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Visa had a tough time during Covid because their cross-border payments business was basically shut down. According to their latest monthly data, April and May have been very strong months as the world opens back up. Cross-border payments grew 47% compared to last quarter and are now 21% higher than pre-Covid 2019.
Total transactions for April and May grew 17% year-on-year and are now 37% higher than in 2019. The business is well and truly back on track.
The Visa share price trailed the overall index in 2020 and 2021 but has outperformed this year. Visa shares are only off 3% in 2022 compared to the Nasdaq which is down 23% year-to-date.
We expect good profit numbers from Visa next quarter and are happy long-term holders of this wonderful business.
