2025-03-18 Mastercard Incorporated (MA) Bank of America Electronic Payments Symposium Conference (Transcript)
Mastercard Incorporated (NYSE:MA) Bank of America Electronic Payments Symposium Conference March 18, 2025 1:50 PM ET
Company Participants
Craig Vosburg - Chief Services Officer
Conference Call Participants
Jason Kupferberg - BofA Securities
Jason Kupferberg
杰森·库珀伯格
All right. We are ready to kick off our next session, which is with Craig Vosburg from Mastercard. He is the Chief Services Officer, which has become a bigger and bigger job these days as that business has continued to grow. So, Craig, thank you for being here. We appreciate it.
好了，我们现在准备开始下一场会议，嘉宾是来自万事达卡的 Craig Vosburg。他担任首席服务官，随着该业务的不断增长，这个职位的职责也越来越重大。所以，Craig，谢谢你的到来，我们非常感谢。
Craig Vosburg
It's my pleasure.
很高兴能来参加。
Jason Kupferberg
And you've had -- you got a long run at Mastercard as we were just touching on a bit, and just for the audience benefit, talk to us about how your role at the Company has evolved over the last, I guess, two decades.
你在万事达卡已经有了长时间的发展历程，正如我们刚才简单提及的那样，为了让观众更好地了解，请你谈谈你在公司中的角色在过去大约二十年中是如何演变的。
Craig Vosburg
Yes. Well, coming up on it, so 18-years I've been with the Company. I actually started in what was a predecessor of the services business that I now have the privilege to lead in what was Mastercard Advisors, the consulting part of our business way back in 2006 in Singapore, and which is where I joined the Company and I've worked in a number of roles in the years since running our market development group in the U.S., working with merchants, acquirers, managing pricing and interchange our core products group.
是的，我在公司工作快 18 年了。我实际上是从服务业务的前身——当时叫做 Mastercard Advisors 的咨询部门开始的，那是在 2006 年新加坡，我就是在那时加入公司的。从那以后，我担任过多个职位，比如在美国领导我们的市场开发团队，与商户、收单机构合作，管理定价与交换费用，以及负责我们的核心产品组。
I led our business in North America for a number of years prior to this roll around our product and engineering team, which handled all of our different payments products across the Company and now look after a newly formed services organization that we created last year as part of a restructuring to align our key business units with the drivers of growth for our business and took what were some important parts of our services portfolio that were spread in different parts of the organization, brought them together as one to make sure that we had a cohesive strategy and that we could fully realize the synergies that exist in that part of our business.
在加入目前负责产品与工程团队之前，我曾在北美领导我们的业务多年，该团队负责公司所有不同的支付产品。如今，我负责管理去年我们在重组过程中成立的新服务组织，目的是将散布在组织不同部门的重要服务资产整合在一起，确保我们拥有统一的战略，并充分实现该部分业务的协同效应。
Question-and-Answer Session
问答环节
Q - Jason Kupferberg
Yes, great. So -- I mean, services is now an $11 billion business for Mastercard. It's 40% of your revenue. So take us a level deeper. We talked about this a bit at the Investor Day, but I think it will be good for everybody to just remind on kind of what the sub-segments are, how you guys kind of deconstruct the services business, and why you've decided to kind of go into these specific areas.
很好。服务业务现在对万事达卡来说已经是 110 亿美元的业务，占公司收入的 40%。请更深入地向我们介绍一下。我们在投资者日上也稍作谈论，但我觉得让大家再回顾一下子板块是什么、你们如何拆解服务业务，以及为什么选择进入这些具体领域，会非常有帮助。
Craig Vosburg
Yes, I would be happy to. So services is something that's been an important part of our business for many years. It's evolved quite a bit over the course of that time. As I mentioned, as far back as 19 years ago when I joined, we were already in aspects of what is now services with our consulting business. But it's evolved quite a bit over the years as, one, it's become a more important part of what differentiates Mastercard in the payment space and two, as it's become a more important driver of revenue growth and revenue diversification for us as a business.
当然，我很乐意分享。服务业务多年来一直是我们业务的重要组成部分，并且经历了相当大的演变。正如我所说，早在 19 年前我加入公司时，我们的咨询业务就已经涵盖了现今服务业务的部分内容。但多年来，这部分业务已经有了很大变化：一方面，它成为了区分万事达卡在支付领域的关键；另一方面，它也成为了推动我们收入增长和收入多元化的重要动力。
And so today, our services business, we report on value-added services and solutions that includes the services portfolio that's anchored around some key product groups that we brought together as part of the restructuring I mentioned that we did last year. And they anchor on a couple of areas that are just foundational to our business and that we see as real areas for growth going forward.
因此，如今我们的服务业务涵盖了增值服务和解决方案，其中包括通过去年重组时整合在一起的几个关键产品组。这些产品组聚焦于几个对我们业务至关重要、且我们认为未来具有真实增长潜力的领域。
Security solutions being one. We -- obviously, payments don't work without trust and trust is predicated on security. And so we have invested for many years in solutions that help to reduce fraud. We've expanded over time to have that include things that enable us and our partners to more effectively manage identity, a broad base of identity management tools, and expand into the realm of cybersecurity, all related areas in the realm of trust, security, payments, integrity, systemic integrity and cyber security.
其中之一就是安全解决方案。显然，支付如果没有信任就无法运行，而信任又建立在安全的基础上。因此，我们多年来一直在投资能够减少欺诈的解决方案。随着时间推移，我们还扩展到了帮助我们和合作伙伴更有效地管理身份，提供一系列身份管理工具，并拓展到网络安全领域，这些都是与信任、安全、支付、诚信、系统完整性和网络安全密切相关的领域。
And so that's one important product area. There is a second called consumer acquisition and engagement. This is really all about working with our partners to help acquire new customers, maximize the value of every existing customer, deepen loyalty and engagement and drive retention of those customers.
所以这就是一个重要的产品领域。第二个领域叫做消费者获取与互动，这主要是与我们的合作伙伴一起，帮助获取新客户，最大化每个现有客户的价值，深化客户忠诚度和互动，并推动客户留存。
And so in that part of the business, we provide a range of marketing services where we're working with partners to design and execute campaigns to acquire or engage customers. We're providing loyalty solutions, you know, everything from rewards programs that we manage. We manage points programs on behalf of a huge number of issuers around the world, offers programs to stimulate spending and engagement, personalization capabilities to make sure each of those things is targeting individuals in the right way with the relevant messages at the right time.
在这一部分业务中，我们提供一系列营销服务，与合作伙伴合作设计并执行获取或互动客户的活动。我们还提供忠诚度解决方案，比如我们管理的奖励计划、为全球众多发行方管理积分计划、促使消费和互动的优惠活动，以及个性化能力，确保每一项服务都能以正确的方式在合适的时间向目标客户传递相关信息。
A third area that's business and market insights that really focuses on operational insights, portfolio analytics, custom analytics, where we're doing kind of bespoke analytical work with our partners, risk management, things related to credit risk, where we help -- provide data attributes to inform credit risk management and underwriting decisions, our consulting products and much of which revolve around payments are in that part of the business as well.
第三个领域是业务和市场洞察，主要聚焦于运营洞察、投资组合分析、定制化分析，我们与合作伙伴一起开展定制的分析工作，还包括风险管理、与信用风险相关的事项，我们提供数据属性以辅助信用风险管理和承保决策，同时我们的咨询产品也大多围绕支付展开，这些都属于该业务范畴。
These are all things that we've organized around buyer groups -- buyer personas with kind of consistent sets of needs. And those are really the anchor of the value-added services part of our value-added services and solutions.
所有这些都是我们围绕买家群体——具有一致需求的买家画像——进行组织的，这正是我们增值服务和解决方案部分的核心支柱。
The solutions piece is important as well. Things that don't demonstrate the rate of growth of value-added services. These are things like our real-time payments business, our bill payments activities, but that are important strategically as part of our payments proposition to offer maximum choice to consumers and how they pay and businesses and how they get paid and provide opportunities for us to target them to deliver services as well.
解决方案部分也非常重要。这部分可能不会像增值服务那样显示出高速增长，但它包括我们的实时支付业务、账单支付活动等，从战略上讲，这些都是我们支付方案的一部分，旨在为消费者提供多样化的支付选择，同时为企业提供收款方式，并为我们提供机会去针对性地提供服务。
Jason Kupferberg
Huge addressable markets we're talking about here. I think I put some of the numbers out at the Investor Day. How should we be looking at penetration rates at this point? I would like to understand kind of among those buckets you walk through, where are you most penetrated, where are you least penetrated, and we can go from there?
这里涉及到巨大的可达市场。我记得在投资者日上提到过一些数据。我们现在应该如何看待这些市场的渗透率？我想了解在你刚刚提到的各个领域中，哪部分市场渗透率最高，哪部分最低，然后我们再深入探讨？
Craig Vosburg
Yes, they are big markets. I guess the starting point, which you've alluded to already services for us is it's an $11 billion revenue line. It's 38% of the Company's total revenue and is growing at -- last year grew at 17%. So significantly higher-rate of growth than the core payments business.
是的，这些市场都非常巨大。正如你已经提到的，我们的服务业务收入达到 110 亿美元，占公司总收入的 38%，而且增长率很高——去年增长了 17%，显著高于核心支付业务。
That being said, it's still an area that we see as being -- as having significant runway for growth as demonstrated in some of the numbers that we shared at Investor Day.
尽管如此，我们仍认为这一领域有巨大的增长潜力，就像我们在投资者日上分享的数字所展示的那样。
We see just the three categories that I've mentioned. And by the way, there is others within our services business, processing, our payments gateway, authentication -- digital and authentication capabilities. But the three areas that I described in a little bit of detail just a moment ago in the aggregate represent a roughly $500 billion total addressable market, of which we see about $165 billion of that being serviceable by us today with products and services that we have in-market today.
我们看重的正是我刚才提到的这三个领域。顺便说一句，我们的服务业务中还有其他部分，比如处理、支付网关、数字认证等能力。但我刚才详细描述的这三个领域加起来大约代表了 5000 亿美元的总可达市场，其中我们目前凭借市场上已有的产品和服务能够服务的市场约为 1650 亿美元。
And so if you map the $11 billion against those numbers, you see that the penetration rates are still quite low, 2% of the total addressable market, less than 7% of the serviceable addressable market. And so these are areas that we see as having real runway for growth for a very long-time. And we're targeting that in a number of ways.
因此，如果将 110 亿美元与这些数字相比，我们可以看到渗透率仍然非常低，仅占总可达市场的 2%，不到可服务市场的 7%。因此，我们认为这些领域未来有很长时间的增长空间，并且我们正通过多种方式来拓展这一市场。
We'll probably get into that a little bit more in terms of how we're going to market and the ways in which we're seeking to penetrate that. But this is part of at the core of why services is so important to us.
我们可能会进一步探讨我们如何进入市场以及寻求市场渗透的具体方法。但这正是服务业务对我们如此重要的核心原因之一。
First and foremost, directly linked to our payments business, absolutely feeds off of and reinforces the flywheel of having differentiated payments that help us grow share in our payments business, gives us more data from which we can create more value-added services, further differentiate win market share and the cycle continues.
首先，服务业务直接与我们的支付业务相连，彼此相辅相成：差异化的支付方式帮助我们扩大市场份额，同时提供更多数据，使我们能够创造更多增值服务，进一步差异化并赢得市场份额，形成一个持续运转的正循环。
But these are also real opportunities for revenue diversification that complement the payments revenue and enable us to tap into non-payments-based revenue pools.
此外，这些领域也为收入多元化提供了真正的机会，既补充了支付收入，也使我们能够进入非支付相关的收入市场。
Jason Kupferberg
Yes. There's definitely, a symbiotic relationship there between core and services.
是的，核心业务和服务业务之间确实存在一种共生关系。
Craig Vosburg
Yes.
是的。
Jason Kupferberg
And so I do want to get more into that. But before we get there, I wanted to unpack numbers a little bit because I thought one of the particularly helpful disclosures at the Investor Day was you guys talking about forecasted growth for VASS -- VASS with two Ss, right?
因此，我确实想更深入探讨这一点。但在此之前，我想先解析一些数字，因为我认为在投资者日上你们披露的关于 VASS（注意是带两个“S”的 VASS）预测增长数据特别有帮助，对吗？
Craig Vosburg
Yes.
是的。
Jason Kupferberg
I think you talked about a high-teens CAGR through 2027, so very consistent with what you just saw last year. And I think that was the first time you guys kind of disaggregated the services forecast from the overall revenue forecast of the Company.
我记得你提到过到 2027 年复合年增长率（CAGR）在两位数高位，非常符合去年你们展示的数据。而且我认为这是你们首次将服务业务的预测与公司整体收入预测分开披露。
So if we go back to maybe those three main buckets that you started with, you know, what's the growth algorithm or the buildup, I should say, to kind of get to that high-teens? Are there some of these that are growing faster than high-teens and some slower? Or maybe just help us put the pieces together and how that underscores your confidence in kind of maintaining that elevated growth rate?
那么，如果我们回到你刚才提到的那三个主要领域，是什么样的增长逻辑或累积效应促使整体增长达到两位数高位？是否其中某些领域的增长速度超过两位数，而有些则较慢？或者你能帮我们梳理一下这些组成部分，说明这如何增强你们保持高增长率的信心？
Craig Vosburg
Yes. Well, each of the -- each of those three areas are large and fast-growing portions of the portfolio in their own right. They're all in excess of $1 billion in revenue today. They're all growing at double-digit rates that are significantly greater than the rate of growth in the core. And we feel good about the prospects for that growth to continue and that's predicated on a number of things.
是的，这三个领域各自都是我们业务组合中规模庞大且增长迅速的部分。目前它们的收入均超过 10 亿美元，而且增长率都是两位数，远高于核心业务的增长率。我们对这种增长前景感到乐观，这基于多方面的因素。
One is a significant portion of the services that we provide are linked in one way or another to the network and the payments activity that's happening in the network. And we see real opportunity for ongoing growth in that part of the business. The secular migration or the secular shift to electronic payments remains very healthy and with substantial opportunity for growth.
首先，我们提供的服务中有很大一部分与我们运营的网络以及网络内发生的支付活动相关。我们看到这一部分业务存在持续增长的真正机遇。向电子支付的长期转变依然健康，并拥有可观的增长机会。
That provides a natural tailwind for those portions of our services business that are linked to the network. Beyond that, that algorithm focuses on each of these different product areas that I described and the markets that they represent are growing in their own right.
这为与网络相关的服务业务部分提供了自然的顺风。此外，这一增长逻辑也适用于我刚才描述的各个产品领域，因为它们所代表的市场本身也在独立增长。
Jason Kupferberg
Yes.
是的。
Craig Vosburg
I mean, if you look at cybersecurity as an example, as the world continues to digitize, as companies and countries—governments are a big buyer of that kind of service too. As companies, countries, any entity has an expanding digital footprint, obviously, they have greater exposure to cybersecurity threats and there's greater demand for those kinds of services as the portion of commerce and business and economic activity that's digitized grows.
比如以网络安全为例，随着全球不断数字化，各国公司和政府都在大量采购此类服务。随着企业、国家或任何实体的数字化足迹不断扩大，它们自然会面临更多网络安全威胁，从而对这类服务的需求也会增加，因为数字化商业和经济活动的比例在不断上升。
And so -- and that's true if you look in the characteristics of each of those product groups, they're growing in and of their own right.
因此——如果你观察每个产品组的特点，它们各自都在独立增长。
We have taken a very targeted and intentional approach to expanding our capabilities in each one of those areas so that we can consciously migrate what's the addressable market into the serviceable market. We've done that through organic product development to expand our capabilities. We've done that through acquisitions to bring new capabilities into our franchise. And then we take very targeted intentional approaches to selling into that market through a variety of go-to-market methods, but to deepen our penetration, which as I alluded to, we have a long way to go in terms of really maximizing the opportunity that it represents.
我们在扩展这些领域的能力上采取了非常有针对性和深思熟虑的方法，使得我们能够有意识地将总可达市场转化为可服务市场。我们通过内部产品开发来扩展能力，也通过收购引入新能力到我们的业务体系中。随后，我们再采用各种市场进入策略，有针对性地深耕这一市场。正如我之前所提，我们在真正最大化这一机会方面还有很大的发展空间。
Jason Kupferberg
Let's come back to the network-linked concept. I think 60% of the VASS business I think is network linked.
让我们回到与网络相关的概念。我认为 VASS 业务中大约 60%是与网络相关的。
Craig Vosburg
Yes.
是的。
Jason Kupferberg
So just -- for the benefit of everybody, just explain how you delineate that 60% from the other 40%, which we'll call it non-network linked, and maybe go through some examples of both.
那么，为了让大家更好地理解，请解释一下你们是如何区分这 60% 与另外 40%（我们称之为非网络相关部分），并举出一些例子说明这两者的区别。
Craig Vosburg
Sure. So network linked are things that services that we can offer by virtue of the fact that we own and operate a payments network. That takes on a couple of forms. Some of those services are introduced directly in the course of processing a transaction. And so an easy example of this would be a lot of our fraud solutions where we are introducing fraud scoring insights and algorithms as part of the authorization stream as a transaction is being processed.
当然。所谓网络相关服务，是指依托于我们拥有并运营的支付网络而提供的服务，这可以表现为多种形式。其中一部分服务是在交易处理过程中直接引入的。举个简单的例子，就是我们许多防欺诈解决方案，在交易授权过程中引入欺诈评分、洞察和算法。
This is being injected literally hundreds of decisioning attributes that are evaluated and injected into the authorization stream in less than 100 milliseconds as the transaction is crossing through our system to enable issuers and acquirers to make better decisions about which transactions to approve and accept.
这些决策属性在交易通过我们的系统时，会在不到 100 毫秒内被评估并注入到授权流程中，从而帮助发卡行和收单行更好地决定哪些交易可以批准和接受。
That is a transaction-linked service that is directly connected to an actual transaction, but there are others that are correlated to transactions but may not occur with every transaction.
这是一种与交易直接关联的服务，但也有一些服务虽然与交易相关，却不一定在每笔交易中都出现。
So as an example, dispute resolution chargebacks, things along those lines, stand-in services where we step in on behalf of an issuer if their services go -- if their systems go down to make decisions on their behalf in accordance with their decisioning parameters. These are things that correlate to transaction volume. We can do it because we operate the network, but they're not specifically transaction-linked.
例如，争议解决、退单等服务，在发卡行系统出现故障时，我们会代表他们做出决策，这些服务与交易量相关。我们能够提供这些服务，是因为我们运营着网络，但它们并非每笔交易都直接关联。
And then there's a third category of things that just run off of data and insights that we get from the card network that we wouldn't have if we didn't operate a card network, portfolio insights, operational insights, things that are valuable to people running payments programs where they can benefit and improve their decision-making by virtue of having access to those kinds of transaction-based datasets and insights.
还有第三类服务，仅依托于我们从卡网络中获取的数据和洞察，比如投资组合分析、运营洞察等，这些服务对于运营支付项目的人来说非常有价值，因为他们可以利用这些基于交易的数据和洞察改善决策，如果没有卡网络，我们就无法获得这些数据。
The 40% that's not transaction -- that's not network linked consists of a couple of things.
而那 40% 的非网络相关部分包括几类内容。
Jason Kupferberg
Yes.
是的。
Craig Vosburg
There's a lot of work we do in services we call engagement-based services. If we're executing a marketing campaign on behalf of a partner to acquire new customers, if we're doing consulting work with them on any kind of issue, anything ranging from payment strategy to segment strategy to a risk or fraud strategy. All of that is -- it benefits from the fact that we have a network because we have more insights around payments and we have data, but it's not actually linked to the network.
我们在服务中还有很多工作称为“互动型服务”。例如，如果我们代表合作伙伴执行营销活动以获取新客户，或就支付策略、细分市场策略、风险或防欺诈策略等方面进行咨询，这些服务虽然得益于我们拥有支付网络带来的数据和洞察，但并不直接与网络交易挂钩。
And there's a range of things that we sell now increasingly that have really very little connection to the network, you know, something like the threat intelligence capability we just acquired with Recorded Future. Great capability, great demand for cybersecurity solutions, but it's not dependent on the network. It complements some things that we do related to the network, but it's -- the revenue growth there is not dependent on the network.
此外，我们还在越来越多地销售一些与网络关系不大的服务，例如我们刚刚通过 Recorded Future 收购的威胁情报能力。这项能力非常强大，市场对网络安全解决方案的需求巨大，但它并不依赖于网络。虽然它能补充我们与网络相关的部分，但其收入增长并不依赖网络。
Jason Kupferberg
Right. Right, right. Okay. So you're going to have a lot of sort of traditional time and materials, headcount-based pricing and…
对，对，对。那么你们会采用很多传统的计时计料、基于人员数量的定价模式……
Craig Vosburg
Some of that -- that's the engagement-based part a little more in that model.
其中一部分——主要是互动型服务的部分，会采用这种模式。
Jason Kupferberg
Yes, engagement piece. Yes, yes -- yes.
是的，互动部分，没错。
Craig Vosburg
There are other parts that are -- they're transaction-based. There might be a fixed fee per click EPI calls…
另外，还有一些部分是基于交易的，可能会采用每次点击固定费用、每次 API 调用等定价模式……
Jason Kupferberg
Okay. Right. Almost like a SaaS-ish. Yes.
好的，对，几乎像是软件即服务（SaaS）的模式，是的。
Craig Vosburg
Number of SaaS platforms in the services portfolio. So there is a range of different pricing models that have come and cost models that accompany them as well.
我们的服务组合中也有一些 SaaS 平台。因此，存在多种不同的定价模式以及相应的成本模型。
Jason Kupferberg
Right. So one big question that we get a lot, so I'm going to ask you the question is, how should we think about Mastercard's overall portfolio of value-added services being differentiated from your largest competitor?
对。那么我们经常收到一个大问题，我想问你，我们应该如何看待万事达卡整个增值服务组合与你们最大的竞争对手相比的差异化？
Craig Vosburg
Well, I frame differentiation not just in the context of differentiation from other payments networks, but from other providers in the space because number of these areas, they're sort of point solution go through the cybersecurity firm, et cetera.
我的观点是，差异化不仅仅体现在与其他支付网络的区分上，还体现在与行业内其他提供商的区分上，因为在很多领域，这些服务往往是单点解决方案，可能通过网络安全公司等其他机构提供。
Jason Kupferberg
Right, right. Exactly. Yes, let's go through all that.
对，对，没错。是的，我们来仔细聊聊这些。
Craig Vosburg
And so there -- I think in my mind, there are five things that differentiate us and they are applicable in different combinations across any of those different competitor sets. It starts with the data, the depth -- the breadth of data we have, the depth of that data, the quality of the data. Our technology and -- which enables us to make use of that data, the breadth of our products and services that create synergies between those services with each other, broad solutions working together, for example, or a fraud solution working with a customer acquisition campaign to increase the integrity of acquired accounts or ensure the integrity, the value of our relationships with banks, acquirers, fintechs, merchants around the world and the expertise of our people.
我认为，有五个方面让我们与众不同，并且在与不同类型竞争对手的比较中，这些因素可以以不同组合发挥作用。首先是数据，我们拥有广泛、深度且高质量的数据。其次是技术，使我们能够有效利用这些数据；再者是我们广泛的产品与服务，这些服务之间可以协同，例如多个解决方案协同运作，或者将反欺诈方案与客户获客活动结合，以提升账户质量；再有是我们与全球银行、收单机构、金融科技公司和商户的稳固关系；最后是我们员工的专业能力。
And if you look at those five things, whether we're talking about another payment network or whether we're talking about a single-point provider, that is really at the foundation of our differentiation. Our data is -- it started historically with our card transaction data. We've invested in that for well over a decade to cleanse that data, to categorize the data, to warehouse the data, to model the data, use it to train analytical models and algorithms, use it to be able to identify literally thousands of attributes that are associated with every account that runs on our network that give us insights around the behaviors of those accounts.
无论我们面对的是另一个支付网络，还是一个单点服务商，这五个方面都是我们核心的差异化基础。我们的数据最初来源于我们的卡交易数据。我们在这方面已经投入了十多年时间，对数据进行清洗、分类、存储、建模，并用于训练分析模型和算法，进而识别出运行在我们网络上的每个账户所关联的数千个属性，从而洞察这些账户的行为。
But we've also over time systematically broadened that pool of data to include not just card transaction data, but identity data, device data, biometric data, real-time payments data, open banking data, payments gateway data, commercial card transaction data, buyer, supplier relationships. And all of these things number in the billions, right? So this is data at scale.
与此同时，我们也系统性地拓展了这一数据池，不仅包括卡交易数据，还包括身份数据、设备数据、生物识别数据、实时支付数据、开放银行数据、支付网关数据、商用卡交易数据，以及买方与供应商之间的关系数据。这些数据的量级以十亿计，这是真正的大规模数据。
So we've broadened that dataset and can use that -- it comes subject to some different usage considerations.
因此我们扩展了数据集，并能够在不同使用场景下加以利用——当然要遵守相关的数据使用规定。
Jason Kupferberg
Yes.
是的。
Craig Vosburg
There is geographic considerations, there’s on soil considerations. Obviously, we adhere very closely to privacy and our data usage policies, but the power of combining these things become very differentiating and very powerful, being able to introduce it in real-time with our transaction stream or leverage it across SaaS platforms that we have in place in a number of these product areas with a broad range of customers.
我们还需要考虑地理位置和数据本地化的问题。我们始终严格遵守隐私和数据使用政策。但将这些数据组合起来的能力，是非常强大且具有差异化优势的。我们可以将数据实时引入交易流中，或在我们各个产品领域的SaaS平台上，为广泛客户群体提供服务。
We've talked a little bit about the synergies between some of these products. If you're a point solution provider, you don't have a payments portfolio to link them to where combining them with a payments proposition delivers a real irrefutable economic benefit because of the economics of the payments business combined with the value that services provided, increasing the value of that part of the franchise and optimizing its performance, and relationships thousands -- tens of thousands of banks around the world and our people.
我们提到过部分产品之间的协同。如果你是一家单点解决方案提供商，你就没有支付组合去与这些服务挂钩，而将它们与支付方案结合可以带来显著的、不可否认的经济价值，这是因为支付业务本身的经济性，加上服务所带来的附加价值，从而提升该业务板块的整体价值并优化其表现。此外，我们还与全球成千上万的银行建立了合作关系，并拥有强大的员工队伍。
And I do want to underscore the importance of our expertise. More than 3,000 consultants who are Mastercard employees who are part of our services business, working -- positioned all around the globe working with our partners in literally every market in which we operate, deep subject matter expert -- experts in fraud, in risk, in marketing, a huge team of data scientists that are turning this data into value-added insights and products.
我还想特别强调我们专业能力的重要性。我们有超过3,000名万事达卡的内部顾问，作为我们服务业务的一部分，分布在全球各地，与我们在几乎所有市场的合作伙伴共事。他们是反欺诈、风险管理、市场营销等领域的深度专家；同时我们还有庞大的数据科学家团队，致力于将数据转化为有价值的洞察与产品。
And so that's how we think about the differentiation of it. And some -- you look at competitors, whether it's a network or a point solution provider, they may touch some of those five things, but we don't think anybody touches them all.
这就是我们对差异化的理解。不论是网络型竞争者还是单点解决方案提供商，他们或许覆盖了上述五个方面中的某几个，但我们认为，没有人能做到面面俱到。
Jason Kupferberg
What are some examples of kind of those point solution providers, maybe in some different areas that we might be less familiar with?
有没有一些我们可能不太熟悉的单点解决方案提供商的例子？不同领域的都可以。
Craig Vosburg
Well, you would have them in areas like consulting, right? And those you'll be well familiar with that, right, whether it's a strategy firm or a specialist consultant.
这类公司在咨询领域就很常见，对吧？你可能对这些公司也很熟悉，比如一些战略咨询公司或专门的行业顾问公司。
Jason Kupferberg
Right. Right.
对，对。
Craig Vosburg
We see it in the realm of marketing agencies, third-parties that are conducting marketing activities. We see it in the loyalty space, there are loyalty specific solution providers. We certainly see it in cyber and the cybersecurity space where there's obviously, been a lot of investment for good reason because it's a growth area. And so each of those areas and there are others that I haven't named, each of those has their pure-play players in that space.
我们也看到在营销代理领域，第三方公司提供市场活动服务。在客户忠诚度领域，也有专门的忠诚度解决方案提供商。在网络安全领域就更不用说了，那是一个增长快速的板块，因此也吸引了大量投资。每个领域都有其专注的玩家，当然，还有一些我没有提到的领域。
Jason Kupferberg
Right. Right.
对，对。
Craig Vosburg
And they do good work, but they don't have that breadth of capability that we have.
他们确实做得不错，但他们不具备我们所拥有的那种广度和能力。
Jason Kupferberg
Right. Exactly. Yes. They can't check those five boxes, right? So I want to -- I think you alluded to it a little bit, but I want to go deeper into go-to-market strategy. Maybe tell us a little bit about how that's evolved, I mean, as services has become a bigger priority at Mastercard?
没错，正是这样。他们没办法在那五个方面都打勾，对吧？我想……你刚才稍微提到过，但我想深入探讨一下你们的市场进入策略。能不能谈谈这个策略是如何演变的，特别是在服务业务成为万事达卡更高优先级的情况下？
Craig Vosburg
Sure. And we go to market in a variety of ways. One, which I've already described a little bit is through the network. And so where we can -- we're enriching the value of the network with services and using that -- the network as a way to distribute some of those at-scale to our partners and linking them to transactions around the world. That has been and will continue to be an important go-to-market pathway for us.
当然可以。我们有多种市场进入方式。刚才我简单提到过其中一种，就是通过我们的网络。我们在不断通过服务提升网络的价值，并利用网络作为渠道，将服务以规模化的方式分发给合作伙伴，并将其与全球交易关联起来。这一直是我们非常重要的市场进入路径，并将持续发挥作用。
There are other technology-driven pads that exist within our own franchise. We have real-time payment rails, we have a payments gateway, we have Mastercard Move for disbursements and remittances.
此外，在我们的体系内还有其他技术驱动的路径。我们拥有实时支付轨道、支付网关，还有专门用于付款和汇款的“Mastercard Move”平台。
Jason Kupferberg
Right.
对。
Craig Vosburg
Each of these represent technology platforms that we own and operate, or in some cases licensed to -- that can be used as channels through which to distribute services appended to different kinds of transactions that aren't necessarily cards transactions, but that benefit from the value of those services. We distribute services through some of our core products so a credit card, a prepaid card, a debit card, connecting services as part of the value proposition and identity theft kind of proposition, a benefit lounge access, concierge services.
这些都是我们自有并运营的技术平台，或者在某些情况下是我们获得授权的平台——它们可以作为渠道，用于分发附加于不同类型交易（不一定是卡交易）的服务，这些交易同样可以从这些服务中获益。我们还通过一些核心产品分发服务，比如信用卡、预付卡、借记卡，在这些产品中嵌入服务作为价值主张的一部分，如身份盗窃防护、贵宾休息室使用权、礼宾服务等。
We have a dedicated services sales force that works alongside of our account teams that manage our relationships with banks and acquirers and Fintechs’ around the globe. Obviously, our account teams are very attuned to the value of our services because they're helping not just drive this revenue, but helping us differentiate and win market share in the core payments business, which our account teams are highly motivated and highly successful in doing. But then -- because some of these services have a little bit of technical complexity, or they -- we complement that with a dedicated sales force that can go very deep in areas of subject matter expertise and can go deep on the technology associated with delivering them.
我们有一支专门的服务销售团队，他们与负责管理我们与全球银行、收单机构、金融科技公司关系的客户团队密切合作。我们的客户团队非常了解服务的价值，不仅帮助推动这部分收入增长，也助力我们在核心支付业务中实现差异化并赢得市场份额——他们对此非常积极，也非常成功。同时，由于部分服务在技术层面较为复杂，我们配备了这支专业销售团队，能够深入探讨相关专业领域，并精通服务交付所涉及的技术。
And then for a number of our services, we expose the APIs to the developer community and leverage that as a channel for distribution as well. And so it's a fairly broad range of channels, I'd say that we're leveraging to get our services out into the market.
此外，对于我们的一些服务，我们还向开发者社区开放API，作为分发渠道之一。所以我可以说，我们利用的是一套非常广泛的市场分发渠道，以将我们的服务推向市场。
Jason Kupferberg
What's the size of that dedicated sales force and has that been growing?
这支专门的销售团队规模有多大？是否在不断扩张？
Craig Vosburg
It's grown in part because we've continued to invest in it as we grow the business in part because typically when we acquire a company, they've got a sales force to do, and Recorded Future, a great example.
这个团队确实在不断扩大，一方面是因为我们在业务扩张过程中持续投资于这支团队；另一方面是因为我们在收购公司时，通常也会带来一支现有的销售团队，比如说Recorded Future就是一个很好的例子。
They've got a great sales force of really deep knowledgeable people who are engaged with corporates and governments all around the world on cyber security. And so we have hundreds of people who are dedicated to supporting the services business either as a kind of generalist services, sales leads working with our account teams, or as sales specialists focused on a particular capability.
他们拥有一支非常优秀的销售团队，成员都非常资深，专注于网络安全领域，与全球的企业和政府客户保持密切联系。因此，我们有数百位专门支持服务业务的人员，其中一部分是与客户团队配合的通用型服务销售负责人，另一部分则是专注于特定能力领域的销售专家。
Jason Kupferberg
Okay. All right. And I mentioned Recorded Future so I wanted to go there because it's pretty recent, and -- I mean, you did Minna Technologies also. Both of these are going to augment the VASS business. But Recorded Future is bigger. So tell us why that was an important acquisition for Mastercard, and what it's bringing to you on the security side that maybe you didn't have before.
好的，明白。我刚才提到了Recorded Future，我想深入聊一下，因为这是你们最近的一笔收购——当然你们也收购了Minna Technologies，这两者都将增强你们的VASS业务。但Recorded Future规模更大。能不能说说这次收购为何对万事达卡如此重要？在安全方面，它为你们带来了哪些以前可能没有的能力？
Craig Vosburg
Yes. Recorded Future is important to us for a number of reasons. One, it's a very clear-cut example of this intentional approach we've taken to migrating addressable market into a serviceable market. We've had a presence in aspects of cyber security for some time with other smaller acquisitions we've done over the years. And we've seen through our engagements with our customers' conversations with risk teams, with tech teams, with CSOs, that there is demand, right? There's appetite. We see it ourselves as a corporate that has it's also a very well-established CSO program to provide MasterCard.
是的，Recorded Future对我们意义重大，原因有很多。首先，它是我们有意识地将“可接触市场”转化为“可服务市场”的一个典型案例。我们在网络安全领域已经布局了一段时间，通过之前的一些小规模收购。通过与客户的互动，特别是与他们的风险管理团队、技术团队、首席安全官（CSO）们的对话，我们发现市场确实存在需求和兴趣。我们自己作为一家公司，也建立了非常成熟的CSO体系。
We talk to our partners all the time about that. So we saw that as an important area of demand and an opportunity to have a natural extension from areas we're in. All of these things that we're targeting to migrate addressable market to serviceable market, we're focused on the demand as well as the -- what we view as our right to win based on it being a relatively close-in adjacency to things that we're already doing. And this certainly fit the bill.
我们经常就这些问题与合作伙伴交流。因此我们把这视为一个重要的市场需求点，同时也是我们现有业务的自然延伸。我们在推进“从可接触到可服务”转化的过程中，不仅关注市场需求，也关注我们自身“取胜的正当性”——即这项业务与我们已有业务非常接近，具备天然的协同优势。而Recorded Future正好符合这一策略。
Recorded Future as the company we viewed as the leader in the threat intelligence space, the leading independent company in that space, and there were immediate synergies associated with that, that link directly to our core business. And so as an example, part of what Recorded Future has visibility into are payments credentials that have been stolen and they're being sold-on the dark web.
在我们看来，Recorded Future是威胁情报领域的领导者，是该领域领先的独立公司。这家公司与我们的核心业务存在直接且即时的协同效应。例如，Recorded Future可以监测到被盗的支付凭证，并发现这些信息正在暗网中被售卖。
Jason Kupferberg
Interesting.
有意思。
Craig Vosburg
That's an immediate synergy with our fraud capabilities with enriching the value of our payments propositions by taking advantage of visibility of the dark web marketplace and using that to identify stolen credentials and prevent their use for fraudulent purposes sooner and with greater frequency than we otherwise would. We also have the benefit of seeing the activity that's taking place on the dark web where these credentials get stolen, people buy them as part of the transaction involved in purchasing. Oftentimes they'll pay a premium to have the credentials get tested before they complete the transaction to make sure they're still working.
这与我们反欺诈能力之间形成了直接的协同。我们可以利用对暗网市场的可见性，提升支付方案的价值，及早识别被盗凭证，防止其被用于欺诈行为，并且做到更频繁地防范。我们还能观察到暗网中涉及这些凭证的交易活动——用户购买被盗信息，有时还会支付溢价要求在交易完成前进行测试，以确保这些凭证仍然有效。
Jason Kupferberg
All right.
明白了。
Craig Vosburg
That gives us insight into merchant locations that are being used to test stolen credentials. That gives us the ability to work with acquirers to take action to prevent those kinds of fraudulent merchants from accessing the network and using it for -- to do bad things. So that's all very directly related to our core payments business. But then Recorded Future has this whole array of threat intelligence capabilities that go beyond that and aren't linked to payments to understanding who are the threat actors in the cyber sphere and what are the tactics that they're deploying, and where are there vulnerabilities that companies or governments have in managing their digital footprints and their environment, what actions can they take to protect themselves and defend themselves against those threat actors and the kinds of actions they're taking.
这让我们能够洞察到哪些商户被用于测试这些被盗凭证，也使我们能与收单机构合作，及时采取措施，防止这些欺诈性商户接入网络并从事不当行为。这些都与我们的核心支付业务直接相关。但Recorded Future的威胁情报能力远不止于此，它还能帮助我们了解网络世界中的威胁行为者是谁，他们正在采取哪些战术，公司或政府在其数字足迹和环境中存在哪些漏洞，他们可以采取哪些行动来保护自己，抵御这些威胁行为者及其攻击方式。
We can share with partners where their brands are being abused in -- for fraudulent purposes, you know, brand intelligence where, you know, if a brand has been co-opted into a scam to establish a false sense of trust with someone to rip them off. Brands don't like that, understandably so. And so all these kinds of things, these are complementary capabilities we've now brought in-house with Recorded Future.
我们还能向合作伙伴披露他们品牌在何处被用于欺诈行为，也就是品牌情报——比如某个品牌被用来制造虚假的信任感，以便对用户实施诈骗。品牌方显然不希望这种情况发生。因此这些能力是我们通过收购Recorded Future所获得的补充型能力。
And I'll underscore a slightly different point that I've alluded to is also important, the customer base that Recorded Future brings in. They're a sizable customer, 1,900 customers, corporates of all kinds, but importantly, governments, working with 45 governments around the world. Governments are obviously a very important stakeholder in payments, and being able to work closely with governments on things that are also important to them such as managing their own cybersecurity creates another opportunity for us to demonstrate the value that Mastercard brings by operating within their environment.
还有一点我想特别强调，也是我之前提到过的，就是Recorded Future所带来的客户群。他们客户数量庞大，达到1,900家，涵盖各类企业，更重要的是，他们与全球45个政府机构建立了合作。政府显然是支付领域中非常重要的利益相关方，能够在他们关心的问题上——比如自身的网络安全——与他们密切合作，为我们提供了展示万事达卡价值的又一机会。
Jason Kupferberg
So does a customer subscribe to Recorded Future? Is that kind of the model?
那么客户是通过订阅的方式使用Recorded Future的服务吗？商业模式是这样的吗？
Craig Vosburg
Yes. The SaaS -- SaaS-based model. There's different modules that customers can subscribe to. There is sort of a threat intelligence graph or they have a very innovative way of displaying the threat intelligence insights that they get for their customers so that the CSOs and others incorporates and governments that are charged with protecting their organizations can make sense of it relatively easily and…
是的，是基于SaaS的订阅模式。客户可以订阅不同的模块。他们有一个威胁情报图谱的功能，也有非常创新的可视化方式来展示其为客户生成的威胁情报洞察，使企业和政府的CSO等负责信息安全的人能够更轻松地理解这些信息，并且……
Jason Kupferberg
Right. Some kind of dashboard…
对，有点像可视化面板之类的东西……
Craig Vosburg
…importantly do something about it.
……更重要的是能据此采取行动。
Jason Kupferberg
Yes, right.
对，没错。
Craig Vosburg
So it's -- yes, it's a really great program.
所以说，是的，这确实是一个非常出色的解决方案。
Jason Kupferberg
Yes. Yes, sounds like it. I wanted to hit on AI because I know you guys talked about it a bit at the Investor Day, and tell us -- I mean, I guess maybe we can go sort of top-down with the Mastercard level, how is AI being deployed, and then maybe drill into how it's integrated into the services business. Let's start there.
是的，听起来确实如此。我想聊聊人工智能，我知道你们在投资者日上提到过一些。我们可以从万事达卡整体层面开始，谈谈AI是如何被部署的，然后再深入了解它如何整合到服务业务中。我们就从这里开始吧。
Craig Vosburg
Yes. Sure. Well, AI has been part of the way Mastercard does business for well over a decade.
当然可以。实际上，人工智能已经融入万事达卡的业务模式超过十年了。
Jason Kupferberg
Yes. Goes back to all the data you've got, right?
是的，这可以追溯到你们积累的大量数据，对吧？
Craig Vosburg
Goes back to the data. And you can't make sense of that much data, particularly if you want to use it in real time without the benefit of some form of AI. And we've been active with machine learning, with predictive AI, and now increasingly with generative AI and beginning to experiment with agentic AI as the technological underpinnings of AI have advanced. But this has been part of how we do business for many years.
没错，就是从数据开始的。如果没有某种形式的AI，你根本无法理解这么庞大的数据，尤其是要实时利用这些数据。我们在机器学习、预测型AI方面已经活跃了很久，现在也越来越多地使用生成式AI，并开始尝试代理型AI，随着AI底层技术的发展，这些已经成为我们业务多年来的组成部分。
And it had its roots in fraud detection, the fraud space where we're really making use of as many different data attributes as possible, going back to the earliest days of the network when those -- the signals available to detect were derived from the attributes of the payment transaction itself, the merchant, the location, the amount, the merchant category.
最初，AI主要用于反欺诈领域，我们努力利用尽可能多的数据属性。早期我们网络中的欺诈检测信号，主要来自支付交易本身的属性，比如商户、地理位置、交易金额、商户类别等。
But over time, as we've been able to complement that with device data, behavioral data, identity data, et cetera, you just -- that richer set of data provides more valuable signals around the authenticity of a transaction and AI is foundational to being able to do that. And so, I maybe start with the second part of your question…
但随着时间推移，我们不断补充了设备数据、行为数据、身份数据等维度，这样更丰富的数据集能提供更有价值的信号来判断交易的真实性，而AI正是实现这一目标的基础。因此我先从你提问的第二部分开始说起……
Jason Kupferberg
That's okay.
没问题。
Craig Vosburg
…where we're using it in some of our services. But broadly speaking, there are -- our approach to embracing AI is -- it's anchored on augmenting our commercial propositions with three main objectives in mind, making transactions and commerce safer, which I've already alluded to with some of the examples around fraud, but you think about cyber and the example with the stolen credentials with Recorded Future. So this is an interesting actual example of where generative AI can help advance the game, right?
……也就是我们在部分服务中如何应用AI。总体而言，我们拥抱AI的方式，围绕三大目标展开：第一是让交易和商业更安全，这一点我之前在提到反欺诈时已经谈到过；你再联想到网络安全，以及Recorded Future监测到被盗凭证的例子，这里其实就是一个很好的实际场景，展示了生成式AI如何提升整体水平。
Jason Kupferberg
Yes.
没错。
Craig Vosburg
So Recorded Future, we get -- we see what credentials are stolen and for sale on the dark web, you get a partial account number, last four digits, last six digits. You don't get the whole account number typically. But using generative AI, we can use that to predict what the remainder of the account number actually is and use that then to identify a specific card or account to introduce -- to either block if it's a high probability match or introduce a lot of friction into the transaction stream to ensure that there's step-ups in the authentication levels associated with transactions.
在Recorded Future的案例中，我们看到暗网上被盗和待售的凭证信息，通常只包括部分账号，比如后四位或后六位，并不是完整的账号。但通过生成式AI，我们可以预测出账号的其余部分，并据此识别出具体的卡片或账户，从而采取措施——如果匹配度高就直接拦截，或者在交易流程中加入更多验证步骤，以提升交易的认证等级。
一个简单的搜索，有点扯。
So that's a generative AI application to sort of fill in the blanks on the rest of the account number. So making transactions safer, we want to make our transactions and our portfolio smarter. And so providing insights to our customers around, for example, a retry strategy, a merchant or acquirer runs a transaction, it gets declined. There are different strategies that will be deployed in terms of when and how to retry that transaction to see if they can get it approved. AI can help in informing that strategy, making it more higher likelihood of it being successful.
所以这是一个利用生成式AI“填空”的实际应用案例，目的是让交易更安全。我们还希望让我们的交易和产品组合更智能，比如说交易重试策略——当商户或收单方发起一笔交易却被拒绝后，需要决定何时、如何重新尝试。AI可以帮助制定这种策略，从而提高重试成功率。
We're using it to make -- our commerce much more personal so in loyalty, in marketing, in the offer space, in retail applications when we're working with merchants, for example, to help design their websites and personalize them so that your experience at Merchant X and what you see is different from what I see based on our individual behavior. AI is playing an important role in that.
我们还在利用AI让商业体验更个性化，比如在忠诚度计划、营销、优惠管理和零售应用中，与商户合作设计他们的网站，实现个性化展示——也就是说，在Merchant X网站上，你看到的内容和我看到的不一样，因为AI根据我们的行为做了定制。这方面AI正发挥着重要作用。
So those are all commercial applications. And of course, like everyone, we're also using it to make our own business more efficient, helping our software engineers code more productively, helping our customer delivery teams onboard new products and new customers more quickly, things to just drive efficiency in our own business.
以上都是商业应用。当然，就像其他公司一样，我们也在利用AI提升自身运营效率，帮助我们的软件工程师提高编码效率，帮助客户交付团队更快上线新产品、服务新客户等等，全面提升我们的业务效率。
Jason Kupferberg
Right, right, right. And if we just think about maybe the next level, agentic commerce, personalized commerce experiences, right? Am I going to have an agent guiding my shopping around the web? Is that something that we can see in the next couple of years or so?
对对对。那如果我们再往前想一步，关于“代理型商业”、个性化的商业体验——比如我是不是会有一个AI代理带我逛遍全网购物？这是我们在未来几年能看到的事情吗？
Craig Vosburg
I'm not going to handicap the timeframe, but someday, you're going to say I want to go to Rio on vacation, and you're going to get a whole like, all right, here's your itinerary.
我不会给这个时间线下赌注，但总有一天你只要说“我想去里约度假”，系统就会直接告诉你整个行程安排。
Jason Kupferberg
Yes. Here are the hotels you can…
是的，比如“这里是你可以住的酒店”……
Craig Vosburg
Here is hotels, here is the flights, here is some great restaurants we booked you at. Here is a day trip or a tour like that's going to come. And those -- that's the kind of future we're preparing the business for, both in terms of the payments capabilities so that we're not only present, but we're ensuring that that's a secure transaction, leveraging things like tokenization and the ability to provide a seamless payments experience, but one that's going to still need to be controlled, right?
对，酒店安排、航班、餐厅预约、还有一日游、导览活动等等都会一并呈现。我们正在为这种未来商业模式做准备，不仅要参与支付环节，更要确保这些交易是安全的，比如通过代币化等技术手段，实现无缝但可控的支付体验。
You don't want payments transactions happening on your credentials that you have no idea what's going on. So a controlled secure still ubiquitous payments experience. And then there's -- in the example I described, you can envision the services we have the opportunity to wrap around that with loyalty, with offers, with fraud solutions, with cyber solutions, et cetera.
你不希望自己的账户信息被悄悄用于支付交易。所以我们要实现的是一种既安全又普遍、同时可控的支付体验。再比如前面提到的例子，我们还可以围绕这一体验配套各种服务，如忠诚度计划、优惠推荐、反欺诈解决方案、网络安全方案等等。
Jason Kupferberg
Okay. Commercial is another part of Mastercard that's definitely a growth priority. So how can the services business help enable accelerated growth in commercial? And any examples of that or just talk about the strategy behind it.
明白。企业支付是万事达卡另一个明确的增长重点。服务业务如何帮助你们在这一板块实现加速增长？能否举些例子，或讲讲背后的策略？
Craig Vosburg
Yes. Yes, very much a part of. The services strategy starts with differentiating consumer payments and differentiating and helping us accelerate growth in commercial and new payments flows. The third piece, of course, being a driver of diversified revenue growth for us. The commercial and new payments flows and commercial, in particular, is still -- it's still a relatively newer market. It's a market where lots of our partners have interest in exploring, but haven't necessarily fully engaged in the opportunity.
当然。我们的服务战略很大一部分就是为了差异化消费者支付体验，并在企业支付和新型支付流领域助力增长。当然，服务业务本身也是我们实现收入多元化的重要推动力。就企业支付而言，这仍是一个相对较新的市场。我们的很多合作伙伴对此感兴趣，但尚未完全参与其中。
And so a lot of the work that we're doing with partners related to commercial, whether it's small-business or large market really is focused on helping them understand the opportunity, helping them dimension the business case, helping them put together an implementation plan to enter the business, in a number of cases, helping them build the capabilities they need to be able to run the business effectively.
因此我们与合作伙伴在企业支付方面的工作，无论是面向小企业还是大市场，主要集中在帮助他们理解市场机会、评估商业模式、制定落地计划，在很多情况下，还要帮助他们构建必要的运营能力，以高效开展业务。
And our consultants don't just do consulting work from afar. We are oftentimes embedded with the partners working on-site, working with them with their data, with their teams, with their policies to help stand-up these businesses, which for us is just a -- it's a great partnering opportunity.
而且我们的顾问团队并非远程咨询，而是经常嵌入式工作在客户现场，与客户的数据、团队、政策直接协作，帮助他们真正把业务搭建起来。对我们来说，这是一个非常好的合作机会。
Jason Kupferberg
Yes.
确实如此。
Craig Vosburg
It's a nice compounder because this is a really important part of our strategy too. We need partners who are interested in investing in the space. They're going to invest if they see a path to profitable growth. If we can help lay out that path, define it, and then even go as far as to help execute through our services team, that's a win all the way around. And then as that business grows, there's the same opportunities to link services to transactions that I've described earlier, whether that's a card transaction that's running on the network or whether that's a non-transaction-based opportunity around some of these non-payments-based services I've mentioned.
这是一种很好的复合增长机会，因为这也是我们战略中非常重要的一部分。我们需要那些愿意在这一领域投资的合作伙伴。他们会投资的前提是看到了盈利增长的路径。如果我们能够帮助他们规划出这条路径，定义清楚，甚至由我们的服务团队协助他们执行，那么这就是一个全面共赢的局面。随着业务的发展，也会出现更多将服务与交易挂钩的机会，无论是运行在我们网络上的卡交易，还是我前面提到的一些非支付型服务中的非交易场景。
Jason Kupferberg
Tell us a little bit about how you decide, I guess, with the rest of the executive team to just allocating investment dollars, right? You have all these opportunities and services that we've talked about, right, and most of them are growing materially faster than the core Mastercard business. So how do you prioritize the investment decisions, and tell us about buy versus build, right? You've been active with acquisitions for a number of years in the services business, but you don't always buy, right, sometimes you build.
能不能说说你们是如何（和高管团队）决定投资分配的？我们刚才提到那么多服务相关的机会，而且大多数的增长速度都远超万事达卡的核心业务。那么你们如何决定投资优先级？另外也谈谈“买还是建”的问题吧——你们在服务领域的并购活跃了很多年，但并不总是收购，对吧？有时也会选择自建。
Craig Vosburg
Yes, yes, yes. Well, it starts with the strategy and being clear on where do we see the opportunities to reinforce that flywheel of services-- areas that will complement or strengthen or differentiate payments, whether it's consumer or commercial, where do we see growing market opportunities that represent large growing markets and where do we see the intersection of those with capabilities or differentiating assets that we think give us the right to win. So that's what we've articulated now in terms of the portfolio.
对，对，没错。一切都始于战略，我们要非常清楚地知道哪些领域可以强化服务的飞轮效应——也就是能够补充、增强或差异化支付业务的方向，无论是面向消费者还是企业客户；我们要识别那些具有增长潜力、市场规模大的领域，并且这些领域还必须与我们的能力或差异化资产有交集，使我们具备“取胜的正当性”。这就是我们目前在服务组合层面所确立的方向。
The focus really will be on -- going-forward focus will be on expanding the capabilities within those areas to enable us to deepen penetration within those very large and for us under-penetrated markets. That will come through both build and buy. Personally, I probably have a preference to build, but there -- we will absolutely continue to use buy if there are capabilities that we think we're less likely to be successful in building on our own to have a world-leading proposition, or that will take too long to realize the opportunity.
我们接下来真正要聚焦的，是在这些关键领域中不断增强能力，以便在这些非常庞大、但对我们来说仍未充分渗透的市场中深入拓展。这既会通过自建，也会通过并购来实现。就我个人而言，我可能更偏好自建。但如果我们认为某些能力靠自己难以构建出全球领先的方案，或者说市场机会不等人、自建耗时太长，那我们也会毫不犹豫选择收购。
Jason Kupferberg
Right. Right.
明白，明白。
Craig Vosburg
Again, I keep bringing up Recorded Future because it's the most recent, but that's a perfect example of that. That's not something we would have built to that quality in a timeframe that gave us the opportunity to really take advantage of that. And so a buy-in that case was the natural decision.
我知道我一直在提Recorded Future，因为这是最近的一笔收购，但它就是一个非常典型的例子。我们很难在合适的时间窗口内、以那样的质量自建出类似能力，因此在这个案例中，收购显然是顺理成章的选择。
Jason Kupferberg
Right. Time-to-market obviously, becomes a determinant here. So in the last minute that we've got, I mean, I guess if you just synthesize everything we've discussed, where do you stand in terms of what you're most excited about for the services business over the next several years?
确实如此，上市时间（Time-to-Market）显然是一个关键因素。那么我们剩下的时间不多了——如果你综合一下我们整个对话的内容，你认为接下来几年服务业务中最让你感到兴奋的是什么？
Craig Vosburg
Well, I'm excited about a lot, fortunately.
幸运的是，我对很多方面都感到兴奋。
Jason Kupferberg
Yes. Like picking your favorite child.
对，像是在孩子中选最爱的那个。
Craig Vosburg
Yes. It's -- I think just -- when I think about the role that it plays in Mastercard's overall business strategy and the things that are going to continue to drive growth for our Company and deliver value to our shareholders it's just so deeply intertwined in how we're going to win in payments and continue to differentiate on both consumer and commercial, and where there are opportunities to continue to drive revenue growth at rates that will elevate the average for the Company overall. And the size of those addressable markets, the assets and capabilities we have to work with the areas that I mentioned as being our key differentiators, the energy of our team and the intellect and the competitive spirit of the team.
是啊。我想说的是……当我思考服务业务在万事达卡整体战略中的角色，以及它如何持续推动我们公司的增长、为股东创造价值时，我感到特别兴奋。它已经深度融入到我们在支付领域如何取胜的战略中，无论是在消费者支付还是企业支付方面。它也代表了我们可以持续推动收入增长的方向，增长速度足以拉高公司整体的平均水平。再加上那些庞大的可触达市场、我们所拥有的资产与能力、我前面提到的关键差异化要素、还有我们团队的活力、智慧和竞争精神……
Jason Kupferberg
Yes. Yes.
没错，确实如此。
Craig Vosburg
It's aligned I think with megatrends around using data more effectively and leveraging new kinds of technologies, AI being one to derive more value from that data, but our data is proprietary data. It's our data.
我认为它正好与当前的大趋势一致——更有效地利用数据、采用新技术（比如AI）来从数据中获取更多价值。而我们的数据是专属数据，是我们自己的。
这一点非常重要。
Jason Kupferberg
For sure.
没错。
Craig Vosburg
And so we're the only ones who are going to be able to extract that value and deliver it to the market for the benefit of our partners. And so that all sets up to be an exciting couple of years ahead for us.
因此，我们是唯一能够从中提取价值并传递给市场、惠及合作伙伴的一方。也正因如此，接下来的几年对我们而言将是令人振奋的阶段。
Jason Kupferberg
For sure, for sure. All right. Well, with that, we're out of time. Craig, really appreciate all the insights. Thank you.
确实，确实如此。好的，我们时间到了。Craig，真的非常感谢你的见解，谢谢你。
Craig Vosburg
Thank you. Thanks for having me.
谢谢你们，感谢邀请我参加。
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