Visa Earnings Result 3Q 2020 [pdf]

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.