Although the struggle to economic stability remains significant, Reuters has reported that Visa payments in the US fell at a decreased rate compared to previous months.
Following an exponentially tough April that saw payments drop by 18 per cent, May’s figures saw the fall drop just five per cent, suggesting that there had been a shift in consumer spending patterns.
This pattern doesn’t appear to have been replicated on a global scale, however, with the volume of cross-border payments tumbling by 45 per cent in May. Meanwhile, global processed transactions dropped by 12 per cent.
The report comes after a company filing was issued by the bank, as the US economy seeks to embark on a path to recovery following the impact of the COVID-19.
E-commerce and its growth throughout the period are continuing to play a key role in elevating the level of transactions throughout the US and globally.
The group also detailed that some of its most integral international markets fell behind the US in May, with the country seeking an accelerated approach to restoring business after lockdown.