Visa sees 2H ramp in client incentive spend, sees 'sustained' payment volume
"The dollar and the euro were relatively stable last quarter, and this headwind has not become stiffer. A couple of trends are worse than we had expected last quarter and bear watching. Currency volatility is tracking below the long-term mean and well below last year's levels. Volumes on Chinese dual-brand cards are declining as cards expire and are not reissued. For the second half, we are assuming payment volume and cross-border growth momentum will be sustained. Client incentive spend is expected to ramp up with the renewals we just completed and deals that are shifting into the second half. Expenses will also step up above second quarter levels as we spend more on marketing and technology initiatives and as well as Europe integration," Visa said.