Visa's Profits Soar on Strong Travel Demand and Digital Payments

Visa reported better-than-expected fourth-quarter profit as consumers embraced post-pandemic travel, disregarding concerns about an economic slowdown. Visa's CFO noted a recovery in U.S. inbound travel and improving travel into Asia. Despite gloomy economic forecasts, consumer spending has remained steady, supporting payment volumes. Visa's payment volumes rose 9% in the quarter, with cross-border volumes excluding transactions within Europe surging 18%. The company expects consumer spending to remain resilient, driven by low unemployment levels and wage growth. Visa also increased its dividend and authorized a new share repurchase program.