Visa CEO: COVID caused permanent shift to digital payments

By KEN SWEET
AP Business Writer

SAN FRANCISCO (AP) — The head of Visa says he believes the pandemic caused a permanent shift of how consumers choose to pay for goods and services away from cash and into payments. In an interview with The Associated Press, CEO Al Kelly said the coronavirus outbreak helped accelerate a trend of people using their debit cards to shop instead of cash. The shift ultimately is good for Visa’s bottom line, but at the same time, the company is facing increased competition in a way it previously hasn’t, particularly from Silicon Valley.