Payments volume climbed 9% to US$3.17 trillion (RM14.46 trillion) in the financial third quarter ended June 30, Visa said. — Bloomberg
NEW YORK: Visa Inc reported card-spending growth that was more robust than Wall Street expected as consumer demand for travel and dining out remained strong in the last quarter.
Payments volume climbed 9% to US$3.17 trillion (RM14.46 trillion) in the financial third quarter ended June 30, San Francisco-based Visa said in a statement.
That beat the US$3.14 trillion (RM14.32 trillion) average estimate of analysts surveyed by Bloomberg.
Visa and rival Mastercard Inc have gotten a boost from cardholders’ continued willingness to spend on travel and entertainment.
Consumer confidence in the United States advanced to a multi-year high in July, essentially aided by a strong job market and easing inflation, the Conference Board said on Tuesday.
“Consumer spending remained resilient, driving growth in payments volume and processed transactions,” chief executive officer Ryan McInerney said in the statement.
The results were “fuelled by travel growth from the ongoing recovery and summer tourism”. — Bloomberg
