Visa's third-quarter profit beats expectations
NEW YORK (AP) — Payment processing giant Visa said its fiscal third-quarter profit rose sharply from a year earlier, following its purchase of Visa Europe.
The company's fortunes are directly tied into how much consumers spend on its network versus using cash, an American Express card or MasterCard.
The high-end premium credit card has become one of the most popular credit cards on the market, and has been particularly well-liked by younger customers.
The dollar amount of credit card transactions processed on Visa's network was up 18 percent from year earlier, compared with a more modest growth in debit card processing of 5.4 percent.