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Visa Inc. (V) Presents at Bernstein 39th Annual Strategic Decisions Conference (Transcript)

May 31, 2023 8:13 PM ETVisa Inc. (V)1 Comment
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Visa Inc. (NYSE:V) Bernstein 39th Annual Strategic Decisions Conference May 31, 2023 4:30 PM ET

Company Participants

Vasant Prabhu - Vice Chairman, CFO

Conference Call Participants

Harshita Rawat - Bernstein

Harshita Rawat

Good afternoon, everyone, and welcome to the Bernstein's 39th Annual Strategic Decisions Conference. I'm delighted to be joined today by Vasant Prabhu, the CFO of Visa. We have about 50 minutes for a fireside chat. Audience members can submit their questions via the Pigeonhole link on the agenda provided, and I'll leave those questions throughout our conversation today.

And with that, let's begin. Vasant, thank you so much for joining.

Vasant Prabhu

Nice to be here Harshita, can you hear me? Okay.

Question-and-Answer Session

Q - Harshita Rawat

So Vasant, let's start with a topic that's on everyone's mind. So you put out an 8-K yesterday discussing May spending trends in Visa cards. So let's start there. What do you see in terms of current spending environment?

Vasant Prabhu

I think the easiest way to answer the question is March, April, May in the U.S. have been pretty much stable, really not much change from what you saw in April into May, roughly 5% growth, similar growth rates in credit and debit, e-commerce growth has been ticking up a bit from where it was, but on a full year comparison basis quite a lot of stability.

On the cross-border side, continued recovery. I know when we showed you the April numbers at the end of April, there was some concern that cross-border looks a little soft. We told you it was because of the shift of Ramadan compared to 2019 when it was in May. This time, it was in April. So you saw a May pick up on a full year comparison. So cross-border is essentially tracking fairly well.

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