Mastercard’s second-quarter results are a good reminder that one of the biggest business transformations of the past 50 years — the shift from cash to digital payments — is still very much underway.
The card network posted net income of $3.7 billion, or $4.07 per share, just edging past the $4.02 consensus estimate. Revenue climbed 17% year over year to $8.1 billion, driven by continued growth in purchase volumes and in cross-border transactions, one of Mastercard’s more lucrative business lines.
Gross dollar volume rose 9% to $2.7 trillion, with cross-border volumes up 15% as travel performed despite the volatile macro picture. The company processed an eye-popping 42.7 billion payment transactions, up 12% from a year earlier, reflecting both increasing consumer activity and Mastercard’s continued gains in debit, credit, and commercial payments.