Visa profit jumps 32% as consumers start traveling again

NEW YORK: Visa Inc. said on Tuesday (Wednesday in Manila) that its fiscal third-quarter earnings rose 32 percent to $3.4 billion from $2.57 billion a year earlier, helped by another double-digit increase in the amount of money processed on the credit and debit cards.

The San Francisco, California-based payment processing company is capitalizing on the global shift from cash to digital forms of payment, whether through online shopping or through the increased use of contactless payments.

Visa processed $2.939 trillion on its network last quarter, up 12 percent from a year earlier. It receives a small fee for every transaction that goes through its network, depending on the type of transaction and the merchant who used it.

In particular, cross-border payments rose 40 percent year on year, indicating that consumers are returning to their pre-pandemic travel habits.

“Consumers are back on the road, visiting different parts of the world, bringing cross-border travel above 2019 levels for the first time since the pandemic began in early 2020,” said Visa Chairman and CEO Al Kelly. .

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