Visa Sees Growth in E-commerce, Tap to Pay, But Earnings Fall on Reduced Spending

Visa (NYSE: V) beat earnings estimates in its fiscal third quarter but saw a decline in net income due primarily to a reduction in consumer spending related to the recession. Revenue was down 17% to $4.8 billion, driven by declines in payments volume, cross-border volume, and processed transactions. Payments volume was down 10% year over year, which reflects lower consumer spending due to the recession, high unemployment, and stay-at-home orders.