Visa 2014 Annual Report Download - page 24

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generally remain outstanding for one to two business days, which is consistent with industry practice
for such transactions.
Concentration of Business and Financial Information About Geographic Areas
For more information on the concentration of our operating revenues and other financial
information, see Item 8—Financial Statements and Supplementary Data—Note 13—Enterprise-wide
Disclosures and Concentration of Business included elsewhere in this report.
Competition
We compete in the global payment marketplace against all forms of payment. These include:
• paper-based payments, principally cash and checks;
• card-based payments, including credit, charge, debit, ATM, prepaid and private-label
products;
• eCommerce and mobile payments; and
• other electronic payments, including wire transfers, electronic benefits transfers, automated
clearing house (“ACH”), and electronic data interchange.
Based on payments volume, total volume and number of transactions, Visa is the largest retail
electronic payments network widely used throughout the world. The following chart compares our
network with those of our major general purpose payments network competitors for calendar year
2013:
Company(1)
Payments
Volume
Total
Volume
Total
Transactions Cards
(billions) (billions) (billions) (millions)
Visa Inc.(2) ........................ $ 4,383 $ 6,970 89.7 2,219
MasterCard(3) ..................... $ 2,991 $ 4,103 52.7 1,281
American Express(3) ................ $ 940 $ 952 6.4 107
Discover(3) ........................ $ 127 $ 136 2.2 64
JCB(3) ............................ $ 176 $ 182 1.9 83
Diners Club(3) ..................... $ 26 $ 27 0.2 6
(1) UnionPay, which operates primarily within the Chinese domestic market, is not included in this table because
Visa is not allowed to compete in that market under local law. Although we are uncertain how UnionPay
reports certain volumes, reportedly its numbers could approach or exceed some of those listed in this chart.
(2) The data presented are provided by our financial institution clients. Previously submitted information may be
updated and all data are subject to review by Visa. Visa Europe data are not included.
(3) MasterCard, American Express, JCB, and Diners Club data sourced from The Nilson Report issue 1037
(March 2014) and Discover data sourced from The Nilson Report issue 1034 (February 2014). Includes all
consumer and commercial credit, debit and prepaid cards. Some figures are estimates and currency figures
are in U.S. dollars. MasterCard excludes Maestro and Cirrus figures. American Express includes figures for
third-party issuers. Discover figures consist of U.S. data only and include third-party issuers. JCB figures
include third-party issuers and other payment-related products. Certain general purpose payments network
competitors are more concentrated in specific geographic regions, such as JCB in Japan and Discover in the
United States. Our competitors also have leading positions in certain countries. For example, UnionPay
remains the sole processor of domestic transactions and operates the sole domestic acceptance mark in
China.
10