Visa’s (V) at the Bernstein Annual Strategic Decisions Conference

Alfred Kelly, Jr – CEO

There is opportunity in Europe

“the glass is half full I think as it relates to Visa in Europe….So there is an enormous amount of opportunity in Europe….I think we’re off to a good start, I think we’ve got good momentum but frankly, we have a lot of work to do but I again consider that a good thing because the opportunities are well worth the effort that we have to and will put into it”

Regulatory overhang makes for an uncertain Europe

“if one of the other things about Europe that is a bit different than the rest of the world is the regulatory overhang there ….when you’re in a business like ours, you have to figure out how to work with regulators and work with the rules that are put in place whether you love them, like them or don’t like them. I think that much of what’s going to play out in Europe is still to be played out, it’s very, very early innings”

India is a growth opportunity

“India is a very interesting market to watch, it’s much more open and therefore I think exciting in the short-term…we’ve seen 50% rise in merchant locations since the demonetization on November 8, we continue to see a 100% increase year-over-year in terms of our volume”

The best road to go with the phenomenal Amazon is partnership

“I think first and foremost, what Amazon has done is nothing short of extraordinary; I mean they have set a standard in terms of e-commerce that is just phenomenal….they are very customer centric and they believe in consumer choice and they are not trying to steer people in certain directions. So we have a very good relationship with them, we continue to work to do everything we possibly can to be a very good partner of theirs and our sense is that’s the best road to go down and best — we’re best served by just making sure that we stay close to them and we’re serving them well.”

On risks

“Cyber security and regulation; the ecosystem — and neither of which are particularly easy to control. The ecosystem is built on trust. Payments work because they are convenient or they work when they are convenient, reliable and safe. And so a major cyber security hit or series of them could disrupt the trust that people have in the system and that’s certainly concerning; therefore we spend a boat load of time and a heck of lot of money.”