SAN FRANCISCO—Profits at Visa jumped in its most-recent quarter, driven by consumers and businesses getting back to spending on their credit and debit cards after the pandemic.
Consumers and businesses spent $2.783 trillion on Visa’s network in the latest quarter, up 17% adjusted for currency fluctuations. Visa saw double-digit growth on both Visa-branded credit cards, as well as debit cards, the Associated Press reported.
Visa executives said they observed that the pandemic brought about a permanent change in consumer behavior: more consumers became comfortable purchasing items online or with their smart phones, which often requires a credit or debit card.
The latter was seen in parts of the economy that have traditionally been cash heavy, like grocery stores, coffee shops and bars, the AP added.