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Drop in cross-border transactions impacts Mastercard’s Q3 earnings

credit card, mastercard

Mastercard Inc. reported a 30% YoY drop in profits and a 14% YoY fall in revenues for Q3 as cross-border transactions on the card network fell significantly between July and September this year. The global card network giant said that the fall in revenue was attributed to the Covid-19 impact and also flattish growth in rebates and incentives. “Mastercard has been focused on helping merchants, banks, fintechs, governments and consumers with products and services to navigate the pandemic. We are seeing encouraging progress in the trajectory of domestic spending, while travel spending remains a challenge,” said Ajay Banga, chief executive officer, Mastercard in press release. Outlook on travel and cross-border transactions During the earnings call, Banga said that while they are seeing some improvement in domestic travels, cross-border travel remains constrained. We believe travel improve and consumer confidence recovers as a result of improved testing and safety protocols being put in place, medical advances occurring and as border restrictions are lifted, and there is increased international coordination of travel cross-borders. When cross-border travel does improve, we will be very well-positioned to capitalize on that recovery. - Ajay Banga, Mastercard CEO "But, we’re not out of the woods yet," he said as countries in Europe, for instance, were re-imposing restrictions which meant that progress through phases going forward may not be linear. "When cross-border travel does improve, we will be very well-positioned to capitalize on that recovery," he added. Focus on electronic payments According to internal research, 7 in 10 people…

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