CBJ — With many people being forced to tighten their budgeting belts due to the recessionary period brought on by the global pandemic, Visa has reported a 23% fourth-quarter profit decline.

Total spending decreased 10% on a constant dollar basis, and the number of processed transactions was off 13% compared with the same quarter in 2019.

Cross-border volume was down almost 50% with very few people having the opportunity to leave their own country.

Visa’s net income fell to $2.4 billion, or $1.07 per Class A share, for the quarter ended September 30, from $3.03 billion, or $1.34 per Class A share, a year earlier. Net revenue fell 17% to $4.8 billion.

@CanBizJournal