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Payment Processing Solutions
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Visa profits up2008-04-30Credit card processing firm Visa saw its profits increase by 28 percent to reach $314 million in the first quarter of 2008, the company has announced. Chairman and chief executive officer of Visa Joseph Saunders said that he was "very pleased" with the results, explaining that the organisation increased its volume of credit card processing transactions "across our diverse suite of products". Payments rose 19 percent over the previous year to $681 billion, while the level of payment transactions grew 16 percent over the same period of time to reach 11 billion. One of the trends that was noted during the quarter was that US spending increased, which suggests that Americans are still using plastic with merchants that accept credit cards. Overseas cardholder spending also jumped during the first three months of 2008, the data indicates. Mr Saunders added that the company remains focused on "strengthening our valuable relationships with financial institutions and merchants". Visa says it is the largest payments company in the world.   |
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