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.
