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Mastercard, PayPal and Visa are the latest in a long list of companies to suspend their operations in Russia. PayPal will no longer allow new sign ups while Visa and Mastercard will cease operations.
-0.06% Chief Financial Officer Sachin Mehra attributed the cross-border volume decline to social distancing and border restrictions. Visa, which reported results after the market closed, also logged a smaller decline in revenue compared with previous quarters. The company’s revenue slipped just over 6% to $5.69 billion, a smaller decline than in the company’s third and fourth quarters. Visa’s cross-border volume decreased 21% on a constant-dollar basis. That was also less, however, than the declines the company saw in the fourth and third quarters. For the last part of 2020, the U.S. gr...