Visa's fiscal third quarter 2019 results show its GAAP net income at US$3.1bn in the period ending 30 June, which is up 33% year-on-year. At the same time, its net revenues hit US$5.8bn, a rise of over 11%.
Digging a little deeper into the Visa filings reveals that the commercial cards segment of the firm's business is growing faster than either its consumer credit or consumer debit segments.
In the three months to 31 March, the nominal payment volume of commercial cards in the US hit US$153bn, an increase of 11% year-on-year. For the same time period, Visa's consumer debit and consumer credit segments in the US saw growth of 10% and 5% respectively.
The overall global picture saw total nominal payments volume grow by 3% for the firm. This figure that was outperformed by the commercial cards segment, with payment volumes of US$245bn for the period, an increase of 7%. This represented faster growth than consumer debit (5%) and consumer credit (1%) in that period.
Speaking on the Q3 2019 earnings call, Visa chairman and CEO Al Kelly commented: "In the B2B space, we recently announced an investment in PayMate, a B2B payments fintech in India who we have been partnering with in India and our CEMEA region since last year. PayMate operates a portal, connecting 35,000 buyers and suppliers to provide buyers with a consolidated view of their accounts payable across all payment types. Through the use of Visa credentials, buyers and suppliers have access to better reconciliation data.
"Our partnership and investment seek to drive incremental volume to our network by helping big and small businesses bring more efficiencies to their payment processes as well as transition from cash and cheques to digital payments via a Visa credential."
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