HomeTop Global NewsVisa Profits Rise as Customers Continue Transition to Credit and Debit Cards

Visa Profits Rise as Customers Continue Transition to Credit and Debit Cards

Visa Inc. confirmed on Tuesday that its third-quarter profits have risen by double digits as the global consumer shift from cash payments to credit and debit cards continues.

The company announced a Q3 profit of $4.2 billion, amounting to $2 per share. During the same period last year, the company recorded a profit of $3.4 billion, or $1.60 per share.

As a result of the growing credit and debit card trend, Visa’s payment volume rose by 9% compared to a year earlier. The number of processed transactions increased by 10% on a year-over-year basis. Around $3.799 trillion was processed on Visa’s networks over the three-month period, with the largest growth coming from Central and Eastern Europe, the Middle East, and Latin America.

Because the company receives a fee from merchants using its payment network, Visa’s earnings largely rise and fall along with the global economy and spending habits. Another factor is whether customers elect to use a Visa credit or debit card ahead of their competitors.

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