Mastercard’s quarterly profit jumps on buoyant spending

MASTERCARD’S second-quarter profit rose as customers kept up spending heavily via its cards, the payments giant reported on Wednesday (Jul 31).

Profit was US$3.3 billion, or US$3.50 per share for the three months ended Jun 30, compared with US$2.8 billion, or US$3 per share last year.

A tight labour market has ensured job security for customers while wage growth has increased their discretionary spending power, allowing them to make purchases without restraint even as the US Federal Reserve keeps monetary policy tight.

Revenue rose 11 per cent, to US$7 billion, over last year. REUTERS