NEW YORK - Visa Inc, the world's largest payment network, said on Monday that its U.S. payment volume had declined in August as fewer consumers used their credit cards.
Visa's U.S. payment volume declined 1 percent in August against a year earlier. In July, payment volume had declined 2 percent.
U.S. credit volume declined 10 percent in August, compared with a 9 percent contraction in July, but debit volume grew 7 percent in August, compared with a 4 percent increase in July, the company said in a regulatory filing.
Cross-border payment volume on a constant dollar basis fell 7 percent in August, compared with a 6 percent decline in July.
However, global processed transactions grew 9 percent in August. They had increased 8 percent in July.
Visa is partially insulated from the global credit crisis because it processes transactions rather than extends credit. However, revenue growth has slowed along with transaction volume as consumers try to reduce their debts. (Reporting by Juan Lagorio; Editing by Lisa Von Ahn)