Visa’s profits rise 28%

Visa reported a profit rise of 28% in the fourth quarter, beating analysts’ expectations, as customers spent more money on its payment network.

The world’s largest payment operator said its net income for the quarter ending 30 September reached $1.93bn (£1.58bn), up from $1.51bn (£1.23bn) a year ago. Payments volume jumped 47 per cent. Total operating revenue increased by 19.3% to $4.26bn.

Chief Executive Charlie Scharf said: “We have begun to see the benefits from our acquisition of Visa Europe and strong cost discipline. At the same time, we are unwavering in our commitment to invest in client partnership opportunities and the further build out of our digital payments capabilities”

Visa processes both credit card and debit card transactions and makes a percentage on every transaction that passes through its network.