2015

Corporate
Responsibility
ReportTable of Contents
Opening1• Letter from Our CEO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1• Executive Summary & Fiscal 2015 Highlights. . . . . . . . . . . 2

Our Company

4• Corporate Profile. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5• Value of Our Business.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7• Approach to Corporate Responsibility. . . . . . . . . . . . . . . . 9

I. Transforming Commerce

12• Investing in Innovation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
• Helping Small Businesses. . . . . . . . . . . . . . . . . . . . . . . . . . . 15
• Reaching Unbanked and Underserved Consumers. . . . 17
• Ensuring Trust and Enhancing Security. . . . . . . . . . . . . . . 21

II. Investing in Our People

24• Employee Engagement and Development. . . . . . . . . . . 25
• Diversity and Inclusion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
• Wellness and Benefits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

III. Operating Responsibly

32• Corporate Governance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
• Ethics and Compliance. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
• Responsible Sourcing. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
• Environmental Sustainability. . . . . . . . . . . . . . . . . . . . . . . . 38
• Political Involvement and Public Policy. . . . . . . . . . . . . . . 41

IV. Strengthening Our Communities

43• Financial Literacy.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44
• Local Giving . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
• Employee Giving and Volunteering. . . . . . . . . . . . . . . . . . 50
• Humanitarian Response. . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

Closing55• About This Report. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55
• GRI G4 Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

Cover image credit: Women’s World Banking

i | 2015 Corporate Responsibility ReportOpening

Our Company

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. Strengthening
Our Communities

Closing

Letter from Our CEO
At Visa, growthand progress
are at the heartof everything
we do.

We are fortunate at Visa in that
our core business is moving theworld forward, helping groweconomies and improving the
lives of consumers. It starts with
our vision — “to be the best way
to pay, and be paid, for everyone,
everywhere.” In delivering on
this vision, we make commerceeasier, safer and more accessible
for everyone involved, boosting
local economies and supporting
the growth of vibrant, prosperous
and healthy societies.
Visa makes paying for goods
and services a digital experience,
where electronic accounts
facilitate fast, secure andconvenient payments, helping todrive commerce in and amongst
more than 200 countries/regions
and territories. We do all of thisover our vast, global network,
VisaNet, which is the largest retailpayment network in the world
today. Of course, we don’t do thisalone. We work in partnershipwith nearly 14,000 financial
institutions, tens of millionsof merchants and many otherimportant contributors to thepayments ecosystem. All of ourefforts focus on “electronifying
payments,” which has served
as Visa’s core mission since ourfounding nearly 60 years ago.

We do this because we knowthat electronic payments provide
important benefits that cash,
checks and other traditional
payment forms simply cannot
match. For example, consumers
can pay for goods and services
faster, more conveniently andsecurely with a Visa account.
And for many people living inremote areas, underserved bytraditional banking services,
our accounts can be used toaccess savings, loans and bill pay
capabilities. Visa’s products andservices help businesses — large
and small — connect securely toa broader, global customer base,through multiple channels and,increasingly, multiple devices.
They enable governments
to operate more efficiently
and cost-effectively, whether
distributing social benefits andrelief assistance or procuring
vital goods and services.
At Visa, our opportunity to“do good” is inherent in every
aspect of our business, which is
why we encourage all of ouremployees to bring their best
ideas to help advance our
mission. Our success depends
on the extraordinary people
who come to work for us everyday. Our ability to attract andretain a talented, diverse andinclusive workforce is essential
to our continued growth. We
offer exciting opportunities to
do great work, while supporting
our employees’ professional
development and engagement.
As a trusted brand in payments,
we hold ourselves to the highest
ethical standards and promote a
culture that values integrity,
innovation, collaboration, andexcellence. We have establishedbest-in-class governancepractices, developed industryleading payment security
solutions, and reduced ourenvironmental impact, all while
growing our business anddelivering shareholder value.

On behalf of the more than
11,000 employees of Visa, I
am proud to share with you
our inaugural Corporate
Responsibility report. We hope
you enjoy reading it. We takegreat pride in what we’ve
achieved to-date, and commit
to keeping you informed of
our efforts going forward.
Sincerely,

Charlie Scharf
Chief Executive Officer
Visa Inc.

As a global company, we feel it
is our responsibility to help build
stronger, more sustainable communities. We do this by bringing
innovative digital products andservices to markets throughout
the world, by partnering toaddress critical gaps and needsin the areas of financial inclusionand financial literacy, by enabling
volunteerism and charitablegiving by our employees, andby supporting local causes andcommunities throughout theyear, and in moments of crisis.
Visa Inc. | 1

Opening

Our Company

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. S trengthening
Our Communities

Closing

Executive Summary & Fiscal 2015 Highlights
Visa iscommitted
to being a
responsible
leader andpartner ofchoice to ourstakeholders
around theworld.

As a trusted brand in payments, Visa has a tremendous
opportunity and responsibility to use our business toenable economic growth and strengthen economies
while also helping improve the lives of people andcreate a better world.
We are committed to being a global leader in using
our resources — our products, network, expertiseand investments — and enhancing our operations
to maximize the positive economic, social andenvironmental impacts of our business.
We are pleased to share highlights of our recent
progress across our areas of focus with the goal ofliving up to our commitments.

2 | 2015 Corporate Responsibility ReportOpening

Our Company

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. Strengthening
Our Communities

Closing

Transforming
Commerce

Investing in
Our People

OperatingResponsibly

Strengthening
Our Communities

Through our business of payments,
Visa continues to transformcommerce, helping empower
consumers, support businesses,
streamline governments and groweconomies. As technology evolves,
we are investing in our network,
products and services to improve
the reach, value and security ofdigital payments globally.

We are committed to making Visaa great place to work. We live up
to this commitment by offering
our employees opportunities towork on interesting challenges
that make a meaningful impact
while also investing in their growthand development. We also work
to provide a diverse, inclusive,
safe and healthy workplace.

In 2015, Visa continued to invest
in new payment experiences,including expanding the availability of Visa Checkout now to
16 markets, using our Visa Token
Service to enable technologypartner offerings such as Android
Pay, Samsung Pay and mobile
apps offered by financial institutions, and launching mVisa, a
new mobile payment service for
emerging markets that enables
consumers to make purchases,
pay bills and send money tofriends and family.

In 2015, Visa launched our
new employee stock purchaseprogram (ESPP) to provide
employees with even greateralignment with and participationin our long-term success.

We believe in the importanceof supporting a responsible,
transparent and successful
business environment. We deliver
value to our shareholders by
operating an efficient, profitable
and sustainable business. We
also are committed to ensuringstrong governance throughout
the organization as well as
living up to the highest ethicalstandards and competing fairly
in the marketplace.

Our commitment extends tohelping the global and local
communities in which we live
and work. We reach millions ofpeople through our financial
literacy programs, support local
nonprofits and causes in ourmarkets and office communities and respond in times ofhumanitarian crisis — throughcontributions as well as innovative
uses of our products and network.

We helped small businesses in
the U.S. navigate the transition
to chip technology through an
online toolkit and a 20-city Small
Business Chip Education Tour andnational webinar. Visa expanded
our commitment to reaching theunbanked and underserved witha new commitment to reach 500
million consumers with access toelectronic transaction accounts by2020 in addition to the 200 million
consumers already reached.

Visa completed nearly 100
employee-suggested projects
submitted through our ideas
portal, and we expanded our
Go Beyond employee recognition program to reinforce ourculture of recognition.

Visa also continued our efforts
to enhance the security ofand ensure trust in electronic
payments, including our 2015 workat the forefront of encouraging
and supporting the adoption of
EMV chip technology.

We enabled more than 2,000
employees to complete aleadership or professional skill
development program, andwe announced the creationof Visa University to provide
our workforce with greater
learning opportunities.

Visa also expanded our Diversity
and Inclusion initiatives, including
through our comprehensive strategies to help advance womenin leadership and technology
roles, and achieved once again
a perfect 100% score on the2015 Corporate Equality Index.

In 2015, we strengthened our
corporate governance bysubmitting to a shareholder votethe removal of supermajority
vote requirements from ourcharter, adopting proxy accessand enhancing our disclosuresof political involvement.
We were named to theWorld’s Most Ethical Companies
list for the third year in a row,
and we now have achieved
100% completion among
employees for all requiredcompliance training.
Visa completed our seventh
annual global environmental
impact audit, and we continued
to improve our environmental
impact intensities and maintained
our various office and data center
environmental certifications.

In 2015, we convened global
leaders at our 9th annual Financial
Literacy Summit and continued
our award-winning financial
literacy programs that are now
available in 16 languages across
41 markets.
We contributed to more than
250 organizations spanning
37 countries/regions to help our
local communities and regions.
Our employees contributed
nearly $2 million — matcheddollar for dollar by Visa — tomore than 1,200 nonprofits, anda record 3,800 of our employees
gave back through volunteer
service.
Visa also responded in times ofurgent need, with more than
$600,000 contributed by Visaand our employees to respond to
the earthquake in Nepal andadditional financial support
provided to the Syrian refugee
crisis. We also partnered with
Oxfam to launch a new card
solution for humanitariancrisis response.

Visa Inc. | 3

Our Company
Visa Inc. (NYSE:V) is a global payments technology
company that connects consumers, businesses,
financial institutions, and governments in morethan 200 countries and territories to fast, secureand reliable electronic payments.

IN THIS SEC TION:• Corporate Profile• Value of Our Business• Approach to Corporate Responsibility
4 | 2015 Corporate Responsibility ReportOpening

Our Company

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. Strengthening
Our Communities

Closing

Corporate Profile
Visa Inc.’sheadquarters are
in San Francisco,and we have
11,300 employees
around theworld in 72 officelocations.

We operate the world’s largest retail payment network— VisaNet — that is capable of handling more than
65,000 transaction messages a second, with fraud
protection for consumers and assured payment
for merchants.
Visa is not a bank and does not issue cards, extend credit
or set rates and fees for consumers. Visa’s innovation,
however, enables its financial institution customers tooffer consumers more choices: pay now with debit,
ahead of time with prepaid or later with credit products.
Pay in-person by card, online or using a mobile device.

Visa Inc. | 5

Opening

Our Company

I. Transforming
Commerce

II. Investing in
Our People

Driving Global Commerce
Visa has built one of the world’s
most advanced processing
networks, capable of handlingmore than 65,000 transactions
per second reliably, conveniently
and securely. In the four quarters
ended September 30, 2015 ourglobal network processed:• $7.4 trillion total volume,
including payments andcash volume

From the world’s major cities
to remote areas without banks,
people are increasingly relying
on digital currency along withmobile technology to makepurchases in-store or online,transfer funds and access basic
financial services — all of whichmakes their lives easier and helps
grow economies.

III. O perating
Responsibly

IV. Strengthening
Our Communities

Closing

Corporate Snapshot (as of September 30, 2015)(in millions except employees, offices)
Operating Revenue$13,880

Operating Expenses$4,816

Operating Income$9,064Net Income (adj)1$6,438

Employees

11,300Global Offices
1. A djusted net income excludes the impact of certain significant items.
See Visa Inc.’s 2015 10-K for additional details.

• $4.9 trillion payments volume• 71.0 billion transactions
processed on Visa’s networks

Select Awards, Recognition and Designations• Ethisphere’s World’s Most
Ethical Companies (2015)• LEED certification of multiple
Visa offices (ongoing)• Fortune’s Most Admired
Companies (2015)• Trailblazer Award, Frontstream
Corporate Philanthropy Awards(2014)• Forbes’ World’s Most Innovative
Companies (2015)• Barron’s World’s Most
Respected Companies (2015)• Barron’s 500 Best Performing
Companies (2015)• BrandZ Top 100 Most Valuable
Global Brands (2015)• 100% on the Corporate
Equality Index (CEI) (2015)• Newsweek Green Ranking(2015)• Marketing Magazine Gold
Award – Corporate Social
Responsibility, Hong Kong (2015)
6 | 2015 Corporate Responsibility Report• Stevie Award: GOLD winner,
Corporate Social Responsibility
Program of the Year in Mexico,Central and South America(2013)• BCA Green Mark GoldPlus
Award, Singapore (2012)• Inter-American Development
Bank connectBanking Award(2012)• Corporate GovernanceTeam of the Year, Corporate
Secretary Magazine (2011)

Visa Network by the Numbers (as of Sept. 30, 2015)

13,900 financial institutions
40 million merchant outlets
2.4 million ATMs
2.4 billion Visa cards
71.0 billion processedtransactions$7.4 trillion total volume$4.9 trillion payments volume

72

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Our Company

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. Strengthening
Our Communities

Closing

Value of Our Business
Visa operates in
200 countries
and territories,
and we connect
2.4 billion Visa
cards, 40 million
merchant
outlets and13,900 financial
institutions.

Visa was founded on a simple, yet compelling principle:
that electronic payments could provide individuals,
businesses and governments with a more secure, reliable
and convenient alternative to cash and checks.
Six decades later, Visa has helped
change how the world pays
and shaped modern commerce
through our network, partnerships, products and services.
Our global reach is just one way
we measure our success andour value. The other is throughthe individual transactions
that take place every day on
our network. Because behind
every transaction is a story: aconsumer empowered to pay
without the constraints andcosts of cash; a business dreamrealized; or a government agency
enabled with efficient, fast andtransparent payments.

Through our very business of enabling electronic payments, Visa isdelivering value to a variety of stakeholders:

Empowering Consumers

Supporting Businesses

Through our products andnetwork, Visa is empowering
individuals by connecting themto their financial resources
quickly, efficiently and reliably,and giving them more places toenjoy the benefits of paying with
Visa. We are helping individuals
work, travel and play with greater
ease and convenience, fromtaxicabs in New York City to shops
in rural villages. We are giving
consumers greater peace of mind
that their finances are secure andeasy to access. Visa is harnessing
the power of its network todevelop enhanced security
solutions that give cardholders
near-instant access to activity on
their account via email or text
message to their phone.

Visa is committed to supporting
businesses — large and small —by offering them products andservices that open new markets
and remove barriers to growth.
First, by accepting Visa electronic
payments or using one of ourmany business products, small
businesses are better equipped
to grow revenue and improve
efficiencies, with the opportunity
to extend the benefits directly
to their bottom line. Larger
enterprises use Visa products inmore places to help grow theirbusiness and streamline theirback-office operations.

Visa Inc. | 7

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Our Company

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. Strengthening
Our Communities

Closing

Helping Governments
Visa is partnering with governments around the world as
they transition from cash andchecks to electronic payments
to enable greater transparency
and increased convenience andefficiency for employees andcitizens alike. In most economies,
the government is the single
largest purchaser of goods andservices, as well as one of the
primary collectors of funds.
When a government moves
to electronic payments for its
own operations, a measurable
portion of the economy
can become more efficient,transparent and accountable.
Many government entities areturning to Visa payment cards
as a way to streamline the costand complexity of distributing
benefits to millions of people indozens of countries/regions.

Growing Economies
At a macro-economic level,
the shift from cash and checks
to electronic payments has
enabled greater transparency
and accountability, often reduced
transaction costs, increased thenumber of people with accessto formal financial services anddecreased the size of the gray orinformal economy. Collectively,
these benefits have had andcontinue to have a positive andmeasurable economic impact.

Solidaridad Visa Cards Reach Dominicans in Need
A key challenge shared by many developing countries is how to efficiently and effectively support theirmost vulnerable citizens. In the Dominican Republic, for example, the government struggled for years
to deliver staple products like rice, fuel and financial assistance to a large and dispersed population.
There were high distribution costs — the government had to maintain a fleet of trucks and personnel to
distribute the food. Also, there were problems of fairness and accountability — supplies were often stolen
before they got to the people who needed them most.
In 2004, the government commenced an overhaul of the way it delivered subsidies to equip Dominicans
with a single debit card that would give them access to monthly subsidies for food, health care services,cooking gas and other basics.
A decade later, nearly 1 million Dominicans are using Progresando con Solidaridad Visa debit cards and morethan 5,000 merchants have been set up to accept the cards. The program has cut costs for the government,
generated economic activity by putting money into the hands of residents, and exposed a new generationof Dominicans to the financial system in a country where only half of the population has a bank account.

Improving Consumer Experiences, Helping Merchants Grow Business:
Gymboree
The Gymboree Corporation is one of the oldest children’s retailers in North America. Founded in 1976,
the company now has 708 franchise and company-operated stores in the U.S., Canada and 40 othercountries, as well as a stable of robust e-commerce sites.
Visa has been a longstanding partner with
Gymboree both for offline and online
payments. That partnership was expanded
recently when Gymboree implemented
Visa Checkout on its e-commerce site.
For consumers, Visa Checkout adds anextra level of convenience for e-commerce
shoppers, enabling almost one-click shopping at participating stores. For merchants,
Visa Checkout helps to grow their sales by streamlining the purchasing process for customers.
Visa also works with merchants on benefits and promotions tailored to the needs of their customers.
As a result of the collaboration, Gymboree realized a 48 percent increase in average daily transactions
during Visa Checkout promotions compared to non-promotional periods. “Visa Checkout brought
in and helped convert valuable new customers during the always competitive holiday season,” said
Jeff Reichelderfer, Sr. Director of Marketing, the Gymboree Corporation.

8 | 2015 Corporate Responsibility ReportOpening

Our Company

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. Strengthening
Our Communities

Closing

Approach to Corporate Responsibility
Visa iscommitted tomaximizing
the positive
economic,social andenvironmental
impacts ofour business.

We live up to our commitment to being a leader in
responsibility through four areas, informed in part byour materiality process outlined on the next page.
Four focus areas:

I. Transforming
Commerce

III. Operating
Responsibly• Investing in Innovation• Corporate Governance• Helping Small Businesses• Ethics and Compliance• Reaching Unbanked andUnderserved Consumers• Responsible Sourcing• Ensuring Trust andEnhancing Security

II. Investing in
Our People• Employee Engagement
and Development• Diversity and Inclusion• Wellness and Benefits• Environmental
Sustainability• Political Involvement
and Public Policy

IV. Strengthening
Our Communities• Financial Literacy• Local Giving• Employee Giving andVolunteering• Humanitarian Response

Visa Inc. | 9

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Our Company

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. Strengthening
Our Communities

Closing

Materiality2International standards forcorporate performance andreporting increasingly are callingon companies to conduct aformal process to determine
the most important andsignificant environmental, socialand governance (ESG) issues
to the company’s success aswell as to key stakeholders. In
2015, Visa conducted a formalmateriality assessment in order
to identify the ESG issues of mostimportance to Visa’s businessgrowth and success as well as
to our stakeholders. Doing so,when combined with ongoing
performance self-assessments,
allows us to understand areas
where enhanced performance
and/or greater transparency may
be needed.
Our approach to our materiality
assessment, conducted in accordance with GRI Sustainability
Reporting Guidelines, involveda series of steps to identify
possible ESG Aspects, engage
stakeholders and synthesize
into priorities. First, we created astarting list of ESG Aspects basedon global reporting guidelines,
peer benchmarking, analysis ofexternal profiles of Visa, criteria
in major ratings and rankingsand other sources. To inform
our analysis of the significanceof Aspects to Visa, we conducted
detailed internal interviews withbusiness and subject matterowners and reviewed corporate
policies, risk assessments andother documents. To inform
our assessment of significanceto external stakeholders, weanalyzed methodologies of ESG
assessments and conductedinterviews of representatives
from organizations representing
shareholders, third party
research firms, interest groups,
clients and others. The relevant
Aspects identified through theseprocesses then went through aformal weighting process that
resulted in an assessment of
which ESG Aspects are of mostimportance.
The Aspects and issues that wereidentified as having significanceto Visa include (but are notlimited to) the following:• Environmental: Climate
Change and Energy Usage,
Water, Waste• Social: Training and Professional
Development, Talent Attraction
and Retention, Diversity andInclusion, Payments Security,
Financial Inclusion, Philanthropy• Governance: Corporate
Governance, Anti-Corruption,
Ethics and Compliance,
Political Contributions,Public Policy
The results of the materiality
assessment, which identifies
areas of risk and opportunity
in ESG topics, closely map todimensions of our six strategies
as defined by Visa in our 2015
Annual Report for our continued
growth and success, underscoring the interconnectionsof Visa’s corporate strategy
with our significant ESG issues.

For example, our payments
security material ESG issue maps
to our strategy to Champion
Security. The ESG issues ofprofessional development, talentattraction and retention anddiversity and inclusion connect toour strategy to be an Employer of
Choice. Finally, the opportunity toadvance financial inclusion links
to the strategy to Expand Access.
This report presents our commitments and progress in these andother topic areas as organized
into four chapters:• Transforming Commerce• Investing in Our People• Operating Responsibly• Strengthening Our
Communities

Deep Partnerships

Evolve our client interactions to even deeper
partnerships with financial institutions,merchants and new industry partners.

Transform Technology

Transform Visa’s technology assets todrive efficiency and enable innovation.

Digital Leadership

Achieve success as a leading partner for
digital payment comparable to what wehave achieved in the physical world.

Expand Access

Expand access to Visa products andservices globally.

Champion Security

Champion payment-system security
for the industry.

Employer of Choice

Be the employer of choice for top talent.

2. In this report, our use of the terms “material”, “materiality” and other similar terms refers to topics that reflect Visa’s significant economic, social and environmental
impacts or that substantially influence the assessments and decisions of a diverse set of stakeholders. We are not using these terms as they are used under the
securities or other laws of the U.S. or any other jurisdiction or as these terms are used in the context of financial statements and financial reporting.
10 | 2015 Corporate Responsibility ReportOpening

Our Company

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. S trengthening
Our Communities

Closing

Governance of Corporate Responsibility
Governance of Visa’s corporate
responsibility commitments andperformance occurs througha layered approach. Individual
issue areas are handled by therelevant functions for each
topic (e.g., Human Resources forcompensation and benefits), withmany rolling up to oversight by aparticular internal committee aswell as the Executive Committee.
Our cross-function Corporate
Responsibility Working Group,
co-chaired by our Chief Counsel- Corporate and our Head ofCorporate Responsibility andPhilanthropy, serves as a central
coordinating body for our
responsibility strategy, benchmarking and reporting.
At the Board of Directors level,
individual committees of theBoard of Directors provide oversight of relevant environmental,social and governance (ESG)
issues as determined by eachcommittee’s charter (seeaccompanying chart).

Visa Inc. Board of Directors Governance ofEnvironmental, Social and Governance (ESG) Topics
Visa Inc. Board of Directors
Audit & Risk
Committee• Risk management,
including risks from
ESG issues• Ethics andcompliance; code ofbusiness conduct

Compensation
Committee• Executive / officer
compensation• Diversity andinclusion

Corporate GovernanceCommittee•

Corporate governance• Political involvement• Philanthropy• Tax strategy• Cybersecurity;
information security

Visa and the Sustainable Development Goals
We recognize the importanceof various initiatives to establish
global goals for societal improvement and to define the role of theprivate sector in achieving those.
In September 2015, governmentsfrom around the world convenedat the United Nations to adopt the
UN Sustainable Development
Goals, a set of 17 global goals to
end poverty, protect the planet
and ensure prosperity for all by
2030. As detailed throughout thisreport, our payments businessand our strategic initiatives
contribute to many of the goals.
Our primary contributions are togoal 8 —­ promoting inclusive
and sustainable economic
growth, employment and decent
work for all. We share examplesof our contributions to this goal
throughout our section on
Transforming Commerce.
In addition, our efforts also
contribute in many ways toother goals, such as helping
end poverty (goal 1), achieve
food security (goal 2), empower
women and girls (goal 5) andcombat climate change (goal 13).
We also will continue to use ourposition and corporate platform
to contribute to the awareness,engagement and achievementof these goals as governments,
the private sector and civil society
address the global development
agenda through 2030.

Stakeholder Engagement
At Visa, we understand theimportant roles a range of stakeholders play in influencing ourbusiness environment. As a result,
we pursue ongoing engagement
opportunities across the globe
with these stakeholders.

Our stakeholders — and examplesof our means of engagement —include the following:• Shareholders: earnings calls,
SEC filings, direct engagement
Operating Responsibly:
Corporate Governance• Employees: intranet
communications, employee
surveys, manager/employee
dialogue, all-staff meetings,
employee ideas portal,
CEO blog• Policymakers / Regulators:
direct engagement, testimony,
Visa-hosted events (Financial
Literacy summit, Security
summit, etc.)

Investing in Our People:
Employee Engagement

Operating Responsibly:
Political Involvement• Clients (financial institutions,merchants, non-financial
institutions): client councils
and forums, client surveys,
direct engagement, briefing
center visits, etc.

• Third-Party Organizations:direct engagement, correspondence, Visa-hosted events,
memberships, conference
participation and more

Visa Inc. | 11

I. Transforming Commerce
As the world and technology change around us, Visa’s
strategy fundamentally has not. For the past 60 years, wehave focused on transforming commerce by providing
a simple, safe and frictionless payment experiencefor everyone, everywhere. And as consumers adopt
new technologies and platforms, Visa is committed tocontinuing to innovate to bring enhanced experiences
to consumers, helping more people in more places
access modern payments in a safe and secure way.

IN THIS SEC TION:• Investing in Innovation• Helping Small Businesses Grow and Thrive• Reaching Unbanked and Underserved Consumers• Ensuring Trust and Enhancing Security
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Investing in Innovation
Visa isinvesting to
make payments
simple, intuitiveand secureacross billions
of connected
devices.

An estimated 25 billion devices are connected to
the Internet, and that number is predicted to growto 50 billion by 2020.3
This represents an opportunity for Visa and our partners
to continue to transform commerce and expand secure
digital payments to devices like tablets, smartphones,
wearables, connected cars and new and emerging
components of the Internet of Things.

3. Cisco IBSG, April 2011
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Here are some examples of the progress we are making:Developing New Payment Experiences

Opening the Edge of Our Network to Innovation

Visa has a proud legacy of deploying new technologies to make thepayment experience safer, faster and easier, whether in-store, online
or on mobile devices. Today, Visa is investing in developing new
consumer payment experiences together with innovative leaders fromacross industries, including device manufacturers, financial institutions,merchants and technology companies.

An innovative technology and network company like Visa needs toembrace collaboration and an open approach to co-innovation withpartners large and small. As such, we are committed to opening theedge of our network to external developers to accelerate the deployment of new applications and services.
Our progress includes:

Our progress includes:• Visa Checkout:
Visa is offering a faster, easier
way for consumers to pay
online with Visa Checkout,
now available in 16 markets.
• Visa Token Service:
Visa has built a new digitaltechnology service that
replaces sensitive payment
account information found on
payment cards with a digitaltoken, enabling solutions
like Android Pay, Samsung
Pay and mobile apps offeredby financial institutions tofacilitate account transactions
with less risk.
• mVisa:
Visa has launched a newmobile payment service for
emerging markets that enables
consumers to make purchases,
pay bills and send money tofriends and family throughuse of a mobile phone. mVisa
transactions are processed via
Visa’s global network, VisaNet,
applying the scale, security
and reliability of Visa to mobile
payments in emerging markets.

Tokenization replaces the
traditional payment card
account number with aunique digital token in
online, mobile and othertransactions that should
help reduce fraud.

14 | 2015 Corporate Responsibility Report• Visa Developer:
A new platform that will
accelerate innovation by
opening Visa’s network todevelopers, providing themwith access to popular Visapayment technologies andservices through open APIs,
software development kits,a testing environment andglobal engagement centers.

• Innovation Centers:
Visa is opening innovation centers in key markets around theworld. Designed to provide immersive experiences for clientsand partners, these centersenable our partners to interact
with Visa payment experts,
explore new products andtechnologies, and collaborate
with us in an effort to develop
new, innovative and secureways to pay and be paid.

mVisa helps meet the basic
banking needs of Rwanda’s
unbanked and underserved
population by overcominglack of access to physicalbank branches and leveraging mobile networks.

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Helping Small Businesses Grow and Thrive
Visa believesin the economic
power andingenuityof smallbusinesses,
and we arecommitted
to helping
them thrive.

In many countries/regions, small businesses are theengine of the economy. In the U.S., for example, small
businesses provide 55% of all jobs and 54% of sales.4
Visa helps small businesses thrive by offering products
and a network to increase efficiency and support themas they grow. We augment our business offerings withkey partnerships, initiatives and events to help small
businesses gain knowledge and expertise as well as
access business-building resources.

4. https://www.sba.gov/content/small-business-trends-impact
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Visa Business products aredesigned to help small businessowners analyze and manage
their cash flow more efficiently,
cut down on paperwork and earn
rewards toward essential businesspurchases. Visa Business Credit
and Debit card programs enable
small business owners to pay forsupplies, inventory and services,
access online reporting tools
to reduce record keeping, drive
efficiencies and transparency
when paying bills, taxes andtravel expenses, and help track
and control employee spending.
We also help small businesses
gain peace of mind throughenhanced fraud protection, and
we offer free enrollment in Visa
SavingsEdge, a program thatprovides discounts throughstatement credits on everyday
small business solutions such as

I. Transforming
Commerce

II. Investing in
Our Peoplegas, HR services, technology tools
and services, and travel.
For nearly 20 years, Visa’s
Authorize.Net has been providing
payment management solutions
to small businesses of every type.
Authorize.Net helps merchants
accept and process payments
quickly, protect against fraud,
securely store sensitive dataand provide access to businessanalytics to aid the merchant inmanaging their business.

III. O perating
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Providing Payments Expertise and Other Support
We recognize that small businesses
need more than just access tousing and accepting electronic
payments — they need support
to grow their business capabilities

and expertise. That is why Visa
supports leading organizations
and develops initiatives toprovide additional tools to thesmall business community.

Authorize.Net also supports
small businesses by providing
a Merchant Toolbox. Throughthe Toolbox, small businesses
can access solutions to help
better manage key areas ofbusiness, including marketing,security, accounting andbusiness productivity.

Helping Small Businesses with Chip Transition
Partnering for Small Business
Small Business Development Centers (SBDC)The SBDC program, funded in part by the U.S. Small Business
Administration, is the largest network of small business technicalassistance providers in the country. Visa has joined with SBDC
by investing in the program’s advisors to bring valued resources
directly to SBDC clients. In 2015, our investment concentrated on
supporting SBDC programs in 10 U.S. states by providing materials,
funding for business advisor professional development and helping
to promote and celebrate the successes small businesses achievethrough their work with the SBDC.

U.S. Hispanic Chamber of Commerce (USHCC)
Small Business Alliance
Visa and the USHCC formed an alliance to help strengthen andgrow the three million Hispanic-owned businesses that USHCC
advocates on behalf of through their member chambers. Together,
we are providing Hispanic-owned merchants with an array of tools
to help them improve cash flow, manage payment acceptancecosts, streamline operations and grow their businesses. USHCC
members also receive customized access to Visa’s suite of small
business solutions and educational resources.

In 2015, U.S. payment cards began transitioning to chiptechnology. The transition requires changes at merchantlocations across the country, and Visa is committed to helping
U.S. small businesses through the process.

Online Toolkit
Visa launched an online toolkit to help businesses make thetransition to chip technology. The toolkit, available at www.
VisaChip.com/businesstoolkit, includes a step-by-step guideto adopting chip as well as videos, infographics, and otherresources to help merchants make the transition to chipactivated terminals.

Small Business Chip Education Tour and Webinar
Visa conducted a 20-city Small Business Chip Education Tour
designed to help businesses at the local level understand thevalue of chip payment card technology and increase chipcard acceptance. Throughout 2015, small business owners andothers heard from payment industry experts and local leadersand saw demonstrations of chip transaction. Visa also hosted
a webinar in conjunction with National Small Business week.

Visa helps small businesses gain peace ofmind through enhanced fraud protection,
and we offer free enrollment in Visa
SavingsEdge, a program that provides
discounts through statement credits on
everyday small business solutions.
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Reaching Unbanked and Underserved
Consumers
Visa hascommitted
to provide
electronic
payment
accounts to
500 million
underserved
people by 2020.

Around the world, an estimated two billion people,5mostly from low-income communities in emerging
markets, lack access to formal financial services. Without
access to these financial tools, the unbanked and underserved struggle to manage their everyday lives, guard
against unforeseen events and save for the future, impacting the ability of households, smallholder farmers, businessowners and whole communities to achieve economic
security. While financial exclusion can perpetuate a cycle ofpoverty, many see financial inclusion — promoting accessto savings, safe payments, microcredit and insurance —as an important poverty alleviation tool.
New products and technology,
especially mobile devices, arebringing greater financial inclusion
within reach. Visa’s vision of being
the best way to pay and be paid,

for everyone everywhere, is core to
our business and consistent withthe mission of achieving global
financial inclusion. In 2015, Visa
committed to helping a further

500 million underserved people
gain access to an electronic
payment account by 2020.6

5. “The Global Findex Database 2014: Measuring Financial Inclusion around the World,” 2014, World Bank.
6. See press release: http://goo.gl/coJZBsVisa Inc. | 17

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To achieve this goal, Visa is
combining the global reach of our
flexible, interoperable payments
network with technologies likemobile in order to connect
individuals, communities,
governments and merchants.
However, bridging the “last mile”
to marginalized and remote
populations remains a key
challenge of financial inclusion.
In response, we are building
partnerships designed to:

1. Inspire the design andI. Transforming
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II. Investing in
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Profiles of Select Financial Inclusion Projects Around the WorldU N I T E D S TAT E S• Helping credit unions andcommunity banks better
serve minority households,
by identifying, testing andscaling programs that have
proven effective at reachingthese populations.

delivery of innovative
payment applications thatprovide greater accessto VisaNet — our global
payments network

2. Enable financial service
institutions to develop
products more tailoredto the needs of particularemerging market
consumers — including
women, smallholder
farmers and micro andsmall merchants — whoare among the mostfinancially excluded

3. Develop and support new
ways for payment cards anddigital financial services tobe used and accepted in
hard-to-reach areas

4. Provide financial education
to consumers as well as
capacity-building andtraining for governments
and financial institutions
to encourage the safe
adoption, trust and use ofdigital financial services

MEXICO• Funding a training program to drive
adoption and usage of debit cards forthousands of low-income clients at
Compartamos Bank to borrow and save.
COLOMBIA• Partnering with the coffee federation, Tarjeta Cafetera,
and Banco de Bogotá to launch a debit card with
ID and chip program for farmers to receive harvest
payments and government subsidies.

5. Support the developmentof public policies that foster
innovation and trust in thefinancial system particularly
among marginalized andexcluded communities

When you are financially excluded, seemingly simple tasks suchas paying a bill, buying goods or transferring money can be risky,
expensive and time-consuming.
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EGYPT

IV. S trengthening
Our Communities

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BANGLADESH• Supporting Egypt Banking
Institute to educate 6.7 million
government employees andVisa payroll cardholders on
the benefits of electronic
payments.

• Funding CARE to develop financial products
and literacy to support the needs of female
garment workers.

VIETNAMUGANDA• Supporting Opportunity International toprovide thousands of Village Savings andLoan Association members access to digital
payments using mobile money throughOpportunity Bank of Uganda Limited.
K E N YA
GHANA• Partnering withCARE to connect
more than 17,000
Village Savings andLoan Association
members to formal
financial services.

• Partnering with Pact to deliver education programs focusedon changing financial behaviors to increase the adoption
and usage of formal financial services among underserved
Kenyans.
• Supporting CARE to develop digital credit profiles of savings
group members to make it easier for banks to assess clients’risk and enable borrowing for savings groups.
SOUTH AFRICA, MOZAMBIQUE & ZIMBABWE• Supporting CARE todevelop business
management skills andan electronic payments
solution for ethnic minority
women in Village Savingsand Loan Associations
as the first step towards
financial inclusion.
INDIA• Thousands of low-income
workers have access toaffordable, micro-savingsand pension products
from regulated financial
institutions through Visa
prepaid cards.
• Partnering with Jana
Urban Foundation to offer
financial literacy and goalbased savings coaching
to thousands of female
clients at Janalakshmi
Financial Services.

• Funding TechnoServe to raise awareness and deliver education
campaigns in migrant working communities to increase usageof more secure and reliable electronic payments for remitting
money home.

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Saving for a Brighter Future

Visa, working with Diamond
Bank, Women’s World Banking
and EFInA, created an innovativesavings product called “BETA
Savings” that overcomes thebarriers preventing these women
entrepreneurs from saving theirmoney more securely.
Today, there are more than
257,000 BETA Savings accounts.
More than 550 Diamond Bank
agents, commonly known as“BETA Friends,” manage day-to-day
deposits across 252 Diamond Bank
branches in and around Lagos.

Image credit: Women’s World Banking

The Balogun market of Lagos,
Nigeria is a thriving hub ofcommercial activity, drawing
shoppers and business people
from all over West Africa. Most
market sellers are predominantly
women and work entirely in cash,
which is particularly risky when
they often travel long distancesin the evenings to safely store
their earnings.

Catalyzing Programs to Reach Minority Households
Financial exclusion is not a challenge limited only to emerging
markets. In the U.S., more than
60 million people are unbanked
or underbanked.7 Minority populations are disproportionately
likely to lack access to secure andreliable financial tools. Roughly
53 percent of African-Americanand 46 percent of Hispanic
households are unbanked orunderbanked.

Expanding Merchant Access to E-Payments
Small merchants are often aforgotten dimension of financial
inclusion. In a heavily cash-ladeneconomy, the growth of small
businesses can be stymied if
merchants are unable to accept
electronic payments.
In February 2015, Visa signed
a public-private partnershipwith the Government of
Mexico to provide micro andsmall merchants with mobile

7. Filene Research Institute20 | 2015 Corporate Responsibility Report

point-of-sale (mPOS) in a portable
tablet to enable electronic
payments. The tablet device,called “Tableta Concanaco,” is anacceptance solution that comeswith ledgering and invoicing
products and creates linkages forbusiness owners to access financial services. The program alreadyhas reached 20,000 merchants
and is targeted to scale to100,000 merchants in two years.

Visa is contributing to the projectby supplying a Visa debit card formerchants to receive and makepayments, providing support tothe sales team and training morethan 200 chamber organizations
representing more than 670,000
SMEs across the country.

In an effort to tackle thisdisparity, Visa is supporting
community banks and credit
unions to expand their reachto underserved minority
households through a newprogram with the Filene ResearchInstitute. The program is designed
to identify, test and replicate
programs serving minority
groups in the U.S. and Canada.

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Ensuring Trust and Enhancing Security
We arecommitted tomaking surepeople continue
to trust Visa
from anywherein the world.

Consumer and merchant confidence that they cantransact securely with each other over Visa’s network
requires constant vigilance, investments and crossindustry collaboration. As more consumers shop and
pay with connected devices, and commerce increasingly
migrates to digital channels, we must invest in new
standards, technologies and products that arm not only
financial institutions, merchants and third parties in thefight against fraud, but increasingly consumers as well.
For nearly 60 years Visa has been
one of the safest ways to pay andbe paid, offering superior protection over cash and checks. We
deploy a multi-layered security
approach that has kept fraud
rates low, despite significant
growth in transaction volumes.

Our efforts focus on three areas:

1. Protecting and Removing Sensitive Data
2. Preventing Fraud Through Advanced Analytics
3. Empowering Consumers to Be Part of the Solution

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1. Protecting and Removing Sensitive Data

2. Preventing Fraud Through Advanced Analytics

Our work starts with requiringthat everyone’s systems — ours
and those of other participants inthe Visa payments ecosystem —are compliant with industry
standards, including those set
by the Payment Card Industry
Council (PCI). We invest timeand resources at Visa to educate
all parties involved withpayments on how to process,store and transmit credit card
information safely.

Advancements in Visa’s data
analytics are enabling us toquickly identify fraud in-themoment, so we can alert ourparticipating financial partners
about suspicious transactions.
In less than a millisecond,
Visa technology analyzes up
to 500 data points, including
account holder spending profiles
and global fraud trends, to assign
a risk score to every authorization.
The information flows throughVisa’s risk modeling system,
which has helped identify billionsof dollars in potential fraud
since its inception. Today Visa is
working on new technologies
such as biometrics, dynamic
passwords and device identification that will advance fraud
protection efforts even further.

Our best defense, though, is toremove sensitive account datafrom the payment environment,
putting it into a form thatcannot be used by criminals forfraud. We do this through theuse of chip, tokenization andencryption technologies —three capabilities for which Visa
pioneered common standards
and is working to get deployed
and adopted industry-wide.

Data Protection Technologies• Chip: A computer chip
embedded in payment
cards generates a one-time
use code, unique to everytransaction, providing an
added layer of protection
to in-store payments.
• Tokenization: A technologythat replaces the 16-digit
account number and othersensitive data found on cards,
with a unique digital identifier,bringing added protection to
payments online and in-app.
• Encryption: This technology
puts sensitive consumer
account information into
an unreadable, encrypted
format that protects data if
intercepted, at any point in
the transaction.

Analytics also enable Visa to
identify data compromises
earlier, allowing us to respondWorking
Collaboratively
Visa believes that noindividual company ororganization alone
can solve payment security.
We are committed toworking collaboratively
across industries, law
enforcement and government to ensure secure
payments for consumers.
As part of our efforts wehost security and risksummits globally, run small
business payment education tours, and work as
part of the National Cyber
Security Alliance.

Advancements in Analytics• Biometrics: Using a person’s
physical attributes such asa fingerprint, eye or facialscan, to help verify theaccount holder.
• Dynamic Passcodes:
Requiring additional “dynamic”
verification such as one-time
use security codes andpasswords that are only
good for a single purchase.
• Device Identification:
Determining whether atransaction is being madethrough a mobile device
or computer known to be
associated with the actual
account holder.

Outsmarting Fraudsters with Analytics
Consumers often ask how their bank knew to call them when a thief attempted to buy a TV on their
Visa credit card, or what led a mobile banking app to send an alert after a series of unusual transactions
occurred on their accounts. That’s likely the work of Visa’s sophisticated anti-fraud detection system.
Visa Advanced Authorization starts the moment a cardholder initiates a payment. It analyzes up to
500 unique risk attributes, looking for clues that may indicate fraud, such as whether the transaction
is at a high-value merchant where the cardholder does not normally shop, or if the purchase takes
place at an unusual time of the day. In less than a millisecond, the algorithm assesses these attributes
to produce a fraud probability score: a score of 1 being the least risky, and a score of 99 being themost risky. Visa then relays the risk score to the cardholder’s financial institution, either to approveor decline the transaction. This process is repeated up to 32,500 times per second, with Advanced
Authorization analyzing more than 6 billion pieces of data every day.

8. For more information regarding the Zero Liability policy, including applicability, please visit https://usa.visa.com/support/consumer/card-benefits.html
22 | 2015 Corporate Responsibility Report

immediately to a potential breachand notify financial institutions
about at-risk accounts. As aresult, only a small percentageof accounts exposed in breaches
experience fraud. And even when
fraud does happen, Visa protects
consumers, ensuring they are notheld liable for fraudulent charges
through its Zero Liability policy.8

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Supporting a Culture of Cybersecurity
Recognizing that Internet safety and security is a shared responsibility, Visa is proud of our multi-year support of the National
Cyber Security Alliance (NCSA). Through NCSA’s education andawareness initiatives such as STOP.THINK.CONNECT. and National
Cyber Security Awareness Month, we are helping NCSA create
and implement broad-reaching efforts to empower users at
home, work and school with the information they need to keep
themselves, their organizations, their systems, and their sensitive
information safe and secure online.

3. Empowering Consumers to Be Part of the Solution

Protecting Consumer Privacy

Consumers play an importantrole in the fight against fraud.
Studies have shown that themore active consumers are inmonitoring their accounts, theless they are impacted by fraud.
After all, nobody knows better
if a transaction is valid or

Visa conducts its business inaccordance with key privacy
principles known as the Fair
Information Practices Principles.
These guiding principles areintegral to our commitment
to properly collect, use andsafeguard personal information.

fraudulent than the accountholder. New products andservices being developed byVisa allow consumers to see
real-time activity on theiraccounts, and even set parameters to monitor and manage
usage of those accounts.

Putting Control in the Hands of Consumers• Transaction Alerts: Allow consumers to receive near-real time alerts
by text, mobile app, or email whenever their accounts are being used.
Often, the notification arrives while the receipt of purchase is still printing, giving consumers immediate visibility into any potential fraud issues.
• Spend Controls: Enable accountholders to set simple, convenient,and effective spending controls or even temporarily suspend theiraccounts using a simple on/off feature.
• Mobile Geo-location: Provides consumers with an opt-in capability
to share their mobile device location when making purchases,
giving financial institutions an additional data source in detecting
fraudulent transactions.

Where Visa collects personal
information to provide services
directly to consumers, Visa iscommitted to:• Protecting Information:
Security is a top priority
for us, and we will protect
the personal information
cardholders entrust with us.
• Providing Clear Notice:
We provide consumers withclear, easy-to-understandinformation about the type of
information we collect, how it
may be used and whether or
not it will be shared with third
parties. We also explain the
choices consumers have about
how information will be usedor shared, and how to contact
us with questions or concerns.
• Offering Choice: We provide
consumers choice on whether
to participate in Visa consumer
programs, such as Visaprovided offer programs.
• Enabling Access: We provide
consumers with mechanisms
to access, correct and update
the personal information they
provide about themselvesin connection with ourconsumer programs.

Visa recognizes
that protecting
consumer privacy
is critical to earning
the trust of our
stakeholders.

Visa Inc. | 23		II. Investing in Our People
Everyone knows Visa, but few get to shape it. We havea talented and diverse global team of 11,300 strong andgrowing, with creative energy and entrepreneurial spirit
working in offices, data centers and innovation and technology centers globally. We are at the center of technology
and innovation, driving digital commerce around theworld. Employees are doing meaningful work thatempowers consumers, supports businesses, streamlines
governments and grows economies around the world.
We know employees are best able to take on thesechallenges when they are part of a diverse and inclusive
environment, with infrastructure in place to readily
support their needs.
IN THIS SEC TION:• Employee Engagement and Development• Diversity and Inclusion• Wellness and Benefits

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Employee Engagement and Development
Visa is committed
to engaging
employees andsupporting theirprofessional
development.

We are committed to making Visa a great place to work,so that as a company we can attract and retain the besttalent in the world. With this goal in mind, we believe it isessential to give employees access to education, training
and diverse work experiences, as well as exposure to
new opportunities.
Employee Engagement
Sample EmployeeInspired Projects• Introduced three
weeks of paid
paternity, maternity
and adoption leavein the U.S.
• Employee stock
purchase plan
• Modern, collaborative
workspaces• Mobile app for
employee shuttle• Everywhere Shop
offering Visa-branded
clothing andmerchandise

Our approach to employee
engagement includes a commitment to ensuring that ouremployees understand ourstrategy and what it means forthem in their respective roles.
We also seek to create the rightforums for employees to shareideas and connect with eachother, and we support programs
to build a culture of community
and recognition.
Connecting our global community of employees is key to driving
the success of our business. Our
company intranet, Insite, is a major
news source for employees and away for them to stay connected
to business news about thedirection of the company andevents that might be of interest
to them. Recent upgrades to
Insite have made it a more usefuland relevant tool for employees.
This intranet, complemented bydigital signage in major offices,
helps employees stay informed.
Quarterly global all-staff meetings with question-and-answer
opportunities directly withexecutive management as well as
the CEO Blog also provide ways
for employees to stay connected
to our strategic priorities.

Ideas Portal— 2015 ata Glance

We also use our marqueesponsorships to engage
employees. Employee-specificsponsorship activations excite
employees and educate them
about the role sponsorships playin supporting our business.
In 2013, we launched an ideas
portal and asked employees
to submit their suggestions
for improvement through atransparent and open process— all ideas and comments
are visible to all employees.

958 ideas submitted,
85 projects completed and206 projects new or underway
Visa Inc. | 25

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Every idea is reviewed, and theresults and changes are posted.
Through the crowdsourcing
approach, we have responded
to our employees with changes
representing a spectrum of areas,from how to enhance our physicalworkplace, to new product andservices ideas and new policies for
improved work-life integration.

I. Transforming
Commerce

II. Investing in
Our People

We also use the annual Visa
Employee Survey to listen andrespond to our employees.
Through this confidential,
voluntary survey, employees
have an opportunity to rate
and provide feedback across a
broad range of topics including
strategy, communications, tools
and processes, career anddevelopment opportunities

III. O perating
Responsibly

IV. S trengthening
Our Communities

and direct manager quality.
Results of the survey are reviewed
by senior management and theBoard of Directors, then sharedwith all employees along withactions to be taken in response.
Employee engagement at Visa
also includes our efforts to build aculture of recognition throughour Go Beyond employee

Closingrecognition program. Traditionally a program for managers torecognize employees, in FY15
we revamped the program toallow employee-to-employee
recognition, greater visibility for
those being recognized as well
as new ways for employees toprovide financial awards or gifts
along with the recognition.

Annual Employee Survey Participation Rates
90%

85%

80%

75%

70%
2013

2014

2015

Since launching the social recognition partof Go Beyond, employees have given “thanks”
and recognition to both individual employees
and teams.

Professional Development
Investing in Our NextGeneration Workforce• Visa Interns: We build ourentry-level talent pipelineby hiring eligible interns
into full-time positions anddeveloping relationships
with outstanding students
for future internships. In
2015, Visa was proud to hostover 300 interns worldwide.
• New Graduate Development Program:
We provide top entry-level
talent the opportunity towork on business-criticalprojects and assignments.
Participants experiencevarious parts of the business through four 6-monthrotations, along withtraining and development,
mentoring, networking andexposure to leadership.

26 | 2015 Corporate Responsibility Report

Visa believes the foundation for
employee growth is selfawareness of strengths anddevelopment areas. We
encourage frequent, regulardevelopment check-ins to give
employees and managers an
opportunity to provide feedback
and discuss career development,
long-term goals that align with
future business needs and how
employees can continue toimprove their impact andeffectiveness at Visa. In 2015,
we designed and launched a

360-degree developmental
feedback tool for Visa managers,which will be available to all Visa
employees in 2016.
We also offer a comprehensive
curriculum of technical andprofessional, management andleadership programs to help
employees grow their contributions and their careers. These
programs include self-service
learning modules, short training
courses and in-depth development workshops.

In FY15: 2,118 employees completed a leadershipor professional skill development program, and
42% of our eligible people leaders have participatedin development programs targeted at first-time
managers and middle managers.

Coming Soon:
Visa University
Visa recently announced
the creation of Visa
University, slated to
debut in 2016.
The Visa University
Online Campus will
present our employeeswith a wide array oflearning opportunities,
from foundational
knowledge of ourbusiness to specialized
curriculum for specificroles. Visa also will becreating dedicatedcampuses in our
San Francisco areaand Singapore offices,
custom-built to provide
best-in-class learning
environments andexperiences.

Opening

Our Company

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. S trengthening
Our Communities

Closing

Diversity and Inclusion
Visa is committed
to fostering adiverse and inclusive workplace,and we value
the individual
differences,
experiences andcapabilities ofeach employee.

By creating an inclusive environment, Visa leverages thecontributions of our diverse employee population toenrich our organization and further Visa’s global success.
Having a diverse and inclusive
workplace — enhanced by
the varied backgrounds andperspectives of our worldwide
teams — is critical to having acompetitive advantage in today’s
global corporate environment.
Our Diversity and Inclusion (D&I)
practice focuses on attracting,recruiting and retaining diverse
talent representation (diversity),building an effective andsatisfying work environment(inclusion) and engaging withthe broader community of
stakeholders.

Our Vision: A place where everyone is accepted everywhere; that’s
where we want to be. By leveraging the diverse backgrounds andperspectives of our worldwide teams, Visa is a better place to workand a better business partner to our clients.
Our Mission: Create an environment in which individual differences
and capabilities are valued and contribute to our business success.

“ Diversity is the mix. Inclusion is making the mix work.
Inclusion is ensuring that people feel valued, respected
and supported. It’s about empowering individuals andcreating the best conditions for each person to achieve
his or her full potential. Only with that full potential
achieved can our company experience true success.”– Visa’s Chief Diversity Officer

Visa Inc. | 27

Opening

Our Company

Our Approach
Visa’s approach to D&I involves
four key areas of focus:

1. People: Attract, develop
and retain a workforce thatis reflective of the global
business and communities
we support. We strive to build
teams that bring diversityof thought, experience andbackgrounds to the table atevery level.

2. Environment: Foster an
inclusive organizational
environment that celebrates
differences and encourages
unique perspectives.

3. Leaders: Promote culturalagility among all Visa leaders
to maximize workforce
engagement and ensure amore robust talent pipeline,

I. Transforming
Commerce

II. Investing in
Our People

leadership alignment andengagement.

4. Business: Harness theinnovative potential of an
inherently diverse workforce
to drive business initiatives
and increase Visa’s brandreputation among all
constituencies, reflecting
our commitment to be an
employer of choice andgood corporate citizen.
Our Diversity and Inclusion efforts
are led by our Chief Diversity
Officer and overseen by ourDiversity and Inclusion Executive
Council. The Council, consisting ofseveral members of Visa’s Executive Committee, recommends anddevelops D&I initiatives, models
diverse and inclusive behaviors
and drives accountability for our
program and results.

III. O perating
Responsibly

IV. S trengthening
Our Communities

Closing

Visa Employee Resource Groups• Amigos (Visa Hispanic & Latino
employees)• GEN (Generations Engagement
Network)• VAEN (Visa Asian Employee
Network)• ViAble (employees withdisabilities)• VIBE (Visa Black employees)

Our efforts are complemented
by our individual communityfocused Employee Resource
Groups (ERGs) as well as ourbroader Diversity & Inclusion
Chapters. Together, they help
foster an inclusive workplaceenvironment that seeks to fullyuse employees’ talents, skills
and abilities.

• VINA (Visa Indian Alliance)• Visa Military (current or past
military affiliation and allies)• Visa Pride (LGBT employees)• VMEA (Visa Middle Eastern
Alliance)• VWN (Visa Women’s
Network)

Visa D&I Chapters
•
•
•
•
•
•
•
•
•
•

Ashburn
AustinBellevue
BrazilCanadaDenverMexicoMiami
New York
Utah

Women @ Visa
Proud of Our LGBT Commitment
As a company and as a brand, Visa stands for inclusivity andcelebrates diversity. We are a strong supporter of the lesbian,gay, bisexual and transgender (LGBT) community, and we areproud to share recent highlights:

The success of women at Visa is integral to all that we do. That is why
Visa continues to implement a four-part strategy, with comprehensive programs and policies in each, for advancing women at Visa.
RecruitDevelop

Collaborate

RetainIn 2015, Visa once again received a perfect score of 100% on the2015 Corporate Equality Index (CEI), a national benchmarking
survey and report on corporate policies and practices related
to LGBT workplace equality, administered by the Human Rights
Campaign Foundation.

RecruitCollaborate• Diversity recruiting strategy• Visa Women’s Network• Sponsorships• Women in Technology

Develop

RetainVisa supports Out & Equal Workplace Advocates, a nonprofit
dedicated to ending LGBT workplace discrimination. In 2015, Visa
was a leading supporter of the organization’s annual conference.

• ExecutiveEdge (VP women’s
leadership program)• Better on-ramping/
off-ramping during
maternity/adoption leaves

Finally, Visa joined hundreds of major corporations from acrossthe United States in signing a friend-of-the-court amicus brief
urging the U.S. Supreme Court to strike down laws prohibiting
marriage equality. On the day of the decision, Visa shared in
the celebration with the above post, one of our most shared,
most liked social media posts to date.

28 | 2015 Corporate Responsibility Report• Unconscious bias training forleaders and managers• Sponsorship programs• Visa University andleadership programs

Opening

Our Company

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. Strengthening
Our Communities

As a global payments
technology company,
we recognize
the importanceof diversity andinclusion to enabling
our supportof consumers,
businesses, financial
institutions andgovernments
around the world.

Our Progress
To drive progress in diversity
and inclusion, Visa continues todevelop, manage and expand
key programs in the areas oftalent acquisition, retention anddevelopment, leadership andcommunication. In 2015, ourareas of focus included embedding our D&I strategy throughout
the company, adding global
initiatives and creating signature
programs focused on recruiting
and retaining diverse talent, as
well as continuing to build aculture of intentional inclusion.
Our progress included:• Developed training emphasizing the importance of a diverse
candidate slate and providing
tools to address the potential
for bias in the hiring and talentdevelopment process.
• Developed an internal,
quarterly diversity report to
track and report diversity data.
Diversity metrics were also
integrated into talent strategy
assessments, workforce
planning analytics and theemployee engagement survey
to establish a baseline forassessing efforts.
• Established a dedicateddiversity recruiting teamand worked with externalorganizations to develop
partnerships designed
specifically to target diverse
candidates. We began topartner with predominantly
African-American universities
and prominent organizations
for female and minority
students to improve diversityof graduates and intern hires.

Closing• Created development
opportunities for highpotential diverse talentthrough leadership programs,
workshops and increasing
visibility to leadership. We
also worked to increase thediversity of candidate slates
for VP and SVP roles.
• Formed partnerships withnationally recognized diversity
organizations, includingorganizations supporting
women in technology andwomen working in thepayments ecosystem.
• Held a Diversity and Inclusion
Leadership Summit in our
Asia Pacific region, resulting
in increased understanding ofdiversity and inclusive leadershipconcepts and engaging leaders
to create action plans toaddress areas of opportunity.
• Celebrated International
Women’s Day by hosting andparticipating in special events
externally and internally,
including in over two dozen
Visa offices.

• Progressed our commitment
to the Joining Forces
Initiative by partnering withorganizations that support
veterans in their transition frommilitary service to the civilian
workforce. Visa also becamea founding member of theVeterans Financial Coalition,a group of organizations thatprovide financial educationand consumer protection toveterans and their families.
As a global payments technology
company, we recognize theimportance of diversity andinclusion to enabling our supportof consumers, businesses, financial
institutions and governments
around the world. From leveraging the contributions of ourdiverse employee population
to creating an environment inwhich individual differences andcapabilities are valued, we willcontinue to take key steps to makeprogress in this important journey.

Visa Inc. | 29

Opening

Our Company

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. Strengthening
Our Communities

Closing

Wellness and Benefits
Visa strives toprovide a safeand healthy work
environment
as well ascompelling,competitive
benefits to
attract, motivate
and retain talent.

Health and Wellness

Employee Safety

At Visa, we believe that a focus
on health and vitality is criticalto our employees’ personal andprofessional success. Through our
Visa Cares Health and Wellness
programs, we offer a varietyof customized programs andevents, including:Protecting Visa staff and safeguarding company facilities allover the world are the principal
priorities of our Global Security
and Safety (GSS) team.

• Region-specific Visa Cares
online wellness portals, which
offer information on health andwellness programs and articles
on various wellness topics• Lunchtime seminars that
address topics such as exercise,nutrition, stress reduction andgreen living• Free annual flu shots• In our primary corporate
campus, sports teams andclubs, free group exerciseclasses, biometric screenings,
and weight loss challenges
Visa’s ergonomics initiative
provides employees with an
online assessment tool toidentify ergonomics issues andan interactive training session.
Employees receive an evaluation,
ways to reduce risk factors as wellas the opportunity to speak withan ergonomics consultant.
30 | 2015 Corporate Responsibility Report

We implement a multi-faceted
approach to assess and manage
risk in a dynamic environment

while striving to be the "goldstandard" for global security,
emergency response andsafety management, supporting
our employees no matter
where they live, work or travel.
Our GSS team identifies emerging
security threats, assesses theassociated risks and engages withour business leaders to enablesafe and secure operations.

At Our Employees’ Side
Based in our secured Global Security Operations Center, Visa’s
Global Security and Safety team works day and night to keep our
employees and assets safe.
With a watchful eye on potential security threats such as natural
disasters, civil unrest, terrorist attacks and beyond, the team
actively monitors Visa facilities, the routes of Visa travelers, ourmajor sponsorship events, the whereabouts of expat personnel,
strategic third-party sites and broader world news. By mapping
Visa's worldwide exposure and overlaying intelligence feeds fromsecurity, government and media sources, the Global Security
and Safety team keeps a pulse on what is happening across theglobe on a real-time basis. The team can swiftly access pertinent
information regarding personnel or physical properties that could
be threatened. The team then can alert management, reach out
to local staff to confirm their safety status and begin additional
planning and response as needed.
With proactive security strategies and quick responses to theunexpected, Global Security and Safety is at our employees’ side.

Opening

Our Company

On average, our team members
bring 20 years of prior security
experience, including working ininternational settings. The teamalso helps Visa maintain compliance globally by adhering to
specific local, state and nationalsafety regulations.

Compensation and
Benefits
Visa is committed to providing
our employees with compensation and benefits packages
that are competitive in themarketplace. Our Total Rewards
program helps us attract, engage,
motivate and retain a skilled andcommitted workforce and reward
people for great performance.
Total Rewards refers to all formsof financial payments, benefits
and services provided by Visa aspart of our employees’ employment. In addition to base salary,
Total Rewards also may include:• Incentives: short-term
incentive plans (bonuses) suchas the Visa Incentive Plan (VIP)
to help drive performance
towards the achievement ofcompany and individual goals

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. Strengthening
Our Communities

Closing• Equity: long-term incentive
plans that emphasize our payfor-performance philosophy
and create retention value by
rewarding performance overtime including equity grants
for eligible employees andan employee stock purchaseplan for broader equity
participation• Benefits: the value of thehealth care, insurance,
retirement and other benefits
programs that employees
receive through Visa
We offer a comprehensive
benefits package to help
employees design a programthat meets their and theirfamilies’ needs.
While benefits vary by country/
region, all employees receive
certain core benefits provided
through Visa or in compliancewith local regula-tions, including
the following:• Health care insurance coverage• Retirement/savings plans• Life insurance and disability
coverage

Visa also offers pre-tax dependent care and health care flexible
spending accounts in the U.S.
Through our benefits program,
we also help employees planand save for the future. For
example, in the U.S., Visa offersa 401(k) plan with immediate
vesting and a match of up to
6 percent of base pay.
In addition to the above,
Visa offers lifestyle benefits.
A representative sampling
includes:• Paid time off• Educational Assistance• Leaves of absence• Employee Assistance Program• Adoption Assistance

New ESPP Program
Launched
In 2015, Visa launched
our employee stock
purchase plan (ESPP).
Through the ESPP,
employees in mostof our locations canpurchase Visa stockwith after-tax funding
at a 15 percent discountoff the market price.
Through this program,
our employees can befurther aligned with
our mission and sharein our success.

• Commuter Assistance• Discounted Legal Planning

We offer a comprehensive benefits package
to help employees design a program thatmeets their and their families’ needs.

Visa Inc. | 31		III. Operating Responsibly
Visa is committed to promoting responsible practices
that contribute to a successful business environment.

IN THIS SEC TION:• Corporate Governance• Ethics and Compliance• Responsible Sourcing• Environmental Sustainability• Political Involvement and Public Policy
32 | 2015 Corporate Responsibility ReportOpening

Our Company

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. S trengthening
Our Communities

Closing

Corporate GovernanceOur continued
business successis driven, in part,by our efforts toensure best-inclass corporate
governance.

Visa is a recognized corporate governance leader, as we
actively update our policies and practices to exceed the
expectations of investors and regulators globally.
Shareholder Engagement and ResponsivenessVisa is committed to a robust dialogue with our shareholders. This year, informed by our shareholder
dialogue, we have taken action in three specific areas to strengthen corporate governance:• Supermajority Removal: In 2015, we asked shareholders to vote on the removal of supermajority
vote requirements in our charter. As a result of the vote, the bulk of supermajority items werereduced to a majority vote requirement.
• Adoption of Proxy Access: The board adopted proxy access bylaws that permit stockholders
owning 3% or more of our Class A Common Stock for a period of at least three years tonominate up to 20% of the board and include these nominees in our proxy materials.
• Enhanced Political Involvement Disclosure: We updated our corporate policy to specify that
employees can engage personally in the political process without discrimination, confirmedthat Visa will disclose payments to any tax-exempt organization that advocates model legislation(2013), and we committed to surveying trade associations to determine whether any of Visa’sdues were used for political purposes.
In 2015, we also continued to increase our shareholder outreach efforts during and after proxyseason in order to maintain a productive dialogue about our business. Some of the major themes
discussed in fiscal year 2015 included board composition and diversity, executive compensation
philosophy and performance metrics, our multiclass capital structure, proxy access, risk oversightand corporate responsibility.

Visa Inc. | 33

Opening

Our Company

Visa’s corporate governanceframework, including our
Corporate Governance guidelines,
exemplifies our commitment tothese standards.

Highlights of Corporate
Governance• Independent chair, 91% (as ofFebruary 2016) independent
directors and 100% independent board committees• Annual election of all directors

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. Strengthening
Our Communities

Closing

Visa Board of Directors (as of February 2016)CEO9%< 2 years

3–5> 5 years

55%

Ethnic, genderand national
diversity

10 Independent
Directors

91%

Average independent
director tenure = 5.5 years

Strong Independent
Leadership

Balance of Fresh Perspectives
and Institutional Knowledge

Commitment toBoard Diversity• Majority voting for directors
in uncontested elections• Director resignation policy• Greater than 75% director
attendance at meetings• Independent directors meet
regularly in executive sessions• Annual board and committee
self-evaluations and peer
evaluations• Limitation on outside board
and audit committee service
Our Board and Nominating
and Corporate GovernanceCommittee are actively engaged
in succession planning and board
refreshment, including adding
three new directors to the board
in the past two years.
Visa is proud of the diverse
backgrounds and skillsets of our
Board, and we aim to continue
improving in this area. We publish
a full list of Board member
criteria in our proxy statement,
which includes the background,experience, and skillset ofthe candidate; demonstrated
personal and professional ethics;
a commitment to shareholder
value; and a contribution to diversity, in addition to what attributes
are determined to complement
those of the existing Board at thetime a new candidate is sought.

34 | 2015 Corporate Responsibility Report

Executive and Board Compensation
At Visa, our core philosophy with respect to executive compensation is pay for performance.
Several of our compensation programs, therefore, are intended to align our named executive officers’interests with those of our shareholders by rewarding performance that meets or exceeds the goals
the Compensation Committee established with the overall objective of increasing shareholder value.
The evaluation of performance includes that of the company as a whole, the individual executive
and performance realized by shareholders in the form of total shareholder return. Our Compensation
Committee also considers potential risks when reviewing and approving compensation programsand takes steps to prevent incentives that would encourage excessive levels of risk.
Overall, Visa chooses a balanced set ofcompensation types and metrics witha proven record of driving shareholder
value. We believe that the incorporationof these various metrics creates thecorrect incentives for our management
team and balances short- and long-term
performance incentives to support
long-term shareholder value creation
while avoiding excessive risk taking.
A detailed review of executive and board
compensation is provided in the Visa Inc.
Proxy Statement.

2015 CEO Compensation Mix

8% Salary
19% Target

annual incentive

73%

Target longterm incentive

92%
at risk

Opening

Our Company

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. S trengthening
Our Communities

Closing

Ethics and Compliance
We believe
the trust ofinvestors,
cardholders,merchants
and financial
institutions
needs to beearned.

Visa is committed to promoting an ethical businessenvironment by ensuring integrity in all facets of ourbusiness, every day, everywhere. Our comprehensive
approach to driving a strong ethical culture includes a
Code of Business Conduct and Ethics, training, controls
and governance.
Visa is committed to a broadand comprehensive global
governance program aroundethics and compliance alongwith annual compliance training
and certifications.

100%of Visa employees
have now completed
required compliancetraining.

Visa’s Code of Business Conduct
and Ethics is the foundation for
how we conduct all businessactivities around the world.
The Code applies to all directors,
officers, employees and contingent staff, and sets expectations
regarding appropriate businesspractices, behaviors andstandards. The Code undergoes
an annual review and is available
in eleven languages. Throughannual compliance training, theCode encourages personnel toengage in honest and ethicalconduct in performing theirduties, details guidelines for how
we ethically handle actual or
potential conflicts of interest, andoffers mechanisms and protections from retaliation for anyone
inside or outside the company toreport an alleged violation of theCode, including through email,mail, confidential hotline or directcommunication with managers
or Human Resources, Legal and/or Compliance Departments.
Annual certification and training
to the Code by all employees isrequired. Employees also submit
separate conflict of interest
certifications and disclosures.
To help ensure our employees
have the capacity andresources to make ethicalbusiness decisions, Visa hasdeveloped a comprehensive
global compliance program. In
addition to mandatory annual
training, we have developed andimplemented internal controls
to prevent and detect unethicalbehavior, and we are implementing risk assessments andmonitoring and testing. We havedeveloped a broad set of policies
and procedures to assist ouremployees in the conduct of ourbusiness, and we communicate
regularly to our global employee
population. When we becomeaware of potential improper
conduct, we investigate fully
and take appropriate action. Visa
regularly monitors the effectiveness of its compliance program.

Visa Inc. | 35

Opening

Our Company

An additional component of
our approach to ethics andcompliance is through strong
governance across all levels of
the company and at the Boardof Directors level. The Board of
Directors receives regular reports
on Visa’s overall complianceprogram performance, the AML
and OFAC program performance,
key initiatives, hotline usage,
misconduct metrics, compliancetraining results, communications
initiatives and risk assessments.
The Board of Directors also
receives regular updates on
significant regulatory and legal
developments. The Ethics andCompliance Working Group(ECWG) has a charter to driveorganizational engagement,alignment and accountability inthe execution of the complianceprogram across the businessas well as to regularly review
performance metrics, key
program initiatives and hotline
reporting statistics.
Visa’s Chief Compliance Officer(CCO) is the senior employeewith overall responsibility for the
global compliance and ethics
program. The CCO frequently
collaborates with the General

Select Topics Addressedin Visa Policies• Anti-Bribery• Anti-Money Laundering, andAnti-Terrorist Financing and
Sanctions• Antitrust and Competition Laws
• Charitable Contributions• Conflicts of Interest• Data Privacy• Discrimination and Harassment• Health and Safety• Insider Trading• Political Participation,
Lobbying and Contributions• Protections and Proper Useof Company Assets• Whistleblower and
Non-Retaliation
36 | 2015 Corporate Responsibility Report

I. Transforming
Commerce

II. Investing in
Our People

Counsel, has access to the Audit
and Risk Committee (ARC) when
deemed necessary and communicates with the Board and ARC
on a regular basis.
The CCO’s team, consistingof approximately 60 full-timecompliance professionals
worldwide, includes complianceleadership and staff located in
our international offices, alongwith compliance leads withoversight for key areas suchas Anti-Bribery, Anti-Money
Laundering, Trade Sanctions,
Information Security, and ourBusiness Conduct Office .

III. O perating
Responsibly

IV. Strengthening
Our Communities

Closing

Visa Named a World’s Most
Ethical Company Third Yearin a Row
Visa was named as a 2015 World’s Most Ethical Company by the
Ethisphere Institute. Only a limited number of organizations receive
this honor each year, representing their commitment to ethicalleadership in action and how it leads to better business outcomes.
The World’s Most Ethical Companies designation recognizes
companies that go beyond making statements about doing business “ethically” and translate those words into action. According
to the Ethisphere Institute, “honorees not only promote ethicalbusiness standards and practices internally, they exceed legal
compliance minimums and shape future industry standards byintroducing best practices today.”Anti-Bribery and Anti-Corruption
As a company whose reach extends around the globe, Visa takes great care in fostering a culture of
ethical behavior. We abide by the U.S. Foreign Corrupt Practices Act (FCPA) and similar anti-bribery laws
in other countries/regions. The Company is committed to winning business through fair and honest
competition in the marketplace. Promising, authorizing, offering, giving, accepting or soliciting anythingof value,or any advantage, to anyone, with the intention or appearance of improperly influencing his or her
decisions or conduct, or as a reward for improper performance, is strictly prohibited.

Antitrust and Competition
As underscored in the Visa Code of Business Conduct and Ethics, Visa is committed to competing
lawfully, ethically and fairly in the marketplace based on the merits of our products and services.
In support of this commitment, we have developed a standalone Antitrust and Competition Law
Compliance Policy which explains the function of competition laws and provides guidelines to assist
employees in complying with competition law. We also have created custom training courses for our
employees to enhance their awareness of antitrust and competition law, assist them in identifying
potential circumstances that may raise antitrust and competition law issues and inform them on how
to seek assistance with any such issues. We also have developed and implemented internal controls toprevent and detect issues that may raise antitrust and competition concerns. In addition, the Legalfunction within Visa includes experts who monitor developments in antitrust and competition laws
globally, including implementation of new competition laws and regulations, to ensure that Visa’s
policies, procedures and actions are updated to reflect any developments accordingly.

Anti-Money Laundering and Anti-Terrorist Financing
Visa is committed to complying with all applicable anti-money laundering and counter-terrorism
financing laws and regulations. Our decision to do business with various partners is guided by aninterest in protecting our clients, our reputation and following applicable laws.
Visa abides by all applicable Office of Foreign Assets Control (OFAC) regulations and other applicableeconomic sanctions regulations and does not do business in or with countries/regions
comprehensively sanctioned by OFAC nor with Specially Designated Nationals. Visa conducts due
diligence of its clients both at the time of contract and on an ongoing basis.
To reinforce our commitment to these legal requirements, we require comprehensive annual compliancetraining for employees and contingent workers at all levels. Our executive leadership leads by example
via their participation in training and communications materials. Visa periodically measures awarenessand understanding of our ethics and compliance requirements throughout the organization throughemployee surveys and other means.

Opening

Our Company

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. S trengthening
Our Communities

Closing

Responsible Sourcing
We believe that
relationships
with oursuppliers
are critical in
helping us growour brand andsupport theoperations ofour businesses.

We believe that our commitment to corporate responsibility
extends beyond our own internal
operations and outward to our
suppliers and business partners
as well. We hold our suppliers
to standards of ethics, and we
encourage sustainable andsocially responsible procurement
practices wherever possible.
For our suppliers, the core of ourapproach is the Visa Standardsof Conduct. This document
applies to all suppliers andsub-contractors and outlines
appropriate standards of involvement with Visa. Included in ourStandards are topics such as nondiscrimination, compliance withlaws and regulations, employee
safety and conflicts of interest
as well as other dimensions of
ethical conduct. Building upon
the Standards of Conduct, Visa will
be developing a formal Supplier
Code of Conduct to outline our
expectations of those providing
us with goods and services.

Supplier Diversity
In our work with suppliers, Visa
continually seeks the best service,quality, and value — at the best
cost — by building mutually

beneficial relationships with abroad and diverse supplier base.
As an extension of our broader
commitment to diversity andinclusion, Visa recognizes thevalue of a supply chain that
includes diverse suppliers, as we
believe that supplier diversity
provides us with a significant
position of strength from which
to support our clients andperform in the markets we serve.
We are continuing to ensure thatworking with diverse suppliers is
an integral part of our strategic
sourcing and procurement
processes. Visa is committed topromoting relationships withminority-owned, woman-owned,
disabled veteran-owned, disabledowned, lesbian-, gay-, bisexual-,
and transgender (LGBT) owned,
small business enterprise, orenterprises located in historicallyunderutilized business zones(HUBZone) suppliers (collectively
called “diverse suppliers”).
Our Supplier Diversity Program
is founded on three basic
operating principles:

1. Promoting business opportunities for diverse businesses
and ensuring that they havefair access to bid and contract
opportunities.

2. Growing the amount of quality
products and services weprocure directly from diverse
suppliers or indirectly throughcompanies who share ourcommitment to diversity.

3. Communicating the valueof supplier diversity, bothinternally and externally.
Today, we track our spend withdiverse suppliers and share
our performance with issuer
clients. We continue to strive toincrease the percentage of our
spend with diverse suppliers byidentifying and including them inour sourcing process, particularly
when considering new suppliers.
We recognize we can do more,
and we are focusing on a numberof enhancements including:• Working with our internalbusiness owners to give moreweight to diverse suppliers
during supplier selection.
• Encouraging our preferredsuppliers to use diverse
suppliers themselves andtrack for reporting purposes.

Visa Inc. | 37

Opening

Our Company

I. Transforming
Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. S trengthening
Our Communities

Closing

Environmental Sustainability
We aim tounderstand andtake action on
our material
environmental
impacts, risks andopportunities.

Visa Offices andEnvironmental Certification
Status (Year Achieved)
Foster City, CA
LEED – EB Gold (2012)
Denver, CO
LEED – EB Gold (2013)
Northern Virginia
LEED – NC Gold (2010)
New York, NY
LEED – CI Silver (2013)
San Francisco, CA
LEED – CI Gold (2014)
Singapore A
Green Mark Gold – CI (2011)
Singapore B
Green Mark Platinum – CI (2013)
Singapore C
Green Mark Gold – CI (2013)

We recognize that living up to the trust that Visa
cardholders, clients, shareholders, employees,
governments and community stakeholders have placedin us also means doing our part to understand andreduce our environmental impact while also identifying
opportunities to increase efficiencies and lower costs.
Our overall management systemapproach to environmental
sustainability includes measuring
our global impact, implementing
targeted initiatives in strategicareas, reporting our progress andengaging our employees.

Measuring Our Impact

We strive to be
intelligent usersof power.

38 | 2015 Corporate Responsibility Report

We understand that “what getsmeasured, gets managed.” In2015, we completed our seventh
annual global environmental
impact audit, a process that dates
back to our initial public offeringin 2008. This annual process,conducted with oversightfrom a leading third-party
environmental firm and mostrecently covering calendar year
2014 (January 1 – December 31),

measures our global energy
usage, water usage, waste
production, landfill diversion,and overall resulting greenhousegas (GHG) emissions and climatechange impact. In doing so, we
capture and evaluate our Scope 1,
2, and 3 emissions following theWorld Resources Institute / World
Business Council for Sustainable
Development GHG Protocol.
We then use the results of thisannual study to understand ourmaterial environmental impact
and risks and opportunities
and to inform our prioritizedenvironmental initiatives.

public reporting of the results ofour environmental impact audit.
Each year, we report our climatechange impact quantitativeand qualitative results to CDP(formerly the Carbon Disclosure
Project), initially as non-public
disclosures and then, beginningin 2013, as public responses.

Reporting Our Progress• Transportation

In our path toward transparency,
we have continued to evolve our

We are pleased to reporthighlights of our environmental
impact across the following areas:• Energy and climate• Water• Waste• Forestry and paper

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Commerce

II. Investing in
Our People

III. O perating
Responsibly

IV. S trengthening
Our Communities

Closing

Energy and Climate

In calendar year 2014, ourestimated total energy usage was509,460 GJ, representing a 3%
increase year-over-year but a 4%
decrease compared to 2009, ourbaseline year. Our data centers
represented our largest users ofelectricity (68% of total).
Using global standards todetermine, the GHG emissions
associated with our electricity
usage along with other energy
sources such as natural gas andfuel oil, was 109,325 MTCO2e.
This represents a 4% increaseyear-over-year and versus our2009 baseline.
In part to enable comparability
and benchmarking, Visa also
calculates GHG intensity metrics

from our 2009 baseline to thepresent. To calculate intensity,
we focus on three primarydimensions: emissions per
employee, per office squarefoot and per dollar of revenue.
As noted in the accompanying
tables, while our business has
nearly doubled across thesethree primary dimensions since2009, our absolute emissions
have remained nearly flat.
As a result, our intensity results
have dropped (i.e., an improvement) significantly from our 2009baseline year as follows:• Emissions per full-time
equivalent employee:
down 42% relative to 2009
• Emissions per dollar ofrevenue: down 43% relative
to 2009• Emissions per square footof office/data center space:down 21% relative to 2009
As the above results suggest,
our primary opportunities for
reducing our direct environmental
impact centers around how we
can operate our office buildings
and data centers more efficiently
and use “greener” (i.e., more
renewable) sources of energy.

Visa GHG Emissions
Calendar years 2009–2014, by business activity(Calendar years 2009–2014, by change of metric)
20%

Absolute
Emissions0%

Emissions/
Square Feet

-20%

Emissions/
Revenue-40%

Emissions/
Full-Time
Employee

-60%

2009

2010

2011

Our ability to maintain relatively
flat energy usage since 2009 as
our business has grown acrossvarious metrics is attributableto our robust energy efficiency
measures, including LEED-based
building design and operations, lighting upgrades andmotion sensors, and an efficientelectronics policy that mandates
at least 90% of new electronics
in our largest corporate campus
offices meet either ENERGY STARor EPACT certification standards.
As a result of these and othermeasures, we have been able toachieve numerous certificationsof our facilities through the
U.S. Green Building Council’s(USGBC) Leadership in Energy
and Environmental Design (LEED)
program, the world’s most widely
recognized and applied benchmark for green buildings.
Visa is committed to managing
continuously available, as well as
environmentally responsible, data
centers. We take pride in being
intelligent users of power, andour long-term strategy includes
efforts to continue improving

120,000
GHG Emissions(Metric Tons CO2e)

Visa Emissions Intensities

Change in Metric

As governments, industry, civilsociety and other stakeholders
worked toward binding agreements around climate change
and emissions reductions, we
continue to recognize throughour annual environmental
audit process that the area that
represents our greatest sourceof emissions is our energy usage.
As a result, this is a priority
area for us to measure, reporton and address.

100,000
80,00060,000

2012

2013

2014

energy efficiency, innovate
our mechanical cooling efforts
and reduce refrigerants usage.
We have engaged in efforts todecommission old, unused IT
equipment in the data centers.
We also are examining the availability and viability of renewableenergy sources to meet theenergy needs of our data centers.
To measure our progress, Visa
tracks our performance in partusing the Power Usage Effectiveness (PUE) rating, which has
become the leading metric forassessing the energy efficiencyof data centers. Visa is striving toachieve a PUE of 1.20. Since themajority of our environmental
impact comes from real estateand information technology (IT)operations, sustainable building
practices are an important partof our real estate strategy and ademonstration of our commitment to responsible businesspractices. As we grow, we willcontinue to seek or build
facilities with environmentally
responsible features and pursue
LEED certification.

40,00020,000
0

2009

2010

2011

2012

2013

2014

20,021

27,82728,30230,961

29,307

28,688

Office19,897

19,346

20,282

18,94820,71324,484

Data Centers

65,576

51,20152,49952,19255,15056,153

TravelVisa Inc. | 39

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I. Transforming
Commerce

II. Investing in
Our People

Water

Diverting Waste from Landfills

Around the world, growing attention is being paid to the challengesof access to clean water and water
scarcity. For Visa, our primary usesof water are in our regular officeactivities and as a component indata center cooling.

While not considered a major
producer of solid waste, we
aim to reduce our absolutevolume of waste while increasing
the amount diverted fromlandfills through recycling andcomposting. Of the offices
reporting waste data for 2014(representing approximately 50%
of our workforce), 5,200 short tonsof waste were produced in Visa
offices, with 43% landfilled and
57% diverted (43% composted,
14% recycled).

We continue to implement green
office and data center features toreduce our water usage. In somelocations, for example, we have
implemented such features aswaterless cooling as well as theuse of gray water. In 2016, we will
enhance our efforts to increase
our Water Usage Effectivenessin our data centers and explore
innovations in heat rejection
to address water consumption.
In our business office facilities,
we will continue our initiatives
to implement sensors on water
fixtures and low-flow toilets in all
new office build outs.
Second, we continue to improve
our ability to track, measure
and report water usage. In 2015,
we were able to track our 2014
water usage of 63 million gallons,
based on actual reported data.
While this reported data comesfrom only 21 sites, this reporting
represents 74% of our global
square footage of offices plus
data centers — an increase
from 34% in 2011. In 2016, we
will continue to improve ourunderstanding and reportingof our global water footprint.

Visa won top honors in the2015 Uptime Institute Server
Roundup competition for
our work decommissioning
underutilized servers in 2014.
Visa decommissioned 9,094
devices in 2014, reduced
power consumption by 557 kW
and reclaimed 3,000 square
feet of data center space. As aresult, we expect to save over
US$3.2 million annually.

40 | 2015 Corporate Responsibility Report

Closing

Data centers, critical to processing payments across our
network, require significant amounts of electricity to operate.
Before we broke ground on our latest data center on the U.S.
east coast, we sought to minimize our environmental impact,
reduce costs and lead in sustainability.
Using the U.S. Green Building Council’s (USGBC) Leadershipin Energy and Environmental Design (LEED) framework, we
designed the new facility — at the time the largest data centerin the U.S. — with sustainability in mind. We incorporated
reflective roofing material that reduces heat absorption,a reclaimed water system that lessens water usage anda filtration and circulation system that provides advanced
indoor air quality. We also included racks to encouragebicycle commuting, the use of green cleaning products
and practices, and light sensors throughout the building.

Visa works to encourage moresustainable travel and commuting
behavior among employees:

The entire campus also is a certified alternative energy
purchaser that includes a mix of alternative power, solar andwind technologies. During construction, we used locallysourced low-emission building materials, and we recycled
75 percent of construction waste.

• Shuttles: Offering employee
shuttles between nearby public
transit hubs and other offices• Public transit: Encouraging
employees to use public
transportation by offeringtransit subsidies

In 2010, the data center was certified LEED Silver. Still oneof the largest data centers in the U.S. and Visa’s largest data
center, housing more than 125 employees, 2,000 servers andsix mainframes on eight acres of land, it is designed to accommodate an additional 15–20 years of business growth. Despite
the facility’s massive size, environmental design has allowed
us to recycle 100% of the water required for operation, saving
nearly 40,000 gallons of drinking water per day. The facility
also has a power usage effectiveness rating (PUE) of 1.92.

• Virtual meetings: Providing
and encouraging use of videoconferencing technology;
implementation of state-of-theart TelePresence facilities at nine
offices worldwide to reduce
the need for business travel,
especially internationally
Our efforts in these areas arebeing recognized, including being
honored as a Best Workplace forCommuters for our San Francisco
Bay Area presence.

Visa employs a number ofmeasures to ensure that the
products and supplies wepurchase have environmentally
preferable attributes, including
responsible sourcing and usageof paper. For example, mostof the printer / copier paper
used throughout our offices
features 30% or greater recycled

IV. Strengthening
Our Communities

Visa’s LEED-Certified Data CenterTransportation

Forestry and Paper

Award-Winning Efforts
to Find Savings in
Our Data Centers

III. O perating
Responsiblycontent and is certified by the
Forest Stewardship Council (FSC)
as sourced from responsibly
managed forests. In the sevenfull years since Visa became apublic company, paper with
30% or more recycled content
represented an average of 76%
of Visa’s total paper use. In 2015
through September, the figure
has increased to more than 89%.
Additionally, Visa participates in
the Office Depot GreenerOffice™
purchasing program, whichhighlights sustainable products
for our office supply purchases.

Percentage of Recycled Paper Composed of 30% Recycled
Content or More (Calendar years through 9/30)
2009

2010

2011

2012

2013

2014

2015

75.2%

76.9%

71.9%

70.3%

77.1%

75.8%

89.1%

We have made significant
progress in our environmental
performance since the formal
launch of our Corporate Responsibility program, becoming
a more energy-efficient,environmentally performing
company. Yet, we know there ismore to be done, and we strive
for continuous improvement.

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II. Investing in
Our People

III. O perating
Responsibly

IV. S trengthening
Our Communities

Closing

Political Involvement and Public Policy
Visa is committed to strong
governance androbust transparency around our
engagement in
the public policy
and politicalprocess.

We provide a detailed
overview of our approach
as well as our activities andreports on the Corporate
Responsibility section of
the Visa external website(www.visa.com/responsibility).

Public sector decisions significantly affect our businessand industry as well as the communities in which we
operate. For this reason, we participate in the politicalprocess through regular and constructive engagementwith government officials and policy-makers, byencouraging the civic involvement of our employees
and by contributing to state and local candidates andpolitical organizations where permitted by applicable law.
We are committed to conducting these activities in amanner that reflects responsible corporate citizenshipand best serves the interests of our shareholders,
employees and other stakeholders.

Visa Inc. | 41

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III. O perating
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IV. Strengthening
Our Communities

Closing

Key Components of Our Approach
PolicyThe Visa Inc. Political Participation,
Lobbying and Contributions Policy
serves as the central guiding
document to help promote
ethical and transparent politicalengagement by Visa, ensure thatour political spending enhances
shareholder value, and facilitate
our compliance with applicablelaws and reporting requirements.
The Policy is available to the
public on the Visa website.

Oversight
Oversight of our political andlobbying activities is provided
by our Board of Directors,
acting specifically through theNominating and Corporate
Governance Committee. The
Committee reviews strategies
and reports of the Government
Relations Department and preapproves the use of corporate
funding for political contributions
and any independent expenditures or additional contributions
related to trade association dues
used for political purposes thatthe company might make.

Reporting
As required in the Policy, Visa
prepares a number of reports onlobbying and political activity,
including our Annual Contributions Report, which itemizes
our political contributions
including the portion of our tradeassociation dues used for politicalcontributions (for those tradegroups who receive $25,000
or more in dues). The reports
currently covering 2010 – 2014 aremade public on the Visa website,where we also list any Visa
support for tax exempt organizations that draft model legislation.
We also prepare for our Board of
Directors an annual report of ourlobbying expenditures.

Political Contributions Criteria
Our website also details the typesof political contributions that Visa
makes as well as the criteria usedin deciding to do so.

42 | 2015 Corporate Responsibility Report

Trade Associations

Sharing Our Perspective

Visa belongs to various tradeassociations in the U.S. andabroad and pays regular duesto these groups. While we do
not generally make additional,
non-dues contributions to
support such groups’ politicalactivities, in the event that it is in
our business interest to do so, weare required by corporate policy
to obtain the Nominating andCorporate Governance Committee’s advance approval anddisclose any such contributions in
the Annual Contributions Report.

For Visa and for our clients, governments are becoming increasingly
important constituents — both as regulators and as commercial
partners. We also recognize that our business and industry is acomplex one, and one that is integrated into many economic andsocial objectives of governments.

Lobbying

We believe part of our mission to be a responsible partner andstakeholder includes helping educate the policymaker community
on topics of commerce, electronic payments and the futureof payments. To support this mission, in 2015 we created the
Visa Global Public Policy Department, a team dedicated toperforming in-depth research and analysis on major policy issues
and trends and developing and maintaining a repository of policy
positions. The team also will provide educational programs forgovernment officials looking to grow their understanding of theelectronic payments ecosystem.

We endeavor to maintain ahealthy and transparent relationship with governments aroundthe world by communicating ourviews and concerns to elected
officials and policy-makers. As
an industry leader, we encounterchallenges and opportunities ona wide range of policy matters at
the federal, state and local levels in
the U.S., as well as internationally.
We engage lobbyists and partnerwith trade associations andother organizations to assist us in
responding to these challenges
and opportunities, and ourGovernment Relations department reviews these engagements
on a regular basis.

Visa Political Action
Committee

Transparency in Political Involvement

In the U.S., Visa has establisheda federal Political Action
Committee (PAC) to enable oureligible employees to voluntarily
pool their financial resources
to support federal politicalcandidates and organizations.
Additional details are available on
our website, and all contributions
are publicly disclosed.

The following resources are made available on Visa.com:• Visa Inc. Political Participation, Lobbying andContributions Policy• Annual Contributions Reports (2010 – 2014)• List of Visa support (if any) for organizations thatdraft model legislation• Visa PAC details

IV. Strengthening Our Communities
While Visa continues to drive economic growth andimprove lives through the global electronic payments
network that we run and the products we offer, we also
believe in using the power and assets of Visa to strengthen
our local communities and to be a global citizen.

IN THIS SEC TION:• Financial Literacy• Local Giving• Employee Giving and Volunteering• Humanitarian Response
43 | 2015 Corporate Responsibility Report

IV. Strengthening Our Communities
Visa Inc. | 43

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II. Investing in
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III. O perating
Responsibly

IV. Strengthening
Our Communities

Closing

Financial Literacy
Visa has beencreating anddelivering
personal financeeducation to
consumers
throughout theworld for the
past 20 years.

Visa is dedicated to being a leading global providerof financial literacy resources for partners andconsumers as well as a thought leader in advancing
financial literacy education.

Visa has
distributed

497,000+
educational
comic books
worldwide.

For the past 20 years, Visa has
been creating and delivering
industry-leading personal financeeducation to consumers incoordination with clients andgovernment partners. In 2008,
Visa pledged through the Clinton
Global Initiative to reach 20
million people worldwide with
our financial literacy programs by
2013 — a goal that we surpassed
one year ahead of schedule.
Today, Visa continues to build on
this achievement by expanding
the reach of our programs.

2015 Financial
Literacy
SummitTo address the challenge and find solutions for improving financial
literacy levels globally, Visa brings thought leaders together
annually for the Financial Literacy Summit. Co-hosted with theFederal Reserve Bank of Chicago, the Summit will celebrate its
10th anniversary event in 2016.
Speakers from 15 countries in the past nine years have addressedover 18,000 viewers. Past attendees and speakers include the
Finance Minister of Canada, governors of the Colombian andPhilippines central banks, U.S. Members of Congress, Australian
Members of Parliament, Chairman of the Federal Reserve Board,
U.S. Consumer Financial Protection Bureau Director, U.S. Treasury
officials and the U.S. Secretary of Labor.

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Our Approach to Financial Literacy
To reach our global audience, ourprogram assets are localized andtranslated for local markets toprovide tools and resources thatare appropriate for eachcountry’s/region's economy,
culture and priorities.
At the center of our efforts is
Visa’s flagship Practical Money
Skills program. Available in
41 markets and translated into
16 languages, Practical Money
Skills offers free educational
resources to help educate
parents, teachers and consumers.
More than 50 financial literacy
programs are part of Practical
Money Skills, whose 17 financial
literacy websites in aggregate
receive over 9 million page views
each month.
Our key program resources
include:• Curriculum: Comprehensiveclassroom curriculum, including
teachers’ guides, worksheetsand quizzes; available for students in pre-K to college as wellas those with special needs.
• Road shows: Localized
theater productions targeting
populations with lower literacy
rates, mixing the appeal of live
performances with humor andeducation.
• Interactive video games:
Capitalizing on the educational
benefits of “edutainment,” ourinteractive games for all ages
include Financial Football,Financial Soccer, Money
Metropolis and Peter Pig’s
Money Counter.
• Online calculators: Help
consumers assess theirfinances, from paying off amortgage, to estimating auto
loan payments, to planningdaily living costs.
• Mobile Apps: Because thescreen of choice for many
today is their mobile phone,
we have created mobile apps
to help consumers manage
their money on the go.

In addition to providing these
directly to consumers, Visa
extends the reach of ourprograms by partnering withother corporations, non-profits,
governments, banks and credit
unions — enabling them to
distribute free financial literacy
resources that prepare individuals
with a sound understanding ofmoney management as they gain
access to financial services.
By combining Visa’s core financial
literacy resources with the reachof our varied distribution partners,

we have been able to achievesignificant global reach. Morethan 497,000 copies of the
Avengers: Saving the Day comicbook have been distributed
worldwide. Since its launch in2009, Financial Football has beenrolled out in over 41 countries/
regions, translated into 15
different languages and localized
for each of Visa’s key markets.
Hundreds of banks, NGOs andgovernments worldwide haveadopted and used this resource.

Financial Football
has been rolled out
in over 41
countries/regions
and translated into
15 different
languages.

Financial Football
Harnessing the power of the world’s most popular sport, Visa
launched Financial Football, a FIFA World CupTM themed educational
video game, also known as Financial Soccer in the U.S.
The fast-paced, multilingual game teaches the fundamentals offinance as players answer multiple-choice questions at varying levelsof difficulty to maneuver down the pitch and score goals. The gamefeatures curriculum for educators as well as a pre and post-test.
Hundreds of banks, NGOs and governments worldwide have adopted
and used the educational video game as part of their offerings.

Marvel and Visa Team Up to Create “Avengers” Financial Literacy Comic Book
Leveraging the success of making financial
literacy fun for kids, Visa developed the
Avengers: Saving the Day comic book.
The unique, action-packed comic bookand instruction guide created with Marvel
combines iconic superheroes with Visa’s
financial literacy expertise to teach kids about
budgeting and saving. The story features
iconic characters including Spider-Man, Thor,
Iron Man, The Hulk, Black Widow, the Human
Torch and Nova.
Released in eight languages including
Arabic, Bahasa Indonesia, Chinese, English,
French, Portuguese, Russian and Spanish,
Visa has distributed more than 497,000
copies around the world. The comic isavailable in digital and print versions andhas been shared with young students
through storytelling sessions andclassrooms worldwide.

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Closing

Local Giving
Visa iscommitted togiving back to
the communities
in which welive and work
as well as themarkets weserve every day.

Our efforts start with supporting local charities in theareas surrounding our largest offices, helping to build
healthy, vibrant communities from Singapore to Miami,
Dubai to San Francisco, and Denver to Austin. We also
empower our teams to identify locally relevant causes
in need of our help where our business operates.
In fiscal year 2015, we are proud to have supported
more than 250 local organizations in 37 countries/
regions.
Here is a snapshot of our work in each of ourgeographic regions.

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Asia PacificWith our Asia Pacific regional hubof Singapore, Visa is an active
member of the Singapore philanthropic community. Our work
to ensure a healthy and vibrantcommunity includes supportof many leading organizations,such as those supporting efforts
in animal welfare, community
development, children withdisabilities and disadvantaged
households. For many years,
Visa has worked both with
Beyond Social Services, a groupdedicated to providing support
for disadvantaged children, as
well as Assumption Pathways
School, an institution for young
adults. When possible, we
combine our philanthropic
funding with the dedicationof Visa Volunteers to support
learning and social activities.
In conjunction with Visa’s robust
business in Asia Pacific comes ourcommitment to help strengthenmarkets and improve lives at the
local level. We participate in the
Ride for the Cure with Juvenile
Diabetes Research Foundationin Australia, support Komunitas
Aksi Kemausiaan in Indonesia
and help underprivileged youth
through Kids First Enterprisein Vietnam. In many of ourmarkets, we have establishedstrong, multi-year relationships through our support oforganizations such as Operation
Smile (Vietnam), LIN Center forCommunity in Development(Vietnam), JangMiran Foundation(Korea), World Vision Taiwan,

Collaborating to Drive Impact in Social Services
Together with St. James’ Settlement and the School of Continuing and Professional Studies of the Chinese
University of Hong Kong, Visa has been supporting the Serve with a Purpose program since 2011 toprovide students with an opportunity to gain practical workplace skills and on-the-job training experiencein a social service environment. Through Serve with a Purpose’s rigorous process, 20 Associated Degree
students are selected each year to undergo 30 hours of training in building self-image, work ethics,
public speaking and event planning before commencing their 120 hours of volunteer placement at thesocial service units within St. James’ Settlement, as a way to build up their self-confidence, work skills andcompetitiveness in their future career planning. Upon completion of the program, the students will each
receive a HK$10,000 tuition subsidy in addition to valuable job experience.
St. James’ Settlement (SJS) serves more than 4,000,000 people each year across Hong Kong. The organization provides a broad range of services to beneficiaries including children, teenagers, families, the elderly
and people with disabilities.

St. James’ Settlement (HongKong), the Chinese Athletes
Education Foundation, China
Charities Aid Foundation, YMCA
Japan and Special Olympics
Nippon (Japan). We also workwith Red Cross and Oxfam in theregion to support emergency
financial appeals after natural
disasters, including the 2015
responses to earthquakes in
Nepal, typhoons in the Philippines and floods in Myanmar.
In many cases, Visa combines
financial support with thepassion and expertise of Visa
Volunteers. From packing
emergency relief items with
the Red Cross in Malaysia, todistributing coal (for heating)to those in need during the
Korean winter, to facilitating fun
events for children with cancer inAustralia and New Zealand, Visa
has proven to be a committed
member of the communities inwhich we operate.

In many of our Asia Pacific markets, we have establishedstrong, multi-year relationships through our support oforganizations such as:• Operation Smile (Vietnam)• LIN Center for Community in Development(Vietnam)• JangMiran Foundation (Korea)• World Vision Taiwan• St. James’ Settlement (Hong Kong)• Chinese Athletes Education Foundation• China Charities Aid Foundation• YMCA Japan• Special Olympics Nippon (Japan)

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IV. Strengthening
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Closing

Central and Eastern Europe, Middle East and Africa
Visa is proud to be a part of theDubai community, the locationof our hub office for this region.
As part of our commitment toDubai, Visa supports Dubai Cares,a philanthropic organization
working to provide children indeveloping countries with accessto quality primary education. Thisis realized through integrated
programs that eliminate theunderlying obstacles that preventchildren from going to schooland learning. In our first year of
support, Dubai Cares organized
four Volunteer Emirates trips
throughout the year, with each
dedicated to providing theselected non-profit/charity
school in the UAE with its
required needs. Along with othervolunteers, 25 employees from
Visa participated in the program
to upgrade the premises andenhance the learning environment of a selected school.
In 2015, Visa supported theorganization’s “We Can Teach
Each Other” Ramadan Campaign,
which promotes a first-of-a-kindskill exchange between children

in impoverished communities
and school-going children fromaround the world.
Beyond our hub office, Visa iscommitted to supporting the
local markets and communities
throughout the region. In 2015,
Visa supported organizations
including: Belarusian Children’s
Hospice (Belarus), Chipawo(Zimbabwe), Downside Up(Russia), E-EPAN (Nigeria), Kus
Zholy Foundation (Kazakhstan),
Magdi Yacoub Heart Foundation(Egypt), Open Network Foundation (OTVORENA MREŽA) (Bosnia),
SA Cares (South Africa), Special
Olympics Morocco (Morocco),
Starost v Radost (Enjoyable Aging
Charity Foundation) (Russia),
Tree of Life (Georgia), Volunteers
to Help Orphan Kids (Otkazniki)(Russia) and Zhdanovichi Special
Preschool Orphanage (Belarus).
As part of our philanthropic
support, we also encourage
employee volunteering with ourpartner organizations.

Supporting Russian Families Raising Children with
Down Syndrome
For families raising children with Down syndrome, daily life often
brings many challenges including encounters with unfriendlinessand lack of understanding. Downside Up, a non-profit organizationin Russia, provides support and advice for thousands of families
raising children with Down syndrome. The organization develops
innovative training of children and parent support methods,
disseminates knowledge and experience among Russian professionals and works towards raising public awareness about Down
syndrome with the aim of changing public attitudes.
Visa is proud to support Downside Up with philanthropic contributions as well hundreds of hours of employee volunteer time. Visa’s
financial support helps the organization provide medical consultations, informational and tutorial support and educational programsfor medical staff on how to treat kids with Down syndrome.
Our employee volunteers have cleaned children’s toys, helped at
the Downside Up facility and raised funds through charitable bikerides and ski races. During the holiday season, our Moscow office
employees participated in the “Christmas project,” funding specificwishes of individual children.

In 2015, Visa supported 250+ localorganizations in 37 countries.
Latin America and Caribbean (LAC)

A Ride to a Better Future in Mexico
In the semi-urban area of Jonacatepec, sometimes the first challenge to a better future is simply getting to school.
Fundación el Peñón IAP is a middle school and high school,
established in 1961 and offering a comprehensive education toyoung men that come from low-income households. Throughthe school, 400 students and their families are given social andeducational development opportunities.
A multi-year supporter of El Peñón, Visa’s 2015 contribution funded
the transportation costs of two buses to pass through various
towns to pick up students who could not afford other options to
get to school. Today, 80 students are using the transportation each
day to get to school, with students starting the morning at 6 am
and returning to their communities in the afternoon. Visa complements our financial support with employee volunteer activities aswell as the distribution of financial literacy materials.

48 | 2015 Corporate Responsibility Report

In Miami, our home for our
LAC region, Visa is creating ahealthy and vibrant community
through our multi-year supportof two key organizations. First,
we support St. Jude Children’s
Hospital, a leading children’s
hospital pioneering researchand treatments for kids withcancer and other life-threatening
diseases. We also work with
the Children’s Home Society ofSouth Florida, an organization
dedicated to protecting andhealing children and creatingstrong, stable families. In addition
to our philanthropic support, Visa
provides the organization withextensive employee volunteering
support, working at their local
shelter for displaced children

and as ambassadors using ourfinancial literacy curriculum toreach at-risk older children andfamilies.
Beyond Miami, our supportin Latin America focuses on
educational programs for children and youth and other local
market needs. In the Dominican
Republic, we have helped fundinfrastructure for clean water inrural communities through Blue
Mission. In Brazil, we supported
the Nature Conservancy aspart of its water movement for
Sao Paulo. Visa is helping One
Laptop Per Child in Nicaragua
and providing assistance to anumber of children’s organizations in Mexico.

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I. Transforming
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II. Investing in
Our People

III. O perating
Responsibly

IV. Strengthening
Our Communities

Closing

North America
Visa is proud of our heritage asa California-originated company
and of our headquarters to thisday in the San Francisco Bay Area.
In our fiscal year 2015, in conjunction with the re-opening of our
San Francisco office, One Market
Center, we announced supportof several strategic partners
working to create a healthyand vibrant local community.
Our philanthropic support isdirected to helping underserved
youth with the Boys and Girls
Clubs of San Francisco, planting
neighborhood trees and gardens
with Friends of the Urban
Forest, aiding the long-term
unemployed with JVS, providing
needed food security andhunger relief through the San
Francisco-Marin Food Bank andfunding emergency response
efforts by the Red Cross Bay Area.
We combine our philanthropic
support with employee volunteerism, helping our employees
to regularly give back throughyouth mentoring, tree planting,job interview assistance, and foodand emergency kit preparedness.

In addition to our efforts in
San Francisco, we also provide
philanthropic support in several
other Visa office communities
in the U.S.
• In Denver, we work withorganizations such as Foodfor Thought, Freedom Service
Dogs and Sprout City Farms• In Austin, we support Austin
Partners in Education, Keep
Austin Beautiful, GirlStart andthe Capital Area Food Bank
• In Northern Virginia, ournewest office community forphilanthropic funding, we help
veterans, the homeless andfirst responders through our
local partners
In Canada, we support theBoys and Girls Clubs of Canada,along with contributing to
Enablis, Wellspring Cancer
Support Foundation andthe Toronto Public Library.

Innovating to Support Cancer Research in Canada
One of the ways that Visa contributes to our communities and tocauses is through our very business. As charities across the world
are looking at new ways to make donating easier, Visa Canada
is helping bring donations into the digital age. As part of a pilot
project with the Princess Margaret Cancer Foundation, attendees
at the 2015 annual Road Hockey to Conquer Cancer (RHCC)
tournament could donate by tapping their contactlesschip cards at an NFC-enabled smartphone.

Helping Dreams Become a Reality forSpecial Olympians
In 2015, Los Angeles hosted the largest Special Olympics
World Games in history, and Visa was proud to lend its support.
As a sponsor of the Special Olympics, Visa helped support thissignature event that brought 6,500 athletes and 3,000
coaches together from 177 countries/regions. The Games in
Los Angeles also provided a venue for global discussions andaction on the impact that Special Olympics can have on the
lives of people with intellectual disabilities.
“We are extremely pleased to have found such a great
supporter of Special Olympics with Visa,” said Kelli Seely,
Chief Development Officer, Special Olympics. “As a globalorganization known for its incredible customer service, andcommitment to celebrating diversity and inclusion, Visa isa natural fit as a national sponsor of the Special Olympics
Unified Relay Across America and our Special Olympics World
Summer Games. We could not be more proud and honored
to have such a remarkable brand on board to help support us
and thank their employees across the nation for joining us in
spreading the message of inclusion and acceptance.”

Over the past four years, the event has raised more than $9 million
for cancer research at the Princess Margaret Cancer Centre, andexpectations for this year were high given the technologicaladvances. “We know that Canadians are moving towards contactless payments,” says Derek Colfer, Head of Technology & Digital
Innovation at Visa Canada. “It’s exciting to partner with a worldclass organization like The Princess Margaret Cancer Foundation
on a project that has the potential to transform charitable giving.”

Visa Inc. | 49

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Employee Giving and Volunteering
Visa proudlyoffers botha matchinggift andvolunteering
program inorder to enable
donations oftime, talent andmoney.

The following Visa locations have
Employee Volunteer Councils
to help enable greater employee
participation in service:• Ashburn• Austin• Bangalore• Bay Area (San Francisco
and Foster City)• Dubai• Highlands Ranch• Miami• Moscow

Visa’s efforts to strengthen communities are enhancedby empowering our more than 11,000 employees to get
involved in the communities where they live and work
every day. To support our employees’ passion for theircommunities, Visa proudly offers both a matching gifts
and volunteering program in order to enable donationsof money, time and talent.

• Singapore

During our most recent Global Volunteer Month, a large team from our Toronto office, led by our Country Manager, spent a day at the Daily Bread
Food Bank packaging food for families in need.

50 | 2015 Corporate Responsibility ReportOpening

Our Company

Matching Gifts Program
Visa encourages and honors our
employees’ personal charitable
donations by providing a program
to match their philanthropic
generosity. Open to full-time Visa
employees around the globe
since 2008, the Visa Matching Gifts
Program provides a 100% matchof employee financial contributions up to $5,000 per employee,
per calendar year.
Thanks to the enthusiastic
participation of our employees,
over the past eight years the
Visa Matching Gift program has
distributed over $11 million tonearly 3,000 charities worldwide.

Visa Volunteer Program
Visa employees are passionate not
only about giving back financiallybut also offering service in theircommunities. Launched in 2008
to encourage and support thisspirit of service, the Visa Volunteer
program supports our employees’
volunteerism in several ways,
including helping them to findlocal service opportunities, create
team events and track hours ofservice. The program is underpinned by the Visa Volunteer
Portal, an internal, online platform
used by employees to create andsignup for volunteer events, shareresults and record independent
hours of service.
Since its global debut in 2008,
the Visa Volunteer program has
grown substantially in reach andparticipation. Today, the program
covers activities in 51 of ouroffices spanning 29 countries/
regions and six continents. For
the most recent twelve-month
period, a record 3,800 employees
gave back to local charities
through volunteering alongside
their co-workers.
In addition to volunteer events
organized for office participation,
Visa employees also have otheropportunities for service:

I. Transforming
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Closing

2012

2014

Matching Gifts Program (Fiscal Years 2008 – 2015)
2008
Amount Matched
by Visa ($US)

2009

2010

2011

842,000 1,088,000 1,481,000 1,414,000• Employee Volunteer Councils:
Employee Volunteer Councils,
which operate in our nine largest office locations, empower
staff to develop volunteering
partnerships in their communities. Now comprised ofnearly 100 Visa staff globally,
these volunteer leaders helporganize service opportunities
for their offices, connecting our
employees with a wide variety
of volunteering projects intheir communities — frompacking food for those in needin Bangalore, to supporting
the arts in Austin, to helping
out families with children with
Down syndrome in Moscow.
• Work Team Events: In addition
to Visa-organized volunteering events, we support ouremployees in organizing
service opportunities for theirteams. These opportunities
allow work groups within Visato craft their own volunteer
events that both give backto the community and help
build stronger relationships
with one another.
• Individual Volunteering:
Additionally, employees canvolunteer on their own time
and track their hours throughthe Visa Volunteer Portal.
• Visa Volunteer Award:
Each quarter, we honor ourleading employee volunteers
in each region with the Visa
Volunteer Award. This award
recognizes the ongoing dedication of each of our winners
to their communities while
supporting the organizations
where they volunteer withcharitable grants.

2013

2015

1,181,000 1,736,000 1,638,000 1,685,000

Visa Global Volunteer MonthIn addition to our ongoing
efforts throughout the year,
every November we celebrate
volunteerism at Visa throughGlobal Volunteer Month. This
month-long series of volunteer
opportunities encourages Visa
employees globally to cometogether and donate their time
and talent to support nonprofit
organizations, schools and othercommunity groups in their areas.

Started in 2012 with 66 service
events in 30 offices, Visa’s Global
Volunteer Month continues togrow. During our 2015 fiscal year
event, roughly one-in-three Visa
employees representing 42 offices
volunteered their time to a local
charity, collectively recording
over 9,200 hours of service across
135 volunteer events.

Our All-Stars in Service:
Select Visa Volunteer Award Winners
Katie Mitchell — Washington, DC
Passionate about supporting women in developing markets,
Katie volunteers in a pro bono role creating development andfunding strategies for Global Grassroots, a group dedicatedto creating academies for women in Rwanda and Uganda
who want to start organizations addressing the needs andissues of the women and girls in their communities (such as
domestic violence, water access, or illiteracy). Katie has createddevelopment strategies for Global Grassroots that educate
people on the work of the organization and compel them to
get involved.
Pooja Vaya — Nairobi, Kenya
Pooja began volunteering while in school in India, teaching
children in poor areas how to read. Since moving to Kenya
in 2001, Pooja has been a dedicated volunteer for Chinmaya
Mission, a global organization that helps rural and at-risk
communities with such offerings as medical facilities,
diagnostic and eye centers, senior citizen homes, women’s
economic empowerment initiatives, children’s welfare centersand schools. At Chinmaya Mission, Pooja conducts weekly
language classes for adults and assists with the group’s
annual events.

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Humanitarian Response
At Visa, we havea strong heritageof responding
philanthropicallyin times ofnatural disasterand humanitarian crisis.

With the humanitarian community regularly facing a
growing number of crises of unprecedented size andscale, Visa makes it a priority to support response
efforts through charitable contributions from Visaand our employees alike.
Increasingly, we provide more than just funding,helping to bring the full capabilities of our products,
network and expertise to communities in need.

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IV. Strengthening
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Closing

Funding for Response and Recovery
When major disasters occur,
Visa and our employees respond,
acting quickly to support the philanthropic response for immediate
relief as well as long-term recovery.
In recent years, we have
responded to crises — both big
and small — in places like Haiti,
Japan, China, Brazil, the Philippines, India, Pakistan, the Sahel,
Australia, New Zealand, Canada
and the U.S. Our full philanthropic
response to communities in crisis
can include: corporate contributions, employee donations with
Visa matching and, in certain
cases, the waiving of our fees
and interchange on consumer
cardholder donations in
consultation with our clients.

This has resulted in millions ofdollars of donations to support
families in need.
In 2015 Visa and its employees
responded to a devastating
earthquake in Nepal, donating
more than $600,000 to help
humanitarian organizations get
greatly needed aid to families
impacted by widespread
destruction and significant
loss of life. Visa also responded
to the Syrian refugee crisis
with a $200,000 contribution
to relief efforts in Lebanon
and Jordan and contributed
to more localized disasters
in Malaysia, Myanmar, India
and the South Pacific.

Major Disasters / Crises Supported (2010–Present)• Haiti earthquake, January 2010
• Japan earthquake / tsunami, March 2011
• United States Superstorm Sandy, October 2012
• Philippines Typhoon Haiyan, November 2013
• Nepal earthquake, April 2015
• Syrian Refugee Crisis, September 2015

After the Nepal earthquake disasters,
Visa and our employees contributed
more than $600,000 to leading
humanitarian organizations.

Enabling 21st Century Digital Aid
In the last decade, government
agencies and non-governmentalorganizations (NGOs) worldwide
have been changing the way aid
is delivered to individuals andfamilies impacted by a disaster orhumanitarian crisis. Increasingly
these organizations are moving
away from the distribution ofphysical goods (such as food,household supplies or tents) andtoward the distribution of money.
In the right situations, including
when local markets are operational and goods are available,
distributing money rather than
goods allows people to buy what
they most need for their families
while also supporting local
businesses, driving economic
recovery and restoring dignity.
Monetary aid delivered
electronically through prepaid
cards and mobile accounts
often complements traditional
distribution of in-kind donations,commodity vouchers, checks andcash. This shift in aid disbursement has been driven by thesignificant advantages offered
by a secure technology-based
funds disbursement solution indelivering assistance to impacted
individuals through relief services.
With the humanitarian community increasingly turning to theprivate sector for innovative
solutions on how to respondeffectively in times of crisis, Visa
is committed to being a leading
voice in the conversation of
how to bring humanitarian aid
distribution into the 21st century.
Leveraging our products andservices, network, payments
expertise and philanthropic
partnerships, we are helping
governments and humanitarianorganizations make the distribution of money in humanitarianrelief efforts faster, more effective
and more secure. And at thesame time, we are contributing
to the modernization of local
payment infrastructure andfacilitating consumer access tomore formalized financial services.

Showcasing Innovation with the UN
In May 2015, Visa joined with the UN Office for the Coordination of
Humanitarian Affairs and UNICEF to convene a meeting at our San
Francisco offices with representatives from private sector, nonprofit
and government organizations to kick off the UN World Humanitarian Summit: Business Consultation on Innovation.
The event, part of a year-long lead up to the 2016 World Humanitarian Summit called for by UN Secretary-General Ban Ki-moon,featured representatives from Visa, Cisco, Facebook and LinkedIn,
discussing the power of innovation and collaboration in improving
the effectiveness of our global response to humanitarian crises.

To live up to our commitment
to help modernize humanitarian
disbursements, our efforts haveincluded:• Aid Disbursements: We haveworked with governments
and clients in Canada, Brazil,
Pakistan and Australia toimplement aid disbursements
on Visa products. We also haveworked with various United
Nations agencies (see sidebar)
and key non-governmentalorganizations like Oxfam (seenext page) and the Red Crosson developing innovative aid
disbursement solutions.

• Capacity-Building: We havesupported consortia-basedorganizations such as the Cash
Learning Partnership, GSMA
Mobile for Development andNetHope to help humanitarianorganizations and otherstakeholders have the knowhow and capabilities tounderstand and implement
electronic payments.

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Closing

Visa / Oxfam (Philippines)

Visa / World Food Programme (Rwanda)

Surrounded by water, in a location of the world that is subject
to extreme weather conditions, the Philippines is no stranger
to natural disasters. From typhoons and tsunamis to volcanic
eruptions and earthquakes, the Philippines has experienced over
360 natural disasters since 1980.

Since 1997, the World Food Programme (WFP) has provided in-kindfood distributions to 14,500 refugees in Rwanda’s Gihembe camp.
Refugees would travel for several hours and stand in endless lines
to receive their food distribution.

In 2013, Typhoon Haiyan ripped through the region, taking the livesof 6,300 people and causing massive devastation that affected
over 16 million others. Washed-out roads made it difficult for aid
agencies to get food, water and medicine to those most in need.
In response, Oxfam realized that distributing aid via electronic
payments would be faster and more secure than distributing cash
and food — and reached out to Visa to collaborate on a solution.
Together we built and deployed a reloadable prepaid solution,
which could automatically disburse monthly aid payments to be
used at ATMs, remittance centers and at point of sale. The eventual
solution required a number of companies and organizations towork together to make it possible.
After a successful pilot program in a small fishing village called
Tacloban, Oxfam now intends to introduce a similar solution inother markets in the region.

Visa Aid Disbursement Solutions Guide
Implementing a disbursement program in the midst of a humanitariancrisis requires operating under extreme time and resource pressure.
Recognizing this, Visa and humanitarian organizations together
determined there is great need for pre-event engagement planning inorder to successfully deliver monetary aid programs electronically.
In 2015, Visa published the Visa Aid Disbursement Solutions Guide to help
our financial industry, government agency and NGO partners in planning
Visa aid disbursement programs around the world. The Guide shares recommendations, best practices and step-by-step instructions on how to facilitate
the rapid and efficient disbursement of electronic payments to individuals
impacted by a disaster or humanitarian crises. The Guide was informed by
Visa’s experience in helping to implement these programs with partners
in Australia, Brazil, Canada, Pakistan, the Philippines, Rwanda and the U.S.

54 | 2015 Corporate Responsibility Report

Recently, Visa partnered with the World Food Programme (WFP)
and the UN High Commissioner for Refugees to make this system
faster, safer and more efficient. Today, the World Food Programme
distributes money to each family through Visa’s mVISA mobile
solution, which enables electronic cash transfers over mobile
phones. Rather than stand in line for food distributions, now eachmonth, refugees receive a text message when their cash disbursement is available. Recipients can immediately use mVISA via theirmobile phones to purchase items at mVISA-enabled merchants orwithdraw cash at any registered agent.
This system is fast and safe for refugees, and the program has
been expanded to a second camp called Nyabiheke supporting
over 28,000 refugees.

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II. Investing in
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III. O perating
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IV. S trengthening
Our Communities

Closing

About This Report
Questions about
this report orits contents canbe submitted toresponsibility@
visa.com.

Scope

Boundaries

Currency

Our Corporate Responsibility
Report focuses on four areas:transforming commerce,
investing in our people,
operating responsibly andstrengthening our communities. We also have referenced
additional information andresources available on corporate.
visa.com regarding our financial
and corporate governancepolicies and performance.

For the time period covered bythis report, Visa Inc. and Visa
Europe were separate, independently operating companies, with
Visa Europe operating in Europe
with an exclusive, irrevocable
license in perpetuity. All information included herein excludes
Visa Europe.

All references to currency are
in U.S. dollars, unless otherwise
noted.

In this report, we address topics
and issues that are important
to Visa and our stakeholders,as outlined in our discussionof Materiality. Development of
this report has been completed
in accordance with the Global
Reporting Initiative G4 Guidelines(Core), a set of internationallyrecognized sustainability
reporting standards.

This report focuses on Visa Inc.’s
global commitments andpractices, except where noted.

Reporting Year
Data reported is related to Visa
fiscal year 2015 (October 1, 2014
– September 30, 2015), unlessotherwise noted. The rest of thecontent represents our current
Corporate Responsibility portfolio
regardless of start date.

Previous Reports
This is Visa’s first Corporate
Responsibility Report.

Future Reports
Visa will update data yearly,
though may not produce
an additional Corporate
Responsibility report until
the programs and initiatives
significantly change. Information is kept up to date on
corporate.visa.com/responsibility.

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Closing

GRI G4 Index
The table below indicates where the data can be found correlating to the Global Reporting Initiative’s G4 Guidelines.
While most information is found in this report, other primary sources include: Visa Inc. Annual Report, Form 10-K,
Proxy Statement, Carbon Disclosure Project submission and our corporate website: www.visa.com

General Standard Disclosures
Stakeholder Engagement

Strategy & Analysis
1

CEO Letter

page 124

Stakeholder groups

pages 11, 27–28, 33, 41–42

2

Key impacts, risks, and opportunities

2015 Annual Report: Risk Factors (page 13)
The Global Opportunity (page 6)

25

How stakeholders were identified

pages 9–10

Organizational Profile
3

Organization namepage 4

4

Primary brands, products, and services

pages 7–8 ; 2015 Annual Report (pages
5–9)

5

Headquarters location

page 5

6

Where the organization operates

pages 4, 7

7Nature of ownership and legal form

Visa Inc. is a publicly held corporation
organized and existing under the lawsof the State of Delaware. Also 2015
Annual Report (pages 5, 29)

26

Approach to stakeholder engagement

pages 11, 33

27

Topics raised during stakeholder
engagements

pages 9–10, 33

Report Profile
28

Reporting period

page 55

29

Date of most recent report

The 2015 CR Report is Visa Inc.’s first
CR Report.

30

Reporting cycle

Annual31

Report contact

page 55

32“In accordance” option, GRI Index
and report assurance

Core, GRI Index pages 56–57, this report
has not been externally assured.

33

Policy regarding report assurance

For this first Visa Corporate Responsibility
report, we have assured the content
through an internal review process,including executive oversight of subject
matter reviews and validation.

8

Markets served

pages 4, 7

9

Scale of the organization

pages 4–8

10

Total number of employees by type

Page 5; additional information not available at this time due to confidentiality

11

Collective bargaining agreements

No U.S.-based employees are subject tocollective bargaining agreements.

Governance

12Supply chain description

page 37

34

13

Organizational changes during thereporting period

In November 2015, Visa Inc. signed a definitive agreement to acquire Visa Europe. Visa
Inc. also opened a new Technology Centerin Bangalore, India, which will ultimately
house 1,000 Visa employees. 2015 Annual
Report (pages 5–6)

Governance structure of theorganization

Proxy Statement: Board Leadership
Structure (pages 11–12)

35

Process for delegating authority forsustainability topics from the board tosenior executives and other employees

page 1136

Precautionary principle

page 38

High-level accountability forsustainability topics

page 1114
15

External charters, principles, or otherinitiatives

pages 11, 38

37

page 34

16

Membership associations

pages 11, 16, 42, 49

Processes for consultation between
stakeholders and the board on
sustainability topics

38

Composition of the board and its
committees

Proxy Statement (page 8)

39

Whether the chair of the board is also
an executive officer

page 34

page 55

40

Nomination and selection processes
for the board and its committees

page 34; Proxy Statement (pages 23–24)

Material Aspects & Boundaries
17

Entities included in financial statements 2015 Annual Report: Business (page 5)

18

Process for defining report boundaries
and content

19

Material aspects included in the reportpages 9–10

41

Board conflicts of interest

Visa Inc. Corporate Governance Guidelines

20

Descriptions of material aspectboundaries within the organization

pages 9–10

50

21

Descriptions of material aspectboundaries outside the organization

pages 9–10

Nature and total number of criticalconcerns that were communicatedto the board

pages 11, 33; We provide informationon the nature of concerns but do notcurrently track the number of concerns.

51

22

Restatements

As this is Visa Inc.’s first CR Report,
restatements do not apply.

Remuneration policies for the board
and senior executives

Proxy Statement: Compensation of
Non-Employee directors (pages 27–29),
Executive Compensation (page 46–49)

23

Changes from previous reports interms of scope and/or boundaries

The 2015 CR Report is Visa Inc.’s first
CR Report.

52

Process for determining remuneration

Proxy Statement (page 50–55)

56 | 2015 Corporate Responsibility Report

Ethics & Integrity
56

Code of conduct

Visa Inc. Code of Business Conduct &Ethics (pages 1–12)

57

Helplines or advice lines for employees

page 35

58

Mechanisms for reporting concerns
about unethical or unlawful behavior

page 35

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ClosingSpecific Standard Disclosures
Economic

Labor Practices

Economic Performance

Employment

EC1

Economic value

pages 6–8

LA2

EC2

Climate change risks

pages 38–39; 2015 CDP Climate Change
Response

Occupational Health & Safety

EC3

Benefit plan coverage

page 30–31

LA5Indirect Economic Impacts
EC8Indirect economic impacts

pages 5, 15–20, 44–54

Workforce represented in healthand safety committees

page 31

page 31

Training & Education
LA11

Environmental

Employees receiving performanceand career development reviews

pages 25–26

Composition of governance bodies
and employees

Board diversity, page 34;
Employee diversity, page 29

Diversity

Materials
EN2

Benefits provided to full-time
employees

LA12

Recycled input materials

page 40

EN3Energy consumption (Scope 1+2)

page 39; 2015 CDP Climate Change
Response (CC.10.1)

EN4

Energy consumption (Scope 3)2015 CDP Climate Change Response

EN5

Energy intensity

page 39; 2015 CDP Climate Change
Response (CC.12.2)

Local Communities

EN6

Energy reductions

page 39

SO1

EN7

Energy reductions in products
and services

page 39

EnergyLabor Practices Grievance Mechanisms
LA16

Grievances about labor practices

page 35

Society

Local community engagement,
impact assessments anddevelopment programs

pages 43–54

Anti-Corruption

EmissionsSO3

Risks related to corruption

2015 Annual Report; Regulatory Risks(page 13)

SO4

Communications and training
on anti-corruption

page 36

EN15

GHG emissions (Scope 1)

page 39; 2015 CDP Climate Change
Response (CC.8.5)

EN16

GHG emissions (Scope 2)

page 39; 2015 CDP Climate Change
Response (CC.8.5)

EN17

GHG emissions (Scope 3)

page 39; 2015 CDP Climate Change
Response (CC.14.1)

EN18

GHG emissions intensity

page 39

Anti-Competitive Behavior

EN19

Reduction of GHG emissions

page 39

SO7

Public Policy
SO6

Political contributions

Anti-competitive behavior

pages 41–42

page 36

Effluents & Waste
EN23

Waste by type and disposal method

page 40

PR5

Products & Services
EN27

Mitigation of environmental
impacts of products and services

Product Responsibility
Surveys measuring customer
satisfaction

page 11

pages 38–40

Visa Inc. | 57

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