Visa USA grows third quarter volumes

Total volume on US Visa cards grew nearly 13% to more than $285 billion for the quarter ended 30 September 2003, as the company outperformed 2002 levels in all product categories.

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Visa USA grows third quarter volumes

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Carl Pascarella, president and CEO, Visa USA, says the card organisation is on-track to hit its 2003 volume projection of $1.1 trillion as it heads into the busiest shoping season of the year.

Visa debit card volume continued to grow at double digit rates reaching $118 billion in the third quarter, a 22% increase over the same period last year, while credit card volume grew seven per cent over the same period last year to $167.8 billion.

As well as making gains in traditional sectors, Visa volume in new card channels such as automatic bill payments, quick service restaurants and government spending collectively grew to more than $21 billion in the third quarter, a 29% increase over the same period last year.

"These are the real opportunities to turn cash and cheque purchases into electronic Visa transactions," notes Pascarella.

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