MasterCard's Transaction Volumes Jump 17% Even As Sentiment In Europe And US Weakens

Mastercard credit card

Photo: AP

MasterCard said worldwide purchase volume jumped 17.2% year-over-year on a local currency basis.Net income jumped 38.4% year-over-year to $717 million or $5.63 per share.  Analysts were expecting $4.82.

Shares are up more than 6% in premarket trading.

The payment processor is benefiting from a global secular shift from cash and checks to debit and credit cards.

“Economic indicators across the world remain mixed, with the uncertainties in Europe and the United States weighing on sentiment and dominating headlines. Nonetheless, we continue to focus on displacing cash and winning share across markets,” said CEO Ajay Banga. We also continue to work with governments around the world, most recently in India and Mexico, to replace some of their paper-based, manual procurement systems with MasterCard commercial products.”

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