Visa: U.S. tax refunds have boosted spending

Glonghui, April 29｜Visa stated that credit and debit card spending in the US generally improved during its second fiscal quarter, attributing this to an increase in tax refunds. Chief Financial Officer Chris Suh said during a conference call with analysts that Visa's payment volume in the US grew by 8% in the quarter, with debit card payments increasing by 7% and credit card payments by 10%, both accelerating compared to the first quarter. Suh noted, “Discretionary and non-discretionary spending remain strong. We have not seen signs of weakening spending power among lower-spending consumers in transaction volumes.”