Visa Profit Surges 17% as Consumer Card Spending Climbs

Bloomberg04-24

Worldwide payments volume and processed transactions both roseFirm sees low double-digit revenue growth in current quarterVisa Inc. reported a quarterly profit that beat Wall Street predictions as US ...

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That was 7 cents more than the average estimate of analysts in a Bloomberg survey.In the US, where Visa gets more than 40% of its revenue, credit-card spending grew 6.2% from a year earlier. Worldwide payments volume climbed 8% and total processed transactions rose 11%.“We remain focused on the trillions of dollars of opportunity in consumer payments and new flows and on continuing to deepen our partnerships with clients around the world,” Chief Executive Officer Ryan McInerney said in the statement.Visa forecast net revenue growth for the current quarter in the low double-digit range. Its full-year forecast remains unchanged.In March, Visa and smaller rival Mastercard Inc. agreed to cap swipe fees and allow US merchants to charge consumers extra for using credit cards — a deal that retailers said would save them at least $30 billion over five years. 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