Visa profits jump 32% as consumers start traveling again | Your money

NEW YORK (AP) — Visa Inc. said Tuesday its fiscal third-quarter earnings rose 32% from a year earlier, helped by another double-digit increase in the amount of money processed on its network of credit and debit cards.

The payment processor said it earned $3.4 billion, or $1.60 per share, compared to $2.57 billion, or $1.18 per share, at the same time. period a year earlier. Excluding one-time costs, Visa earned $1.98 per share this quarter, which was much better than the $1.75 per share analysts had expected, according to FactSet.

San Francisco-based Visa has benefited from a global migration from cash payments to digital forms of payment, either through online shopping or the increased use of contactless payments. The company processed $2.939 trillion on its network last quarter, up 12% from a year earlier. Visa takes a small commission on every transaction that passes through its network, depending on the type of transaction and the merchant that used it.

Most notably, cross-border payments are up 40% year-on-year, a sign that consumers are returning to pre-pandemic travel habits.

“Consumers are back on the road, visiting various corners of the world, resulting in cross-border travel volume exceeding 2019 levels for the first time since the pandemic began in early 2020,” said Al Kelly, Chairman and CEO of Visa, in a statement.

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