlement receivable balances of $130 million, with the highest daily balance being $401 million.
Seasonality
We generally do not experience any pronounced seasonality in our business. No individual quarter of fiscal 2011 or fiscal 2010 accounted for more than
30% of our fiscal 2011 or fiscal 2010 operating revenues.
17