Apr
25
Visa Jumps on Debit Spending by Credit-Averse Millennials
By-
Debit spending continued to grow at faster clip than credit
-
Visa CFO: Consumers look ‘pretty strong’ as they spend more
You can thank the millennials.
Spending on Visa Inc. debit cards — the favored plastic of the younger set — continues to grow at a faster clip than on credit. Spending on the firm’s debit cards jumped 16.3 percent in this year’s first three months, helping the firm raise its financial outlook for 2018. Credit-card spending rose 13.7 percent.
“Every aspect of the debit business looked very good this quarter,” Chief Financial Officer Vasant Prabhu said On a conference call with analysts. It “attests to a pretty strong consumer profile in terms of propensity to spend.”…
