Despite a contraction in payments volume, Visa Inc. handily beat estimates for its fiscal second quarter as its profits rose almost 71%.

Visa, which reported the results after the market closed Wednesday, said it made $536 million, or 71 cents a share, for the quarter that ended March 31. The average estimate of analysts polled by Thomson Reuters had called for the San Francisco payments company to post a profit of 64 cents a share.

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