Visa Phils posts 23% hike in earnings in1st 10 months

The Philippine operations of Visa International turned in an earnings growth of 23 percent in the first 10 months this year.

Visa Philippines also reported that as of September this year, its card base stood at 1.7 million for an 18-percent growth rate over the same period last year.

June Seah, Visa International country manager for Guam, Singapore and the Philippines, said Visa remains as the dominant credit card with a 60-percent share of the local market.

Mastercard comes in second with an estimated market share of 35 percent followed by Diners Club, among the internationally-based credit card companies.

Seah said the company is looking at the same growth rate next year for both card base and income earnings, assuming that global and regional as well as Philippine economic growth in on the road to recovery. Any major disruption mandate or otherwise would result in a rethinking of growth targets, she added.

Offhand, Seah said the biggest expense area utilizing credit cards is the food business followed by purchases in malls and department stores. Then there are transactions with gasoline stations and drug stores.

Visa had just worked on arrangements for payments with airlines, utilities, telephone and communications. Their payment system with the airlines will take effect in the first quarter of 2002. – Ted Torres