As US consumer spending rose from 0.5% to 0.8% in September, the world’s two biggest payments networks felt the benefits, posting strong fourth quarter results.

Visa figures were the most impressive as it saw its net income for three months increase by 89% from USD880m (USD1.27 a share) last year to USD1.66bn (USD2.47 a share). Their share price of USD1.54 beat the predictions of analysts polled by FactSet, who had only anticipated a rise of 18% to USD1.50.

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MasterCard saw a rise of 17% from USD716bn (USD5.63 a share) in 2011 to USD772bn (USD6.17 a share). However, their operating expenses did rise by 5% in comparison with last year.

Despite the growth in US spending, both companies released statements that emphasised the importance of the global market and emerging technologies to their businesses.

Joseph Saunders, chairman and chief executive Officer of Visa Inc. said: ""Visa delivered strong financial performance for the fourth quarter and full year, a result of our focus on growing our core business, accelerating expansion of our business outside the US and investing in next-generation technologies that will define the future of payments,"

Ajay Banga, MasterCard president and CEO also stressed the importance of international business, saying that "emerging geographies and governments continue to provide great opportunities for growth. In Africa, our win with Nakumatt, the largest supermarket chain in East Africa, is expected to deliver more than a million multi-currency prepaid loyalty cards to consumers."

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