Credit card payment processing increased this year, Visa Inc. announced. The amount of payments processed grew 11 percent to $994 billion in 2011. Other areas of growth included cross-border payments, which grew on a constant dollar basis by 13 percent and total transactions processed. The number of transactions increased by 8 percent, reaching 13.6 billion for the year.
“Visa’s core businesses drove a strong start to fiscal 2012. We achieved solid financial and operational performance as we continued to benefit from the secular shift to electronic payments,” said Joe Saunders, chairman and chief executive officer.
The reported growth in payment processing follows news that demands for consumer credit have also risen in the United States. Revolving credit, which accounts for consumer borrowing, grew to $2.76 billion, according to Federal Reserve figures.
Increased borrowing, as the result of lowered unemployment rates and burgeoning faith in financial stability could sustain growth in retail spending, since consumer spending accounts for 70 percent of the economy. Retail owners can prepare for sales growth and greater volume of payment processing by updating credit card processing terminals and ensuring they meet PCI compliance standards, which can keep customers’ payment information safe from fraud.Back To Blog