"Goodbye Corona" Global Card Companies Improve Performance with Expansion of Overseas Travel

Mastercard, Payment Amount Up 17%... Sales Also Exceed Expectations
Visa Sees Growth in Both Sales and Net Profit... Overseas Payments Up 24%

The global card industry is reaping significant benefits from improved performance in the first quarter of this year, driven by increased demand for overseas travel following the COVID-19 endemic phase.

According to major foreign media on the 29th, Mastercard's payment volume in the first quarter of this year reached $1.71 trillion, a 17% increase compared to the same period last year. This exceeded Bloomberg analysts' expectations of $1.65 trillion.

As a result, net revenue also surpassed market forecasts, reaching $5.7 billion.

However, first-quarter net income decreased to $2.4 billion compared to the same period last year. Adjusted earnings per share (EPS), excluding one-time items, was $2.80, exceeding analysts' expectations of $2.72 per share.

Michael Miebach, CEO of Mastercard, stated, "We achieved strong revenue and profit growth this quarter, supported by resilient consumer spending and the recovery in overseas travel demand. We are actively managing our business to not miss important digital payment and service opportunities in the future. We are prepared to navigate any headwinds."

Visa, a competitor of Mastercard, also posted strong results fueled by increased overseas travel demand.

Visa's first-quarter revenue (second quarter of fiscal year) was $8.0 billion, and net income was $4.3 billion, representing growth of 11% and 17% respectively compared to the same period last year. Earnings per share were $2.09, surpassing analysts' expectations of $1.99.

Notably, overseas payment volume, which is more profitable than domestic payments, increased by 24% compared to a year ago, driving the performance improvement. This exceeded market expectations, which had forecast a 20% increase. While Visa's total payment volume increased by 9% to 36 trillion won, overseas payment volume nearly tripled. Visa explained that overseas payment volume surged in the Asia region, where reopening measures were relatively delayed.

Ryan McInerney, CEO of Visa, emphasized, "We have never been this excited about the opportunities ahead of us. Despite macroeconomic uncertainties, I am confident that Visa has the ability to adapt to the changing environment."

This content was produced with the assistance of AI translation services.