2022-05-04 Linda Kirkpatrick.Mastercard.Credit Card Competition Act
Good morning Chairman Durbin, Ranking Member Grassley, and Members of the Committee. My name is Linda Kirkpatrick and I am the President, North America of Mastercard. I am here to discuss the Mastercard network and the competitive environment in which we operate. Through its structure, including interchange, Mastercard has helped deliver continuity to the American and global economy, especially as people and businesses navigated the pandemic. As a core element enabling global commerce, our technology has also helped to transform global commerce by providing enormous benefits to consumers, merchants, and the economy.
尊敬的杜宾主席、格拉斯利排名成员以及委员会的各位成员，大家早上好。我的名字是琳达·柯克帕特里克，我是Mastercard（万事达卡）北美区总裁。我在此讨论Mastercard网络以及我们运营中的竞争环境。通过其结构，包括交换费，Mastercard帮助美国及全球经济保持连续性，尤其是在疫情期间，人们和企业应对挑战时。作为全球商业的核心元素，我们的技术也帮助改变了全球商业，给消费者、商户和经济带来了巨大的好处。
Background on Mastercard 万事达卡背景
Mastercard is a technology company in the global payments industry that connects consumers, financial institutions, merchants, governments, digital partners, businesses, and other organizations worldwide, enabling them to use electronic payments instead of cash and checks. We make payments easier and more efficient by providing a range of payment services using our family of well-known brands, including Mastercard®, Maestro®, and Cirrus®. We are a multi-rail network (debit, credit, prepaid, and real-time payments) that offers customers one partner for their domestic and international payment needs.
Mastercard是一家全球支付行业的技术公司，连接着全球的消费者、金融机构、商户、政府、数字合作伙伴、企业和其他组织，使他们能够使用电子支付，而非现金和支票。我们通过提供一系列支付服务，使用我们旗下的知名品牌（包括Mastercard®、Maestro®和Cirrus®）使支付更加便捷高效。我们是一个多轨网络（借记卡、信用卡、预付卡和实时支付），为客户提供国内和国际支付需求的单一合作伙伴。
Through our global payments network built over decades, which we refer to as our core, we “switch” (i.e., authorize, clear, and settle) payment transactions and deliver products and services. We also supply payment capabilities that include automated clearing house (“ACH”) transactions (both batch and real-time account-based payments). Moreover, we provide integrated value-added offerings such as cyber and intelligence products, information and analytics services, consulting, loyalty, and reward programs. Our payment solutions offer customers choice and flexibility to ensure security for the global payments system.
通过我们历经数十年建立的全球支付网络，我们称之为核心，我们“切换”（即授权、清算和结算）支付交易并提供产品和服务。我们还提供包括自动清算所（“ACH”）交易（批量和实时账户支付）在内的支付能力。此外，我们提供集成的增值服务，如网络和智能产品、信息和分析服务、咨询、忠诚度和奖励计划。我们的支付解决方案为客户提供选择和灵活性，以确保全球支付系统的安全性。
Mastercard seamlessly processes more than 110 billion payments annually. With more than 2.9 billion cards issued through our family of brands globally, Mastercard serves consumers and businesses in more than 200 countries and territories.
万事达卡每年无缝处理超过 1100 亿笔支付。通过我们全球品牌家族发行的超过 29 亿张卡，万事达卡为 200 多个国家和地区的消费者和企业提供服务。
Summary of Key Points 关键点总结
I will discuss each of these more below, but we believe that it is important to view Mastercard’s current position in the marketplace with the proper context:
我将在下面详细讨论这些内容，但我们认为，从适当的背景来看待万事达卡在市场中的当前地位是很重要的：
First, Mastercard brings extraordinary value to the marketplace because it works seamlessly for its participants. It works because it is available to consumers―of all economic means―at millions of merchants and from thousands of banks, both large and small. It works because it is frictionless, fast, and convenient. It works because consumers derive satisfaction from knowing that they can make a transaction wherever they see the Mastercard brand, whether they have cash or a checkbook, or whether they are in a store, in their car, or at home. It works because it guarantees merchants payment and is often cheaper than accepting cash. It works because it provides banks with a platform to compete fiercely to win customers by offering an endless variety of cards with features that deliver more than $60 billion annually to consumers.
首先，Mastercard为市场带来了非凡的价值，因为它能无缝地为其参与者提供服务。它之所以有效，是因为它在全球数百万商户和成千上万的大型及小型银行中可用。它之所以有效，是因为它无摩擦、快速且便利。它之所以有效，是因为消费者能够放心地在任何看到Mastercard品牌的地方进行交易，无论他们是否有现金或支票本，或是身处商店、汽车中，还是家中。它之所以有效，是因为它保障了商户的付款，并且通常比接受现金还要便宜。它之所以有效，是因为它为银行提供了一个平台，让它们能够通过提供种类繁多的卡片，与各类竞争者展开激烈的竞争，从而每年向消费者提供超过600亿美元的利益。
Second, we manage our network to consider all ecosystem players and balance their needs. Interchange is the foundation of the Mastercard network and delivers the appropriate incentives for merchants to accept our products and for banks to issue credit to consumers. Moreover, Mastercard ensures that banks will act as a card issuer (with the credit risk) and provide merchants with guaranteed payment on Mastercard transactions. Mastercard’s recent decision to adjust certain credit default interchange rates, the first changes since 2006, reflects the need to respond to the changing dynamics in the marketplace, including by helping small merchants by drastically cutting interchange on transactions under $5. Our recent changes have virtually no impact on issuers’ revenues.
其次，我们管理我们的网络时，会考虑到所有生态系统参与者，并平衡他们的需求。交换费是Mastercard网络的基础，并为商户接受我们的产品以及银行向消费者提供信用提供了适当的激励。此外，Mastercard确保银行会作为卡片发行方（承担信用风险）并为商户提供Mastercard交易的保证支付。Mastercard最近决定调整某些信用卡默认交换费率，这是自2006年以来的首次调整，反映了市场动态的变化需求，包括通过大幅降低5美元以下交易的交换费来帮助小型商户。我们的最近调整几乎不会对发行方的收入产生影响。
Third, Mastercard is an independent, publicly owned company that acts in the interests of its shareholders to promote its business. As of 2022, just 0.8% of Mastercard stock is held by issuing banks. The rest—99.2%—is held by public investors [88.4%] and the Mastercard Foundation [10.8%]. All decision-making authority over Mastercard’s actions (including setting interchange rates and network rules) is held by its management, under the authority of an independent board of directors; banks have no control over any Mastercard action. Rather, banks (including community banks and credit unions) are Mastercard’s customers—just as merchants (of different sizes), tech firms, governments, and transit authorities are valued Mastercard customers. Mastercard meets the demands of all customers, as well as cardholders, to bring value to their businesses and finances, all while competing with other systems of payment.
第三，Mastercard是一家独立的上市公司，代表其股东的利益推动业务发展。截至2022年，仅有0.8%的Mastercard股票由发行银行持有，其余99.2%的股票由公众投资者（88.4%）和Mastercard基金会（10.8%）持有。所有关于Mastercard行动的决策（包括设定交换费率和网络规则）均由管理层在独立董事会的授权下做出；银行对Mastercard的任何行动没有控制权。相反，银行（包括社区银行和信用合作社）是Mastercard的客户——正如商户（各种规模）、科技公司、政府和交通管理部门也是Mastercard的重要客户。Mastercard满足所有客户（以及持卡人）的需求，为他们的业务和财务带来价值，同时与其他支付系统竞争。
Fourth, Mastercard and Visa are each other’s most fundamental competitors within an extremely competitive and dynamic payments market. Mastercard and Visa each pursue business initiatives to compete and take market share from each other (and from other forms of payment). Mastercard also aggressively competes with American Express, Discover, and debit networks like Pulse. Mastercard competes against these networks for issuers’ business; it competes for merchant acceptance; and it competes for major co-brand deals (e.g., the Delta co-brand deal, which Amex controls).
第四，Mastercard和Visa是彼此在极具竞争性和动态变化的支付市场中最根本的竞争对手。Mastercard和Visa各自推动业务计划，竞争并争夺市场份额（包括从其他支付方式中抢占份额）。Mastercard还与美国运通、Discover以及借记卡网络如Pulse进行激烈竞争。Mastercard与这些网络争夺发行方的业务；它与商户争夺接受度；它也与其他主要联合品牌合作争夺市场份额（例如，Mastercard与美国运通共同合作的Delta联合品牌合作协议）。
Mastercard is in no position to exercise market power in this industry. A business has “market power” when it has the unilateral ability to raise prices by restricting output. There can be no argument that Mastercard or this industry suffers from restricted output; to the contrary, Mastercard has grown steadily for decades because it has produced innovative products and systems for consumers, financial institutions, and merchants.
万事达卡在这个行业中没有行使市场力量的地位。一个企业拥有“市场力量”是指它有单方面通过限制产量来提高价格的能力。无可争辩的是，万事达卡或这个行业并没有受到产量限制的困扰；相反，万事达卡几十年来稳步增长，因为它为消费者、金融机构和商家提供了创新的产品和系统。
Moreover, Mastercard does not have the unilateral market power to restrict output or raise prices even if it desired to do so. Visa is twice as large as Mastercard in volume; if Mastercard sought to raise prices or restrict output to anticompetitive levels, it would promptly lose share to Visa. During the past 20 years, Mastercard has always been comparable in size to American Express, with each having a credit share of around 20%. In 2021, our market share in debit and credit was only 25% (down 10 bps); and our credit-only market share was only 23%. For comparison, Amex’s credit-only market share in 2021 was 19.6%.
此外，即使万事达卡想这样做，也没有单方面的市场力量来限制产出或提高价格。Visa 的交易量是万事达卡的两倍；如果万事达卡试图将价格提高或将产出限制到反竞争水平，它将迅速失去市场份额给 Visa。在过去的 20 年中，万事达卡的规模一直与美国运通相当，各自的信用份额约为 20%。2021 年，我们在借记和信用方面的市场份额仅为 25%（下降 10 个基点）；而我们的信用市场份额仅为 23%。相比之下，2021 年美国运通的信用市场份额为 19.6%。
Fifth, and finally, this Committee must focus on the nature of competition in the payments marketplace today. The payments industry is more dynamic and competitive than ever, and its players are constantly innovating to respond to consumer needs. The rapid expansion of Buy Now Pay Later (BNPL), account-to-account transfers, and digital currencies has increased payments competition; the demand for contactless and digital payments will only increase as the pandemic continues to drive innovation. In many cases, merchants pay twice as much to offer BNPL than they do for Mastercard acceptance. BNPL exists not because it is the cheapest form of payment. It exists because millions of merchants recognize the benefits of BNPL drastically exceed its costs. Concurrently, FinTechs are supporting new account-to-account payment options that bypass Mastercard. Growth in “open banking” and fast ACH options enable consumers, merchants, and financial institutions to work outside of the card environment.
最后，本委员会必须关注当今支付市场的竞争性质。支付行业比以往任何时候都更加充满活力和竞争力，其参与者不断创新以响应消费者需求。先买后付（BNPL）、账户间转账和数字货币的快速扩张增加了支付竞争；随着疫情继续推动创新，对非接触式和数字支付的需求只会增加。在许多情况下，商家为提供 BNPL 支付的费用是接受万事达卡的两倍。BNPL 的存在并不是因为它是最便宜的支付方式。它的存在是因为数百万商家认识到 BNPL 的好处远远超过其成本。同时，金融科技公司正在支持绕过万事达卡的新账户间支付选项。“开放银行”和快速 ACH 选项的增长使消费者、商家和金融机构能够在卡环境之外运作。
Against this competitive backdrop, Mastercard is attempting to maintain a competitive presence by continuously innovating. To stay competitive, Mastercard has been investing in a new multi-rail strategy that moves beyond payment cards, affording customers new payment solutions.
在这种竞争激烈的背景下，万事达卡正试图通过不断创新来保持竞争力。为了保持竞争力，万事达卡一直在投资一种新的多轨战略，超越支付卡，为客户提供新的支付解决方案。
Now, let me return to the fundamentals of our network.
现在，让我回到我们网络的基本原理。
A Mastercard Transaction 万事达卡交易
A typical transaction on our network involves four participants in addition to Mastercard: an account holder (a person or entity who holds a card or uses another device for payment), a bank or credit union issuer (the account holder’s financial institution), a merchant, and an acquirer (the merchant’s bank or credit union). Mastercard does not issue cards, extend credit, determine or receive revenue from interest rates or other fees charged to account holders by issuers, earn money from interchange, or establish the rates charged by acquirers in connection with merchants’ acceptance of our products. Consumer relationships belong to, and are managed by, our customers.
我们网络上的典型交易涉及除了Mastercard以外的四个参与方：账户持有者（持卡人或使用其他设备进行支付的个人或实体）、银行或信用合作社发行方（账户持有者的金融机构）、商户和收单方（商户的银行或信用合作社）。Mastercard不发行卡片、不提供信用、不决定或收取发行方对账户持有者收取的利息或其他费用、也不从交换费中赚取收入，或确定收单方在商户接受我们产品时收取的费用。消费者关系属于并由我们的客户管理。
The following graphic depicts a typical transaction on our network, and our role in that transaction:
下图描述了我们网络上的典型交易，以及我们在该交易中的角色：
In a typical transaction, a consumer purchases goods or services from a merchant using one of our products. The merchant is connected to Mastercard via a contract with its acquirer, which in turn connects with Mastercard as the network. On the other side of our platform, the issuing bank for the cardholder also connects with Mastercard. Using the electronic network, the consumer’s transaction is authorized by the issuer. Upon authorization, the issuer uses the network to pay the acquirer an amount equal to the value of the transaction, minus the interchange owed to the issuer by the acquirer. Then, it posts the transaction to the consumer’s account. The acquirer pays the amount of the purchase, net of a discount (referred to as the “merchant discount” rate), to the merchant.
在典型的交易中，消费者使用我们的产品从商户购买商品或服务。商户通过与其收单方的合同连接到Mastercard，而收单方则通过网络与Mastercard连接。在我们平台的另一端，持卡人的发行银行也与Mastercard连接。通过电子网络，消费者的交易会由发行银行授权。授权后，发行银行使用网络向收单方支付与交易金额相等的款项，扣除收单方应支付给发行方的交换费。然后，发行银行将交易记录到消费者账户中。收单方支付购买金额，扣除商户折扣（即“商户折扣率”）后支付给商户。
Interchange serves as a system-wide foundation providing value to all the participants in the Mastercard network, including merchants and cardholders. By establishing “default” interchange that applies to transactions when the issuer and acquirer do not agree on compensation, Mastercard can incentivize both card issuance and card acceptance through rates that grow the network and help to provide more than $60 billion in annual rewards to consumers. Generally, interchange is paid by acquirers to issuers. By directing the flow of funds this way, the system has recognized that the issuer’s services are critical to the operation of an efficient network. The issuer takes on all the risk that a consumer does not pay his or her monthly bill. In contrast, normally a merchant will receive guaranteed payment by an issuer (less a merchant discount) regardless of whether the cardholder pays his or her bill. Interchange drives card issuance by thousands of banks and credit unions and incentivizes millions of merchants to accept cards because of the benefits that they derive.
交换费作为一个系统性基础，为Mastercard网络中的所有参与方（包括商户和持卡人）提供价值。通过建立“默认”交换费，当发行方和收单方未就补偿达成一致时，Mastercard可以通过设置费率来激励卡片发行和卡片接受，从而推动网络增长，并帮助向消费者提供每年超过600亿美元的奖励。通常，交换费由收单方支付给发行方。通过这种方式引导资金流动，系统认识到发行方的服务对高效网络的运作至关重要。发行方承担着消费者未支付每月账单的风险。相对而言，商户通常会收到发行方的保证付款（扣除商户折扣），无论持卡人是否支付账单。交换费通过数千家银行和信用合作社推动卡片发行，并激励数百万商户接受信用卡，因为他们从中获得了好处。
Moreover, interchange fosters participation from both large and small merchants and issuing banks. By establishing default interchange, Mastercard enables all participants, regardless of size, to understand the financial structure of a transaction before it occurs. In the absence of default rates, millions of merchants would have to negotiate with thousands of banks to settle on the terms of Mastercard acceptance—a ridiculous proposition. Issuers and acquirers also remain free to reach their own agreements on interchange, and some large banks can sidestep the interchange system where they contract with both cardholders and merchants.
此外，交换费促进了大商户和小商户、发行银行的参与。通过建立默认交换费，Mastercard使所有参与者（无论大小）在交易发生之前了解交易的财务结构。如果没有默认费率，数百万商户将不得不与数千家银行谈判，以达成关于Mastercard接受的条款——这无疑是个荒谬的提议。发行方和收单方仍然可以自由地就交换费达成协议，一些大银行可以绕过交换费系统，与持卡人和商户达成合同。
Mastercard does not generate revenue from interchange. We administer the collection and remittance of interchange through settlement. Mastercard must set interchange to benefit merchants, issuing banks, and consumers. We generate revenue from what we charge to our customers based on the gross dollar volume on their products that carry our brands, from what we charge to our customers for switching, and from other payment-related products and services.
Mastercard并不从交换费中获利。我们通过结算管理交换费的收取和支付。Mastercard必须设置交换费以惠及商户、发行银行和消费者。我们从向客户收取的费用中获得收入，这些费用基于他们产品的总交易额（这些产品携带我们的品牌），以及我们为切换交易收取的费用和其他与支付相关的产品与服务。
The merchant discount rate is established by the acquirer in its contract with the merchant (to which Mastercard is not privy) to cover its costs of both participating in the four-party system and providing services to merchants. The rate considers the amount of interchange, which the acquirer generally pays to the issuer. Additionally, acquirers may charge merchants processing and related levies.
商户折扣率由收单方在与商户的合同中设定（Mastercard并不知情），以覆盖其在四方支付系统中参与以及向商户提供服务的成本。此费率考虑了交换费的金额，收单方通常会将其支付给发行方。此外，收单方可能会向商户收取处理费和相关的费用。
极不透明的系统。
Competition 竞争
Competition in payments today is extraordinarily dynamic and innovative. Consumers are constantly discovering new ways to pay that fit their changing lifestyles, particularly in the face of health and technological challenges. Mastercard has not only provided great value to its system participants, but also is trying to react quickly in the marketplace to adjust to innovations that are moving beyond cards.
当今支付领域的竞争极具活力和创新性。消费者不断发现适合其不断变化的生活方式的新支付方式，尤其是在面临健康和技术挑战时。万事达卡不仅为其系统参与者提供了巨大的价值，还在努力快速响应市场，以适应超越卡片的创新。
Mastercard competes against all forms of payment, including cash and checks; electronic transactions, such as wire transfers, ACH payments, and real-time account-based payments; contactless, mobile, and e-commerce payments; and other electronic forms of payment, including card-based payment systems that process credit, charge, debit, and prepaid transactions. We compete vigorously worldwide with brands such as Visa (including Plus, Electron, and Interlink networks), American Express, Discover, China UnionPay, and JCB, among others.
万事达卡与所有形式的支付方式竞争，包括现金和支票；电子交易，如电汇、ACH 支付和基于账户的实时支付；非接触式、移动和电子商务支付；以及其他电子支付形式，包括处理信用、借记、借记和预付交易的基于卡的支付系统。我们在全球范围内与 Visa（包括 Plus、Electron 和 Interlink 网络）、美国运通、Discover、中国银联和 JCB 等品牌展开激烈竞争。
Mastercard’s share of the credit or debit card transaction market is not dominant. For example, according to the Nilson Report, our share of the credit card transaction market in the United States in 2021 was 23.8%, around the same size as American Express at 19.6%, and well below Visa’s share of 52.7%. (Discover is at about 4%). We also compete with ATM and point-of-sale debit networks globally, such as Star, NYCE, and PULSE in the United States, Interac in Canada, and EFTPOS in Australia. Finally, we compete against businesses that issue their own private label cards.
万事达卡在信用卡或借记卡交易市场的份额并不占主导地位。例如，根据 Nilson 报告，我们在 2021 年美国信用卡交易市场的份额为 23.8%，与美国运通的 19.6%大致相同，远低于 Visa 的 52.7%份额。（Discover 约为 4%）。我们还在全球范围内与 ATM 和销售点借记网络竞争，如美国的 Star、NYCE 和 PULSE，加拿大的 Interac，以及澳大利亚的 EFTPOS。最后，我们还与发行自有品牌卡的企业竞争。
Increasingly, we must compete against companies that offer alternative payment systems, such as PayPal, digital wallet providers, Buy Now Pay Later providers, mobile operator services, mobile phone-based money transfer and microfinancing services, handset manufacturers, and cryptocurrencies.
我们必须越来越多地与提供替代支付系统的公司竞争，例如 PayPal、数字钱包提供商、先买后付提供商、移动运营商服务、基于手机的资金转移和小额信贷服务、手机制造商和加密货币。
Thus, Mastercard must meet this advanced competition by pursuing a multi-rail strategy that offers customers and consumers new and secure ways to pay that go beyond the traditional card transaction. Mastercard must continue to compete intensely for the loyalty of our financial institution customers, for our merchant customers, and for consumers. The graphic below provides a sense of the new payments environment within which Mastercard must compete:
因此，万事达卡必须通过实施多轨战略来应对这一先进的竞争，为客户和消费者提供超越传统卡交易的新型安全支付方式。万事达卡必须继续激烈竞争，以赢得金融机构客户、商户客户和消费者的忠诚度。下图展示了万事达卡必须竞争的新支付环境：
Benefits to Consumers 消费者的利益
As discussed, consumers have a variety of payment choices. Consumers can pay with cash, check, debit card, charge card, credit card, gift card, prepaid card, alternative payment system, or store-issued cards. Even among payment cards, consumers have thousands of options regarding the provider of those cards and the benefits associated with their use.
正如所讨论的，消费者有多种支付选择。消费者可以用现金、支票、借记卡、记账卡、信用卡、礼品卡、预付卡、替代支付系统或商店发行的卡支付。即使在支付卡中，消费者在这些卡的提供商及其使用相关的福利方面也有成千上万的选择。
Mastercard offers a broad value proposition to consumers:
万事达卡为消费者提供广泛的价值主张：
• Consistent, seamless, and secure checkout experiences
•一致、无缝且安全的结账体验
• Increased purchasing power and access to credit to finance purchases
•增加购买力和获得信贷以资助购买
• Consumer protections, such as zero fraud liability protections and dispute resolution processes
消费者保护，例如零欺诈责任保护和争议解决程序
• Avoiding cash spoilage (lost or damaged currency)
避免现金损坏（丢失或损坏的货币）
• Value-added features and benefits, such as rewards, lounge accesses, and concierge service
增值功能和福利，如奖励、休息室使用权和礼宾服务
Because of this, Mastercard is popular with cardholders. A consumer with a Mastercard knows that they can go almost anywhere in the world and make a purchase using their card, whether that card was issued by a large New York City bank or an Iowa, Utah, Missouri, or South Carolina credit union or small bank. Mastercard cardholders can transact in more than 150 currencies without the need to exchange cash.
因此，万事达卡在持卡人中很受欢迎。拥有万事达卡的消费者知道，他们几乎可以在世界任何地方使用他们的卡进行购买，无论该卡是由纽约市的大银行还是爱荷华州、犹他州、密苏里州或南卡罗来纳州的信用社或小银行发行的。万事达卡持卡人可以使用超过 150 种货币进行交易，而无需兑换现金。
Mastercard plays a critical role in expanding financial inclusion for consumers of all socio-economic means. Mastercard provides all cardholders with enhanced purchasing power, potential accessto unsecured credit, accessto merchantsthrough remote and mobile mechanisms, easy ways to pay for medical and other benefits, and an orderly and convenient way to manage personal finances. The Mastercard brand promises fast, safe, and secure transactions for all Mastercard cardholders, regardless of income level.
万事达卡在扩大所有社会经济手段消费者的金融包容性方面发挥着关键作用。万事达卡为所有持卡人提供增强的购买力、潜在的无担保信贷获取、通过远程和移动机制访问商户、便捷的医疗和其他福利支付方式，以及有序便捷的个人财务管理方式。万事达卡品牌承诺为所有万事达卡持卡人提供快速、安全和可靠的交易，无论收入水平如何。
Further, Mastercard continually innovates to improve its performance. A cardholder need not even leave his or her own home to shop around the globe. The Internet has become a powerful, ubiquitous tool for consumers to find the lowest prices. The rapid development of e-commerce and its important role for our consumer economy, including during the COVID-19 pandemic, is due largely to a cardholder’s ability to pay for a product online with a card. Furthermore, Mastercard is developing, and intends to continue to develop, new and innovative payment options.
此外，万事达卡不断创新以提高其性能。持卡人甚至无需离开自己的家就能在全球购物。互联网已成为消费者寻找最低价格的强大而无处不在的工具。电子商务的快速发展及其在我们的消费经济中，包括在 COVID-19 大流行期间的重要作用，很大程度上归功于持卡人能够用卡在线支付产品。此外，万事达卡正在开发并计划继续开发新的创新支付选项。
In addition to the convenience and security of our network, Mastercard enables banks to offer consumers significant tangible benefits across the socio-economic spectrum. Whether by issuing prepaid or student cards, or cards with airline miles, rewards points, and cash back, Mastercard issuers innovate to produce an endless variety of cards. The proliferation of these benefits is the direct result of intense competition in payments. Mastercard competes with other forms of payment, and Mastercard issuers compete vigorously against each other and against other payment card issuers. Because consumers can pick from thousands of different cards, issuers strive to make their card products more innovative and appealing. This intense competition has resulted in the elimination of annual fees for many cards. The increase in rewards and loyalty cards is also a direct result of competition in the marketplace. Contrary to some narratives, more than 80% of all cards are “rewards” cards, and data from the Consumer Financial Protection Bureau demonstrate that consumers of all incomes enjoy the benefits of rewards and points. For many card products, credit risk is more important than income alone.
除了我们网络的便利性和安全性之外，万事达卡还使银行能够为消费者提供跨社会经济范围的显著实质性利益。无论是发行预付卡或学生卡，还是带有航空里程、奖励积分和现金返还的卡，万事达卡发行商都在创新，生产出无穷无尽的卡片种类。这些福利的激增是支付领域激烈竞争的直接结果。万事达卡与其他支付形式竞争，万事达卡发行商之间以及与其他支付卡发行商之间也展开激烈竞争。由于消费者可以从数千种不同的卡中选择，发行商努力使他们的卡产品更加创新和吸引人。这种激烈的竞争导致许多卡取消了年费。奖励和忠诚卡的增加也是市场竞争的直接结果。与某些说法相反，超过 80%的所有卡都是“奖励”卡，消费者金融保护局的数据表明，各种收入的消费者都享受奖励和积分的好处。对于许多卡产品来说，信用风险比单纯的收入更为重要。
During the pandemic, there is a preference for contactless payment transactions and the benefits of e-commerce. These trends are further accelerating the shift to digital payment. For example, in 2020, we expanded “click to pay,” the activation of the EMV Secure Remote Commerce industry standard that enables a faster, more secure checkout experience across e-commerce. This checkout experience is designed to eliminate the need to retype credit card information during every checkout online. We also have continued our focus on contactless technology to help deliver a simple way for consumers to pay.
在疫情期间，人们更倾向于无接触支付交易和电子商务的好处。这些趋势进一步加速了向数字支付的转变。例如，在 2020 年，我们扩展了“点击支付”，激活了 EMV 安全远程商务行业标准，使电子商务的结账体验更快、更安全。此结账体验旨在消除每次在线结账时重新输入信用卡信息的需要。我们还继续专注于无接触技术，以帮助为消费者提供简单的支付方式。
Benefits to Merchants 商家的好处
Merchants were the first to recognize the benefits of payment cards when, in the 1920s, they began to issue credit cards. These card programs, known now as two-party systems, grew because they were attractive to consumers due to the convenience and ready access to credit they provided. These programs were inefficient, however. Each merchant had to conduct underwriting to determine which customers qualified for the credit. Legal compliance costs grew as the programswereincreasingly regulated.Merchantslearned that theavailability ofcreditcan increase sales, but collecting on that credit can be expensive. This problem was compounded for merchants because the borrowers from whom they sought to collect were the very customers from whom they derived their sales—and collection activities often fail to create customer loyalty.
商人是最早认识到支付卡好处的人，早在 20 世纪 20 年代，他们就开始发行信用卡。这些卡计划，现在被称为双边系统，之所以发展起来，是因为它们为消费者提供了便利和便捷的信贷获取。然而，这些计划效率低下。每个商家都必须进行承保，以确定哪些客户有资格获得信贷。随着这些计划受到越来越多的监管，法律合规成本增加。商人了解到，信贷的可用性可以增加销售额，但收回信贷可能代价高昂。对于商人来说，这个问题更加复杂，因为他们试图收回信贷的借款人正是他们销售的客户，而收款活动往往无法创造客户忠诚度。
The powerful desire of merchants to benefit from cards, combined with the relative inefficiency of the two-party systems (i.e., the merchant card programs), created opportunity for others and, in 1950, Diners Club introduced the first so-called “universal” credit card that could be used at any store or business that chose to accept it. In 1958, American Express followed and offered itsown card. DinersClub and American Expressboth used thethree-party system,in which a single company issues the cards, signs up merchants to accept the cards, and completes the transactions.
商人强烈希望从卡片中获利，加上两方系统（即商家卡片计划）的相对低效，为其他人创造了机会。1950 年，Diners Club 推出了第一张所谓的“通用”信用卡，可以在任何选择接受它的商店或企业使用。1958 年，美国运通公司紧随其后，推出了自己的卡片。Diners Club 和美国运通都使用三方系统，其中一家公司发行卡片，签约商家接受卡片，并完成交易。
In the 1960s, banks began to use a four-party system to offer their own credit card programs. One group of banks created MasterCharge (which became Mastercard in 1979). Around the same time, Bank of America licensed a group of banks in the United States to issue its BankAmericard (which eventually became known as Visa). These four-party systems created even greater efficiencies and benefits by bringing together the cardholders and merchants of hundreds, eventually thousands, of banks to complete transactions. Four-party systems are less expensive and more efficient than the two-party or three-party systems—a benefit to competition that our antitrust laws encourage.
20 世纪 60 年代，银行开始使用四方系统来提供自己的信用卡计划。一组银行创建了 MasterCharge（1979 年成为万事达卡）。大约在同一时间，美国银行授权美国的一组银行发行其 BankAmericard（最终成为 Visa）。这些四方系统通过将数百家、最终数千家的银行的持卡人和商家聚集在一起完成交易，创造了更大的效率和利益。四方系统比两方或三方系统更便宜、更高效——这是我们的反垄断法鼓励的竞争优势。
More and more merchants, especially small businesses, were drawn to these card offerings as the benefits, which far outweighed the costs, became more widely known. Small- and medium-sized businesses realized the great value of Mastercard and other four-party systems because it was too expensive for them to issue their own proprietary cards. One can imagine the reaction of a merchant that had struggled with the underwriting; administrative, legal, and credit risk; and other problems associated with its own credit card when Diners Club offered to perform those functions for the merchant’s customers. The prospect of guaranteed payment alone (i.e., getting paid for a transaction even if the customer does not pay the credit card bill) was hard to resist.
越来越多的商家，尤其是小企业，被这些卡片产品所吸引，因为其好处远远超过了成本，并且这些好处变得越来越广为人知。中小型企业意识到万事达卡和其他四方系统的巨大价值，因为发行自己的专有卡对它们来说太昂贵了。可以想象，当大来俱乐部为商家的客户提供这些功能时，那些在承销、行政、法律和信用风险以及与其自身信用卡相关的其他问题上苦苦挣扎的商家会有什么反应。仅仅是保证付款的前景（即使客户不支付信用卡账单也能获得交易款项）就很难抗拒。
自己发卡需要解决保证支付的信用问题。
Today, Mastercard has built on the benefits of the four-party model to make payments faster, safer, and less expensive for merchants. As with consumers, Mastercard offers a powerful value proposition to all merchants, large and small:
今天，万事达卡利用四方模式的优势，使支付变得更快、更安全且对商家来说成本更低。与消费者一样，万事达卡为所有商家，无论大小，提供了强大的价值主张：
• Incremental transactions, driven from consumer preference, ability to buy when low on cash, and access to new customers with greater purchasing power
• 由消费者偏好、在现金不足时的购买能力以及接触具有更大购买力的新客户推动的增量交易
• Increased sales
销售额增加
• Greater sales throughput from better customer checkout experience
•通过更好的客户结账体验提高销售吞吐量
• Guaranteed consumer payment for goods and services
•保证消费者支付商品和服务
• Reduced risks and security concerns (e.g., fraud liability protections and dispute resolution processes)
降低风险和安全问题（例如，欺诈责任保护和争议解决流程）
• Higher customer engagement and loyalty given data-backed insights, card-linked offers, and co-brand programs
•基于数据的洞察、卡链接优惠和联合品牌计划提高客户参与度和忠诚度
• Operational efficiencies (e.g., no losing cash and paying armed guards to haul it, and faster settlement of funds)
运营效率（例如，不丢失现金并支付武装警卫运送现金，以及更快的资金结算）
We keep billions of electronic payments safe through end-to-end encryption, tokenization, and authentication. We spot anomalous activity and identify fraud before it occurs. Our technology ensures that genuine transactions are not declined—and that keeps consumers happy. Beyond operating a payment network that brings incredible value to merchants, we improve business for merchants in other ways.
我们通过端到端加密、令牌化和身份验证来保护数十亿电子支付的安全。我们发现异常活动并在欺诈发生之前识别出来。我们的技术确保真实交易不会被拒绝——这让消费者感到满意。除了运营一个为商家带来巨大价值的支付网络外，我们还通过其他方式改善商家的业务。
Today, merchants derive enormous benefits from payments industry competition, including the ability to provide an unprecedented number of payment options for their customers. This affords merchants enormous flexibility in their business. For example, a merchant can offer its customers the choice to pay by cash, check, general-use card, proprietary card, installment loan, ACH, or real-time payment. Moreover, this choice permits a merchant to manage its costs of payment acceptance. Merchants that prefer certain types of payment can restrict payment options in their stores, or they can offer other payment options but steer their customers to the preferred methods, as many merchants are doing with debit or proprietary cards. Merchants that prefer to receive payment by cash have many options too, such as requiring payment in cash or providing incentives, such as cash discounts, to encourage their customers to forgo other payment options.
如今，商家从支付行业的竞争中获得了巨大的利益，包括为客户提供前所未有的多种支付选项的能力。这为商家在业务中提供了巨大的灵活性。例如，商家可以为其客户提供现金、支票、通用卡、专用卡、分期贷款、ACH 或实时支付的选择。此外，这种选择允许商家管理其支付接受的成本。偏好某些支付类型的商家可以在其店内限制支付选项，或者他们可以提供其他支付选项，但引导客户使用首选方法，正如许多商家对借记卡或专用卡所做的那样。偏好现金支付的商家也有很多选择，例如要求现金支付或提供激励措施，如现金折扣，以鼓励客户放弃其他支付选项。
Even with this array of choices, merchants continue to offer card options. Merchants are rational and will accept a type of payment if it makes business sense. For example, the convenience of cards means consumers will spend more than they would if they had to pay with cash or checks. Cards generally are faster than other forms of payment, meaning merchants can serve their customers more quickly. Many cardholders understand that certain Mastercard cards provide financial benefits far more valuable than other forms of payment. A merchant understands the value in offering acceptance at a certain cost in lieu of potentially losing the sale to a competitor. Indeed, merchants often will accept a competing payment that costs them significantly more than Mastercard.
即使有这么多选择，商家仍然提供卡片选项。商家是理性的，如果某种支付方式符合商业逻辑，他们会接受。例如，使用卡片的便利性意味着消费者会比用现金或支票支付时花费更多。卡片通常比其他支付方式更快，这意味着商家可以更快地为顾客服务。许多持卡人明白，某些万事达卡提供的财务利益远比其他支付方式更有价值。商家明白以一定成本提供接受的价值，以避免可能将销售输给竞争对手。实际上，商家通常会接受成本远高于万事达卡的竞争支付方式。
The value of Mastercard to merchants may never have been more important than during the height of the pandemic. In March 2022, online spend was up +84% compared to pre-pandemic levels. However, 9 million small businesses did not have an online presence then. Within four weeks, Mastercard established “Digital Doors,” a program that has helped more than 20,000 small businesses get online through digital enablement tools. Thanks to efforts like these, American small businesses that started an online store during the pandemic saw average monthly sales growth of 6%, compared to those that did not create a digital presence.
万事达卡对商家的价值在疫情高峰期可能比以往任何时候都更为重要。2022 年 3 月，在线消费比疫情前水平增长了 84%。然而，当时有 900 万小企业没有在线业务。在四周内，万事达卡建立了“数字之门”计划，通过数字赋能工具帮助了超过 2 万家小企业上线。得益于这些努力，在疫情期间开设在线商店的美国小企业的月均销售增长率为 6%，而那些没有创建数字业务的企业则没有这样的增长。
Small business owner Michelle Cadore is one such example. Ms. Cadore is a designer who owns and operates DA SPOT NYC, a Brooklyn-based clothing boutique that showcases the works of Black designers and entrepreneurs. At the beginning of the pandemic, DA SPOT NYC was forced to close for six months, while Ms. Cadore looked for alternative methods to keep her business afloat. After securing several grants, she utilized Mastercard’s Digital Doors Program, which offers guidance and resources to digitally transform small businesses and build a robust e-commerce platform. Using Mastercard tools such as its Small Business Digital Readiness Diagnostic, Ms. Cadore conducted an analysis of her digital business and can now protect her business against downturns. She attributes her partnership with Mastercard to increasing her sales by 300% since she began working with us.
小企业主 Michelle Cadore 就是这样一个例子。Cadore 女士是一位设计师，拥有并经营位于布鲁克林的服装精品店 DA SPOT NYC，该店展示了黑人设计师和企业家的作品。在疫情初期，DA SPOT NYC 被迫关闭了六个月，而 Cadore 女士则寻找替代方法以维持她的业务。在获得了几项补助后，她利用了万事达卡的数字之门计划，该计划为小企业提供数字化转型和建立强大电子商务平台的指导和资源。通过使用万事达卡的工具，如小企业数字准备诊断，Cadore 女士对她的数字业务进行了分析，现在可以保护她的业务免受经济低迷的影响。她将与万事达卡的合作归功于自合作以来销售额增长了 300%。
Ursula Smith is another incredible example of perseverance during the pandemic. Ursula is a small business owner in Birmingham, Alabama who had long nurtured a dream of opening her own studio to introduce children of color to ballet, tap, and West African dance. After nearly two decades of starts and stops, she opened the doors of the Ursula Smith Dance Studio in the heart of the city’s historic Civil Rights District on February 1, 2020. She suddenly had to pivot to a digital world, which included setting up and hosting free virtual dance workshops and launching a web store with class options. Since then, Ursula has hosted more than 150 virtual dance classes and rehearsals.
乌苏拉·史密斯是疫情期间坚持不懈的另一个令人难以置信的例子。乌苏拉是阿拉巴马州伯明翰的一位小企业主，她长期以来一直怀有开设自己工作室的梦想，以向有色人种儿童介绍芭蕾、踢踏舞和西非舞蹈。经过近二十年的起步和停顿，她于 2020 年 2 月 1 日在该市历史悠久的民权区中心开设了乌苏拉·史密斯舞蹈工作室。她突然不得不转向数字世界，包括设置和主持免费的虚拟舞蹈工作坊，并推出了带有课程选项的网络商店。从那时起，乌苏拉已经举办了超过 150 场虚拟舞蹈课程和排练。
In addition to fostering digital enablement, Mastercard works to support small businesses through access to capital, giving entrepreneurs the tools they need to succeed. For example, an estimated 41% of Black-owned businesses across the U.S. shut down between February and April of 2020 according to the Federal Reserve Bank of New York, outpacing all other owner groups. To address this inequity, we formed the Strivers Initiative, which is a consumer-facing platform that elevates the visibility of Black female business owners overcoming obstacles to maintain and grow their businesses, providing them with access to capital, a suite of security technology for the businesses, and lasting partnerships and mentorship.
除了促进数字赋能外，万事达卡还通过提供资本支持小型企业，为企业家提供成功所需的工具。例如，根据纽约联邦储备银行的数据，2020 年 2 月至 4 月期间，美国约 41%的黑人拥有的企业关闭，超过了所有其他所有者群体。为了解决这一不平等问题，我们成立了 Strivers Initiative，这是一个面向消费者的平台，提升克服障碍以维持和发展业务的黑人女性企业主的知名度，为她们提供资本、企业安全技术套件以及持久的合作伙伴关系和指导。
Mastercard allows all merchants to reach their audiences more effectively. When contrasted against a system in which a merchant runs a lay-away plan or other credit extension program, the benefits of outsourcing that function to the Mastercard system is clear. Not only does a merchant receive guaranteed payment, but what it pays for acceptance is well below the costs it would incur to run its own credit program. According to the Federal Reserve, the average annual consumer credit card charge-off rate—which is the amount of credit that a bank or credit union extends that is not repaid by the borrower—has been roughly 4.5%. The average credit interchange rate for Mastercard has been roughly 1.9%.
万事达卡允许所有商家更有效地接触他们的受众。与商家运行分期付款计划或其他信贷扩展计划的系统相比，将该功能外包给万事达卡系统的好处显而易见。商家不仅能获得有保障的付款，而且其支付的接受费用远低于运行自身信贷计划的成本。根据美联储的数据，平均年度消费者信用卡坏账率——即银行或信用社提供的未被借款人偿还的信贷金额——大约为 4.5%。万事达卡的平均信用卡交换费率大约为 1.9%。
买了东西不付钱，也是一种算账的方式。
In short, no one is forcing merchants to accept Mastercard. Merchants accept Mastercard because the benefits of acceptance drastically exceed the costs.
简而言之，没有人强迫商家接受万事达卡。商家接受万事达卡是因为接受的好处远远超过了成本。
The Merchant Discount and Interchange 商户折扣和交换手续费
Since the inception of these payment systems, merchants have paid to their acquirers a “merchant discount” rate in exchange for the benefits of card acceptance. In a three-party system, the merchant discount is paid directly to the single entity that provides the services to the merchant. For example, in the Discover system, the merchant discount is paid to Discover, which issues the card, licenses the merchant to accept the card, and enables transactions.
自这些支付系统问世以来，商家一直向其收单机构支付“商户折扣”费率，以换取接受卡片的好处。在三方系统中，商户折扣直接支付给为商家提供服务的单一实体。例如，在 Discover 系统中，商户折扣支付给 Discover，该公司发行卡片，授权商家接受卡片，并促成交易。
In a four-party system, the merchant pays the merchant discount to the acquirer (i.e., the bank)thatlicensed themerchantto acceptthe card. Thatmerchantdiscountrateenablesamerchant to accept and process card transactions.
在四方支付系统中，商户向收单机构（即银行）支付商户折扣，该银行授权商户接受卡片。该商户折扣率使商户能够接受和处理卡片交易。
Since 2004, Mastercard management has been responsible for establishing default interchange for our system in the United States when there are no other established settlement terms in place between an issuer and an acquirer. Although Mastercard establishes interchange and collects and remits it on behalf of our financial institution customers, we do not keep any portion of interchange. Nonetheless, interchange is a critical part of our system because issuers must be compensated for extending credit, managing fraud, and paying rewards to consumers.
自 2004 年以来，当发卡机构和收单机构之间没有其他既定结算条款时，万事达卡管理层负责在美国为我们的系统建立默认的交换费。尽管万事达卡代表我们的金融机构客户设定交换费并进行收取和汇款，但我们不保留任何交换费。然而，交换费是我们系统的重要组成部分，因为发卡机构必须获得补偿以延长信贷、管理欺诈和向消费者支付奖励。
Mastercard considers many factors in determining interchange, and there are always competing considerations. If we set interchange too high, the merchants’ desire and demand for Mastercard acceptance will drop. If we set interchange too low, the card issuers’ willingness to issue and promote Mastercard-branded cards will drop, as will consumer demand for those cards when issuers cease promoting Mastercard cards with extensive cardholder benefits. Mastercard management works diligently to maximize the output of the Mastercard system by setting interchange at levels that enable it to compete effectively for both issuance and merchant acceptance. Three-party systems like American Express and Discover set their merchant discounts to establish a similar objective. Generally, merchants pay the highest merchant discount for accepting American Express, the lowest for accepting Discover, and somewhere in between for accepting Mastercard-branded cards. Merchant discounts for accepting Visa cards are understood to also fall somewhere in between American Express and Discover. Other new payment options, like BNPL, often cost merchants far more than Mastercard.
万事达卡在确定交换费时考虑了许多因素，并且总是存在相互竞争的考虑。如果我们将交换费设定得过高，商家对接受万事达卡的意愿和需求将会下降。如果我们将交换费设定得过低，发卡机构发行和推广万事达卡品牌卡的意愿将会下降，当发卡机构停止推广具有广泛持卡人福利的万事达卡时，消费者对这些卡的需求也会下降。万事达卡管理层努力通过将交换费设定在能够有效竞争发行和商家接受的水平上来最大化万事达卡系统的产出。像美国运通和 Discover 这样的三方系统设定他们的商家折扣以实现类似的目标。一般来说，商家为接受美国运通支付最高的商家折扣，为接受 Discover 支付最低的商家折扣，而接受万事达卡品牌卡的折扣则介于两者之间。接受 Visa 卡的商家折扣也被认为介于美国运通和 Discover 之间。其他新的支付选项，如 BNPL，通常比万事达卡让商家付出更多的成本。
Mastercard Rate Changes 万事达卡费率变更
In January 2020, Mastercard publicly announced our intent to adjust credit interchange effective April 2020. These proposed changes were the first significant changes since 2006. Due to the pandemic, we delayed our plans to adjust default interchange rates. In 2021, we again delayed our proposed changes. On April 22, 2022, we adjusted interchange, with some rates going up and some going down. To be clear: the net effect of our recent changes is neutral (i.e., cumulative impact of less than 1 basis point).
2020 年 1 月，万事达卡公开宣布我们计划于 2020 年 4 月调整信用卡交换费。这些拟议的变更是自 2006 年以来的首次重大变更。由于疫情，我们推迟了调整默认交换费率的计划。2021 年，我们再次推迟了拟议的变更。2022 年 4 月 22 日，我们调整了交换费率，其中一些费率上升，一些下降。需要明确的是：我们最近变更的净效应是中性的（即累计影响小于 1 个基点）。
Among our changes: we lowered rates for merchants with transactions below $5, directly supporting smaller businesses. These “small ticket” transactions represent more than 10% of Mastercard credit transactions. As a result of our recent cuts, the rate for a small ticket credit transaction is now less than the price-controlled rate for a debit transaction under Reg II. We also lowered rates for hotels, rental car companies, casual dining, and daycare facilities.
在我们的变更中：我们降低了交易额低于 5 美元的商户费率，直接支持小型企业。这些“小额票”交易占万事达卡信用卡交易的 10%以上。由于我们最近的降费，小额票信用卡交易的费率现在低于 Reg II 下借记交易的价格控制费率。我们还降低了酒店、租车公司、休闲餐饮和日托设施的费率。
It is true that some of our rates also went up. For example, default rates increased modestly at grocery stores. Since 1992, we have set rates at grocery stores at an incredibly low number to incent acceptance. But gone are the days of long checkout lines at grocery stores and delays while someone writes a check. Most grocery stores have adopted self-checkout terminals, which allow one employee to staff more than a dozen terminals concurrently. Online delivery services at grocery stores have also increased sales and ticket size by promoting electronic payments at checkout. As such, a rebalancing of our system was warranted. Even so, the new rate for grocery is still one of our lowest default rates, and it is 10% lower than the retail card present rate.
确实，我们的一些费率也有所上调。例如，杂货店的默认费率适度上升。自1992年以来，我们在杂货店的费率设置极低，以鼓励接受卡片支付。但现在，超市排长队和有人写支票的日子已经过去。大多数超市已经采用了自助结账终端，使得一名员工可以同时管理十多个自助终端。超市的在线配送服务也通过促进结账时的电子支付，增加了销售额和每单金额。因此，重新平衡我们的系统是有必要的。尽管如此，新的杂货店费率仍然是我们最低的默认费率之一，且比零售卡现有费率低10%。
To put rates into historical context, in 2018, the average cost of credit acceptance for Mastercard and Visa cards was 2.26%, according to Nilson Report. Since then, the rate has fallen by 4 basis points and remained flat during the pandemic. Contrary to false claims, we do not have unilateral pricing power to continue to escalate interchange. Rather, recent market changes have forced declines, even from American Express. Since 2014, the cost of accepting American Express has fallen by 22 basis points, according to Nilson Report. Our merchant partners are paying less and receiving more value than they did even a few years ago.
为了将这些费率放入历史背景来看，根据《Nilson报告》，2018年，Mastercard和Visa卡的信用卡接受成本平均为2.26%。此后，该费率下降了4个基点，并在疫情期间保持平稳。与一些错误的说法相反，我们并不拥有单方面定价的权力，能够继续提升交换费。相反，近期市场的变化迫使费率下降，包括美国运通的费率自2014年以来已下降22个基点（根据《Nilson报告》）。我们的商户合作伙伴正在支付更少的费用，且比几年前获得了更多的价值。
Transaction Security and Tokenization 交易安全和代币化
Mastercard invests heavily in the security of our network. Mastercard has increased its resources to support innovation and technology designed to protect our payments system for cardholders, merchants, and financial institutions. These innovations included our U.S. rollout of chip card technology and our introduction in recent years of security technologies such as Mastercard Safety Net, Mastercard Identity Check, our Mastercard Biometric Card, and ID Theft Protection. These innovations come at a significant cost and produce real results. For example, our SafetyNet technology stopped real-time fraud attacks and prevented more than $10 billion in potential fraud in 2021 alone.
万事达卡在我们的网络安全方面投入了大量资金。万事达卡增加了资源，以支持旨在保护持卡人、商家和金融机构支付系统的创新和技术。这些创新包括我们在美国推出的芯片卡技术，以及近年来推出的安全技术，如万事达卡安全网、万事达卡身份验证、万事达卡生物识别卡和身份盗窃保护。这些创新需要大量成本并产生了实际效果。例如，我们的安全网技术阻止了实时欺诈攻击，仅在 2021 年就防止了超过 100 亿美元的潜在欺诈。
One of our more recent developments is our creation of a tokenization service that protects consumers and merchants from payment fraud by encrypting card numbers and deploying dynamic data in the authentication of transactions. We pair our world-class payment security with our Zero Liability fraud protection that protects consumers from fraud when making purchases.
我们最近的一个发展是创建了一项代币化服务，通过加密卡号和在交易认证中部署动态数据来保护消费者和商家免受支付欺诈。我们将世界级的支付安全与零责任欺诈保护相结合，保护消费者在购物时免受欺诈。
*************
For decades, Mastercard has built a payment ecosystem that brings enormous net benefits and efficiencies to all those that make, accept, or process payments. It has done so while facing larger and stronger network competitors and continually evolving competitive challenges from new entrants, including FinTechs and BNPL firms. We recognize competition is a critical issue in Congress and we appreciate the opportunity to testify. I am happy to answer any questions from the Committee.
几十年来，万事达卡建立了一个支付生态系统，为所有进行、接受或处理支付的人带来了巨大的净收益和效率。在此过程中，它面临着更大更强的网络竞争对手，并不断应对来自新进入者（包括金融科技公司和“先买后付”公司）的竞争挑战。我们认识到竞争是国会的一个关键问题，并感谢有机会作证。我很乐意回答委员会的任何问题。
Article Comments Update
热门标签
Related Articles
2022-05-04 Doug Kantor.Credit Card Competition Act
Refer To：《Excessive Swipe Fees and Barriers to Competition in the Credit and Debit Card Systems》。 MAY 4, 2022 2022 年 5 月 4 日 Thank you for providing me with the opportunity to testify on the swipe fees that are imposed by the credit card industry on ...2022-05-11 Charles Kim.Credit Card Competition Act
Refer To：《Excessive Swipe Fees and Barriers to Competition in the Credit and Debit Card Systems》。 Questions for Charles Kim, Executive Vice President and Chief Financial Officer, Commerce Bancshares, Inc. 对 Commerce Bancshares, Inc.执行副总裁兼首席财务官 ...2022-05-04 Laura Karet.Credit Card Competition Act
Refer To：《Excessive Swipe Fees and Barriers to Competition in the Credit and Debit Card Systems》。 Chairman Durbin, Ranking Member Grassley, and Members of the Committee: 主席德宾、资深成员格拉斯利和委员会成员： I am Laura Karet, CEO, President and Executive Chair of ...2022-05-04 Bill Sheedy.Visa.Credit Card Competition Act
Refer To：《Excessive Swipe Fees and Barriers to Competition in the Credit and Debit Card Systems》。 Chairman Durbin, Ranking Member Grassley, members of the Committee, my name is Bill Sheedy and I am Senior Advisor to the Chairman and CEO at Visa Inc. ...2024-10-18 American Express Company (AXP) Q3 2024 Earnings Call Transcript
American Express Company (NYSE:AXP) Q3 2024 Earnings Conference Call October 18, 2024 8:30 AM ET 美国运通公司 (纽约证券交易所:AXP) 2024 年第三季度收益电话会议 2024 年 10 月 18 日 上午 8:30 ET Company Participants 公司参与者 Kartik Ramachandran - Head of Investor Relations 卡尔蒂克·拉马钱德兰 ...