Visa 2007 Annual Report Download - page 7

Table of Contents
financial institutions, merchants and cardholders on a global basis. The reorganization allows us to centralize and streamline our strategy and decision making.
We also believe that the reorganization and our proposed initial public offering will enable us to facilitate a common, global approach, where appropriate, to
the legal, regulatory and competitive issues arising in today's marketplace. At the same time, we believe that the reorganization preserves and reinforces the
advantages that have made Visa the largest retail electronic payments network in the world.
Industry Overview
The Global Payments Industry
We operate in the global payments industry, which is undergoing a major shift from paper-based payments, such as cash and checks, to card-based and
other electronic payments. For more than 30 years, Visa has played a central role in driving this migration by providing payment products and services that we
believe deliver significant benefits to consumers, businesses, governments and merchants. We believe that consumers are increasingly attracted to the
convenience, security, enhanced services and rewards associated with electronic payment forms. We also believe that corporations and governments are
shifting to electronic payments to improve efficiency, control and security, and that a growing number of merchants are accepting electronic payments to
improve sales and customer convenience.
The global payments industry consists of all forms of payment and value transfer, including:
• paper-based payments: cash, personal checks, money orders, government checks, travelers cheques, official checks and other paper-based means
of transferring value;
• card-based payments: credit cards, charge cards, debit cards, deferred debit cards, ATM cards, prepaid cards, private label cards and other types
of general-purpose and limited-use cards; and
• other electronic payments: wire transfers, electronic benefits transfers, automated clearing house payments and other forms of electronic payment
not typically tied to a payment card or similar access device.
6