Visa sees data sales driving $3.5B in consulting revenue
(Bloomberg) --Visa Inc. said revenue from its consulting arm will climb 20% this year as the network makes more money selling data and analytics to banks and retailers.
Revenue from consulting and analytics will rise to $3.5 billion during the company’s 2020 fiscal year, which ends in September, Visa President Ryan McInerney said Tuesday at the company’s investor day. That would amount to roughly 14% of the $25.4 billion in revenue that analysts anticipate Visa will generate this year.
McInerney said the network has been expanding its “Travel Predict” product, which analyzes cardholder data to help banks figure out when a customer might be taking a trip. Visa gives those insights to banks to help them target consumers with offers and marketing to help them capture that card spending.
Banks that use the product see a 15% increase in overseas spending per card, McInerney said.