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SAN FRANCISCO – Visa USA’s annual report to investors forecast a 10% annual growth rate over the next five for the payments industry, led by debit cards. Visa USA delivered 10% operating revenue growth in FY05 on dollar sales growth of 18%, which exceeded personal consumption expenditure growth of 6.5%. The shift from paper to electronic forms of payment continues, with Visa/MCvolume growth exceeding PCE by an average of 10% over the last15 years, analyst J.P. Morgan said of the card brand. The brand also reported that revenue growth in FY05 slowed from the 20% organic growth Visa posted last year due to pricing pressure from continued end market consolidation on both the issuing and merchant side as well as from other pressures. The former is consistent with pressures felt by large scale processors like First Data, J.P. Morgan said.

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