Visa profits rise thanks to increase in travel and online spending By Reuters

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© Reuters. FILE PHOTO: A Visa credit card is visible on a computer keyboard in this photo illustration taken September 6, 2017. REUTERS / Philippe Wojazer / Illustration

(Reuters) -Visa Inc on Tuesday reported an increase in quarterly profits, as the world’s largest payment processor benefited from a travel upturn as economies reopened around the world and more people shopping in line.

Total cross-border volume increased 38% in constant dollars compared to the previous year.

Payments companies are seeing increased volumes from the coronavirus-induced crisis as massive government stimulus measures and rapid vaccine rollout fuel an economic recovery, unleashing pent-up demand for goods and services.

Net income reached $ 3.58 billion, or $ 1.65 per Class A share, for the fourth quarter ended Sept. 30, from $ 2.14 billion, or 97 cents per Class A share, a year earlier.

Analysts on average expected earnings of $ 1.54 per share, according to data from Refinitiv.

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