Visa profits exceed estimates

July 29th, 2010 - 3:47 pm ICT by IANS  

San Francisco, July 29 (DPA) Profits at Visa Inc. exceeded analysts’ expectations as an increasing number of consumers opted to pay with plastic.
The company with the world’s largest credit and debit card network, posted third-quarter (ended June 30) net income of $716 million, compared to $729 million in the year-ago period.

“Visa delivered a solid financial performance during our fiscal third quarter as we saw continued improvements in global cross border and payments volume growth,” said Joseph Saunders, chairman and CEO.

“As we look to the remainder of our fiscal 2010 year, we remain focused on … maintaining strong financial performance and expense control discipline.”

Spending on Visa cards, both credit and debit, was valued at $803 billion, the company said.

“The global shift from cash and cheques to digital currency is a powerful force that continues unabated, providing tangible benefits to consumers, merchants and governments worldwide,” Saunders said.

Rival MasterCard is expected to release its second-quarter earnings Aug 3.

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