U.S. payments volume at Visa (NYSE:V) jumped 7% year over year in August, according to a regulatory filing, as the company continues to see domestic spending rebound since the coronavirus pandemic struck in March.
The trend continues positive momentum for the company, which saw U.S. payments volume jump 8% in July year over year. The growth has been driven by debit card spending, which is up 26% and 24% year over year in July and August, respectively.
Credit card spending continues to lag behind 2019 levels, down 8% year over year both in July and August.
Visa also said that card-not-present volume excluding travel (which measures transactions made remotely, such as e-commerce transactions) grew 30% year over year in August. Meanwhile, card-present volume (transactions that occur in person) declined 7% year over year.
Payments volume also increased in August in other countries, such as Brazil, Italy, United Kingdom, and the United Arab Emirates, while other countries like India and South Africa saw spending decrease in August.
Cross-border volume at Visa, which reflects purchases made outside a cardholder's country, continued to struggle, with cross-border volume not including transactions made in Europe down 43% year over year in August. Travel-related cross-border volume -- both in person and remote purchases -- saw an even worse 70% decline year over year.
Overall, the news still shows improvement. In April, U.S. payments volume at Visa declined 18% year over year, while cross-border volume excluding transactions made in Europe dropped more than 50% year over year .