Visa: Volume Recovery Continued Accelerating In May (Free on Substack)

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Visa released its May volume data after markets closed on Tuesday (June 1), showing how volume recovery has continued accelerating in May as we expected.

The number of processed transactions in May was 121% of the pre-COVID 2019 level, up from 117% in April, which in turn had accelerated from March:

Importantly for revenues, Cross-Border Excluding Intra-Europe Volume in May was at 85% of the 2019 level, up from 79% in April. Including Intra-Europe, Cross-Border Volume in May was 98% of the 2019 level, up from 91% in April: