Visa Reports ‘Very Strong’ Payments and Cross-Border Volume in Q3

In its third quarter results, Visa’s payments volume and cross-border volume were “very strong,” an earnings release Tuesday (July 26) from the company said.

The payments volume was up 12% year-over-year and the cross-border payments were up 40%.

The company reported total processed transactions were at 49.3 billion, which was a 16% increase from the previous year.

This also comes as the company’s net revenues were 19% higher year-over-year.

Alfred F. Kelly Jr., chairman and CEO of Visa, said in a statement, “Visa had a very strong quarter. … Consumers are back on the road, visiting various corners of the world, resulting in cross-border travel volume surpassing 2019 levels for the first time since the pandemic began.”

In other news related to Visa and cross-border services, PYMNTS wrote recently that Visa is potentially going to be contributing to a funding round for Airwallex, which provides cross-border end-to-end payments and collections solutions.

See also: Visa Considers Taking Stake in FinTech Airwallex

The news was only a rumor when PYMNTS wrote about it earlier in the month, and a Visa spokesperson could only say that the payments giant was not a current investor in Airwallex.

The goal of the round is reportedly to raise $100 million to $150 million in an extension to its Series E round.

Airwallex has raised around $800 million already and is considering an initial public offering (IPO) for 2024, according to reports.

The new round for Airwallex is likely to value Airwallex at $5.5 billion, which was its value last November, when it had another funding round. At that time, some of its investors included Lone Pine Capital and Sequoia Capital China.

However, for the new round, there was no specific final decisions as of the time of the PYMNTS report.