Chase Visa Tap to Pay
Source: JP Morgan Chase
Visa said on Monday its transaction volumes had been hit as the coronavirus pandemic wreaks havoc on consumer spending, leading it to forecast mid-single-digit percentage revenue growth for the second quarter.
"As countries have imposed social distancing, shelter-in-place or total lock-down orders, domestic spending, most notably in travel, restaurants, entertainment, and fuel, has sharply declined week on week," the world's largest payments network said in a statement.
The company said transaction volumes fell in the second half of March and there has been a rapid deterioration in cross-border travel-related spending.