Based on payments volume, total volume, number of transactions and number of cards in circulation, Visa is the largest retail electronic payments network in the world.
The following chart compares our network with those of our major general-purpose payment network competitors for calendar year 2009:
## Table 0 ##
(1) Visa Inc.  figures as reported on form 8-K filed with the SEC on February 3 and April 28, 2010, respectively.
Visa figures represent total volume, payments volume and cash volume, and the number of payments transactions, cash transactions, accounts and cards for products carrying the Visa, Visa Electron and Interlink brands.
Card counts include PLUS proprietary cards.
Payments volume represents the aggregate dollar amount of purchases made with cards carrying the Visa, Visa Electron and Interlink brands for the relevant period.
Total volume represents payments volume plus cash volume.
The data presented is reported quarterly by Visa’s clients on their operating certificates and is subject to verification by Visa.
On occasion, clients may update previously submitted information.
Sources: MasterCard, American Express, JCB and Diners Club data sourced from The Nilson Report issue 946 (April 2010).
Includes all consumer and commercial credit, debit and prepaid cards.
Currency figures are in U. S.  dollars.
MasterCard excludes Maestro and Cirrus figures.
American Express includes figures for third party issuers.
JCB figures are for April 2008 through March 2009 and include third party issuers.
Transactions are estimates.
Diners Club figures are for the 12 months ended November 30, 2009.
Discover data sourced from The Nilson Report issue 942 (February 2010)—U.
S.  data only and includes business from third party issuers.
For more information on the concentration of our operating revenues and other financial information, see Note 15—Enterprise-wide Disclosures and Concentration of Business to our consolidated financial statements included in Item 8 of this report.
Working Capital Requirements Payments settlement due from and due to issuing and acquiring clients generally represents our most consistent and substantial liquidity requirement, arising primarily from the payments settlement of certain credit and debit transactions and the timing of payments settlement between financial institution clients with settlement currencies other than the U. S.  dollar.
These settlement receivables and payables generally remain outstanding for one to two business days, consistent with standard market conventions for domestic transactions and foreign currency transactions.
We maintain working capital sufficient to enable uninterrupted daily settlement.
During fiscal 2010, we funded average daily net settlement receivable balances of $129 million, with the highest daily balance being $386 million.
Seasonality We do not expect to experience any pronounced seasonality in our business.
No individual quarter of fiscal 2010 or fiscal 2009 accounted for more than 30% of our fiscal 2010 or fiscal 2009 operating revenues.
Cash Flow Data This table summarizes cash flow activity for the following fiscal years:
## Table 1 ##
Operating activities.
Cash provided by operating activities for fiscal 2010 primarily reflects net income including non-controlling interest of $3.0 billion and adjustments for non-cash items of $2.1 billion, offset by payments for volume and support incentives and litigation settlements, primarily including $682 million prepayment of our Retailers’ litigation obligation, as further discussed below.
Total cash provided by operating activities was higher during fiscal 2010 compared to the prior year, primarily reflecting higher year-to-date net income and lower litigation settlement payments.
We believe that cash flow generated from operating activities will sufficiently meet our ongoing operational needs.
Cash provided by operating activities for fiscal 2009 consisted of net income including non-controlling interest of $2.4 billion and adjustments for non-cash items of $1.5 billion.
Standard non-cash adjustments for volume and support incentive accruals and depreciation and amortization were offset by a $473 million pre-tax gain on the sale of our investment in VisaNet do Brasil, which is reflected in investing activities.
Cash from operating activities also reflects the use of $3.3 billion to fund significant operational payments, including litigation and volume and support incentives.
Cash provided by operating activities for fiscal 2008 consisted of net income including non-controlling interest of $804 million and adjustments for non-cash items of $3.1 billion.
Cash provided by operating activities was lower than income provided by operations, reflecting the use of cash to satisfy litigation settlement payments and volume and support incentive payments net of new accruals.
Investing activities.
Cash used in investing activities during fiscal 2010 primarily reflects the acquisition of CyberSource in July 2010 for $1.8 billion, net of cash received.
The use of cash in investing activities was partially offset by net cash proceeds of $56 million from sales and maturities of investment securities compared to $290 million in the prior year, both of which were reinvested in money market funds.
We also received $89 million in cash distributions from the Reserve Primary Fund, or the Fund, in the current year compared to $884 million of distributions in the prior year as the Fund liquidated.
Cash provided by investing activities for fiscal 2009 primarily reflects the $884 million of cash distribution from the Fund, net cash proceeds of $290 million from the sales and maturities of investment securities and $1.0 billion from the sale of our 10% ownership in VisaNet do Brasil, all of which were reinvested in money market funds.
We also purchased $306 million of property, equipment and technology primarily related to construction of our east coast data center.
Cash provided by investing activities for fiscal 2008 reflects $1.0 billion of cash acquired through the reorganization, $949 million of net cash proceeds from the sales and maturities of investment securities that were re-invested in shorter-term cash equivalents and $415 million of property,
The following table sets forth the components of our net operating revenues, including operating revenues earned by Visa Europe for the three months ended September 30, 2016.
Other revenues also includes revenue earned from Visa Europe in accordance with the Framework Agreement prior to its acquisition on June 21, 2016.
## Table 2 ##
(1) Figures in the table may not recalculate exactly due to rounding.
Percentage changes are calculated based on unrounded numbers.
(2) Our operating revenues for fiscal 2016 do not reflect revenues earned by Visa Europe from the acquisition date, June 21, 2016, through June 30, 2016 as the impact was immaterial.  ?
Service revenues, which includes revenues earned by Visa Europe in the fiscal fourth quarter, increased in fiscal 2016 and 2015 primarily due to 16% and 7% growth in nominal payments volume, respectively.
The growth in fiscal 2016 service revenues was slower than the growth in payments volume reflecting the inclusion of Visa Europe revenue for the fiscal fourth quarter and the resulting impact on our service revenue yield.
Fiscal 2016 growth also reflects select pricing modifications which became effective in the third quarter of fiscal 2015.  ?
Data processing revenues increased in fiscal 2016 and 2015 due to overall growth in processed transactions of 17% and 9%, respectively, which includes data processing revenues earned by Visa Europe in the fiscal fourth quarter and the resulting impact on our data processing revenue yield.  ?
International transaction revenues increased in fiscal 2016 primarily due to nominal cross-border volume growth of 37%, including revenues earned by Visa Europe in the fiscal fourth quarter.
In addition to the inclusion of Visa Europe revenue and the resulting impact on our international transaction revenue yield, fiscal 2016 growth also reflects select pricing modifications that became effective in the third quarter of fiscal 2015.
The increase in fiscal 2015 was primarily driven by higher volatility in a broad range of currencies, combined with select pricing modifications that became effective in the third quarter of fiscal 2015.  ?
Client incentives increased in fiscal 2016 and 2015, reflecting overall growth in global payments volume, incentives incurred on long-term client contracts that were initiated or renewed during fiscal 2016 and 2015 and Visa Europe’s incentives for the fourth quarter of fiscal 2016.
The amount of client incentives we record in future periods will vary based on changes in performance expectations, actual client performance, amendments to existing contracts or the execution of new contracts.

<table><tr><td>Company</td><td>Payments Volume  (billions)</td><td>Total Volume  (billions)</td><td>Total Transactions  (billions)</td><td>Cards  (millions)</td></tr><tr><td>VisaInc.<sup>-1</sup></td><td>$2,793</td><td>$4,423</td><td>62.2</td><td>1,808</td></tr><tr><td>MasterCard</td><td>1,852</td><td>2,454</td><td>32.1</td><td>966</td></tr><tr><td>American Express</td><td>613</td><td>620</td><td>5.1</td><td>88</td></tr><tr><td>Discover</td><td>100</td><td>109</td><td>1.7</td><td>54</td></tr><tr><td>JCB</td><td>75</td><td>83</td><td>0.8</td><td>61</td></tr><tr><td>Diners Club</td><td>25</td><td>26</td><td>0.2</td><td>7</td></tr></table>
<table><tr><td></td><td>2010</td><td>2009</td><td>2008</td></tr><tr><td></td><td colspan="3">(in millions)</td></tr><tr><td>Total cash provided by (used in):</td><td></td><td></td><td></td></tr><tr><td>Operating activities</td><td>$2,691</td><td>$558</td><td>$531</td></tr><tr><td>Investing activities</td><td>-1,904</td><td>1,830</td><td>554</td></tr><tr><td>Financing activities</td><td>-1,542</td><td>-2,751</td><td>3,624</td></tr><tr><td>Effect of exchange rate changes on cash and cash equivalents</td><td>5</td><td>1</td><td>-5</td></tr><tr><td>(Decrease) increase in cash and cash equivalents</td><td>$-750</td><td>$-362</td><td>$4,704</td></tr></table>
<table><tr><td></td><td colspan="3">Fiscal Year EndedSeptember 30,</td><td colspan="2">$ Change</td><td colspan="2">% Change<sup>-1</sup></td></tr><tr><td></td><td>2016<sup>-2</sup></td><td>2015</td><td>2014</td><td>2016vs.2015</td><td>2015vs.2014</td><td>2016vs.2015</td><td>2015vs.2014</td></tr><tr><td></td><td colspan="7">(in millions, except percentages)</td></tr><tr><td>Service revenues</td><td>$6,747</td><td>$6,302</td><td>$5,797</td><td>$445</td><td>$505</td><td>7%</td><td>9%</td></tr><tr><td>Data processing revenues</td><td>6,272</td><td>5,552</td><td>5,167</td><td>720</td><td>385</td><td>13%</td><td>7%</td></tr><tr><td>International transaction revenues</td><td>4,649</td><td>4,064</td><td>3,560</td><td>585</td><td>504</td><td>14%</td><td>14%</td></tr><tr><td>Other revenues</td><td>823</td><td>823</td><td>770</td><td>—</td><td>53</td><td>—%</td><td>7%</td></tr><tr><td>Client incentives</td><td>-3,409</td><td>-2,861</td><td>-2,592</td><td>-548</td><td>-269</td><td>19%</td><td>10%</td></tr><tr><td>Net operating revenues</td><td>$15,082</td><td>$13,880</td><td>$12,702</td><td>$1,202</td><td>$1,178</td><td>9%</td><td>9%</td></tr></table>

Question: How many operating revenues exceed the average of net operating revenues in 2016?