Even with the uncertainties brought on by inflation, the Ukraine conflict, COVID, the timing of cross-border travel recovery, and a probable recession, Visa’s performance in 2022 was quite robust. Ever since Visa has started adopting crypto payment services & blockchain technology its growth has turned exponential.
In terms of the entire year, Visa’s net revenue has hiked by 22% and reached $29.3 billion, driven by payments volume, cross-border volume and processed transactions.
In FY 2022, Visa’s network processed 1 billion Tap to Ride transactions for the first time ever. It processed 70% more Tap to Ride transactions on international transport networks. Visa entered into more than 400 business collaborations with fintechs in FY 2022, ranging from start-ups to established firms.
On a constant-dollar basis, the amount of payments for the 12 months ending September 30, 2022 grew 15% from the previous year.
For the year ending September 30, 2022, the cross-border volume, excluding transactions within Europe, which underpins the international transaction revenues, increased by 49% on a constant-dollar basis. For the fiscal year, the total cross-border volume climbed 38% on a constant-dollar basis.
Total processed transactions, which constitute Visa transactions, were 192.5 billion for the fiscal year that ended September 30, 2022, representing a 17% increase over the previous year. Their international transaction revenues grew 50% over the prior year to $9.8 billion.
Furthermore, a number of factors, including new flows and value-added services, are driving Visa’s rise in consumer payments. Visa’s venture into collabs and partnerships have skyrocketed the earnings. Its one-year immersive ‘creator program’ for small business owners also boosted its performance as well as earnings.
Visa unveiled its crypto enabled cards in Latin America, and a no-spend limit crypto-powered black card, bitcoinblack in UAE. All these factors helped Visa to process transactions worth $50 billion in the fiscal fourth quarter of 2022 and there is a lot more to come.
Alfred F. Kelly, Jr, Chairman and Chief Executive Officer added a positive outlook remarking “As we look ahead, while some short-term uncertainty exists, we remain confident in Visa’s long-term growth trajectory across consumer payments, new flows and value added services.”
Visa hasn’t stopped here as on one hand Visa and JPMorgan collaborated in order to expedite cross-border payments by connecting their private blockchain networks, Liink and B2B Connect.
On the other hand its partnership with SBF’s crypto exchange FTX to expand issuance of Visa credentials beyond the U.S. to over 40 countries will definitely fuel the cross border payments.
