: Visa says volumes improved in February, offers details on its Russia exposure

Visa Inc. offered a glimpse of its February performance Wednesday afternoon while sharing new details about its exposure to Russia and Ukraine.

The payment-technology company saw U.S. payment volume improve in February relative to January, according to an 8-K filing released after Wednesday’s closing bell. U.S. volumes in February were at 145% of 2019 levels, up 5 percentage points from January. U.S. credit volumes were up 7 percentage points from January levels while U.S. debit volumes were flat.

Internationally, Visa

said it saw month-over-month improvement of “several points” in most countries, calling out “notable increases in India, Canada, Brazil, Italy and Germany.” The company disclosed that some Asian markets, including Japan and Hong Kong, saw payment volume relative to 2019 levels decline from January to February.

Cross-border volume excluding transactions within Europe was at 112% of 2019 levels in February, up 8 percentage points relative to January.

Visa also disclosed that during its latest full fiscal year, its total net revenues from Russia were about 4% of the company’s total. That included both domestic and cross-border activity. Additionally, revenue from Ukraine was about 1% of fiscal 2021 net revenue.

“It is difficult to reasonably estimate the full potential financial impact of this situation on Visa at this time,” the company said. It is “in the process of complying with all applicable global sanctions.”

Visa’s filing follows a similar disclosure about Russia and Ukraine from peer Mastercard Inc.
which came the previous afternoon. Mastercard said that about 4% of its revenue for fiscal 2021 was related to Russia and approximately 2% was related to Ukraine.

What's your reaction?

In Love
Not Sure

You may also like

More in:News

Leave a reply

Your email address will not be published. Required fields are marked *