SAN FRANCISCO—New data released by Visa indicate the strength of the ongoing surge in online spending. The numbers also apply to the company’s own bottom line, as the world’s biggest payment processor beat Wall Street estimates for quarterly profit and counter sluggish travel spending.
Payment companies, including those within the credit union community, are seeing an uptick in volumes from the coronavirus-induced slump as massive government stimulus and speedy vaccine rollouts fuel an economic recovery, unleashing pent-up demand for both goods and services, noted Reuters.
Visa’s total payment volumes rose 11% on a constant dollar basis from a year earlier, its biggest jump since the start of the pandemic, Reuters reported.
“Visa saw a return to positive growth for credit and card-present transactions, while debit and e-commerce also grew,” the report added.