Visa: Online Spend Up 27 Pct In November, Instore, Credit Spend Cools
In addition, debit use continued its upward trajectory with a 19 percent increase in November, in spite of a smaller portion from prepaid spending, according to the filing.
Meanwhile, declines could be seen for credit payments and in-person payments, the filing stated, while growth in spend by merchant categories fell from October.
International market trends varied due to COVID-19 guidelines, with restrictions helping to boost online payments in countries like the U.K., Germany and Italy, although overall payments volume slowed, according to the filing.
And in India and Hong Kong, Singles’ Day sales bolstered overall revenues, while spending in Australia, the UAE, Japan and Brazil was more or less the same as it had been in October, the filing stated.
For cross-border transactions, there was a 4 percent increase except in intra-Europe transactions, and the result was an overall 33 percent decline year over year, according to the filing. eCommerce payments were up 20 percent year over year in November due to a spate of holiday spending later in the month.
There was a 65 percent decline in travel-related cross-border volume, and cross-border volume including intra-Europe transactions fell 19 percent, the filing stated.
Global processed transactions were up 3 percent, although this was a 2 percent decline from October, due to the fall in in-person spending, according to the filing.
The filing noted that the holiday season is likely to look different than in past years, affecting consumer spending. PYMNTS reported that Cyber Monday sales, for instance, saw a $10.8 billion spending rush, making for the largest U.S. online shopping day ever. The spending for the digital shopping holiday saw a 15 percent bump compared to last year.