Summary
Visa Inc. (V) filed an 8-K on March 3, 2023, providing preliminary volume and transaction data for January and February 2023. The report highlights continued year-over-year growth in key metrics, including U.S. payments volume, processed transactions, and cross-border volume, even after adjusting for the impact of exiting Russia. Notably, cross-border volume, especially excluding intra-Europe transactions, shows strong recovery and exceeds 2019 levels, indicating a positive trend in international travel and spending. January's figures benefited from lapping the Omicron variant's impact in the prior year, while February demonstrated sustained momentum. Investors can find encouraging signs in the overall robustness of Visa's payment network, with double-digit growth in processed transactions and payments volume. The recovery in cross-border activity, particularly compared to pre-pandemic (2019) levels, is a significant positive indicator for global economic reopening and consumer spending abroad. While the report is preliminary and subject to change, the data presented suggests Visa is well-positioned to capitalize on recovering international travel and continued digital payment adoption.
Key Highlights
- 1Visa reported year-over-year growth in U.S. payments volume of 13% for January and 11% for February 2023.
- 2Global processed transactions increased by 14% in January and 12% in February year-over-year.
- 3Cross-border volume, excluding intra-Europe transactions, significantly exceeded 2019 levels, reaching 148% in February.
- 4Cross-border volume, total, was 152% of 2019 levels in February, indicating a strong recovery in international spending.
- 5January 2023 volumes benefited from lapping the impact of the Omicron variant in January 2022.
- 6Card-not-present volume, a key indicator for e-commerce, showed robust growth, up 12% year-over-year in February.
- 7All reported data excludes Russia-related volumes and transactions starting from April 2022.