Inflation, Russia-Ukraine war ‘aren’t impacting consumer spending’: Visa CFO

Visa CFO Vasant Prabhu sits down with Yahoo Finance Live to talk about the financial corporation’s Q2 earnings beat, consumer spending habits, expansions into cryptocurrency, and technology acquisition prospects for crypto and digital currencies.

Video Transcript

Visa are reported net revenues of $7.2 billion for its fiscal second quarter, as payments volume increased 17% year over year. For more on the state of consumer and business transactions, we’ve got Visa’s CFO Vasant Prabhu joining us now.

Thanks for the time. We certainly do appreciate it. Just want to dive into some of the results here, as we have been mentioning for our viewers a moment ago.

When I take a look at these results, particularly thinking about the consumers, very solid growth in most countries around the globe. Revenue growth of over 20% in consumer payments. Based on what you’ve seen in the data, as we think about the state of the consumer, are individuals and businesses positioned to outlast the inflationary environment right now?

VASANT PRABHU: Well, all the indications are, as you saw in our numbers, that the consumer is spending, as they have been, very consistently for the last three or four quarters. There’s a lot of noise when you look at the numbers compared to last year.

There were stimulus payments. They were COVID shutdowns in some places, recoveries that were [? lapping ?] in other places. So we’d like to compare it to 2019, pre-COVID levels. And on that basis, it was a very solid and stable quarter.

You know, we’ve been indexing at 140, in the 140s more than 40% of our 2019 levels in the US. Similar levels in international markets. And just about everywhere, things have been very stable for the last few quarters.

There’s no indication that inflation, supply chain disruptions, the war in Ukraine have been impacting consumer spending, at least all the way through the first three weeks of April.

On the B2B front, business-to-business, corporate card transactions on purchase orders…

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