Visa's payments volume fell 10% year-over-year (YoY) in its most recent quarter. According to Business Insider this is due to the coronavirus pandemic. Visa's payments volume may return to positive growth soon. Key portions of its business are showing signs of recovery as economies reopen.
US Senator Dick Durbin is requesting the Fed probe card networks and issuers, such as Mastercard and Visa. The senator wants an investigation over potentially anticompetitive fees. Durbin's letter hi-lighted that merchants are paying excessive debit card fees during the pandemic. The companies have planned major fee changes for US-based merchants. The Feds are requesting a competition-based investigating into Visa, Mastercard, and major issuers.
Compared with April of 2020, US retail and food services sales jumped in May by an estimated 17.7%. The data show improved US retail sales after plummeting across categories in March and April as the coronavirus pandemic set in. But according to Business Insider, the pandemic is still damaging retail's performance. Recent releases from Mastercard and Visa that show their performances in key metrics are beginning to lag.
Yoga is a very popular form of exercise. And why not? According to Business Insider, yoga provides a lot of great health benefits. One major benefit is better sleep. Yoga practitioners strengthening core muscles. They also improve depression symptoms. Finally, yoga helps with stress management.
iPhone 12 expected to launch in the fall. Business Insider reports that this is the worst time to purchase a new iPhone. Insider said buyers should wait for the newest model that's expected to come with 5G support and the latest Apple processor. Some consumers don't care about having the latest iPhone. Apple typically discounts certain older models when introducing new ones. Consumers in need of a cheaper iPhone can pick up an iPhone SE for $399.
Walmart delayed the July launch of its subscription service. Business Insider reports that Walmart needs to debut soon to avoid missing out on holiday sales. The 2020 holiday shopping season is most likely going to move entirely online. Walmart+ has a clear chance to highlight its value to consumers. Walmart was originally set to introduce its Walmart+ subscription service this spring. It pushed the debut back to July due to the coronavirus pandemic, but its launch has now been postponed again.
Nintendo surged as much as 6% on Thursday, reports Business Insider. The video game company said first-quarter earnings soared 428% while sales more than doubled. Video game companies have seen a surge in business since the COVID-19 pandemic outbreak. Consumers are looking to entertain and distract themselves while sheltering in place. Driving the strength in Nintendo's business included growing demand for its Nintendo Switch.
On Thursday, the U.S. Centers for Disease Control and Prevention said up to 20% of pregnant women in the U.S. drink alcohol during their first trimester. According to Business Insider the CDC also said that more than 10% admit to binge drinking during that time. In addition, nearly 5% reported consuming alcohol at least once during the second and third trimesters, the CDC said. Nearly 40% indicated that they also used at least one other substance , commonly tobacco and marijuana.