Visa Profits up on Better Use of Its Credit Cards

Visa Inc beat Wall Street’s quarterly profit expectations when it released financial results on October 25 as more people made payments using its world-wide network, which includes Myanmar.

Visa’s payment volumes rose 9.8 percent to $1.93 trillion with the US accounting for about 43 pc of that total. For the quarter ended September 30, net income rose 11 pc to $2.14 billion in the quarter ended Sept. 30.

Shares of Visa, a component of the Dow Jones Industrial Average, were up 1.5 pc at $109.98 at the end of the day. The use of Visa and MasterCard has also risen in Myanmar. In September, Visa launched a contactless payment system in collaboration with Co-operative Bank, with aims to substitute the current cash payment system in Myanmar. United Amara Bank also said it would issue more than 15,000 Visa credit cards in Myanmar by the end of the year. Visa is also issuing credit cards in partnership with Kanbawza Bank.

Source: Myanmar Times

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