VISA, the world's largest credit and debit card company, reported a betterthan-expected nine per cent rise in quarterly profit yesterday as more people used cards instead of cash to make payments. The company also said it would continue to work to make card payments more secure, as concerns mount over the safety of debit and credit cards. Net income attributable to Visa rose nine per cent to $1.41bn (£856m), or $2.20 per Class A share, in the first quarter from $1.29bn , or $1.93 , a year earlier. Total operating revenue increased 11 per cent to $3.16bn in the quarter ended 31 December. California -based Visa said total volume grew about seven per cent to $1.84 trillion , helped by a strong holiday shopping in the United States . Shares of Visa, a component of the Dow Jones industrial average, gained about 44 per cent last year, outperforming the 27 per cent rise in the broader Dow Jones index.
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