Visa FYQ1 volume in Latin America up 26.5%

Bnamericas Published: Thursday, February 05, 2009
Visa (NYSE: V) saw its total credit and debit card volume increase 26.5% to US$159bn in Latin America and the Caribbean in its first fiscal quarter ended September 30 compared to the same quarter in 2007, the credit card company said in a press release. Payments volume and processed transactions remained solid in the quarter, in particular in the Asia Pacific, Central Europe, Middle East and Africa, and Latin America and Caribbean regions, the press release reads. "We saw growth in credit products outside the US, particularly in emerging markets. That said, the economic situation across the globe has had and will continue to have an effect on dollar payment volumes in the US and internationally for at least the next two to three quarters," Joe Saunders, Visa chairman and CEO, told a conference call. However, sluggish consumer spending and the fast deterioration in the global economy made Visa lower its outlook for net annual revenue growth for 2009 from its previous 11-15% forecast, while a stronger dollar also is expected to reduce revenue growth from abroad. Payments volume in Latin America and the Caribbean grew 28.5% to US$51bn through 1.24bn transactions in the quarter ended September 30. Cash volume grew 25.5% to US$108bn. All the figures are expressed at constant US dollar rates. The total number of Visa-branded cards in the region grew 15.6% to 334mn as of September 30 compared to the same time in 2007. Visa posted a better-than-expected US$574mn profit in the fiscal first quarter, up 35% on the same quarter a year ago. Excluding several one-time charges and gains, Visa earned US$599mn in the latest quarter. Visa was privately held before its initial public offering in March 2008.

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