Visa International this morning announced that its global sales volume has surpassed US$2.3 trillion for the year ending June 30 2002, an increase of 17 per cent over last year. Retail sales using a Visa card now account for 7 per cent of global personal consumer expenditure (PCE).
"It is very encouraging that, despite the downturn in the global economy over the past year, we continue to see strong double-digit growth, which reflects the value and convenience of electronic payments," said Malcolm Williamson, President and CEO of Visa International. "We are confident that we can obtain a 12 percent share of personal consumer expenditure by the end of the decade."
Over $1 trillion of Visa's volume last year was on debit cards which increased 22 percent over the prior year. Credit card volume grew 12 per cent. In the US, during the first six calendar months of 2002, Visa's debit card transactions were 3.04 billion compared to 2.96 billion credit card transactions.