In May 2020, Visa Inc. witnessed a YoY drop in the transaction volumes in the US. Besides, the payments giant saw a 12% dip in the total processed transactions worldwide. Let’s read more about the topic and find the cheapest merchant services in the UK.
Visa’s Recent Volume Trends & Cheapest Merchant Services
The COVID-19 lockdown has dramatically impacted the global economy. Visa Inc., one of the world’s biggest providers of financial services processes millions of transactions on a daily basis.
In May, Visa saw a 5% YoY drop in the total US payments volume. In April, the company witnessed a 13%-point (ppt) rise. There was a 12% YoY rise in debit transactions and 21% YoY increase in May. As for April, the company saw 17 ppt and 9 ppt increase, respectively. To compare, MasterCard reports about having improved its switched volume since the week ending May 28.
What about your transactions? If you need help with reliable and low-cost merchant-processing services, turn to a reputable merchant-services comparison expert in the UK. This is how you can be sure to get fast and easy access to the safest and cheapest merchant services you need.
Make sure the payment-comparison specialist is dedicated to offering the most honest snapshot of processors at the time of writing.
More News About Visa Inc. During COVID-19
Nearly ¼ of Visa’s payments volume is still in the categories that’s been affected most severely by COVID-19. This refers to travel, fuel, restaurants, and entertainment. All these sectors saw more than 50% drop in April.
On the whole, payments volume increased all over the world, accounting somewhere between 5% and 7%, without taking into account China. When it comes to cross-border volume, the latter dropped by 2% on a constant dollar basis. Visa 34.9 billion transactions on its network, which was up 7% as compared to 2019.
So, Visa stock has been witnessing a relative strength line since late April. The company has registered progress in this regard even though the world is in a tough situation. Given all the developments in payments, make sure to work only with a respectable merchant processor in your field.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts and can best help you with the cheapest merchant services in the UK. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.