Visa transaction volumes hurt as coronavirus crisis deepens

Visa Inc 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.