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Synchrony's purchase volume growth slides in Q1 due to the pandemic

The major private-label issuer saw flat purchase volume annual growth in Q1 2020, per an earnings release. This is down from the 9.7% annual growth it posted in Q1 2019 — a drop likely related to the coronavirus pandemic, considering Synchrony's purchase volume growth plummeted 26% year-over-year (YoY) from March 18-31 after growing 10% YoY in January, 13% YoY in February, and 14% YoY from March 1-17.

Synchrony's purchas volume growth YoYBusiness Insider Intelligence

Synchrony's Q1 results help illustrate the struggles merchants and other payments companies are facing.

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