U.S. spending jumped 7% at Visa in August
Payment volume in the United States at Visa (NYSE: V) jumped 7% year-over-year in August, according to a regulatory record, as the company continues to see domestic spending rebound since the coronavirus pandemic struck in March.
The trend continues in a positive direction for the company, which saw the volume of payments in the United States jump 8% in July year on year. Growth was driven by debit card spending, which increased 26% and 24% year-on-year in July and August, respectively.
Credit card spending continues to lag behind 2019 levels, down 8% year-on-year in July and August.
Visa also said the volume of absent cards excluding travel (which measures transactions made remotely, such as e-commerce transactions) rose 30% year-over-year in August. Meanwhile, the volume of cards present (transactions made in person) decreased by 7% year over year.
The volume of payments also increased in August in other countries, such as Brazil, Italy, the United Kingdom and the United Arab Emirates, while other countries such as India and South Africa have saw their spending decrease in August.
Cross-border volume at Visa, which reflects purchases made outside the cardholder’s country, continued to suffer, with cross-border volume not including transactions made in Europe down 43% year-on-year. another in August. Cross-border travel volume – both in person and remotely – has seen an even worse 70% year-over-year decline.
Overall, the news always shows improvement. In April, U.S. payment volume at Visa declined 18% year-on-year, while cross-border non-European transaction volume fell more than 50% year-on-year.
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