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Visa earnings beat Street estimates

Visa Inc, the world's largest credit and debit card company, reported an 11 percent rise in quarterly profit as more people around the world used plastic instead of cash to make purchases.

Net income rose to $1.36 billion, or $2.17 per Class A share, in the third quarter ended June 30 from $1.23 billion, or $1.88 per Class A share, a year earlier.

Analysts forecast Visa would report fiscal third-quarter earnings of $2.10 a share on revenue of $3.15 billion, according to a consensus estimate from Thomson Reuters.

Visa credit and debit cards are arranged for a photograph in New York.
Andrew Harrer | Bloomberg | Getty Images
Visa credit and debit cards are arranged for a photograph in New York.

The credit card services provider recently launched a digital payments service called Visa Checkout and opened a developers' center in San Francisco. In 2011, the company had launched a similar product called V.me, which failed to gain traction with users.

Read MoreVisa launches Checkout, a rival to PayPal

In late spring, Visa and Mastercard planned to leave operations in Russia after a new law required high security deposits to the central bank, but decided to stay on amid signs that the rules might be relaxed.

Read MoreRussia cuts deposit payments for Mastercard, Visa

—By Reuters. CNBC.com contributed.

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