San Francisco’s Visa Inc. profits shrink as consumers lower spending amid pandemic

As a direct hit to credit card processing giant Visa Inc.’s bottom line, the San Francisco, CA-based financial services company said on Tuesday that its second-quarter operational profits were plunged by 23 per cent compared to the same time year earlier, underscoring a histrionic slowdown in spending from consumers and businesses as pandemic uncertainty had forced card holders to keep a lid on their expenses. In point of fact, since…