Higher purchase volumes and transaction-processing activity helped Visa Inc. increase its fiscal third-quarter revenue by 23% from the year earlier, to $2.03 billion.
The San Francisco payments company's net income fell about 2%, to $716 million for the quarter ended June 30, the company reported Wednesday.
U.S. purchase volume on Visa credit cards rose 5.9%, to $204 billion. Purchase volume on debit cards rose 20.5%, to $265 billion.
New debit card interchange regulations included in the Dodd-Frank Act are expected to affect Visa, which establishes rates for interchange fees that its card issuers derive from transactions.
"It goes without saying, the United States debit market will undergo changes following implementation of the Wall Street Reform and Consumer Protection Act next year," Joseph Saunders, the chairman and chief executive of Visa, said in a press release. "While it is too early to fully and accurately gauge the impact of the legislation, Visa has demonstrated an ability to manage our business through periods of change."
