As Overseas Travel Recovers... Visa and Overseas Payment Amounts Jump 24%

With the COVID-19 endemic (transition of infectious disease to an endemic), overseas travel has surged, leading to a significant increase in global payment volume through Visa, a global credit card company, in the first quarter of this year.

As social distancing measures eased, demand for overseas travel increased, and on the 20th, Incheon International Airport Terminal 1 boarding area was bustling with travelers. Photo by Jinhyung Kang aymsdream@

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Visa announced on the 25th (local time) in its first-quarter results for this year (Visa's fiscal second quarter) that overseas payment volume increased by 24% compared to the same period last year. This exceeded the market forecast of a 20% increase.

Considering that Visa's total payment volume increased by 9% to 3.6 trillion KRW, the overseas payment volume nearly tripled.

Above all, overseas payments contributed significantly to Visa's overall performance improvement, as they are more profitable than domestic payments. Visa's first-quarter revenue was $8 billion, and net income was $4.3 billion, growing by 11% and 17%, respectively. Earnings per share were $2.09, surpassing the analyst estimate of $1.99.

Visa Card Logo

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The increase in overseas payment volume is attributed to the surge in global travel demand as the COVID-19 pandemic moves toward its end. Visa explained that overseas payment volume surged particularly in the Asia region, where reopening measures were relatively delayed.

Ryan McInerney, Visa's Chief Executive Officer (CEO), said, "We have never been this excited about the opportunities ahead," emphasizing, "Despite macroeconomic uncertainties, I am confident that Visa has the capability to adapt to the changing environment."

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