Mastercard at JP Morgan Conference Notes

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Martina Hund-Mejean

Not seeing any change in the consumer

“I don’t think we see anything different really than what we said back when we had our last earnings call in our first quarter earnings call in April, right, I guess. So from a U.S. perspective, I think that is probably of most interest to many of you. From a U.S. perspective again, we are really not seeing much of a different behavior. The volumes are coming through the same way as we discussed it from an economic point of view. We don’t see that the consumer had a step-down in spend. We see the same kind of growth trajectory that we had said before and we see no difference in terms of what they are doing from a discretionary point of view.”

Not much change in Brazil either

” Latin America, we are not really seeing much of a change in Brazil yet, maybe if some reforms are being put through, maybe there is an upside to be thinking about, but that’s not what we are going to see. And the one country that is still having a huge amount of trouble is really Venezuela from a Latin American point of view.”

We’re not a credit card company, we’re a technology company

“we are not a credit card company. So, we are actually a technology company. What we do is we actually transport the transaction. So, we don’t issue cards, we don’t acquire cards. So, in terms of an impact on interest rates that is mostly impacting issuers who issue cards, issue credit, make obviously money on that, so there is absolutely no impact from our point of view for MasterCard as a business model.”

Debit bigger than credit OUS

” outside of the United States, we are big on debit, because credit is not just used as much as what you have in the United States or in the UK or in Australia. So given our heritage in Europe with Europe Pay, which the company had bought in the early 2000s, we have an extremely robust debit product portfolio. And those products can be adapted very well to such countries in Asia’