How’s Visa Inc Performance amid the COVID-19 Pandemic
VISA INC – The world’s biggest payment processor company spoke on its performance and profits amid the global COVID-19 pandemic.
The COVID-19 pandemic caused the closure of several businesses across the globe. In fact, some firms were among the biggest companies but had to shut down as they were not able to withstand the demands of the pandemic.
It has been a year now since the restrictions started affecting the operations of many businesses. Meanwhile, there are also those businesses that stay afloat as they can continue in providing their services even amid the pandemic. Many companies adapted the work-from-home scheme to keep on with the operation and for the safety of the employees.
In the case of other businesses, they are recovering and emerged even stronger. One of these is Visa Inc, the biggest payment processor across the globe.
Based on a report on ABS-CBN News, Visa Inc Chief Executive Officer Alfred Kelly Jr. expressed that their company has “weather the COVID storm and is emerging from the pandemic even stronger”. The firm’s total payment volumes rose by 11% on a dollar basis compared with 2020’s.
According to the report, it is the biggest jump of the payment volumes since the start of the pandemic. Kelly Jr. expressed that the firm noted a positive growth in credit card transactions.
The Visa Inc Chief also expressed that the debit and e-commerce also grew with US debit cards volumes reaching 31% to $806 billion. Speaking to Reuters, Chief Financial Officer Vasant Prabhu expressed that without the travel part of the business, it will look like the pandemic did not take place.
The restrictions set in different countries have greatly affected the travel part of the business. It has resulted to the firm’s cross-border volumes to drop by 11% which, according to Prabhu, is still better compared to the two (2) previous quarters.
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