Visa Inc., the world's largest payment processing network, has bore the brunt of the strengthening dollar and lower gas prices. Released this Thursday, the results of the second-quarter ended March 31, posted a fall in revenue growth by 2.5 percentage points. This called for a revision to the EPS growth for the full year.

The world giant declared earnings of $1.55 billion in the present quarter, 63 cents per share rise as compared to $1.6 billion in profits in the same period last year. According to Thomson Reuters, analysts attributed the preceding year's increase to a one-time tax benefit and projected 62 cents per share increase this quarter.

Revenue rose by 7.8% to $3.34 billion while payment volumes increased to the tune of 11%. This was mainly on account of the increased expenditure by US consumers on groceries and fast-food restaurants, spending diverted due to higher gasoline prices. Despite this, there was no corresponding increase in the profits, Visa claimed. Similar profit crunch was experienced by MasterCard Inc., the second-largest payment network.

Visa Inc., based in California, is the largest US payments network. Visa acts as an intermediary and charges financial institutions a fees for helping carry out transactions through its payment network. Charlie Scharf, Visa's Chief Executive Officer is hopeful despite the lower revenue. His vision includes expanding the company's operations by enabling mobile and other digital payments, through an initiative named Visa Digital Solutions.

So much so, from April 1, 2016, Visa, along with Citigroup Inc., is also set to replace American Express Co. as the exclusive card network for Costco Wholesale Corp. Furthermore, Visa is also in talks with Pizza Hut Inc. for a new innovative technique wherein customers will be able to execute orders while sitting in their cars.