Business

Visa says travel-related spending improves in November as restrictions ease

Visa Inc. said it is seeing an improvement in cross-border spending trends as more countries have eased travel-related restrictions.

November’s monthly cross-border volumes excluding cross-border transactions show an 11-point improvement from October and reach 106% of 2019 levels, Visa
V,
-1.86%

was disclosed in a filing late Wednesday with the Securities and Exchange Commission. “Many countries reopened their borders and eased restrictions in early November, particularly in Asia and Latin America,” the company noted in its filing.

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Visa said the US border opened on November 8, and the company saw cross-border spending via domestic cards up about 25 points from October levels for the week ending November 30. Existing cards typically represent personal spending, while cross-border volumes refer to the volumes that people are making purchases in countries other than their card issuer.

Visa notes that international payments volume has increased “several points from October levels in most countries”, indicating a “remarkable” positive spike in India, Australia and New Zealand.

Visa saw its U.S. payment volume in November hit 133 percent of 2019 levels, which the company said was “flat compared to October.” The company saw US credit volume increase 3 points compared to October, while debit volume decreased 4 points.

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Shares of Visa were up 0.4% in after-hours trading on Wednesday. They are down 1.9% in Wednesday’s regular trading and have fallen 10.5% over the past month, as has the Dow Jones Industrial Average.
DJIA,
-1.34%

fell 5.3%.

https://www.marketwatch.com/story/visa-says-travel-related-spending-improved-in-november-as-restrictions-eased-11638399639?rss=1&siteid=rss Visa says travel-related spending improves in November as restrictions ease

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