For sure, most investors have a Visa (NYSE:V) card, the ubiquitous credit card used in almost every corner of the planet. So why shouldn’t most investors also own shares of Visa, the world’s largest retail electronics payment network?

It’s true that ordinarily, it isn’t a wise strategy to buy a stock that’s been rising steadily every year. And that’s what Visa has been doing, really. In March 2008, when Visa went public, the stock started at $44 a share, raising $17.9 billion — which at that point was the largest initial public offering in the U.S. By the end of 2009, the stock hit nearly $90, and V shares closed at $112.42 on Thursday.

But Visa is not an ordinary company. Its growth prospects remain huge, as consumers’ demand for more convenient payments systems continue to rise worldwide. And analysts view Visa as both a financial company and a technology enterprise that uses high-tech skills to advance and expand its business model.

Visa continued to rush up in its stock price and earnings despite the huge pressure on financial stocks in the wake of the financial mess in Europe, the fragile U.S. economic recovery and the big issues that confront major banks.

So Wall Street remains optimistic, and analysts continue to jack up their stock price targets and earnings estimates.

David Togut, analyst at Evercore Partners, raised his price target to $130 a share from $109 in January, way before Visa’s Wednesday report of better-than-expected results for the fourth quarter, with revenues rising 14% and earnings growing by 21%. Togut maintains his overweight recommendation on the stock, based on a projected price-earnings multiple of 18.5, which is below Visa’s historical average forward P/E ratio. He probably will again increase his price target and his earnings estimates for 2012 and 2013.

“Fiscal 2012 ought to be another stellar year for Visa,” says analyst Sharif Abdou, who follows the company at Value Line, an independent investment research firm. Despite its recent rally, the stock has substantial long-term price appreciation potential, the analyst says.

The company’s credit and debit cards are among the most widely used in the world, and its VisaPLUS is one of the largest global ATM networks that offer cash access in local currency in more than 200 countries. Helping fuel Visa’s growth is its international business, which has been rapidly expanding. The use of Visa’s credit-card payments in the U.S. rose by some 11% in 2011, while those in Latin America grew by 19%. And in Central Europe, the Middle East, and Africa, credit-card usage jumped 35%, according to Value Line.

Moreover, Visa’s debit cards are among its fast-growing big sources of growth, as more people increasingly use them to reduce spending and curb debt levels during difficult economic times. Debit transactions accounted for 58% of the total in fiscal 2011, compared with less than 50% in recent years, Abdou says.

“Visa’s time-tested business model, rock-solid finances with no debt on the balance sheet, and ubiquitous brand name should remain a formidable combination for the foreseeable future,” Abdou says.

Visa and MasterCard (NYSE:MA), the two largest credit-card companies outperformed the market in 2011, with shares of Visa rising 44% and MasterCard advancing 66%, vs. the S&P 500’s near-flat performance. Reiterating his rating on both as outperform, Glenn Greene of Oppenheimer says “fundamental trends remain solid” for both companies.

Of the two stocks, Visa has the potential for more rapid appreciation momentum, in part because of its lower valuation. MasterCard closed Thursday at $396.40 a share, way up from its 52-week low of $240.36.

A big boost to credit-card payments is the secular trend toward non-cash payments, and Visa’s dominance in debit-card payments business should help strongly in bolstering its revenue and earnings, analysts say. More and more, debit cards are replacing cash and are increasingly being used for day-to-day purchases.

“That’s a positive,” notes Scott Kessler, analyst at S&P Capital IQ. “We are optimistic about growth initiatives that include expansion in prepaid cards, mobile payments, money transfer, and e-commerce.”

So for investors seeking to participate in the growth and profitability of credit and debit cards, the stellar performance of Visa in practically all aspects of the business should be particularly appealing.

And if you own a Visa card, you probably will understand the value of the brand.

As of this writing, Gene Marcial did not hold a position in any of the aforementioned securities.