News visa | Visa’s profits increase 32% as consumers resume their travels.

News visa | Visa’s profits increase 32% as consumers resume their travels.

The company that processes payments reported earnings of $3.4 billion, or $1.60 per share, up from $2.57 billion, or $1.18 per share, at the same time last year. According to FactSet, Visa earned $1.98 per share this quarter after one-time expenses, which was significantly higher than the $1.75 per share that analysts had anticipated.

based in San Francisco Through online shopping or the rising popularity of contactless payments, Visa has benefited from a global shift away from cash to digital payment methods. Last quarter, the business handled $2.939 trillion through its network, an increase of 12% from the same period in 2017. Depending on the kind of transaction and the merchant who utilized it, Visa receives a small charge for each transaction that passes through its network.

Most significantly, cross-border payments increased by 40% from the previous year, indicating that customers are resuming their pre-pandemic travel patterns.

Al Kelly, chairman and CEO of Visa, said in a statement that “consumers are back on the road, traveling to different parts of the world, resulting in cross-border travel volume surpassing 2019 levels for the first time since the pandemic began in early 2020.”

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