According to Mastercard’s financial data, American customers continue to utilize credit cards for everyday transactions.
Gross dollar volumes jumped 15% to $2.1 trillion, according to further documents provided by the payments network. In the United States, volume climbed by 9% to $673 billion. In the United States, loan volume climbed by nearly 15% to $343 billion.
In the most recent quarter, cross-border volumes climbed by 35%, while card-not-present cross-border volumes, excluding travel, increased by 17%. Cross-border volumes declined to 29% in the first few weeks of April.
Cross-border volumes exceeded 171% of pre-pandemic levels in 2019, as travelers used their cards to spend more on experiences while traveling.
Mastercard CEO Michael Miebach noted on a conference call with investors that “consumer spending has remained remarkably resilient.” The macroeconomic backdrop is sound, with savings maintaining above historical levels. Consumers can still obtain credit. The opening of China has been a “positive catalyst” for increased travel-related spending.
When discussing the payment network’s expansion of acceptance, Miebach stated that the company’s “acceptance footprint” had crossed 100 million sites, more than tripling in the last five years. Digitization, or the transition from cash to cards and other online channels, has enormous promise in Latin America and India.
