Visa (VS) first quarter profits declined 3.0% year-on-year (YOY) or 0.5% on a currency adjusted basis (FX) to $1550 million. Global purchase volume rose 11% (FX) to $1.3 trillion and total transactions processed, by VisaNet, were 17.5 billion, an 11% increase over the prior year.
Cards-in-Force (CIF) for Visa, MasterCard, American Express, Discover, JCB and UnionPay is expected to approach seven billion by end-of-year (EOY) 2019. According to forecaster RAM Research, CIF for the global debit card industry is growing at a CAGR of 8.88%.
The Payments Security Task Force is joining hands with the PCI Security Standards Council and the EMV Migration Forum to launch an EMV program to streamline the testing and certification process for Value Added Resellers (VARs) and Independent Software Vendors (ISVs).