The slower growth at San Francisco, Calif.-based Visa comes as the U.S. braces for a possible recession, with consumers tightening their budgets in the face of inflation and companies cutting back on jobs and expenditures.
Still, higher prices work in favor of Visa when it comes to the dollar value of payments that flow through the company’s card networks. The company defied recession talk last month when it reported fiscal fourth-quarter net income jumped 10% to $3.9 billion over last year as revenue soared 19% to $7.8 billion.
