(Reuters) -Visa reported a rise in third-quarter profit on Tuesday, as the payments processing company was helped by strong card spending volumes despite softness in the broader economy.
Consumers have continued to use card payments for essential purchases, even as they have reined in discretionary spending due to economic uncertainties spurred by U.S. President Donald Trump’s shifting trade policies and geopolitical tensions.
Visa is used by billions of people globally for everyday purchases, making the card network better positioned to withstand economic downturns.
Payments volume, a gauge of overall consumer and business spending on Visa’s network, jumped 8% in the quarter ended June 30, while net revenue rose 14% to $10.17 billion.
The company reported a net profit of $5.3 billion, or $2.69 per share, compared with $4.9 billion, or $2.40 apiece, in the year ago period.
(Reporting by Pritam Biswas and Ateev Bhandari in Bengaluru; Editing by Leroy Leo)
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