Visa 2014 Annual Report Download - page 55

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The stock repurchases and litigation escrow deposit discussed above reduced the funds from the
$5.0 billion share repurchase program authorized by our board of directors in October 2013. As of
September 30, 2014, the program had remaining authorized funds of $682 million. All share
repurchase programs authorized prior to October 2013 have been completed. In October 2014, our
board of directors authorized an additional $5.0 billion share repurchase program. See Note
14—Stockholders’ Equity to our consolidated financial statements.
Nominal payments volume and transaction counts. Payments volume is the primary driver for our
service revenues, and the number of processed transactions is the primary driver for our data
processing revenues. Nominal payments volume growth in the United States gained momentum over
the prior year, with sustained double-digit growth in consumer credit, elevated growth in consumer
debit, which had been negatively impacted by the Dodd-Frank Act beginning April 1, 2012, and double-
digit growth in commercial products. Nominal international payments volume growth was negatively
impacted by the overall strengthening of the U.S. dollar. On a constant-dollar basis, which excludes the
impact of exchange rate movements, our international payments volume growth rate for the 12 months
ended June 30, 2014 is 15% compared to 14% for the prior year comparable period. Continued
double-digit growth in the number of processed transactions accelerated modestly over the prior year,
reflecting the ongoing worldwide shift to electronic currency.
41