VISA, INC. 
Item 7.01 Regulation FD Disclosure.
OnNovember 23, 2022 ,Visa announced volume and transaction data for October and fromNovember 1-21 ("November"), 2022. As previously disclosed, inMarch 2022 , we suspended our operations inRussia and thereforeRussia -related volume and transaction data are not included in our results fromApril 2022 throughNovember 2022 . NovemberU.S. payments volume on a year-over-year basis was up 9%. Credit grew 10% and Debit grew 8%. Compared to 2019, NovemberU.S. payments volume was 147%, with Credit at 138% and Debit at 157%. On a year-over-year basis, November card not present volume was up 9% and card present volume was up 8%. Compared to 2019, November card not present volume was 161% and card present volume was 129%.
November international market payments volume growth versus the same period in 2019 was generally consistent with its historic monthly trend.
November cross-border volume excluding intra-Europe transactions was 133% of 2019, with card not present volume excluding travel at 158% of 2019. Total card present and card not present travel cross-border volume excluding intra-Europe transactions was 117% of 2019. October and November travel cross-border volume into and from ourAsia Pacific region continued to improve relative to 2019 levels, while travel cross-border volume into theU.S. improved at a more modest pace. (Please note that due to the exchange rate environment, the September and October constant-dollar cross-border volume growth calculations versus 2019 and 2021 resulted in different relative growth rates than previously reported, as they were based on a fiscal year 2022 constant-dollar basis. This has no effect on our revenues. See the following tables and disclosures for September and October growth rates utilizing the constant-dollar basis for both fiscal year 2022 and 2023, as well as a description of our methodology.)
Global processed transactions grew 10% year-over-year and were 140% of 2019 in November.
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The tables below show the increase / (decrease) and indexed results in certain key metrics against the comparable 2021 and 2019 periods, respectively, for September, October, November (1-21) and quarter-to-date (October 1 - November 21, 2022 ). Please note that the September, October, November and quarter-to-date numbers do not includeRussia -related volumes or transactions but the comparable 2021 and 2019 periods do: Increase / (Decrease) Year-over-Year September October November Quarter-to-Date U.S. Payments Volume 12% 10% 9% 10% Credit 16% 12% 10% 11% Debit 8% 9% 8% 8%
Cross-Border Volume Excluding Intra-Europe Transactions(1),(2) FY23 Constant-Dollar Basis
43% 36% 28% 32%
FY22 Constant-Dollar Basis(3) 47% 39% - -
Cross-Border Volume Total(2)
FY23 Constant-Dollar Basis 30% 24% 19% 22%
FY22 Constant-Dollar Basis(3) 31% 26% - -
Processed Transactions 11% 11% 10% 11%
Indexed to 2019 with a Baseline of 100
September October November Quarter-to-Date
U.S. Payments Volume 148 147 147 147
Credit 140 136 138 137
Debit 156 159 157 158Cross-Border Volume Excluding Intra-Europe Transactions(1),(2) FY23 Constant-Dollar Basis
132 129 133 131
FY22 Constant-Dollar Basis(3) 135 132 - -
Cross-Border Volume Total(2)
FY23 Constant-Dollar Basis 135 133 137 135
FY22 Constant-Dollar Basis(3) 137 135 - -
Processed Transactions 140 141 140 140
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(1) Cross-border volume excluding transactions within
(2) Constant-dollar growth rates exclude the impact of foreign currency fluctuations against theU.S. dollar in measuring performance. At the beginning of each fiscal year, the exchange rates we apply to constant-dollar calculations for intra-quarter cross-border growth rates are set based on the current conditions at that time, which can result in different growth rates in prior periods than previously reported. "FY23 Constant-Dollar Basis" applies exchange rates set in fiscal year 2023 and "FY22 Constant-Dollar Basis" applies exchange rates set in fiscal year 2022. This has no effect on our revenues.
(3) September and October cross-border results on a FY22 Constant-Dollar Basis are provided for additional reference.
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Charts that follow provide growth and index trends by month forU.S. payments volumes, processed transactions and cross-border volumes. Growth trends are against the comparable prior year period. When indexed vs. 2019, the baseline is 100. Please note thatApril 2022 throughNovember 2022 numbers do not includeRussia -related volumes or transactions but prior periods do. 2022 U.S. Payments Volume Growth
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2022 U.S. Payments Volume Index vs. 2019
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2022 Processed Transactions Growth
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2022 Processed Transactions Index vs. 2019
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2022 Cross-Border Volume Growth
2022 Cross-Border Volume Growth Excluding Intra-Europe (FY23 Constant-Dollar
(FY23 Constant-Dollar Basis) Basis)
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Note: Constant-dollar growth rates exclude the impact of foreign currency fluctuations against theU.S. dollar in measuring performance. At the beginning of each fiscal year, the exchange rates we apply to constant-dollar calculations for cross-border intra-quarter growth rates are set based on the current conditions at that time, which can result in different growth rates in prior periods than previously reported. "FY23 Constant-Dollar Basis" applies exchange rates set in fiscal year 2023. This has no effect on our revenues. --------------------------------------------------------------------------------
2022 Cross-Border Volume Index vs. 2019
2022 Cross-Border Volume Index vs. 2019 Excluding Intra-Europe (FY23
(FY23 Constant-Dollar Basis) Constant-Dollar Basis)
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Note: Constant-dollar growth rates exclude the impact of foreign currency fluctuations against theU.S. dollar in measuring performance. At the beginning of each fiscal year, the exchange rates we apply to constant-dollar calculations for intra-quarter cross-border growth rates are set based on the current conditions at that time, which can result in different growth rates in prior periods than previously reported. "FY23 Constant-Dollar Basis" applies exchange rates set in fiscal year 2023. This has no effect on our revenues.
The foregoing information is preliminary in nature and has not been audited or reviewed by our auditors and is subject to change.
All information in Item 7.01 is furnished but not filed and shall not be deemed to be incorporated by reference into any ofVisa's filings under the Securities Act of 1933 or the Securities Exchange Act of 1934 except to the extent otherwise set forth therein. --------------------------------------------------------------------------------
Forward-Looking Statements
This current report contains forward-looking statements within the meaning of theU.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, our future operations, prospects, developments, strategies, business growth and anticipated timing and benefits of our acquisitions. Forward-looking statements generally are identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "may," "projects," "outlook," "could," "should," "will," "continue" and other similar expressions. All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict. Actual results could differ materially from those expressed in, or implied by, our forward-looking statements due to a variety of factors, including, but not limited to: •impact of global economic, political, market, health and social events or conditions, including the war inUkraine and the sanctions and other measures being imposed in response, and the ongoing effects of the COVID-19 pandemic, including the reopening of borders and resumption of international travel;
•increased oversight and regulation of the global payments industry and our business;
•impact of government-imposed obligations and/or restrictions on international payment systems;
•outcome of tax, litigation and governmental investigation matters;
•increasingly intense competition in the payments industry, including competition for our clients and merchants;
•proliferation and continuous evolution of new technologies and business models in the payments industry;
•continued efforts to lower acceptance costs and challenge industry practices;
•our ability to maintain relationships with our clients, acquirers, processors, merchants, payments facilitators, ecommerce platforms, fintechs and other third parties;
•brand or reputational damage;
•exposure to loss or illiquidity due to settlement guarantees;
•a disruption, failure, breach or cyber-attack of our networks or systems;
•risks, uncertainties and the failure to achieve the anticipated benefits with respect to our acquisitions, joint ventures and other strategic investments; and
•other factors described in our filings with the
Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise.
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