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Visa reports growth during Q4

November 9, 2012

Visa, the world's largest credit card company, beat Wall Street expectations to mark its fifth straight quarter of higher-than-expected earnings results.

Visa, the world’s largest credit card company, beat Wall Street expectations to mark its fifth straight quarter of higher-than-expected earnings results.

The merchant services company reported earnings of $1.54 per share for the most recent quarter. In addition, the company delivered net operating revenues of $2.7 billion, a 15 percent increase over the same period last year.

“Revenue gains for the quarter were driven by particularly strong payments volume growth for credit products in the United States, as well as continued expansion of our core business and growth of processed transactions in international markets,” executive chairman Joseph Saunders said during an earnings call with investors.

During the call, the company also discussed the progress of its new digital wallet, V.me. Saunders announced that 34 leading U.S. issuers, including PNC Bank and U.S. Bank, have already signed up to support Visa’s mobile wallet.

“Together, they give us the opportunity to tap roughly 50 million consumers through our bank partners,” he said. “By the middle of 2013, we expect to have more than 1,000 online merchants using V.me, including 20 of the 50 largest e-commerce merchants in the country.”
 

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