Consumers replace cash with credit cards
Visa reports 5% increase in third quarter revenue to $3.16 billion over the prior -year period. Company’s Net income came in at $1.4 billion that resulted in a per-share profit of $2.17, $0.07 higher the analyst consensus.
Visa CEO Charlie Scharf said in a statement Thursday afternoon,
“We are pleased to report 15% earnings per share growth in the face of a continued, subdued global economy”
What was helped to this increase is the fact that consumers are increasingly replacing cash with credit. Total transactions processed by VisaNet were 16.7 billion, an 11% increase over the year-ago period.
Source: Forbes
