Visa at Barclays Conference Notes

posted in: Notes | 0

Vasant Prabhu – EVP & CFO

Step up in drivers of business

“Sure, as you said and as you heard when we had our first quarter earnings call, we certainly have seen a tick-up in what I would call the drivers of the business, which is what we like because that is in the end what counts. We saw, as we told you on the call a step-up in payment volumes, almost everywhere except a couple of places like Brazil, a nice step-up in Europe, certainly in the US, we were helped by gas and also we were helped by the portfolio wins we’ve had like Costco and USAA.”

Currency is one headwind we remain concerned about

“The one headwind that we remain concerned about is currencies, a stronger dollar certainly hurts us both from an translation standpoint, as well as in its impact on our inbound US business.”

Chinese growth isn’t changing. It’s ok, not great

“Chinese growth isn’t changing, that still I would say, okay, not great, but at least it’s stabilized, the rate of growth is not declining. Oil economies have stabilized. So, cross-border commerce out of there is returning. And then beyond Europe, so we are picking up stuff in Europe that we might lose here and that helped us in the first quarter because there was a massive amount of inbound commerce into the UK and frankly into many parts of Europe because of the weak euro and then the strong dollar moderated. I mean it isn’t getting weaker, but it’s not getting stronger at the same rate.”