2024-11-13 Mastercard.Investment Community Meeting
Devin Corr Executive VP of Investor Relations
Devin Corr 投资者关系执行副总裁
Good morning. Thank you all for coming here to our 2024 Mastercard Investor Community Day. Very excited to have you all here in person. We have a full room here, and thank you for joining for those on the webcast. Those here in person, I hope you had some time to get to the product demos upstairs earlier. If not, don't worry. There'll be plenty of time later today.
早上好。感谢大家来到我们的 2024 年万事达卡投资者社区日。非常高兴能与各位亲临现场。我们这里座无虚席，也感谢那些通过网络直播加入的朋友。希望在座的各位早些时候有时间去楼上参观产品演示。如果没有，别担心，今天晚些时候还有充足的时间。
I'm just going to take a few minutes to talk through a bit of the agenda for the day before we switch over to the main presenters. We'll be here in the main room for presentations for about 3 hours. There will be a break in the middle. There'll be about 30 minutes of Q&A at the end. Here, you'll hear from multiple leaders of Mastercard, both in person as well as Sachin joining us remotely.
在主要演讲者开始之前，我将花几分钟时间介绍一下今天的议程。我们将在主会议室进行大约 3 个小时的演示。中间会有一次休息。最后会有大约 30 分钟的问答环节。届时，您将听到万事达卡多位领导者的发言，既有现场的，也有 Sachin 远程加入我们。
We have handed out in this room books as well as they're posted on the website. Please note the presentations may not follow page by page. So just check where we are on the screens or online.
我们在这个房间里分发了手册，网站上也已发布。请注意，演示文稿可能不会逐页进行。所以请留意屏幕上或在线上我们讲到的位置。
For those of you flipping all the way ahead to Sachin's presentation now, I agree. It's exciting. Get it over with. I don't want you doing that when Michael gets up on stage in a few minutes. After the main session, the webcast will end. But for those of you here, please don't go home. We still have a lot in store. The demos, as I mentioned, will be open till 3:00 in Freedom Hall. Also at 12:00, we'll have a lunch with multiple members of our Board of Directors. We have Merit Janow, Lance Uggla and Richard Davis here today. They'll be in the Hamilton room with an open table for you to sit down and have a dialogue around how does our Board interact with Mastercard, how does our Board think about our strategy, or anything else you want to ask them as long as it relates to Mastercard.
对于那些现在就直接翻到 Sachin 演示文稿的人，我同意，这很令人兴奋，赶紧看完吧。但我不希望在几分钟后 Michael 上台时你们也这样做。主要会议结束后，网络直播将结束。但对于在座的各位，请不要回家。我们还有很多精彩内容。正如我提到的，产品演示将在自由厅开放至下午 3 点。此外，中午 12 点，我们将与董事会的多位成员共进午餐。今天到场的有 Merit Janow、Lance Uggla 和 Richard Davis。他们将在汉密尔顿厅，那里会有一个开放的餐桌，供大家坐下来交流，讨论我们的董事会如何与万事达卡互动，董事会如何看待我们的战略，或者任何其他你们想问的与万事达卡相关的问题。
At 1:00, we'll have breakout sessions. There'll be 4 sessions. I'll talk more about those later where they are. There'll be one, one again at 1:45, and the day will end at 3:00. So please dig around, we have a lot for you.
下午 1 点，我们将举行分组会议。届时将有 4 个分会场。稍后我会详细介绍它们的位置。下午 1 点 45 分还会有一场，全天活动将于下午 3 点结束。所以请大家积极参与，我们准备了很多内容。
Now the most exciting part of my presentation, forward-looking statements. Can we move the slide forward because these ones, I have to read. These forward-looking statements are based on our current assumptions. We may make forward-looking statements today with expectations and projections about future events, which reflect the best judgment of management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by our comments today. You should review and consider the information contained in our filings with the SEC regarding these risks and uncertainties. Please look online or in your books for any of our SEC filings as well as for any of the non-GAAP and GAAP reconciliation about anything we talk about today.
现在是我演讲中最激动人心的部分——前瞻性声明。我们能把幻灯片往前翻一下吗？因为这些我必须宣读。这些前瞻性声明基于我们目前的假设。我们今天可能会做出包含对未来事件的预期和预测的前瞻性声明，这些声明反映了管理层的最佳判断，并涉及许多风险和不确定性，可能导致实际结果与我们今天的评论所暗示的结果存在重大差异。您应查阅并考虑我们向美国证券交易委员会提交的文件中有关这些风险和不确定性的信息。请在线或在您的手册中查找我们向美国证券交易委员会提交的任何文件，以及我们今天谈到的任何有关非公认会计准则和公认会计准则调节的信息。
With that, let's get started. I'd like to welcome Michael Miebach to the stage after a short video.
那么，让我们开始吧。在一段简短的视频之后，有请 Michael Miebach 上台。
[Presentation]
[演示]
Michael Miebach CEO, President & Director
Michael Miebach 首席执行官、总裁兼董事
Two people applauded, two. I mean, come on. So you saw it in the video. We're leaning into the future, and we're shaping it. And when we do that, we create this virtuous cycle of growth, no end, no beginning, an infinite loop. What a clever trick of our marketing team, the loop. You're going to see it throughout today. Keep that in the back of your mind.
两个人鼓掌，两个人。拜托。你们在视频里看到了。我们正拥抱未来，并塑造未来。当我们这样做的时候，我们创造了这个良性增长循环，没有终点，没有起点，一个无限循环。我们营销团队多么巧妙的技巧啊，这个循环。你们今天会一直看到它。请记住这一点。
Virtuous circle of growth, that's the future, and that's Mastercard. And with that, I also want to welcome you to our 2024 Investor Community Meeting. And it's good to be back in person. It's been too long. I think it's 2019 that we were in this room. Also, those of you who are joining us online, thank you for doing that.
良性增长循环，这就是未来，这就是万事达卡。借此，我也欢迎大家参加我们的 2024 年投资者社区会议。很高兴能再次与大家面对面交流。时间过得太久了。我记得我们上一次在这个房间是 2019 年。此外，感谢那些在线加入我们的朋友。
Today, we will talk about our vision of the next era of growth for Mastercard. But let's go back just for a moment and think about the last 3 years since we met. A lot have changed. We have been dealing with geopolitical crises. We had to deal with the lingering effects of the pandemic and the rewiring of the global supply chain and everything else that led to evolving markets. And we are seeing a technology-driven, broad-based wave of innovation that's reshaping global economy, which I think is a very exciting ways.
今天，我们将讨论万事达卡下一个增长时代的愿景。但让我们先回顾一下自上次会面以来的过去三年。发生了很多变化。我们一直在应对地缘政治危机。我们不得不应对疫情的持续影响、全球供应链的重塑以及导致市场不断演变的所有其他因素。我们正在目睹一场技术驱动的、基础广泛的创新浪潮，它正在重塑全球经济，我认为这是一种非常令人兴奋的方式。
Now through all of that, Mastercard never wavered. We agreed goals amongst ourselves. We shared them with you 3 years ago, and we delivered on them. We shared the numbers earlier on, even delivered on them and some. Now Sachin is going to talk you through our scorecard, our performance at the end of this morning's session, but I have a few personal highlights that I just want to share with you.
在所有这些过程中，万事达卡从未动摇。我们内部达成了目标。三年前我们与大家分享了这些目标，并且我们实现了它们。我们之前分享了数据，甚至超额完成了一些目标。今天上午会议结束时，Sachin 将向大家介绍我们的成绩单和业绩，但我有一些个人亮点想与大家分享。
So over the last 3 years, we outperformed the S&P 500 by 18%. Over that same 3-year period, we returned $31 billion to our shareholders. $31 billion in cash, considering who we are, should have been probably something different than cash. That's a German joke for you. All right. Okay. I will not attempt any more jokes then. It's not working with you.
在过去三年中，我们的表现比标准普尔 500 指数高出 18%。在同一个三年期间，我们向股东返还了 310 亿美元。310 亿美元现金，考虑到我们的身份，可能应该用现金以外的其他方式。这是给你们讲的一个德国笑话。好吧。好吧。那我就不再讲笑话了。对你们没用。
We gained share across all of our products. And over a 10-year period, we tripled acceptance. Over the last 5 years, we doubled acceptance to 150 million acceptance points in over 220 countries, and those now include China. And with that edge, we are positioned to be the most prevalent way to pay on the planet, and nobody else can say that. Well, people can say it. But for us, it's true.
我们在所有产品中都获得了市场份额。在过去 10 年中，我们的受理范围扩大了三倍。在过去 5 年中，我们的受理范围翻了一番，在超过 220 个国家/地区拥有 1.5 亿个受理点，现在也包括中国。凭借这一优势，我们有望成为地球上最普遍的支付方式，没有其他人能这么说。嗯，别人可以说。但对我们来说，这是真的。
Now we believe we deliver unmatched value. And this morning, I want to talk about how do we do that. We focus on the fundamentals of our running our business. And it starts with having the right strategy. It's about anchoring the strategy in economic trends, and it's about executing with excellence. So keep those 3 in mind. I'll tick them one by one and share with you how we're going about it.
我们相信我们提供无与伦比的价值。今天早上，我想谈谈我们是如何做到的。我们专注于运营业务的基本要素。首先要有正确的战略。其次是将战略植根于经济趋势。最后是卓越的执行力。所以请记住这三点。我会逐一说明，并与大家分享我们是如何做的。
Having the right strategy, let's start with that. So you know what it is. We grow, diversify and build across 3 strategic priority areas that are mutually reinforcing: consumer payments, commercial payments and new payment flows and services. We've been very consistent about this strategy. And the fact that we have delivered on our numbers for the last 3 years shows it's working. It's a winning strategy, and it also allows us to consistently sharpen our competitive edge. We believe these 3 areas are the right areas because they offer opportunity for outsized growth and give us an opportunity to shape them through our product innovation. They also position us to navigate an ever-changing world. Those changes that I talked about, geopolitics, macroeconomics, et cetera, the fact that our business is fairly predictable is because these priorities are strong on one hand, but also give us room for flexibility to adjust along the way, which is exactly what we've done and needed to do over the last 3 years.
拥有正确的战略，让我们从这里开始。所以你们知道它是什么。我们在三个相互促进的战略重点领域进行增长、多元化和建设：消费者支付、商业支付以及新的支付流和服务。我们在这个战略上一直非常坚定。过去三年我们实现了我们的数据目标，这表明它是有效的。这是一个制胜战略，它也使我们能够不断增强我们的竞争优势。我们相信这三个领域是正确的领域，因为它们为超额增长提供了机会，并使我们有机会通过产品创新来塑造它们。它们也使我们能够驾驭一个不断变化的世界。我谈到的那些变化，地缘政治、宏观经济等等，我们的业务相当可预测，一方面是因为这些优先事项本身很强大，另一方面也为我们提供了沿途调整的灵活性，这正是我们在过去三年中所做的和需要做的。
Now let's look at each and every one of them. Consumer payments. At Mastercard, this is like the heart of the business. It's been the source of the success for the longest times, and all of us at Mastercard were seized by that. We got a ubiquitous network. I just talked about our acceptance. We have a brand that globally stands for trust and reliability and we have digital-first technology. You're going to hear more about that from Jorn later on. Digital-first technology that allows us to participate in the underlying opportunity of shifting cash to digital payments. It also allows us to deliver more secure and more frictionless experiences, which is what consumers are expecting today.
现在让我们逐一审视。消费者支付。在万事达卡，这就像业务的核心。它一直是长期成功的源泉，我们万事达卡的所有人都被此深深吸引。我们拥有一个无处不在的网络。我刚刚谈到了我们的受理范围。我们拥有一个全球代表信任和可靠性的品牌，并且我们拥有数字优先的技术。稍后 Jorn 会向大家详细介绍。数字优先的技术使我们能够抓住现金向数字支付转变的潜在机遇。它还使我们能够提供更安全、更顺畅的体验，这正是当今消费者的期望。
Now I'm going to come back to that secular opportunity point. There are a few doubters here. There's speculation. How long is the runway? And I know that's top of mind, and we're here together to talk about the things that are top of mind for you, so I'm going to come back to that.
现在我将回到长期机遇这一点。这里有一些怀疑者。存在一些猜测。发展空间还有多大？我知道这是大家最关心的问题，我们今天齐聚一堂，就是要讨论你们最关心的事情，所以我稍后会回到这个问题。
Let's talk about commercial payments. Consumer is a huge opportunity. Commercial is another big opportunity. We believe this space is at an inflection point. The people who touch commercial payments, they have an expectation that commercial payments should be as simple as consumer payments in their everyday life, but they are not. What we're seeing is more and more companies are digitizing more and more of their systems. Now we're pushing that expectation forward. We're pushing that trend line. And we're doing it very specifically in 3 areas. Commercial point of sale, we've been doing this for a long time. Now, invoice payments and disbursements and remittances. I'm looking at Raj here. Now with this change or increased digitization in companies, this space is poised for growth.
让我们谈谈商业支付。消费者市场是一个巨大的机遇。商业市场是另一个巨大的机遇。我们相信这个领域正处于一个拐点。接触商业支付的人们期望商业支付应该像他们日常生活中的消费者支付一样简单，但事实并非如此。我们看到的是，越来越多的公司正在将其越来越多的系统数字化。现在我们正在推动这种期望向前发展。我们正在推动这一趋势线。我们正在三个特定领域这样做。商业销售点，我们已经做了很长时间了。现在，是发票支付、付款和汇款。我正在看拉杰。随着公司内部这种变化或数字化程度的提高，这个领域已为增长做好了准备。
And then there is services, an unmatched differentiator for our payment solutions in consumer and commercial. There's our services portfolio. Our unique domain expertise, our unique data assets and our wide range of distribution channels positions us not only to differentiate our payment solutions, but also to help our customers operate their business more effectively and efficiently. And we're doing this not just -- we're doing it not across the board. We really focus on common areas across sectors like customer engagement, like sharpening market insights, like securing their digital engagements and their digital ecosystem, like leveraging innovative technologies like open banking. It would have not gone unnoticed that these 4 areas are very much part of our services portfolio, carefully curated to match those common themes across our customers and help us differentiate our payment solution.
然后是服务，这是我们在消费者和商业支付解决方案中无与伦比的差异化因素。这是我们的服务组合。我们独特的领域专业知识、独特的数据资产以及广泛的分销渠道，不仅使我们能够差异化我们的支付解决方案，而且能够帮助我们的客户更有效、更高效地运营其业务。我们这样做并非——我们并非全面铺开。我们真正专注于跨行业的共同领域，例如客户参与、提升市场洞察力、保护其数字互动和数字生态系统，以及利用开放银行等创新技术。不难注意到，这四个领域是我们服务组合的重要组成部分，经过精心策划，以匹配我们客户的这些共同主题，并帮助我们差异化我们的支付解决方案。
Now that's the strategy. But it really -- the real power of the strategy comes through, take you back to the infinite loop. When it all comes together, then it reinforces each other. You hear us talk about this regularly under the headline of the growth algorithm. So here we go. Our payments network helps us scale our services. Our services help us differentiate our payment solutions. That drives more payment flows for us to be participating in, which throws off more data to apply our services to and build new services, a powerful cycle. No end, no beginning, the infinite loop. That's the power of our strategy. This is all underpinned by our people, of course. You know, in every earnings call, I mention our people at the end, but it's also our technology. We have Ed right here, our CIO. The last 4 quarters, we did 150 billion payment transactions in 220 countries. That's the power of our technology. There's our franchise and there's, of course, our brand.
这就是战略。但它真正的——战略的真正力量在于，让你回到无限循环。当所有这些因素结合在一起时，它们会相互促进。你们经常听到我们以增长算法为标题谈论这一点。所以，我们开始吧。我们的支付网络帮助我们扩展服务。我们的服务帮助我们差异化支付解决方案。这为我们带来了更多的支付流量参与其中，从而产生更多数据以应用于我们的服务并构建新的服务，这是一个强大的循环。没有终点，没有起点，无限循环。这就是我们战略的力量。当然，这一切都以我们的员工为基础。你们知道，在每次财报电话会议结束时，我都会提到我们的员工，但同样重要的还有我们的技术。我们的首席信息官埃德就在这里。在过去的四个季度里，我们在 220 个国家处理了 1500 亿笔支付交易。这就是我们技术的力量。还有我们的特许经营权，当然，还有我们的品牌。
Now this strategy is not new. It's winning. It's delivering for us. It shows in the numbers. You saw our projections. We firmly believe we need to double down on it. And that's exactly what we're going to do over the next couple of years, a winning strategy, doubling down. First takeaway on the 3 fundamentals I wanted to talk to you about. We have the right strategy. Second one -- because the right strategy is good. If you have the right strategy that is anchored in global economic trends, that is even better.
这个策略并不新鲜。它正在取得成功。它正在为我们带来成果。这体现在数字上。你们看到了我们的预测。我们坚信需要加倍努力。这正是我们未来几年要做的事情，一个制胜的策略，加倍努力。关于我想和你们谈论的三个基本要素的第一个要点是：我们拥有正确的战略。第二个——因为正确的战略是好的。如果你的正确战略植根于全球经济趋势，那就更好了。
And what is even better than that is turning those trends into tailwinds for our business. Our business model is positioned to capture the natural growth of the economies to start with. That's the base of everything. And we do that by driving acceptance, by giving people an opportunity to interact with our network and use our products. But then we have expanded from there on. If you think about the digitization of the world, it's not just about moving cash to digital.
而比这更好的是将这些趋势转化为我们业务的顺风。我们的商业模式首先定位于捕捉经济体的自然增长。这是一切的基础。我们通过提高受理度，通过为人们提供与我们的网络互动和使用我们产品的机会来实现这一目标。但随后我们在此基础上进行了扩展。如果你考虑到世界的数字化，它不仅仅是将现金转向数字。
It's about more data. It's about more data analytics. It's about cybersecurity. It's a whole host of trends covering a lot of other industries. This is our services portfolio. So we have an underlying economic trend and we have broader structural changes of the economy that we're anchoring on and we are participating from and benefiting from.
它是关于更多的数据。它是关于更多的数据分析。它是关于网络安全。这是一系列涵盖许多其他行业的趋势。这是我们的服务组合。因此，我们有一个潜在的经济趋势，我们有更广泛的经济结构变化，我们以此为基础，我们正在参与其中并从中受益。
Now then there's the secular growth opportunity. I promise you, I will come back to it. I see the questions. Those of you who send -- put notes out. How long is the runway? Transactions, PCE growth, U.S. consumer and so forth. Now you will appreciate that we have a preferred seat to see how long that runway actually is. And I'm not seeing a short runway from where I sit. What I'm seeing is when we drive into these fast-growing economies, massive amounts of cash. You heard us talk about Africa, Asia and Latin America, 90% cash in Africa. You go into developed economies, still significant amounts of cash. Germany, Italy, Japan, 30%, 40% of cash out there. That's a tremendous opportunity. And then across both types of economies, you see under-penetrated verticals like rent, health care and so forth, where there's still significant opportunity for us to go after in terms of digitizing that. And then there's a whole world post-COVID of new business models that turn one purchase into multiple payment transactions, another opportunity for our -- the secular opportunity that we can go after.
那么，接下来就是长期增长机遇。我向你们保证，我会回到这个问题上来。我看到了问题。那些发送——发布笔记的人。发展空间还有多大？交易量、个人消费支出增长、美国消费者等等。现在你们会理解，我们拥有一个有利的位置来观察这个发展空间实际上有多长。从我所处的位置来看，我并没有看到一个短暂的发展空间。我看到的是，当我们进入这些快速增长的经济体时，存在大量的现金。你们听我们谈论过非洲、亚洲和拉丁美洲，非洲 90% 是现金。你进入发达经济体，仍然有大量的现金。德国、意大利、日本，那里有 30%、40% 的现金。这是一个巨大的机遇。然后，在这两种类型的经济体中，你都会看到渗透不足的垂直领域，如租金、医疗保健等，在这些领域，我们在数字化方面仍有巨大的机遇可以争取。然后，在后疫情时代，出现了一个全新的商业模式世界，将一次购买转化为多次支付交易，这是我们可以抓住的又一个长期机遇。
Let's put some numbers to that. It took the industry multiple decades to digitize $23 trillion. And what is out there is $11 trillion. That is not a short runway. $11 trillion translates to, probably not exact science, approximately 1.5 trillion transactions. That's a tremendous opportunity for a company like ours, with the strategy and the solutions that we have to go after. And that's just consumer. I haven't even started to talk about commercial. Long runway from my perspective.
让我们用一些数字来说明。整个行业花费了数十年时间才将 23 万亿美元数字化。而目前仍有 11 万亿美元尚未数字化。这不是一个短暂的发展空间。11 万亿美元大约相当于，可能不是精确的科学计算，大约 1.5 万亿笔交易。对于像我们这样拥有相应战略和解决方案的公司来说，这是一个巨大的机遇。而这仅仅是消费者领域。我甚至还没有开始谈论商业领域。从我的角度来看，发展空间还很长。
Now back to the powerful trends. Not every trend that is out there is, at first glance, a positive trend. You ask us in many investor conversations, what do you worry about? And we are very freely talking about what we worry about. We worry a lot. I'm looking at some of my colleagues here. We are worriers, also warriors, but also worriers. And take government. Government invariably comes up in our conversations. So we talk about government and what I would like to say to you is the fact that government has more interest in payments in Mastercard is not a surprise. It's a function of our strategy. We want to be relevant across all payment solutions. We have been saying this for 10 years, and we are now 220 countries around the globe. People are coming to us and saying, "Hey, we need to understand how dependent we are on you." So there's more scrutiny. There's more regulation and so forth. And then we might be getting designated as systemically important. I tell you what, that's a badge of honor. That is a function of our strategy. We want to be in those flows for exactly the virtuous cycle to work.
现在回到那些强大的趋势。并非所有趋势乍一看都是积极的。在许多投资者对话中，你们问我们担心什么？我们非常坦诚地谈论我们担心的事情。我们有很多担忧。我看着我的一些同事。我们是忧虑者，也是勇士，但同时也是忧虑者。以政府为例。政府总是出现在我们的谈话中。所以我们谈论政府，我想对你们说的是，政府对万事达卡的支付业务越来越感兴趣，这并不奇怪。这是我们战略的结果。我们希望在所有支付解决方案中都具有重要性。我们已经这样说了 10 年，现在我们的业务遍及全球 220 个国家。人们来找我们说：“嘿，我们需要了解我们对你们的依赖程度。”因此，审查更严格了，监管也更多了等等。然后我们可能会被指定为具有系统重要性的机构。我告诉你们，这是一种荣誉徽章。这是我们战略的体现。我们希望参与到这些流程中，正是为了让良性循环发挥作用。
Now what is different than 10 years ago, we have learned to navigate that. We have learned to adjust our technology to make it more flexible so we can deliver against those expectations.
与 10 年前不同的是，我们已经学会了如何驾驭这种情况。我们已经学会了调整我们的技术，使其更具灵活性，以便我们能够满足这些期望。
Government. One example of we look at risks, we look at worries, and we look for the opportunity within that. I'll give you another one, competition. So I've got the whole team here. We constantly are paranoid about competitors. Yes, there's nothing new here to tell you. That's always been the case. The one thing I do want to tell you though is on the competition point, what's really working well for us is the muscle that we've built in understanding who's a competitor but who can also be a partner. Because that value chain is now so long and that ecosystem is so complex, ISVs, PSPs, you name it, we have really developed the muscle and models to interact for people to say, "I'm going to compete head on with you on this. Let's partner on cybersecurity." Just to give you an example, very important.
政府。这是我们审视风险、担忧并从中寻找机遇的一个例子。我再给你们举一个例子，竞争。我的整个团队都在这里。我们一直对竞争对手保持高度警惕。是的，这方面没什么新鲜事可告诉你们。情况向来如此。不过，关于竞争，我确实想告诉你们的是，对我们真正有效的是我们培养起来的一种能力，即理解谁是竞争对手，但谁也可以成为合作伙伴。因为现在的价值链如此之长，生态系统如此复杂，ISV、PSP 等等，不胜枚举，我们确实已经发展出了相应的能力和模式，让人们能够说：“我将在这方面与你正面竞争。让我们在网络安全方面进行合作。”举个例子，这非常重要。
And then, of course, there's macroeconomics. Like you see -- all seem to think we are the macroeconomic oracle of the world. That is -- that feels good, but we're actually not. We do have the Mastercard Economics Institute, and we look a little bit further beyond our business. But fundamentally, if you look back over the last 3 years, we've seen pretty resilient consumer spending. And we also have seen a pretty resilient Mastercard because, overall, we have a diversified, highly diversified business from a product perspective as well as from a geographic perspective. So macroeconomics, yes, people will always spend in up and down cycles, make different decisions. At the same time, we have a business in payments. We have a business in services. All of this adds up to a highly resilient business that we keep investing in. So yes, we are focused and we monitor macroeconomics, but it's not a deciding factor over-proportionally to our business.
然后，当然还有宏观经济。正如你们所见——似乎所有人都认为我们是世界宏观经济的预言家。这——感觉不错，但我们实际上并非如此。我们确实有万事达卡经济研究所，我们的视野也略微超出了我们的业务范围。但从根本上看，回顾过去三年，我们看到消费者支出相当有韧性。我们也看到了一个相当有韧性的万事达卡，因为总的来说，无论从产品角度还是从地理角度来看，我们都拥有一个多元化、高度多元化的业务。所以，宏观经济，是的，人们总会在经济的起伏周期中消费，做出不同的决定。与此同时，我们拥有支付业务。我们拥有服务业务。所有这些加起来构成了一个我们持续投资的、具有高度韧性的业务。所以，是的，我们关注并监测宏观经济，但它并非对我们业务起决定性作用的过大因素。
All right. That's the trends piece. So let me just recap. Right strategy. We're powered and -- we're linked and anchored on powerful trends that are out there that we turn into tailwinds for our business through our actions. All of this is great. But it's only great if we execute well against that. So execution with excellence is important. That starts with having the right assets, and I talked about our payment solutions and our services. And then it really comes down to the point of putting the winning package in front of the customer.
好的。以上是关于趋势的部分。让我总结一下。正确的战略。我们受到强大趋势的驱动——我们与外部存在的强大趋势相关联并以此为基础，通过我们的行动将这些趋势转化为我们业务的顺风。所有这些都很棒。但只有当我们出色地执行时，这一切才算得上伟大。因此，卓越的执行力至关重要。这首先要有正确的资产，我谈到了我们的支付解决方案和我们的服务。然后，关键在于将制胜方案呈现在客户面前。
Now many companies could say that. But what's true is the one size fits all is not the answer. It's going to be a specific problem, there's a specific challenge, a specific opportunity. And imagine how that looks across 220 countries and how that looks across all the sectors that we cover, from retail banking to merchants, et cetera.
现在许多公司都可以这么说。但事实是，一刀切并非答案。这将是一个具体的问题，一个具体的挑战，一个具体的机遇。想象一下，这在 220 个国家会是什么样子，在我们覆盖的所有行业，从零售银行到商户等等，又会是什么样子。
So we have invested not only in driving global scale, for example, through our acceptance, but we've also invested in our local presence and expertise and our domain expertise in airlines and various other sectors that we deal with. So as the most globally diversified payments company that is -- that's out there, that's a really big differentiator for us, and it's an important part of how we execute and where we tune the engine. And if you think about all the series of wins that we have talked about in the last quarters in the U.K., in Europe, here in the U.S., it's a function of leveraging that local expertise and that global scalability. First point I want to make on execution.
因此，我们不仅投资于推动全球规模化，例如通过我们的受理网络，而且还投资于我们在当地的业务、专业知识以及在航空和我们涉及的其他各个领域的领域专长。因此，作为全球最多元化的支付公司——这是我们的一个巨大差异化优势，也是我们如何执行和调整引擎的重要组成部分。如果你想想我们在过去几个季度在英国、欧洲和美国谈到的所有一系列胜利，这都是利用当地专业知识和全球可扩展性的结果。这是我想就执行力提出的第一点。
The second point I want to make is when I started in 2010, out in the Middle East, I felt like I was in a position of being a vendor coming to our customer. And it was all about cost. Where we are today, when I think about some of our largest customers, and you'll hear from them in customer testimonials a little later, what I hear from them is when we engage with them, we talk -- let's say, it's a bank. We talk to the cards head, obviously. We've always done that. But we're also talking to the retail bank head. We're talking to the CISO. We're talking to the chief marketing officer. We're talking to the strategy head. We're talking to the treasurer, the CFO, to the CEO, increasingly so in the boardroom. The number of boardroom conversations that we've had, why don't you come on in and tell us what's next in cybersecurity? It matters to every company. They don't even want to talk to us about payments. Well, hopefully, they do subsequently. But those are the kind of dialogues that we have.
我想说的第二点是，当我 2010 年在中东开始工作时，我感觉自己就像一个向客户供货的供应商。一切都围绕着成本。而今天，当我想起我们一些最大的客户时，稍后你们会在客户感言中听到他们的声音，我从他们那里听到的是，当我们与他们接触时，我们交谈——比方说，这是一家银行。我们显然会和银行卡业务负责人交谈。我们一直都是这样做的。但我们也在和零售银行业务负责人交谈。我们在和首席信息安全官交谈。我们在和首席营销官交谈。我们在和战略负责人交谈。我们在和财务主管、首席财务官、首席执行官交谈，而且越来越多地在董事会层面进行交流。我们进行过很多次董事会层面的对话，比如“你们为什么不进来告诉我们网络安全的下一步是什么？”这对每家公司都很重要。他们甚至不想和我们谈论支付。嗯，希望他们之后会谈。但我们进行的正是这类对话。
So turning Mastercard into a strategic partner, we've been on that journey for a number of years. But it's really coming together as we broaden the scope of our offering into something that truly powers digital commerce as a whole, and that takes us into a very different conversation. I was talking to a very large retailer not too long ago. Linda and I were visiting that retailer. And the conversation, he said, "Well, you've got to talk to us about the future of checkout, checkout in the store. How do you avoid queues?" I did not expect a conversation like that. But the dialogue around Mastercard and with Mastercard is changing, and then it's a really important differentiator.
因此，将万事达卡转变为战略合作伙伴，我们已经在这条道路上走了很多年。但随着我们将产品范围扩大到真正为整个数字商务提供动力的领域，这一切才真正开始融合，这也将我们带入了一个截然不同的对话层面。不久前，我与一家非常大的零售商进行了交谈。琳达和我拜访了那家零售商。在谈话中，他说：“嗯，你们必须和我们谈谈未来结账的问题，商店里的结账。你们如何避免排队？”我没有料到会有这样的对话。但是，围绕万事达卡以及与万事达卡的对话正在发生变化，这确实是一个非常重要的差异化因素。
So right strategy, winning strategy, powerful tailwinds in which we are anchored, execution, we've demonstrated that. We will continue to do that. All of this comes together in creating a virtuous circle for Mastercard. And I think that's priceless. I got to get the word priceless into it at the very end of it. So that's what I want to leave with you. Look for this as you hear Jorn talk about consumer payments. Look for secular opportunity, look for acceptance, look for differentiation in services, unlocking new verticals. That's the powerful cycle for you. I'm incredibly excited about what's ahead of us, and you'll hear from my possibly even more excited colleagues in a moment. Thank you very much.
所以，正确的战略，制胜的战略，我们所依托的强大顺风，执行力，我们已经证明了这一点。我们将继续这样做。所有这些共同为万事达卡创造了一个良性循环。我认为这是无价的。我必须在最后把“无价”这个词加进去。所以这就是我想留给你们的。当你们听到约恩谈论消费者支付时，请关注这一点。寻找长期机遇，寻找受理度，寻找服务差异化，开拓新的垂直领域。这对你们来说是一个强大的循环。我对未来充满无比的兴奋，稍后你们会听到我可能更兴奋的同事们的发言。非常感谢。
虚词很多。
[Presentation]
[演示文稿]
Jorn Lambert Chief Product Officer
Good morning. Nothing like a loud beat and a thriving business to get the day started. So I'm here to talk about consumer payments. And consumer payments, combined with our related services, has been an incredible growth driver for the company. And my simple message today is we firmly believe this will continue over the next number of years. Well, let me expand a little bit on that. And so I'll start with unpacking a little bit where the consumer flows are going to come from.
Jorn Lambert 首席产品官
早上好。没有什么比响亮的节拍和蓬勃发展的业务更能开启新的一天了。我今天来谈谈消费者支付。消费者支付及其相关服务，一直是公司令人难以置信的增长动力。我今天想传达的简单信息是，我们坚信这种势头将在未来几年持续下去。那么，让我对此稍作展开。我将首先分析一下消费者资金流的来源。
We estimate our serviceable addressable markets to be $54 trillion. These are the flows that we believe we can go after with our existing capability or those we're about to launch. Over the past 60 years, as Michael said, card companies have already digitized USD 23 trillion. And within that category, we continue to compete, we continue to successfully gain share against both domestic and international networks, as Ling Hai and Linda will talk a bit more about later on.
我们估计，我们的可服务潜在市场规模为 54 万亿美元。这些是我们认为凭借现有能力或即将推出的能力可以争取的资金流。正如 Michael 所说，在过去的 60 年里，银行卡公司已经将 23 万亿美元数字化。在这一领域，我们将继续竞争，继续成功地从国内和国际网络中获取份额，稍后 Ling Hai 和 Linda 会对此进行更详细的阐述。
But as Michael said, $11 trillion is still not digitized despite the incredible success of the last 60 years. And that is about half-half in developed markets and in emerging markets, developed markets like indeed, Germany, Italy, Japan, Spain, lots there to take. Even in the U.S., there's over USD 1 trillion of cash, which absolutely we can go after.
但是，正如 Michael 所说，尽管过去 60 年取得了令人难以置信的成功，仍有 11 万亿美元尚未数字化。这在发达市场和新兴市场中大约各占一半，发达市场例如德国、意大利、日本、西班牙，都有很大的开发空间。即使在美国，也有超过 1 万亿美元的现金，这绝对是我们可以争取的。
Now since last year, we obtained the license to operate domestically in China. We have launched in May our domestic switch in China. And so China is now entirely part of our SAM. You haven't seen that 3 years ago. That's now part of the SAM and Ling Hai will talk about how we're getting into that and how we're starting to harness that opportunity.
从去年开始，我们获得了在中国境内运营的许可证。我们已于五月在中国启动了境内转接系统。因此，中国现在已完全成为我们可服务潜在市场 (SAM) 的一部分。三年前你们还没有看到这一点。现在这已成为 SAM 的一部分，Ling Hai 将会谈到我们如何进入这个市场以及如何开始抓住这个机遇。
And lastly, the shift from slow ACH to Fast ACH. And changing consumer expectations gives us a real opportunity to go after the $10 trillion of account-to-account and bill pay. On the right-hand side of the page, you see transaction numbers. And that matters because as a network and a switch, we earn revenue both on the value and on the number of transactions. And as you can see, the cash displacement here is 1.5 trillion, which is 3x what over the last 60 years we collectively have digitized. And with solutions like contactless, Tap on Phone, we absolutely can go after that. So this is kind of our addressable opportunity.
最后，是从慢速自动清算系统 (ACH) 到快速 ACH 的转变。不断变化的消费者期望为我们提供了一个真正的机会，去争取 10 万亿美元的账户间支付和账单支付市场。在页面的右侧，您可以看到交易数量。这很重要，因为作为网络和交换系统，我们的收入既来自交易价值，也来自交易数量。正如您所看到的，这里的现金替代量是 1.5 万亿，这是过去 60 年我们共同数字化的 3 倍。凭借非接触式支付、手机感应支付等解决方案，我们绝对可以抓住这个机会。所以，这大概就是我们的潜在市场机会。
Now let's kind of dive into some of the details here. I can't talk about everything in consumer payments, but I'll focus on how we capture the secular shift, how we win the hearts and the minds of our consumers. And I'll provide some pointers on how we invest in the future and extend the reach and depth of the network.
现在让我们深入探讨一些细节。我无法涵盖消费者支付的所有方面，但我将重点关注我们如何抓住长期趋势的转变，如何赢得消费者的心。我还将就我们如何投资未来以及扩展网络的覆盖范围和深度提供一些指导。
Secular shift, obviously, starts with cash displacement. And the first call to action is acceptance. You've seen in the video that kind of curve, the tipping point on the curve, that happened a couple of years ago. This is as much about new technology, contactless. Now 70% of all our in-store transactions are contactless. But Tap on Phone, QRs, SoftPOS, SmartPOS, all that lowers barrier to entry for merchants and has triggered that increase. This is just as much about a new breed of fintechs that we have enlisted in the ecosystems, players like PSPs, gateways, ISVs, payment facilitators that are often very specialized either geographically or by vertical or by sector, and that help us get into that next generation of merchants.
长期趋势的转变，显然始于现金替代。首要的行动号召是提高受理度。你们在视频中看到了那种曲线，曲线上的转折点，那发生在几年前。这与新技术密切相关，比如非接触式支付。现在我们 70% 的店内交易都是非接触式的。但是手机感应支付、二维码、软件POS、智能POS，所有这些都降低了商户的准入门槛，并引发了增长。这同样也与我们引入生态系统的新一代金融科技公司有关，例如支付服务提供商 (PSP)、网关、独立软件开发商 (ISV)、支付服务商，它们通常在地理位置、垂直领域或行业方面高度专业化，并帮助我们进入下一代商户群体。
Now we are investing in this space in a very focused way. For example, in Mexico, Colombia, sub-Saharan Africa, the acceptance per capita is lower than average, and so we look at terminalization. In certain cities in ASEAN, we're seeing ATM over POS usage is too high. And so we're looking at going after that, specifically in travel hubs. In Germany and Japan, it's about consumer education. And so we're really focusing and it's bearing fruit.
现在我们正以非常集中的方式投资于这个领域。例如，在墨西哥、哥伦比亚、撒哈拉以南非洲地区，人均受理度低于平均水平，因此我们着眼于终端普及。在东盟的某些城市，我们看到自动取款机 (ATM) 的使用率远高于销售点终端 (POS) 的使用率。因此，我们正着手解决这个问题，特别是在旅游中心。在德国和日本，重点在于消费者教育。我们正集中精力，并且已经初见成效。
That's not just about cash displacement though. We've done a lot of work with opening up closed-loop networks. And many of you probably came here by tube or subway you call that here, tapping away as you come to this. We have opened up hundreds of transit systems over the last couple of years. Just this year, we've opened up Beijing, we opened up Boston, we opened up Brasilia, and that's just cities with a B. It's lots and lots coming online. And it's not just the tube or the subway or the metros. We are on the Medellin cable car. We are on the Sydney harbor ferries. The whole train system in the Netherlands has been opened up. And every time you open up a transit system, we see a halo effect. People tap to get into the tube and they tap to get a coffee, a magazine, a taxi. That halo can be 20% uplift in spend whenever we do that. So big focus here and great outcomes.
但这不仅仅是现金替代的问题。我们在开放闭环网络方面做了大量工作。你们中许多人可能是乘坐地铁或你们这里称之为 tube 的交通工具来到这里的，一路刷卡。在过去的几年里，我们已经开放了数百个交通系统。仅今年一年，我们就开放了北京、波士顿、巴西利亚，而这仅仅是 B 字开头的城市。还有很多很多城市即将上线。这不仅仅是地铁或地下铁。我们的服务覆盖了麦德林缆车。我们的服务覆盖了悉尼港渡轮。荷兰的整个火车系统都已开放。每次我们开放一个交通系统，我们都会看到一个光环效应。人们刷卡乘坐地铁，然后刷卡买咖啡、杂志、出租车。每当我们这样做时，这种光环效应可以带来 20% 的消费提升。所以这是一个重点关注的领域，并且取得了巨大的成果。
We are competing with domestic markets. They often have some trouble keeping up with the technology innovation, and that's why we've increased our switching share. And in emerging markets, you see a myriad of domestic closed-loop wallets that are servicing consumers that are not always well served by the financial institutions. We've -- we're partnering with them both on the acceptance side, what we've done, for example, with LankaPay in Sri Lanka or Alipay in China, whereby a consumer can load the card into the wallets and suddenly pay at the tens of millions of acceptance points that they have. But we're also partnering on the issuing side to give more utility to the consumers of that wallet by giving them a Mastercard credential and suddenly opening worldwide acceptance. We think it's a great way for us to get to consumers that we otherwise have a hard time getting to with our traditional distribution partners and, therefore, leaning into that secular shift and going after the cash.
我们正在与国内市场竞争。他们通常在跟上技术创新方面有些困难，这就是我们提高转接份额的原因。在新兴市场，你会看到无数国内的闭环钱包，它们为那些金融机构服务不到位的消费者提供服务。我们正在与他们在受理方面进行合作，例如我们与斯里兰卡的 LankaPay 或中国的支付宝所做的那样，消费者可以将卡加载到钱包中，然后就可以在他们拥有的数千万个受理点进行支付。但我们也在发卡方面进行合作，通过向这些钱包的消费者提供万事达卡凭证，从而突然间开放全球受理网络，为他们提供更多实用性。我们认为，这是我们接触那些通过传统分销合作伙伴难以接触到的消费者的绝佳方式，从而顺应这一长期趋势并争取现金支付市场。
And then obviously, we cannot talk about the secular shift without talking about digital economy. Digital business models show very high growth. Digital content, for example, which is in-app purchases or gaming, super high growth and super high -- about half of it is cross-border. So high growth, high cross-border, and it's often a multiplier effect of transactions or spend. If a subscription economy -- the subscription economy displaces a single purchase with suddenly 12 purchases. And as I mentioned, transactions matter to us. Or a gig economy splices a restaurant transactions into a transaction to the restaurant app or the food delivery app, a transaction to the restaurant, and a transaction to the driver. So -- and it's not a coincidence that these digital business models drop on our rails. This is the result of years of deliberate product development and deep engagement with the industry. And we're already preparing the next type of business models that are coming, so that we are able to catch this on our rails and that we're empowering those business models, we're empowering those merchants to be successful.
显然，我们谈论长期趋势的转变时，不能不谈论数字经济。数字商业模式显示出非常高的增长。例如，数字内容，即应用内购买或游戏，增长速度超快，而且其中大约一半是跨境的。所以，高增长、高跨境，而且通常会对交易或支出产生乘数效应。如果订阅经济——订阅经济将一次性购买突然替换为 12 次购买。正如我所提到的，交易对我们很重要。或者，零工经济将一笔餐厅交易拆分为一笔给餐厅应用程序或外卖应用程序的交易，一笔给餐厅的交易，以及一笔给司机的交易。所以——这些数字商业模式落在我们的轨道上并非巧合。这是多年来刻意进行产品开发并与行业深度互动的结果。我们已经在为即将到来的下一类商业模式做准备，以便我们能够在我们的轨道上抓住这些机会，并且我们正在赋能这些商业模式，赋能这些商户取得成功。
Visa没有提及的现象。
So feeling pretty good about the secular shift overall, but let's shift gears a little bit and talk about that $10 trillion account-to-account and bill pay. You may be forgiven to think that bill pay is a tough nut for somebody like Mastercard to crack, but we think we can. We believe we need to do 3 things to crack bill pay. First, we need to make sure that we have the right economics. Throughout the world, we are adjusting our economics so that we are competitive with whatever alternative there is out there for the billers. Second, we need to make sure that the biller value proposition is right. And they are struggling with paper-based processes with collections with reconciliation. And we believe our payment guarantee, combined with tokenization, combined with authorization optimization, is solving these deep pain points of collections and of reconciliation. And then finally, we need to get the consumer on board, and we're doing some very nifty things there.
总的来说，我对长期趋势的转变感觉良好，但让我们稍微转换一下思路，谈谈那 10 万亿美元的账户间支付和账单支付。你可能会认为账单支付对于像万事达卡这样的公司来说是一块难啃的骨头，但我们认为我们能行。我们相信需要做三件事来攻克账单支付。首先，我们需要确保我们有正确的经济模式。在世界各地，我们正在调整我们的经济模式，以便与账单机构现有的任何替代方案相比都具有竞争力。其次，我们需要确保账单机构的价值主张是正确的。他们正在与纸质流程、收款和对账作斗争。我们相信，我们的支付担保，结合代币化技术和授权优化，正在解决收款和对账方面的这些深层痛点。最后，我们需要让消费者参与进来，我们正在为此做一些非常巧妙的事情。
For example, with Fitbit -- sorry, with FitBank and WhatsApp in the LAC, we are unleashing AI to bill payments. What is happening here is that a consumer through the WhatsApp app can make a picture of the bill. The AI assistant will, through image recognition, translate this into a payment instruction that the consumer can then pay with their Secure Card On File tied to their profile in a very seamless and intuitive way. Now this makes bill payments almost fun, at least a lot better than having to deal with papers and websites and e-mail addresses and passwords and what have you. FitBank is collected with 12 -- sorry, 12,000 billers in Latin America. We're launching this in December in Brazil and moving that to the rest of LAC after that. So I hope this gives you a sense that this is a space that we can go after, that we want to go after, and that we have credibility for.
例如，在拉美和加勒比地区 (LAC)，我们与 FitBank 和 WhatsApp 合作，将人工智能应用于账单支付。具体来说，消费者可以通过 WhatsApp 应用拍摄账单照片。人工智能助手将通过图像识别将照片转换为支付指令，然后消费者可以使用与其个人资料绑定的安全存档银行卡，以非常无缝和直观的方式进行支付。这使得账单支付几乎变得有趣，至少比处理纸张、网站、电子邮件地址、密码等等要好得多。FitBank 在拉丁美洲与 12 个——抱歉，是 12,000 个账单机构建立了联系。我们计划于 12 月在巴西推出这项服务，之后再推广到拉美和加勒比地区的其他国家。所以我希望这能让你们感觉到，这是一个我们可以争取、我们想要争取并且我们有能力争取的领域。
Now moving on account-to-account and APMs. Unfortunately, my notes have disappeared but it's okay. So account-to-account and APMs is a space that we're looking at, the space that's shaping that we need to kind of find our way through. The first thing I would like to say is that we remain very, very confident on the power of the card network to address the consumer and merchant needs. It is unparalleled reach. It is incredible functionality, and it has consumer protection. And we continue to invest and double down on that to make sure that, that is the best solution for consumers to pay and merchants to be paid.
现在转向账户对账户支付和替代支付方式 (APM)。不幸的是，我的笔记不见了，不过没关系。账户对账户支付和 APM 是我们正在关注的一个领域，这个领域正在形成，我们需要从中找到自己的发展道路。首先我想说的是，我们对银行卡网络满足消费者和商户需求的强大能力仍然非常非常有信心。它拥有无与伦比的覆盖范围，令人难以置信的功能，并且提供消费者保护。我们将继续投资并加倍努力，以确保这是消费者付款和商户收款的最佳解决方案。
At the same time, we believe that this presents opportunities for us to get into the flow. For example, we are partnering with APMs in multiple geographies to make sure that we bring their solution to more consumers and make it more useful. We do that, for example, with Vipps and MobilePay in the Nordics, whereby their consumers are given a Mastercard card credential for universal acceptance. Don't forget that all of these APMs are domestic only, are debit only, and that leaves the consumer hanging as soon as they want to move to other places.
与此同时，我们相信这也为我们进入这一支付流提供了机会。例如，我们正在与多个地区的替代支付方式 (APM) 合作，以确保我们将他们的解决方案带给更多消费者并使其更加实用。例如，我们与北欧的 Vipps 和 MobilePay 合作，向他们的消费者提供万事达卡凭证，以实现全球通用受理。不要忘记，所有这些 APM 都仅限于国内使用，仅限于借记卡支付，一旦消费者想去其他地方，就会遇到麻烦。
Secondly, we're also investing in infrastructure. We are powering today the RTP systems of 12 countries, running 45 billion transactions on our network. Now this allows us in these countries to engage with governments, to learn what the governments' motivations and intentions are, to service those governments, but also to learn how this business evolves. One of these learnings, for example, is that as ACH -- Fast ACH grows, so does fast fraud. And we're seeing a very rapidly rising authorized push payment fraud throughout the world on the back of social engineering and scammers. And that becomes a monumental challenge for account-to-account as that scales in these markets.
其次，我们也在投资基础设施。如今，我们为 12 个国家的实时支付 (RTP) 系统提供支持，我们的网络处理着 450 亿笔交易。这使我们能够在这些国家与政府互动，了解政府的动机和意图，为这些政府提供服务，同时也了解该业务如何发展。例如，我们学到的一点是，随着自动清算系统 (ACH)——快速 ACH 的增长，快速欺诈也在增长。我们看到，由于社交工程和诈骗者的存在，全球范围内授权推送支付欺诈正在迅速增加。随着账户对账户支付在这些市场的规模扩大，这将成为一个巨大的挑战。
Then, hence, an opportunity for our services. We have already deployed Scam Protect. We continue to invest in that and to be able to deploy this elsewhere. So while the space is shaping, we are putting our chips in all of these 3 areas in order to position ourselves to capture both carded and non-carded flows in that space.
因此，这对我们的服务来说是一个机会。我们已经部署了 Scam Protect（反诈骗保护）。我们将继续在这方面进行投资，并能够在其他地方部署该服务。因此，尽管这个领域仍在形成之中，但我们正在所有这三个领域进行布局，以便我们能够抓住该领域内有卡和无卡的支付流。
Now I talked a lot about the secular shifts, but you cannot talk about consumer payments without talking about the consumer. We're now -- everybody here and every consumer we have is now a digital consumer. And they expect their financial lives to be literally at their fingertips. This is why, from a functionality perspective, we have co-created with some of the world's most sophisticated digital banks, like a Nubank, like a Monzo, like a KakaoBank, our digital-first product suite. What this does is it allows the consumer to engage with the banks throughout the life cycle of their payments journey from application to a card, all the way to digital receipts and disputes. And that leads to higher engagement, that leads to higher spend, and that leads to lower fraud for these consumers. We've now deployed this with 450 issuers in the world and counting.
现在，我谈了很多关于长期趋势的转变，但是谈论消费者支付就不能不谈论消费者。我们现在——在座的每个人以及我们的每一位消费者现在都是数字消费者。他们期望自己的金融生活能够真正触手可及。这就是为什么从功能角度来看，我们与一些世界上最先进的数字银行，如 Nubank、Monzo、KakaoBank，共同创建了我们的数字优先产品套件。这样做可以让消费者在从申请银行卡到数字收据和争议处理的整个支付旅程生命周期中与银行互动。这会带来更高的参与度、更高的支出，并为这些消费者降低欺诈风险。我们现在已在全球 450 家发卡机构部署了该产品套件，而且数量还在不断增加。
But winning the minds of the consumer is not enough. We need to win the hearts. And our consumers, especially our affluent consumers, who spend, by the way, twice as much as the average and who travel or spend cross-border 3x as much as the average, especially those affluent consumers, care about experiences, not just things. They care about making memories. And that is why, in Q1, we will be launching the Mastercard Collection.
但是，赢得消费者的认同是不够的。我们需要赢得他们的心。我们的消费者，尤其是我们的富裕消费者——顺便说一句，他们的支出是平均水平的两倍，他们的旅行或跨境支出是平均水平的三倍——尤其是这些富裕消费者，他们更在乎体验，而不仅仅是物品。他们在乎创造回忆。这就是为什么我们将在第一季度推出万事达卡臻选系列 (Mastercard Collection)。
Dramatic pause. This is about offering consumers a priority access to the things that they really care about, like booking a table at a coveted restaurant for that special occasion or like taking your daughter to her favorite performer at a concert with Live Nation or like breezing through airport security ahead of anybody else because you're always in a hurry. We're very proud to be launching this in Q1 globally with some incredible initial parties like Live Nation, like Netflix, like TheFork, like Michelin Restaurants, and we'll be building upon that as we go forward.
戏剧性的停顿。这是为了让消费者优先获得他们真正关心的东西，比如在热门餐厅为特殊场合预订一张桌子，或者通过 Live Nation 带女儿去看她最喜欢的表演者的演唱会，或者因为你总是很匆忙而比任何人都更快地通过机场安检。我们非常自豪能够在第一季度与 Live Nation、Netflix、TheFork、米其林餐厅等一些令人难以置信的初始合作伙伴在全球范围内推出这项服务，并且我们将在此基础上继续发展。
So we truly believe that with the functionality, with that value proposition, and with our worldwide acceptance that not everybody else has, this is a product that consumers will want to carry.
因此，我们坚信，凭借这些功能、这一价值主张以及我们并非所有其他公司都拥有的全球受理网络，这是一款消费者会愿意携带的产品。
Now all this only matters if you make the payment experience work exceptionally well all of the time. And that is why the boring stuff matters too. We are spending a lot of time making sure that we're securing the transaction with tokenization, with authentication. Tokenization now, for example, powers 30% of all our transactions. That means there's still ways to go. We're doing a lot in order to streamline the checkout with Click to Pay and Secure Card On File. We're converting Maestro to Mastercard.
现在，所有这一切只有在你让支付体验始终如一地出色运行时才有意义。这就是为什么那些看似枯燥的事情也很重要。我们花费大量时间确保通过代币化和身份验证来保障交易安全。例如，代币化现在为我们所有交易的 30% 提供支持。这意味着仍有提升空间。我们正在做很多工作，以便通过“一键支付”和安全存档银行卡来简化结账流程。我们正在将 Maestro 转换为万事达卡。
So consumers have more functionality, and we're seeing spend increases in a very significant way. And at the same time, we are continuing to optimize our business. We continue to make the network work harder. We're increasing, for example, our switching ratio. I think Michael mentioned that. But over the last 5 years, we have increased our switching ratio, which is the ratio -- which is the number of switched transactions over total Mastercard-branded transactions, by 12 percentage points, and we're now at about 70%. And we continue working on that because every switched transactions allows Craig to deliver services on that transaction.
因此，消费者拥有了更多功能，我们看到支出以非常显著的方式增长。与此同时，我们正在继续优化我们的业务。我们继续让网络更努力地工作。例如，我们正在提高我们的转接比率。我想 Michael 提到过这一点。在过去的 5 年里，我们将转接比率——即转接交易数量占万事达卡品牌总交易数量的比例——提高了 12 个百分点，现在约为 70%。我们将继续努力，因为每一笔转接交易都允许 Craig 在该交易上提供服务。
We're increasing approval rates because every declined transaction is a disappointed consumer and a frustrated merchant. And we are unleashing our services and our data intelligence in order to do that, and we're lifting spend and activation rates on our existing installed base. We don't need to win another deal to get more of that revenue. So that drives real revenue and makes our network work harder.
我们正在提高批准率，因为每一笔被拒绝的交易都意味着一个失望的消费者和一个沮丧的商家。我们正在利用我们的服务和数据智能来实现这一目标，并且我们正在提高现有安装基础的支出和激活率。我们不需要赢得另一笔交易来获得更多收入。因此，这推动了实际收入的增长，并使我们的网络更加努力地工作。
But while we do this, we also need to look at ways to future-proof the network and branch into other areas. One such brand -- one such branch is tokenization, which we truly believe is another network lever. 10 years ago, we launched tokenization as a way to move and store credentials into billions of devices in a secure way. It took us 3 years to get to 1 billion transactions. Now we do 1 billion transactions every week. And the deep insight here is that as a trusted network, we are uniquely placed to connect thousands of market participants out there that don't know each other, and propose standards on how sensitive data is securely stored and shared with third parties, and implement this as a service. That is what we have done with credentials and tokenization. That is what we're now doing with passkeys on identity. That's now a proven technology, and we're deploying with a vengeance.
但是，在做这些的同时，我们还需要寻找方法来确保网络的未来发展，并拓展到其他领域。其中一个分支就是代币化，我们坚信这是另一个网络杠杆。10 年前，我们推出了代币化技术，作为一种将凭证安全地转移和存储到数十亿台设备中的方法。我们花了 3 年时间才达到 10 亿笔交易。现在我们每周处理 10 亿笔交易。这里的深刻见解是，作为一个值得信赖的网络，我们拥有独特的优势，能够连接成千上万互不相识的市场参与者，并就如何安全地存储敏感数据并与第三方共享提出标准，并将其作为一项服务来实施。这就是我们通过凭证和代币化所做的事情。这就是我们现在通过身份验证密钥在身份识别方面所做的事情。这现在是一项成熟的技术，我们正在大力推广。
But that's not where it ends. As digital assets become mainstream, we similarly provide a network to tokenize assets and exchange them between counterparties. And ultimately, we're aiming to tokenize data through consent tokens, allowing consumers to take control on who gets to see and who gets to benefit from their data. My point is tokenization is like -- is another network effect, and it's one that, like our core switching, can drive new business models. And we're at the very early innings of what we believe is a very long journey.
但这并非终点。随着数字资产成为主流，我们同样提供一个网络来对资产进行代币化并在交易对手之间进行交换。最终，我们的目标是通过同意代币对数据进行代币化，允许消费者控制谁可以看到他们的数据以及谁可以从他们的数据中受益。我的观点是，代币化就像是另一种网络效应，它和我们的核心转接业务一样，可以推动新的商业模式。我们相信这是一段漫长的旅程，而我们目前尚处于起步阶段。
Sorry, I got carried away. I still have a minute. Now we're also modernizing our card switch. We're living in a more and more complex world, and fortune favors the most adaptable. Now let's not forget, right, despite some of the regulatory challenges that we have to face, we have increased our switching ratio by 12 percentage points over the last 5 years. We have obtained the license in China. So there's trends and there's countertrends, and we feel pretty good about that countertrend. At the same time, we are very convinced we need a superior tech stack in order to face the challenges of the future, which is why we have launched this year in South Africa our modernized card switch, which is -- offers real-time clearing, which offers rapid settlement and immediate payout, but with -- very importantly, which is also deployable anywhere at full flexibility. To win, we need to be able to offer the best that's out there and bet on ourselves.
抱歉，我有些激动了。我还有一分钟时间。现在我们也在对我们的银行卡转接系统进行现代化改造。我们生活在一个日益复杂的世界，机会总是青睐那些适应能力最强的人。现在我们不要忘记，尽管我们面临一些监管方面的挑战，但在过去五年中，我们的转接比率提高了 12 个百分点。我们已经获得了在中国的许可证。所以，既有趋势，也有反趋势，我们对这种反趋势感觉良好。与此同时，我们坚信我们需要一个卓越的技术堆栈来应对未来的挑战，这就是为什么我们今年在南非推出了我们现代化的银行卡转接系统，它提供实时清算、快速结算和即时支付，但非常重要的是，它还可以在任何地方灵活部署。要想获胜，我们需要能够提供市面上最好的东西，并相信自己。
Now we don't know what new business models will emerge in the future. But these are just some of the examples on how we get ready to enable these new businesses, stay ahead, extend the network and let these flows drop on rails. So with that, I would just leave with you that we are laser-focused on capturing and extending the secular shift and unlock the volume and transaction growth for us.
现在我们不知道未来会出现什么新的商业模式。但这些只是我们如何准备好赋能这些新业务、保持领先、扩展网络并让这些资金流通过我们的渠道的一些例子。因此，我想告诉大家的是，我们专注于抓住并扩展长期趋势的转变，为我们释放交易量和交易增长。
We will win the hearts and the minds of the consumer with rich functionality, ubiquitous acceptance and exciting value propositions. And we are leaning into market transformation and are poised for growth in these ever more complex markets. And so with that, I will hand over to Raj to talk about commercial and new payment flows. Thank you.
我们将凭借丰富的功能、无处不在的受理网络和激动人心的价值主张赢得消费者的心。我们正在积极适应市场转型，并准备在这些日益复杂的市场中实现增长。那么，接下来我将把时间交给 Raj，让他谈谈商业和新的支付流。谢谢。
[Presentation]
[演示文稿]
P. Seshadri Chief Commercial Payments Officer
Good morning. I'm delighted to be here with you this morning and to talk about commercial and new payment flows. Commercial and new payment flows represent a significant opportunity for Mastercard. This includes commercial as well as disbursements and remittances.
P. Seshadri 首席商业支付官
早上好。我很高兴今天早上能和大家一起探讨商业和新的支付流。商业和新的支付流对万事达卡来说意味着巨大的机遇。这包括商业支付以及付款和汇款。
So let's start with commercial. These are payments made by a business to another business. These businesses can be small or medium enterprises, SMEs for short, or they can be large corporations. And there are 2 types of payments here. The first is point-of-sale purchases. This is when you tap your card, your T&E card, your purchasing card, your fleet card, your SME card. This is when you tap your commercial card at the point of sale. And the point of sale can be physical or it can be digital. And I think, to consumer, the benefits come from global acceptance, ease of use, trust, security. But in addition to that, there are other features. For example, expense management.
那么，让我们从商业支付开始。这些是一家企业向另一家企业进行的支付。这些企业可以是中小型企业（简称 SME），也可以是大型公司。这里有两种类型的支付。第一种是销售点采购。这是指您在销售点刷卡的时候，例如您的差旅和娱乐 (T&E) 卡、采购卡、车队卡、中小企业卡。也就是您在销售点刷商业卡的时候。销售点可以是实体的，也可以是数字的。我认为，对消费者而言，其好处来自于全球受理、易用性、信任和安全。但除此之外，还有其他功能。例如，费用管理。
And then we have invoice payments. These are payments between a buyer and a supplier. So buyer places an order, the supplier delivers goods or services, delivers an invoice, and then the buyer pays the invoice. So these are known counterparties. They're often contractually bound, and there's an opportunity here to track, to reconcile and to optimize.
然后是发票支付。这些是买方和供应商之间的付款。买方下订单，供应商交付商品或服务，开具发票，然后买方支付发票。所以这些是已知的交易方。他们通常受合同约束，这里有机会进行跟踪、对账和优化。
The disbursements and remittances, these are money transfers from a business, a government or a person to another person. The sender and the receiver can be in the same country or they can be in different countries. The transfer can be in one currency or it can cut across currencies. We do this with Mastercard Move, which includes Mastercard Send, that travels on our card rails. And then today, we have rails that go beyond cards. This comes from our acquisition of Transfast and HomeSend. The opportunity here is to track the money in its journey, know exactly where it is, provide certainty on when it might arrive at its destination, and then reduce the cost of the journey entirely.
付款和汇款，这些是从企业、政府或个人向另一个人进行的资金转移。付款人和收款人可以在同一个国家，也可以在不同的国家。转账可以是一种货币，也可以跨越多种货币。我们通过 Mastercard Move 来实现这一点，其中包括通过我们银行卡渠道运行的 Mastercard Send。如今，我们拥有超越银行卡的支付渠道。这得益于我们对 Transfast 和 HomeSend 的收购。这里的机会在于跟踪资金的流向，确切了解资金的位置，确定资金何时到达目的地，并最终降低整个过程的成本。
Now across this area, there are 5 points to highlight. One, the total market is growing, which is great. It's always good to be in a growing market. Two, the serviceable market is now $100 trillion. And the serviceable market is growing faster than the total market. Why is that? Because we're creatively deploying our products and services, things like virtual cards, and we're also building and buying new capabilities, so we can go after more of the total market. Three, our market share is growing. From what we see externally, it's growing faster than our competitors, and it's growing faster than the market. Four, our market share, while it's growing fast, it's still only about 2% of the serviceable market. So we're nowhere near saturation. There's lots of runway ahead. And then finally, five, the economics are attractive. They're attractive for Mastercard, and they're attractive for our customers. This is because, for example, commercial has a higher mix of cross-border or there's tons of opportunities to add services across all of these flows. So very excited about this.
现在，在这一领域，有 5 点需要强调。第一，整体市场正在增长，这非常好。身处一个增长的市场总是好的。第二，可服务市场规模现已达到 100 万亿美元。而且可服务市场的增长速度快于整体市场。为什么呢？因为我们正在创造性地部署我们的产品和服务，例如虚拟卡，并且我们还在构建和购买新的能力，以便我们可以争取更大的整体市场份额。第三，我们的市场份额正在增长。从外部来看，它的增长速度快于我们的竞争对手，也快于市场。第四，我们的市场份额虽然增长迅速，但仍仅占可服务市场的 2% 左右。所以我们远未达到饱和状态。未来还有很大的发展空间。最后，第五，经济效益具有吸引力。它们对万事达卡有吸引力，对我们的客户也有吸引力。这是因为，例如，商业支付中跨境交易的占比较高，或者在所有这些支付流中都有大量增加服务的机会。所以对此我感到非常兴奋。
So let's start with commercial. This is an $80 trillion serviceable market, and it follows the same growth algorithm that you know so well: spend growth, secular shift, share growth and services. Now here, there's an enormous secular shift. There's $77 trillion. That is 95% of the opportunity. There's $3 trillion in cards, and then we have a growing suite of services for security, for controls, for loyalty, for insights to drive competitive differentiation and to increase yields.
那么，让我们从商业支付开始。这是一个 80 万亿美元的可服务市场，它遵循着你们非常熟悉的相同增长算法：支出增长、长期趋势转变、份额增长和服务。现在，这里存在着巨大的长期趋势转变。有 77 万亿美元。这占了机遇的 95%。有 3 万亿美元是通过银行卡进行的，然后我们拥有一套不断增长的服务，用于安全、控制、忠诚度和洞察，以推动竞争差异化并提高收益。
Now let's look at each of those 2 types of transactions I mentioned earlier. Let's start with point-of-sale purchases. This is a $17 trillion market. There's $16 trillion in cash and check to unlock, and cards are perfectly suited for this. We know how to drive this unlock. We are already successfully driving it today.
现在让我们看看我之前提到的那两种交易类型。让我们从销售点采购开始。这是一个 17 万亿美元的市场。有 16 万亿美元的现金和支票有待开发，而银行卡非常适合这种情况。我们知道如何推动这种开发。我们今天已经在成功地推动它了。
Invoice payments. This is a $63 trillion market. There's about $2 trillion that's carded. There's $61 trillion more to go. Our ability to unlock these payments is growing for 3 reasons. First, there's a trend in corporates. There's a generational shift in the employees. They want consumer-like ease. They want digital workflows. The corporates themselves want efficiencies. They want streamlined processes. And now it's increasingly possible with advances in technology. Automation via enterprise platforms is moving very fast. But until recently, it stopped short of payments. That's the opportunity for Mastercard.
发票支付。这是一个 63 万亿美元的市场。其中约有 2 万亿美元是通过银行卡支付的。还有 61 万亿美元有待开发。我们开发这些支付的能力正在增长，原因有三。首先，企业界出现了一种趋势。员工队伍出现了代际转变。他们想要类似消费者的便捷体验。他们想要数字化的工作流程。企业自身也希望提高效率。他们希望简化流程。现在，随着技术的进步，这越来越成为可能。通过企业平台实现的自动化发展非常迅速。但直到最近，它还没有涉及到支付领域。这就是万事达卡的机会所在。
The second reason related to this is that at Mastercard, we have a VCN engine, a virtual card engine, that is industry-leading and competitively differentiated. We continue to enhance it, adding features and functionality. We're making it easier to access. We want the access to be ubiquitous. So for example, we're embedding it in the enterprise platforms.
与此相关的第二个原因是，万事达卡拥有一个行业领先且具有竞争差异化的虚拟卡号 (VCN) 引擎。我们不断对其进行增强，增加特性和功能。我们正在使其更易于访问。我们希望实现无处不在的访问。因此，例如，我们正在将其嵌入到企业平台中。
And the third reason is that we have an increasingly deeper knowledge of these fragmented commercial ecosystems. We're prioritizing attractive slices. We're going after verticals that are ready to change. We're addressing industry-specific idiosyncrasies. We're solving for all stakeholders, meeting the consumer, the user where they are. We're providing flexible interchange so that the buyer, sellers, the 2 sides of the market, can find a price that is right for a particular transaction.
第三个原因是，我们对这些分散的商业生态系统有了越来越深入的了解。我们正在优先考虑有吸引力的细分市场。我们正在争取那些准备好变革的垂直行业。我们正在解决行业特有的问题。我们正在为所有利益相关者解决问题，在消费者和用户所在的地方满足他们的需求。我们提供灵活的交换费率，以便买方、卖方，即市场的双方，能够为特定交易找到合适的价格。
Now we have a strong track record for growth here. Mastercard's share of the carded market is about 1/3 today, but we're growing very fast. We have added over 4 percentage points of market share since 2019 in this market. And we're growing it simply by growing our slice of the pie, by winning versus competitors, and then growing the overall pie to our advantage.
现在我们在这里拥有强劲的增长记录。如今，万事达卡在有卡市场的份额约为三分之一，但我们增长非常迅速。自 2019 年以来，我们在这个市场增加了超过 4 个百分点的市场份额。我们的增长方式很简单，就是通过扩大我们自己的市场份额，通过赢得与竞争对手的竞争，然后扩大整个市场的规模，从而使我们受益。
Now how are we targeting point-of-sale payments? Exactly as you've seen us do all along. We continue to innovate and scale our successes in T&E, in fleet, in purchasing, in SME, across debit, credit and prepaid, across businesses of all sizes. Our success is driven by 3 factors. First, we're delivering differentiated value propositions.
那么，我们是如何针对销售点支付的呢？正如你们一直以来所看到的那样。我们继续在差旅和娱乐 (T&E)、车队、采购、中小企业 (SME) 等领域，在借记卡、信用卡和预付卡方面，以及在各种规模的企业中，创新并扩大我们的成功。我们的成功取决于三个因素。首先，我们提供差异化的价值主张。
Take SME, for example. We now have cards for entrepreneurs. We have charge cards, which is a pathway to credit for an SME. We've developed mobile VCNs for all businesses of all sizes. This is to provision a virtual card into an employee's digital wallet. There's a demo upstairs I encourage you to take a look at. So you can use it, for example, to mop up petty cash. We're using services to differentiate these commercial payments.
以中小企业为例。我们现在为企业家提供银行卡。我们提供签账卡，这是中小企业获得信贷的一种途径。我们为各种规模的企业开发了移动虚拟卡号 (VCN)。这是为了将虚拟卡配置到员工的数字钱包中。楼上有一个演示，我鼓励大家去看一看。所以你可以用它来处理零用现金等。我们正在利用服务来区分这些商业支付。
Let me use SME loyalty as an example. These are merchant discounts that are available to an SME that are automatically applied via the network. In Brazil, we have Surpreenda Empresas. Here, users have 120% lift in spend. In the U.S., in the Easy Savings program, users use the card 4.5x more often, and they spend almost 3x as much money. We've developed business payment controls to set limits on spend, geography, merchants, time windows.
让我以中小企业忠诚度计划为例。这些是提供给中小企业的商户折扣，通过网络自动应用。在巴西，我们有 Surpreenda Empresas 计划。在这里，用户的支出增加了 120%。在美国的 Easy Savings 计划中，用户使用该卡的频率高出 4.5 倍，支出金额几乎是原来的 3 倍。我们开发了业务支付控制功能，可以设置支出、地理位置、商户和时间窗口的限制。
So take an SME owner. Her credit card is tied to her personal credit. Her debit card is tied to her bank account. So it's risky for her to give that card in any form to her employees. But now she can use mobile VCNs to put the card into the employees' digital wallet and then use business payment controls to set limits tied to a specific purpose.
以一位中小企业主为例。她的信用卡与她的个人信用挂钩。她的借记卡与她的银行账户挂钩。因此，以任何形式将该卡交给她的员工都是有风险的。但现在她可以使用移动虚拟卡号 (VCN) 将卡放入员工的数字钱包，然后使用业务支付控制功能来设置与特定用途相关的限制。
Expense reimbursements. This is a very costly process. At one company, we discovered that a reimbursement transaction costs $50. And then if there's a rejection and you resubmit your expense report, that's another $6. So one rejection, it's $56. Two, it goes up to $62. So knowing this, we integrated into expense management platforms. And today, we cover 2/3 of the global market. SMEs also don't have the resources of a large company. So we provide AI virtual assistance, provide platforms to digitize their operations, and there's a demo of this upstairs.
费用报销。这是一个成本非常高的流程。在一家公司，我们发现一笔报销交易的成本是 50 美元。如果被拒绝，您重新提交费用报告，又需要额外花费 6 美元。所以一次拒绝就是 56 美元。两次拒绝，就上升到 62 美元。了解到这一点后，我们将其整合到费用管理平台中。如今，我们覆盖了全球三分之二的市场。中小企业也没有大公司的资源。因此，我们提供人工智能虚拟助手，提供平台帮助他们实现运营数字化，楼上还有相关的演示。
We're also expanding distribution. We're growing our traditional sales forces that partner so well with our banks. We're adding new geographies. So take SME as an example. In China alone, we've already launched 8 programs for SMEs. All these geographies that we enter represent a secular shift. We've also built new sales forces. We have a sales force now that targets corporate buyers, like CFOs, treasurers, chief procurement officers. We're also targeting innovative fintechs.
我们也在扩大分销渠道。我们正在发展与银行合作良好的传统销售队伍。我们正在开拓新的地区。以中小企业为例。仅在中国，我们就已经为中小企业推出了 8 个项目。我们进入的所有这些地区都代表着一种长期趋势的转变。我们还建立了新的销售队伍。我们现在拥有一支针对企业采购方（如首席财务官、财务主管、首席采购官）的销售队伍。我们也在瞄准创新的金融科技公司。
Now globally, there are many SMEs that are outside the financial ecosystem. We're using digital and virtual cards to replace cash. This drives financial inclusion and it drives a secular shift. And of course, we're building acceptance. All of our point-of-sale efforts span both consumer and commercial. And take SME acceptance. We're driving this very hard. I'll give you a couple of examples. We're helping an SME make every device an acceptance device. We're bundling acceptance and issuance for smaller SMEs, so they can start accepting cards all the way upfront.
目前，全球有许多中小企业游离于金融生态系统之外。我们正在使用数字卡和虚拟卡来取代现金。这推动了普惠金融，也推动了长期趋势的转变。当然，我们也在建设受理环境。我们所有的销售点努力都涵盖了消费者和商业领域。以中小企业受理为例，我们正在大力推动。我举几个例子。我们正在帮助中小企业将每台设备都变成受理设备。我们正在为小型中小企业捆绑受理和发卡业务，这样他们从一开始就可以接受银行卡支付。
And with all of this, we are winning. We are winning flips. Wells Fargo is an example. We're winning renewals with expansions. For example, with FAB, we're going to be entering the Kingdom of Saudi Arabia. We're winning with corporates. 7-Eleven now uses our T&E purchasing and virtual cards. You'll hear a lot about this from Linda and Ling Hai in a little bit.
凭借所有这些努力，我们正在取得成功。我们正在赢得客户的转换。富国银行就是一个例子。我们正在通过业务拓展赢得续约。例如，通过与 FAB 合作，我们将进入沙特阿拉伯王国。我们正在赢得企业客户。7-Eleven 现在使用我们的差旅和费用采购卡以及虚拟卡。稍后您会从 Linda 和 Ling Hai 那里听到更多相关信息。
So invoice payments. We're systematically unlocking B2B transactions, and it starts with ecosystem enablement. We're looking at account payables files, analyzing them, identify suppliers that accept cards, so that everyone can use a card there, identify suppliers who don't accept cards and work with them on acceptance.
发票支付。我们正在系统地解锁 B2B 交易，这始于生态系统的赋能。我们正在查看应付账款文件，进行分析，识别接受银行卡的供应商，以便每个人都可以在那里使用银行卡，识别不接受银行卡的供应商，并与他们合作以实现受理。
Straight-through processing. We're using virtual cards to eliminate manual entries, card controls to capture preferences, limits, categories, and then automatically manage the terms of acceptance.
直通式处理。我们正在使用虚拟卡来消除人工录入，利用卡片控制来捕获偏好、限额、类别，然后自动管理受理条款。
Flexible interchange, so that buyers and suppliers can meet at the right price for a transaction. Today, we have this globally for travel. And we're introducing a new program, it's a broader program that will be available in Q2 of 2025 in 79 countries. We're making the network fit for purpose. So for example, we're refining our franchise rules for large transactions, for data enhancements. We're looking at our chargeback and dispute rules to reflect counterparty terms, to reflect industry norms. We're using real-time intelligence to flag acceptance drop-offs so that we can quickly address it. We're also working with buyers and suppliers on either side of this ecosystem, educating them on the value of cards and the value of virtual cards, driving efficiency and accuracy in accounts payable and in accounts receivable, both the process as well as reconciliation.
灵活的交换费，以便买方和供应商能够以合适的交易价格达成一致。如今，我们在全球范围内的差旅业务中已经实现了这一点。我们正在推出一个新项目，这是一个更广泛的项目，将于 2025 年第二季度在 79 个国家/地区推出。我们正在使网络更符合目标。例如，我们正在针对大额交易和数据增强完善我们的特许经营规则。我们正在审视我们的退单和争议规则，以反映交易对手的条款和行业规范。我们正在使用实时智能来标记受理率下降的情况，以便我们能够迅速解决。我们还与这个生态系统两端的买方和供应商合作，向他们宣传银行卡和虚拟卡的价值，提高应付账款和应收账款流程及对账的效率和准确性。
With buyers, we focus on getting the card and the virtual card in the hands of all users for all use cases. We're also using card to account, where the buyer wants to pay by card but the supplier wants to accept a bank deposit. With suppliers, we're also working with them in many ways. Let me give you an example. We have a program for acquirers to help them innovate and scale B2B acceptance. We have about 30 global acquirers participating in this program today.
对于买家，我们专注于让所有用户在所有使用场景中都能使用实体卡和虚拟卡。我们还在使用卡到账户的支付方式，即买家希望通过卡支付，但供应商希望接受银行存款。对于供应商，我们也通过多种方式与他们合作。我举个例子。我们有一个针对收单机构的项目，帮助他们创新和扩大 B2B 受理规模。目前约有 30 家全球收单机构参与该项目。
Now Mastercard is a corporate, which is great because it helps us monitor progress. Today, there are 2x more suppliers accepting cards versus in 2019 because there's real economic value in it. It lowers the overall costs, it reduces errors, and it gives you a lot more financial flexibility.
万事达卡本身也是一家企业，这很好，因为它有助于我们监控进展。如今，接受银行卡的供应商数量是 2019 年的两倍，因为其中蕴含着真正的经济价值。它降低了总体成本，减少了错误，并为您提供了更大的财务灵活性。
Now we're extending our success in travel. We're looking at industry verticals. We've successfully unlocked travel. We use cards, virtual cards, flexible economics, enhanced data and various features specific to travel. And today, we have a significant share of the card to travel market.
现在，我们正在将我们在旅游业的成功经验扩展到其他行业。我们正在关注垂直行业。我们已经成功打开了旅游市场。我们使用银行卡、虚拟卡、灵活的经济模型、增强的数据以及各种针对旅游业的特定功能。如今，我们在银行卡旅游市场占有重要份额。
Now we focused on unlocking other attractive industry verticals, verticals that have high spend, ideally cross-border, verticals that have a lot of cash and check to digitize and verticals that have points of aggregation to drive scale. Let me give you a couple of examples. Take trade and logistics.
现在，我们专注于开拓其他具有吸引力的垂直行业，这些行业通常支出较高，最好是跨境业务，有大量现金和支票需要数字化，并且拥有聚合点以推动规模化。我举几个例子。以贸易和物流为例。
I'll give you the example of Dubai Ports World. We use SME cards. We give cards to SMEs so that they can pay for their port services. This converts cash. It also provides access to working capital. Another example in health care is the Medical Tourism Association. This helps the consumer pay for medical services that they access abroad. So you have one transaction, but you have multiple payments. You have a P2M payment that the consumer makes and then a multiple set of cross-border B2B payments to the hospitals, the doctors and the clinics.
我以迪拜环球港务集团为例。我们使用中小企业卡。我们向中小企业发卡，以便他们支付港口服务费用。这将现金转换为电子支付，同时也提供了营运资金的渠道。医疗保健领域的另一个例子是医疗旅游协会。这帮助消费者支付他们在国外获得的医疗服务。所以你只有一笔交易，但却有多笔付款。消费者进行一次 P2M（个人对商户）支付，然后会有一系列跨境 B2B 支付给医院、医生和诊所。
In all these verticals, we're driving a secular shift. We're creating value from lower-cost digital workflows, better access to and utilization of working capital, error-free data-driven reconciliation. And we're driving SME financial inclusion, which displaces cash.
在所有这些垂直领域，我们都在推动一种长期趋势的转变。我们通过成本更低的数字化工作流程、更好地获取和利用营运资金、无差错的数据驱动对账来创造价值。我们还在推动中小企业的普惠金融，从而取代现金。
Embedded payments. We're also embedding payments into widely used platforms. Invoice payments link procure to pay at a buyer to order to cash at a supplier. The buyers source suppliers, place orders, receive goods, then they have to match the purchase order to the bill of goods, to the suppliers invoice and then they trigger the payment. The suppliers sell to the buyers, they receive orders, then they have to assess the buyer's credit because they're going to be exposed. They ship the goods, they invoice the buyer and eventually, they get paid. And at that point, they need to reconcile that payment to the original sale.
嵌入式支付。我们还将支付嵌入到广泛使用的平台中。发票支付将买方的采购到付款流程与供应商的订单到收款流程连接起来。买方寻找供应商，下订单，接收货物，然后他们必须将采购订单与货物清单、供应商发票进行匹配，然后触发付款。供应商向买方销售产品，接收订单，然后他们必须评估买方的信用，因为他们将面临风险。他们运送货物，向买方开具发票，最终收到付款。此时，他们需要将该付款与原始销售进行核对。
These workflows cut across multiple departments at the buyer and at the supplier. And historically, they've been very complex and often very manual. So we're working with ERPs and procurement platforms. Efforts are already in flight to digitize and streamline these workflows. The opportunity for us is to embed payments. So we use our competitively differentiated industry-leading VCN engine so buyers can generate a virtual card within the platform. The virtual card is embedded in all the approval workflows. It is safer. For example, you can assign limits to the virtual card. It's more flexible. So a buyer, for example, can prefund a supplier. It releases working capital for buyers and suppliers. And of course, you get easier reconciliation because you have richer data. We're already live with the leaders, and we're seeing green shoots. There's substantial interest from corporates and issuers alike, and there's a potential to unlock enormous volumes for cards. We're very excited about the secular shift in the many years ahead.
这些工作流程贯穿买方和供应商的多个部门。从历史上看，它们一直非常复杂，而且往往是手动的。因此，我们正在与 ERP 和采购平台合作。目前已经开始努力实现这些工作流程的数字化和简化。我们的机会在于嵌入支付。因此，我们使用具有竞争优势且行业领先的 VCN（虚拟卡号）引擎，以便买方可以在平台内生成虚拟卡。虚拟卡嵌入到所有审批工作流程中。它更安全。例如，您可以为虚拟卡设置限额。它更灵活。因此，买方可以预付资金给供应商。它为买方和供应商释放了营运资金。当然，由于数据更丰富，对账也更容易。我们已经与行业领导者合作并初见成效。企业和发卡机构都对此表现出浓厚的兴趣，并且有潜力为银行卡释放巨大的交易量。我们对未来多年的长期趋势转变感到非常兴奋。
Now let's talk about disbursements and remittances. This is the market Mastercard Move targets, which is about $20 trillion in size. We're growing fast, but we only have a 2% share. There are many, many use cases to go after with attractive accretive yields for Mastercard. So in this business, we move money from a sender who can be a business or a government or a consumer to a receiving consumer. And the opportunity is exciting in 2 particular ways.
现在我们来谈谈付款和汇款业务。这是万事达卡 Move 业务的目标市场，规模约为 20 万亿美元。我们增长迅速，但市场份额仅为 2%。有许多许多用例值得我们去追求，它们能为万事达卡带来可观的增值收益。在这项业务中，我们将资金从付款方（可以是企业、政府或消费者）转移到收款消费者。这个机会在两个特定方面尤其令人兴奋。
The first is the bottom row. This is 3/4 of the flows. These are flows that originate from a business or a government. So they're easier to target. So examples here are when you pay wages to a host or a driver or in gaming, when you pay in for a game or you take your winnings out. The other thing that's exciting is the right column. It's cross-border. It's more profitable. So this is examples here are support that you might send a parent or a child living in another country or wages for coders or content developers that are working from anywhere. We have remarkable scale in this business that continues to grow. We reach about 95 of banked consumers globally in real time or near real time. We have 10 billion endpoints. These are wallets, accounts, cards and also cash out locations for underbanked consumers.
首先是底行。这占了资金流的四分之三。这些资金流源于企业或政府，因此更容易定位。例如，向房东或司机支付工资，或者在游戏领域，为游戏充值或提取奖金。另一个令人兴奋的是右边栏。这是跨境业务，利润更高。这里的例子包括您可能寄给居住在另一个国家的父母或子女的生活费，或者支付给在任何地方工作的程序员或内容开发人员的工资。我们在这项业务中拥有显著的规模，并且持续增长。我们能够实时或近乎实时地触达全球约 95% 的银行账户消费者。我们拥有 100 亿个端点，包括钱包、账户、银行卡以及为银行服务不足的消费者提供的现金提取点。
And we're driving our capabilities forward. We're differentiating our propositions. We're enhancing digital journeys. There's a great contactless transfer demo upstairs you should look at. We're simplifying cross-border experiences. There's an alias-based remittance demo upstairs you should look at. We're adding security. We're adding insights. We're also creating use case-specific features. So take payroll as an example. We have tools to calculate wages, view activities, access tax statements.
我们正在推动自身能力的提升。我们正在差异化我们的产品主张。我们正在增强数字化体验。楼上有一个很棒的非接触式转账演示，您应该去看看。我们正在简化跨境体验。楼上有一个基于别名的汇款演示，您应该去看看。我们正在增强安全性，增加洞察力。我们还在创建针对特定用例的功能。以薪资发放为例，我们拥有计算工资、查看活动、获取税务报表的工具。
And we're expanding our network on both sides. On the origination side, we're embedding Mastercard Move into platforms. We're integrating into core banking to reach smaller banks and credit unions. On the receiving side, we're expanding to more countries, more geographies, more wallets, more cash pick up locations. And on both sides, we're enabling our banks to send and to receive, and we're also becoming a direct participant in domestic and regional payment schemes.
我们正在扩展网络的两端。在发起端，我们将万事达卡 Move 嵌入到平台中。我们正在将其整合到核心银行系统中，以覆盖小型银行和信用合作社。在接收端，我们正在扩展到更多的国家、更多的地区、更多的钱包、更多的现金提取点。在两端，我们都在赋能我们的银行进行付款和收款，并且我们正在成为国内和区域支付体系的直接参与者。
To grow this business, we're innovating to find new use cases, and we're quickly scaling the use cases that work.
为了发展这项业务，我们正在通过创新来寻找新的用例，并且我们正在快速扩展那些行之有效的用例。
So in summary, we're very focused on capturing this $100 trillion market. We're focused on growing the overall market by driving secular shift, and we're growing our market share by differentiating and by competing well. To do this, we will continue to drive point-of-sale purchases, innovate further in invoice payments, scale Mastercard Move for disbursements and remittances. I'm personally very excited about this opportunity for all of us in commercial and new payment flows.
总而言之，我们非常专注于占领这个 100 万亿美元的市场。我们致力于通过推动长期趋势的转变来扩大整体市场，并通过差异化和有效竞争来扩大我们的市场份额。为此，我们将继续推动销售点采购，在发票支付领域进一步创新，并扩大万事达卡 Move 在付款和汇款业务中的规模。我个人对商业和新支付流领域为我们所有人带来的这个机遇感到非常兴奋。
Now next, you'll hear from Craig on services.
接下来，您将听到 Craig 关于服务的演讲。
Craig Vosburg Chief Services Officer
Craig Vosburg 首席服务官
Welcome to the services segment of our morning. Let's talk services. I'm going to spend a little bit of time talking about where we are and importantly, where we're going with our services business. I'm going to start just with level setting a little bit about what is in our value-added services and solutions portfolio. There's a wide range of capabilities, as you can see represented here, comprised of our data technology platforms that are serving our business in payments and beyond.
欢迎来到今天上午的服务业务板块。我们来谈谈服务。我将花一些时间讨论我们服务业务的现状，以及更重要的，未来的发展方向。我首先简单介绍一下我们的增值服务和解决方案组合中包含哪些内容。正如您在这里所看到的，我们拥有广泛的能力，包括为我们的支付及其他业务提供服务的数据技术平台。
As you'll recall, value-added services and solutions for us includes -- the revenues include other solutions, the things that are listed on the right-hand side of this page. We've touched on a few of those things already. The things -- the 6 panels in the center are our value-added services, all of which are important to our business, all of which we're investing in, all of which are growing, many of which play a critical role in supporting our payments propositions with gateway processing, digital authentication, critical to delivering the consumer experience that we seek to deliver.
您可能还记得，我们的增值服务和解决方案包括——其收入包括其他解决方案，即本页右侧列出的那些。我们已经谈到过其中的一些。中间的 6 个板块是我们的增值服务，它们对我们的业务都至关重要，我们都在对其进行投资，它们都在增长，其中许多在通过网关处理、数字认证支持我们的支付主张方面发挥着关键作用，这对于提供我们力求提供的消费者体验至关重要。
I'm going to focus today primarily on the top 3: security solutions, consumer acquisition and engagement and business and market insights for a couple of reasons. One, they represent the majority of our services revenue; and two, they represent significant opportunities for ongoing growth. You'll note that this is a slightly different categorization than we've shared with you in the past. And that's really driven by anchoring these services around the buyer groups that we're targeting and the addressable markets that they represent. And I'll spend a few minutes on that as we go through the conversation.
我今天将主要关注前三大类：安全解决方案、消费者获取和参与以及商业和市场洞察，原因有二。第一，它们占我们服务收入的大部分；第二，它们代表着持续增长的重大机遇。您会注意到，这与我们过去与您分享的分类略有不同。这主要是因为我们将这些服务围绕我们目标客户群体及其所代表的潜在市场进行定位。在接下来的讨论中，我会花几分钟时间详细说明这一点。
I also want to highlight, while it's not listed here as a product area per se, that all of these areas are supported by a global team of more than 3,000 consultants, providing wraparound expertise from strategy to execution to help our partners maximize the value of these services and their overall payments businesses. We are among the largest payments-focused consulting organizations in the world. We've conducted more than 8,000 client engagements over the course of the last 12 months.
我还想强调一点，虽然这里没有将其列为一个独立的产品领域，但所有这些领域都由一个超过 3000 名顾问组成的全球团队提供支持，他们提供从战略到执行的全方位专业知识，帮助我们的合作伙伴最大限度地发挥这些服务及其整体支付业务的价值。我们是全球最大的以支付为核心的咨询机构之一。在过去的 12 个月中，我们已经完成了超过 8000 个客户项目。
So with that, let me turn to the strategy that we're focusing on to deliver ongoing growth. Very simply, we're focused on 3 strategic priorities. These align very tightly with our corporate strategy and our corporate growth algorithm, differentiating our consumer payments activities that Jorn just discussed, so we can continue to benefit from the secular shift and win share in the market, accelerating growth in commercial and new payment flows, ensuring that our services propositions are fit for purpose to help support the payments products that Raj just discussed and then importantly, diversifying our revenue streams through adjacencies that we're targeting where we think we have a clear right to win.
那么，接下来让我谈谈我们为实现持续增长所关注的战略。很简单，我们专注于三个战略重点。这些重点与我们的公司战略和公司增长算法高度一致，即差异化 Jorn 刚才讨论的我们的消费者支付业务，以便我们能够继续从长期趋势转变中受益并在市场中赢得份额；加速商业和新支付流的增长，确保我们的服务主张能够有效地支持 Raj 刚才讨论的支付产品；然后，重要的是，通过我们认为拥有明显获胜优势的目标邻近领域来实现收入来源的多元化。
We're leveraging 3 areas for competitive differentiation, investing in proprietary data from both our payments business and beyond and then leveraging synergies with both our payments products and our services portfolio, each of which we think are unsurpassed in their breadth. And then executing against 3 growth drivers: coupling services with payments to benefit from ongoing growth in payments volume, expanding our addressable markets by increasing the range of capabilities that we have and deepening penetration of our market opportunity by scaling distribution across rails, platforms, channels, including B2B partnerships.
我们正在利用三个领域来实现竞争差异化：投资于我们支付业务及其他领域的专有数据，然后利用与我们的支付产品和服务组合的协同效应，我们认为这两者在广度上都是无与伦比的。然后，围绕三个增长驱动因素执行：将服务与支付相结合，从支付量的持续增长中受益；通过增强我们的能力范围来扩大我们的潜在市场；通过在各种轨道、平台、渠道（包括 B2B 合作伙伴关系）上扩展分销来深化我们对市场机会的渗透。
I'm going to touch on each of these in turn, starting with our differentiating payments. We're often asked, actually often asked by many of you in this room, what is behind your wins? What's driving your wins in the marketplace? Linda and Ling Hai are going to share some detail on that a little bit later this morning. But part of that answer lies in our value-added services capabilities, and in particular, the way in which we are combining those services in different configurations to meet the needs and priorities of our partners.
我将依次谈谈这些方面，首先是我们的差异化支付。我们经常被问到，实际上在座的许多人也经常问，你们成功的背后是什么？是什么推动了你们在市场上的胜利？今天上午晚些时候，Linda 和 Ling Hai 会分享一些细节。但部分答案在于我们的增值服务能力，特别是我们将这些服务以不同组合方式来满足合作伙伴需求和优先事项的方式。
That's true across each of the product areas that you see listed here on the page, but it's also true within them. So for example, a debit proposition for Citizens Bank might highlight a few specific areas, open banking, innovation, marketing services, consulting services, whereas a debit proposition with Capitec will focus on other things, fraud tools, data analytics, innovation, also consulting services, based on the specific needs and priorities that they have, the strategic objectives that we are aligning with them to help them execute against.
这适用于页面上列出的每个产品领域，也适用于这些领域内部。例如，针对公民银行的借记卡方案可能会突出一些特定领域，如开放银行、创新、营销服务、咨询服务；而与 Capitec 合作的借记卡方案则会侧重于其他方面，如欺诈工具、数据分析、创新以及咨询服务，这取决于他们特定的需求和优先事项，以及我们为帮助他们执行而与之协调的战略目标。
That's true across each of these product areas, a co-brand proposition for Expedia, different from a co-brand proposition for Carrefour. The same applies to our credit products, the small business and commercial products that Raj just talked about. Our partners value this. They tell us they value it. They tell us they value it with their words and they tell us they value it with their actions by awarding us more business and engaging with these services to help drive growth in their portfolios. And this is really where a lot of that magic happens that Michael alluded to earlier this morning, where our teams are on the ground working with our customers, our partners to listen, to collaborate, to partner to bring the best solutions to bear to meet their needs.
这适用于所有这些产品领域，例如，为 Expedia 提供的联名卡方案不同于为家乐福提供的联名卡方案。这也同样适用于我们的信用卡产品，以及 Raj 刚才谈到的小型企业和商业产品。我们的合作伙伴重视这一点。他们告诉我们他们重视这一点。他们通过言语告诉我们，也通过行动告诉我们——授予我们更多业务，并利用这些服务来帮助推动其产品组合的增长。这正是 Michael 今天上午早些时候提到的许多奇迹发生的地方——我们的团队深入一线，与我们的客户、合作伙伴倾听、协作、合作，以提供最佳解决方案来满足他们的需求。
Our services are also enabling us to expand into adjacencies and with that, new revenue pools. And this is an important part of where the role services plays in our business. And it's not just any adjacency, but adjacencies that are closely connected to our core consumer payments capabilities. We place a premium on services that help differentiate payments to continue to build on that virtuous cycle and reinforce it as we win market share, increase volume and continue to drive the business.
我们的服务也使我们能够扩展到邻近领域，并由此带来新的收入来源。这是服务在我们业务中所扮演角色的重要组成部分。而且这不仅仅是任何邻近领域，而是与我们核心消费者支付能力密切相关的邻近领域。我们高度重视那些有助于差异化支付的服务，以便在我们赢得市场份额、增加交易量并继续推动业务发展的过程中，不断巩固和加强这种良性循环。
As our payments activities have expanded, so too have our services. And we've done that by extending them from our core customer types, issuers and acquirers who we've worked with for many years, to increasingly working with fintechs, merchants, governments, and then expanding the range of capabilities that we have available to meet a broad range of needs across disciplines within those customers, helping them make more informed decisions, targeting new buying centers to expand into new areas with those partners who have a need for those services and continue to build on that.
随着我们支付业务的扩展，我们的服务范围也随之扩大。我们通过将服务从与我们合作多年的核心客户类型（发卡机构和收单机构）扩展到与金融科技公司、商户、政府日益紧密的合作来实现这一目标，然后扩展我们所拥有的能力范围，以满足这些客户内部不同领域的广泛需求，帮助他们做出更明智的决策，针对新的采购中心，与那些需要这些服务的合作伙伴一起扩展到新的领域，并在此基础上继续发展。
So for example, moving from working with a bank's cards issuing team to working with their information security team to help reduce the risk of cybersecurity attacks, moving from working with a retailer's treasury team on payments to working with their merchandising team on things related to store layouts, on merchandise selections on promotions or with their digital channels team to help optimize and personalize landing pages in the online shopping journey, or moving from working with a fintech co-brand team to working with their fraud team to help reduce the risk of fraudulent log-ins to loyalty accounts. These are all things that help us expand the addressable market that we're able to work with, capture more of the wallet that these customers are already spending on similar services and with that, increase the value that Mastercard brings to them as a partner.
例如，从与银行的卡片发行团队合作，转向与其信息安全团队合作，以帮助降低网络安全攻击的风险；从与零售商的财务团队就支付问题进行合作，转向与其商品推广团队就商店布局、商品选择、促销活动等事宜进行合作，或与其数字渠道团队合作，以帮助优化和个性化在线购物过程中的登陆页面；或者从与金融科技公司的联名卡团队合作，转向与其欺诈防范团队合作，以帮助降低欺诈性登录忠诚度账户的风险。所有这些都有助于我们扩大我们能够合作的潜在市场，获取这些客户已经在类似服务上花费的更多份额，并以此增加万事达卡作为合作伙伴为他们带来的价值。
Moving on to differentiation. Where and how we're differentiating our services business, that conversation has to start with data. The data element of this is incredibly exciting. We are, at our core, a data company. We've been moving data safely and securely around the world for decades to facilitate safe and secure payments. That data is absolutely at the heart of our services business and the volume and scope of data that we continue to aggregate as an organization is staggering.
接下来谈谈差异化。我们服务业务的差异化体现在何处以及如何实现，这个话题必须从数据开始。这方面的数据元素非常令人兴奋。从本质上讲，我们是一家数据公司。几十年来，我们一直在全球范围内安全可靠地传输数据，以促进安全支付。这些数据绝对是我们服务业务的核心，而我们作为一个组织持续聚合的数据量和范围是惊人的。
You saw on the video, 15 petabytes of data. That's just in card transaction data alone from the more than 150 billion transactions a year that we're processing. What I think is even more interesting than the volume of data is the breadth of data. So in addition to card transaction data, identity data, device data, real-time payments data, open banking data, gateway transaction data, the list goes on. And with that breadth, the investment that we've made in enabling us to maximize its use and maximize its value, investing in the infrastructure we need to cleanse, structure and use the data to train analytical models, something we've been doing for years and is really at the foundation of being able to extract value from that data and deliver that value back to our partners, to leverage insights across data sets, for example, to be able to combine device data and identity data to make an open banking transaction more secure, all while responsibly managing data usage, privacy, sovereignty considerations, the important things that are foundational to be a trusted service provider in a data-driven business.
您在视频中看到，我们拥有 15 PB 的数据。这仅仅是我们每年处理的超过 1500 亿笔交易中的银行卡交易数据。我认为比数据量更有趣的是数据的广度。因此，除了银行卡交易数据、身份数据、设备数据、实时支付数据、开放银行数据、网关交易数据之外，还有很多其他类型的数据。凭借这种广度，我们进行了投资，以最大限度地利用和发挥其价值，投资于我们需要的基础设施来清理、构建和使用数据来训练分析模型——这是我们多年来一直在做的事情，并且是能够从这些数据中提取价值并将其回馈给我们的合作伙伴的基础，例如，利用跨数据集的洞察力，能够结合设备数据和身份数据，使开放银行交易更加安全，同时负责任地管理数据使用、隐私、主权等重要因素，这些都是在数据驱动的业务中成为值得信赖的服务提供商的基础。
有可能以此建立数据上的据点，用得越多吸引越多的用户。
On top of that, we've been deploying AI at scale for more than a decade with machine learning, predictive AI, now generative AI and focusing our AI on 3 specific areas: making payments safer, for example, using AI to enhance fraud detection, making payments smarter to enable us to deliver insights to our partners at the right time to improve decision-making on their part and making commerce more personal, delivering the right offer to the right person at the right time in the right place. All of these things are examples of where AI is deeply ingrained in our business and will continue to be.
在此基础上，十多年来，我们一直在大规模部署人工智能，包括机器学习、预测性人工智能，以及现在的人工智能，并将我们的人工智能专注于三个特定领域：使支付更安全，例如，使用人工智能来增强欺诈检测；使支付更智能，使我们能够在适当的时候向合作伙伴提供洞察，以改进他们的决策；以及使商业更个性化，在适当的时间、适当的地点向适当的人提供适当的优惠。所有这些都是人工智能已深深植根于我们业务并将继续存在的例子。
The proliferation and the importance of AI really just reinforces the value and the criticality of the data itself as an asset because as we all know, in an AI-oriented future, AI can only be as good as the data that it's trained on. And so continuing to cultivate that rich asset is an absolutely critical part of our strategy.
人工智能的普及和重要性实际上只是强化了数据本身作为一种资产的价值和关键性，因为众所周知，在以人工智能为导向的未来，人工智能的优劣取决于训练它所使用的数据。因此，继续培育这一宝贵资产是我们战略中绝对关键的一部分。
And then finally, insights are only valuable if they can be acted upon. And we've invested significantly in technology infrastructure to enable us to do that, enabling thousands, literally thousands of decisioning parameters to be incorporated into a transaction in real time in 100 milliseconds. That's less time than it takes to blink your eye and to do that with more than 140 billion transactions a year in real time as part of transaction approval.
最后，洞察只有在能够付诸行动时才有价值。我们已经在技术基础设施方面进行了大量投资，使我们能够做到这一点，从而能够在 100 毫秒内将数千个（字面上是数千个）决策参数实时整合到交易中。这比眨眼的时间还要短，并且每年能够实时处理超过 1400 亿笔交易，作为交易审批的一部分。
Making our insights accessible through APIs. We've had more than 15 billion API calls into our services in the month of October alone. These services are being used by our partners, incorporated into their business and their business processes and deploying these through SaaS platforms that we've acquired through the years to enable ongoing integration and engagement with our partners. So data is point of differentiation, number one. The second is around synergies, both with our payments products and across services. And I'll address this with an example. I think it's easiest to kind of walk through this. In this case, looking at consumer credit as an example. And you see here kind of a simplified version of an end-to-end activity chain in consumer credit of launching a product, targeting customers, soliciting customers, evaluating customers, onboarding customers and engaging customers. Everything that you would do end-to-end in acquiring new credit card accounts, something that every one of our issuing partners around the world does all the time.
通过 API 使我们的洞察易于获取。仅在 10 月份，我们的服务就收到了超过 150 亿次 API 调用。我们的合作伙伴正在使用这些服务，将其整合到他们的业务和业务流程中，并通过我们多年来收购的 SaaS 平台部署这些服务，以实现与合作伙伴的持续整合和互动。因此，数据是第一大差异化优势。第二大优势是与我们的支付产品以及跨服务的协同效应。我将通过一个例子来说明这一点。我认为这样更容易理解。在这种情况下，以消费信贷为例。您在这里看到的是消费信贷端到端活动链的简化版本，包括推出产品、定位客户、招揽客户、评估客户、引导客户和吸引客户。在获取新信用卡账户方面，您需要做的所有端到端工作，这是我们全球每个发卡合作伙伴一直在做的事情。
And with each one of those activities along that activity chain, you see underneath services that align very specifically to those steps in the activity chain that enable us to provide that end-to-end support with a very measurable, actionable outcome, in this case, benefiting from the fact that it's linked to a payments product that we and our partner have a mutual economic interest in that is also a measurable outcome to target.
在该活动链的每一项活动中，您都会看到下面有与活动链中这些步骤非常具体地对应的服务，这些服务使我们能够提供端到端的支持，并带来可衡量、可操作的结果，在这种情况下，得益于它与我们和我们的合作伙伴拥有共同经济利益的支付产品相关联，这也是一个可衡量的目标结果。
And we can support that end-to-end if that's what our partner desires or we can support that in specific components or portions of the overall activity chain, if that's where the need lies. But the combination of these things to be able to work with our partners in this way, we think, is quite unique, differentiated from other competitors, both in the payment space and single point solution providers. That's applicable across different payments products and flows, and it's delivered through in-house proprietary resources, data and technology.
如果我们的合作伙伴需要，我们可以提供端到端的支持，或者如果需求在于特定组件或整个活动链的某些部分，我们也可以提供支持。但是，我们认为，能够以这种方式与我们的合作伙伴合作的这些因素的组合是相当独特的，与支付领域和单点解决方案提供商等其他竞争对手相比具有差异化优势。这适用于不同的支付产品和流程，并且通过内部专有资源、数据和技术来交付。
That's where we're focusing on and how we're differentiating. Let me turn to where we're investing to drive growth, starting with addressable revenue pools, and I'll emphasize these are revenue pools, not payments volumes. Our target addressable market in total for our services activities is nearly a $500 billion revenue pool, with $450 billion of that represented in the 3 key verticals that I highlighted at the start, security solutions, business and market insights and consumer acquisition and engagement.
这就是我们关注的重点和我们实现差异化的方式。让我转到我们为推动增长而投资的领域，从可触达的收入池开始，我要强调的是，这些是收入池，而不是支付量。我们服务业务的目标可触达市场总额接近 5000 亿美元的收入池，其中 4500 亿美元来自我在开始时强调的三个关键垂直领域：安全解决方案、商业和市场洞察以及消费者获取和参与。
What's maybe more interesting than the total addressable market is the serviceable addressable market. The portion of that market for which we have products in market today or in late stages of development, that's at least $165 billion. With $11 billion in services revenue today, we're less than 7% penetrated in that serviceable opportunity, which leaves ample runway for growth. And we have a clear path in terms of how we will execute against that growth, benefiting from overall market growth driven by secular migration, digitization, B2B modernization, et cetera, focused investments to continue migrating the total addressable market into our serviceable and therefore, immediately addressable opportunity and continuing to deepen penetration of our serviceable market. I will touch on those as well just to highlight each.
也许比总潜在市场更有趣的是可服务潜在市场。即我们目前已有产品上市或处于开发后期阶段的那部分市场，至少有 1650 亿美元。目前我们的服务收入为 110 亿美元，在该可服务机会中的渗透率不到 7%，这为增长留下了充足的空间。我们对于如何实现这一增长有着清晰的路径，受益于长期趋势、数字化、B2B 现代化等驱动的整体市场增长，通过重点投资继续将总潜在市场转化为我们的可服务市场，从而成为直接可触达的机会，并继续深化对我们可服务市场的渗透。我也会分别强调这些方面。
So with respect to overall market growth, each of those verticals that I highlighted is growing in its own right, which provides a tailwind for demand and usage. But one very important aspect of that market growth is the connection to payments. And with that, the services that we deliver by virtue of being linked to our network, again, reinforcing that virtuous cycle. There's a number of examples listed here on the left-hand side of the page, which you can see. In the aggregate, these network-linked services are roughly 60% of our total services revenue, and they grew at a 3-year compound annual growth rate of 17% since 2022.
因此，关于整体市场增长，我强调的每个垂直领域本身都在增长，这为需求和使用提供了推动力。但市场增长的一个非常重要的方面是与支付的联系。因此，我们通过与我们的网络相关联而提供的服务，再次强化了这种良性循环。页面左侧列出了一些示例，您可以看到。总的来说，这些与网络相关的服务约占我们服务总收入的 60%，自 2022 年以来，它们的三年复合年增长率为 17%。
Just for clarity, a network-linked service in this case is the combination of a service that is delivered and embedded in the transaction, a fraud score as an example, as well as services that are correlated to payments network transactions, things like chargebacks, disputes, stand-in services that we provide that don't accompany every transaction, but are connected to transactions.
需要说明的是，在这种情况下，与网络相关的服务是指在交易中交付和嵌入的服务（例如欺诈评分）的组合，以及与支付网络交易相关的服务，例如我们提供的退单、争议、代授权服务，这些服务并非伴随每笔交易，但与交易相关。
A second key driver of growth is the migration of the overall addressable market into our serviceable market. This is something we've been doing in a targeted methodical way for years through both our product development efforts organically and through our M&A activities. And I'm going to walk through an example. I'm going to ask you to focus on the screens because there's some dramatic animation here to help emphasize the point. You've heard us talk many times about with respect to security solutions, how we've extended our role in the value chain to not just be providing value during the transaction, but doing it before and after. What you see here is that security solutions value chain, starting with the kinds of services we offered before 2016, not surprisingly, mostly connected to a transaction. That's where our roots are. That's where we grew up delivering value.
增长的第二个关键驱动因素是将整体潜在市场迁移到我们的可服务市场。多年来，我们一直通过有机的产品开发工作和并购活动，有针对性、有条不紊地开展这项工作。我将举一个例子。我请大家关注屏幕，因为这里有一些引人注目的动画来强调这一点。关于安全解决方案，您已经多次听我们谈到我们如何扩展了在价值链中的作用，不仅在交易过程中提供价值，而且在交易前后都提供价值。您在这里看到的是安全解决方案价值链，从我们 2016 年之前提供的服务类型开始，毫不奇怪，这些服务大多与交易相关。那是我们的根基所在。那是我们成长并创造价值的地方。
Starting in 2017, we began to extend in both directions, adding cyber vulnerability assessment, behavioral biometrics, chargeback prevention and identity theft protection capabilities. In 2020, we expanded that further in the account opening space with financial data aggregation and identity verification. And then in the last couple of years, DDoS and web application protection, Passkey, most recently subscription management and threat intelligence. You can see how we're methodically building this out in areas that add value to payments transactions and create complementarity between the services capabilities themselves so that they're worth more to us than they would be on a stand-alone basis.
从 2017 年开始，我们开始向两个方向扩展，增加了网络漏洞评估、行为生物识别、退单预防和身份盗窃保护功能。2020 年，我们通过金融数据聚合和身份验证，在开户领域进一步扩展了这些功能。然后在过去几年中，我们增加了 DDoS 和 Web 应用程序保护、Passkey，以及最近的订阅管理和威胁情报。您可以看到我们如何有条不紊地在为支付交易增加价值并创造服务能力之间互补性的领域进行构建，从而使它们对我们而言比独立存在更有价值。
With that, we've expanded our serviceable addressable market in security solutions alone by $30 billion since 2019. And this is the final dramatic animation. You'll recognize here a lot of the companies that we've acquired in that time frame and specifically where they fit in to this methodical approach in expanding our capabilities, which, again, we're doing not just through acquisitions but through organic product development as well, too, the ones that are not highlighted. And I'll mention the most recent 2, Minna in Digital Experience subscription management, we closed on 2 weeks ago and of course, Recorded Future in Threat Intelligence, which we intend to close on in Q1 of 2025.
因此，自 2019 年以来，仅在安全解决方案领域，我们的可服务潜在市场就扩大了 300 亿美元。这是最后一个引人注目的动画。您会在这里认出我们在此期间收购的许多公司，以及它们具体如何融入我们扩展能力的系统化方法中——再次强调，我们不仅通过收购，也通过有机产品开发来实现这一点，那些未突出显示的公司也是如此。我将提及最近的两家公司：数字体验订阅管理领域的 Minna，我们两周前完成了收购；当然还有威胁情报领域的 Recorded Future，我们计划在 2025 年第一季度完成收购。
Finally, deepening penetration of our serviceable addressable market. We're doing that by targeting distribution at scale through 3 channels: One is leveraging our technology platforms, all of our platforms, our network rails, all of the rails that we operate, the platforms, the gateways within our 4 walls to enable us to touch more transactions and deliver more services per transaction. A data point around that, our processed transactions increased at a compound annual growth rate of 13% from 2021 to 2023. And the services that are triggered as part of a transaction process -- as part of transaction processing increased from an average of 3 to 5 in that same time period with many of our customers using significantly more.
最后，深化对我们可服务潜在市场的渗透。我们通过三个渠道大规模地进行分销来实现这一目标：一是利用我们的技术平台，我们所有的平台、我们的网络轨道、我们运营的所有轨道、平台、我们内部的网关，使我们能够接触到更多的交易，并为每笔交易提供更多的服务。关于这一点的一个数据是，从 2021 年到 2023 年，我们处理的交易量以 13% 的复合年增长率增长。在同一时期，作为交易处理一部分触发的服务从平均 3 项增加到 5 项，我们的许多客户使用的服务数量明显更多。
Second channel is direct selling to customers. We're doing that through a dedicated services sales force and our global account teams, working to increase the number of customers and the number of services per customer. We're selling across the full scope of customers that we can reach. As one example of our progress there, looking just at our licensed network customers, we've grown the number of customers by 10% and the services per customer by 13% since 2021.
第二个渠道是直接向客户销售。我们通过专门的服务销售团队和我们的全球客户团队来实现这一目标，致力于增加客户数量和每个客户的服务数量。我们正在向我们能够接触到的所有客户进行销售。举一个我们在这方面取得进展的例子，仅看我们的授权网络客户，自 2021 年以来，我们的客户数量增长了 10%，每个客户的服务数量增长了 13%。
And then finally, leveraging one-to-many distribution partnerships with tech platforms, system integrators, processors, other networks, other partners with whom we can embed services as part of their value proposition to deliver at scale through their channels and to their customer base. Here, we're building off a relatively smaller base, but growing both in terms of the number of partnerships, which we're aiming to increase and the services revenues per partner, which we're also targeting to increase. One example of this that we shared recently on an earnings call is our partnership with Salesforce, where we've integrated our dispute resolution services into their financial services cloud to make that available to their customers. And so that's a quick tour through our services strategy.
最后，利用与技术平台、系统集成商、处理商、其他网络以及其他合作伙伴的一对多分销伙伴关系，我们可以将服务嵌入其价值主张中，通过其渠道大规模地向其客户群提供服务。在这里，我们是在一个相对较小的基础上发展的，但在合作伙伴数量（我们计划增加）和每个合作伙伴的服务收入（我们也计划增加）方面都在增长。我们最近在一次财报电话会议上分享的一个例子是我们与 Salesforce 的合作，我们将我们的争议解决服务集成到他们的金融服务云中，以便他们的客户可以使用。以上就是对我们服务战略的简要介绍。
Our key takeaways, this remains a large, important growing revenue opportunity for us, underpinned by differentiated data products and distribution with a very focused approach to continuing to grow at scale, and with that, an area that we see as having significant runway for ongoing growth. I know many of you have questions about this area, and we'll have a breakout session later today and look forward to addressing them in more detail.
我们的主要结论是，这对我们来说仍然是一个巨大、重要且不断增长的收入机会，其基础是差异化的数据产品和分销，以及非常专注的持续规模化增长方法，因此，我们认为这是一个具有巨大持续增长空间的领域。我知道你们中的许多人对这个领域有疑问，我们今天晚些时候会有一个分组讨论会，期待更详细地解答这些问题。
At this point, though, we're going to go to a break. You deserve a break after the first 1.5 hours. And so it's about a 15-minute break. We're going to get a message on exactly what time to be back. Thank you.
不过，现在我们要休息一下。在第一个半小时之后，你们应该休息一下。所以大约有 15 分钟的休息时间。我们会收到关于确切返回时间的消息。谢谢。
Okay, here is the English-Chinese parallel translation of the provided text, following your formatting instructions.
[Break]
[休息]
Linda Kirkpatrick President of the Americas
Hello, everyone. You've heard about our robust product and services strategy. We're so pleased to be able to talk about how those strategies come to life with our customers in our markets around the world. The globality of our business and the diversification of our business is our superpower. 210 countries and territories, 150 million merchant locations. We have a significant percentage of our volumes generated outside of North America in the markets where cash is still the majority of payments. And in those markets, we have outstanding teams of people that allow us to think globally and act locally. And those teams have developed meaningful relationships with our customers, some of whom you saw in the opening video, who consistently reference Mastercard as their preferred partner to support them in their payments business as well as their overall growth agenda.
琳达·柯克帕特里克 美洲区总裁
大家好。大家已经听了我们强健的产品和服务战略。我们非常高兴能够谈论这些战略如何在世界各地的市场中与我们的客户一起实现。我们业务的全球性和多元化是我们的超能力。我们覆盖 210 个国家和地区，拥有 1.5 亿个商户网点。我们有很大一部分交易量来自北美以外的市场，在这些市场，现金仍是主要的支付方式。在这些市场中，我们拥有优秀的团队，使我们能够进行全球化思考和本地化运营。这些团队与我们的客户建立了有意义的合作关系，其中一些客户你们在开场视频中也看到了，他们一致认为万事达卡是他们首选的合作伙伴，为他们的支付业务以及整体增长议程提供支持。
Ling Hai President of Asia Pacific, Europe, Middle East & Africa
Yes, you're absolutely right. So our teams are executing across all markets in terms of our strategy and what's so funny? Okay.
凌海 亚太、欧洲、中东和非洲区总裁
是的，你说的完全正确。我们的团队正在所有市场执行我们的战略，有什么好笑的吗？好的。
Linda Kirkpatrick President of the Americas
I love the affirmation.
琳达·柯克帕特里克 美洲区总裁
我喜欢这种肯定。
Ling Hai President of Asia Pacific, Europe, Middle East & Africa
Yes, absolutely. We always affirm each other. And now we think about our growth opportunity really in 3 ways. So secular shift, market shares and services. So let me start with secular shift, which actually exists both in emerging but also mature markets. And across the globe, we are actually executing on the secular shift by expanding in digital, scaling commercial and driving financial inclusion.
凌海 亚太、欧洲、中东和非洲区总裁
是的，当然。我们总是互相肯定。现在我们从三个方面思考我们的增长机会：长期趋势转变、市场份额和服务。让我从长期趋势转变开始，这实际上存在于新兴市场和成熟市场。在全球范围内，我们通过拓展数字业务、扩大商业规模和推动普惠金融来顺应这一长期趋势。
Next, our market share. You heard Michael talk about this. We have grown our market share across all products. Now you're going to hear Linda and me talk about how we compete for share increases in countries such as Brazil and China. I also would like to add, we win share via our people. Our people listen to the customers' needs and wants and pain points and then craft the right solutions to meet those needs. Our people really are the reason why we win the hearts and minds of our customers.
接下来是我们的市场份额。你们听迈克尔谈到过这一点。我们在所有产品上的市场份额都有所增长。现在，琳达和我将谈论我们如何在巴西和中国等国家竞争市场份额的增长。我还想补充一点，我们通过我们的员工赢得市场份额。我们的员工倾听客户的需求、愿望和痛点，然后制定合适的解决方案来满足这些需求。我们的员工确实是我们赢得客户信任和青睐的原因。
Let me finally also touch on services very quickly. You heard Craig talk about services. Our success is indeed further strengthened by our services. We have many services, and Craig listed them all, so I'm not going to go into the details. But I just want to say that in the markets, what we see is services really diversify our revenue base, but more importantly, they create very strong differentiation for Mastercard.
最后，让我快速谈谈服务。你们听克雷格谈到过服务。我们的成功确实因我们的服务而得到进一步加强。我们有很多服务，克雷格都列举过了，所以我就不赘述了。但我只想说，在市场上，我们看到服务确实使我们的收入基础多样化，但更重要的是，它们为万事达卡创造了非常强大的差异化优势。
Now I know secular shift is a topic that's very high on your mind. So Linda, what do you think? Let's give them some examples in your world.
现在我知道长期趋势转变是你们非常关心的一个话题。那么，琳达，你怎么看？让我们给他们一些你那边的例子吧。
Linda Kirkpatrick President of the Americas
Sounds great. Well, if it's one thing that we hope you leave today with is the secular shift opportunity is huge. It's huge across the globe, $11 trillion in consumer cash and check, $80 trillion in B2B. And we wanted to provide you with a couple of country examples.
琳达·柯克帕特里克 美洲区总裁
听起来不错。好吧，如果说我们希望你们今天能记住一件事，那就是长期趋势转变带来的机遇是巨大的。它在全球范围内都非常巨大，消费者现金和支票市场规模达 11 万亿美元，B2B 市场规模达 80 万亿美元。我们想给你们提供几个国家的例子。
Now within the country of Mexico, it's a Top 15 GDP market, 130 million consumers in the market, 1/3 of which are under the age of 19, so a very young and digitally savvy country. That being said, 80% of the transactions taking place in that market are still in cash. And so that secular runway for growth is just absolutely tremendous.
现在在墨西哥这个国家，它是全球 GDP 排名前 15 的市场，拥有 1.3 亿消费者，其中三分之一年龄在 19 岁以下，因此是一个非常年轻且精通数字技术的国家。话虽如此，该市场 80% 的交易仍以现金进行。因此，这种长期增长的潜力绝对是巨大的。
And in the market of Mexico, we're very well positioned. A couple of years ago, we launched our switch in the market, which has allowed us to bring the power of the global network locally to banks and to fintechs in that market and connect them to services in that market. We're switching 22% of our transactions in the market today, and the growth is strong. So the runway there is very, very long.
在墨西哥市场，我们处于非常有利的地位。几年前，我们在该市场推出了我们的转接系统，这使我们能够将全球网络的强大功能带到当地的银行和金融科技公司，并将它们与该市场的服务连接起来。目前，我们在该市场转接了 22% 的交易，并且增长强劲。所以那里的发展空间非常非常大。
Now elsewhere in the market, we are also working with customers across all segments to capture that secular growth. With the largest government-owned bank, [ BN Star ], we have brought 30 million underserved consumers into the financial mainstream. With one of the largest banks, Banorte, we launched the country's first fully digital bank in Mexico. And with one of the largest merchants in the market, Walmart, we launched their co-brand debit product. So a lot going on in Mexico, a lot going on in the U.S The secular opportunity here is equally large, both in our core business as well as in emerging verticals like rent and insurance, utilities and health care, and then, of course, in B2B.
现在在市场的其他地方，我们也在与所有细分市场的客户合作，以抓住这种长期增长的机遇。通过与最大的国有银行 [BN Star] 合作，我们将 3000 万服务不足的消费者纳入了主流金融体系。通过与最大的银行之一 Banorte 合作，我们在墨西哥推出了该国第一家全数字银行。通过与市场上最大的商户之一沃尔玛合作，我们推出了他们的联名借记卡产品。所以墨西哥有很多事情正在发生，美国也有很多事情正在发生。这里的长期机遇同样巨大，无论是在我们的核心业务领域，还是在租金、保险、公用事业和医疗保健等新兴垂直领域，当然还有 B2B 领域。
So what are we doing in the U.S.? Well, we're partnered in the rent space with a company Yardi, who is helping to digitize rent payments and put them on cards. We are in the bill pay space, working with platforms like Adobe to help streamline bill payments and reconcile collections. And we are working in the VCM space. You heard Raj talk about the fact that we are the global leader in VCM. And thanks to partnerships like the one we have with WEX, that business is continuing to grow.
那么我们在美国做什么呢？嗯，我们在租金领域与 Yardi 公司合作，该公司正在帮助将租金支付数字化并将其转移到银行卡上。我们在账单支付领域与 Adobe 等平台合作，帮助简化账单支付和核对收款。我们还在虚拟卡管理 (VCM) 领域开展工作。你们听到拉杰谈到我们是 VCM 领域的全球领导者。得益于我们与 WEX 等公司的合作，该业务正在持续增长。
Ling Hai President of Asia Pacific, Europe, Middle East & Africa
Let me now also give 2 examples in my world. First, South Africa. Now this is a very interesting country because South Africa is a country with this dichotomy of a formal but also informal economy.
凌海 亚太、欧洲、中东和非洲区总裁
现在我也举两个我这边的例子。首先是南非。这是一个非常有趣的国家，因为南非是一个同时存在正规经济和非正规经济的国家。
In the formal economy, they have this well-established payment ecosystem and card penetration is very high. But the country still has a very large informal economy. 1/3 of the population remains underbanked and relies heavily on cash. So the informal economy, especially the SMEs, provide our secular shift opportunity in that country.
在正规经济中，他们拥有完善的支付生态系统，银行卡普及率非常高。但该国仍然存在庞大的非正规经济。三分之一的人口仍未获得充分的银行服务，并且严重依赖现金。因此，非正规经济，特别是中小企业，为我们国家带来了结构性转变的机会。
So what have we done? One, you heard about this already, we have deployed an on-soil switch recently with fast settlement. What's the significance of this? When you work with SMEs or smaller merchants, what is the major pain point for them? It is really working capital. So with this real-time settlement capability, smaller merchants can receive same-day settlement, therefore, tremendously reduce the need for cash flow and improve their cash flow positions. We have also nearly doubled acceptance in the last 2 years. Again, here, the focus is to work with fintech companies like Yoco to serve and expand the SME segment. We are also working with this fintech bank, but it's actually also the largest bank in South Africa, the Capitec. We're working with them on debit cards and QR codes. Again, the intent is to provide low-cost ways for SMEs to pay for goods and services.
那么我们做了什么呢？第一，你们已经听说了，我们最近部署了一个具有快速结算功能的本地转接系统。这有什么意义呢？当你与中小企业或小型商户合作时，他们主要的痛点是什么？是营运资金。因此，通过这种实时结算能力，小型商户可以实现当日结算，从而极大地减少了对现金流的需求，并改善了他们的现金流状况。在过去两年中，我们的受理范围也几乎翻了一番。同样，这里的重点是与像 Yoco 这样的金融科技公司合作，服务和拓展中小企业市场。我们还与这家金融科技银行合作，它实际上也是南非最大的银行 Capitec。我们正在与他们合作开发借记卡和二维码。同样，目的是为中小企业提供低成本的商品和服务支付方式。
Let me also end with one more secular shift opportunity for South Africa. which is e-commerce, huge growth, plus 30%. And this is where our gateway is a very relevant solution in this space. Amazon uses our gateway and many PSP providers enable our gateway services in South Africa.
我还想以南非的另一个长期趋势转变机会作为结束，那就是电子商务，增长巨大，超过 30%。而这正是我们的支付网关在这个领域非常重要的解决方案。亚马逊使用我们的支付网关，许多支付服务提供商 (PSP) 也在南非启用了我们的支付网关服务。
Let me also come to Spain. Yes, secular shift exists in Europe as well. And Spain is a great example. Nearly 50% of all transactions are still done in cash. So for us to capture the secular shift, we are doing several things. We are entering new verticals such as EV charging, transit and vending. We're converting closed-loop retail cards into open loop with the biggest retailer in Spain called El Corte Ingles. There's something like 11 million cards that we have done. We're lowering the cost of acceptance with SMEs via Tap on Phone. And lastly, we're also partnering with Spain's post office, Correos, to digitize social disbursements and public aids for youth and their vulnerable families.
让我也谈谈西班牙。是的，欧洲也存在长期趋势转变。西班牙就是一个很好的例子。近 50% 的交易仍以现金完成。因此，为了抓住这一长期趋势转变，我们正在做几件事情。我们正在进入新的垂直领域，如电动汽车充电、交通和自动售货。我们正在与西班牙最大的零售商 El Corte Ingles 合作，将闭环零售卡转换为开环卡。我们已经完成了大约 1100 万张卡的转换。我们正在通过手机 POS 功能降低中小企业的受理成本。最后，我们还与西班牙邮政 Correos 合作，为年轻人及其弱势家庭实现社会款项支付和公共援助的数字化。
Now I have given you examples -- we have given you examples on secular shift. Let me also continue with market share. With that, I think I have to start with China. I wish my colleagues hadn't stolen my thunder on China. But yes, we went live with our domestic license in May. Yes. I'm sorry, I got carried away. I don't want to make anybody jealous, and Michael did tell me not to get too excited about this. But it really is a very unique opportunity now for us to access this market, second largest economy. SAM is $10 trillion in consumer payments.
现在我已经给你们举了一些例子——我们已经给你们举了关于长期趋势转变的例子。让我继续谈谈市场份额。说到这里，我想我必须从中国开始。我希望我的同事们没有抢走我在中国问题上的风头。但是，是的，我们五月份获得了国内牌照并开始运营。是的。抱歉，我有点得意忘形了。我不想让任何人嫉妒，迈克尔也确实告诉过我不要对此过于兴奋。但这确实是一个非常独特的机会，让我们能够进入这个市场，这个世界第二大经济体。其潜在市场规模 (SAM) 在消费支付领域高达 10 万亿美元。
And another thing I want to say is our domestic license not only benefits our domestic business, it's also beneficial to our cross-border business. For those of you who are in the payments business, you will notice domestic and cross-border are intrinsically linked onto one card. So that's very important to keep in mind.
我还想说的另一件事是，我们的国内牌照不仅有利于我们的国内业务，也有利于我们的跨境业务。对于从事支付业务的人来说，你们会注意到国内业务和跨境业务本质上是与一张卡相关联的。所以这一点非常重要，需要牢记。
And what are we doing? We're doing a lot of work on the issuance side and the acceptance side. Since May, we have launched a significant number of new credit, debit and commercial programs with partners like ICBC, Agricultural Bank of China and China Merchants Bank. Also, we are very focused on driving millions, let me say this again, millions of new acceptance locations, positioning Mastercard to be the world's most accepted payment network.
我们正在做什么呢？我们正在发卡端和受理端做大量工作。自五月以来，我们与中国工商银行、中国农业银行和招商银行等合作伙伴推出了大量新的信用卡、借记卡和商业卡项目。此外，我们非常专注于推动数百万，我再说一遍，数百万个新的受理网点，将万事达卡定位为全球受理范围最广的支付网络。
Some of you who go to China often may also think of China as a market with digital wallets and QR codes. But guess what? The country now is on a journey to transform itself to multiform factors, digital wallets and cards, QR code and NFC. And Mastercard is very much playing a very important role to support this journey. One example, I think, again, Jorn or somebody already used it, but I want to use it again, recently, the entire subway system in Beijing has opened up to tap and pay for foreign visitors. Very, very significant, we're going to see more coming.
你们中一些经常去中国的人可能也会认为中国是一个以数字钱包和二维码为主的市场。但你们猜怎么着？这个国家现在正在向多种支付方式转型，包括数字钱包和银行卡、二维码和 NFC。万事达卡在支持这一转型过程中扮演着非常重要的角色。举个例子，我想，约恩或其他人已经用过了，但我想再说一遍，最近，北京整个地铁系统已经向外国游客开放了“一拍即付”功能。这非常非常重要，我们将会看到更多类似的应用。
这个机会不给Visa是可以理解的。
And the other thing I want to say is with this domestic relevance, it really just gives us the right to play with more digital players in China. We have already done many things with Alipay, WeChat Pay. For example, you heard about PayLocal with Alipay and WeChat Pay, where foreign players, foreign tourists can load their cards and leverage the QR acceptance points in China. We have launched the cross-border services with Alipay to enable inbound remittances, but we will continue to do more with these digital players.
我想说的另一件事是，凭借这种国内相关性，我们才真正有资格与中国更多的数字支付参与者合作。我们已经与支付宝和微信支付开展了许多合作。例如，你们听说过与支付宝和微信支付合作的 PayLocal 项目，外国参与者和外国游客可以将他们的银行卡绑定，并利用中国的二维码受理点。我们已经与支付宝推出了跨境服务，以实现入境汇款，但我们将继续与这些数字支付参与者开展更多合作。
Let me also talk about Japan. Japan actually is a huge secular shift opportunity as well. But put that aside, I do want to talk about how this is a market where we still have significant room for shared gain. Right now, the Japanese government is driving a much greater level of digitization and Mastercard recently launched our domestic switching, thanks to Ed and his team, and of course, the local team as well in September 2022. When you put the 2 pieces together, timing is perfect. Without domestic switching, my own view is we can drive further upside in Japan in our share position. We will continue to grow acceptance to support inbound tourism, but also the Japanese government has the stated goal about more financial inclusion in terms of SMEs.
让我也谈谈日本。日本实际上也是一个巨大的长期趋势转变机会。但撇开这一点不谈，我确实想谈谈这是一个我们仍有巨大份额增长空间的市场。目前，日本政府正在推动更高水平的数字化，而万事达卡最近于 2022 年 9 月推出了我们的国内转接系统，这要感谢埃德及其团队，当然还有当地团队。当这两者结合起来时，时机堪称完美。没有国内转接系统，我个人认为我们可以在日本进一步提升我们的市场份额。我们将继续扩大受理范围以支持入境旅游，而且日本政府也制定了在中小企业方面实现更广泛普惠金融的目标。
And with this domestic relevance, we can deepen our collaborations with existing players such as Rakuten and MUN. With our domestic switch, debit and commercial becoming play. We launched digital debit with SBI, and we're now working on government T&E cards. And we can deliver more value-added services given we see more transactions now. I'll give you some examples, fraud detection with DTS, including new data risk recon, and we're supporting Rakuten with personalization using our dynamic yield.
凭借这种国内相关性，我们可以深化与乐天和三菱日联银行等现有参与者的合作。随着我们国内转接系统的推出，借记卡和商业卡业务也开始发挥作用。我们与 SBI 合作推出了数字借记卡，目前正在开发政府差旅和招待卡 (T&E卡)。鉴于我们现在处理的交易量更多，我们可以提供更多的增值服务。我举一些例子，例如通过 DTS 进行欺诈检测，包括新的数据风险核对，以及我们正在利用我们的动态收益技术为乐天提供个性化支持。
All right. I'm going to stop here, take a breath and let Linda talk about her examples.
好了。我就讲到这里，喘口气，让琳达谈谈她的例子。
Linda Kirkpatrick President of the Americas
All right. Thanks, Li. So across the Americas, we are equally driving share significantly across all our markets and all our products. I wanted to start with an example in Brazil, another Top 10 GDP market. Despite fierce competition in the market, including a government-owned DPI, we are the market share leader in Brazil, and we're continuing to take share away from the competition.
琳达·柯克帕特里克 美洲区总裁
好的。谢谢，凌。在整个美洲，我们同样在所有市场和所有产品中显著提升份额。我想从巴西的一个例子开始，这是另一个 GDP 排名前十的市场。尽管市场竞争激烈，包括一个政府拥有的数字支付基础设施 (DPI)，但我们是巴西的市场份额领导者，并且我们正在继续从竞争对手手中夺取份额。
How are we doing this? With partnerships with large customers in the market, with the likes of Bradesco, a competitive bastion in the market. We recently launched commercial products with Bradesco. With the likes of PicPay, we had our consumer business with them and announced this year that we were going to plus that up with commercial payments. And then, of course, with Nubank, who we all know is one of the largest digital banks in the globe. We have been their exclusive partner for over a decade, and they recently announced that they've reached 100 million consumers in the market of Brazil, more than half the adult population of Brazil. We have benefited meaningfully from their growth as well.
我们是如何做到的呢？通过与市场上大客户的合作，例如与 Bradesco 这样的市场竞争堡垒合作。我们最近与 Bradesco 推出了商业产品。例如与 PicPay，我们之前与他们有消费者业务合作，今年宣布我们将在此基础上增加商业支付业务。当然，还有 Nubank，我们都知道它是全球最大的数字银行之一。十多年来，我们一直是他们的独家合作伙伴，他们最近宣布在巴西市场已拥有 1 亿消费者，超过巴西成年人口的一半。我们也从他们的增长中获得了可观的收益。
Now these competitive takeaways and these new product launches, they are driving our share. Importantly, they are also driving our financial growth, not just share for share's sake. We are -- many of you often ask us, when financials are the same, why does Mastercard win? And the answer is very simple. We're winning because our account teams have a solutions-oriented approach to solving customer pain points. We're also winning because of our services. And we have many examples of where services come to life with our customers. With existing customers, we optimize their portfolios and layer services on top. When we go after new customers, we demonstrate how services can help them well beyond cards. Almost every one of our contracts has at least one or more services components in those contracts.
这些竞争优势和新产品的推出正在推动我们的份额增长。重要的是，它们也在推动我们的财务增长，而不仅仅是为了份额而追求份额。我们——你们中的许多人经常问我们，当财务状况相同时，为什么万事达卡会赢？答案非常简单。我们之所以获胜，是因为我们的客户团队采用以解决方案为导向的方法来解决客户的痛点。我们之所以获胜，也是因为我们的服务。我们有很多服务与客户共同成长的例子。对于现有客户，我们优化他们的产品组合并在其上叠加服务。当我们争取新客户时，我们会展示服务如何在卡片之外为他们提供帮助。我们几乎每一份合同都至少包含一个或多个服务组件。
And so just a few examples here to make it come to life. We have Walmart and Sam's Club with whom we've been their co-brand partner for many, many years. Well, they are also using our test-and-learn capabilities to measure the effectiveness of their retail business. With Citizens, who you heard us talk about, they are flipping their -- they flipped their entire debit business to us this year, a flawless conversion. They appreciated the Mastercard brand because they liked our open banking capabilities. They leverage our commercial SmartPay platform. They're leveraging fraud insights and our Labs as a Service and innovation assets.
这里有几个例子可以让大家更直观地了解。我们与沃尔玛和山姆会员店合作多年，一直是他们的联名卡合作伙伴。嗯，他们也正在使用我们的测试和学习能力来衡量其零售业务的有效性。正如你们听我们谈到的，Citizens 今年将其全部借记卡业务转移给了我们，这是一次完美的转换。他们欣赏万事达卡品牌，因为他们喜欢我们的开放银行业务能力。他们利用我们的商业智能支付 (SmartPay) 平台。他们正在利用欺诈洞察以及我们的“实验室即服务”和创新资产。
And then the Central American Bottling company, CBC in Central America, one of the largest distributors of beverages, including Pepsi. They are launching a platform for the millions of small businesses that they serve. That platform needs cards, and it needs marketing, loyalty and personalization services. They're working with us to help service those millions of small businesses.
然后是中美洲装瓶公司 (CBC)，它是中美洲最大的饮料分销商之一，包括百事可乐。他们正在为其服务的数百万小企业推出一个平台。该平台需要银行卡，也需要营销、忠诚度和个性化服务。他们正在与我们合作，为这数百万小企业提供服务。
Ling Hai President of Asia Pacific, Europe, Middle East & Africa
Great examples. Let me also add Monzo and Commonwealth Bank of Australia. So well, Monzo is this fintech bank in the U.K. and CommBank, Commonwealth Bank of Australia, also known as CommBank is a leading global bank in Australia. So what do these 2 have in common with Mastercard? Two things. One is both have really broad and deep payment business with us.
凌海 亚太、欧洲、中东和非洲区总裁
很好的例子。我还想补充一下 Monzo 和澳大利亚联邦银行。Monzo 是英国的一家金融科技银行，而 CommBank，即澳大利亚联邦银行，也是澳大利亚领先的全球性银行。那么这两家银行与万事达卡有什么共同点呢？有两点。一是两者都与我们有着非常广泛和深入的支付业务。
With Monzo, we actually started with prepaid. And today, we service more than 10 million of their customers with debit, CreditFlex and SME debit cards. CommBank, we've partnered for over 40 years. We support all their consumer card portfolios, including debit, credit, StepPay, which is their version of buy now, pay later and all their commercial credit. But two, what's in common is we don't stop there. We don't just stop at the payment switching business. We support both with lots and lots of services. For example, with Monzo, we actually do fraud solution on account-to-account. I think you hear us talk about this. Our fraud solutions isn't just for the card rail, it's for account-to-account. With a digital bank, that's very relevant because the ability to pull funds and access other bank accounts is very critical to grow their business. So we actually address their fraud.
与 Monzo 的合作，我们实际上是从预付卡开始的。如今，我们为他们超过 1000 万的客户提供借记卡、CreditFlex 和中小企业借记卡服务。与 CommBank，我们已经合作了 40 多年。我们支持他们所有的消费卡产品组合，包括借记卡、信用卡、StepPay（他们的“先买后付”版本）以及所有商业信用卡。但是第二点，共同之处在于我们不止于此。我们不仅仅停留在支付转接业务上。我们为两者都提供了大量服务。例如，对于 Monzo，我们实际上提供了账户对账户的欺诈解决方案。我想你们听我们谈到过这一点。我们的欺诈解决方案不仅仅针对银行卡渠道，也针对账户对账户。对于数字银行来说，这一点非常重要，因为提取资金和访问其他银行账户的能力对于其业务增长至关重要。所以我们实际上解决了他们的欺诈问题。
And we also support their marketing campaigns by -- to drive their customer acquisitions. We provide market insights and consultancy to drive their innovation. CommBank, a very strong set of services partnership gateway. We power their merchant offers. We just piloted open banking with them, and we also do consulting services, so very robust set of services capabilities that really is what create the differentiation in our partnerships.
我们还通过支持他们的营销活动来帮助他们获取客户。我们提供市场洞察和咨询服务以推动他们的创新。CommBank，一个非常强大的服务合作伙伴网关。我们为他们的商户优惠提供支持。我们刚刚与他们试点了开放银行业务，并且我们还提供咨询服务，因此我们拥有非常强大的服务能力，这确实是我们合作伙伴关系中创造差异化的原因。
Now I know Linda and I come across us very excited. We can tell you about our customers all day long, but I think it's important for you to hear from them directly how we add value to their innovation and to their services. Let's queue the video.
现在我知道琳达和我听起来非常兴奋。我们可以整天向你们介绍我们的客户，但我认为让你们直接听听他们是如何评价我们为他们的创新和服务增值的，这很重要。让我们播放视频。
[Presentation]
[演示文稿]
Linda Kirkpatrick President of the Americas
We are so proud of the customer relationships that we've built, the secular shifts that we're driving, the market share that we're winning, and of course, the services that differentiate us. And I'll tell you the best is yet to come. The pipeline is rich, and we're very excited about our future.
琳达·柯克帕特里克 美洲区总裁
我们为我们建立的客户关系、我们推动的长期趋势转变、我们赢得的市场份额，当然还有使我们脱颖而出的服务感到非常自豪。而且我可以告诉你们，好戏还在后头。我们的储备项目非常丰富，我们对未来感到非常兴奋。
With that, I'm delighted to turn it over to our fearless CFO, Sachin Mehra, to take us through the financial perspective.
接下来，我很高兴将时间交给 fearless 的首席财务官萨钦·梅拉，他将为我们介绍财务方面的情况。
Sachin Mehra CFO
Hi, everyone. It's great to be here with you today. I appreciate you staying with us over the last couple of hours to hear about our strategy and our execution plans. We've covered a lot of ground. So what I thought I would try to do is pull it all together by covering the following 4 areas: Mastercard's recent financial performance, our compelling growth and diversification story, our investment and capital planning priorities and our thoughts around our performance objectives over the 2025 to 2027 period. Let's start by level setting on our recent financial performance.
萨钦·梅拉 首席财务官
大家好。很高兴今天能和大家在一起。感谢大家在过去几个小时里与我们一起聆听我们的战略和执行计划。我们已经谈了很多内容。所以我想做的是通过涵盖以下四个方面来把所有内容整合起来：万事达卡近期的财务业绩、我们引人注目的增长和多元化故事、我们的投资和资本规划重点，以及我们对 2025 年至 2027 年期间业绩目标的思考。让我们首先从我们近期的财务业绩开始。
As you can see, we have consistently delivered strong net revenue growth over the past few years. You will recall that during this time period, we were impacted by the effects of the pandemic, and we suspended our business operations in Russia. Yet we still delivered, and we delivered strongly. In fact, when factoring in our latest guidance, we expect to deliver a net revenue compound annual growth rate of approximately 12% over the 5-year period on a currency-neutral basis and including acquisitions.
正如大家所见，过去几年我们持续实现了强劲的净收入增长。大家可能还记得，在此期间，我们受到了疫情的影响，并且暂停了在俄罗斯的业务运营。然而，我们仍然取得了业绩，而且业绩强劲。事实上，考虑到我们最新的指引，我们预计在五年期间，在汇率中性的基础上并包括收购在内，净收入复合年增长率将达到约 12%。
Moving to the next slide. Let's dive further into the last few years and talk about our 2022 to 2024 performance objectives. These objectives were set out on a currency-neutral basis, excluding special items, gains and losses on equity investments and acquisitions made after 2021. As a reminder, we shared these objectives on November 10, 2021, at our investment community meeting and before we ceased our operations in Russia.
转到下一张幻灯片。让我们进一步深入探讨过去几年，并谈谈我们 2022 年至 2024 年的业绩目标。这些目标是在汇率中性的基础上设定的，不包括特殊项目、股权投资的收益和损失以及 2021 年之后进行的收购。提醒一下，我们是在 2021 年 11 月 10 日的投资者社区会议上，以及在我们停止俄罗斯业务之前分享的这些目标。
Based on our Q4 guidance that we shared with you 2 weeks ago, the headline here is that we expect to deliver very strong results, in line or above our objectives given the parameters we laid out at the time. Overall, net revenue is forecasted to grow at a compound annual growth rate of approximately 17% or 19% when excluding Russia. We remained above our annual operating margin commitment, and we expect to deliver compound annual EPS growth over the period of approximately 25% or 27% when excluding Russia, which is well above target.
根据我们两周前与大家分享的第四季度指引，这里的重点是我们预计将取得非常强劲的业绩，在我们当时设定的参数下，业绩将符合或高于我们的目标。总体而言，预计净收入复合年增长率约为 17%，如果不包括俄罗斯，则为 19%。我们仍高于年度营业利润率承诺，预计在此期间每股收益复合年增长率约为 25%，如果不包括俄罗斯，则为 27%，远高于目标。
It is a very strong story that demonstrates the resiliency of Mastercard and our ability to execute even through volatile geopolitical and macro environments. Let's talk a little bit about what brings this resiliency to Mastercard. We have intentionally invested over time to diversify and strengthen our business.
这是一个非常强有力的故事，证明了万事达卡的韧性以及即使在动荡的地缘政治和宏观环境下我们也能执行的能力。让我们谈谈是什么赋予了万事达卡这种韧性。随着时间的推移，我们有意识地进行投资，以实现业务的多元化和强化。
Here are a few examples of how we have continued to evolve and grow the profile of the company since 2020. Starting with our diverse geographic footprint. With approximately 70% of the net revenues of Mastercard generated outside of the U.S., we are competitively differentiated, giving us greater flexibility to navigate through various macro and geopolitical environments and also providing us the opportunity to realize the massive digitization opportunity across these international markets.
以下是一些自 2020 年以来我们如何持续发展和壮大公司形象的例子。首先是我们多元化的地理足迹。万事达卡约 70% 的净收入来自美国以外地区，这使我们在竞争中脱颖而出，赋予我们更大的灵活性来应对各种宏观和地缘政治环境，同时也为我们提供了在这些国际市场实现大规模数字化机遇的机会。
作为美元战略的一部分，保留这几家企业的高利润很可能是对的。
We have also evolved over time from a product perspective, offering a diverse range of credit, debit, prepaid and commercial solutions. Commercial now represents approximately 13% of total GDV with significantly more opportunity to grow. It's also incredible to see the progress we have made with value-added services and solutions, which now represent nearly 40% of total net revenues. As a reminder, our value-added services and solutions provide us several benefits, which include diversification, an engine for faster growth, and importantly, differentiation to help us continue to win in payments.
随着时间的推移，我们也从产品的角度不断发展，提供多样化的信用卡、借记卡、预付卡和商业解决方案。商业支付目前约占总交易额 (GDV) 的 13%，并且还有巨大的增长机会。同样令人难以置信的是，我们在增值服务和解决方案方面取得了进展，目前这部分业务占总净收入的近 40%。提醒一下，我们的增值服务和解决方案为我们带来了诸多好处，包括多元化、更快的增长引擎，以及重要的是，差异化优势，帮助我们继续在支付领域取胜。
These services and solutions are fueled by our data. The more the transactions we switch, the more the data we see. And we now switch nearly 70% of total Mastercard transactions. This is a targeted effort. For example, over the past few years, we have begun switching Mastercard-branded transactions in Japan and in Mexico. As Jorn said, this is a key driver and metric for us with an opportunity to further increase switching penetration. So hopefully, this gives you a good sense of how our business has evolved and how our continued diversification makes us a stronger Mastercard.
这些服务和解决方案以我们的数据为基础。我们转接的交易越多，我们看到的数据就越多。目前，我们转接的万事达卡总交易量已接近 70%。这是一项有针对性的努力。例如，在过去几年中，我们已经开始在日本和墨西哥转接万事达卡品牌的交易。正如约恩所说，这是我们的一个关键驱动因素和衡量标准，并且有机会进一步提高转接渗透率。因此，希望这能让您很好地了解我们的业务是如何发展的，以及我们持续的多元化如何使万事达卡变得更强大。
Now with our recent financial performance and compelling diversification story as background, let's dive into the Mastercard growth algorithm and the different pillars that work together to help us realize this opportunity. First, it's about being in the flow to capture the natural growth of economies around the world. And while the growth of economies is not in our control, we can show up locally across the globe and be present in geographies with significant growth opportunities. Second, there remains a sizable opportunity to capture growth from the secular shift to digital payments across both volume and transactions in consumer payments.
现在，在我们近期财务业绩和引人注目的多元化故事的背景下，让我们深入探讨万事达卡的增长算法以及协同作用以帮助我们抓住这一机遇的不同支柱。首先，关键在于顺应潮流，抓住全球经济的自然增长。虽然经济增长不受我们控制，但我们可以在全球各地开展本地化运营，并进驻具有巨大增长机遇的地区。其次，在消费者支付领域，无论是交易量还是交易笔数，从向数字支付的长期趋势转变中获取增长仍然存在巨大机遇。
There is so much opportunity left to displace cash and check and the addressable market keeps expanding with new business models and with new markets like China. This isn't just happening. We are actively driving it by growing acceptance and by delivering best-in-class technology like Tap on Phone, passkeys and tokens.
取代现金和支票的机会仍然很多，而且随着新的商业模式和像中国这样的新市场的出现，潜在市场不断扩大。这并非自然而然发生的。我们正通过扩大受理范围和提供一流技术（如手机 POS、通行密钥和令牌）积极推动这一进程。
You saw on the previous slide that we now have approximately 150 million acceptance locations worldwide, and we continue to grow this acceptance footprint at a rapid pace. The secular opportunity is not limited to consumer. There is significant opportunity to penetrate cash and check in commercial and new payment flows. Part of this is expanding commercial point-of-sale purchases where we size the opportunity at approximately $16 trillion in cash and check.
你们在上一张幻灯片中看到，我们现在在全球拥有约 1.5 亿个受理点，并且我们正继续快速扩大这一受理足迹。长期趋势带来的机遇并不仅限于消费领域。在商业和新的支付流程中，取代现金和支票的机遇也很大。其中一部分是扩大商业销售点采购，我们估计这部分现金和支票的潜在市场规模约为 16 万亿美元。
Just to put this in perspective, this opportunity is primarily targeted through card payments where we are the experts. And think about this relative to consumer payments, where around $23 trillion inflows ex China are carded, and that has taken us almost 60 years to do and driven strong sustainable growth along the way. Fourth is around winning more market share of the already carded flows.
为了让大家更清楚地了解这一点，这个机会主要是通过我们擅长的银行卡支付来实现的。想想看，与消费者支付相比，在中国以外地区，约有 23 万亿美元的资金流是通过银行卡进行的，而我们花了近 60 年的时间才做到这一点，并在此过程中实现了强劲的可持续增长。第四点是赢得更多已银行卡化的资金流的市场份额。
As you heard from Linda and Ling Hai, we have had a constant drumbeat of wins across the globe in both consumer and commercial due to our local presence, our partnership approach and our differentiated capabilities. Over the last 3 years, we've grown our share across all products on a global basis. There is no plan to let up. Other factors such as portfolio optimization, pricing, mix of business and level of rebates and incentives also play a factor in our growth. And of course, it's also about driving growth in our value-added services and solutions. We have been and continue to invest in here.
正如你们从琳达和凌海那里听到的，由于我们的本地业务、我们的合作方式以及我们差异化的能力，我们在全球消费和商业领域都取得了持续的胜利。在过去的三年里，我们在全球所有产品中的份额都有所增长。我们没有松懈的计划。其他因素，如产品组合优化、定价、业务组合以及返利和激励的水平，也在我们的增长中发挥着作用。当然，这也关乎推动我们增值服务和解决方案的增长。我们一直并将继续在这方面进行投资。
Our suite of solutions complements and strengthens our payment network while also driving sustainable revenue growth. We have carefully chosen where we play and always look to add in areas that have large and fast-growing addressable markets. It is all underpinned by the competitive advantages we have, such as our payments expertise, our network distribution and rich data inputs. Putting it all together, our growth algorithm is composed of several unique growth vectors that collectively enable strong long-term growth potential for Mastercard.
我们的解决方案套件补充并加强了我们的支付网络，同时也推动了可持续的收入增长。我们精心选择了我们的业务领域，并始终寻求在拥有巨大且快速增长的潜在市场的领域进行拓展。这一切都以我们拥有的竞争优势为基础，例如我们的支付专业知识、我们的网络分销和丰富的数据输入。总而言之，我们的增长算法由几个独特的增长载体组成，它们共同为万事达卡带来了强大的长期增长潜力。
Now that we've talked about the growth algorithm, let's double-click into the market opportunity. Starting with payments, the targeted opportunity continues to grow and stands at approximately $154 trillion in 2024. With $54 trillion in consumer payments, there remains a substantial growth opportunity to continue to convert cash and check to digital forms of payment around the globe. Excluding China, 50% of the addressable market is non-carded today. That opportunity is large in both emerging markets as well as in developed ones like the U.S., Japan and Germany. Add on to that the China opportunity, which Mastercard is well positioned to capture given that we have recently started switching domestically.
既然我们已经讨论了增长算法，让我们深入研究一下市场机会。从支付业务开始，目标机会持续增长，到 2024 年将达到约 154 万亿美元。在 54 万亿美元的消费者支付中，全球范围内将现金和支票转换为数字支付形式的增长机会仍然巨大。不包括中国，目前可触达市场中 50% 仍未使用银行卡。无论是在新兴市场还是在发达市场（如美国、日本和德国），这个机会都很大。再加上中国的机会，万事达卡处于有利地位，因为我们最近已开始在国内进行转接清算。
Beyond volumes, there is an even greater opportunity when you look at transactions where approximately 70% of transactions for consumer payments remain uncarded. The commercial and new payment flow addressable market is almost twice the size of consumer payments at $100 trillion. Specifically, in commercial, approximately 95% of the flows are uncarded today. In addition to that, there remains a $20 trillion opportunity of untapped payment flows in disbursements and remittances that we can target via our Mastercard Move capabilities.
除了交易额外，从交易笔数来看，机会甚至更大，因为大约 70% 的消费者支付交易仍未使用银行卡。商业和新支付流的可触达市场规模几乎是消费者支付的两倍，达到 100 万亿美元。具体而言，在商业领域，目前约有 95% 的资金流尚未使用银行卡。除此之外，在付款和汇款领域，仍有 20 万亿美元的未开发支付流机会，我们可以通过万事达卡畅行（Mastercard Move）能力来抓住这些机会。
Moving next to value-added services and solutions. You heard Craig discuss the strategy in place to drive sustained growth, but I did want to level set on the tremendous progress that we have made in this area. We've consistently delivered strong revenue growth while also building upon these assets to drive the growth of our payment volumes and to win market share.
接下来谈谈增值服务和解决方案。你们听了克雷格讨论的旨在推动持续增长的战略，但我确实想强调一下我们在这方面取得的巨大进展。我们持续实现了强劲的收入增长，同时还利用这些资产来推动我们支付量的增长并赢得市场份额。
Specifically, over the 2022 to 2024 period, we expect our value-added services and solutions net revenue to grow at a compound annual growth rate of approximately 18% on a currency-neutral basis. And in 2024, we estimate that the total VAS net revenues will be approximately $11 billion. Our total targeted opportunity is approximately $490 billion in addressable revenue. And let me emphasize, this is potential revenue, which is different from what we talk about in payments, where we size the addressable market in terms of volumes.
具体而言，在 2022 年至 2024 年期间，我们预计增值服务和解决方案的净收入将按固定汇率计算，以约 18% 的复合年增长率增长。到 2024 年，我们估计增值服务总净收入将约为 110 亿美元。我们的总目标机会约为 4900 亿美元的可触达收入。请允许我强调，这是潜在收入，这与我们在支付领域讨论的情况不同，在支付领域，我们是根据交易量来衡量可触达市场的规模。
上市公司增长故事不好讲，在消费支付领域23万亿的业务已经实现数字化，Mastercard占了10万亿，其余是Visa，还剩下11万亿。
When we look at our key areas of focus where we have solutions in market today, our serviceable addressable market is at least $165 billion in aggregate revenue. Growth in value-added services and solutions is driven across several vectors. First, our value-added services and solutions benefit from market growth that is fueled by structural tailwinds like digitization, AI, B2B modernization and growing cyber threats. And we drive growth beyond those structural tailwinds.
当我们审视我们目前已在市场推出解决方案的关键领域时，我们的可服务潜在市场总收入至少为 1650 亿美元。增值服务和解决方案的增长由多个因素驱动。首先，我们的增值服务和解决方案受益于市场增长，而市场增长又受到数字化、人工智能、B2B 现代化和日益增长的网络威胁等结构性顺风的推动。而且，我们推动的增长超越了这些结构性顺风。
So let me spend a few minutes talking about that. A portion of our services revenue is driven by our payments network. In 2024, we estimate that roughly 60% of our VAS revenues will be linked to network growth, a good proxy for which is processed transactions. The opportunity for continued growth in payments creates a natural tailwind for value-added services and solutions. Another element of how we drive growth is by increasing penetration of our existing solutions to both new and existing customers. And finally, we are building and buying new capabilities to convert more of the target addressable market of $490 billion to serviceable addressable market. Our planned acquisition of leading threat intelligence company, Recorded Future, as well as the recent acquisition of the subscription management company, Minna Technologies, do just that.
那么让我花几分钟谈谈这个问题。我们一部分服务收入是由我们的支付网络驱动的。我们估计，到 2024 年，我们大约 60% 的增值服务 (VAS) 收入将与网络增长相关联，已处理交易量是一个很好的代表指标。支付业务持续增长的机会为增值服务和解决方案创造了天然的顺风。我们推动增长的另一个要素是提高我们现有解决方案在新老客户中的渗透率。最后，我们正在构建和收购新的能力，以便将 4900 亿美元的目标潜在市场更多地转化为可服务的潜在市场。我们计划收购领先的威胁情报公司 Recorded Future，以及最近收购的订阅管理公司 Minna Technologies，正是为了实现这一目标。
I just mentioned that approximately 60% of VAS revenues are linked to the payment network. The vast majority of the remaining VAS revenues are primarily platform or engagement-based. Combined with our network-linked revenues, these platform-based solutions offer a nice stream of recurring revenue. We estimate that approximately 85% of VAS net revenues are recurring in nature, providing multiyear reliability in our VAS revenue growth.
我刚才提到，大约 60% 的增值服务收入与支付网络相关。其余增值服务收入的绝大部分主要基于平台或参与度。结合我们的网络相关收入，这些基于平台的解决方案提供了一个良好的经常性收入来源。我们估计，大约 85% 的增值服务净收入具有经常性，为我们的增值服务收入增长提供了多年的可靠性。
Within VAS, there are also other solutions, which includes products like cross-border services and open banking as well as bill pay and real-time payments infrastructure. They offer significant strategic benefit to us and bring payment choice to our customers.
在增值服务中，还有其他解决方案，包括跨境服务和开放银行等产品，以及账单支付和实时支付基础设施。它们为我们带来了显著的战略利益，并为我们的客户带来了支付选择。
Now switching gears to our investment priorities. Our business has tremendous growth potential, and it is critical to make the right investments to deliver on short, medium and long-term growth. It all starts with our strategy. What do we want to accomplish and what is the best way to achieve our objectives. As we make investments in these focus areas you have heard about today across consumer payments, commercial and new payment flows and value-added services and solutions, we will do so through a combination of organic investments, acquisitions and partnerships. Also remember, none of this happens without investment in our strategic enablers. Our people and our technology underpin the success of our strategic priorities. For example, we have been investing in AI for over a decade, and that has helped us and our products be more efficient. There is further opportunity there. And of course, the trust derived from the resiliency of our technology and the recognition of our brand both remain key.
现在转换话题，谈谈我们的投资重点。我们的业务具有巨大的增长潜力，进行正确的投资以实现短期、中期和长期增长至关重要。一切都始于我们的战略。我们想实现什么目标？实现目标的最佳途径是什么？正如我们今天在消费者支付、商业和新支付流以及增值服务和解决方案等重点领域进行投资时所听到的那样，我们将通过有机投资、收购和合作相结合的方式来进行。另外请记住，如果没有对我们战略赋能因素的投资，这一切都不会发生。我们的员工和技术是我们战略重点成功的基石。例如，我们投资人工智能已有十多年，这帮助我们和我们的产品提高了效率。这方面还有进一步的机会。当然，源于我们技术韧性的信任以及我们品牌的认知度仍然是关键。
We will continue our disciplined approach towards expense management by investing in a balanced manner. As it relates to our capital planning priorities, they remain consistent with what we previously shared with you and continue to serve us well. As you may recall, our capital planning priorities are: #1, maintain a strong balance sheet, and we believe this is an imperative for the role we play in the payments ecosystem; #2, invest for the long-term growth of our business through organic and inorganic means, given the significant growth opportunity; three, return excess capital to our shareholders through a combination of share buybacks and dividends with a bias towards share buybacks. Note that we've now returned over $80 billion to you, our shareholders, through buybacks and dividends since the 2006 IPO. And #4, we will continue to optimize the mix of debt and equity.
我们将继续采取严格的费用管理方法，以平衡的方式进行投资。关于我们的资本规划优先事项，它们与我们之前与大家分享的一致，并继续为我们提供良好的服务。大家可能还记得，我们的资本规划优先事项是：第一，保持强劲的资产负债表，我们认为这对于我们在支付生态系统中所扮演的角色至关重要；第二，鉴于巨大的增长机会，通过有机和无机方式为我们业务的长期增长进行投资；第三，通过股票回购和股息相结合的方式向股东返还多余资本，并倾向于股票回购。请注意，自 2006 年首次公开募股以来，我们现已通过回购和股息向各位股东返还了超过 800 亿美元。第四，我们将继续优化债务和股权的组合。
And now moving on to our 3-year performance objectives, all of which we are establishing on a currency-neutral basis, excluding the impact of special items, gains and losses on equity investments and any further acquisitions. Using the 2024 forecast as our base, over the 2025 to 2027 period, we expect to deliver a net revenue compound annual growth rate in the high end of low double-digit range on a currency-neutral basis, including the impact of the acquisition of Minna and the planned acquisition of Recorded Future. This assumes an annual carded market volume growth rate of 9% and growing our value-added services and solutions net revenues at a high teens net revenue compound annual growth rate. We're confident in our ability to deliver high end of low double digits net revenue growth given the current macro environment, the strong fundamentals of our business and our multiple growth levers.
现在谈谈我们未来三年的业绩目标，所有这些目标都是在汇率中性的基础上制定的，不包括特殊项目、股权投资的收益和损失以及任何进一步收购的影响。以 2024 年的预测为基准，在 2025 年至 2027 年期间，我们预计在汇率中性的基础上，净收入复合年增长率将达到低两位数区间的高端，其中包括收购 Minna 和计划收购 Recorded Future 的影响。这假设年度银行卡市场交易额增长率为 9%，并且我们的增值服务和解决方案净收入以接近百分之十几的高复合年增长率增长。鉴于当前的宏观环境、我们业务的强劲基本面以及我们的多种增长杠杆，我们有信心实现低两位数高端的净收入增长。
From an operating margin perspective, we will continue to operate with the philosophy of delivering positive operating leverage over the medium to long-term while continuing to invest for growth. We have shared a minimum annual operating margin target in the past. We are increasing that minimum to 55% over the period, while still providing us flexibility to continue to invest in the long-term growth potential of the business.
从营业利润率的角度来看，我们将继续奉行在中长期内实现正的经营杠杆的理念，同时继续为增长进行投资。我们过去曾分享过最低年度营业利润率目标。我们将在此期间将该最低目标提高到 55%，同时仍为我们提供灵活性，以继续投资于业务的长期增长潜力。
And finally, we expect to deliver an EPS compound annual growth rate in the mid-teens range on a currency-neutral basis, excluding the impact of special items, gains and losses on equity investments and any further acquisitions.
最后，我们预计在汇率中性的基础上，不包括特殊项目、股权投资损益以及任何进一步收购的影响，每股收益复合年增长率将达到百分之十几的中段水平。
So let's wrap it all up. We remain optimistic on the future of Mastercard. We have tremendous runway in all facets of our business across payments and across services. We have a proven growth algorithm and a strong track record of delivering top and bottom line growth. We prioritize opportunities aided by structural market tailwinds and those that reinforce the virtuous cycle across payments and across services. And that's where we invest. These differentiated solutions powered by our vast data and our network expertise position us to win. Our strategy is strong, and our execution is even stronger. We remain committed to delivering value to our customers and the markets in which we operate. And in doing so, we'll deliver results to you, our shareholders.
总结一下。我们对万事达卡的未来保持乐观。我们在支付和服务的各个业务领域都有巨大的发展空间。我们拥有行之有效的增长算法和实现营收和利润增长的良好记录。我们优先考虑那些受益于结构性市场顺风以及能够强化支付和服务良性循环的机会。而这正是我们投资的领域。这些由我们海量数据和网络专业知识驱动的差异化解决方案使我们能够赢得胜利。我们的战略是强大的，我们的执行力甚至更强。我们仍然致力于为我们的客户和我们运营的市场创造价值。通过这样做，我们将为各位股东带来回报。
With that, I will hand it over to start the Q&A session.
接下来，我将把时间交给问答环节。
Devin Corr Executive VP of Investor Relations
So we're open for the Q&A session now. Please, there will be mics running around. We'll have Sachin joining remotely -- hopefully. Please wait for the mic to state your name and state your affiliation before you do ask your question. The team is running around with mics now. Please put your hands up.
德文·科尔 投资者关系执行副总裁
那么，我们现在开始问答环节。请注意，会有麦克风在场内传递。萨钦将会远程加入——希望如此。在您提问之前，请等待麦克风，并说明您的姓名和所属机构。团队成员现在正拿着麦克风在场内走动。请举手。
Perfect. Joe, do you want to come up here?
太好了。乔，你愿意上来吗？
Ramsey El-Assal Barclays Bank
Ramsey El-Assal from Barclays. Fascinating day as usual, greatly appreciate it. I wanted to ask Craig a question about the 60% of the VAS that was network link services. Is that a -- can we consider that sort of almost a euphemism for nondiscretionary -- in other words, to what degree do your customers when they buy -- when they issue a Mastercard are they kind of -- it's in their best interest in a pretty significant way for them to then go a little bit further and sign up for those services. And I guess also given 60% are kind of network linked and grow with your core business, is it safe to assume that the incremental growth in value-added services is coming from the non-network linked part of that business, a double header there.
拉姆齐·埃尔-阿萨尔 巴克莱银行
我是巴克莱银行的拉姆齐·埃尔-阿萨尔。一如既往，这是引人入胜的一天，非常感谢。我想问克雷格一个关于增值服务中 60% 是网络链接服务的问题。这是否——我们是否可以认为这几乎是“非自由裁量”的委婉说法——换句话说，当您的客户购买——当他们发行万事达卡时，在多大程度上——这是否在很大程度上符合他们的最佳利益，促使他们更进一步并注册这些服务？另外，考虑到 60% 的服务是网络链接的，并且与您的核心业务一起增长，那么假设增值服务的增量增长来自该业务的非网络链接部分是否安全？这是一个双重问题。
Craig Vosburg Chief Services Officer
Well, I would expect nothing less from you, Ramsey, than a double-headed question. So let me hit both those. One, to your first question, is it in their best interest to use the network linked products? We think, yes, because all of the products -- frankly, whether it's network linked or not, are delivering value. They are created with a specific need or issue in mind to address to provide value to a customer.
克雷格·沃斯堡 首席服务官
嗯，拉姆齐，我早就料到你会提出一个双重问题。那么让我来回答这两个问题。第一，关于你的第一个问题，使用网络链接产品是否符合他们的最佳利益？我们认为是肯定的，因为所有产品——坦率地说，无论是否与网络链接——都在创造价值。它们是针对特定需求或问题而创建的，旨在为客户提供价值。
Are they nondiscretionary? No. There -- these are still products or services that customers will choose to avail themselves of in many cases. Now there are some that are sort of embedded in -- this is how we protect the integrity of the system, and we need all of our stakeholders within the network to use those products to make sure that everyone who's connected to the network is benefiting from the same safety checks and security and overall integrity.
它们是非自由裁量的吗？不。这些仍然是客户在许多情况下会选择使用的产品或服务。当然，有些是内嵌的——这是我们保护系统完整性的方式，我们需要网络内的所有利益相关者使用这些产品，以确保连接到网络的每个人都能从相同的安全检查、安保和整体完整性中受益。
But a significant portion of this -- like take an example of one of the ones I referenced stand in, right? Standard is not required for a customer to use, but it absolutely delivers a much better experience for a consumer in the event an issuer is unable to -- or goes down or loses the ability to process traction -- transactions in real time, which we see regularly across our network of partners. So it's an example of something that's in our customers' best interest to use to either continue to provide overall integrity, safety and security, to reduce their own risk associated with fraud, and that's certainly in their interest in everybody's interest and to deliver a really high-quality consumer experience.
但其中很大一部分——比如我提到的其中一个例子，替代授权，对吧？标准授权并非客户必须使用，但如果发卡行无法处理——或者出现故障或失去实时处理交易的能力——这种情况我们在我们的合作伙伴网络中经常看到——它绝对能为消费者带来更好的体验。因此，这是一个符合我们客户最佳利益的例子，他们可以使用它来继续提供整体的完整性、安全性和保障，降低自身与欺诈相关的风险，这当然符合他们以及所有人的利益，并提供真正高质量的消费者体验。
约等于利用垄断地位的涨价。
As it relates to future growth, it's an important part of growth, and we expect, as you've heard, with the virtuous cycle, we expect transaction volume to continue to grow as we continue to take advantage of the secular migration as we continue to increase the percentage of our transactions that we switch, as we continue to expand, win market share and bring more partners onto the system, that lifts the overall transaction volume. And so as Sachin said, process transactions are a good proxy for network linked. And so those will lift. But there's then 40% of the other services that we're selling that are not linked to the network. These are things like the cybersecurity solutions that there is a clear need in the marketplace that our customers have, and we have world-leading capabilities in, for example, with threat intelligence, post-close on Recorded Future that we'll sell into those opportunities alongside of but not explicitly linked to the network.
关于未来的增长，这是增长的重要组成部分，正如你们所听到的，随着良性循环的形成，我们预计交易量将继续增长，因为我们将继续利用长期趋势的转变，继续提高我们转接交易的百分比，继续扩张，赢得市场份额，并将更多合作伙伴引入系统，从而提升整体交易量。正如萨钦所说，已处理交易是网络链接服务的一个良好代表。因此，这些服务将会增长。但还有 40% 的其他服务是我们销售的，它们与网络没有链接。这些服务包括网络安全解决方案，市场上我们的客户对此有明确的需求，而我们拥有世界领先的能力，例如，在威胁情报方面，我们将在 Recorded Future 收购完成后，将这些解决方案销售给这些机会，这些机会与网络并行但并非明确链接。
Sachin Mehra CFO
Ramsey, if I can make one additional comment. So discretionary, slightly different spin to it. While it's discretionary not to invest in cybersecurity, most customers decide to anyway. So comes back to the point about being anchored on things that really matter across the board. That's #1. And #2 is, there is an advantage here -- customers will make the choices they make. And they have options out in the market, but there is a beneficial situation of being a payments partner and being really close to the transaction vis-a-vis somebody else who comes with a security solution that isn't so close. So therefore, the network linked, there's different -- a whole range of dynamics at work that give us a preferential position.
萨钦·梅拉 首席财务官
拉姆齐，如果我可以补充一点。关于自由裁量权，这里有一个稍微不同的角度。虽然投资网络安全是自由裁量的，但大多数客户无论如何都会决定投资。所以这又回到了我们关注那些真正重要的事情的观点上。这是第一点。第二点是，这里存在一个优势——客户会做出他们自己的选择。他们在市场上有多种选择，但作为支付合作伙伴并与交易非常接近，这相对于那些提供安全解决方案但与交易不那么接近的其他人来说，是一个有利的局面。因此，网络链接服务，存在着各种不同的动态因素在起作用，这些因素赋予了我们优先地位。
Devin Corr Executive VP of Investor Relations
Switch over here. Maybe Bryan.
德文·科尔 投资者关系执行副总裁
换到这边。也许是布莱恩。
Bryan Keane Deutsche Bank AG
It's Bryan Keane. Sachin, I guess I was hoping you could just walk us from the high teens previously from '22 to '24 to the low end or the high end, sorry, of low double digits and then the low 20s EPS to the mid-teens EPS. Maybe just walk as high level, the differences from that period to this period that gets you to those growth rates.
布莱恩·基恩 德意志银行
我是布莱恩·基恩。萨钦，我想请您给我们解释一下，从之前 22 年到 24 年的百分之十几的高增长率，到现在的低两位数的低端或高端，抱歉，是高端，然后每股收益从百分之二十几的低增长率到百分之十几的中等增长率。也许您可以从宏观层面解释一下，从那个时期到这个时期，导致这些增长率差异的原因是什么。
Sachin Mehra CFO
So sure, Bryan. Hopefully, you can hear me. Yes, very well, -- it's -- I mean what you're comparing is a little bit of a different environment from when we last had an Investor Community Meeting. As you remember, we were just exiting COVID and we had the impact of coming off of a low base at that point in time. And our guidance in our last Investor Day was predicated the fact that you were going to have this natural recovery, which took place in the first year of the guidance period, which is 2022. And you saw a fairly robust growth take place from a net revenue standpoint from Mastercard at that point in time. Order of magnitude is slightly north of 20%.
萨钦·梅拉 首席财务官
好的，布莱恩。希望你能听到我说话。是的，非常好——我的意思是，你所比较的是与我们上次召开投资者社区会议时略有不同的环境。正如你所记得的，我们当时刚刚摆脱新冠疫情的影响，并且受到了当时基数较低的影响。我们上一次投资者日的指引是基于这样一个事实，即你会看到这种自然复苏，这发生在指引期的第一年，也就是 2022 年。当时你看到万事达卡的净收入实现了相当强劲的增长。数量级略高于 20%。
Then when you think about what happened in 2023 and what we're talking about in terms of guidance for 2024, it's very much in line with what we're talking about for the next 3 years, which is the high end of low double digits range. So I would attribute the differential of what you saw in the last Investor Community Day and what you're seeing today is primarily the impact of coming off a low base from COVID. And that's true for net revenue, and that's true for EPS. The other difference on EPS is, obviously, we are operating in a lower tax environment in the 2022 to 2024 period.
然后，当你考虑到 2023 年发生的情况以及我们对 2024 年的指引时，这与我们对未来三年的展望非常一致，即低两位数区间的高端。因此，我认为你上次投资者社区日所见与今天所见之间的差异，主要归因于新冠疫情后基数较低的影响。这对净收入和每股收益都是如此。每股收益的另一个差异是，显然，在 2022 年至 2024 年期间，我们的税收环境较低。
Now sitting in -- as we do with the global minimum tax coming into play, we're incorporating a slightly higher tax rate, which we've talked about previously. So those are 2 big fundamental differences.
现在——随着全球最低税的实施，我们正在纳入一个略高的税率，这一点我们之前已经讨论过。所以这是两个主要的根本性差异。
Unknown Executive
Sanjay?
佚名高管
桑杰？
Sanjay Sakhrani Keefe, Bruyette, & Woods, Inc.
Sanjay Sakhrani from KBW. It's clear international is a critical part of the story. I'm just curious, Michael, you talked about your steady discussions with governments. Ling Hai, discussed the launch of China, which is amazing. I'm just curious, given those markets aren't growing up like the developed ones did, how you guys see the revenue TAM there? Is it -- has it changed over time? Or is it the same just difference there? And then maybe just broadly, if you look including the United States, what's the most significant competitive threat of achieving these amazing expectations?
桑杰·萨克拉尼 Keefe, Bruyette, & Woods, Inc.
我是 KBW 的桑杰·萨克拉尼。很明显，国际市场是这个故事的关键部分。我只是好奇，迈克尔，你谈到你与各国政府的持续讨论。凌海讨论了中国市场的启动，这太棒了。我只是好奇，鉴于这些市场不像发达市场那样成长，你们如何看待那里的潜在总收入（TAM）？它是否随着时间的推移而发生了变化？或者它只是那里的差异保持不变？然后，也许更广泛地说，如果包括美国在内，实现这些惊人预期的最重大的竞争威胁是什么？
Michael Miebach CEO, President & Director
All right. So maybe I kick off and then invite Linda and Ling Hai to comment on that. And forgive me if I talk about China for a moment. Sanjay, to your point, China grew up differently in a protected environment. It is an orchestrated economy to a large degree. And things that are relatively unusual in the world like QR code, were a big part of the Chinese ecosystem. And there's Chinese -- the whole idea of the super wallet really only exists in China.
迈克尔·米巴赫 首席执行官、总裁兼董事
好的。那么也许我先开个头，然后邀请琳达和凌海对此发表评论。请原谅我暂时谈论一下中国。桑杰，就你所说，中国是在一个受保护的环境中以不同的方式发展起来的。它在很大程度上是一个精心策划的经济体。像二维码这样在世界上相对不寻常的事物，曾是中国生态系统的重要组成部分。还有就是中国的——超级钱包的整个概念实际上只存在于中国。
So there's a few things that are really special. But now, the Chinese government is interested with economic challenges they need to work through to really connect the Chinese economy a lot closer to the rest of the world. And you've heard Ling Hai talk about this, opening up straightforward acceptance having people who go there, give them the ability to just pay any way they would pay anywhere else in the world. You start to see that ecosystems that are very unique in the end, come to a point as more and more people use it, that you want flexibility, interoperability and so forth. And that's where we stand for.
所以有一些东西确实很特别。但是现在，中国政府有兴趣应对他们需要解决的经济挑战，以便真正将中国经济与世界其他地区更紧密地联系起来。你们也听凌海谈到过这一点，开放直接受理，让去那里的人能够像在世界其他任何地方一样以任何方式付款。你开始看到，那些最终非常独特的生态系统，随着越来越多的人使用它，会达到一个希望获得灵活性、互操作性等等的程度。而这正是我们所代表的。
So fundamentally, we don't see this as locked in, but it's an opportunity for us to come in and improve the value of our proposition and take it on from there. You see in Africa, things start in an entirely different way. It's mobile-based financial services. So that grows up in a different way. But here, contrary because it's an open market, we are participating from day 1 with our investments in MTN and Airtel and so forth. So we're in the market growing financial -- mobile-based financial services.
因此，从根本上说，我们不认为这是固定不变的，而是我们进入并提升我们价值主张的机会，并以此为基础继续发展。你可以看到在非洲，事情以完全不同的方式开始。它是基于移动的金融服务。所以它的发展方式不同。但在这里，恰恰相反，因为这是一个开放的市场，我们从第一天起就通过对 MTN 和 Airtel 等公司的投资参与其中。所以我们正在市场上发展金融——基于移动的金融服务。
To the revenue dynamics, they are obviously different there country by country, case by case. If you think about Africa, obviously, it's lower transaction size, it's lower revenue per transaction. Otherwise, the revenue can't carry it. That's a tremendous potential overall. And we're anyway linking in with services across the board beyond the payment solution.
关于收入动态，各个国家、各种情况显然是不同的。如果你考虑到非洲，显然，那里的交易规模较小，每笔交易的收入也较低。否则，收入无法支撑。总的来说，这是一个巨大的潜力。而且，无论如何，我们都在支付解决方案之外，将服务全面连接起来。
Ling Hai President of Asia Pacific, Europe, Middle East & Africa
So maybe one of the -- so maybe just very quickly on markets outside the U.S. In general, my view is, one, when we grow our domestic volume and business, and we do more switching, we see more transactions, that's not only good for the core, it's also good for services. There's plenty of evidence. So that actually changes the revenue dynamics. But the other thing I think I mentioned in the China discussion about home and away, these things are linked together. Can you imagine somebody use a card for only home and another card for away? No, you use one card for both. So as we, for example, see more acceptance, as Michael said, in China or more acceptance in Japan, that's going to help American tourists go into Japan or European tourists going to Japan. So it's a great boost for our cross-border business in terms of the interlinking of the world.
凌海 亚太、欧洲、中东和非洲区总裁
那么，也许其中一个——所以也许很快地谈谈美国以外的市场。总的来说，我的观点是，第一，当我们发展国内的交易量和业务，并且我们进行更多的转接清算时，我们会看到更多的交易，这不仅对核心业务有利，对服务业务也有利。这方面有很多证据。所以这实际上改变了收入动态。但另一件事，我想我在关于中国的讨论中提到了境内和境外，这些是联系在一起的。你能想象有人一张卡只在境内用，另一张卡在境外用吗？不，你一张卡两用。因此，举例来说，正如迈克尔所说，当我们在中国看到更多的受理，或者在日本看到更多的受理，这将有助于美国游客前往日本，或者欧洲游客前往日本。因此，就世界的相互联系而言，这对我们的跨境业务是一个巨大的推动。
两套系统分裂在用户层面不现实，非常好的角度。
Another great example I think about is -- my world and Linda's world in the U.S., for example, we have this wholesale program for travel where hotels and airlines are getting paid by the OTAs like Expedia, Ctrip. Well, a lot of the acquiring is actually happening in the U.S. So issuing maybe in Asia, acquiring is in the U.S. So again, that is a big boost for our overall revenue profile. But in the emerging markets, my view is back to the basics. Sometimes you have to focus on the issuance and acceptance, and then you grow things that are on top of that.
我能想到的另一个很好的例子是——比如在美国，我和琳达的业务领域，我们有一个针对旅游业的批发项目，酒店和航空公司通过像 Expedia、携程这样的在线旅行社（OTA）获得付款。嗯，很多收单实际上发生在美国。所以发卡可能在亚洲，但收单在美国。因此，这再次极大地提升了我们的整体收入状况。但在新兴市场，我的观点是回归基础。有时你必须专注于发卡和受理，然后再在此基础上发展其他业务。
Michael Miebach CEO, President & Director
Let's go the next question -- we give you long a very long answer, Sanjay, so the next one.
迈克尔·米巴赫 首席执行官、总裁兼董事
我们回答下一个问题吧——桑杰，我们给你的回答非常长，所以下一个。
Timothy Chiodo
Tim Chiodo from UBS. I want to talk a little bit about Mastercard move, specifically the cross-border portion. So this service, you're distributing it through banks and fintechs. And I want to see if you could talk a little bit about what is it replacing? Is it removing traditional wires? And then how much faster, cheaper, more transparent is it? So what are the advantage that basically those distribution partners are getting?
蒂莫西·乔多
我是瑞银集团的蒂姆·乔多。我想谈谈万事达卡畅行（Mastercard Move），特别是跨境部分。这项服务你们是通过银行和金融科技公司来分销的。我想请你们谈谈它取代了什么？它是否取代了传统的电汇？它又快了多少、便宜了多少、透明度高了多少？也就是说，那些分销合作伙伴基本上获得了哪些优势？
Linda Kirkpatrick President of the Americas
Sure. Happy to answer that. The MasterCard move, I think you're talking about the current. I'm also happy to talk about the commercial payments pilot that we just launched. The Move product, yes, sometimes it does replace existing means of payments. Sometimes it replaces checks or cash. Or for example, if it's an insurance disbursement or if it's a refund or if it's a payroll cross-border payroll, it sometimes actually replaces cash and check. So it depends on what the use cases that we're going after in terms of exactly how it works today versus how more efficiently and more low cost, more digitally, it works in a different context.
琳达·柯克帕特里克 美洲区总裁
当然。很高兴回答这个问题。关于万事达卡畅行，我想你指的是目前的情况。我也很乐意谈谈我们刚刚推出的商业支付试点项目。“畅行”产品，是的，它有时确实会取代现有的支付方式。有时它会取代支票或现金。例如，如果是保险赔付、退款或者是跨境工资发放，它有时确实会取代现金和支票。因此，这取决于我们所针对的具体用例，即它目前是如何运作的，以及在不同情况下如何更高效、更低成本、更数字化地运作。
And then in commercial payments, we announced at Sibos that we're putting a scheme on top of the correspondent banking network to bring a lot of our schemes. And this is to bring in sort of a clearing transaction that is much needed. So what it does is basically when a sender wants to send money through a sending bank to a receiver at a receiving bank. Before anything happens, we just make sure that we authenticate the receiver. The information is correct before you do anything. So what that does is that you are able to save liquidity. You don't have earmark the funds on one side. You save liquidity at the other side because you know when the money is coming. And that you also don't have any fallout on data. So you're actually able to transmit the data. Usually, this falloff on data, the rejection rates, their liquidity issues. It solves for a lot of that in the current system. So it really depends on the use case that you're talking about, and the answer is very different depending on the use case.
然后，在商业支付方面，我们在 Sibos 会议上宣布，我们正在代理行网络之上构建一个方案，以引入我们的许多方案。这是为了引入一种非常需要的清算交易。所以它的作用基本上是，当付款人想通过付款银行向收款银行的收款人汇款时，在任何操作发生之前，我们首先确保对收款人进行身份验证，确保信息正确无误。这样做的好处是能够节省流动性。你不需要在一端预留资金。你可以在另一端节省流动性，因为你知道资金何时到账。而且你也不会有任何数据丢失。所以你实际上能够传输数据。通常情况下，数据丢失、拒绝率、流动性问题等，它解决了当前系统中存在的许多这类问题。所以这真的取决于你所说的用例，答案会因用例的不同而有很大差异。
Unknown Executive
Harshita?
佚名高管
哈什塔？
Harshita Rawat Sanford C. Bernstein & Co.
Harshita Rawat, Bernstein. As you expand into account-to-account bill payments and commercial opportunities, how important is the flexibility around interchange? I know you talked about flexible interchange already. And is that kind of still a big sticking point? Or is the bigger challenge is kind of to kind of do the use case by use case build to kind of grow this opportunity?
哈什塔·拉瓦特 Sanford C. Bernstein & Co.
我是伯恩斯坦的哈什塔·拉瓦特。随着你们扩展到账户间账单支付和商业机会，围绕交换费的灵活性有多重要？我知道你们已经讨论过灵活的交换费。这是否仍然是一个主要的症结所在？或者说，更大的挑战是逐个用例地进行构建，以发展这个机会吗？
Ling Hai President of Asia Pacific, Europe, Middle East & Africa
Yes. Thanks, Harshita. So it's a great point. I think for any new vertical, any new segment we go after. We need to figure out how we can win both on the economic side as well as on the value proposition. And you called out Bill Pay, this is typically whereby in some markets, the alternative or the competition for Bill Pay is a very low-cost ACH transaction. And so you have to be able to compete. Now that doesn't mean you have to get part because I think we -- with our reach, with our propositions, with our value we can probably command a higher price than what is currently kind of account, but we have to adopt.
凌海 亚太、欧洲、中东和非洲区总裁
是的。谢谢，哈什塔。这是一个很好的观点。我认为对于我们追求的任何新的垂直领域、任何新的细分市场，我们都需要弄清楚如何在经济方面和价值主张方面都取得胜利。你提到了账单支付，在某些市场，账单支付的替代方案或竞争对手通常是非常低成本的 ACH 交易。因此你必须能够竞争。但这并不意味着你必须参与其中，因为我认为凭借我们的覆盖范围、我们的主张、我们的价值，我们或许可以获得比目前账户类型更高的价格，但我们必须适应。
As you know, our economics to the merchant is a combination of our own fees and interchange, but our own fees is a very small bit of the total. And so as we go into new segments, that's transit, that's Bill Pay, that's commercial, that's SME -- we are very active in looking at how do we meet that and make sure that we can compete. But the other leg, as you mentioned, it's the value proposition. We want to win on the merits of the solution that we put out there. And I think we've been able to prove time and again that as we set our minds to it, we find that. And we are in the process of doing that with Bill Pay.
如你所知，我们对商户的经济模式是我们自身费用和交换费的组合，但我们自身的费用只占总额的很小一部分。因此，当我们进入新的细分市场时，无论是交通、账单支付、商业还是中小企业——我们都非常积极地研究如何满足需求并确保我们能够竞争。但正如你提到的，另一方面是价值主张。我们希望凭借我们所推出解决方案的优势取胜。而且我认为我们已经一次又一次地证明，只要我们下定决心，就能找到方法。我们目前正在账单支付领域这样做。
Devin Corr Executive VP of Investor Relations
I think Andrew has his hand up here.
德文·科尔 投资者关系执行副总裁
我想安德鲁在这里举手了。
Andrew Schmidt Citigroup Inc.
Andrew Schmidt from Citi. Thanks so much for all the content today, great presentations. Actually, this is a related question. I want to dig into the $63 trillion opportunity in commercial payments. Could you talk about just the biggest unlocks there Obviously, there's some sticky higher ticket flows in that category. I think flexible interchange is a part of the strategy to attack those flows. But what are the other levers you can use to unlock that? It seems we're closer to unlocking that opportunity, but I'm just curious on that front.
安德鲁·施密特 花旗集团
我是花旗集团的安德鲁·施密特。非常感谢今天所有的内容，演讲非常精彩。实际上，这是一个相关的问题。我想深入探讨商业支付领域 63 万亿美元的机遇。您能谈谈其中最大的解锁因素吗？很明显，该类别中存在一些粘性较高的大额资金流。我认为灵活的交换费是应对这些资金流的策略的一部分。但是，您还可以使用哪些其他杠杆来解锁这个机会呢？我们似乎离解锁这个机会越来越近了，但我对此感到好奇。
Linda Kirkpatrick President of the Americas
Yes. No, I appreciate the question. Yes, we're closer to unlocking the opportunity, which is why we increased our serviceable market versus, let's say, 3 years ago. The biggest unlocks come from actually understanding the industry in a lot more detail, understanding that the enterprise platforms now that are being embedded to solve some of these problems, and understanding that we have one of the best, if not the best, virtual card engine in the market.
琳达·柯克帕特里克 美洲区总裁
是的。不，我很感谢这个问题。是的，我们离解锁这个机会更近了，这就是为什么我们扩大了我们的服务市场，与比如说三年前相比。最大的解锁来自于对行业更深入的理解，理解到目前正在嵌入的企业平台可以解决其中一些问题，以及理解到我们拥有市场上最好之一（如果不是最好的话）的虚拟卡引擎。
And so what we're able to do, a lot of this is about the ability to free up working capital the ability to embed payment terms in the working -- in the virtual card, the ability to streamline the workflows, put controls on the payments to be able to use data for reconciliation more efficiently. Those all come together to drive the unlock. And so that's why -- and the pilots are going very well. We've announced a couple of them, and there are lots of other things going on in the background to drive more volume in some of these new ways of doing things.
因此，我们所能做的，很多都关乎释放营运资金的能力，将支付条款嵌入到虚拟卡中的能力，简化工作流程的能力，对支付进行控制以便更有效地使用数据进行对账的能力。所有这些共同推动了解锁。这就是为什么——而且试点项目进展顺利。我们已经宣布了几个，并且后台还有很多其他事情正在进行，以通过这些新的做事方式推动更大的交易量。
And then by the way, the other unlock comes from what I talked about in terms of verticals. We're also going after verticals because there are specific verticals where we can go after invoice payments, the way we did in travel so that we can actually move those even without the enterprise platforms, we can move those with virtual cards in creative ways using point of aggregation where if you make it happen, it scales. It's kind of like the OTAs that Ling Hai was talking about.
顺便说一句，另一个解锁来自于我之前谈到的垂直领域。我们也在关注垂直领域，因为在特定的垂直领域，我们可以像在旅游业那样处理发票支付，这样即使没有企业平台，我们也可以通过创造性的方式使用虚拟卡和聚合点来转移这些支付，一旦实现，就能规模化。这有点像凌海之前提到的在线旅行社（OTA）。
Devin Corr Executive VP of Investor Relations
Saw Darrin, jumping around over there.
德文·科尔 投资者关系执行副总裁
看到达林在那边跳来跳去。
Darrin Peller Wolfe Research
It's Darrin Peller from Wolfe Research. I want to ask actually one financial question and then one quick one on tokenization. And on the financial side, first, I know back in '21, you guys had long-term targets of low to mid-teens, and that was beyond your CAGR. And now we have your value-added services at such a higher mix and growing. So help us frame, a, how we should think about the cadence for the next few years, first as we get more and more mix coming out of VAS?
达林·佩勒 Wolfe Research
我是 Wolfe Research 的达林·佩勒。我想问一个财务问题，然后再问一个关于代币化的简短问题。首先是财务方面，我知道在 21 年，你们的长期目标是百分之十几的中低水平，这超出了你们的复合年增长率。而现在，你们的增值服务占比更高并且在持续增长。那么请帮助我们理解，a，未来几年我们应该如何看待其发展节奏，尤其是在增值服务（VAS）占比越来越高的情况下？
And if there's any conservatism just given what we're seeing in terms of average transaction sizes, FX vol. And I guess my quick follow-up on tokenization. Just where are we in terms of number of tokens out there for you guys per card? And what kind of pricing, what kind of value-add pricing opportunities does that give you over time?
考虑到我们看到的平均交易规模、外汇波动等因素，是否存在任何保守估计？另外，我想快速跟进一下关于代币化的问题。就你们每张卡的代币数量而言，我们目前处于什么阶段？随着时间的推移，这会给你们带来什么样的定价机会和增值定价机会？
Michael Miebach CEO, President & Director
Sachin, do you want to go first?
迈克尔·米巴赫 首席执行官、总裁兼董事
萨钦，你先说？
Sachin Mehra CFO
Sure. Darrin. So to your question around cadence, look, I mean, we'll get into what our outlook for 2025 is as the year begins next year. But broadly speaking, I think you should assume that the range we've given you, which is the high end of the low double digits range for net revenue is generally a range in which we would see each of those 3 years come around, which is '25, '26 and '27. So there'll be some variability year-over-year, but broadly speaking, it's in that range.
萨钦·梅拉 首席财务官
当然。达林。关于你提出的发展节奏问题，你看，我的意思是，明年年初我们会详细说明我们对 2025 年的展望。但总的来说，我认为你应该假设我们给出的范围，即净收入低两位数区间的高端，通常是我们预计未来三年（即 25 年、26 年和 27 年）每年都会达到的范围。因此，每年都会有一些变化，但总的来说，它会在那个范围内。
And then to your question around the longer-term outlook, which we had historically shared with you, which is beyond the 3-year period, the reality is the prospects for the business are equal, if not better, than what they were historically. We just thought it appropriate to focus on what the next 3 years looks like. We've kind of walked you through our strategy and we walked you through what the addressable market is. We've talked through what our assets are to address the opportunity in hand. And we feel very good across both payments and services to deliver on that long-term growth prospect we've historically spoken about. So that's broadly what I would share with you in terms of both cadence as well as the long-term outlook.
然后关于你提出的长期展望问题，我们过去曾与你分享过，即三年期以外的展望，现实情况是，该业务的前景与历史水平相当，甚至更好。我们只是认为专注于未来三年的情况更为合适。我们已经向你们介绍了我们的战略，并说明了可触达的市场。我们也讨论了我们拥有的可以抓住当前机遇的资产。我们对支付和服务两方面都非常有信心，能够实现我们历史上谈到的长期增长前景。这就是我大致想与你分享的关于发展节奏和长期展望的内容。
Jorn Lambert Chief Product Officer
So thanks for the question on tokenization. I'm really grateful because I'm very excited about that. And so what's more important as a metric on tokenization is not so much the number of tokens that have been issued, but percentage of transactions that are tokenized. And today, we are over 30% of all transactions are tokenized, right? That's a very substantial one, growing very fast.
乔恩·兰伯特 首席产品官
所以感谢你关于代币化的问题。我非常感激，因为我对此非常兴奋。因此，在代币化方面，更重要的衡量标准不是已发行的代币数量，而是代币化交易的百分比。如今，我们超过 30% 的交易是代币化的，对吧？这是一个非常可观的数字，而且增长非常迅速。
Now, we're so excited about this because whenever a transaction is tokenized, we see approval rates domestically 3 to 4 percentage points higher than non-tokenized transaction and cross-border, that goes to 6%, 7%. So really substantial value that we bring back to the merchants who can do sales to the issuers who could do the transactions. And obviously, we like that too. So much so that we're now on a path to phase out pan entry in e-commerce by the end of the decade, phase out a static passwords and OTPs by the end of the decade, like a real important structural ecosystem shift that we're making analogous to the [indiscernible] to EMV chip back in the day that we're now doing with tokenization. Now as we -- as we bring so much value into the ecosystem, obviously, we want to price for that as well. And that's what we have started doing that we will continue to do because we need to continue to invest. We need to make sure that this stays up to markets. And the bad guys are out there, they're well funded, too. So we need to make sure we stay ahead of that, and that's what we're doing.
现在，我们对此如此兴奋，是因为每当交易被代币化时，我们看到国内的批准率比非代币化交易高出 3 到 4 个百分点，而跨境交易则高出 6% 到 7%。因此，我们为商家（他们可以进行销售）和发卡机构（他们可以进行交易）带来了真正巨大的价值。显然，我们也喜欢这样。以至于我们现在正计划在本十年末逐步淘汰电子商务中的 PAN 输入，在本十年末逐步淘汰静态密码和一次性密码，这就像我们正在进行的与当年 EMV 芯片类似的真正重要的结构性生态系统转变，我们现在正在通过代币化来实现。现在，随着我们为生态系统带来如此多的价值，显然，我们也希望为此定价。这就是我们已经开始做并且将继续做的事情，因为我们需要继续投资。我们需要确保这能跟上市场的发展。坏人就在那里，他们资金也很充足。所以我们需要确保我们领先于他们，这就是我们正在做的事情。
Linda Kirkpatrick President of the Americas
And importantly, from a customer perspective, what we've been hearing on approval rates is that implementing tokenization has allowed them to increase their approvals between 3 and 5 percentage points. So the value that our merchants, our customers are receiving through implementation of tokenization it's not just protecting them from fraud, it's actually driving good volume to the system. A win-win.
琳达·柯克帕特里克 美洲区总裁
而且重要的是，从客户的角度来看，我们听到的关于批准率的情况是，实施代币化使他们的批准率提高了 3 到 5 个百分点。因此，我们的商家、我们的客户通过实施代币化获得的价值不仅仅是保护他们免受欺诈，它实际上是在为系统带来良好的交易量。这是一个双赢的局面。
Michael Miebach CEO, President & Director
Darrin, and I want to quickly link your question to Sanjay's earlier question. So one thing how markets grow up, as they grow up in the time that they grow up. So you have some emerging markets that are now starting to really accelerate and they want to start with tokenization on day 1. You just don't know how to do it. So we might not be the only choice in the market, but we have a really powerful tool here to deliver value from day 1. So this is a real effective way to be part of how markets grow up going forward. So it drives value for us in many different ways.
迈克尔·米巴赫 首席执行官、总裁兼董事
达林，我想很快地将你的问题与桑杰之前的问题联系起来。所以，市场如何成长，取决于它们成长的时代。因此，一些新兴市场现在开始真正加速发展，他们希望从第一天起就采用代币化。你只是不知道该怎么做。所以我们可能不是市场上唯一的选择，但我们这里有一个非常强大的工具，可以从第一天起就创造价值。因此，这是参与未来市场成长的一种真正有效的方式。所以它以许多不同的方式为我们创造价值。
Devin Corr Executive VP of Investor Relations
James?
德文·科尔 投资者关系执行副总裁
詹姆斯？
James Faucette Morgan Stanley
James Faucette from Morgan Stanley. I wanted to go back to China and Japan and some of these other new -- not new markets but markets that are still developing. How should we think about like the opportunity for domestic in those markets, especially with the new licensing in China and what's happening in Japan versus international?
詹姆斯·福塞特 摩根士丹利
我是摩根士丹利的詹姆斯·福塞特。我想回到中国、日本以及其他一些新兴市场——不是新兴市场，而是仍在发展的市场。我们应该如何看待这些市场国内业务的机会，特别是考虑到中国新的许可制度以及日本与国际市场的对比情况？
And maybe I'll dovetail it with -- to a question to Sachin when you think about those markets in your new midterm outlook, do you expect them to contribute more or less or similar on a go-forward basis to the growth rates?
也许我会把它与一个问题联系起来——问萨钦，当你在新的中期展望中考虑这些市场时，你预计它们未来对增长率的贡献会更多、更少还是类似？
Ling Hai President of Asia Pacific, Europe, Middle East & Africa
So I think the way to think about these markets is in the near-term, so China definitely is a long-term opportunity. In the near-term, there will be investments that are needed. So the near-term actions that need to take place that require resources and investment to support the long-term growth that we will be seeing. And I think that's a similar story with Japan as well, acceptance, cost resources, the technology itself cost resources.
凌海 亚太、欧洲、中东和非洲区总裁
所以我认为看待这些市场的方式是，在短期内，中国绝对是一个长期机会。在短期内，将需要进行投资。因此，需要采取的近期行动需要资源和投资来支持我们将看到的长期增长。我认为日本的情况也类似，受理、成本资源、技术本身都需要成本资源。
But I think overall, on the cross-border side, some of the benefits can be quite imminent and immediate, especially, for example, Japan this year, you clearly see a huge a surge of inbound because the Japanese yen is relatively cheap, a lot of tourists are going there. So that's how I think about cross-border versus domestic.
但我认为总体而言，在跨境方面，一些好处可能非常直接和立竿见影，特别是例如今年的日本，你清楚地看到入境人数激增，因为日元相对便宜，很多游客都去那里。这就是我对跨境与国内业务的看法。
But yes, there will be some near-term investment that's going to be required.
但是，是的，短期内将需要一些投资。
Sachin Mehra CFO
And to the second part of your question, we factored exactly what Ling Hai said, right? I think you said it well, we factored exactly what you said into our medium-term guidance in terms of both the investment side of the equation as well as the revenue opportunity. The only point I'll make is going into the next 3 years for Japan, right is now that we will have 3 years of switching capabilities, which is included in our guidance as well, which is different than what we had in the last 3-year period when we -- for the first year, we really did not have switching and then switching started towards the tail end of 2022. That's the only other thing I'd add.
萨钦·梅拉 首席财务官
关于你问题的第二部分，我们完全考虑了凌海所说的，对吧？我认为你说得很好，我们完全把你所说的因素纳入了我们的中期指引，包括投资方面和收入机会方面。我唯一要指出的是，在未来三年进入日本市场，对吧，现在我们将拥有三年的转接清算能力，这也包含在我们的指引中，这与我们过去三年期间的情况不同，当时我们——第一年，我们实际上没有转接清算能力，然后转接清算从 2022 年底开始。这是我唯一要补充的。
Devin Corr Executive VP of Investor Relations
Tien-Tsin?
德文·科尔 投资者关系执行副总裁
黄德馨？
Tien-Tsin Huang JPMorgan Chase & Co
It's Tien-tsin Huang from JPMorgan. Just want to ask on services margin. 60% of the business is network linked. So I'm curious, does the incremental margin on that look like a network margin. And what do the margins look like on the 40% that's not network link. And if you don't mind, if I ask a business question, the carded growth, you talked about 9% growth. I think it's a little bit lower than 10% to 11% you've called out in the past. I know there's still penetration potential with switched transactions. You just talked about network tokens as well. I was a little surprised you didn't talk more about processing and gateway, I think, Craig, you mentioned a little bit, but just with issuer processing and the opportunity there. Is that something we could expect Mastercard to do more of or not necessarily?
黄德馨 摩根大通公司
我是摩根大通的黄德馨。只想问一下关于服务利润率的问题。60% 的业务与网络相关。所以我很好奇，这部分的增量利润率是否看起来像网络利润率？那 40% 与网络无关的业务的利润率又是怎样的？如果你不介意，我想问一个业务问题，关于有卡增长，你提到了 9% 的增长。我认为这比你们过去提到的 10% 到 11% 要低一些。我知道转接交易仍有渗透潜力。你们刚才也谈到了网络代币。我有点惊讶你们没有更多地谈论处理和网关，我想，克雷格，你提到了一点，但只是关于发卡行处理及其机会。我们是否可以期待万事达卡在这方面做得更多，还是不一定？
Michael Miebach CEO, President & Director
And Sachin, do you want to start? And then Jorn on the [indiscernible].
迈克尔·米巴赫 首席执行官、总裁兼董事
萨钦，你先开始？然后乔恩谈谈[听不清]。
Sachin Mehra CFO
Tien-Tsin, which one of the 6 questions should I take first? All right. Let's go -- so you asked about what the profile of cost is. You called it margin. We've oftentimes said as it relates to value and service and solutions. We kind of think about it as the following, which is what is the incremental cost of delivering that incremental dollar of revenue for value-added services and solutions. And you can see that across the portfolio, we have a diversified set of solutions. So you've got those which are network-based.
萨钦·梅拉 首席财务官
德馨，这六个问题我应该先回答哪一个？好吧。我们开始——所以你问到了成本构成。你称之为利润率。我们经常提到，当涉及到价值、服务和解决方案时，我们通常这样考虑：为增值服务和解决方案带来增量收入的增量成本是多少。你可以看到，在整个产品组合中，我们拥有多样化的解决方案。所以有些是基于网络的。
And then particularly in the cybersecurity space and in the security solutions space as Recorded, those tend to come with very little incremental cost as it relates to the incremental revenue which has been delivered. I'm not going to give you specifics as it relates to whether it's network-like economics, but the reality is the incremental cost of delivering the incremental revenue on those services is fairly small.
尤其是在网络安全领域和安全解决方案领域（如 Recorded），这些服务在带来增量收入方面的增量成本往往非常低。我不会就其是否具有类似网络的经济效益给出具体细节，但现实情况是，在这些服务上实现增量收入的增量成本相当小。
When you start getting into things like marketing services and consulting, by definition, the nature of those services are such that you need to put people to work out there to actually deliver the value we deliver to our customers to generate the revenue we do. We think it's incredibly important to have this wide portfolio because the reality is our customers value what we deliver from a consulting standpoint and a marketing services standpoint, which in turn differentiates us on the payment side.
当你开始接触市场营销服务和咨询等领域时，根据定义，这些服务的性质决定了你需要投入人力去实际交付我们为客户提供的价值，从而产生我们获得的收入。我们认为拥有如此广泛的产品组合至关重要，因为现实情况是，我们的客户重视我们从咨询角度和市场营销服务角度所提供的价值，这反过来又使我们在支付方面脱颖而出。
So it's all about the portfolio effect. If you're trying to think about the overall profitability of what we call the value-added services and solutions. The best way to think about the levers we've got are, #1, what is the mix, which we've got in these network linked services and how we can grow that mix? But recognize, we're not looking to get to 100% on network-based services because we like the diversification effect, which comes from platform and engagement-based services as well. So hopefully, that answers your question on the value-add services and solutions.
所以这完全关乎投资组合效应。如果你想考虑我们称之为增值服务和解决方案的整体盈利能力，那么思考我们拥有的杠杆的最佳方式是：第一，我们在这些网络关联服务中的组合是什么，以及我们如何扩大这种组合？但要认识到，我们并不追求网络服务达到 100%，因为我们也喜欢平台和参与型服务带来的多元化效应。所以，希望这回答了你关于增值服务和解决方案的问题。
The second question you asked, Tien-tsin, was around the 10% to 11% carded market volume growth recognize that 10% to 11%, which we've kind of shared with you was, again, exiting COVID and you had the tailwinds of higher growth for the first year, which was coming through. I think we had talked about over the longer-term of 9% to 10% carded market volume growth in our last Investor Day. We're talking about 9% carded market volume growth. The reality is our business has been incredibly successful. We've been executing on that business.
你问的第二个问题，德馨，是关于 10% 到 11% 的有卡市场交易量增长。要认识到，我们与你分享的 10% 到 11% 这个数字，同样是在走出新冠疫情之后，并且第一年有较高增长的有利因素。我想我们在上次投资者日曾谈到过长期 9% 到 10% 的有卡市场交易量增长。我们现在谈论的是 9% 的有卡市场交易量增长。现实情况是，我们的业务取得了令人难以置信的成功。我们一直在执行这项业务。
And remember, this is a combination of what our outlook for PCE is over the next 3 years as well as what the outlook for secular shift is. I think we've hit upon the secular shift piece quite -- in quite some detail. So you better take both those factors into consideration, and this is what we do when we give you that 9% carded market volume growth rate.
请记住，这是我们对未来三年个人消费支出（PCE）展望以及长期趋势转变展望的结合。我认为我们已经相当详细地谈到了长期趋势转变的部分。所以你最好同时考虑这两个因素，这就是我们在给出 9% 有卡市场交易量增长率时所做的。
Ling Hai President of Asia Pacific, Europe, Middle East & Africa
And yes, perhaps very briefly on processing and gateway. So in terms of the processing side, we are, at our heart, a network. And the network works best if you have a whole series of players around us, industry players, processors, technology players who build their business on our network and make us thrive. And so our intent on the processing side is not to compete with the markets of this world but to enable them.
凌海 亚太、欧洲、中东和非洲区总裁
是的，也许可以非常简要地谈谈处理和网关。因此，在处理方面，我们的核心是一个网络。如果我们的周围有一系列参与者、行业参与者、处理商、技术参与者，他们在我们的网络上建立自己的业务并使我们蓬勃发展，那么网络就能发挥最佳作用。因此，我们在处理方面的意图不是与世界上的市场竞争，而是赋能它们。
And I believe that we've been very successful given how fragmented that market is. And certain specific areas like in -- for fintech in Europe or for prepaid. We have a processing business. We like it, we nurture it because it's very specific. But that doesn't take away the fact that our main thrust in that is enable others to make the network bigger and more powerful.
我相信，考虑到这个市场的碎片化程度，我们已经非常成功了。在某些特定领域，例如欧洲的金融科技或预付卡领域，我们拥有处理业务。我们喜欢它，我们培育它，因为它非常具体。但这并不能改变这样一个事实，即我们在这方面的主要推动力是让其他人能够使网络更大、更强大。
Gateway is slightly different. You could argue gateway is a similar concept because more gateway is a great thing. But our gateway allows us in a number of geographies to touch more transactions, more than just Mastercard transactions and then deliver services to these transactions and hence expanding our TAM. It also allows us to occupy or to touch transactions in geographies where we're not allowed to switch, which in the current environment with a more complex context is actually an important asset to stay relevant in those markets where switching is more difficult. So it's a much more strategic asset for us than perhaps processing, whereby we're more opportunistic.
网关略有不同。你可以说网关是一个类似的概念，因为更多的网关是件好事。但是我们的网关使我们能够在许多地区接触到更多的交易，不仅仅是万事达卡的交易，然后为这些交易提供服务，从而扩大我们的潜在市场总额（TAM）。它还允许我们在不允许进行转接清算的地区占据或接触交易，在当前更复杂的环境下，这实际上是在那些转接清算较为困难的市场中保持相关性的重要资产。因此，与我们可能更具机会主义的处理业务相比，它对我们来说是一项更具战略意义的资产。
Devin Corr Executive VP of Investor Relations
I have time for one more Craig upfront here.
德文·科尔 投资者关系执行副总裁
我还有时间回答前面克雷格的一个问题。
Craig Maurer
Craig Maurer from FT Partners. So one question for Sachin, which is VAS, it looks like it's going to be about 38% or so of net revenue with the '24 guide and going to roughly 44% with the new 3-year guide. Thinking about the long-term, at what point do we cross over where Mastercard is more of a services business necessarily than a payment processing business and follow-up for Ling, which is since we have -- since co-brand cards were outlawed in China, you've seen all those cards split, like you said, one domestic, one for cross-border.
克雷格·莫雷尔
我是 FT Partners 的克雷格·莫雷尔。所以有一个问题给萨钦，那就是增值服务（VAS），根据 24 年的指引，它看起来将占净收入的 38% 左右，而根据新的三年指引，它将达到大约 44%。从长远来看，万事达卡在什么时候会更多地成为一家服务公司，而不是一家支付处理公司？另外，后续问一下凌，既然我们已经——自从联名卡在中国被禁止以来，你看到所有这些卡都分开了，就像你说的，一张国内用，一张跨境用。
What's the pace at which you can convert that back to a single card that can be used globally, but also obviously drive domestic usage?
你们以什么样的速度可以将这种卡转换回可以在全球使用，并且显然也能推动国内使用的单一卡片？
Ling Hai President of Asia Pacific, Europe, Middle East & Africa
Should we do that from first? Do the China one first -- sure. I'm I don't know if I have an exact time line for you and quickly as possible. That really is the goal. So look, what I know is our -- so the real litmus test is this when we got our license, our issuers and acquirers are very excited in China, right? That's the real litmus because there's always this question, is it too late -- is it difficult to do. Why are they excited because they want choice. They want innovation. And I feel with the quantum that I'm looking at, people like players like ICBC, for example, very huge, and it's a very major partner, ABC, Agricultural Bank of China, similarly. So I think we want more as soon as possible, but some of the constraints will be around acceptance, consumer awareness. So those are where we are spending our investment and resources to build out but also to communicate to the consumers on the domestic side.
凌海 亚太、欧洲、中东和非洲区总裁
我们应该先做那个吗？先做中国的——当然。我不知道我是否能给你一个确切的时间表，但目标是尽快。所以你看，我知道的是我们的——所以真正的试金石是，当我们拿到牌照时，我们在中国的发卡机构和收单机构都非常兴奋，对吧？这才是真正的试金石，因为总有这样的问题，是不是太晚了——是不是很难做。他们为什么兴奋？因为他们想要选择，他们想要创新。而且我觉得从我看到的规模来看，像工商银行这样的参与者，例如，非常庞大，而且是一个非常重要的合作伙伴，农业银行也是如此。所以我认为我们希望尽快获得更多，但一些限制因素将围绕受理环境、消费者认知度。因此，这些是我们投入投资和资源进行建设以及向国内消费者进行宣传的地方。
Sachin Mehra CFO
Craig. I'm happy to take the second part of your question. I think -- let me just level set here. I think it's really important that even though we disaggregated our revenues into payment network, and value-added services and solutions that we shouldn't lose perspective about the fact that this is a virtuous cycle. By being in the flow, we get the data by getting the data, we deliver value-added services. So that all added services in turn, help us win more share and drive greater payments growth.
萨钦·梅拉 首席财务官
克雷格。我很高兴回答你问题的第二部分。我想——让我先在这里明确一下。我认为非常重要的一点是，尽管我们将收入分解为支付网络以及增值服务和解决方案，但我们不应忽视这是一个良性循环的事实。通过参与交易流，我们获得数据；通过获得数据，我们提供增值服务。因此，所有这些增值服务反过来又有助于我们赢得更多份额并推动更大的支付增长。
So I wouldn't think about this as necessarily a -- is Mastercard a services company or is Mastercard a payments company, it's actually very tightly integrated. I mean the point that Craig made is that approximately 60% of the revenues on value-added services and solutions is tied to the network. And so it's really important for us not to lose sight of the fact that we need to be in the flow.
所以我不会必然地认为——万事达卡是一家服务公司还是支付公司，它实际上是高度整合的。我的意思是，克雷格提出的观点是，增值服务和解决方案收入的大约 60% 与网络相关。因此，对我们来说，不忽视我们需要参与交易流这一事实至关重要。
We need to drive those volumes, which in turn helps us to deliver the value-added services and solutions. And while the disaggregation of revenue might get you to the numbers you're talking about, the reality is what we as a management team look to do is drive overall net revenue yield and overall net revenue growth for the company, which is a combination of the revenues we generate from payments, as well as value-added services and solutions.
我们需要推动这些交易量，这反过来又有助于我们提供增值服务和解决方案。虽然收入的分解可能会让你得到你所说的数字，但现实情况是，作为管理团队，我们着眼于推动公司的整体净收入收益率和整体净收入增长，这是我们从支付以及增值服务和解决方案中产生的收入的组合。
Devin Corr Executive VP of Investor Relations
Awesome. Thank you, Sachin. Any closing comments, Mike?
德文·科尔 投资者关系执行副总裁
太棒了。谢谢你，萨钦。迈克，有什么结束语吗？
Michael Miebach CEO, President & Director
Well, first of all, well said, Sachin is sharp as ever, even on Zoom for us. So thank you for staying with us the whole day. Thank you for joining us all together. You heard the story doubling down on the strategy. There's powerful tailwinds that push us forward, and we're executing with excellence. That's what throughout everything that we've heard, plenty of opportunity. You told us before what you wanted to hear about, what's in services? What's the target market, all that. We've never really talked about that. Because we didn't really need to. There was a big opportunity right in front of us that we understood, but we are growing, and we're looking for the next opportunity. So we shared it with you today. I hope you find that insightful. I'm sure we get more questions from you over time and very happy to engage on that.
迈克尔·米巴赫 首席执行官、总裁兼董事
嗯，首先，说得好，萨钦一如既往地敏锐，即使是在 Zoom 上为我们发言也是如此。所以感谢你们一整天都和我们在一起。感谢大家齐聚一堂。你们听到了我们加倍努力实施战略的故事。有强大的顺风推动我们前进，而且我们正在出色地执行。这就是我们所听到的一切，充满了机遇。你们之前告诉过我们你们想听什么，服务里有什么？目标市场是什么，等等。我们以前从未真正谈论过这些。因为我们并不真的需要。我们面前有一个我们理解的巨大机遇，但我们正在成长，并且正在寻找下一个机遇。所以我们今天与你们分享了。我希望你们觉得这很有见地。我相信随着时间的推移，我们会收到你们更多的问题，并且非常乐意就此进行交流。
But fundamentally, we're excited. This is an excited team to push this forward and deliver value to you and our shareholders. Thank you very much. Take care.
但从根本上说，我们很兴奋。这是一个充满激情的团队，致力于推动这项事业向前发展，并为你们和我们的股东创造价值。非常感谢。保重。
Devin Corr Executive VP of Investor Relations
Thank you, Michael. Thank all of you for your support of Mastercard. A big thank you to all the teams who worked so hard to put all this together. This is the end of the webcast. But as a reminder, for all of you here, there's a couple more hours and activities to do. The Board members will be up in the Hamilton room right after this for an open dialogue on lunch to talk to them. Product demos will be open for 3 more hours till 3:00, and we have breakout starting 1:00, all listed up on the screen. We can go in and have an open dialogue to deep dive further into these topics. I hope you enjoy the rest of the afternoon. Thank you very much.
德文·科尔 投资者关系执行副总裁
谢谢你，迈克尔。感谢大家对万事达卡的支持。非常感谢所有辛勤工作促成这一切的团队。网络直播到此结束。但提醒一下在座的各位，接下来还有几个小时的活动。董事会成员稍后将在汉密尔顿厅与大家共进午餐并进行开放式对话。产品演示将再开放 3 个小时，直到下午 3 点，我们从下午 1 点开始有分组讨论，所有信息都列在屏幕上。我们可以进入并进行开放式对话，以更深入地探讨这些主题。希望大家下午愉快。非常感谢。
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