Visa’s third fiscal quarter results are in, highlighting the payment processor’s success around the world.
For the second consecutive quarter, Visa has seen significant payments growth on a global basis, with the March quarter showing an increase of 11% on the previous year and the most recent quarter (ended June 30) 6% above the same period for 2011.
The latest results also bring Visa’s total payments volume up to $979 billion, an increase of $21 billion on the March quarter for 2012.
Visa’s Asia Pacific arm, which includes Australia, has done particularly well this quarter, with the total number of credit and debit card transactions worth $277 billion.
Visa’s Electronic Payment Plan
Visa Chairman and CEO Joseph Saunders said the rise in payments highlight’s Visa’s focus on the globalisation of electronic payments.
“Visa once again reported solid global growth in payments volume, cross border transactions and processed transactions outside the U.S., executing on our strategy of growing the electronification of payments worldwide,” he said.
“As we look forward, we remain focused on launching new payment solutions and products for our financial and merchant partners and consumers, while supporting the Visa brand and the advancement of electronic payments.”
While Visa is not a credit card issuer, it is one of the two major companies that process credit card payments in Australia, with the second being MasterCard.
The only other credit card processor in the country is American Express, though as a processor this option is less likely to be accepted by merchants than Visa or MasterCard.
But all three of these processors vie for the patronage of Australian issuers like the Big Four Banks, developing products that help set them apart from one another.
Amex, for example, has a reputation for premium rewards that has made it a leading brand for frequent flyer cards.
Both Visa and MasterCard, on the other hand, have developed more exclusive cards like the Visa Select and World MasterCard.
With Visa now focused on expanding their global network even further, and seeing good results so far, the chances are good we can expect more extras from processors in the future.
So just as it can pay off to think about the credit card issuer, it may be worthwhile to look at the processor as well so that you can get the best type of credit card for your lifestyle.