Visa Inc. on July 28 reported net income of $716 million for the fiscal third quarter ended June 30, down 1.8% from $729 million during the same period a year earlier. Net operating revenue was $2 billion, up 21.2% from $1.65 billion, driven by growth in data processing and international transaction revenue, the company said.
“It goes without saying, the United States debit market will undergo changes” following financial-reform legislation President Obama signed into law last week, including debit-interchange regulation provisions, Joseph Saunders, Visa chairman and CEO, said in a statement.
It is “too early to fully and accurately gauge the impact of the legislation,” Saunders said, noting he expects the global shift from cash and checks to continue, driving long-term growth for the company.
