Visa USA grows third quarter volumes

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.

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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