Mastercard warns of ongoing coronavirus-led travel slowdown as profit slumps

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Mastercard Inc reported a 28per cent slump in quarterly profit on Wednesday as fewer people used its cards to shop, travel and pay bills during ...

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REUTERS: Mastercard said on Wednesday it does not expect a pickup in overall travel spending anytime soon, warning that a recovery in cross-border volumes would be tied to the timing and the availability of COVID-19 vaccines.

"While we believe that cross-border will ultimately recover, it will take time for people to build their confidence in the safety of travel," Mastercard's finance chief Sachin Mehra told analysts on a conference call. The pandemic has forced companies to lay off workers by the millions, hurting their spending power, and the hit to air travel has also taken a toll on cross-border card transaction volumes.Mastercard reported a 36 per cent drop in cross-border volumes on a local currency basis, with the first three weeks of the current quarter clocking declines of more than 30 per cent each.

Banga, who took charge just after the 2008-09 financial crisis, was speaking to analysts on his final earnings call before his transition to the role of executive chairman next year.

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