Visa reports $200 billion in annual commercial volume
18 October 2004 | 463 views | 0
Source: Visa International
Visa International reported today that the dollar value of all purchases and cash withdrawals made with Visa Commercial payment solutions globally reached the US$ 200-billion mark for the four quarters ended June 30, 2004. The dramatic growth, an increase of 26 percent over the same period last year, is derived from the widespread adoption of commercial payment cards and financial applications. These solutions are offered by Visa member financial institutions and are used by businesses and government agencies to control, monitor, report and analyze travel, entertainment, and procurement expenditures.
"It took 10 years for Visa and our members to reach the $100 billion milestone and just three years to achieve $200 billion in annual commercial volume," said Aliza Knox, senior vice president, Commercial Solutions, Visa International. "This growth is due to Visa's suite of commercial payment solutions, which has provided tremendous efficiencies and savings for businesses and the public sector alike. We expect to see continued growth across all regions in the foreseeable future."
"There are clear gains derived from automating the procurement supply chain and expense management processes," said Warren H. Hausman, professor of Management Science and Engineering, Stanford School of Engineering. "Visa Commercial Solutions play a big role in streamlining operations across a supply chain and standardizing processes with solutions that integrate with front-end procurement and back-office financial systems."
Mr. Hausman is an expert on supply chain management. He has performed research on many aspects of supply chain performance and is a frequent speaker on the subject at executive conferences.
"The striking growth in commercial payment volume, coupled with the untapped market potential, presents business opportunities for Visa members to provide valuable services to their customers," said Ms. Knox.