Visa purchase volumes grow 9% to $1.1 trillionFebruary 7, 2013 - 10:05 AMT PanARMENIAN.Net - Visa Inc's quarterly profit beat analysts' estimates for the ninth consecutive quarter as credit, debit and transactions grew at the world's largest payments network, according to Reuters. Visa, along with its closest rival MasterCard Inc, have been working to spread card and online payments in parts of the world dominated by cash transactions. Visa's purchase volumes grew 9 percent to $1.1 trillion in the first quarter, the fastest rate of growth in nine months. Billable transactions on the company's Cybersource online payments network jumped 28 percent, the quickest pace in at least five quarters. Visa has also been expanding in emerging markets. The company will provide payment services under a biometric identification program being implemented by the Indian government. The Foster City, California-based company, which is boosting its electronic payment operations and rolling out its digital wallet service, V.me, said it would continue to invest in new services. Visa acquired South Africa-based Fundamo, a mobile payments company with a presence in emerging markets, for about $100 million in 2011. Visa's profit rose 30 percent in the first quarter, boosted by payment volumes and a tax benefit. The company's profit rose to $1.3 billion, or $1.93 per Class A share, from $1.0 billion, or $1.49 per Class A share, a year earlier. Visa said it expected percentage growth in full-year 2013 net revenue to be in the low double-digits and adjusted Class A earnings per share growth in the high-teens. The company forecasts an annual operating margin of about 60 percent. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Ucom Celebrates Telecommunication Day May 17 commemorates the founding of the International Telecommunication Union on May 17, 1865. Armenian, Azerbaijani heads of parliament meet in Switzerland President of the Armenian parliament Alen Simonyan met with the Speaker of the Azerbaijani Milli Majlis Sahiba Gafarova. Border residents overnight on highway to protest Armenia’s Residents of Kirants continue to express outrage over the government’s decision to cede land to Azerbaijan. Get Started: An educational platform for young startuppers The Get Started program which operates in two phases is an important platform for young startuppers. |