Debit Charges Visa
SAN FRANCISCO – Payments giant Visa Inc. said continued double-digit growth in its debit business helped fuel a 40% rise in fiscal third quarter income to $1 billion.
Third quarter revenues, included a 10% increase in debit, rose 14% to $2.32 billion. For the first nine months of its fiscal year Visa’s U.S. debit business grew almost 16% while its U.S. credit business grew only 5%.
For the third quarter payments volume advanced 13% and total processed transactions, which represent transactions processed by VisaNet, rose by 11% increase over the prior year.
“Visa delivered another quarter of strong financial and operational performance as we benefitted from growth in global payments volume, and solid cross border and processed transaction growth,” said Joseph Saunders, chairman and CEO of Visa. “As we address the new regulatory landscape, we are prepared to deliver on our financial goals and remain an industry leading growth company in the global transactions space.”
For the first three quarters of its fiscal year Visa reported a 14% surge in revenues to $6.8 billion, and a 26% increase in net income to $2.8 billion.