2025-03-11 Mastercard Incorporated (MA) Presents at Wolfe Research FinTech Forum (Transcript)
Mastercard Incorporated (NYSE:MA) Wolfe Research FinTech Forum March 11, 2025 12:20 PM ET
Company Participants
Sachin Mehra - Chief Financial Officer
Conference Call Participants
Darrin Peller - Wolfe Research
Darrin Peller
Okay, guys, why don't we go on and get started. Again, I'm Darrin Peller, payments IT services analyst here at Wolfe Research. Thank you, guys, all for being here, and good afternoon, everyone, for day one of the Wolf Fintech Forum here in New York City.
好的，各位，我们开始吧。我再次介绍一下，我是 Darrin Peller，Wolfe Research 的支付 IT 服务分析师。感谢各位的到来，大家下午好，欢迎来到在纽约市举行的 Wolfe 金融科技论坛的第一天。
Really happy to have the team for Mastercard with us today, both Sachin on screen. It's great to see you're doing well and great to have you with us even virtually. Appreciate you being with us.
非常高兴今天万事达卡团队能与我们一起，Sachin 也在线上。很高兴看到你状态很好，即使是以线上方式，也很高兴你能加入我们。感谢你的参与。
Sachin Mehra
Thanks, Darrin. 谢谢，Darrin。
Question-and-Answer Session
问答环节
Darrin Peller
As many of you know Sachin is the CFO, and we have the Investor Relations team here in front of us as well. But as I said, Sachin, great to have you.
正如你们许多人所知，Sachin 是首席财务官，我们的投资者关系团队也在现场。如我所说，Sachin，很高兴你能来。
So why don't we just kick it off right away with discussing what you're seeing there. I mean, it's been a very volatile market for sure and a lot of headlines going on. So maybe just if you could kick off with what you're seeing from the macro environment, consumer spending trends right now, any color on what you see would be really helpful.
那么我们就直接开始讨论一下你们所观察到的情况吧。我的意思是，目前市场确实非常动荡，也有很多新闻头条出现。所以，如果你能先从宏观环境和当前消费者支出趋势谈起，分享一些你所看到的情况，将会非常有帮助。
Sachin Mehra
Sure, Darrin. First, I want to thank you for having me here. I am absolutely thrilled to be able to participate in this conference. Unfortunately, I'm not there in person, but I hope to be there pretty soon in person. So great to be here, to be part of this conference.
当然，Darrin。首先，我想感谢你邀请我来到这里。我非常高兴能够参加此次会议。遗憾的是，我未能亲自到场，但我希望很快能亲自前往。很高兴来到这里，成为此次会议的一部分。
As it relates to your question on what we're seeing from a macro environment standpoint, look, I mean, if I just step back and I think about what's going on more globally, here is what I would tell you. I would tell you that we came out of our Q4 results, all of which you saw, with a pretty solid Q4. We gave you a sense of what our thoughts were for 2025 from a guide standpoint, again, positive thoughts around that. All on the back of what I would call strong consumer spending trends backed by low unemployment rates, strong wage growth, things which were fundamentally supportive of what consumer spending would look like.
关于你提到的宏观环境方面的问题，我想退一步，从更全球的角度来看一下情况。我可以告诉你的是，我们公布了第四季度的业绩，你们也都看到了，第四季度表现相当稳健。我们也提供了对 2025 年的业绩指引，同样持积极态度。这些都基于我所称的强劲的消费者支出趋势，这些趋势得到了低失业率和强劲工资增长的支撑，这些因素从根本上支持了消费者支出的前景。
And the reality is, we are a well-diversified business. We are diversified by geography. We're diversified by product, and that continues to be very much the case. As I look at trends and I look through quarter-to-date February, we see pretty steady consumer spending trends when adjusted for the leap year effect. So there's fact and then there's what the perception of the market is as it relates to what might happen on a going-forward basis. It’s always hard to predict what will happen on a going-forward basis. But what I can tell you is, from what we are seeing from a trend standpoint, quarter-to-date, February, stable consumer spending trends, that's certainly true from a switch volume, switch transaction standpoint, and all of this is adjusted for the leap year effect, which you guys all know and understand pretty well.
事实上，我们的业务具有良好的多元化。我们在地域上实现了多元化，在产品上也实现了多元化，这种情况仍在持续。当我观察趋势并审视截至 2 月的季度数据时，我们发现，经闰年效应调整后，消费者支出趋势相当稳定。因此，事实是一回事，而市场对未来可能发生情况的看法则是另一回事。预测未来总是困难的。但我可以告诉你的是，从我们所观察到的趋势来看，截至 2 月的季度数据中，消费者支出趋势稳定，这一点在交换量和交换交易方面尤其明显，所有这些数据都已针对闰年效应进行了调整，这一点你们都非常清楚和理解。
And then when I look at cross-border trends, cross-border trends are holding up pretty well as well. So net-net, I would tell you, the business continues to perform. The diversification of our business model is actually playing out pretty nicely. So I feel like, so far, so good. Hard to predict what the future looks like. We keep a close eye on it. We see positives as well as potential for negatives on a going-forward basis, but we stand ready to act. And we've been there before. We've seen these kind of environments in the past, and we've been able to adjust how we actually manage the business to realize opportunities even in uncertain times, which we would expect that we would do on a going-forward basis as well, Darrin.
然后，当我观察跨境趋势时，跨境趋势也保持得相当不错。因此，总的来说，我会告诉你，业务表现持续良好。我们业务模式的多元化实际上发挥了相当积极的作用。所以我觉得，到目前为止，一切顺利。未来的情况很难预测，我们会密切关注。展望未来，我们既看到积极因素，也看到潜在的负面因素，但我们已做好准备采取行动。我们以前经历过类似的环境，也能够调整我们的业务管理方式，即使在不确定时期也能抓住机遇，我们预计未来也会如此，Darrin。
Darrin Peller
That's really helpful, Sachin. It's great to hear someone that actually has insights into the data versus just scary headlines around the world. So thank you for that.
这真的很有帮助，Sachin。很高兴听到有人真正掌握数据洞察，而不仅仅是全球各地吓人的新闻标题。为此感谢你。
Look, you guys guided to the high end of low double digit to low-teens revenue growth in 2025, you exited the year at 16%. I know there were some nuances in fourth quarter. So maybe just if you could help us unpack the bridge between the two, and any notable areas of conservatism or changes to the cadence that we need to monitor?
你们给出的 2025 年收入增长指引是低两位数的高端到十几的低端，而你们去年年底的增长率为 16%。我知道第四季度存在一些细微差别。能否帮我们详细解释一下这两者之间的差距，以及有哪些值得注意的保守因素或节奏变化需要我们关注？
Sachin Mehra
Sure. So you're right. We exited Q4 at about 16% net revenue growth on a currency neutral basis. Here's what I'd tell you. On full year 2024 basis, we grew net revenue at about 13%, again, on a currency neutral basis. And what we've guided for, like you said, is for 2025 full year to be at the high end of low double digits to low-teens range, which I view as pretty positive from a contextual standpoint. A couple of thoughts to keep in mind. When you think about exit rates for Q4 relative to what the full year guide is, one is the leap year effect, which you've got to take into consideration.
好的，你说得对。我们第四季度结束时，以固定汇率计算的净收入增长约为 16%。我想告诉你的是，2024 年全年，我们的净收入增长约为 13%，同样是以固定汇率计算。正如你所提到的，我们对 2025 年全年的指引是处于低双位数到十几个百分点区间的高端，从整体背景来看，我认为这是相当积极的。有几点需要记住。当你考虑第四季度的退出增长率与全年指引之间的关系时，其中一点是需要考虑闰年的影响。
The second is we had several new wins which came on to our portfolio in 2024, which we'll start to see the lapping effect from a growth rate standpoint of that take place. And we can talk a little bit more about what those are. We always have wins every year, but there were some fairly sizable ones, which came in, in 2024, which we'll see the lapping effect come through.
第二点是，我们在 2024 年新增了几个客户，这些新增客户将开始对我们的增长率产生叠加效应。我们稍后可以更详细地讨论这些客户。虽然我们每年都会有新增客户，但 2024 年新增了一些规模相当大的客户，我们将看到这些客户带来的叠加效应。
Visa太大了。
The third piece is from a pricing standpoint, there was several pricing initiatives, which we put in place for the value we deliver in the market, which, again, we expect to lap as the year progresses. And then the last point I'd point out, Darrin, is you'll remember that in the second half of FX volatility started to come back into play. And so that creates for tougher comps as we go into the second half of this year.
第三点是从定价角度来看，我们实施了几项定价举措，以体现我们在市场上提供的价值，我们预计随着今年的推进，这些举措的同比效应将逐渐减弱。最后一点我要指出的是，Darrin，你会记得去年下半年外汇波动开始重新发挥作用，因此随着我们进入今年下半年，这将导致更具挑战性的同比基数。
Again, hard to predict what FX volatility looks like on a going-forward basis. But when I kind of bring all of that into consideration, that's kind of the way we think about 2025, all backed on strong consumer spending trends as we had laid out as part of our Q4 earnings call. So nothing unusual to call out per se from a fundamental standpoint. There are certain mechanical issues, which are there as it relates to leap year and some lapping effects, which will play out when you start comparing exit rates from Q4 to the full year guide?
再次强调，很难预测未来外汇波动的情况。但当我综合考虑所有这些因素时，这大致就是我们对 2025 年的看法，这一切都基于我们在第四季度财报电话会议中所提到的强劲的消费者支出趋势。因此，从基本面来看，没有什么特别需要指出的异常情况。当然也存在一些技术性因素，比如闰年和一些同比基数效应，当你开始将第四季度的退出增长率与全年指引进行比较时，这些因素会体现出来。
Darrin Peller
All right. That's really helpful. Let's shift gears, this may be a little bit higher level, but just given, again, all the noise in the market right now and the fixation, I should say, on the tariff news. Maybe just discuss the implications from your perspective of tariffs or the potential inflation impacts on the business. How do we think through that for your model?
好的。这非常有帮助。我们换个话题，这个问题可能稍微宏观一些，但鉴于目前市场上的各种杂音，以及大家对关税消息的关注，也许你可以从你的角度谈谈关税或潜在通胀对业务的影响。从你们的模式来看，我们该如何考虑这些因素？
Sachin Mehra
Yes. Look, I mean, this is obviously -- it's all real-time stuff, right? I mean, as you can see, every day, there are new things happening on the tariffs front, certainly as it relates to the announcement effects of this, it's still early days. I've got to tell you, until we see tariffs come into play and come into play for a certain duration. It's really hard to predict what the impacts are going to be. And I see that only because there is what you hear about potential tariffs and then what you see in terms of actual tariffs being implemented, and then also, you've got to actually assess what the duration of such tariffs is likely to be. So a little hard to predict.
是的。我是说，这显然都是实时发生的事情，对吧？正如你所看到的，每天在关税方面都有新的进展，尤其是就这些消息公布的影响而言，现在还处于初期阶段。我必须告诉你，在我们真正看到关税实施并持续一段时间之前，很难预测具体的影响。我这么说只是因为你所听到的潜在关税和实际实施的关税之间存在差异，而且你还必须评估这些关税可能持续的时间。因此，这有点难以预测。
What it does do is it certainly creates a level of uncertainty in the minds of people just because they're not entirely sure as to how this will all play out. From our perspective, as I sit back and I think about it, I say, Mastercard is a well-diversified business. It is diversified across geographies.
它确实在人们心中造成了一定程度的不确定性，因为他们并不完全确定这一切将如何发展。从我们的角度来看，当我静下来思考时，我认为万事达卡是一家业务多元化的公司，其业务遍及多个地区。
Certainly, we have a strong presence in the US, but we have a very strong presence in several other markets across the globe, Europe included. And when I sit back and I think about this, I think the diversification from a geographical standpoint, from a consumer payments vis-à-vis our services revenue growth standpoint as well as from a product diversification standpoint, debit, credit, prepaid commercial, I think -- and this is not just happen by chance. This is by design.
当然，我们在美国拥有强大的业务，但在全球其他几个市场，包括欧洲，我们也有非常强大的业务。当我回顾并思考这一点时，我认为无论是从地域角度、从消费者支付与服务收入增长的角度，还是从产品多样化的角度（借记卡、信用卡、预付卡、商业卡），我们的多元化战略并非偶然，而是经过精心设计的。
All of that kind of creates a level of resilience in the business model to allow us to withstand these uncertain times. And not to say we will not be impacted by the impact of tariffs to the extent they happen to be negative. But then on the other hand, there are certain areas from a tariff standpoint, depending on whether they're on carded or non-carded categories.
所有这些都在商业模式中创造了一定程度的韧性，使我们能够经受住这些不确定时期。这并不是说我们不会受到关税影响的负面冲击。但另一方面，从关税的角度来看，也存在某些领域，这取决于它们是属于刷卡类别还是非刷卡类别。
We might see it actually playing out slightly differently. And so I guess the short answer is, it's hard to predict what the impact is going to be from a tariff standpoint. We'll closely watch it. We'll adjust our business model. We'll adjust the way we operate our business, to reflect what the reality is. And we'll keep you apprised as to how things are going as it relates to that.
我们可能会看到实际情况略有不同。因此，我想简短的回答是，很难预测关税方面的影响会如何。我们会密切关注，并相应调整我们的业务模式和运营方式，以适应现实情况。我们也会随时向您通报相关进展。
Darrin Peller
I appreciate that. I mean we've estimated it's just a volume-based analysis that somewhere around 1% inflation could be actually a net positive near-term by somewhere around 0.6% impact to EPS or so, but that's obviously just pure volume lifting from the pricing potential uplift of inflation. However, we have to watch for, obviously, demand implications as well, as you said. Sachin, maybe we'll talk a little bit about some of the strong deal momentum you've had over the past -- really, the last few years. But if you talk about some of the several notable wins we've seen and just talk about how this is driven by the value-added services that you've been selling and the differentiation. If we could unpack that a little bit, including how you partner and what's been differentiated that's allowing you to win those businesses.
我很感谢这一点。我的意思是，我们估计过，这只是基于交易量的分析，大约 1%的通胀短期内实际上可能对每股收益（EPS）产生约 0.6%的净正面影响，但这显然只是纯粹来自通胀带来的定价潜力提升所推动的交易量增长。不过，正如你所说，我们显然也必须关注需求方面的影响。Sachin，也许我们可以稍微谈谈过去几年你们取得的一些强劲交易势头。如果你能谈谈我们看到的一些值得注意的成功案例，并说明这些成功是如何由你们所销售的增值服务和差异化所推动的。如果我们能稍微展开一下，包括你们如何建立合作伙伴关系，以及你们的差异化优势如何帮助你们赢得这些业务。
Sachin Mehra
Yes. No, Darrin, absolutely. Look, we're actually very proud of the way our teams have executed from an overall market presence standpoint. And as we mentioned at Investor Day, since 2020, we have grown share across all products. With debit, credit, prepaid, commercial, and we've it at a healthy pace, right? And you know that our growth algorithm is a composition of not only what happens from an economic standpoint, but the secular trends and then there is the market share piece, which is what you're talking about.
是的。不，Darrin，确实如此。实际上，我们对团队在整体市场表现方面的执行感到非常自豪。正如我们在投资者日上提到的，自 2020 年以来，我们在所有产品领域的市场份额都有所增长，包括借记卡、信用卡、预付卡和商业卡，并且增长速度健康，对吧？你也知道，我们的增长模式不仅取决于经济环境，还包括长期趋势，以及你所提到的市场份额因素。
The market share piece, which we're actually exercising growth on is being driven by a combination of factors. One, it's certainly about the suite of services we offer our customers. But having a suite of services is important but equally important is the approach with which we sell our customers. And this is the solution selling approach that we have adopted as a company, which is about, making sure we truly understand what our customers need and what are the appropriate services and/or digital capabilities that we might be able to offer to them because this is not about saying, we have a set of services and you must buy them because we Mastercard like them, it's about understanding what your needs as a customer are and how our services best cater to those needs.
我们实际实现增长的市场份额部分是由多种因素共同推动的。首先，这当然与我们为客户提供的一系列服务有关。但拥有一系列服务固然重要，同样重要的是我们向客户销售的方式。这就是我们公司所采用的解决方案销售方法，即确保我们真正理解客户的需求，以及我们可能向他们提供的适当服务和/或数字能力。这并不是说我们有一套服务，你必须购买，因为万事达卡喜欢这些服务，而是要理解你作为客户的需求，以及我们的服务如何最好地满足这些需求。
And I think to bring this to life, it's probably good to talk about a few examples, as to how this actually plays itself out. So let's take something like Varo Bank. I think you're aware about the fact that, that's a portfolio which is going to flip over to Mastercard. It's across debit and credit. And Varo Bank had certain interest and desires, as it relates how we would actually service them, one of which is our merchant-funded offers platform. They very much care about our merchant-funded offers platform. It suits them well. It's what they see as a differentiating factor.
我认为，为了更生动地说明这一点，举几个实际例子可能会更好。我们以 Varo Bank 为例。我想你们知道，这个组合将转向万事达卡，涵盖借记卡和信用卡业务。Varo Bank 在我们如何为其提供服务方面有一些特定的兴趣和需求，其中之一就是我们的商户资助优惠平台。他们非常重视我们的商户资助优惠平台，认为这非常适合他们，并将其视为一个差异化因素。
But in addition to that, our ability to integrate into their tech stack was something which was helpful in helping them get over the hump, as to their willingness to take the lead to actually flip their portfolio to Mastercard. So it's a combination of how you approach the customer, how you go after, understanding what their needs are and then meeting those needs the way they come around.
但除此之外，我们能够整合到他们的技术架构中，这一点帮助他们克服了障碍，使他们愿意率先将其产品组合转向万事达卡。因此，这是一种综合因素，包括你如何接触客户，如何追求客户，理解他们的需求，并以他们期望的方式满足这些需求。
So for example, if you think about some of our services, right, we have services which deliver on trying to drive revenue for our customers, for helping grow their top line. And these would be the equivalent of our marketing services, our consulting, our data insights and analytics. And then on flip side, you've got services, which help to rationalize the cost base of our customers. And these would be our security solutions. These are the kinds of things which will help reduce their fraud experience, which would help reduce -- and that's a big cost, as you know, for our customers.
例如，如果你考虑一下我们的某些服务，我们有一些服务旨在帮助客户增加收入，推动他们的营收增长。这些服务相当于我们的营销服务、咨询服务、数据洞察和分析服务。另一方面，我们还有一些服务旨在帮助客户优化成本结构，比如我们的安全解决方案。这些服务有助于减少客户遭遇的欺诈行为，而正如你所知，欺诈对客户来说是一项巨大的成本。
So everything we can do to actually meet them where their needs are helps us win their portfolio. That does not mean we don't need to be competitive on the switching -- the play switching capabilities. But if you have to differentiate and win, you've got to come across with more than just saying, I'm a switch provider and I can provide you the rails to drive payments volume.
因此，我们所做的一切都是为了真正满足客户的需求，这有助于我们赢得他们的业务组合。这并不意味着我们在交换能力方面不需要具备竞争力。但如果你想要脱颖而出并取得胜利，就必须提供更多价值，而不仅仅是说：“我是一个交换服务提供商，我可以为你提供推动支付量的基础设施。”
I'm going to help you actually grow your revenue. I'm going to help you reduce your cost base. I'm going to help you do customer acquisitions. These are all capabilities, which help us win share. And frankly, this interaction model with our customers not only helps us win the portfolio, but also helps us inform what our future road map should look like from a product and services standpoint, in order to say, here are the things we need to invest on a going-forward basis, if we have to continue win portfolios going forward.
我将帮助你切实增加收入，帮助你降低成本，帮助你获取客户。这些都是帮助我们赢得市场份额的能力。坦率地说，这种与客户的互动模式不仅帮助我们赢得业务组合，还能帮助我们明确未来在产品和服务方面的发展路线图，以确定未来我们需要在哪些方面进行投资，从而持续赢得更多业务组合。
So, I'll give you the Varo example. I can give you the Citizens example, another big deal, right, where they move their volume entirely to Mastercard, right? And then likewise, if I move outside to the US and I go to Europe, there was UniCredit, which is a migration, which is currently underway. It's across multiple countries. It's across, I think, close 12 or 13 countries where we're doing this migration.
我给你举个 Varo 的例子。我还可以举 Citizens 的例子，这是另一个重要的交易，对吧？他们将交易量完全转移到了万事达卡，对吧？同样地，如果我离开美国，来到欧洲，还有 UniCredit 的迁移，目前正在进行中。这涉及多个国家，我想大约有 12 或 13 个国家，我们正在进行这项迁移。
For a bank to actually take a punt and to say, yes, we're going to work with Mastercard on our entire portfolio and go through a conversion. It's a big bet that they're taking, but they express that confidence by virtue of the fact that we've been able show them that we can do successful migrations. And that comes through our services. That comes through our ability from a textile standpoint to meet with what they need are. And these are things which have been very positive in terms of driving that share growth, which you're talking about.
对于一家银行来说，真正下定决心并表示：“是的，我们将与万事达卡合作，对整个产品组合进行转换”，这是他们所做的一项重大决定。但他们之所以表达出这种信心，是因为我们已经向他们证明，我们能够成功地完成迁移。这得益于我们的服务，也得益于我们在技术层面满足他们需求的能力。这些因素在推动你所提到的市场份额增长方面发挥了非常积极的作用。
Darrin Peller
That's really helpful. I mean you talked about a couple of the deals just a moment ago. But I mean, when we think about Citizens, as an example or just some of the others you mentioned, those have been big, big wins and actually big decisions by the banks to convert, but they also do have impact on growth, right? And so from a lapping standpoint, just remind us what we need to keep in mind for this year ahead of us when it comes to timing.
这确实很有帮助。你刚才提到了几笔交易。但比如我们考虑一下 Citizens，或者你刚才提到的其他一些案例，这些都是非常重大的胜利，实际上也是银行做出的重大转换决定，但它们确实也会对增长产生影响，对吧？因此，从同比比较的角度来看，请提醒我们在接下来这一年中，在时间安排方面需要注意些什么。
Sachin Mehra
So look, I'll talk about the big ones, right, because you've got several smaller portfolios, which will migrate over time and things will happen. But let's take something like Citizens. Let's take some things like the Wells Fargo, small business portfolio. Let’s take something like UniCredit, like I'll just talk about the three of them.
那么，我会谈谈几个主要的，因为你们还有一些较小的组合，这些组合会随着时间迁移，也会发生一些变化。但我们以 Citizens 为例，再比如富国银行的小企业组合，以及 UniCredit，我就只谈这三个。
So, Wells' migration was completed in the second quarter of 2024. So you should expect the lapping of that to take place in 2025 second quarter. Citizens' was completed in third quarter of 2024. So you'll see some lapping effects of that come through. And this ties back your first question to me, as to when you were asking about revenue growth rates, and I was alluding to the fact that there are some wins which are going to be lapping as a part of that process.
因此，富国银行的迁移已于 2024 年第二季度完成，因此预计将在 2025 年第二季度出现相应的同比影响。公民银行的迁移于 2024 年第三季度完成，因此你也会看到一些相应的同比效应。这与你向我提出的第一个问题相关，当时你询问收入增长率，我提到了一些客户赢得项目将在这一过程中产生同比影响。
As it relates to UniCredit, that's a multiyear migration. So I kind of see that as come on slowly and it will come on over multiple years. The migration has started. It will go through the course of this year. We don't expect there to be a big lapping effect as a result of UniCredit just because of the way it's kind of rolling on, right?
关于UniCredit，这是一个为期多年的迁移过程。因此，我认为它会逐步推进，并将在未来几年内完成。迁移已经开始，今年内会持续进行。由于UniCredit迁移的推进方式，我们预计不会因此产生明显的重叠效应，对吧？
But then you'll have others which will be smaller portfolios, which will actually lap through. But net-net, I would say, here's the upside on this. So the positive part of this is Winning a portfolio is important, certainly, getting the volume on is important. But then what you do with that volume to drive growth at an accelerated pace is what's really important.
但同时也会有其他规模较小的组合逐渐到期。不过总体而言，我认为积极的一面在于：赢得一个组合固然重要，获得交易量也很关键，但更重要的是如何利用这些交易量来推动更快的增长。
And this is where our teams work very actively with not only the migration ensuring seamless migration, but what we can do to actually drive growth on those portfolios in excess of what they were doing in the past, because candidly, if I put myself in the shoes of the customer, moving portfolio from the competition to Mastercard, is not really why they're doing it.
我们的团队不仅积极致力于确保迁移过程的顺畅，还努力推动这些投资组合实现比以往更高的增长，因为坦率地说，如果我站在客户的角度来看，他们将投资组合从竞争对手转移到万事达卡，并不是他们真正的目的。
They're not doing it just because they're moving a dollar of volume from 1 network to the other network. They're doing it because they believe that dollar volume can actually grow at a faster pace with Mastercard and get help grow their business. And that's what we are very focused on post migration, and that we'll continue to remain focused on.
他们这样做并不仅仅是为了将一美元的交易量从一个网络转移到另一个网络。他们这样做是因为他们相信，通过万事达卡，这一美元的交易量实际上可以更快地增长，并帮助他们的业务发展。这正是我们在迁移后非常关注的重点，并且我们将继续保持这种关注。
Darrin Peller
All right. Very helpful, Sachin. Maybe just touch also as far as this year goes on what you embedded in your guide. I know it was helpful, you did. But what did you actually think -- how did you think through the Capital One Discover implications? I know you talked on the call, last call about incorporating into guidance, but maybe just assumptions on impact, especially on U.S. debit?
好的，非常有帮助，Sachin。或许你也可以简单谈一下，今年你在指引中纳入了哪些因素。我知道你之前的说明很有帮助，但你具体是如何考虑 Capital One 和 Discover 的影响的？我知道你在上次电话会议上提到已将其纳入指引，但能否具体说明一下你的假设，尤其是对美国借记卡业务的影响？
Sachin Mehra
Sure. So Darrin, like we said on the last earnings call, we provided you our thoughts around 2025 with what our best estimate is as it relates to the migration of is, as it relates to the migration of the debit book from -- off of Mastercard's rails as it relates to Capital One. I think things will move around. It's our best estimate.
好的。Darrin，正如我们在上次财报电话会议上所说，我们提供了对 2025 年的看法，这是我们关于 Capital One 借记业务从万事达卡网络迁移的最佳估计。我认为情况可能会有所变化，这是我们的最佳估计。
And the reason I say things will move around as the deal's got to get approved, once the deal's got approved, what the pace of migration will take place, will be dependent on how quickly they wish to migrate that volume over. What we have done we have built into our forecast, what we think our best estimates are of the debit portfolio. Things can move around from there. We will keep you price as quarters go long, as to whether there are changes in terms what our thoughts are for the year. Based on what our most recent information is as it relates to the migration path. And that's on the debit side. But remember, we have a big credit book with Capital One as well.
我之所以说情况会有所变化，是因为交易需要获得批准，一旦交易获得批准，迁移的速度将取决于他们希望多快地将这些交易量迁移过来。我们已经将我们对借记卡组合的最佳估计纳入了预测中，但情况可能会有所变化。随着季度的推进，我们会及时告知你们我们对全年情况的看法是否发生变化，这将基于我们所掌握的最新迁移路径信息。这是借记卡方面的情况。但请记住，我们与第一资本还有大量的信用卡业务。
And that big credit book with Capital One is something we very well expect that we will continue to work and partner with them very actively to not only retain but grow. And that's very much part and parcel of what we do. And one might ask the question, but why is it that they would look to keep the credit book with you and not move to their proprietary network.
我们非常期待继续与 Capital One积极合作，不仅保留而且扩大与他们的大型信用业务。这正是我们工作的核心内容之一。有人可能会问，为什么他们会选择将信用业务继续留在你们这里，而不是转移到他们自己的专有网络上。
And candidly, I would tell you, I think there's a lot of value we can bring on credit both in the domestic environment and the cross-border environment from an acceptance footprint standpoint, from a services capability standpoint, from a tokenization standpoint, and candidly, the interchange arbitrage is not something which is actually prevalent on the credit side as it is on the debit side. So, there's lots of reasons why we believe that we can actually deliver some tremendous value on the credit front.
坦率地说，我认为无论是在国内还是跨境环境中，我们都能在信用卡领域带来很多价值，包括从受理覆盖范围、服务能力和代币化的角度来看都是如此；而且坦白讲，信用卡领域的交换费套利现象并不像借记卡领域那么普遍。因此，我们有充分理由相信，我们确实能够在信用卡方面提供巨大的价值。
Darrin Peller
All right. That's helpful. And I guess just very quickly on that note, I mean, the competitive dynamic, we get this question often of whether or not they're emerging or not. I mean, from Discover, is it going to become more powerful of a competitor? I mean, just what are your thoughts on the industry now or implications of the deal?
好的，这很有帮助。我想快速问一下关于竞争格局的问题，我们经常被问到是否有新的竞争对手出现，比如 Discover 是否会成为更强大的竞争者？您对当前行业状况或这笔交易的影响有什么看法？
Sachin Mehra
Look, I mean, again, I think Capital One is a very important partner for Mastercard has always been and will continue to be an important partner. We have always worked with folks who compete with us in certain areas, but also partner with us in other areas. And I expect that to be the case with Capital One as well. I would expect on the debit side, there will be competitive piece, which is there.
听着，我再强调一下，我认为Capital One对万事达卡来说是一个非常重要的合作伙伴，一直以来都是，并且未来也将继续如此。我们一直以来都与一些在某些领域与我们竞争但在其他领域与我们合作的公司合作。我预计与第一资本的情况也会如此。我预计在借记卡方面会存在竞争因素。
On the credit side, we would continue to partner on services, we continue to partner. So I think from an industry dynamic standpoint, they're a formidable player. They are one who certainly we'll look to try and continue to grow at the pace they've been growing in the past and probably even more.
在信用卡方面，我们会继续在服务领域合作，保持合作关系。因此，从行业动态的角度来看，他们是一家强大的参与者。他们肯定会寻求继续保持过去的增长速度，甚至可能更快。
That being said, these things are hard to do. It does an integration road map. There's things to be done as it relates to integration. There's making sure you don't have a customer disruption as part of the migrations, which take place, all of those things, all of which I believe Capital One is very adept at handling. But then again, time will tell as to how this all plays out from a competitive dynamics standpoint.
话虽如此，这些事情做起来并不容易。它涉及整合路线图，需要完成与整合相关的各项任务。还要确保在迁移过程中不会对客户造成干扰，所有这些方面，我相信第一资本都非常擅长处理。但从竞争动态的角度来看，这一切最终如何发展，还有待时间证明。
Darrin Peller
Okay. Okay. That makes sense. Sachin maybe we can shift and get into some -- maybe an update on some of the key three strategic priorities of the company, including the consumer payment side, the commercial and new flows and then value-added services and solutions, starting just with consumer payments. I know you guys embedded a high single-digit type algorithm on that front in your medium-term outlook at your Investor Day. But maybe just touch on the runway that remains and how you're going after it maybe just providing some more details on the approach and developed versus emerging markets there as well?
好的，好的，这很有道理。Sachin，也许我们可以转一下话题，谈谈公司三个关键战略重点的最新进展，包括消费者支付方面、商业和新支付流，以及增值服务和解决方案。我们先从消费者支付开始。我知道你们在投资者日的中期展望中设定了这一领域高个位数增长的目标。但能否谈谈未来的发展空间，以及你们如何实现这一目标？也许可以更详细地介绍一下你们在发达市场和新兴市场的策略差异？
Sachin Mehra
Sure. So on consumer payments, it's like we said at Investor Day, we continue to see tremendous opportunity on consumer payments. And the opportunity is both from a market share standpoint, which we already talked about. But more importantly, as far as I'm concerned is there's tremendous amounts of secular opportunity, which remains. So let's talk about, let's size the opportunity, and let's talk about the approach is on consumer payments, right?
好的。在消费者支付方面，正如我们在投资者日所说，我们继续看到消费者支付领域的巨大机遇。这种机遇一方面来自我们之前提到的市场份额角度，但在我看来更重要的是，仍然存在大量长期的增长机会。因此，让我们来讨论一下，衡量一下这个机遇的规模，并谈谈我们在消费者支付领域的策略，好吗？
So we talked about at Investor Day how we see P2M representing roughly a $54 trillion volume opportunity and about 2.4 trillion transaction opportunity. And as it relates to the amount of that $54 trillion, which remains to be corded, right? We think it's substantial. It stands at about $11 trillion, which still remains in cash payments and about 1.5 trillion transactions which are still happening on non-card rates. And this is important, because when you think about $11 trillion of volume opportunity still in cash and 1.5 trillion transactions that is a tremendous amount of runway, which still remains to be had for us to actually get going on the carded front.
因此，我们在投资者日上谈到，我们认为 P2M 市场大约代表着 54 万亿美元的交易量机会和约 2.4 万亿笔交易机会。而在这 54 万亿美元中，尚未实现卡支付的部分，我们认为规模仍然很大。其中约 11 万亿美元仍以现金支付，约 1.5 万亿笔交易仍未通过卡支付渠道进行。这一点非常重要，因为当你考虑到仍以现金支付的 11 万亿美元交易量和 1.5 万亿笔交易时，这意味着我们在推动卡支付方面仍有巨大的发展空间。
The good news is we've been very successful over the past decade to migrate a bunch of volume from cash and check to card. The even better news is there's a tremendous amount of run rate going forward. And so the logical question is how and where. And let's talk about both how and where. The how is going to happen through a lot of the initiatives which we have in-flight, you think about things like contactless. So now have about 70% of all in-store transactions, purchase transactions, which are taking place on contactless. That's a remarkable difference from where we used to be from a contactless technology standpoint. Now one might ask the question, why is contactless important for driving secular shift? And the reason is because contactless tends to go after what would be lower ticket spend, which has historically been in cash and you can go after that and convert it to card-based forms of payment.
好消息是，在过去十年中，我们非常成功地将大量交易量从现金和支票转移到了卡支付上。更好的消息是，未来还有巨大的增长空间。因此，合乎逻辑的问题是如何实现以及在哪里实现。我们来谈谈如何实现和在哪里实现。实现方式将通过我们正在进行的许多举措，例如非接触式支付。目前，大约 70%的店内购买交易都是通过非接触式支付完成的。这与我们过去在非接触式技术方面的情况相比有了显著的变化。有人可能会问，为什么非接触式支付对推动长期转型如此重要？原因在于非接触式支付通常针对的是金额较小的消费，这类消费过去通常使用现金支付，现在可以通过非接触式支付转化为基于卡的支付方式。
The other reason why contactless is important is because the safety and security, which comes with contactless and the convenience which comes with contactless helps to actually migrate volumes from what our closed loop environments to open-loop environments. So the case in point would be transit. And we've been wildly successful in terms of moving transit volume into an open-loop environment in markets across the globe. Certainly in Europe, you can see that’s happening now in the US, and it's happening fairly significantly in the US, but also in markets like China. You've seen that happen in China, both for domestic and cross-border volumes where we're moving what was previously closed loop into open loop. So that's really important to actually migrate cash and check into electronic homes of payment.
非接触式支付重要的另一个原因是，它所带来的安全性和便利性实际上有助于将交易量从封闭循环环境迁移到开放循环环境。一个典型的例子就是交通领域。我们在全球多个市场成功地将交通支付量转移到了开放循环环境中。在欧洲显然如此，现在美国也正在发生这种转变，而且规模相当可观；此外，在中国等市场也有类似情况。你可以看到在中国，无论是国内还是跨境交易量，我们都在将原本封闭循环的交易转移到开放循环中。这对于将现金和支票支付迁移到电子支付方式中至关重要。
非接触支付需要手机芯片的支持，对苹果有利，可能也有其他绕开的技术。
The second element is around tokenization. And tokenization is something which has been a long time coming, but I think you've kind of keep and then you've reached that inflection point. We are seeing meaningful amounts of volumes being tokenized, and one might say, why does tokenization. Once again, tokenization provides for an incredibly safe and secure experience, which allows for not only greater conversion from cash and check to electronic forms of payment, but also helps improve approval rates. And approval rates are important because what happens oftentimes is all positive result in volumes getting impacted and poor consumer experiences and tokenization addresses that and addresses that pretty well. So we like that. We like that approach we're taking, and we're taking that on a global basis.
第二个要素是关于代币化。代币化已经酝酿了很长时间，但我认为你们一直在坚持，直到达到了那个拐点。我们看到大量交易量正在被代币化，有人可能会问，为什么要进行代币化？再次强调，代币化提供了一种极其安全可靠的体验，不仅能更有效地将现金和支票转化为电子支付形式，还有助于提高批准率。批准率很重要，因为通常情况下，批准率不佳会导致交易量受到影响，并带来糟糕的消费者体验，而代币化很好地解决了这一问题。因此，我们喜欢这种方式，我们正在全球范围内推广这种方法。
看着更有说服力的创新，没看到Visa、AMEX有相类似的运作。
The third element I'd kind point you to as it relates to how we're going after the secular opportunities with the work we are doing around targeting underpenetrated verticals and underpenetrated verticals are those of the likes of utilities, the likes of rent. These are important. There's a sizable amount of flows, which takes place, which have historically taken place either through cash and check or through traditional ACH rails. And we're starting to see good traction take place about moving those volumes over -- into card rails.
我要指出的第三个要素与我们如何把握长期机遇有关，即我们正在针对渗透率较低的垂直领域开展工作，这些垂直领域包括公用事业和租金支付等。这些领域非常重要，其中存在大量资金流动，这些资金流动过去通常通过现金、支票或传统的自动清算所（ACH）渠道进行。我们开始看到良好的进展，将这些资金流转移到卡支付渠道上。
I'll give you a case in point. The program we have with Bilt in Wells Fargo in the US, right, is it's doing really well. I mean we're seeing some significant volumes come through. I think it's incredibly creative on the part of Bilt and Wells Fargo to be able to pull that program together. We bring our digital capabilities as part of that solution and you're seeing good traction come through. And it's particularly relevant to, I would say, the younger generation who are looking for convenience in terms of rent payments, where you're seeing that volume pickup take place. So again, I will tell you there will be different approaches by different markets as it relates to how you go about doing this.
我给你举个例子。我们与美国富国银行（Wells Fargo）和 Bilt 合作的项目表现非常出色，我们看到了一些显著的交易量。我认为 Bilt 和富国银行能够合作推出这个项目非常有创意。我们将自身的数字化能力融入该解决方案中，并且取得了良好的进展。这一点尤其适用于年轻一代，他们在租金支付方面寻求便利，这也是我们看到交易量增长的原因。因此，我再次强调，不同市场在如何实施这类项目方面会采取不同的方法。
I'll give you an example. You asked a question around developed markets versus emerging markets is the approach is different. Let's take a market like Africa. And Africa is a big market. It's a varied market by country. But the commonality in a market like Africa is a lot of the African population does a lot of their banking work through MNOs, mobile network operators. We have struck partnerships with some of the largest mobile network operators, the likes of Airtel, the likes of MTN, the likes of Vodafone, all of whom have digital wallet capabilities, where we are embedding our card capabilities, and we're helping up open not only the use of cards, but also the acceptance across the merchant footprint.
我给你举个例子。你刚才问到发达市场与新兴市场之间的方法是否有所不同。我们以非洲市场为例。非洲是一个庞大的市场，各个国家之间存在差异。但非洲市场的共同点是，很多非洲民众通过移动网络运营商（MNOs）进行大量银行业务。我们已与一些最大的移动网络运营商建立了合作伙伴关系，比如 Airtel、MTN 和 Vodafone 等，这些运营商都拥有数字钱包功能，我们正在其中嵌入我们的卡片功能，不仅帮助推广卡片的使用，也帮助扩大商户的受理范围。
So, there are different ways in different markets in which you're going to go after what is the cash opportunity as it relates to consumer payments. And we're seeing good traction across the bottom-line.
因此，在不同市场中，针对消费者支付领域的现金机会，您会采取不同的方式。我们看到利润方面取得了良好的进展。
Darrin Peller
Yes, that's great. That was really helpful. Thank you for that. Just shifting to the new flows and the commercial new flows area. Just remind us the biggest opportunities you see there and just how you're pursuing them first. And just how do you balance driving card acceptance and really the education of how to continue driving penetration in the commercial opportunity also.
好的，非常棒。这真的很有帮助，谢谢你。现在转向新支付流和商业新支付流领域。请提醒我们一下，你们在该领域看到的最大机遇是什么，以及你们首先是如何抓住这些机遇的。此外，你们如何在推动卡片接受度和持续教育以进一步提高商业领域渗透率之间取得平衡？
It's an area that we've honestly been spending a lot of time for years on. It feels like it's always like early days in commercial, and we haven't made an enormous amount of headway, but at the end of the day, it's such a big TAM that maybe there is some progress. I just want to say anything more on that area.
这是一个我们多年来确实投入了大量时间的领域。感觉商业领域总是处于早期阶段，我们尚未取得巨大进展，但归根结底，这个市场的总体规模非常庞大，也许还是有一些进步。我只想在这个领域再多说一点。
Sachin Mehra
Yes. So, first, let's level set where we are on the commercial opportunity as a company, right? So in 2024, commercial GDV stood at approximately 13% of our total GDV. So, it's not insignificant. It continues to grow at a rapid clip.
是的，首先，让我们明确一下公司在商业机会方面的现状，好吗？2024 年，商业 GDV 约占我们总 GDV 的 13%。因此，这并非微不足道，并且还在快速增长。
Sometimes they're going to sit back and I think, would I much rather than have commercial grow a lot faster than consumer? Or am I really happy that consumers growing at a really fast pace and that commercial that commercial is also growing at an equally rapid clip, which actually happens to be the case.
有时候他们会退一步想，我是否更希望商业业务的增长速度远超消费者业务？还是我真的很满意消费者业务正以非常快的速度增长，而商业业务也同样在以同样迅猛的速度增长？实际上后者正是目前的情况。
If you look at how we've performed on commercial in 2024 relative to the competition, I would argue we have done really well on relative to how the competitors have played out in that regard.
如果你看一下我们在 2024 年商业领域的表现与竞争对手相比，我认为相较于竞争对手在这方面的表现，我们做得非常出色。
And this is true both from a share standpoint as well as tapping into the secular opportunity. So, let's talk about what the total opportunity in commercial and new payment closers.
无论是从市场份额的角度，还是从把握长期机遇的角度来看，情况都是如此。那么，让我们来谈谈商业支付和新支付领域的整体机遇。
At Investor Day, we had sized this opportunity at about $80 trillion, right? About $16 trillion of that $80 trillion is in what we call commercial point of sale. And the remaining $64-ish trillion is in what we call invoice payments. So, you have to break the two up because the solutions are slightly different as it relates to that.
在投资者日上，我们曾将这一机会规模估计为大约 80 万亿美元，对吧？这 80 万亿美元中约 16 万亿属于我们所称的商业销售点支付，而剩余约 64 万亿则属于我们所称的发票支付。因此，你需要将这两部分分开来看，因为针对它们的解决方案略有不同。
So, the way you should think about that $16 trillion opportunity, which is there at the commercial point of sale is it is more akin to consumer payments, but not exactly consumer payments.
因此，你应当将商业销售点的 16 万亿美元机会视作更接近于消费者支付，但又不完全等同于消费者支付。
So, it's about going after the small business universe. And we're going after that and doing -- seeing tremendous traction come through, case in point, winning the Wells Fargo small business portfolio.
因此，这关乎于开拓小型企业市场。我们正积极推进，并取得了显著的进展，例如成功赢得了富国银行的小企业业务组合。
And the way we're doing it is by bringing in what I would call proprietary platforms, which are catering to the needs of the small business community. Two examples. Number one, we have something called the Easy Savings platform, which is an always-on offer, which is a merchant-funded offer catering directly to the small business community.
我们实现这一目标的方式是引入我所称的专有平台，以满足小型企业群体的需求。举两个例子：第一，我们有一个名为 Easy Savings 的平台，这是一个持续有效的优惠，由商户资助，直接面向小型企业群体。
So, if I'm a small business owner, I use a Mastercard card. That card is enrolled in our Easy Savings platform. I go on a business trip, I rent a car. If that rental car company is part of the Easy Savings platform, I can always on discount for the spend I do with the rental car company.
因此，如果我是一个小企业主，我使用万事达卡。这张卡已加入我们的 Easy Savings 平台。我出差时租了一辆车。如果该租车公司是 Easy Savings 平台的一部分，我在该租车公司的消费就能始终享受折扣。
Or let's move somewhere else. I mean you might have other such offers which are there in place. It could be for a whole host of services, which is there on Easy Savings. It's a global platform. It's not just available in the U.S. as it's how we've created a two-sided market for this, where the merchants want to bring offers and the cardholders want to spend at those merchants, which creates affinity for driving the shift which we're talking about here. So, that's kind of first thing.
或者我们转到其他地方。我是说你可能还有其他类似的优惠。这可能适用于 Easy Savings 平台上的各种服务。这是一个全球性平台，不仅限于美国，我们为此建立了一个双边市场，商户希望提供优惠，持卡人希望在这些商户消费，从而推动我们所讨论的这种转变。因此，这大概是第一点。
Now, then we have something called Biz360, which is providing a whole suite of services to the small business community to make them want to actually work with Mastercard.
现在，我们有一个名为 Biz360 的产品，为小型企业群体提供一整套服务，以吸引他们真正愿意与万事达卡合作。
So, you think about something that Mastercard had for now decades called our Smart Data platform, which is an expense reporting platform. Small businesses need to be able to know how they're spending and to be able to account for that spend through that expense reporting process.
因此，你可以考虑万事达卡几十年来一直拥有的名为“智能数据平台”的费用报告平台。小型企业需要了解自己的支出情况，并通过费用报告流程对这些支出进行核算。
But they don't need the most sophisticated expense reporting platforms like large multinational corporates do, and this why Smart Data is made available to them to allow for that to happen.
但他们并不需要像大型跨国公司那样复杂的费用报告平台，因此我们向他们提供了 Smart Data，以实现这一目标。
So, while the spend is taking place at verticals, which are akin to what would be consumer verticals, you do need platforms to make that spend accelerate, and that's what we're focused on. That's going after that commercial point-of-sale opportunity.
因此，尽管支出发生在类似于消费者垂直领域的垂直行业中，但你确实需要平台来加速这种支出，这正是我们关注的重点。这就是我们所追求的商业销售点机会。
Then there's that $60 trillion-ish opportunity, which is there in invoice payments. And I argue that in the near to medium term, our approach on that is very much focused around our industry-leading virtual card capabilities. We continue to see tremendous traction in virtual cards. We're seeing that come through certainly in the travel vertical, but we're seeing that open up in several other verticals, such as in the logistics space, such as in the media space.
此外，在发票支付领域还有约 60 万亿美元的市场机会。我认为，在短期到中期内，我们的策略主要集中在业内领先的虚拟卡能力上。我们持续看到虚拟卡业务的巨大增长势头，这一点在旅游行业尤为明显，同时我们也看到物流和媒体等其他多个行业领域的机会正在逐步打开。
Look, it's not easy, I'll tell you just because you have to come up with a proposition which appeals to opening up acceptance in these cases, and we have learned over time the things to cater to are, let's make sure we can provide the relevant data necessary to allow for invoice reconciliation. Let's make sure we've got what is known as a flexible interchange model to allow for the targeting up and down of what the cost of acceptance might be relative to the vertical in question. These are two important criteria, and let's provide a safe and secure experience.
坦白讲，这并不容易，因为你必须提出一个能够吸引这些情况下扩大接受度的方案。随着时间推移，我们了解到需要关注的事项包括：确保我们能够提供必要的相关数据，以便进行发票对账；确保我们拥有所谓的灵活交换费模式，以便根据具体行业上下调整接受成本。这是两个重要的标准，同时我们还要提供安全可靠的体验。
So Darrin, we launched something called Mastercard Receivables Manager and Mastercard Receivables Manager essentially cater to these three needs. It provides data on what invoices are being paid to allow for better reconciliation. It provides a flexible interchange model to allow for the issuing bank to work with the acceptor of those payments to say, what is the appropriate level of cost you're willing to bear for the working capital advantage you're going to get by virtue of accepting a virtual card. And so if you create the right environment for issuers and acquirers to work in this environment, you start to see traction come through, and that's what we're seeing come through.
因此，Darrin，我们推出了一项名为万事达应收账款管理器（Mastercard Receivables Manager）的产品，该产品主要满足这三个需求。它提供有关哪些发票已支付的数据，以实现更好的对账。它提供灵活的交换费模式，使发卡银行能够与付款接受方合作，确定为获得接受虚拟卡所带来的营运资金优势，愿意承担的适当成本水平。因此，如果你为发卡方和收单方创造了合适的合作环境，就会开始看到成效，这正是我们目前所看到的情况。
Darrin Peller
Sachin, just in interest of time, maybe a quick minute on value-added services and solutions. And just remind us the percentage of that that's coming from transactions. I think it was 60%, if I remember from the Investor Day, but more importantly, what gives you the conviction that what's been sort of strong growth part of your business has sustainability now in the next year or two?
Sachin，考虑到时间关系，请简短地谈一下增值服务和解决方案。再提醒一下，其中来自交易的比例是多少？如果我没记错投资者日的数据，应该是 60%。但更重要的是，是什么让你确信，这一业务中一直保持强劲增长的部分在未来一两年内仍然具有可持续性？
Sachin Mehra
Yeah. So at Investor Day, we pointed you to the fact that approximately 60% of our value-added services and solutions, net revenue is network linked. And by network linked, you think about it as transactions, but then in several instances, it's the mix between card present versus card not present. So that's why we call that network linked. It's not necessarily specific only two transactions but in some way, shape or form related to payments.
是的。在投资者日上，我们向大家指出，我们增值服务和解决方案的净收入中，大约 60%与网络相关。所谓网络相关，你可以理解为交易，但在一些情况下，它还涉及到实体卡交易与非实体卡交易之间的组合。因此我们称之为网络相关。这并不一定仅限于交易本身，但在某种程度或形式上与支付相关。
So I think you touched upon, you asked the question, what gives us confidence in the growth potential, right? The confidence comes from the fact that if you believe that on the payments front, there is good runway which remains as it relates to payment volume growth and the fact that 60% of the net revenues come from network linked capabilities, you'll tend to write that secular opportunity, both across consumer and commercial payments on the services side as well. So that's point number one. Point number two is around deeper penetration across our existing customer base as well as tapping into new customers with our existing services.
我认为你刚才提到了，你问的问题是，是什么让我们对增长潜力充满信心，对吧？这种信心源于这样一个事实：如果你相信在支付领域，支付量增长仍有很大的发展空间，并且 60%的净收入来自网络相关能力，那么你就会倾向于抓住这种长期的机会，包括消费者和商业支付领域，以及服务方面。这是第一点。第二点是进一步深入渗透我们现有的客户群，并利用我们现有的服务开发新客户。
Back to your original question, as to how we win share and how we expand because when we win share, we not only generate more revenue on the payment side, we also charge with the services we deliver, so we've got the opportunity there.
回到你最初的问题，即我们如何赢得市场份额以及如何扩张，因为当我们赢得份额时，我们不仅在支付方面产生更多收入，还能通过我们提供的服务收费，因此我们在这方面拥有机会。
And then the third piece, I'd mention to you is on the services front, we are very actively looking at opportunities to expand what we call a serviceable addressable market. So there is the total addressable market and then there is the serviceable addressable market. And the best example, I'm going to give you is that of reported future. So we announced the acquisition of Recorded Future, which is the world's leading independent threat intelligence company.
第三点，我想提到的是在服务方面，我们正在积极寻找机会，以扩大我们所称的可服务市场。因此，有整体潜在市场，也有可服务的潜在市场。我能给你的最好例子就是 Recorded Future。我们宣布收购了 Recorded Future，这是一家全球领先的独立威胁情报公司。
And really, what these guys do is they allow us to play in a space we never played in before. And that's about expanding your serviceable addressable market. And we will continue to do that going forward. It's relevant. And we do that because not only they bring a set of capabilities, but we can take their capabilities along with our data and our capabilities to make it an even stronger proposition. So that's kind of how we're driving our services capabilities.
实际上，这些公司所做的是让我们能够进入以前从未涉足的领域。这意味着扩大你的可服务市场规模。未来我们将继续这样做，这很重要。我们之所以这样做，不仅因为他们带来了自身的一系列能力，而且我们还能将他们的能力与我们的数据和能力结合起来，形成更强大的价值主张。这就是我们推动服务能力发展的方式。
Darrin Peller
Very helpful. I mean, on that note, talking about Recorded Future, just generally, when you think about M&A and buy versus build and partner going forward, what's your thought process around weighing one versus the other going forward from here?
非常有帮助。我是说，既然提到了 Recorded Future，总体而言，当你考虑未来的并购、收购与自建及合作时，你是如何权衡这些选择的？
Sachin Mehra
So, look, I mean, our philosophy around M&A is pretty much unchanged from what it's historically been. It's going to be strategy-led. How does it fit to our strategy? Number one, when we think about our strategy, we think about what are the things we need in order to actually execute on it. Are we going to actually build or are we going to buy. If you're going to build, then it's organic. If you're going to buy, it's going to be through M&A, and we've done that.
我们的并购理念基本上与历史上一贯的做法保持一致，即以战略为导向。首先，我们会考虑它如何符合我们的战略。当我们思考战略时，我们会考虑为了真正执行战略，我们需要哪些要素。我们是选择自主建设还是通过收购获得。如果选择自主建设，那就是有机增长；如果选择收购，那就是通过并购来实现，而我们一直都是这么做的。
So we've done that historically. We've done that. We've been very active in the services space. I expect we will continue to be active in the services space, as it relates to M&A, not for any other reason because a lot of the times when we buy these companies, we buy them for the capabilities they bring from a technology standpoint. And then what we do is we embed those capabilities into our network and drive the go-to-market and scale by virtue of what we can do from a Mastercard standpoint.
因此，我们过去一直在这样做。我们一直在服务领域非常活跃。我预计我们将继续在服务领域保持活跃，尤其是在并购方面，原因无他，很多时候我们收购这些公司，是因为它们在技术方面所带来的能力。然后，我们会将这些能力整合到我们的网络中，并利用万事达卡自身的优势推动市场推广和规模扩张。
And we've been very successful in being able to do that. And that's kind of the playbook we're going to follow on a going forward basis as well. That doesn't mean we'll exclusively do acquisitions only in services. We will selectively look at opportunities across the other two areas of growth, which is commercial and new payment flows as well as in consumer payments.
我们在这方面一直非常成功，这也是我们未来将继续遵循的策略。这并不意味着我们只会在服务领域进行收购。我们也会有选择地关注其他两个增长领域的机会，即商业和新支付流，以及消费者支付领域。
But the philosophy is very much around can we do this internally or not? Or is it better for us to buy and can we get faster to market with the buy opportunity, and that's what we're doing. We have the balance sheet capacity. We think it's the right thing to do. We have to be smart about not overpaying for them.
但我们的理念主要围绕着我们能否在内部完成这件事？还是说收购对我们更有利，通过收购能否更快地进入市场？而这正是我们正在做的。我们拥有资产负债表的能力，我们认为这样做是正确的。但我们必须谨慎，避免支付过高的价格。
The thing which I worry most about is when we make acquisitions, we've got to be clear and very open-eyed about the fact that we want to integrate them and integrate them well. And number two, that we have to realize the synergies we're talking about, because you will invariably end up paying fair value and some for the acquisition as it stands in order to drive real shareholder value creation, we've got to deliver on the synergies. That's what we're going do.
我最担心的是，当我们进行收购时，我们必须清楚并非常清醒地认识到，我们希望对其进行整合，并且要整合得很好。其次，我们必须实现我们所谈论的协同效应，因为你最终总是会为收购支付公平价值甚至更多，因此为了真正推动股东价值的创造，我们必须实现这些协同效应。这正是我们将要做的。
寡头垄断的市场，小型创新企业都被收编了，能长期垄断还可能跟美国的核心利益有明显又直接的关系，支付结算的重要性很容易判断。
Darrin Peller
Okay. I think we only have time for about one more minute. So maybe a quick one on crypto currencies. I mean, just given how topical it is of late. If you could just touch on how Mastercard thinks about digital currencies, underlying blockchain technology and strategically, how you think you're positioned for it?
好的。我想我们只剩大约一分钟的时间了。那么快速谈一下加密货币吧。毕竟最近这个话题非常热门。您能否简单谈谈万事达卡如何看待数字货币、底层区块链技术，以及从战略上来说，您认为公司在这方面的定位如何？
Sachin Mehra
Look, I think this is a very active space. It's one we've been very involved with. And we certainly see crypto as something which we've engaged in from a card network standpoint, and you're aware about this. We play as the on-ramp, we play as the off-ramp. Things you're familiar with. We see the volume benefits of that come through on the card side as people want to buy crypto they use card-based products as they want to actually encash their crypto into fiat, they'll again use either our card-based products or Mastercard Move, which is our other way to actually offboard crypto into fiats.
我认为这是一个非常活跃的领域，我们一直积极参与其中。从卡网络的角度来看，我们确实将加密货币视为我们参与的领域，这一点你也清楚。我们扮演着资金进入和退出的角色，这些你都很熟悉。当人们想购买加密货币时，他们会使用基于卡的产品；当他们想将加密货币兑换成法定货币时，他们同样会使用我们的卡类产品或 Mastercard Move，这是我们将加密货币转换为法定货币的另一种方式。
But beyond crypto, there is the Stablecoins space, and then there is the work we're doing around tokenized deposits and the work we're doing across our MTN network, all of which, again, is for a much longer discussion, Darrin, but suffice it to it to say what we're doing from a Stablecoins and crypto standpoint is we're not only dipping our toe in the water, but we're playing a fairly active role because we feel like there's a future to be had here, particularly as relates B2B payments. And B2B payments in domestic arena, but certainly in the cross-border arena as well. And we'll continue to be active in that space.
但除了加密货币之外，还有稳定币领域，以及我们围绕代币化存款所做的工作，以及我们在 MTN 网络上的工作，这些话题都需要更长时间的讨论，Darrin，但可以简单地说，从稳定币和加密货币的角度来看，我们不仅仅是在试水，而是正在发挥相当积极的作用，因为我们认为这里存在着未来，尤其是在 B2B 支付领域。不仅是在国内的 B2B 支付领域，当然也包括跨境支付领域。我们将继续在这一领域保持积极的态度。
Q – Darrin Peller 问 – Darrin Peller
Great. Great. Maybe we have time for one question from the audience, if anyone has or, right, we have one right here in the middle.
很好，很好。也许我们还有时间接受观众的一个问题，如果有人想问的话，好的，我们中间这里就有一位。
Unidentified Analyst 未确认分析师
How would Mastercard potentially approach monetizing Stablecoins in the next three to five years. Is that largely an internal build? Or are you actively contemplating some kind of tuck-in acquisitions in the way Stripe, Broadridge and all that. So just give us a sense of how would you go about it?
万事达卡在未来三到五年内可能如何实现稳定币的货币化？这主要是内部建设吗？还是你们正在积极考虑类似 Stripe、Broadridge 等公司的小型收购？请介绍一下你们的具体做法。
Sachin Mehra
Look, I think it's going to be a combination of organic and inorganic is the way we kind of think about it. We're going to be very deliberate in terms of what role we want to play in the Stablecoin universe. I think there's a level of what I would call services we can deliver to the Stablecoin universe, right, which we -- take something like Crypto Credentials, right? This is something which we kind of talked about where as you have multiple Stablecoin providers, you have to have authentication as it relates to allow for not only the closed-loop environment in which they currently work but to allow for interoperability to take place. And I think Mastercard to play a role on that.
我认为，我们的策略将是有机增长与无机增长的结合。我们会非常谨慎地考虑我们希望在稳定币领域扮演的角色。我认为我们可以向稳定币领域提供一定程度的服务，比如加密凭证（Crypto Credentials）。我们之前也提到过，当存在多个稳定币提供商时，你需要进行身份验证，这不仅适用于他们目前运作的封闭环境，也适用于实现互操作性。我认为万事达卡可以在这方面发挥作用。
How we do it could be a combination for both organic and inorganic as part of the playbook going forward. But I guess I'll say stay tuned. We're working through that right now. Right now, we're very actively focused on the organic things.
我们未来的做法可能会结合内生增长和外部收购两种方式。但我想说的是，请继续关注，我们目前正在研究这一点。目前，我们正积极专注于内生增长方面。
Darrin Peller
Great. So Sachin, thank you so much for joining us for looking well, and it's really great to have you with us here even virtually. Appreciate it.
很好。Sachin，非常感谢你抽空加入我们，看起来气色不错，很高兴你能与我们一起，即使是以线上方式。非常感谢。
Sachin Mehra
Always good to see you. Thanks, everyone. Good. Appreciate it.
很高兴见到你。谢谢大家。很好。非常感谢。
Darrin Peller
Thanks, guys. 谢谢，各位。
Sachin Mehra
Take care, Bye-bye. 保重，再见。
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