Mastercard profit falls as pandemic hits spending volumes

In this news, we discuss the Mastercard profit falls as pandemic hits spending volumes.

(Reuters) – Mastercard Inc MA.N reported a 28% drop in quarterly profit on Wednesday as fewer people used its cards to make purchases, travel and pay bills during the COVID-19 pandemic, reaching volumes of transactions for the payment processor.

The pandemic has forced companies to lay off workers by the millions, hurting their purchasing power, while buyers have also stayed at home to avoid contracting the respiratory disease.

A slowdown in global travel has also impacted the cross-border volumes of payment processors.

Mastercard reported a 36% drop in cross-border volume in local currency during the quarter. Gross dollar volume, the dollar value of transactions processed, rose 1% to $ 1.6 trillion. (bit.ly/34CIvyt)

Net income fell to $ 1.5 billion, or $ 1.51 per share, in the third quarter ended Sept. 30, from $ 2.1 billion, or $ 2.07 per share, a year earlier.

Report by Noor Zainab Hussain in Bangalore; Edited by Ramakrishnan M.

Original © Thomson Reuters

Originally posted 2020-10-28 05:36:09.

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