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Weak cross-border flows continue to weigh down on Visa’s earnings, posts net profit of $3.12 billion

Global card network Visa Inc. posted a net profit of $3.12 billion for the October to December quarter of the financial year, down by 4% from the corresponding period of the previous year. While over payments volumes processed by Visa improved by 5% on an annual basis, cross-border flows remained weak, lower by 21% annually, the company said in its financial statements. Visa net revenues decreased by 6% YoY to $5.7 billion in Q1FY21, primarily because of weak flows in cross-border payments. The company processed 39.2 billion payment transactions during the quarter, which is 4% higher than in the previous year. Visa continues to monitor the COVID-19 impact globally. During the quarter, several countries experienced a rise in cases and implemented restrictive measures, primarily impacting card present spending. While cross-border spending did improve for the quarter, it remains depressed, led…

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