Visa Announces Financial Results
Visa Inc. this afternoon announced financial results for its fiscal fourth quarter and full-year 2008.
Using statistical data from June 30, 2008 (not from September 30, 2008), Visa reported its payments volume grew 15% over the prior year to $699 billion while total volume, inclusive of cash volume was $1.1 trillion, an increase of 19% over the prior year. Cards carrying the Visa brands rose over 12% worldwide over the prior year to 1.6 billion. Total payment transactions increased 14% over the prior year to 11.5 billion. Total VisaNet processed transactions (for the year ending Sept. 30, 2008) were 9.6 billion, an 11% increase over the prior year.
A webcast and accompanying presentation and performance data is available online on the Visa web site.
"Visa capped an historic fiscal 2008 with a strong fourth quarter. Despite increasing economic turbulence worldwide, Visa posted strong revenue and earnings gains while diligently taking steps to capitalize on the continuing secular trend toward electronic payments," said Joe Saunders. "Although no company is immune to the challenges of this economic environment, we believe Visa's network business model, the continuing secular shift to electronic payments and diversity across both products and geographies offer a degree of resilience to our organization."
"Visa's evolution from our credit roots into a multi-product payments company continues to benefit our business. Debit - which now represents more than 53% of Visa's payments transactions worldwide - is particularly important to our results in the current environment, as that product is rooted in 'everyday spend' behavior which has proven to be less susceptible to economic fluctuations and continues to grow."
"We remain intensely focused on helping our financial institution and retail clients through this difficult period, providing them with products and services that build deeper cardholder relationships and boost their own bottom line," added Saunders.
Add your comment... (note that all comments are reviewed before they're published)