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Visa beats profit estimates as spending volumes recover
04/27/2021 20:49
(Reuters) -Visa Inc beat Wall Street estimates for quarterly profit on Tuesday as its customers shopped more online, helping the world s biggest payment processor counter a hit to cross-border volumes from a slowdown in travel and entertainment.
Payment companies are slowly seeing an uptick in volumes from the coronavirus-induced slump as massive government stimulus and the rapid rollout of vaccines fuel an economic recovery, unleashing pent-up demand for both goods and services.
Visa said total payment volumes rose 11% on a constant dollar basis from a year earlier, after rising 5% in the previous quarter. The number of processed transactions rose 8% from the previous year.
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NYC Care reaches enrollment milestone, but unmet chronic needs remain
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NYC Care, the city s health-access program for the uninsured, has reached a milestone of 50,000 enrollees, it announced Tuesday.
The pandemic has accelerated membership, and the program has learned that its members have a higher prevalence of chronic conditions, such as diabetes and hypertension, than the general public, said Marielle Kress, executive director. Many of these patients are receiving care for their chronic illness for the first time through NYC Care, Kress said.