Visa: sales over 12 months hit $500 billion.

SAN FRANCISCO -- Visa International said total sales on its cards reached $505 billion for the 12-month period ending June 30, an increase of 14% over the 1991-92 period.

It was the first 12-month period in which Visa exceeded $500 billion, putting it halfway toward its projected $1 trillion in 1998.

The California-based bank card association reported handling 6.73 billion transactions during the period.

It had 316 million Visa cards in circulation, including 157 million in the United States.

Visa also said it accounts for 54% of the worldwide card market.

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