Visa reports some improvement in payments volume
Global processed transactions declined 12% in May, a 12% improvement over the previous month
Stocks impacted: Visa Inc (V)
The company said its total U.S. payments volume fell at a much slower pace last month, which may be a sign that consumer spending was picking up. In particular, the payments volume in May saw a drop to 5%, better than the 18% drop from April. Debit grew 12% and credit declined 21% year-over-year in May. Global processed transactions declined 12% in May, a 12% improvement over the previous month. Cross-border volumes excluding intra-Europe transactions declined 45% in May, a 6% improvement over April. Visa assessed that the international markets where it processes the most transactions were lagging behind the U.S. in May. Shares in Visa are currently trading up 3.5% year-to-date, while overnight, the company’s stocks finished nearly 0.5% lower.
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