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Visa Inc. yesterday announced with its second fiscal quarterly results that U.S. debit-payment volume exceeded credit card payments for the first time in the company's history, as the economy continues to drive more consumers to use debit cards for everyday purchases. Visa reports its operational performance data a quarter later than its financial-performance. U.S. debit sales volume for the three months ended Dec. 31 totaled $206 billion, up 5.6% from $195 billion during the same period a year earlier. U.S. debit transactions totaled 5.4 billion during the quarter, up 8% compared with 5 billion debit transactions a year earlier. Debit-sales volume outside the U.S. reached $38 billion, up 5.6% from $36 billion. Some 333 million debit cards were on issue in the U.S. as of Dec. 31, up 12.9% from 295 million a year earlier. Outside the U.S., some 571 million debit cards were on issue, up 14.2% from 500 million. U.S. sales volume on Visa-branded credit cards totaled $203 billion, down 6.9% from $218 billion. U.S. Visa credit cardholders initiated 2.37 billion transactions during the quarter, down 3.7% from 2.46 billion. In the U.S., some 334 million credit cards were on issue at the end of December, down 8.5% from 365 million a year earlier. Outside the U.S., credit sales volume totaled $228 billion, down 1.7% from $232 billion. Some 478 million Visa credit cards were on issue outside the U.S., up 10.9% from 431 million. Total network volume was flat at $1.1 trillion. Visa's net income for the fiscal second quarter ended March 31 was $536 million, up 70.7% from $314 million a year earlier. Net operating revenue climbed 13.8%, to $1.65 billion compared with $1.45 billion. Adjusted operating expenses fell 4.9%, to $745 million compared with $783 million, as the company cut personnel, advertising, marketing, consulting and administrative costs.
