Visa 2015 Annual Report Download - page 16
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By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are
not statements of historical fact or guarantees of future performance; and (iii) are subject to risks,
uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify.
Therefore, actual results could differ materially and adversely from our forward-looking statements due
to a variety of factors, including the following:
• the impact of laws, regulations and marketplace barriers, including:
• increased regulation of fees, transaction routing, payment card practices or other aspects
of the payments industry in the United States, including new or revised regulations issued
under the Dodd- Frank Wall Street Reform and Consumer Protection Act;
• increased regulation in jurisdictions outside of the United States;
• increased government support of national payments networks outside the United States;
and
• increased regulation of consumer privacy, data use and security;
• developments in litigation and government enforcement, including those affecting interchange
reimbursement fees, antitrust and tax;
• new lawsuits, investigations or proceedings, or changes to our potential exposure in
connection with pending lawsuits, investigations or proceedings;
• economic factors, such as:
• economic fragility in the Eurozone, the United States and in other advanced and emerging
markets;
• general economic, political and social conditions in mature and emerging markets globally;
• general stock market fluctuations which may impact consumer spending;
• material changes in cross-border activity, foreign exchange controls and fluctuations in
currency exchange rates; and
• material changes in our financial institution clients’ performance compared to our
estimates;
• industry developments, such as competitive pressure, rapid technological developments and
disintermediation from our payments network;
• system developments, such as:
• disruption of our transaction processing systems or the inability to process transactions
efficiently;
• account data breaches or increased fraudulent or other illegal activities involving Visa-
branded cards or payment products; and
• failure to maintain systems interoperability with Visa Europe;
• the transaction with Visa Europe may not be consummated on the terms currently
contemplated or at all;
• Visa Europe’s business may not be successfully integrated with our business or we may not
achieve the anticipated benefits of the transaction;
• the costs and risks associated with the transaction with Visa Europe, including risks relating to
our ability to finance the transaction on reasonable terms or at all;
• matters arising in connection with Visa Europe’s or our efforts to comply with and satisfy
applicable regulatory approvals and closing conditions relating to the transaction;
3