Visa increased both net revenues and net income by 10% YoY to $6.1 billion and $3.3 billion, respectively. Growth in net revenue was driven by “continued growth” in payments volume, cross-border volume and processed transactions. Cross-border volume was up 9% YoY, although it has been impacted in end-January by shifts in the Chinese New Year, and “potentially some initial effects” of the coronavirus outbreak. The coronavirus: Visa Chairman and CEO Al Kelly said the company’s Q2 revenue outlook does not reflect the potential effects of the recent coronavirus outbreak in China, as “it is too early to assess this impact”. Kelly said the outbreak impact is difficult to assess, as the Chinese New Year is also a fortnight earlier this year, as compared to 2019. "There will be some impact – but we’ll have to see how pronounced it gets and how long it goes. I’m not into predicting game for that at the moment," Kelly added. In numbers: Payments volume grew by 8% YoY, and 10% YoY excluding China and UK Cross-border volume up 9% YoY Total processed transactions were 37.8 billion, up by 11% YoY Data processing revenues rose 16% YoY to $2.9 billion International transaction revenues grew 9% YoY to $2.0 billion Total cards increased by 1% YoY to 3.385 billion from 3.345 billion in the corresponding quarter of 2018. E-commerce grew 3-4 times faster than non-e-commerce. “E-commerce also drove more than one-third of all consumer spend, up two percentage points versus last year. Retail spend growth…
