The largest credit card company in the world recently made headlines when it announced that credit card spending had increased during the fourth quarter, resulting in higher share prices.
Visa reported that its earnings had increased to $880 million during a three month period that ended on September 30. The share prices rose $1.27 a share, which was higher than the estimates of a $1.25 gain.
The head of the company, Joseph Saunders, said the merchant services provider was making progress when it came do being an industry leader.
“Visa continues to deliver strong results, with fourth-quarter and full-year performance reflecting a business that is both resilient and flexible enough to adapt and flourish in a changing business environment,” said Joseph Saunders, chairman and chief executive in an interview with the Financial Times.
Visa is one of many firms that has introduced cards with near field communication technology. The chip-enabled devices allow customers to wave cards near compatible terminals instead of swiping them.