Visa International Announces US$255 Billion in Worldwide Commercial Volume
October 05 2005
Visa International announced today that the value of all purchases and cash withdrawals made with Visa Commercial payment solutions globally reached US$255 billion for the four quarters ended June 30, 2005. The achievement of this total underscores the widespread adoption of Visa Commercial payment cards and financial applications by businesses and government agencies worldwide.
"While it took 10 years for Visa and our members to reach $100 billion and three years to achieve $200 billion, we're rapidly on our way to accomplishing the global $300 billion milestone in commercial volume in just over a year, illustrating the tremendous growth and success of our Visa Commercial offerings," said Aliza Knox, senior vice president, Commercial Solutions, Visa International. "As a leading provider of commercial payment solutions worldwide, Visa is tapping the strength of its brand, global acceptance and unsurpassed payments expertise to deliver efficiency for both the private and public sectors."
The $255 billion figure is indicative of the significant worldwide growth of Visa Commercial, as it reflects an overall increase of 27 percent over the same period last year. This latest announcement, made at the annual EuroFinance International Cash and Treasury Management conference in Berlin, follows the announcement made in October 2004 that Visa had reached the US$200 billion mark in commercial sales volume globally.
"Businesses and governments worldwide are integrating card payments into their overall strategies for internal cost reductions. As a result, growth in commercial card spending is outpacing gains in consumer cards in most world regions," said David Robertson, publisher of The Nilson Report.
Gabriele Cappelletti, Head of Visa Commercial, Visa Europe added, "Companies across Europe are increasingly using Visa Commercial cards as a business and cash management tool, with a 28.5 percent expenditure growth rate in the past year. Businesses all over Europe, both large and small, are realizing that Visa Commercial cards provide an easy, convenient way to purchase goods and services, and manage business expenditure."
In addition to the overall success of Visa Commercial products and services, nearly all Visa regions experienced double-digit growth in commercial sales volume, with the majority registering an annual growth increase of at least 20 percent.
Visa Commercial payment and information management products and services, provided through Visa member financial institutions, are designed to help businesses and governments achieve greater visibility, control, time and cost-savings, and corporate and regulatory policy compliance, contributing to overall organization efficiency. All of Visa's products and services operate through the world's largest, most reliable and secure payments network.