Visa, a US-based credit and debit card company, has reported a net income of $1.55bn for the fiscal second quarter 2015 compared to $1.6bn a year earlier.

The company’s net operating revenue for the quarter was $3.4bn, an increase of 8% nominally or 10% on a constant dollar basis from $3.16bn a year ago driven by solid growth in service revenues, data processing and international transaction revenues.

The company has reported payments volume growth of $1.2trn, up 12% % over the prior year on a constant dollar basis, for the three months ended 31 December 2014, on which fiscal second quarter service revenue is recognized.

Payments volume growth, on a constant dollar basis, for the three months ended 31 March 2015 was 11% over the prior year at $1.2trn, while cross-border volume growth, on a constant dollar basis, was 8% in the same period.

Visa said that total processed transactions representing transactions processed by VisaNet for the three months ended 31 March 2015 totalled 17 billion, up 11% over the year before.

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By GlobalData

Total operating expenses stood at $1.1bn for the quarter, a 1% rise over the prior year driven by increased personnel, general and administrative expenses and additional depreciation from our ongoing investments in technology assets and infrastructure.

Visa CEO Charlie Scharf said: "While the negative impacts from the strengthening of the U.S. dollar and lower gasoline prices continued to exert pressure on revenue growth, our results and volume trends have remained strong.

"We are very pleased to have been selected by Costco as the credit card network for its U.S. warehouse clubs and gasoline locations commencing next year and to bring this unique and very strategic opportunity to our issuers and their cardholders."