
Visa Earnings Result 3Q 2020 [pdf] - marc__1
http://d18rn0p25nwr6d.cloudfront.net/CIK-0001403161/3b603a4b-fdd4-4870-9a36-2733bde5de1c.pdf
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marc__1
Net revenues in the fiscal third quarter were $4.8 billion, a decrease of 17%,
driven by the year-over-year declines in payments volume, cross-border volume
and processed transactions. Net revenues decrease was approximately 16% on a
constant-dollar basis.

Payments volume for the three months ended March 31, 2020, on which fiscal
third quarter service revenues are recognized, grew 4% over the prior year on
a constant-dollar basis.

COVID-19 continues to have an impact globally. In the fiscal third quarter we
saw spending improve each month as most countries began to relax domestic
restrictions. In the U.S., as the quarter progressed, payments volume
meaningfully improved, driven by the relaxing of shelter-in-place restrictions
in a number of states. This helped to lift card present spending while
eCommerce excluding travel spend remained consistently elevated, as consumers
continued to shift their spend online. International markets are at various
stages of reopening and recovery, with many large markets having a trajectory
comparable to the U.S. Global processed transaction growth has slightly lagged
payments volume growth, as the mix of spending shifted away from smaller
purchases. Cross-border volume has improved only marginally through the
quarter as travel has been heavily affected by most country borders remaining
closed, partially offset by strong eCommerce spend excluding travel.

