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Visa: U.S. tax refunds boost spending
Golden Finance reports that on April 29, Visa stated that credit and debit card spending in the United States generally improved in its second fiscal quarter, and the company attributed this to increased tax refunds. Chief Financial Officer Chris Suh said during a conference call with analysts that in this quarter, Visa’s payment volume in the U.S. grew by 8%, with debit card payments increasing by 7% and credit card payments increasing by 10%, with both metrics accelerating compared to the first quarter. Suh said, “Discretionary and non-discretionary spending remain strong. We haven’t seen signs of weakening consumer spending power from lower transaction volumes.”(East New Media)