MasterCard Reports 10% Rise In Worldwide Purchase Volume

MasterCard Inc. this morning reported a 10% increase in worldwide first-quarter purchase volume, to $759 billion from $690 billion a year earlier, as the number of MasterCard- and Maestro-branded cards jumped over the 2 billion mark. Gross dollar value of MasterCard sales reached $1.05 trillion, up 11 percent from $947 million.

Processed transactions for the quarter were up 14 percent, to 9.8 billion, while cross-border volume rose 17 percent, MasterCard said.

As a company, MasterCard reported net revenue for the quarter of $2.18 billion, up 14 percent from $1.91 billion. Net income also was up 14 percent, to $870 million from $766 million.

“We secured several new agreements, including three of the largest retailers,” Ajay Banga, MasterCard president and CEO, said in the company’s earnings release. “Wal-Mart and Sam's Club will flip their co-brand portfolios to MasterCard. Target will also shift its co-brand to MasterCard and use our chip-and-PIN technology across all of its card products as part of a commitment to provide its customers with the most secure payment product.”

MasterCard also will continue to invest in technology and acquisitions “that will speed our development of mobile and online solutions,” he said.

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The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.

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