2024-10-31 Mastercard Incorporated (MA) Q3 2024 Earnings Call Transcript
Mastercard Incorporated (NYSE:MA) Q3 2024 Earnings Conference Call October 31, 2024 9:00 AM ET
万事达卡公司 (纽约证券交易所:MA) 2024 年第三季度收益电话会议 2024 年 10 月 31 日 上午 9:00 ET
Company Participants 公司参与者
Devin Corr - Head of Investor Relations
德文·科尔 - 投资者关系负责人
Michael Miebach - Chief Executive Officer
迈克尔·米巴赫 - 首席执行官
Sachin Mehra - Chief Financial Officer
萨钦·梅赫拉 - 首席财务官
Conference Call Participants
电话会议参与者
Sanjay Sakhrani - KBW 桑杰·萨克拉尼 - KBW
Tien-tsin Huang - J.P. Morgan
黄天晋 - 摩根大通
Harshita Rawat - Bernstein
哈希塔·拉瓦特 - 伯恩斯坦
Rayna Kumar - Oppenheimer
雷娜·库马尔 - 奥本海默
Bryan Keane - Deutsche Bank
布莱恩·基恩 - 德意志银行
Tim Chiodo - UBS 蒂姆·乔多 - 瑞银
Darrin Peller - Wolfe Research
达林·佩勒 - 沃尔夫研究
James Faucette - Morgan Stanley
詹姆斯·福塞特 - 摩根士丹利
Craig Maurer - FT Partners
克雷格·毛雷尔 - FT 合伙人
Trevor Williams - Jefferies
特雷弗·威廉姆斯 - 杰富瑞
Jamie Friedman - Susquehanna
杰米·弗里德曼 - 萨斯奎哈纳
Fahed Kunwar - Redburn Atlantic
法赫德·昆瓦尔 - 雷德伯恩大西洋
Ramsey El-Assal - Barclays Capital
拉姆齐·埃尔-阿萨尔 - 巴克莱资本
Will Nance - Goldman Sachs
威尔·南斯 - 高盛
Operator 操作员
Good morning. My name is [Brianna] (ph), and I will be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Incorporated Third Quarter 2024 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions]
早上好。我的名字是[Brianna]，今天我将担任您的会议接线员。现在，我想欢迎大家参加万事达卡公司 2024 年第三季度的电话会议。所有线路已被静音，以防止任何背景噪音。在发言者发言后，将进行问答环节。[操作员说明]
Mr. Devin Corr, Head of Investor Relations, you may begin your conference.
德文·科尔先生，投资者关系负责人，您可以开始会议了。
Devin Corr 德文·科尔
Thank you, Brianna. Good morning, everyone, and thank you for joining us for our third quarter 2024 earnings call. With me today are Michael Miebach, our Chief Executive Officer; and joining remotely is Sachin Mehra, our Chief Financial Officer. Following comments from Michael and Sachin, the operator will announce your opportunity to get into the queue for the Q&A session. It is only then that the queue will open for questions. You can access our earnings release, supplemental performance data and the slide deck that accompany this call in the Investor Relations section of our Web site, mastercard.com.
谢谢你，Brianna。大家早上好，感谢您参加我们的 2024 年第三季度财报电话会议。今天和我在一起的是我们的首席执行官 Michael Miebach；远程加入的是我们的首席财务官 Sachin Mehra。在 Michael 和 Sachin 发表评论后，接线员将宣布您可以进入问答环节的排队队列。只有到那时，队列才会开放提问。您可以在我们网站 mastercard.com 的投资者关系部分访问我们的财报发布、补充业绩数据和随附的幻灯片。
Additionally, the release was furnished with the SEC earlier this morning. Our comments today regarding our financial results will be on a non-GAAP currency-neutral basis unless otherwise noted. Both the release and the slide deck include reconciliations of non-GAAP measures to GAAP reported amounts.
此外，今天早上早些时候已向 SEC 提交了该发布。除非另有说明，否则我们今天关于财务业绩的评论将以非 GAAP 货币中性为基础。发布和幻灯片中都包括了非 GAAP 指标与 GAAP 报告金额的对账。
Finally, as set forth in more detail in our earnings release, I'd like to remind everyone that today's call will include forward-looking statements regarding Mastercard's future performance. Actual performance could differ materially from these forward-looking statements. Information about the factors that could affect future performance are summarized at the end of our earnings release and in our recent SEC filings. A replay of this call will be posted on our Web site for 30 days.
最后，正如我们在收益发布中更详细说明的那样，我想提醒大家，今天的电话会议将包括关于万事达卡未来表现的前瞻性声明。实际表现可能与这些前瞻性声明有重大差异。可能影响未来表现的因素信息在我们收益发布的末尾和我们最近的 SEC 文件中进行了总结。本次电话会议的重播将在我们的网站上发布 30 天。
With that, I will now turn the call over to our Chief Executive Officer, Michael Miebach.
现在，我将把电话交给我们的首席执行官，Michael Miebach。
Michael Miebach 迈克尔·米巴赫
Thank you, Devin. Good morning everyone. On Halloween, well, nothing spooky here. The headline this quarter, again, we delivered strong results across all aspects of our business. We’re adding to that momentum with the announcement of two planned acquisitions, Recorded Future and Minna Technologies. In the third quarter, net revenues were up 14%, and adjusted net income increased 13% versus a year-ago, as always, on a non-GAAP currency-neutral basis. These results were underpinned by healthy consumer spending, including strong cross-border volume growth of 17% year-over-year on a local currency basis. And value-added services and solutions net revenue grew 19% year-over-year on a currency-neutral basis.
谢谢，德文。大家早上好。在万圣节，没有什么可怕的。这个季度的头条新闻是，我们在业务的各个方面再次取得了强劲的业绩。我们通过宣布计划收购 Recorded Future 和 Minna Technologies 两家公司来增加这一势头。在第三季度，净收入增长了 14%，调整后的净收入同比增长了 13%，一如既往，基于非 GAAP 的货币中性基础。这些结果得益于健康的消费者支出，包括本地货币基础上跨境交易量同比增长 17%。增值服务和解决方案的净收入在货币中性基础上同比增长了 19%。
The macroeconomic environment remained supportive, and continues to underpin the strength in consumer spending. The labor market remained strong, even if slightly below historically tight levels. And inflation has moderated, albeit at varied levels across categories and countries. Overall, we remain positive about our growth outlook, but we will continue to monitor the environment. We will continue to focus on the things we can control, and execute on our growth algorithm. By tapping into the sizable secular shift opportunity to electronic payments, and that across both spend and transactions. Also, by further penetrating the addressable market in commercial and new payment flows, by gaining market share, and by growing value-added services and solutions.
宏观经济环境仍然具有支持性，并继续支撑消费者支出的强劲。劳动力市场依然强劲，尽管略低于历史紧张水平。通货膨胀有所缓和，但在各个类别和国家的水平有所不同。总体而言，我们对增长前景保持乐观，但我们将继续监测环境。我们将继续专注于我们可以控制的事情，并执行我们的增长算法。通过利用向电子支付的大规模长期转变机会，这涉及支出和交易。同时，通过进一步渗透商业和新支付流的可寻址市场，增加市场份额，并发展增值服务和解决方案。
Let’s take a look at our progress in these four areas, starting with the shift to digital. There’s still a long runway for the secular shift for person to merchant payments. Our diverse global footprint and innovative digital-first proposition enable us to maximize this opportunity. A key driver is acceptance, which we have effectively doubled over the last five years. We are increasing acceptance by digitizing untapped pools of spend in areas, like transit, to open up new transaction flows. Over the years, we have helped hundreds of transit systems around the world move to open loop.
让我们来看看我们在这四个领域的进展，首先是向数字化的转变。个人到商户支付的长期转变仍有很长的路要走。我们多元化的全球足迹和创新的数字优先主张使我们能够最大化这一机会。一个关键驱动因素是接受度，我们在过去五年中有效地将其翻了一番。我们通过在交通等领域数字化未开发的消费池来增加接受度，以开启新的交易流。多年来，我们帮助了全球数百个交通系统转向开放环路。
And now, our contact-less technology is making it easier for international travelers in Beijing and people in Hong Kong can now seamlessly pay for their train trips. The shift to digital means turning every device into an acceptance device. Just think about that. Tap-on-phone is now live in over 110 markets. Since the beginning of this year, the number of tap-on-phone locations almost doubled. And more than 10% are net new acceptance locations for Mastercard. You see it everywhere, at food trucks in major cities, at the farmers’ market in my town, in the air to make in-flight purchases, and at sporting events like the Major League Baseball All-Star Game. We’re adding more access through acceptance efforts.
现在，我们的无接触技术使得北京的国际旅行者和香港的人们可以无缝支付他们的火车票。向数字化的转变意味着将每个设备变成一个接受设备。想想看。手机支付功能现在已经在超过 110 个市场上线。自今年年初以来，手机支付地点的数量几乎翻了一倍。其中超过 10%是万事达卡的新接受地点。你可以在各处看到它，在大城市的餐车上，在我镇上的农贸市场上，在空中进行机上购买时，以及在像美国职业棒球大联盟全明星赛这样的体育赛事中。我们正在通过接受努力增加更多的访问。
In Africa, we’re partnering to make our QR pay-by-link technology available to every merchant with a KaiOS-powered phone, that’s putting affordable ways to be paid in the hands of underserved small businesses across the whole continent. We’re investing in cutting-edge technologies, like tokenization and pass keys to make the online shopping experience better and more secure. And that’s the expectation people have when they see our brand. They know it’s convenient, fast, and frictionless. And that ease and simplicity are not sacrificed for world-class security and protection against fraud. They get all that from Mastercard in every transaction. Efforts like these are being developed by our teams across the globe, including at our newly expanded tech hub, in Pune, India, where I was earlier this month.
在非洲，我们正在合作使我们的 QR 支付链接技术可供每个使用 KaiOS 手机的商家使用，这为整个大陆的弱势小企业提供了负担得起的支付方式。我们正在投资于尖端技术，如令牌化和通行密钥，以改善和增强在线购物体验的安全性。这就是人们对我们品牌的期望。他们知道这既方便、快速又无缝。而这种轻松和简单并没有以牺牲世界级的安全性和防欺诈保护为代价。他们在每笔交易中都能从万事达卡获得这一切。这样的努力正在我们全球的团队中进行开发，包括在印度浦那我们新扩建的技术中心，我本月初曾在那里。
India is where we first launched the Mastercard payment pass key service, which replaces the need for passwords or texts for one-time pass codes with biometrics; simple and seamless ways to address the high levels of fraud and the need for secure payments everywhere, no matter the channel. We’re extending and scaling that into new markets with partners like noon Payments, one of the largest PSPs in Middle East Africa. We’re also collaborating with India’s leading wearables brand, Bolt. We will work with them to enable quick, highly secured tokenized contact-less payments on their devices. The continued adoption of these capabilities positions us well to capture the large secular opportunity in consumer payments.
印度是我们首次推出万事达卡支付通行密钥服务的地方，该服务用生物识别技术取代了需要密码或短信的一次性密码；这种简单无缝的方式可以解决高水平的欺诈问题，并满足各个渠道对安全支付的需求。我们正在与中东非洲最大的支付服务提供商之一 noon Payments 等合作伙伴一起，将这一服务扩展并推广到新市场。我们还与印度领先的可穿戴设备品牌 Bolt 合作。我们将与他们合作，在其设备上实现快速、高度安全的令牌化非接触式支付。这些功能的持续采用使我们能够很好地抓住消费者支付领域的大规模长期机会。
Now, the consumer is one part of the story. There’s a sizable opportunity in unlocking new flows across commercial payments and disbursement and remittances. We’re seeing strong momentum in these spaces. In commercial, we have the right solutions, and we’re expanding into new verticals with specialized partners who offer significant reach. Last quarter, we announced the partnership with CBC to provide car distribution, acceptance and financial education to almost two million retailers. We’re now building on this momentum with a partnership with payment orchestrator, Yallo. They work with some of the largest consumer packaged goods distributors in Latin America, including Nestlé, Mondelez, and Coca-Cola. This partnership will enable three million small and medium-sized customers to use Mastercard small business cards to make purchases.
现在，消费者是故事的一部分。在商业支付、分发和汇款方面解锁新的流动存在着巨大的机会。我们在这些领域看到了强劲的势头。在商业领域，我们拥有合适的解决方案，并与提供显著覆盖的专业合作伙伴一起扩展到新的垂直领域。上个季度，我们宣布与 CBC 合作，为近两百万零售商提供汽车分销、接受和金融教育。我们现在正在与支付协调器 Yallo 合作，建立在这一势头之上。他们与拉丁美洲一些最大的消费品分销商合作，包括雀巢、亿滋和可口可乐。此合作伙伴关系将使三百万中小型客户能够使用万事达小企业卡进行购买。
And in the healthcare industry, we’re partnering with Fundbot, a fintech specializing in supply chain financing. We will work with them to capture additional B2B flows with virtual cards and address insurance payment delays that have historically posed challenged. Now shifting to disbursements and remittances, we’re also scaling with important players in that space. You saw our announcement at Mastercard Move, we’ll be integrated into Citi’s cross-border payments network. Citi customers in 65 countries can now make secure near real-time cross-border payment transfers to Mastercard debt cards in 14 receiving markets worldwide with more to come early next year.
在医疗保健行业，我们正在与专注于供应链融资的金融科技公司 Fundbot 合作。我们将与他们合作，通过虚拟卡捕捉更多的 B2B 流量，并解决历史上一直存在的保险支付延迟问题。现在转向支付和汇款，我们也在与该领域的重要参与者进行扩展。您在 Mastercard Move 上看到了我们的公告，我们将整合到花旗银行的跨境支付网络中。花旗银行在 65 个国家的客户现在可以向全球 14 个接收市场的 Mastercard 借记卡进行安全的近乎实时的跨境支付转账，明年初还会有更多市场加入。
In the U.S., we have expanded our partnership with payment platform processor Astra Inc. to accelerate the adoption of Mastercard Move for push-to-card payments. In Latin America, we announced partnerships with Paysend, Leap Financial, and Felix Pago to tackle the significant U.S. and Latin America cross-border corridor opportunity. Another important element of our growth algorithm is gaining more share of the carded market. And we are, even in today’s competitive marketplace, we do this by understanding our customers’ needs and by offering differentiated service that can help them and drive value and/or choice to the end customer. For example, this quarter, in Belgium, Brussels Airlines announced that they will migrate their co-brand card and loyalty program to Mastercard.
在美国，我们扩大了与支付平台处理商 Astra Inc.的合作伙伴关系，以加速 Mastercard Move 用于推卡支付的采用。在拉丁美洲，我们宣布与 Paysend、Leap Financial 和 Felix Pago 建立合作伙伴关系，以抓住美国和拉丁美洲跨境通道的重大机遇。我们增长算法的另一个重要元素是获得更多的卡市场份额。即使在当今竞争激烈的市场中，我们通过了解客户需求并提供差异化服务来实现这一目标，这可以帮助他们并为最终客户带来价值和/或选择。例如，本季度，比利时的布鲁塞尔航空公司宣布他们将把其联名卡和忠诚度计划迁移到万事达卡。
We extended our agreement with the second largest bank in Europe, BNP Paribas Group. The extension includes additional services such as launch pads to co-create new digital experiences through our dedicated innovation hub. We’re building on our partnership with one of the largest commercial banks in Qatar; Doha Bank. In addition to renewing debit and prepaid, they will migrate the majority of their credit program to Mastercard. They were also the first bank in Qatar to launch our cross-border payment services. We’re teaming up with Alibaba.com to enable their first co-branded U.S. small business credit card. And we signed an exclusive partnership with Mobitel’s mobile wallet: e-Mola, in Mozambique. To me, all these reinforce Mastercard is a valued partner to our customers.
我们与欧洲第二大银行法国巴黎银行集团延长了协议。此次延长包括额外服务，例如通过我们专门的创新中心共同创造新的数字体验的平台。我们正在与卡塔尔最大的商业银行之一多哈银行建立合作关系。除了续签借记卡和预付卡，他们还将把大部分信用卡项目迁移到万事达卡。他们也是卡塔尔首家推出我们跨境支付服务的银行。我们正在与阿里巴巴合作，推出他们首张联合品牌的美国小企业信用卡。我们还与莫桑比克的 Mobitel 移动钱包 e-Mola 签署了独家合作伙伴关系。对我来说，所有这些都强化了万事达卡作为我们客户的宝贵合作伙伴的地位。
Last quarter, I highlighted the progress we’re making against the significant opportunity in Africa. Today, let’s focus on Latin America, a diverse region that embraces new technologies and represents a large untapped opportunity to convert cash and check to electronic forms of payment. External sources estimate that more than 60% of purchase transactions in Latin America are still paid in cash and check.
上个季度，我强调了我们在非洲重大机遇方面取得的进展。今天，让我们关注拉丁美洲，这个多元化的地区拥抱新技术，并代表着一个将现金和支票转换为电子支付形式的巨大未开发机会。外部来源估计，拉丁美洲超过 60%的购买交易仍然以现金和支票支付。
We have been striving strong growth in the region with third quarter year-to-day GDV up 19% year-over-year on a local currency basis. And we are working locally to win share. We’re growing with two of the largest banks in Guatemala. Banco G&T Continental will migrate the majority of their debit portfolio to Mastercard. And Banco Industrial will drive new MasterCard credit and debit issuance, and use us as the network provider for their neobank.
我们一直在努力实现该地区的强劲增长，第三季度年初至今的 GDV 按当地货币计算同比增长 19%。我们正在当地努力赢得市场份额。我们正在与危地马拉的两家最大银行合作。G&T 大陆银行将把其大部分借记卡组合迁移到万事达卡。工业银行将推动新的万事达卡信用卡和借记卡的发行，并将我们用作其新银行的网络提供商。
In El Salvador, Banco Agricola has agreed to migrate their debit portfolio to Mastercard and drive new credit issuance. The leading credit issuer in Uruguay, OSEA, has renewed our agreement and will convert a private label portfolio to Mastercard. We also have excellent merchant partnerships in Latin America. In Chile, we’re securing our position as the market leader with retail issuing partners. We extended our card issuing partnership with the second largest merchant in Chile, Cencosud. We renewed our exclusive card issuing partnership with Banco Ripley, the financial institution of Ripley Corp, one of the largest retail conglomerates in Chile and Peru. This snapshot of Latin America shows more examples of how we continue to win and retain customer agreements around the globe.
在萨尔瓦多，Banco Agricola 已同意将其借记卡组合迁移至万事达卡，并推动新的信用发行。乌拉圭的领先信用发行商 OSEA 已续签我们的协议，并将一个私人标签组合转换为万事达卡。我们在拉丁美洲也有出色的商户合作伙伴关系。在智利，我们通过零售发行合作伙伴巩固了我们作为市场领导者的地位。我们扩大了与智利第二大商户 Cencosud 的卡发行合作关系。我们续签了与 Ripley Corp 的金融机构 Banco Ripley 的独家卡发行合作关系，Ripley Corp 是智利和秘鲁最大的零售集团之一。这个拉丁美洲的快照展示了我们如何在全球范围内继续赢得和保留客户协议的更多例子。
Now, turning to value-add services and solutions. Our strong growth here is supported by strong differentiated products, transaction flows, and customer demands. And we aren’t stopping here. We are investing in new products to further expand our addressable market and address the needs of our customers. Let’s start with cybersecurity. We play a critical role advancing trust in securing a global digital ecosystem before, during, and after a transaction.
现在，转向增值服务和解决方案。我们在这一领域的强劲增长得益于差异化的产品、交易流和客户需求的支持。而且我们不会止步于此。我们正在投资新产品，以进一步扩大我们的可服务市场并满足客户的需求。让我们从网络安全开始。我们在交易前、交易中和交易后，在全球数字生态系统的安全信任方面发挥着关键作用。
Our agreement to acquire Recorded Future is expected to add threat intelligence capabilities to our leading identity solutions, real-time fraud scoring, and cybersecurity services. The company provides real-time visibility into potential threats through differentiated AI-powered solutions. This enables customers to act on and mitigate risks before they occur. We can enhance these solutions with the addition of Mastercard Insights product. This planned addition is expected to make our cybersecurity value proposition stronger, open up cross-sell opportunities with new customers, and add to our addressable market. Another trend is the growth of the subscription economy. Subscriptions are everywhere; delivery, entertainment, shopping, software, healthcare, and much more.
我们收购 Recorded Future 的协议预计将为我们领先的身份解决方案、实时欺诈评分和网络安全服务增加威胁情报能力。该公司通过差异化的 AI 驱动解决方案提供对潜在威胁的实时可见性。这使客户能够在风险发生之前采取行动并减轻风险。我们可以通过增加万事达卡洞察产品来增强这些解决方案。计划中的这一增加预计将使我们的网络安全价值主张更强大，打开与新客户的交叉销售机会，并增加我们的可服务市场。另一个趋势是订阅经济的增长。订阅无处不在；配送、娱乐、购物、软件、医疗保健等等。
They play a big role in people’s lives and are supported by and help grow digital payments. With that, comes an increasing demand for more transparency and control from consumers as well as regulators. That’s why we have agreed to acquire Minna Technologies. Their payment scheme agnostic services go beyond insights. It enables consumers, like those today with Capital One, to easily modify, extend, or cancel subscriptions directly within their banking applications and websites. And merchants benefit from the ability to re-engage their customers. The technology will also add to our broader set of tools like consumer clarity to enhance the overall value we deliver, including helping merchants build long-term deeper relationships with consumers through loyalty, rewards, and personalized offers. At the end of the day, it’s about creating a win-win approach for all involved; merchants, banks, and consumers. The expectation from consumers for personalized experiences also continues to grow.
它们在人们的生活中扮演着重要角色，并支持和推动了数字支付的增长。随之而来的是消费者和监管机构对更多透明度和控制的需求。这也是我们同意收购Minna Technologies的原因。他们的支付方案无关服务不仅提供洞察，还使消费者（比如Capital One的客户）能够在银行应用程序和网站中直接轻松地修改、延长或取消订阅。商家也能从重新与客户互动的能力中受益。该技术还将扩展我们的工具组合，例如“消费者透明度”（Consumer Clarity），以提升我们整体的价值，包括通过忠诚度、奖励和个性化优惠帮助商家与消费者建立长期而深厚的关系。归根结底，这是为所有参与方（商家、银行和消费者）创造双赢的方式。消费者对个性化体验的期望也在持续增长。
To meet this demand, we acquired best-in-class personalization assets in 2022 by Dynamic Yield. Since then, we have enriched the consumer-consented personalization experience with insights from our data analytics. That’s why we’ve had a lot of success scaling with around 500 retail and commerce partners, including luxury hospitality conglomerate in the Middle East, Kerzner. And now, we have introduced a new solution for issuing banks called Personalization Breeze. It combines our market-leading personalization offering with our propensity modeling to send individualized messages to cardholders. This is a fantastic example of the value we can deliver when we combine the proposition of our acquisitions, data, and other service offerings. Now, one of those offerings is open banking. It’s no surprise. People want greater choice, control, and access to financial services. And banks want faster and more efficient processes. Our open banking technology can deliver all that.
为满足这一需求，我们在2022年通过收购Dynamic Yield获得了顶级的个性化资产。自那以来，我们利用数据分析的洞察丰富了消费者同意的个性化体验。因此，我们成功扩展了与约500家零售和商业伙伴的合作关系，包括中东的豪华酒店集团Kerzner。现在，我们为发卡银行推出了一个名为“Personalization Breeze”的新解决方案，将我们领先的个性化服务与倾向模型结合，为持卡人发送个性化信息。这是一个极好的例子，展示了当我们将收购、数据和其他服务产品相结合时所能带来的价值。其中一个服务就是开放银行业务，这并不令人意外。人们希望有更多的选择、控制和获得金融服务的机会，银行则希望流程更快、更高效。我们的开放银行技术能够实现所有这些。
We recently announced enhancements to our open banking lending program. Through our partnership with Argyle, lenders can now verify income and employment through consumer-permission payroll data. Fannie Mae and Freddie Mac have authorized this as a data source. And we work with them to provide asset verification, rent history, and cash flow assessment data during the mortgage underwriting process. This means a streamlined and informed lending process, especially for those with low, thin, or no credit files. We continue to add to, enhance our value-added services and solutions. We provide differentiated value at scale across a diverse set of payment-adjacent areas; cybersecurity, fraud, marketing, personalization, and insights to name a few.
我们最近宣布了对我们的开放银行贷款计划的增强。通过与 Argyle 的合作，贷款机构现在可以通过消费者许可的工资单数据验证收入和就业情况。房利美和房地美已授权将其作为数据来源。我们与他们合作，在抵押贷款承销过程中提供资产验证、租金历史和现金流评估数据。这意味着一个简化且信息丰富的贷款流程，特别是对于那些信用记录低、薄或没有信用记录的人。我们继续增加和增强我们的增值服务和解决方案。我们在一系列多样化的支付相关领域提供差异化的规模价值；例如网络安全、欺诈、营销、个性化和洞察。
All with large addressable markets where we have the right to play, win, and scale, and all that while driving the positive flywheel effect where payments and services reinforce each other. Today’s call is a look at the past quarter. We have accomplished how we continue to set ourselves up for the future. We deliver it again across all facets of the business. And there’s so much opportunity ahead. We look forward to diving into this and more at our investment community meeting on November 13.
所有这些都拥有巨大的可开发市场，我们有权参与、获胜和扩展，同时推动支付和服务相互强化的正向飞轮效应。今天的电话会议是对过去一个季度的回顾。我们已经实现了如何继续为未来做好准备。我们在业务的各个方面再次取得了成果。未来还有很多机会。我们期待在 11 月 13 日的投资者会议上深入探讨这些内容及更多信息。
Now, Sachin, over to you.
现在，萨钦，交给你了。
Sachin Mehra 萨钦·梅赫拉
Thanks, Michael. Turning to page three, which shows our financial performance for the third quarter on a currency-neutral basis, excluding where applicable special items and the impact of gains and losses on our equity investments. Net revenue was up 14%, reflecting continued growth in our payment network and our value-added services and solutions.
谢谢，Michael。请看第三页，该页展示了我们在不考虑货币影响的情况下，第三季度的财务表现，排除适用的特殊项目以及股权投资的损益影响。净收入增长了 14%，反映了我们支付网络和增值服务及解决方案的持续增长。
Operating expenses increased 12%. And operating income was up 15%. Net income and EPS increased 13% and 16% respectively, primarily reflecting the strong operating income growth in the third quarter. EPS was $3.89, which includes an $0.08 contribution from share repurchases. During the quarter, we repurchased $2.9 billion worth of stock and an additional $983 million through October 28th, 2024.
运营费用增加了 12%。运营收入增长了 15%。净收入和每股收益分别增长了 13%和 16%，主要反映了第三季度强劲的运营收入增长。每股收益为 3.89 美元，其中包括股票回购贡献的 0.08 美元。在本季度，我们回购了价值 29 亿美元的股票，并在 2024 年 10 月 28 日之前额外回购了 9.83 亿美元。
Let’s turn to page four, where I’ll speak to the growth rates of some of our key drivers for the third quarter on a local currency basis. Worldwide gross dollar volume or GDV increased by 10% year-over-year. In the U.S., GDV increased by 7% with credit growth of 6% and debit growth of 8%. Credit and debit growth was aided by the conversions of the previously announced Wells Fargo commercial credit and citizens’ debit migrations respectively.
让我们翻到第四页，我将在那里讨论我们一些关键驱动因素在第三季度以本地货币计算的增长率。全球总美元交易量（GDV）同比增长了 10%。在美国，GDV 增长了 7%，其中信用卡增长了 6%，借记卡增长了 8%。信用卡和借记卡的增长得益于之前宣布的富国银行商业信用卡和公民借记卡迁移的转换。
Outside of the U.S., volume increased 12% with credit growth of 10% and debit growth of 14%. Overall, cross-border volume increased 17% globally for the quarter, reflecting continued strong growth in both travel and non-travel-related cross-border spending. Turning to page five, switch transactions grew 11% year-over-year in Q3. Both card present and card not present growth rates remain strong. Card present growth was aided in part by an increase in contactless penetration, as contactless now represents approximately 70% of all in-person switched purchase transactions. In addition, card growth was 6%. Globally, there are 3.4 billion Mastercard and Maestro-branded cards issued.
在美国以外，交易量增长了 12%，其中信用卡增长 10%，借记卡增长 14%。总体而言，本季度全球跨境交易量增长了 17%，反映出旅行和非旅行相关的跨境支出持续强劲增长。转到第五页，第三季度切换交易同比增长 11%。刷卡和非刷卡的增长率都保持强劲。刷卡增长部分得益于非接触式支付渗透率的提高，目前非接触式支付约占所有面对面切换购买交易的 70%。此外，卡片增长为 6%。全球范围内，已发行的万事达卡和 Maestro 品牌卡片数量为 34 亿张。
Turning to slide six for a look into our net revenue growth rates for the third quarter discussed on a currency-neutral basis. Payment network net revenue increased 11% primarily driven by domestic and cross-border transaction and volume growth. It also includes growth in rebates and incentives. Value-added services and solutions net revenue increased 19% primarily driven by growth in our underlying drivers, strong demand for our consulting and marketing services, the scaling of our fraud and security, and our identity and authentication solutions, and pricing.
转到第六页，查看我们第三季度的净收入增长率，以货币中性为基础进行讨论。支付网络净收入增长了 11%，主要由国内和跨境交易及交易量增长推动。这也包括回扣和激励的增长。增值服务和解决方案的净收入增长了 19%，主要由我们基础驱动因素的增长、对我们咨询和营销服务的强劲需求、我们欺诈和安全以及身份和认证解决方案的扩展和定价推动。
Now, let’s turn to page seven to discuss key metrics related to the payment network. Again, all growth rates are described on a currency-neutral basis unless otherwise noted. Looking quickly at each key metric, domestic assessments were up 10%, while worldwide GDV also grew 10%. Cross-border assessments increased 22%, while cross-border volumes increased 17%. The five-ppt difference is primarily driven by pricing in international markets and mix. Transaction processing assessments were up 14%, while switched transactions grew 11%. The three-ppt difference is primarily due to mix and pricing. Other network assessments were $227 million this quarter. As a reminder, these assessments primarily relate to licensing, implementation, and other franchisees, and may fluctuate from period to period.
现在，让我们翻到第七页，讨论与支付网络相关的关键指标。除非另有说明，所有增长率均为中性汇率基础上的数据。快速浏览每个关键指标，国内评估增长了10%，而全球总交易量（GDV）也增长了10%。跨境评估增加了22%，而跨境交易量增长了17%。五个百分点的差异主要受国际市场的定价和组合影响。交易处理评估增长了14%，而切换交易量增长了11%。三个百分点的差异主要归因于组合和定价。本季度的其他网络评估收入为2.27亿美元。提醒一下，这些评估收入主要与许可、实施和其他特许经营商有关，可能会因季度而波动。
Moving on to page eight, you can see that on a non-GAAP currency-neutral basis excluding special items, total adjusted operating expenses increased 12%. The growth in operating expenses was primarily due to increased spending to support the continued execution of our strategic initiatives, including planned increased spending in advertising and marketing, as well an increase in indirect access, as discussed on our Q4 2023 earnings call.
接着看第八页，你可以看到，在非 GAAP 货币中性基础上，排除特殊项目，总调整后运营费用增加了 12%。运营费用的增长主要是由于支持我们战略计划的持续执行而增加的支出，包括计划中的广告和营销支出增加，以及间接访问的增加，正如我们在 2023 年第四季度收益电话会议上所讨论的那样。
Turning to page nine, let me comment on the operating metric trends. Our Switch metrics in Q3 and through the first four weeks of October remained generally stable sequentially, both in the U.S. and across the globe as spending remained healthy. Of note, in the U.S., a portion of the uptick in switched volumes in the first four weeks of October was related to certain events, including the mix of high-volume calendar days and the tightening of social security payments this year as compared to last year.
翻到第九页，让我评论一下运营指标趋势。我们的第三季度和十月份前四周的交换指标在美国和全球范围内总体保持稳定，因为支出保持健康。值得注意的是，在美国，十月份前四周交换量的上升部分与某些事件有关，包括高交易量日历日的组合以及今年与去年相比社会保障支付的收紧。
Turning now to page 10, I wanted to share our thoughts for the remainder of the year. As Michael said, consumer spending remained healthy, and we delivered across all aspects of our business in Q3. We remain well-positioned for the opportunities ahead, driven by our diversified business model, the significant opportunity for further secular shift to digital forms of payment in both consumer and commercial, and strong demand for our value-added services and solutions. While we continue to monitor the economic headwinds and tailwinds, we remain focused on executing on our strategy. Overall, we remain positive about the growth outlook.
现在翻到第10页，我想分享我们对今年剩余时间的看法。正如Michael所说，消费者支出保持健康，第三季度我们在业务的各个方面均取得了成果。我们在即将到来的机遇面前处于良好位置，这得益于我们多元化的业务模式，消费和商业领域进一步向数字支付转型的巨大机会，以及对我们增值服务和解决方案的强劲需求。虽然我们持续关注经济中的不利和有利因素，但我们仍专注于执行我们的战略。总体而言，我们对增长前景保持乐观。
Now, turning to Q4 2024, year-over-year net revenue growth is expected to be at the low-teens range on a currency-neutral basis excluding acquisitions. Acquisitions are forecasted to have a minimal impact on this growth rate, while we expect a zero to one PPT headwind from foreign exchange for the quarter. From an operating expense standpoint, we expect Q4 operating expense growth to be the high end of a low double-digit range versus a year ago, again on a currency-neutral basis excluding acquisitions and special items. Of note, this reflects higher spending in advertising and marketing in Q4, as compared to Q3, primarily driven by the cadence of spend related to our sponsorship activities.
现在，展望 2024 年第四季度，按不变汇率计算，剔除收购因素，预计净收入同比增长将在低十位数范围内。预计收购对这一增长率的影响微乎其微，而我们预计本季度外汇将带来零到一个百分点的逆风。从运营费用的角度来看，我们预计第四季度的运营费用增长将在低双位数范围的高端，仍然是按不变汇率计算，剔除收购和特殊项目。值得注意的是，这反映了第四季度在广告和营销方面的支出增加，与第三季度相比，主要是由于与我们赞助活动相关的支出节奏所推动。
Acquisitions and FX are forecasted to have a minimal impact to this OpEx growth for the quarter. Other items to keep in mind, on other income and expenses, in Q4, we expect an expense of approximately $85 million. This assumes the prevailing interest rates and debt levels continue, and excludes gains and losses on our equity investments which are excluded from our non-GAAP metrics. Finally, we expect a non-GAAP tax rate of approximately 17% for Q4 based on the current geographic mix of our business.
预计收购和外汇对本季度的运营支出增长影响最小。需要注意的其他事项，在第四季度的其他收入和支出方面，我们预计支出约为 8500 万美元。这假设现行的利率和债务水平持续，并排除我们的股权投资的损益，这些损益不包括在我们的非 GAAP 指标中。最后，基于我们业务的当前地理分布，我们预计第四季度的非 GAAP 税率约为 17%。
A further comment on tax, there’s now more clarity on the potential impact of the Pillar Two global minimum tax rules as more countries continue to enact these rules. As disclosed in our 10-K, we have an incentive grant in Singapore. Starting in 2025, we expect the new Pillar Two global minimum tax rules will offset the benefit of this incentive brand. For reference, Q3 year-to-date 2024, this benefit had the impact of reducing our tax rate by approximately 4%. On a personal note, I’d like to thank all of you for the well-wishes I’ve received over the last several weeks. I feel good and happy to be here speaking with you today.
关于税收的进一步评论，随着更多国家继续实施这些规则，现在对第二支柱全球最低税规则的潜在影响有了更清晰的认识。正如我们在 10-K 中披露的那样，我们在新加坡有一个激励计划。从 2025 年开始，我们预计新的第二支柱全球最低税规则将抵消这一激励计划的好处。作为参考，截至 2024 年第三季度，这一好处使我们的税率降低了大约 4%。个人而言，我想感谢大家在过去几周中给予我的祝福。我感觉很好，很高兴今天能在这里与大家交流。
And with that, I’ll turn the call back over to Devin.
就这样，我把电话交还给德文。
Devin Corr 德文·科尔
Thank you, Sachin. Brianna, you may open the call up for questions now.
谢谢，Sachin。Brianna，你现在可以开始接听问题了。
Question-and-Answer Session
问答环节
Operator 操作员
Thank you. [Operator Instructions] Your first question comes from the line of Sanjay Sakhrani with KBW. Your line is open.
谢谢。[操作员说明] 您的第一个问题来自 KBW 的 Sanjay Sakhrani。您的线路已打开。
Sanjay Sakhrani 桑杰·萨克拉尼
Thank you. Good morning, and I’m glad you’re doing well, Sachin. Just a quick question on the U.S. volume uptick, I know you mentioned some of it was related to some of those items that you mentioned. But is the rest of it just consumer picking up steam a little bit, and I’m just curious how, through your data, you’ve seen the consumer behave in a lower-rate environment, that’s rated so lower do consumers spend more?
谢谢。早上好，Sachin，我很高兴你一切顺利。关于美国销量增长，我有一个简单的问题，我知道你提到其中一些与那些你提到的项目有关。但其余的是否只是消费者需求略有增加，我很好奇通过你的数据，你看到消费者在低利率环境下的行为，利率如此之低，消费者是否会花费更多？
Sachin Mehra 萨钦·梅赫拉
Hey, Sanjay, thanks for the question. Hopefully, can you hear me? Look, I mean the consumer continues to be healthy. We continue to see positive trends from a consumer health standpoint. They’re spending in a very healthy manner. So, that’s the underlying basis for what you’re seeing for our Q3 metrics, as well as what you’re seeing in the first four weeks of October. I will caution and say these are first four weeks of October, so they don’t make the quarter. But that being said, there’s no doubt in my mind that the consumer continues to show strength. But beyond that, like I mentioned, in the first four weeks, we cannot ignore the fact that there were certain one-time items such as the calendarization impact, which I mentioned, and the timing of social security payments which kind of caused that little bump that you see in U.S. metrics take place.
嘿，Sanjay，谢谢你的提问。希望你能听到我说话。看，我的意思是消费者依然健康。从消费者健康的角度来看，我们继续看到积极的趋势。他们的消费方式非常健康。所以，这就是你在我们第三季度指标中看到的基础，以及你在十月前四周看到的情况。我会提醒一下，这只是十月的前四周，所以它们并不代表整个季度。但话虽如此，我毫不怀疑消费者继续表现出强劲的势头。但除此之外，正如我提到的，在前四周，我们不能忽视某些一次性因素的影响，比如我提到的日历化影响，以及社保支付时间的影响，这些因素导致了你在美国指标中看到的小幅增长。
But net-net, here’s the story, that the reality is, overall, with employment continuing to remain strong with interest rates starting to come down -- well, actually, technically, that there were reductions in the Fed-driven interest rates, but we’ve seen that the yield curve has actually gone right back up. But the reality is there continues to be confidence from a consumer standpoint. We’ve seen that come through, and it certainly came through in their spending patterns as well.
但总的来说，事实是，整体上，随着就业持续强劲，利率开始下降——实际上，技术上来说，美联储主导的利率有所下降，但我们看到收益率曲线实际上又回升了。但事实是，从消费者的角度来看，信心依然存在。我们已经看到了这一点，这也确实反映在他们的消费模式中。
Operator 操作员
Our next question comes from the line of Tien-tsin Huang with J.P. Morgan. Your line is open.
我们的下一个问题来自摩根大通的黄天晋。您的线路已打开。
Tien-tsin Huang 天津黄
Hey, great, thanks. And Sachin, I knew you wouldn’t miss delivering these results. I wanted to ask, for Michael, I like your discussion of acceptance, and the trends and the growth, and the benefits there, can you give us -- [technical difficulty] or maybe for tokenization, and where we are with respect to penetration, growth, benefits to the ecosystem and, of course, benefits to Mastercard’s P&L?
嘿，太好了，谢谢。Sachin，我知道你不会错过交付这些结果。我想问一下 Michael，我喜欢你对接受度、趋势和增长以及那里的好处的讨论，你能给我们——[技术问题]或者关于代币化，以及我们在渗透、增长、对生态系统的好处以及当然对万事达卡损益表的好处方面的情况吗？
Sachin Mehra 萨钦·梅赫拉
Right. So, tokenization cutting-edge technology, as I call it, we’ve been investing it for years. We’re in the billions of tractions now. The benefit of tokenization is pretty clear. It helps on the security side. The tokenized transaction has -- always a more secure transaction as the data will be only available for one-time use. That drives adoption across the ecosystem on the basis of higher securities. This has been rapidly around the world. We are in a whole range of markets around the world today. And it doesn’t end at security, there’s benefit that is coming to merchants from tokenization as there are higher conversion rates, and online commerce, for example. So, disability for us is -- cannot be underestimated. So, we’re going to continue to invest in it.
对。正如我所称的，代币化是尖端技术，我们多年来一直在投资。我们现在已经达到了数十亿的交易量。代币化的好处非常明显。它在安全方面有帮助。代币化交易总是更安全的交易，因为数据只能用于一次性使用。这推动了整个生态系统在更高安全性的基础上进行采用。这在全球范围内迅速发展。我们今天在全球的各种市场中都有参与。而且这不仅仅是安全问题，代币化还为商家带来了好处，例如更高的转化率和在线商务。因此，对我们来说，代币化的重要性不容低估。因此，我们将继续投资于此。
There is a set of base functionality around tokenization as security, as I explained. There will be other solutions that we can tag on to that, for example, toke lifecycle management, and so forth. Now, we have been investing for many years in this capability. And, of course, we see this as an opportunity for us to drive our revenue line, and charge for that, but it’s very clearly related to and direct upside that our customer see, is our merchant from higher conversion or lower fraud on the securities side.
正如我所解释的，围绕代币化作为安全性有一套基本功能。我们可以在此基础上添加其他解决方案，例如，代币生命周期管理等。现在，我们已经在这一能力上投资了多年。当然，我们将此视为推动收入增长的机会，并为此收费，但这显然与我们的客户看到的直接收益相关，即我们的商家在证券方面实现更高的转化率或更低的欺诈率。
这是大型科技公司更擅长的领域。
Operator 操作员
Our next question comes from the line of Harshita Rawat with Bernstein. Your line is open.
我们的下一个问题来自 Bernstein 的 Harshita Rawat。您的线路已打开。
Harshita Rawat 哈希塔·拉瓦特
Hi, good morning, and thanks for taking my question. Sachin, and I hope you’re feeling better. Michael, I wanted to ask about Mastercard value-added services, specifically in cybersecurity. You made a number of investments here, including the recent recorded future deals. If I look at your large disclosure from three years ago, cyber and intelligence with $3.7 billion in revenues for you already back then, can you talk about how it's being sold to clients? Is it an attached on a transaction or increasingly kind of like a new adjacency for Mastercard where you're studying synergy from the data on the platform and selling beyond just Mastercard transactions? Thank you.
您好，早上好，感谢回答我的问题。Sachin，希望您感觉好些了。Michael，我想问一下关于万事达的增值服务，特别是在网络安全方面。你们在这方面进行了许多投资，包括最近与Recorded Future的合作交易。如果回顾三年前的财务披露，网络和智能服务当时已经为你们带来了37亿美元的收入。请问这些服务是如何销售给客户的？它是作为交易的附加项，还是越来越像万事达的新业务领域，您通过平台上的数据来探索协同效应，并超越了仅万事达交易的范畴进行销售？谢谢。
Michael Miebach 迈克尔·米巴赫
Right. So, when I look at our value-added service portfolios, our security solutions is a very significant share of that. Why is that? Because the world is digitizing more, there's an increasing need to secure those transactions. That's a tremendous underlying secular trend for us to be involved with. It's a huge addressable market. So, we build out a set of transaction related solutions over the years before the transaction, after the transaction. One of the more recent ones that we talked about that we invested heavily in using our Brighterion acquisition from back in 2017 to use our AI capabilities is decision intelligence. We've now boosted the product with Gen AI and the outcome that we see is tremendous. This is up to a 20% lift that we see.
对。所以，当我查看我们的增值服务组合时，我们的安全解决方案占据了非常重要的份额。为什么会这样？因为世界正在数字化，对保护这些交易的需求日益增加。这对我们来说是一个巨大的潜在长期趋势。这是一个巨大的可开发市场。因此，多年来我们构建了一套与交易相关的解决方案，包括交易前和交易后。我们最近讨论的一个投资重点是利用我们在 2017 年收购的 Brighterion，通过我们的 AI 能力进行决策智能。我们现在用生成式 AI 增强了该产品，我们看到的结果是巨大的。这使我们看到高达 20%的提升。
Now, these are solutions that our customers opt into because they like those solutions and they like the lift that they get out of that. As I was saying earlier in the prepared remarks is we're not stopping here. Clearly, cybersecurity risk doesn't stop at the transaction. It goes beyond the transaction. It goes into reacting to cybersecurity risk that you see in your business that goes beyond fraud, aware of those vulnerabilities. You recall our RiskRecon acquisition from a few years ago. Again, those are services that our customers buy from us because they feel they are under threat and they want to step up their defenses.
现在，这些是我们的客户选择的解决方案，因为他们喜欢这些解决方案，并且喜欢从中获得的提升。正如我在准备好的发言中早些时候所说的，我们不会止步于此。显然，网络安全风险并不止于交易。它超越了交易，涉及到应对您在业务中看到的超越欺诈的网络安全风险，意识到这些漏洞。您还记得我们几年前收购的 RiskRecon。再次强调，这些是我们的客户从我们这里购买的服务，因为他们感到受到威胁，并希望加强他们的防御。
Now, recorded future, this is a subscription-based service into threat intelligence, which is the next logical step to go even further and look even further ahead and see what threat is coming my way. So, we have a natural position in here. It starts with the transaction, but we're selling these services way beyond the transaction. We've been historically on the record to say about 50% of our services are somehow related to transactions, but the other 50% are not and we're building out that portfolio with recorded future being one example. We're very excited about that. Threat intelligence, if you look at the customer set of recorded future, it's very impressive and we're looking forward to bringing those into the fold as and when the approval process ends.
现在，Recorded Future 是一种基于订阅的威胁情报服务，这是更进一步、展望未来并查看有哪些威胁即将来临的下一个合乎逻辑的步骤。因此，我们在这里有一个自然的位置。它始于交易，但我们销售的这些服务远远超出了交易。我们曾经公开表示，大约 50%的服务与交易有某种关系，但另外 50%则没有，我们正在扩展这一组合，Recorded Future 就是一个例子。我们对此感到非常兴奋。威胁情报，如果你看看 Recorded Future 的客户群，非常令人印象深刻，我们期待在审批过程结束时将这些客户纳入其中。
Operator 操作员
Our next question comes from the line of Rayna Kumar with Oppenheimer. Your line is open.
我们的下一个问题来自 Oppenheimer 的 Rayna Kumar。您的线路已打开。
Rayna Kumar 雷娜·库马尔
Good morning. Thanks for taking my question. We saw some volume acceleration in Europe, which is your largest geography in the quarter. What are you seeing in terms of macro in the region as well as potential for further share gains? Thank you.
早上好。感谢您回答我的问题。我们看到欧洲的销量有所加速，欧洲是您本季度最大的市场。您如何看待该地区的宏观经济以及进一步市场份额增长的潜力？谢谢。
Sachin Mehra 萨钦·梅赫拉
Hey, Rayna. Thanks for your question. So, look, I mean, Europe is clearly a very important region. We continue to perform well in that region. What we're seeing from a macro standpoint, and you've probably seen this in the most recent economic data, is you're starting to see positive trends come through there with momentum in France and Spain, and even in Germany. The reality is, Europe has kind of been a little bit of a tale of two cities. You've had Northern Europe, and then you have Southern Europe. Southern Europe has been actually performing well for the longest time. And now you're starting to see some momentum come through in other parts of Europe as well. So, net-net, I would tell you, the consumer confidence continues to improve, unemployment remains low. And so, from a macro standpoint you're in a good place from a European standpoint.
嘿，雷娜。谢谢你的提问。看，欧洲显然是一个非常重要的地区。我们在那个地区继续表现良好。从宏观角度来看，你可能已经在最近的经济数据中看到了这一点，你开始看到积极的趋势在法国和西班牙，甚至在德国出现。实际上，欧洲有点像是两个城市的故事。你有北欧，然后你有南欧。南欧实际上一直表现良好。而现在你开始看到欧洲其他地区也出现了一些势头。所以，总的来说，我会告诉你，消费者信心继续改善，失业率保持低位。因此，从宏观角度来看，从欧洲的角度来看，你处于一个良好的位置。
As it relates to Mastercard's business in Europe, a couple of factors, there still remains a tremendous secular opportunity in Europe. We're tapping into that. We continue to actually be performing well on that basis, which is why you're seeing that come through in our drivers. And then, even beyond that, going back to the growth algorithm, which Michael was speaking about earlier, we continue to win share. I mean, the reality is what you're seeing come through in the nature of the drivers is the conversions of the UniCredit portfolio. You're seeing that come through in the nature of the Deutsche Bank portfolio. These are ones we've talked about in the past. You're just starting to see that come through in the metrics now.
关于万事达卡在欧洲的业务，有几个因素，欧洲仍然有巨大的长期机会。我们正在利用这一点。实际上，我们在这方面的表现一直很好，这就是为什么你会在我们的驱动因素中看到这一点。然后，甚至超越这一点，回到增长算法，正如迈克尔之前所说的，我们继续赢得市场份额。我的意思是，实际上你在驱动因素的性质中看到的是 UniCredit 组合的转换。你在德意志银行组合的性质中也看到了这一点。这些是我们过去谈到的。你现在刚刚开始在指标中看到这一点。
And also, we continue to be very focused on our efforts for migrating from Maestro to Debit Mastercard. And you're seeing all of that come through in the metrics. So, net-net, very important region; the economy seems to be holding up well, and in some cases showing renewed signs of improvement. And then, our business there, both from a secular and a market share standpoint that this should perform well. I noted such and that you said, even in Germany. I wouldn't miss my chance on that, Michael.
而且，我们继续非常专注于从 Maestro 迁移到借记卡万事达卡的工作。你可以在各项指标中看到这些努力的成果。因此，总的来说，这是一个非常重要的地区；经济似乎表现良好，在某些情况下显示出新的改善迹象。然后，我们在那里的业务，无论是从长期趋势还是市场份额的角度来看，都应该表现良好。我注意到你提到的，甚至在德国。我不会错过这个机会，迈克尔。
Operator 操作员
Our next question comes from the line of Bryan Keane with Deutsche Bank. Your line is open.
我们的下一个问题来自德意志银行的 Bryan Keane。您的线路已打开。
Bryan Keane 布莱恩·基恩
Hi, guys. Just wanted to ask about incentives, there's a little bit of a debate going on. Is incentives rising? Is there more renewals going on currently that are going to push incentives higher? Just like to get your thoughts around that. And glad you're feeling well, Sachin.
嗨，大家好。只是想问一下关于激励的问题，目前有一些争论。激励是否在上升？目前是否有更多的续约会推动激励更高？想听听你们对此的看法。很高兴你感觉不错，萨钦。
Sachin Mehra 萨钦·梅赫拉
Thank you. Look, I mean, the reality is, from a competitive environment standpoint, the market continues to be competitive. We continue to compete in this environment. Nothing, from our perspective, is vastly different from what was there already a year ago or two years ago. The reality is we'll continue to compete here.
谢谢。看，我的意思是，从竞争环境的角度来看，市场仍然具有竞争性。我们继续在这种环境中竞争。从我们的角度来看，与一年前或两年前相比，没有什么太大的不同。现实是我们将继续在这里竞争。
From an incentive standpoint, you're very well aware that in order to actually win volume, you're going to have to incentivize customers, which is what we do. And then, when you win the volume, you have the ability to generate revenues from the volume in question, optimize those portfolios, grow them at a faster pace, and then deliver services, which helps us increase our net value yield. Really, the playbook is very much the same, and from a competitive environment standpoint, not much is changing on that front.
从激励的角度来看，你非常清楚，为了真正赢得销量，你必须激励客户，这正是我们所做的。然后，当你赢得销量时，你有能力从相关销量中产生收入，优化这些投资组合，以更快的速度增长，然后提供服务，这有助于我们提高净价值收益。实际上，策略基本相同，从竞争环境的角度来看，这方面没有太大变化。
Michael Miebach 迈克尔·米巴赫
And you see us winning. If you look at some of the movements here in the United States recently on the debit side, there is, on the basis of our differentiated propositions, we keep winning, so that resonates. We keep investing in that, as I just spoke about, but it's also pretty clear in that competitive environment where we hope to have the better solution for our customers in the end consumer. There is not every deal is for us and we don't want to win every deal. There is competitive movement in different parts of the world and we are very thoughtful about that. There is financial discipline. In the end, what we keep in mind is the net revenue yield.
你会看到我们在赢。如果你看看最近在美国的一些动向，在借记卡方面，基于我们差异化的提议，我们不断获胜，所以这引起了共鸣。正如我刚才所说，我们继续在这方面投资，但在竞争激烈的环境中，我们希望最终为客户提供更好的解决方案，这一点也很清楚。并不是每笔交易都适合我们，我们也不想赢得每笔交易。世界不同地区存在竞争动向，我们对此非常谨慎。我们有财务纪律。最终，我们牢记的是净收入收益。
Operator 操作员
Our next question comes from the line of Tim Chiodo. Your line is open.
我们的下一个问题来自 Tim Chiodo。您的线路已打开。
Tim Chiodo 蒂姆·基奥多
Great, thank you for taking the question. I want to dig in a little bit on Mastercard Move, so the combination of Mastercard Send and the Cross-Border Services. Two brief topics, one around mix. Across that entire capability, would you describe the cross-border mix as similar, higher, or lower than the rest of Mastercard's business? And then, in terms of the accounting for the revenues, I believe, and maybe you could correct me, that any of the domestic-related activity tends to be a little bit more card-based, so it's sitting within payment network. And some of the cross-border activity, some at least, is more account-to-account and would be within Dash net. Thanks.
非常感谢您的提问。我想深入了解一下Mastercard Move的情况，也就是Mastercard Send和跨境服务的组合。有两个简短的问题，首先是关于业务组合的。在整个能力范围内，您会如何描述跨境业务的比例？是类似于、比万事达业务的其他部分更高，还是更低？然后，关于收入的核算，我认为（如有不对，请纠正我）任何与国内相关的活动往往更多基于卡片，因此归入支付网络。而一些跨境活动，至少部分是账户到账户的交易，因此归入Dash Net。谢谢。
Sachin Mehra 萨钦·梅赫拉
All right. So, maybe I start on that. So, these are very different and complementary businesses. I think that's the first to think about. So, obviously we have a thriving cross-border driven part of our carded business and the P2M space. We make something very complex across border, pretty simple for consumers. That's a good starting point, but there's many other use cases that are not actually happening through PODS today and as part of our one-stop strategy for payments for years, we have been investing in going after those flows and having a differentiated proposition there.
好的。那么，也许我可以先开始。这些是非常不同且互补的业务。我认为这是首先要考虑的事情。显然，我们有一个蓬勃发展的跨境驱动的卡业务和 P2M 领域。我们使跨境的复杂问题对消费者来说变得相对简单。这是一个很好的起点，但还有许多其他用例实际上并没有通过 PODS 发生，作为我们多年来一站式支付策略的一部分，我们一直在投资于这些流动，并在此提供差异化的方案。
So, Mastercard Move, which has domestic and cross-border type of payments, currently what we see here is this is a pretty differentiated reach that we have across 95% of the world's bank population, 180 countries, 150 currencies, that's a very different proposition. There are kind of use cases that you think about, think insurance distribution, gig workers that work remotely and develop an application for another company somewhere else around the world. So, it's a pain point for many companies how to do this effectively and at attractive price and our growth rates tell us that we're having a right proposition out there. In the third quarter, we're seeing over 40% of transaction growth in this business. So, differentiated solution and I come back to the announcement with Citi here. So, Citi is a strong player in cross-border and here this is one plus one is three as we have more endpoints and starting points for a transaction that we can bring into this partnership.
Mastercard Move涵盖了国内和跨境类型的支付，目前我们在这方面有非常差异化的覆盖，接触到全球95%的银行系统，覆盖180个国家，150种货币，这是一种完全不同的价值主张。有一些应用场景，例如保险分销、远程工作的零工人员为全球各地的公司开发应用程序。对于许多公司来说，如何高效且有吸引力地解决这些问题是一个痛点，而我们的增长率表明，我们的产品提供了正确的解决方案。第三季度，我们在这个业务中的交易量增长超过40%。这是一个差异化的解决方案，回到我们与花旗的合作声明。花旗在跨境业务中是一个强大的参与者，这里可以说是一加一大于三的合作，因为我们在这个伙伴关系中可以带入更多的交易起点和终点。
Michael Miebach 迈克尔·米巴赫
And then, on your question around the accounting, you have it right, I mean, the stuff which is on card rails, for example, domestic send, related revenues, send and payment network, and then the cross-border volumes, which flow on non-card rails are sitting in our value-added services and solutions.
至于您关于会计处理的问题，您理解得正确。比如，通过卡网络进行的业务（例如国内汇款）的相关收入归入汇款和支付网络，而跨境交易量如果不通过卡网络处理，则归入我们的增值服务和解决方案中。
Operator 操作员
Our next question comes from the line of Darrin Peller with Wolfe Research. Your line is open.
我们下一个问题来自 Wolfe Research 的 Darrin Peller。您的线路已打开。
Darrin Peller 达林·佩勒
Hey, guys. Thanks. Sachin, first of all, I just want to reiterate, it's great to hear you on the call again. Guys, I just want to start off first. I mean, the yield and the spread and what we're seeing in growth of transaction revenues and cross-border, continuing to outperform the KPIs, I think it just shows the value add you're bringing to your customers. Can you just touch on the expansion of that and what kind of opportunities you're seeing taken on by the customers to allow you to have those better yields relative to the volumetrics, so just basically incremental VAS or services or even pricing.
大家好，谢谢。Sachin，首先，很高兴再次听到您的声音。各位，我想先谈谈收益率和利差，以及我们在交易收入和跨境业务增长方面的表现持续优于关键绩效指标（KPI），我认为这确实表明了您为客户带来的增值服务。能否谈谈这一扩展，以及您看到客户利用哪些机会让您获得相对交易量更高的收益率，是否是因为增量的增值服务（VAS）或其他服务，甚至是定价？
美国企业作为整体的竞争力在提升，不是个案，很多企业都能够单纯的提升价格。
And then, Sachin, just a quick follow-up on tax rate, I think you said four points, so just want to be clear, we should be expecting around 20% tax rate next year? Thanks.
然后，萨钦，关于税率的快速跟进，我想你说的是四个百分点，所以我想确认一下，我们明年应该预期大约 20%的税率吗？谢谢。
Sachin Mehra 萨钦·梅赫拉
Yes. So, sure, Darrin. Thanks for your question. So, let me take the tax rate question first, and I'll come back to your question around what you're seeing in terms of yield trends. So, on the tax rate look, now we see greater clarity as it relates to the implementation of this bill of two global minimum tax. And what we thought, and you've seen this in our 10K disclosures in the past that we've had this incentive agreement with Singapore.
是的。当然，达林。感谢你的提问。让我先回答关于税率的问题，然后再回到你关于收益趋势的问题。所以，关于税率，现在我们对这项全球最低税法案的实施有了更清晰的了解。正如我们所想的，你在我们过去的 10K 披露中看到过，我们与新加坡有这项激励协议。
The reality is now Singapore has actually enacted those rules. There's one final step which is left to be done in Singapore, but the reality is it's getting pretty close. So, what we wanted to do was help our investors understand the impact of Q3 year-to-date that we had experienced as a result of these incentive plans from Singapore on our tax rate. And that's that four percentage number which I kind of shared with you. I can't tell you exactly what our tax rate is going to look like on a going forward basis, but order of magnitude, right, the impact of not getting the incentive grant in Singapore this year would have had an impact about four points on our tax rate. So, I wanted to get that clarity out for the investor community on that.
现实情况是，新加坡现在已经颁布了这些规定。在新加坡还有最后一步需要完成，但现实是已经非常接近了。所以，我们想要做的是帮助我们的投资者了解截至第三季度，由于新加坡的这些激励计划对我们的税率产生的影响。这就是我和你分享的那个四个百分点的数字。我不能确切地告诉你我们未来的税率会是什么样子，但大致来说，如果今年没有获得新加坡的激励补助，我们的税率将受到大约四个百分点的影响。所以，我想让投资者群体对此有一个清晰的了解。
On the first part of your question, which is around yields, look, we're very pleased with the value we're delivering to our customers, whether it's in cross-border, whether it's in domestic, whether it's through the services we bring. And the reality is what you're seeing come through is, I think you were talking about the spread between the driver metric and the revenue metric here, look, there are a number of factors which go into this, right? So, for example, on the transaction processing side, you can see the impact of mix come through. And this is a mix from both a cross-border and domestic standpoint when you're comparing the driver trend with the revenue trend, but it's also geographical mix, depending on which geographies are going faster and which geographies are going slower. So, you've got to take those factors into consideration. We certainly do when we're running the business.
关于你问题的第一部分，也就是收益方面，看，我们对为客户提供的价值感到非常满意，无论是在跨境、国内，还是通过我们提供的服务。实际上，你所看到的是，我认为你在谈论这里的驱动指标和收入指标之间的差距，看，这里面有很多因素。例如，在交易处理方面，你可以看到组合的影响。这是从跨境和国内的角度来看，当你比较驱动趋势和收入趋势时，但这也是地理组合，取决于哪些地区增长更快，哪些地区增长较慢。所以，你必须考虑这些因素。我们在经营业务时肯定会这样做。
We look, like Michael said, we're not looking to win every portfolio. We want to win the right portfolios in the right regions with the fastest growth opportunity, which have the best yield. Because at the end of the day, what we're trying to optimize is driving that yield up. And that's what you're seeing come through in my comments around the mixed spread, which is there both on cross-border as well as in transaction processing. The other factor I'll point out is in the third quarter, you did get a little bit of a lift come through from FX volatility.
正如Michael所说，我们并不是要赢得每一个组合，而是要赢得那些在正确地区、具有最快增长机会和最佳收益的优质组合。因为最终我们要优化的是提高收益率。这正是我在评论中提到的关于组合利差的体现，不论是在跨境业务还是交易处理方面。另一个要指出的因素是，第三季度的外汇波动性也为我们带来了一些提升。
Now, that sits in our transaction processing assessments line item. That is very hard to predict. I will tell you right now, FX volatility is running at record low levels over the last few weeks. So, it's a little bit of what we can do to enable the yield, which is what we do by delivering good value, good products, good services, as well as winning the right portfolios. And then, there's a little bit of stuff which happens from a macro standpoint, such as FX yield, et cetera, et cetera, which kind of plays into that. So, hopefully, Darrin, that gives you a little bit of color as to how we're trying to optimize the mix between what we're seeing from a driver trend standpoint and what we're seeing from an overall assessment revenue standpoint.
现在，这属于我们的交易处理评估项目。这是非常难以预测的。我现在告诉你，过去几周外汇波动率处于历史低位。因此，我们可以做一些事情来提高收益，这就是我们通过提供良好的价值、良好的产品、良好的服务以及赢得合适的投资组合来实现的。然后，从宏观角度来看，还有一些事情会发生，比如外汇收益等等，这些都会影响到这一点。所以，希望这能让你对我们如何在驱动趋势和整体评估收入之间优化组合有一些了解。
Operator 操作员
Our next question comes from the line of James Faucette with Morgan Stanley. Your line is open.
我们的下一个问题来自摩根士丹利的詹姆斯·福塞特。您的线路已打开。
James Faucette 詹姆斯·福塞特
Great. Thank you very much. I wanted to dig in a little bit into B2B and commercial volumes. I think there's been good and steady progress there over the years, including this year. But at the same time, a lot of us are surprised that there hasn't been an acceleration. So, I'm just wondering kind of how you would assess that situation and what are the tools and capabilities of Mastercard? We should think about that Mastercard is bringing the market to help accelerate that market, or you think this is going to continue to be the cadence that we should expect, that it'll be steadily contributing to growth, but it just takes time? Thanks.
太好了。非常感谢。我想深入了解一下 B2B 和商业量。我认为这些年来，包括今年在内，这方面取得了良好而稳定的进展。但与此同时，我们很多人都对没有加速感到惊讶。所以，我只是想知道你会如何评估这种情况，以及万事达卡有哪些工具和能力？我们应该考虑万事达卡正在为市场带来什么，以帮助加速这一市场，或者你认为这将继续是我们应该预期的节奏，它将稳步促进增长，但这需要时间？谢谢。
Michael Miebach 迈克尔·米巴赫
Thank you. Great question. One of my favorite topics to talk about commercial, earlier, I spoke about the tremendous secular opportunity we see in consumer, and then build on that and said, what is an even bigger opportunity in commercial? So we like it for those reasons. As I commented on previous calls, there were various structural issues over the years why this hasn't really unlocked in emerging markets, there were issues that we're not familiar with the risk. There wasn't technology that was available in back offices of smaller companies and so on and so on. If you pass forward to today, we're seeing a situation where this the momentum feels solid. We're seeing 11% growth in commercial. And that's good. And that's above consumer. And that's we like that.
谢谢。很好的问题。我最喜欢的话题之一是谈论商业，之前我谈到了我们在消费领域看到的巨大长期机会，然后在此基础上说，商业领域的机会更大。所以我们喜欢它的这些原因。正如我在之前的电话会议中所评论的，多年来有各种结构性问题导致这一点在新兴市场没有真正解锁，存在我们不熟悉的风险问题。小型公司的后台没有可用的技术，等等。如果你快进到今天，我们看到的情况是这种势头感觉很稳固。我们看到商业领域有 11%的增长。这很好。这高于消费领域。这是我们喜欢的。
So, when I look ahead and say, what should we expect going forward? I'm not going to give you an outlook right now. Maybe you should dial into the Investor Day in a little while. But the point here is, we see our ability to put out solutions with different partners more globally into the back office systems of companies, our partnership with Oracle and SAP, for example, we see a whole new generation of treasurers that are digitally minded and businesses that are having an expectation that their digital lives in the office should be not worse than their digital lives and their personal lives. So, when we put out our mobile based T&E card proposition, then people are saying that it's cool. We like that. So, there is definitely changes happening. The most significant change that I see is really the interest of our issuing partners around the world to start to see this is a proposition to go into.
所以，当我展望未来并问，我们应该期待什么？我现在不会给你一个前景预测。也许你应该稍后拨入投资者日。但这里的重点是，我们看到自己有能力与不同的合作伙伴一起在全球范围内将解决方案引入公司的后台系统，例如我们与 Oracle 和 SAP 的合作，我们看到一代全新的财务主管，他们具有数字化思维，企业期望他们在办公室的数字生活不应比他们的个人数字生活差。所以，当我们推出基于移动的差旅和娱乐卡方案时，人们说这很酷。我们喜欢这样。所以，确实有变化正在发生。我看到的最显著的变化是我们全球发行合作伙伴的兴趣，他们开始认为这是一个可以进入的方案。
I can talk to my customer about the working capital effect of a virtual card as part of their payment. That's 30 days of working capital. That is a real winning argument that everybody can understand, including our issuers getting very excited about. So, we see this as a space that's going to continue and drive growth for us. And you saw our reorganization where we align behind commercial and new payment flows because we believe it's going to be a tremendous growth driver.
我可以与我的客户讨论虚拟卡作为其付款的一部分对营运资金的影响。这是 30 天的营运资金。这是一个每个人都能理解的真正有说服力的论点，包括我们的发行人对此感到非常兴奋。因此，我们认为这是一个将继续推动我们增长的领域。你也看到了我们的重组，我们在商业和新支付流动方面进行调整，因为我们相信这将是一个巨大的增长驱动力。
Sachin Mehra 萨钦·梅赫拉
Hey, I'll just quickly jump in and clarify when Michael talked about the 11% growth rate on commercial, he was talking about the currency neutral growth rate for the third quarter of this year. Just want to be sure that we have that.
嘿，我想快速插入并澄清一下，当迈克尔谈到商业增长率为 11%时，他指的是今年第三季度的货币中性增长率。只是想确保我们理解这一点。
Michael Miebach 迈克尔·米巴赫
Sachin, thank you for clarifying.
萨钦，谢谢你的澄清。
Operator 操作员
Our next question comes from the line of Craig Maurer with FT Partners. Your line is open.
我们的下一个问题来自 FT Partners 的 Craig Maurer。您的线路已打开。
Craig Maurer 克雷格·毛雷尔
Hi, thanks, and good to hear you, Sachin. I want -- there's a lot of discussion around VAS and it's difficult for us to really get under the covers on that too much, but wanted to ask you, Michael, if you could characterize perhaps where you think Mastercard is better than your closest competitors in VAS when you're presenting to an issuer or merchant and it allows you to win that business. Thanks.
嗨，谢谢，很高兴听到你的声音，Sachin。我想——关于 VAS 有很多讨论，我们很难深入了解太多，但想问问你，Michael，你能否描述一下，当你向发卡机构或商户展示时，你认为万事达卡在 VAS 方面比你最接近的竞争对手更好的地方，这使你能够赢得这笔业务。谢谢。
Michael Miebach 迈克尔·米巴赫
Right. So, value-added services and solutions, it's been a true differentiator for Mastercard for the last seven years at least. And we anchored around two fundamental points. I talked about one earlier, which is in a digitizing world, keeping that digital ecosystem in a company or in a consumer context or a bank context safe. So, our security solutions have been a differentiator and I think it's a truly differentiated proposition. The second big underlying trend here is with a highly and a rapidly digitizing world, more and more data becomes available and a lot of more businesses want to make sense of that data. So, this is another powerful trend. So, the second leg of this tool was we're building out a set of data insights solutions. So, that is the general proposition.
对。增值服务和解决方案，至少在过去七年里一直是万事达卡的真正差异化因素。我们围绕两个基本点进行了定位。我之前提到过一个，在数字化的世界中，保持公司、消费者或银行环境中的数字生态系统的安全。因此，我们的安全解决方案具有差异化，我认为这是一个真正独特的主张。这里的第二个大趋势是，在高度和快速数字化的世界中，越来越多的数据变得可用，越来越多的企业希望理解这些数据。因此，这是另一个强大的趋势。因此，这个工具的第二个支柱是我们正在构建一套数据洞察解决方案。这就是总体主张。
Now, if you look under the hood of that, to your point there isn't much of a hood under look under the hood that you have. Well, I think we actually did share quite a bit of that over the years. So, on the security side, it's before the transaction, during the transaction, after the transaction, that's our digital identity solutions before. Those are per click solutions where we provide data to give an identity score to somebody that wants to find out, is this the real customer?
现在，如果你仔细查看一下，正如你所说的，实际上并没有太多东西可以查看。好吧，我认为我们这些年来确实分享了很多。在安全方面，这是在交易之前、交易期间和交易之后，这是我们在交易之前的数字身份解决方案。这些是每次点击的解决方案，我们提供数据来给想要了解的人一个身份评分，这个人是否是真正的客户？
And then, all the way to our fraud scoring solutions directly linked to the payments, all of that. So, that is pretty known. And on the data insight solution here again, it is a whole set of solutions that help customers that could be a merchant, that could be a bank to engage their customers, their end consumers in a better way through campaign management solutions, test and learn through marketing services, through loyalty and so forth. They are all very different business models, some of them subscription based, some of them per transaction clicks in a very different way. So, all of it, it's a whole mix. The point of all of this is two powerful underlying trends. And within each of these solutions, you have an arc where all of these solutions build on top of each other. They are finely and clearly curated for us to provide an end-to-end solution. So, I can say to our customer, I don't have this widget and that widget for you. I have a solution that can allow you to run your business better.
然后，一直到我们的欺诈评分解决方案，直接与支付相关，所有这些都是众所周知的。在数据洞察解决方案方面，这里又是一整套解决方案，帮助客户（可能是商家，也可能是银行）通过活动管理解决方案、测试和学习、营销服务、忠诚度计划等，以更好的方式与他们的客户、最终消费者互动。它们都是非常不同的商业模式，有些是基于订阅的，有些是按交易点击的方式，非常不同。因此，所有这些都是一个完整的组合。所有这些的重点是两个强大的潜在趋势。在每一个解决方案中，你都有一个弧线，这些解决方案相互构建。它们经过精心和明确的策划，为我们提供端到端的解决方案。因此，我可以对我们的客户说，我没有这个小工具和那个小工具给你。我有一个解决方案，可以让你更好地经营你的业务。
Our engagement is always to help our customers drive their top line. And that's what we do. This is a different proposition than maybe others have out there. We like that because that makes us a strategic partner for our customers, for our customers. Overall, we believe this is differentiated. You've seen strong growth for us for years. You've seen another set of strong numbers for this quarter. And it's been boosting the revenue of the company and our yield.
我们的承诺始终是帮助客户提升他们的收入。这就是我们所做的。这与其他人可能提供的不同。我们喜欢这样，因为这使我们成为客户的战略合作伙伴。总体而言，我们相信这是有区别的。多年来，你们已经看到我们的强劲增长。你们也看到了本季度的另一组强劲数据。这一直在提升公司的收入和我们的收益。
Operator 操作员
Our next question comes from the line of Trevor Williams with Jefferies. Your line is open.
我们的下一个问题来自 Jefferies 的 Trevor Williams。您的线路已打开。
Trevor Williams 特雷弗·威廉姆斯
Great. Thanks a lot. With the Q4 outlook for low teens growth, if we think about that as the stepping off point for '25, is there anything in that fourth quarter growth that we should be mindful of either working for or against you that might not carry into next year or that a reasonable baseline for us to use as we start to think about '25? Thanks very much.
太好了。非常感谢。关于第四季度的低两位数增长展望，如果我们将其视为 2025 年的起点，是否有任何第四季度的增长因素需要我们注意，这些因素可能对你们有利或不利，但可能不会延续到明年，或者这是我们开始考虑 2025 年时可以使用的合理基线？非常感谢。
Sachin Mehra 萨钦·梅赫拉
Sure. So, first of all we'll talk about '25 at the right time, but let me give you a little bit of color and things to think about between what you're seeing in 2024 and 2025, right? Obviously, you guys know about the leap year effect. And I know you're asking a few poor questions, but more broadly speaking, you've got the leap year effect taking place in 2024. You're not going to have that in 2025. The things which you've got to keep in mind are, number one, we've had significant share wins, which have started to actually roll on in 2024. So, we talked a little bit about the citizens win. We talked a little bit about the Wells Fargo win. We talked about UniCredit, Deutsche Bank.
当然。首先，我们会在适当的时候讨论 2025 年，但让我先给你一些背景和需要考虑的事情，关于你在 2024 年和 2025 年之间看到的情况，对吧？显然，你们知道闰年效应。我知道你们在问一些不太好的问题，但更广泛地说，2024 年会有闰年效应。2025 年就不会有这个效应。你需要记住的事情是，第一，我们已经取得了显著的市场份额胜利，这些胜利实际上在 2024 年开始显现。我们谈到了一些关于公民银行的胜利。我们谈到了一些关于富国银行的胜利。我们谈到了意大利联合信贷银行和德意志银行。
鸡零狗碎的理由。
Now, these will lap and the lapping effect of this will come through four quarters after they typically come on our books. So, for example, take something like the Wells Fargo commercial credit win. That was completely migrated onto Mastercard in the second quarter, second quarter of this year, 2024. So, you'll see the lapping effect of that come through in 2025. Similarly, as it relates to citizens, the vast majority of the ramp up on citizens took place in Q2 of 2024 with a little tail effect in Q3. So, you'll see that again lap off in 2025. So, I want to kind of just make sure that you've got that as a line of sight element. The other element is around pricing, right? I mean we've talked a little bit about some of the pricing actions which we've taken for all the innovation investments that we've been doing as a company. You're going to see the lapping effect of that come through as well. So, these are a couple of things which I would keep in mind as you go in from 2024 to 2025. But we'll talk in more detail about '25 at the right time over the next few months.
现在，这些将会重叠，这种重叠效应将在它们通常进入我们账簿后的四个季度显现出来。例如，以富国银行的商业信贷胜利为例。那是在 2024 年第二季度，完全迁移到万事达卡上。所以，你会看到这种重叠效应在 2025 年显现出来。同样地，关于公民，大部分的增长发生在 2024 年第二季度，第三季度有一点尾效应。所以，你会在 2025 年再次看到这种重叠效应。因此，我想确保你将其作为一个视线元素。另一个元素是关于定价，对吧？我指的是我们为公司进行的所有创新投资所采取的一些定价行动。你也会看到这种重叠效应显现出来。因此，这些是我在你从 2024 年到 2025 年时会记住的几件事情。但我们将在接下来的几个月中在适当的时候更详细地讨论 2025 年。
Operator 操作员
Our next question comes from the line of Jamie Friedman with Susquehanna. Your line is open.
我们的下一个问题来自 Susquehanna 的 Jamie Friedman。您的线路已打开。
Jamie Friedman 杰米·弗里德曼
Let me echo my warm wishes, Sachin. I wanted to ask about China, if I may. You obviously have high ambitions there and are well positioned and you've had some significant developments on the operating side. So, I was just wondering how you're performing relative to your expectations as you roll out in China.
让我再次表达我诚挚的祝愿，Sachin。我想问一下关于中国的问题，如果可以的话。显然，你在那里的雄心壮志很高，并且处于有利位置，而且在运营方面也有一些重要的发展。所以，我只是想知道你在中国的表现与预期相比如何。
Sachin Mehra 萨钦·梅赫拉
Thank you. So, you mentioned it, I think, in the July call, you said we're alive now in China. So, we're alive as of May with a whole number of issuers and we're alive in China with a very unique proposition, which is a single use card that can be used domestically as well as cross-border. We've been in China for a long time, but that was a cross-border only use case. Now, this single proposition is a card that gives full global acceptance and it gives increasing domestic acceptance through a combination of measures. One is some of the local QR wallets that you can load your card into so you can benefit from that acceptance. And then, we're busy investing in acceptance across the country. There's interest from the Chinese government to link their economy more closely to the global economy. So, they're keen on building out acceptance so that people who travel into China can use cards as they would normally anywhere else in the world.
谢谢。您提到的，我想是在七月份的电话会议上说的，我们现在已经在中国开展业务。自五月起，我们与多个发行方合作在中国上线，带来了一项非常独特的产品：一种可以在国内和跨境使用的一次性卡。我们在中国已经运营很久了，但此前仅限于跨境使用场景。现在，这款新卡具有全球全面受理的功能，并通过一系列措施逐步增加国内受理度。其中一项措施是将卡加载到本地的二维码钱包中，以利用其受理网络。此外，我们还在全国范围内积极投资受理网络的拓展。中国政府也有兴趣让其经济更加紧密地与全球经济联系，因此他们希望扩大卡片受理范围，以便来中国的旅行者可以像在世界其他地方一样使用银行卡。
Now, we're excited about the opportunity for a number of reasons. It's a huge economy, obviously, and we want to participate. So, that is a significant secular opportunity for us as we invest in this market. And this is regardless of up and down of the overall economy in China. This is a share situation. It's a secular opportunity as a starting point. But it will take investment. It will take investment. It will take time.
现在，我们因多种原因对这个机会感到兴奋。显然，这是一个巨大的经济体，我们希望参与其中。因此，随着我们在这个市场的投资，这对我们来说是一个重要的长期机会。这与中国整体经济的起伏无关。这是一个份额问题。作为起点，这是一个长期机会。但这需要投资。这需要投资。这需要时间。
Coming back to the acceptance part, issuing is a little easier to solve, but without acceptance, then that's going to be hard to do. So, we will continue to focus on that. As you know, we have a joint venture there and we have our own set of activities in China through services and so forth, which we continue that we have always done in China. So, exciting opportunity, medium to long term, the fact that we are in China does make us now the most accepted payment solution in the world and that is a differentiating factor for us as we look ahead.
回到接受部分，发行比较容易解决，但如果没有接受，那就很难做到。所以，我们将继续关注这一点。如你所知，我们在那里有一个合资企业，并且通过服务等在中国开展我们自己的活动，我们一直在中国这样做。因此，这是一个令人兴奋的机会，中长期来看，事实上我们在中国的存在使我们现在成为世界上最被接受的支付解决方案，这也是我们展望未来的一个差异化因素。
Operator 操作员
Our next question comes from the line of Fahed Kunwar with Redburn Atlantic. Your line is open.
我们的下一个问题来自 Redburn Atlantic 的 Fahed Kunwar。您的线路已打开。
Fahed Kunwar 法赫德·昆瓦尔
Hi, thanks, and also part of my well wishes to Sachin as well. Love to get just a bit more on price and we've touched on it a few times over these questions, but you've obviously taken pricing, I think, on cross-border and elements of that. But is there more room for pricing increases? And if we were looking across your stack and suite of products, where do you see that kind of potential for pricing more for value? Thank you.
嗨，谢谢，同时也向 Sachin 表达我的良好祝愿。很想多了解一下价格问题，我们在这些问题中已经多次提到过，但显然你们已经在跨境及相关方面进行了定价。我想知道是否还有更多的提价空间？如果我们查看你们的产品组合和套件，您认为在哪些方面有更多的定价潜力以体现价值？谢谢。
Sachin Mehra 萨钦·梅赫拉
Sorry, just want to make sure. Can you hear me, Fahed?
对不起，我只是想确认一下。你能听到我吗，法赫德？
Fahed Kunwar 法赫德·昆瓦尔
Yes. 是的。
Sachin Mehra 萨钦·梅赫拉
Yes. Okay. I'm looking at the end of the day. Yes. Yes. I just want to be sure you can hear me. Look, at the end of the day, I think the way you should think about our philosophy along both our investments as well as how we drive remuneration from those investments is unchanged. We've always been in the business of investing heavily in driving innovation. As we drive innovation, we deliver value to our customers and to our merchants and consumers. And like with every other business, when you make investments, you want to realize the value for that. And that's what we talk about in the nature of pricing. And that's what we do.
是的。好的。我在看一天的结束。是的。是的。我只是想确认你能听到我。看，在一天结束时，我认为你应该这样看待我们的理念，无论是在我们的投资方面，还是在我们如何从这些投资中获取报酬方面，都是不变的。我们一直致力于大力投资推动创新。当我们推动创新时，我们为客户、商家和消费者提供价值。就像其他所有业务一样，当你进行投资时，你希望实现其价值。这就是我们在定价性质中所谈论的内容。这就是我们所做的。
So, nothing's changed philosophically. I would tell you in terms of how we're running the business there, you can see that year-over-year, we look to make investments from an OpEx standpoint for all the investments we're doing in our people to drive our strategic initiatives that comes up with value propositions, which allows us to price for them. And that's really the way we're executing on our business. I would tell you that if you think about our business, broadly speaking, you should think about it as no different than in the past, right?
所以，从哲学上讲，没有什么改变。我会告诉你，就我们在那里经营业务的方式而言，你可以看到，与去年相比，我们正在从运营支出的角度进行投资，以推动我们的战略计划，这些计划带来了价值主张，使我们能够为其定价。这确实是我们执行业务的方式。我会告诉你，如果你考虑我们的业务，广义上讲，你应该认为它与过去没有什么不同，对吧？
On the one hand, we're operating in a very competitive market where you're seeing us compete for winning important portfolios. When you do that, you pay rebates and incentives. So, we like to think about pricing in the context of net pricing, which is net of the compression we take on rebates and incentives. And we continue to still see that environment as one where we have minimal net pricing, which is the combination of what we do in the nature of investments and the reiteration we derive for it, net of what we have to do in order to stay competitive in the marketplace. So, it's a combination of both of those factors which we're balancing.
一方面，我们在一个非常竞争激烈的市场中运营，在这里我们努力赢得重要的组合。当这样做时，需要支付返利和激励。因此，我们喜欢从净定价的角度来考虑定价，也就是扣除返利和激励带来的压缩后的净定价。我们仍然认为当前的环境是一个净定价极低的环境，这意味着我们在投资方面的投入与所获得的收益，以及为了在市场中保持竞争力所必须采取的措施相结合。因此，这是一种平衡两者因素的组合。
Operator 操作员
Our next question comes from the line of Ramsey El-Assal with Barclays. Your line is open.
我们下一个问题来自巴克莱的 Ramsey El-Assal。您的线路已打开。
Ramsey El-Assal 拉姆齐·埃尔-阿萨尔
Hi, thanks for taking my question this morning. Michael, I was wondering if you could give us your reaction to the DOJ antitrust suit against Visa. Comment on whether you see a potential opportunity for Mastercard if the legal and regulatory kind of pressure faced by your competitor ends up shifting some market share around.
嗨，谢谢你今天早上回答我的问题。迈克尔，我想知道你对司法部对 Visa 的反垄断诉讼有何反应。请评论一下，如果你的竞争对手面临的法律和监管压力最终导致市场份额的转移，你是否认为这对万事达卡来说是一个潜在的机会。
Michael Miebach 迈克尔·米巴赫
Right. Ramsey, thanks for the question. So, obviously, we all read the headlines, we saw that allegations have been made. Obviously, we can't comment on that. Our view always has been we have to compete in a competitive market. We're doing it exactly in the way that Sachin just laid out, investing our products and solutions. That's how we win. And that's what we believe in. We believe in choice back in 2016 when we stepped into real time payments we were clearly the first in the industry to do that in a significant way.
好的。拉姆齐，谢谢你的提问。显然，我们都看到了新闻头条，也看到了指控已经被提出。显然，我们对此无法发表评论。我们的观点一直是我们必须在一个竞争激烈的市场中竞争。我们正以萨钦刚才所述的方式进行，投资我们的产品和解决方案。这就是我们获胜的方式。这是我们所相信的。我们在 2016 年进入实时支付领域时就相信选择，当时我们显然是行业中第一个以显著方式这样做的公司。
So, all of that, I think, is true. And we see all of that being differentiated and helping us win. If I look at how we've moved, make moves here in the market, in the U.S. with citizens, how we make moves in the market in Europe with UniCredit or NatWest. So, that model isn't changing. That's exactly what we're doing. If you look back at my prepared remarks, all that we're doing on strengthening our product solutions and our acquisitions and everything there, I think is going to be the way for us to win. I see there is a tremendous opportunity for us and that it's unrelated to this particular set of headlines that are out there. And we'll see how that plays out. But we will lean in with our customers and be there with them for their needs and push on.
所以，我认为，所有这些都是真的。我们看到所有这些差异化并帮助我们获胜。如果我看看我们在市场上的行动，在美国与公民的合作，在欧洲与意大利联合信贷银行或国民西敏寺银行的合作。这个模式没有改变。这正是我们正在做的。如果你回顾我准备的发言稿，我们在加强产品解决方案和收购方面所做的一切，我认为这将是我们获胜的方式。我看到我们有巨大的机会，这与目前的头条新闻无关。我们会看看事情的发展。但我们会与客户紧密合作，满足他们的需求并推动发展。
Operator 操作员
Our next question comes from the line of Will Nance with Goldman Sachs. Your line is open.
我们的下一个问题来自高盛的 Will Nance。您的线路已打开。
Will Nance 威尔·南斯
Hey, I appreciate you squeezing me in here. I just wanted to kind of follow up on the earlier question around the value-added services that you're attaching to kind of transactions around the world and heard the earlier context around some of the breakouts you provided historically. But I wanted, I was wondering if you could kind of talk specifically to the kind of multi-rail strategy and the embrace of new networks and just what the progress has been and where you see the most opportunity to attach your value-added services to other networks, what those conversations look like? And if there are any kind of areas in the VAS portfolio where you think that you could potentially add more capabilities over time to address some of the needs of other networks. Thanks.
嘿，感谢你把我安排在这里。我只是想跟进一下之前关于你在全球交易中附加的增值服务的问题，并听到了你之前提供的一些历史背景。但我想知道你能否具体谈谈多轨战略和对新网络的接受情况，以及目前的进展如何，你认为在哪些方面最有机会将增值服务附加到其他网络上，这些对话是什么样的？如果在增值服务组合中有任何领域，你认为可以随着时间的推移增加更多的功能，以满足其他网络的一些需求。谢谢。
Michael Miebach 迈克尔·米巴赫
Right. It’s interesting when you look at the rise of alternative payment tools, or basically the breadth of the choice that is available to consumers and businesses in terms of payments today. So, you’ve got cards obviously. Then, you have account-to-account payments. You have digital public infrastructure government-sponsored account-to-account, you have P2P systems and so forth. So, the choice is broader than ever before. But if you look at the world outside of cards and you compare it to the world of card payments, wherever cards are available in a competitive-level playing field, a lot of businesses and consumers opt for cards because they give them protections. They give them protections for fraud. They give them protections around digital identity, theft and so forth. And this is coming right back to your question. We see tremendous opportunity here in the cybersecurity space. That is where I think there is the opportunity, the foremost, first and foremost opportunity for our vast portfolio to apply to non-Mastercard transactions.
没错。当我们观察替代支付工具的兴起，或者说今天消费者和企业在支付方面拥有的广泛选择时，这确实很有趣。显然，有银行卡支付。此外，还有账户对账户的支付，政府支持的数字公共基础设施中的账户对账户支付，P2P系统等等。选择比以往更加广泛。但如果看看卡以外的世界，并将其与卡支付的世界进行比较，在竞争环境平等的情况下，许多企业和消费者仍然选择卡支付，因为它们提供了多种保护，包括防欺诈保护、数字身份盗窃保护等等。回到您的问题上，我们在网络安全领域看到了巨大的机遇。这正是我认为的机会所在，尤其是我们庞大的产品组合能够优先应用于非万事达卡交易的首要机会。
链接全球的支付网络肯定是美国企业的生意，同时美国企业搭建的网络的成本都不会太低。
We talked about MasterCard access in the past. So, we have found ways through technology to make the connection into non-Mastercard brand and transactions easier for customers. So, we’re a truly scheme-agnostic provider for a whole range of our services because everybody needs security solutions. So, that’s how we think about it. But data analytics solutions, test and learn, campaign management, what should I have on my shelves, when should I open my branches, these are a set of common questions that customers, particularly in the retail and commerce space, ask us. Again, that’s a set of services that goes way beyond the relationship that we have on the payment side. Again, that is an ability for us to continue to diversify and pull in new customers. So, for us, keeping other payment networks’ transactions safe is an opportunity. We will continue to do that wherever we can and lean in with that.
我们过去谈到过Mastercard Access。我们通过技术找到了一些方法，使客户更方便地连接到非万事达品牌和交易。因此，我们在很多服务中是真正的支付方案无关提供商，因为所有人都需要安全解决方案。这是我们的思考方式。而在数据分析解决方案方面，测试和学习、活动管理、货架陈列、分店开放时机等方面，这些是客户，尤其是零售和商业领域的客户，经常向我们咨询的问题。这是一系列超越支付关系的服务，使我们能够继续实现多样化并吸引新客户。因此，对我们来说，保障其他支付网络交易的安全是一个机会。我们将继续在可能的地方这样做，并积极推进。
Devin Corr 德文·科尔
Thank you. Brianna, I think we’re out of time for questions. Is there anything, Michael, you’d like to wrap with?
谢谢。布里安娜，我想我们没有时间回答问题了。迈克尔，你有什么想总结的吗？
Michael Miebach 迈克尔·米巴赫
Well, I just want to thank everybody again for your support. We’re looking to have you all and hopefully everybody else who’s not on the call, to join us for the Investor Community Meeting on November 13. As I said earlier, this has been a bit of a look back onto the quarter, onto this year, into the fourth quarter. And then, we’re going to take a look further out when we get together in a couple of weeks from now. I’m excited about that.
好吧，我只想再次感谢大家的支持。我们希望大家以及那些不在电话会议上的人，能在 11 月 13 日加入我们的投资者社区会议。正如我之前所说，这有点像是对这个季度、这一年以及第四季度的回顾。然后，我们将在几周后聚会时展望更远的未来。我对此感到兴奋。
As always, everything that we share with you is the fruit of the work of the 34,000 people here at Mastercard. And I will never have a call where I don’t thank them for everything they do, and that goes out to everyone here at Mastercard. Thank you very much, and speak soon. Take care.
一如既往，我们与您分享的一切都是万事达卡这里 34,000 名员工努力工作的成果。我永远不会在通话中不感谢他们所做的一切，这也同样致谢于万事达卡的每一个人。非常感谢，很快再聊。保重。
Bye-bye. 再见。
Operator 操作员
This concludes today’s conference call. Thank you all for your participation. You may now disconnect.
这就结束了今天的电话会议。感谢大家的参与。您现在可以断开连接。
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