Visa Shows Payments Benefits Amid Economic Woes, Analysts Say
- Consumers are getting used to online shopping, ditching cash
- At the same time, pandemic fears remain the top concern
Photographer: Andrew Harrer/Bloomberg
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Visa Inc. shares fared better than the rest of the financials sector in Friday morning trading after its earnings report highlighted growth in online and electronic payments, even as purchases plunged across the board while the Covid-19 pandemic unfolded. Analysts continue to fear drawn-out economic consequences from lockdowns.
Visa slipped about 0.9% while the S&P 500 information tech index shed about 2.3%, and the S&P 500 financials index slumped around 3.5%. Fellow payment network Mastercard Inc. pared a loss of as much as 2.5%.