Despite the first two-quarters of drooped results, multinational financial services platform Visa saw a massive revenue increase of about $5.8 billion.
In the conference call transcript, The Motley Fool reports that Q3 Earnings of Visa for the period ending on June 30, 2019, increased about 11 per cent from last year. The company also saw payments growth of 9 to 10 per cent, excluding China.
While cross-border payment growth has been flat for the first two quarters this year, Chief Executive Officer Alfred Kelly said that Visa rebounded 3 points from the last quarter. Meanwhile, processed transactions grew by 10 per cent, which highlights marketing investment.
“As we look ahead to the future, we’re pursuing our strategy by A, investing in growing and enhancing our network, including capturing new payment flows, building out our acceptance footprint and expanding our base of clients,” said Kelly.
Growth and expansion drivers
The company is also considering other investment avenues to continually grow its revenue. In the conference call, Chief Officer Kelly said that the management is thinking of building other networks through value-added capabilities. The company will call this as Network Agnostic and they will also be focusing on the ‘bedrock pillars of business’ which are security, technology, talent, and branding.
Visa’s recent acquisition of Earthport last May 2019, is said to be fully legally owned by the company. Earthport will be supporting the company’s cross-border payment services that connect 88 countries worldwide.
In addition to Earthport, the company also acquired Verifi and Tokenization business from Rambus, which is said to help Visa with fraud management and risk solutions. The tokenization is another service which pushes for all types of transactions including domestic card network support and real-time payment systems.
Visa is looking at significant partnership renewals for the fourth quarter as well as new deals, new strategic partnerships and keeping long-standing relationships with key financial companies.