|Company Name:||Visa Inc.|
|Event Title:||Q3 2013 Earnings Call Transcript|
|Event Time:||05:00 PM ET|
Welcome to Visa Incorporated Fiscal Q3 2013 Earnings Conference Call. All participants are in a listen-only mode until the question-and-answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time.
I would now like to turn the conference over to your host, Mr. Jack Carsky, Head of Global Investor Relations. Mr. Carsky, you may begin.
Head of Global Investor Relations
Thanks, Brad. Good afternoon and welcome to Visa Inc's fiscal third quarter 2013 earnings conference call. With us today are Charlie Scharf, Visa's Chief Executive Officer and Byron Pollitt, Visa's Chief Financial Officer. As always this call is currently being webcast over the Internet.
It can be accessed on the Investor Relations section of our website at www.investor.visa.com.
A replay of the webcast will also be archived on our site for 30 days. A PowerPoint deck containing highlights of today's commentary was posted to our website prior to this call. Let me also remind you that this presentation may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
By their nature forward-looking statements are not guarantees of future performance and as a result of a variety of factors, actual results could differ materially from such statements. Additional information concerning those factors is available on the company's filings with the SEC, which can be accessed through the SEC's website and the Investor Relations section of the Visa website.
For historical non-GAAP or pro forma-related financial information disclosed in this call, related GAAP measures and other information required by Regulation G of the SEC are available in the financial and statistical summary accompanying our fiscal third quarter press release. This release can also be accessed through the Investor Relations section of our website.
And with that I'll turn the call over to Byron.
Byron H. Pollitt
Chief Financial Officer
Thank you Jack.
Let me begin with my usual callouts and observations. First, some color on the third quarter's 17% net revenue growth. It is important to note that this growth rate benefited from the absence of significant one-time claimed incentives incurred in the prior year. Without these one-time client incentives revenue growth for Q3 would have been closer to 14%.
That said payment volume growth was broad based globally for the March quarter and we're seeing double-digit growth rates in the June quarter for both credit and debit on a constant dollar basis.
Based on these trends and with three quarters of the fiscal year now on the books, we are raising full year 2013 revenue guidance from low double-digits to around 13%. Second, service revenue . They were up 7% on a year-over-year basis. It was down sequentially from the fiscal second quarter.