Visa and Mastercard Stocks Are Ailing as Omicron Hits Travel

·4 min read
Visa and Mastercard Stocks Are Ailing as Omicron Hits Travel

Visa and Mastercard are looking like early casualties of the Omicron variant of the Covid-19 virus. The big card networks rely heavily on revenues related to cross-border travel as consumers and businesses use their cards for plane tickets, hotels, and car rentals, as well as purchases in foreign countries. Forecasts for revenues and profits may need to come down if the Omicron variant puts the brakes on travel as countries reimpose bans or quarantine rules.