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29/10/2009 -
In a reflection of the continued growth of electronic payment processing - especially debit cards - Visa announced this week that it has posted a profit of $514 million in the fourth quarter.For the quarter ending September 30, 2009, Visa posted a net operating revenue of $1.9 billion, marking a 10 percent increase over the previous year's net operating revenue. The growth was largely driven by payment processing transactions, which rose 9 percent.
"Visa delivered another quarter and year of solid financial results during this challenging economic environment," said Joseph W. Saunders, chairman and CEO of Visa. "Our strong returns are a reflection of consumers' continuing shift to electronic payments, the success of efficiency initiatives and importantly, continued support from our financial institution partners."
The Associated Press reported that the company saw strong debit card growth as the credit crunch has cut down on the number of credit cards that have been issued to consumers.
Visa is currently making plans to enter the Canadian debit card market, and is receiving some resistance for competing with the incumbent Interac network for debit card payment processing fees.
