Global Payments beats Q2 profit estimates as consumers spending resilient

Payment company Global Payments beat profit estimates for second quarter on Wednesday, as consumer spending remains resilient despite worries about a economic slowdown.

WHY IT’S IMPORTANT

Despite recent economic data fueling recession fears, American consumers have remained resilient in face of higher-for-longer interest rates.

The payments sector has maintained steady growth in transaction volumes this year, even as some industry players have expressed concerns about increasing pressure on lower-income brackets.