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Visa Profit Jumps As Vaccinations Boost Spending

Visa Profit Jumps As Vaccinations Boost Spending

Visa Inc reported a rise in quarterly profit on Tuesday as global vaccination drives gathered pace, fueling consumer spending and boosting volumes for the world's largest payment processor.

Visa Inc reported a rise in quarterly profit on Tuesday as global vaccination drives gathered pace, fueling consumer spending and boosting volumes for the world’s largest payment processor.

Payment companies are seeing an uptick in volumes from the coronavirus-induced slump as massive government stimulus and speedy vaccine rollouts fuel an economic recovery, unleashing pent-up demand for both goods and services.

Payment volumes at Visa jumped 34% on a constant dollar basis in the third quarter ended June 30 from a year earlier.

Net income rose to $2.58 billion, or $1.18 per Class A share, from $2.37 billion, or $1.07 per Class A share.

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first published:July 28, 2021, 02:24 IST