Visa Europe Ltd.'s full-year profit increased 30% on sharp growth of Internet payments across the continent.
Profit for the year to Sept. 30 was 344 million euros ($388 million), the London-based company said in an e-mailed statement. Gross revenue rose 9% while e-commerce spending on Visa cards in Europe reached 280 billion euros, up 17% from a year earlier, it said.
"We will make use of the abundance of digital technology that now surrounds us to enable new digital payment solutions," Chief Executive Officer Nicolas Huss said in the statement.
Visa Europe is investing 200 million euros in payment technology to tap the growing need for digital payments from retailers and consumers, the company said. Transactions via Visa cards account for 1 euro out of six spent in Europe.
The European firm split from Foster City, Calif.-based Visa Inc. prior to the U.S. company's 2008 initial public offering. Visa Europe is owned and operated by member banks and payment providers from 37 European countries.
