Mastercard has reported higher earnings and revenues for Q2 2019. Net revenues increased by 12.2% to US$4.11bn. The company’s GAAP net income was up 31%, reaching US$2.05bn. The company’s SEC filings also show that its gross dollar volume was up 8.3% to US$1.60 trillion in Q2.
Mastercard processed around 26.80 billion transactions in the quarter, up almost 21% year-on-year. This was driven by a 10% increase in the US, and a 31% in Europe.
Speaking on an earnings call on 30 July, Mastercard president and CEO Ajay Banga highlighted the potential that he still sees in the European market:
“…in terms of cash and acceptance and B2B payments, there’s an enormous opportunity, even now in Europe, and I remain very bullish on what Europe is capable of doing.”
Talking specifically about the B2B side of the business, Banga noted how a recent acquisition has helped position the company in the supply chain finance space:
“…in B2B, we announced a partnership to integrate our Mastercard Track with the OpenText Supplier Portal that has buyers and suppliers in the automotive industry, streamline and digitise financial supply chain processes to increase the speed, compliance and security associated with business information, payments and financing.”
Banga also commented on how Mastercard is taking a customer-centric approach to developing its offerings:
“We are driving growth in our core products with key wins around the globe, and our recent acquisitions, such as Transfast, and new partnerships, like P27 in the Nordics, will help us address our customers’ evolving payments needs, particularly in the areas of real-time account-to-account and cross-border payments.”