Visa's tap-to-pay transactions increased 40% YoY in Q2, while 60% of all its face-to-face transactions (excluding the US) were tap-to-pay. More than 50 markets have increased tap-to-pay limits, including 26 European countries, Canada, Australia, and New Zealand have also increased their tap-to-pay limits. 9 out of the US' top 10 issuers are participating in tap-to-pay transactions, there are now 175 million tap-to-pay cards in the US, more than any country. Payments volumes in the US dropped dramatically in the second week of March as the lockdown came into effect, volumes declined 28% by last week of March. US payments volumes are down 19%, debit is down 6%, and credit is down 31%. Visa's payments volumes grew 5% globally and 7% including China, with over 500 million transactions per day. Cross-border payments fell 2%. Opportunity in e-commerce and replacing cash Visa sees opportunity in e-commerce growth and cash displacement, as social distancing norms will continue even after lockdowns end, and people will prefer payment methods that minimise contact. "People are buying more goods online that they earlier went to the store for, such as furniture, electronics, in some cases apparel," CEO Al Kelly said on the investor call. E-commerce is a "very, very positive thing for us," Kelly said, "because cash isn't a competitor in that space. So the reality is that we get a lot higher share from those transactions that go to e-commerce than we get in the face-to-face world," he said. I think there are some permanent changes. Now, whether gaming stays up at…
