US-based payments giant Visa has reported a 32% year-on-year rise in its GAAP net income to $3.4bn in the fiscal Q3 2022.

During this period, net revenues increased 19% year-on-year to $7.3bn on the back of the year-over-year growth in payments volume, cross-border volume and processed transactions.

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The payments volume was up 12% year-over-year while the cross-border payments volume climbed 40%.

Cross-border volume excluding transactions within Europe, which drive the firm’s international transaction revenues, jumped 48% for the three months ended 30 June 2022.

Visa processed a total of 49.3 billion transactions, an increase of 16% over the prior year.

Visa chairman and CEO Alfred Kelly Jr. said that the “sustained levels of growth” in overall payments volume, cross-border volume and processed transactions reflected the resiliency of the firm’s business model.

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Fiscal third-quarter service revenues stood at $3.2bn, a 13% increase compared to last year. Data processing revenues surged 8% to $3.6bn.

International transaction revenues jumped 51% year on year to $2.6bn. Other revenues surged 26% over the prior year to $517m.

Client incentives, a contrarevenue item, were $2.6bn and represented 26.1% of gross revenues.

Commenting on the results, Kelly Jr added: “Against the backdrop of macroeconomic uncertainty, significant exchange rate headwinds and the suspension of our business in Russia, Visa had a very strong quarter, with net revenues up 19%, GAAP EPS up 36% and non-GAAP EPS up 33%.

“While the economic outlook is unclear, we remain confident in our ability to execute with discipline and expand Visa’s role at the center of money movement.”