Visa quarterly profit rises on resilient consumer spending

Visa ​reported a ‌jump in fourth-quarter ​profit on Tuesday as customers swiped their ‌cards to pay for travel, shopping and dining out.

US consumer spending has remained resilient in ‌the face of persistent inflationary pressures, underpinned ‌by a strong labor market and wage growth. The FIFA World Cup, which ran from June ⁠11 ​to July ⁠19, also helped boost activity across Visa's network as ⁠it brought many visitors to the United ​States.

Payments volume, a gauge of consumer and ⁠business spending on Visa's network, jumped 9% in ⁠the ​quarter. The world's largest payment processor's net income was $6 billion, or $3.19 per share, ⁠in the three months ended September 30, compared with $5.1 ⁠billion, ⁠or $2.62 per share, a year earlier.