Visa reported a higher third-quarter profit on Tuesday, as resilient consumer spending boosted transaction volumes at the world’s largest payment processor.
Consumer spending was steady during the quarter despite inflationary pressures and uncertainty stemming from the conflict in the Middle East.
U.S. retail sales remained firm in June, while easing gasoline prices from their May highs provided some relief to stretched household budgets.
Payments volume, a gauge of consumer and business spending on Visa’s network, rose 10 per cent in the quarter, while processed transactions increased 10 per cent.
Visa, whose digital payments network spans more than 200 countries and territories, earns fees from transactions flowing through its system.
The company’s adjusted net income came in at $6.29 billion, or $3.32 per share, in the three months ended June 30, compared with $5.83 billion, or $2.98 per share, a year earlier.
(Reporting by Prakhar Srivastava in Bengaluru; Editing by Sriraj Kalluvila)
