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Visa Lays Off 7% of Workforce, Charging AI With Some Tasks
['Mallika Mitra', 'Guest Contributor To The Daily Upside']
The Daily Upside
Visa is looking to invest more in its technology and products.
That may seem counterproductive, but it’s par for the course in the finance and technology worlds.
But for Visa, which runs the world’s largest payment network, the move comes at a crucial time.
It also comes at a time when consumers are showing resilience amid still-high inflation and surging gas prices: Payments volume, which measures consumer spending, rose 10% in the company’s fiscal third quarter, Visa reported Tuesday.
The company also wants to put more resources toward its growth areas, including its emphasis on affluent customers, cross-border activity, business payments and stablecoins.