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Visa's credit card volumes grew 14 percent; debit volume growth payments were up 7 percent during the same quarter; cross-border volume was up 16 percent globally; transactions grew 8 percent; and payment volume increased 6 percent for all Visa products.

Saunders said Visa payment volume has grown every quarter for the last nine quarters in Latin America, with the second fiscal quarter 2012 realizing a 25 percent growth rate. He noted that growth was particularly strong in Brazil where the company has "just reached an agreement with a large Brazilian bank that has traditionally maintained the majority of its business with one of our largest competitors

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