Visa Inc.’s total U.S. payments volume fell at a much slower pace in May from the previous month, indicating that consumer spending was picking up as the government starts to ease coronavirus-induced lockdowns, Reuters reported. U.S. payments volume in May dropped to 5 percent, compared with an 18 percent fall in April. Quarter-to-date, Visa posted an 11 percent drop in payments volume, the company said in a filing yesterday. Cross-border volumes, excluding intra-Europe transactions, that drive its international transaction revenue, tumbled 45 percent in May, while global processed transactions fell 12 percent. Travel related cross-border volumes declined 78 percent last month while cross-border e-commerce continued to grow strongly and was up 18 percent in May, the company added.
