Visa Investor Day
Consistency of macro trends
PCE for Visa Inc. Countries ($T)
Emerging Market PCE
Developed Market PCE
PCE CAGR
24
6%
23
21
20
8
9
10
10
VISA
Visa Inc. Country PCE Penetration
Visa PCE penetration in Visa Inc Emerging Markets
Visa PCE penetration in Visa Inc Developed Markets
22%
22%
20%
19%
10
10
10%
12
13
13
13
3%
9%
8%
7%
6%
2009
2010
2011
2012
2009
2010
2011
2012
We have confidence in continuation
of favorable macro trends
Notes: PCE defined as Purchase PCE (does not include non-financial transactions); excludes Europe
Source: Euromonitor Merchant Segment Survey estimates, 2013; Visa Inc. Quarterly Operating Certificates, as reported by client financial institution; Visa Inc. Analysis
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