Visa, Mastercard See Card Spending Slow as Inflation Persists
- Purchase volumes climb less than expected at both firms
- Still, earnings top estimates at both Visa and Mastercard
This article is for subscribers only.
Visa Inc. and Mastercard Inc. saw purchase volumes on their cards climb less than expected in the final three months of the year, a sign that historic levels of inflation have begun to put a damper on consumer spending.
Spending on Visa’s cards climbed 1.7% to $3.01 trillion in the company’s fiscal first quarter, missing the $3.16 trillion average of analyst estimates compiled by Bloomberg. At Mastercard, volumes jumped 11% to $1.73 trillion, also missing estimates.