Visa, Mastercard Find Road Trips, Holiday Spending Not Enough
- Cross-border fees slide as customers stay close to home
- Recovery being led by ‘lower-yielding’ transactions, KBW says
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Extra spending on road trips and holiday shopping hasn’t been enough for Visa Inc. and Mastercard Inc.
Consumers continue to avoid travel and spending overseas, limiting transactions that are among the most lucrative on the firms’ networks. Cross-border volume slid 48% in the quarter ended Sept. 30 at Mastercard and 29% for Visa, the companies announced Wednesday