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Visa transaction volumes hurt as coronavirus crisis deepens

March 30 (Reuters) - Visa Inc said on Monday its transaction volumes had been hit as the coronavirus pandemic wreaks havoc on consumer spending, leading it to forecast mid-single digit percentage revenue growth for the second quarter.

“As countries have imposed social distancing, shelter-in-place or total lock-down orders, domestic spending, most notably in travel, restaurants, entertainment and fuel, has sharply declined week on week,” the world’s largest payments network said in a statement.

The company said transaction volumes fell in the second half of March and there has been a rapid deterioration in cross-border travel-related spending. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shinjini Ganguli)

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