Visa Profit Rises as Consumer Spending Boosts Payment Volumes. Payment


Visa Profit Rises as Consumer Spending Boosts Payment Volumes

Visa Profit Rises as Consumer Spending Boosts Payment Volumes.

Payment networks such as Visa and Mastercard are making the most out of a pent-up demand for cross-border travel, with a boom in spending from higher income households offsetting a pullback from lower-income ones.

On a constant dollar basis, payment volumes surged 10%, while cross-border volumes – a key measure that tracks spending on cards beyond the country of issue – jumped 36% for the three months ended Sept. 30.

Net income was $3.9 billion, or $1.86 per share, in the three months ended Sept. 30, compared with $3.6 billion, or $1.65 a share, a year earlier.

Payment networks such as Visa and Mastercard are making the most out of a pent-up demand for cross-border travel , with a boom in spending from higher income households offsetting a pullback from lower-income ones.On a constant dollar basis, payment volumes surged 10%, while cross-border volumes – a key measure that tracks spending on cards beyond the country of issue – jumped 36% for the three months ended Sept. 30.

That drove a 19% gain in net revenue to $7.79 billion for the quarter.

Net income was $3.9 billion, or $1.86 per share , in the three months ended Sept. 30, compared with $3.6 billion, or $1.65 a share , a year earlier.