2025-07-31 Mastercard Incorporated (MA) Q2 2025 Earnings Conference Call Transcript
Mastercard Incorporated (NYSE:MA) Q2 2025 Earnings Call July 31, 2025 9:00 AM ET
Company Participants
Devin Corr - Executive Vice President of Investor Relations
Michael Miebach - CEO & Director
Sachin Mehra - Chief Financial Officer
Conference Call Participants
Christopher Nathaniel Svensson - Deutsche Bank AG, Research Division
Craig Jared Maurer - Unidentified Company
Financial Technology Partners LP - Unidentified Company
Darrin David Peller - Wolfe Research, LLC
David John Koning - Robert W. Baird & Co. Incorporated, Research Division
Fahed Irshad Kunwar - Redburn (Europe) Limited, Research Division
Harshita Rawat - Sanford C. Bernstein & Co., LLC., Research Division
Kenneth Christopher Suchoski - Autonomous Research US LP
Rayna Kumar - Oppenheimer & Co. Inc., Research Division
Sanjay Harkishin Sakhrani - Keefe, Bruyette, & Woods, Inc., Research Division
Tien-Tsin Huang - JPMorgan Chase & Co, Research Division
Trevor Ellis Williams - Jefferies LLC, Research Division
William Alfred Nance - Goldman Sachs Group, Inc., Research Division
Operator
Good morning. My name is Julianne, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Inc. Q2 2025 Earnings Conference Call. \[Operator Instructions]
大家早上好。我叫 Julianne，将担任今天的电话会议主持人。现在我想欢迎大家参加 Mastercard 公司 2025 年第二季度财报电话会议。\[操作员指示]
Mr. Devin Corr, Head of Investor Relations, you may begin your conference.
投资者关系主管 Devin Corr 先生，现在请您开始会议。
Devin Corr
Thank you, Julianne. Good morning, everyone, and thank you for joining us for our second quarter 2025 earnings call. With me today are Michael Miebach, our Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer. Following comments from Michael and Sachin, the operator will announce your opportunity to get into the queue for the Q\&A session. It is only then that the queue will open for questions. You can access our earnings release, supplemental performance data and the slide deck that accompany this call in the Investor Relations section of our website, mastercard.com.
谢谢你，Julianne。大家早上好，感谢各位参加我们 2025 年第二季度财报电话会议。今天和我一同出席的有我们的首席执行官 Michael Miebach 以及首席财务官 Sachin Mehra。在 Michael 和 Sachin 的发言之后，主持人将宣布进入问答环节的方式，届时提问通道将会开放。大家可以在我们官网 mastercard.com 投资者关系板块获取本次电话会的财报、补充业绩数据以及随附的演示文稿。
Additionally, the release was furnished with the SEC earlier this morning. Our comments today regarding our financial results will be on a non-GAAP currency-neutral basis unless otherwise noted. Both the release and the slide deck include reconciliations of non- GAAP measures to GAAP reported amounts.
此外，本次财报已于今日早些时候提交至美国证券交易委员会（SEC）。除非另有说明，今天关于财务业绩的评论均基于非 GAAP、剔除汇率影响的口径。财报和演示文稿中均包含了非 GAAP 与 GAAP 报表数据的对账。
Finally, as set forth in more detail in our earnings release, I would like to remind everyone that today's call will include forward- looking statements regarding Mastercard's future performance. Actual performance could differ materially from these forward-looking statements. Information about the factors that could affect future performance are summarized at the end of our earnings release and discussed in further detail in our recent SEC filings, including our most recent 10-K.
最后，正如在财报中更详细说明的那样，我要提醒大家，今天的电话会议将包含关于 Mastercard 未来业绩的前瞻性声明。实际表现可能与这些前瞻性声明存在重大差异。可能影响未来表现的因素已在财报结尾部分进行总结，并在我们最近提交的 SEC 文件（包括最新的 10-K 报告）中进行了更详细的讨论。
A replay of this call will be posted on our website for 30 days.
本次电话会议的重播将在我们的网站上保留 30 天。
With that, I will now turn the call over to our Chief Executive Officer, Michael Miebach.
接下来，请允许我把会议交给我们的首席执行官 Michael Miebach。
Michael Miebach
Thank you, Devin. Good morning, everyone. The headline this morning is, we delivered another strong quarter with our financial results exceeding our expectations. Second quarter net revenues were up 16% and adjusted net income up 12% versus a year ago on a non-GAAP currency-neutral basis. This is all underpinned by our winning strategy, diversified business model and a relentless focus on executing against the priorities that fuel our growth algorithm. I will share several compelling examples on that today.
谢谢你，Devin。大家早上好。今天的重点是：我们又交出了一份强劲的季度成绩单，财务业绩超出了我们的预期。第二季度净收入同比增长 16%，调整后净利润同比增长 12%（以非 GAAP、剔除汇率影响口径计算）。这得益于我们行之有效的战略、多元化的商业模式，以及我们对增长驱动重点的持续执行。我今天会分享一些有力的例子。
But before I do, I will provide a few observations on the macro environment. Consumer spending remains healthy. Supported by low unemployment and wage growth that continues to outpace inflation. This is true across both affluent as well as mass market consumers. While macro uncertainty remains due to government actions and geopolitical tensions, overall, we remain positive about our growth outlook as the fundamentals that support consumer spending have been strong.
在进入细节之前，我想先谈谈宏观环境。消费者支出依然保持健康，这得益于低失业率，以及持续跑赢通胀的工资增长。这不仅体现在高收入群体，也体现在大众市场消费者身上。尽管政府政策和地缘政治带来宏观不确定性，但总体而言，我们依然对增长前景保持乐观，因为支撑消费的基本面仍然强劲。
With that as a backdrop, let's get into the details of the quarter. We continue to deliver a steady drumbeat of significant wins with leading merchants and retailers. I'm thrilled that we have extended our exclusive partnership with American Airlines, one of the world's largest credit co-brand portfolios. Our services continue to set us apart. American will leverage our advanced analytics, loyalty, personalization and security solutions to optimize their card proposition and enhance their industry-leading travel rewards program.
在这样的背景下，让我们进入季度细节。我们继续与顶级商户和零售商达成一系列重要合作成果。我很高兴地宣布，我们与美国航空（American Airlines）延长了独家合作关系，该公司拥有全球最大的联名信用卡组合之一。我们的服务持续展现差异化优势。美国航空将借助我们的高级分析、忠诚度、个性化和安全解决方案，优化其信用卡产品，并进一步提升其行业领先的旅行奖励计划。
We're also partnering with OnePay, a leading consumer fintech platform and Synchrony to launch a new credit card with Walmart that will be available to consumers across the U.S. And we're expanding our relationship with Uber, extending our exclusive Uber Pro card portfolios in the U.S. and Canada. We will also launch new programs in additional markets, including the U.K. as part of our global partnership.
我们还与领先的消费金融科技平台 OnePay 及 Synchrony 合作，携手沃尔玛在全美推出一款新的信用卡。同时，我们正在扩大与 Uber 的合作，将独家 Uber Pro 信用卡组合扩展至美国和加拿大。作为全球合作的一部分，我们还将在包括英国在内的更多市场推出新项目。
As you look around the world, it's clear that leading merchants see tremendous value in partnering with Mastercard. We're also winning with fintech's Buy Now, Pay Later providers and marketplaces. With PayPal, we extended our card issuing partnership in the United States. We also signed new credit and debit issuing agreements in the U.K. and Germany, and we are excited for PayPal's recently launched contactless mobile wallet in Germany. I just love doing things in Germany.
放眼全球，不难发现，顶级商户都高度认可与 Mastercard 合作的价值。我们也在“先买后付”（Buy Now, Pay Later，BNPL）以及电商平台领域取得进展。与 PayPal 在美国的发卡合作得到延续；我们还在英国和德国签署了新的信用卡和借记卡发卡协议。同时，我们对 PayPal 最近在德国推出的非接触式移动钱包感到非常兴奋。我尤其喜欢在德国开展业务。
In the Buy Now, Pay Later space, we signed an exclusive prepaid and credit card issuing deal with Afterpay in Australia. In Argentina, we renewed our consumer prepaid deals with e-commerce and fintech platform, Mercado Libre. We're also partnering with them to launch new credit card programs in that market. And we renewed our partnership with Sicoob, one of the largest credit unions in Brazil across credit, debit and commercial.
在 BNPL 领域，我们在澳大利亚与 Afterpay 签署了独家预付卡和信用卡发行协议。在阿根廷，我们与电商及金融科技平台 Mercado Libre 续签了消费预付卡合作协议，并将在该市场推出新的信用卡项目。在巴西，我们与该国最大的信用合作社之一 Sicoob 续签了合作协议，覆盖信用卡、借记卡及商用卡业务。
In addition to winning deals, we are capitalizing on the significant volume and transaction opportunity in consumer payments. By expanding acceptance, transforming the checkout experience opening new verticals, leveraging alternative distribution channels and launching innovative new capabilities. I'll give you a few examples for each of these five dimensions.
除了不断赢得合作项目，我们还在抓住消费支付中巨大的交易量和增长机会。通过扩展受理范围、改造支付结账体验、开拓新垂直领域、利用替代性分销渠道以及推出创新功能，我们不断推动增长。接下来我会在这五个维度分别举例说明。
Starting with acceptance. We continue to leverage our contactless technology to drive open-loop acceptance in the transit space. Our momentum here continues. In the second quarter, over 60 new public transport operators helped on board to accept cards from Ventura County, California, to Taichung Metro in Taiwan. We're also opening transit acceptance in China. This quarter, we launched Tap to Pay in the Shanghai Metro which followed our successful launch in the Beijing Metro last year. In a QR-based ecosystem, this represents an important evolution toward a multiform factor market that includes NFC technology.
从受理端开始。我们继续利用非接触式技术推动公共交通领域的开放式支付受理。我们的势头持续强劲。第二季度，超过 60 家新的公共交通运营商上线支持刷卡支付，范围涵盖从加州文图拉县到台湾台中地铁。我们还在推动中国的交通支付受理。本季度，我们在上海地铁上线了“即付即走”（Tap to Pay），继去年在北京地铁的成功推出之后。在以二维码为主的支付生态中，这标志着向包含 NFC 技术在内的多形态市场迈出了重要一步。
We're also transforming the online checkout experience by driving adoption of capabilities like tokenization, Click to Pay and payment passkeys. We have significant momentum towards our 2030 vision to transform online checkout into a single-click experience. In Europe, over 50% of e-commerce transactions are now tokenized. And for Click to Pay, Commonwealth Bank of Australia and Westpac are automatically enrolling cardholders over the coming months, bringing mass market adoption in Australia.
我们也在改造线上支付结账体验，推动令牌化（tokenization）、“一键支付”（Click to Pay）和支付通行密钥（payment passkeys）等功能的普及。我们正朝着“到 2030 年实现一键式结账”的愿景快速前进。在欧洲，目前超过 50% 的电商交易已实现令牌化。在澳大利亚，澳洲联邦银行和西太平洋银行将在未来几个月自动为持卡人开通“一键支付”，从而推动该功能在大众市场的普及。
Issuers around the world are committed to removing manual entry by also making Click to Pay a core card benefit, including NatWest, Standard Bank, Bank Vostok in Ukraine and others. And on the acceptance side, the number of Click to Pay transacting merchants was up 4x in the first half of 2025 versus a year ago. We're also focused on driving acceptance in new verticals that have not historically been well penetrated by card. Insurance payments are a great example.
全球发行机构也致力于消除手动输入步骤，将“一键支付”作为信用卡的核心权益之一，包括 NatWest、南非标准银行、乌克兰的 Vostok 银行等。在受理端，2025 年上半年支持“一键支付”的商户交易量较去年同期增长了 4 倍。我们还专注于推动一些传统上卡支付渗透率较低的新垂直领域，保险支付就是一个很好的例子。
Significant flows, strong consumer demand in a vertical that has undergone a digital transformation in recent years. However, card penetration is far lower relative to other carded categories. We are attacking this opportunity through new agreements with partners like Adyen, Checkout.com, Stripe, Transcard and Worldpay. These partners will focus on enabling consumers to pay their insurance premiums. They will support claims disbursements to policyholders, and they will facilitate B2B payments from insurers to vendors providing services for these clients.
保险支付领域拥有庞大的资金流和强劲的消费者需求，近年来也经历了数字化转型。然而，卡片支付的渗透率仍显著低于其他品类。我们正通过与 Adyen、Checkout.com、Stripe、Transcard 和 Worldpay 等合作伙伴的新协议来把握这一机会。这些合作伙伴将重点帮助消费者支付保险费、支持保险公司向保单持有人进行理赔支付，并促进保险公司向服务供应商进行 B2B 支付。
Next, we're tapping into alternative distribution channels. For example, we are enabling stored value wallets around the globe, our partnership with Alipay in Hong Kong and GCash will enable 36 local e-wallets to extend their use for cross-border through the international Alipay plus wallet gateway. And Mastercard credentials automatically added to the wallets, allowing any stored value to be spent by a simple tap anywhere Mastercard has accepted around the globe. This is again a huge road of confidence for NFC.
接下来，我们正在利用替代性分销渠道。例如，我们在全球范围内支持储值钱包的使用。通过与香港支付宝（Alipay）和 GCash 的合作，36 个本地电子钱包将能够通过 Alipay+ 国际钱包网关扩展跨境使用功能。同时，Mastercard 卡片信息会自动添加到这些钱包中，使用户可以在全球任何支持 Mastercard 的地方，通过轻触实现支付。这再次为 NFC 技术提供了强有力的背书。
Let's look at other areas where we are creating and deploying smart and engaging consumer experience that drive brand preference and incremental spend. First stop, we're providing offerings that meet the unique needs of each individual cardholder. In Canada, we partnered with CIBC to launch the CIBC Adapta Mastercard, which automatically applies additional rewards against your top three spending categories each month. It also includes our innovative touch card functionality, which allows cardholders including the visually impaired to easily distinguish the card from others in their wallet.
再来看其他方面，我们正在打造并推广智能且具吸引力的消费者体验，以提升品牌偏好和增量消费。首先，我们提供满足每位持卡人独特需求的产品。在加拿大，我们与 CIBC 合作推出了 CIBC Adapta Mastercard。该卡会自动对持卡人当月排名前三的消费类别给予额外奖励。同时，它还包含我们创新的“触感卡”功能，使包括视障人士在内的持卡人能够轻松区分钱包中的不同卡片。
Next, affluent cardholders. On average, they spend over 2x more per card and up to 3x more on cross-border. We're elevating our affluent value proposition with the Mastercard Collection, a comprehensive set of premium benefits created to drive top-of-wallet behavior, that's paired with the expansion of our world product suite in the newly created world Legend Mastercard, our most prestigious consumer card is now available to banks globally.
接下来是高端客户群体。他们的人均持卡消费超过普通客户的 2 倍，跨境消费更是高达 3 倍。我们正通过 Mastercard Collection 提升高端价值主张，这是一个全面的高端权益组合，旨在驱动“首选用卡”行为。同时，我们扩展了 World 产品系列，推出了全新 World Legend Mastercard，这是我们迄今为止最具声望的消费卡，现已面向全球银行发行。
This first launch this month with the Citi Strata Elite card.
本月的首次发行是 花旗 Strata Elite 卡。
And finally, we're providing greater flexibility for consumers. We've deployed the Mastercard One credential as a network level capability worldwide. Enables issuers to offer a single digitally connected credential to give consumers flexibility as to how they want to pay, debit, credit, prepaid, installments or stablecoin all through their banking app. And as Raj and Jorn explained in detail in our recent call on the Agentic Commerce and Stablecoins, we're leaning into open up and drive new opportunities for our network in these spaces. If you didn't have a chance to join, I encourage you to listen to the replay.
最后，我们正在为消费者提供更大的灵活性。我们已在全球范围内部署 Mastercard One 凭证，作为网络层面的功能。它让发卡机构能够向消费者提供一个数字化互联的单一凭证，使他们可以通过银行应用灵活选择支付方式：借记卡、信用卡、预付卡、分期付款，甚至是稳定币。在我们最近关于 自主型商务（Agentic Commerce）与稳定币 的电话会上，Raj 和 Jorn 已经详细解释过这一点。我们正在积极开拓，为我们的网络在这些领域创造新的机会。如果您没能参加，我鼓励您回听录音。
Today, I reinforce a few key points. First, Agentic Commerce. We see this as an exciting opportunity across consumer and commercial flows to shop with merchants easily and securely. We are scaling Agent Pay globally, leveraging our capabilities to extend the trust of the Mastercard brand. It enables us to support a new way for consumers to transact.
今天，我要强调几个重点。首先是 自主型商务（Agentic Commerce）。我们认为这是一个令人兴奋的机会，覆盖消费者和商业支付流，使他们能够更轻松、更安全地与商户交易。我们正在全球范围内扩展 Agent Pay，利用我们的能力延伸 Mastercard 品牌的信任。这让我们能够支持消费者以一种全新的方式进行交易。
It gives us yet another capability that sets us apart from domestic and alternative payment systems, and it provides a way for us to drive switching and sell more services. And as to stablecoins, we see this as another currency. We also see it as additive to the network with opportunities for us to provide the on and off ramps from fiat to stablecoin to partner with [advice] and wallets to bring interoperability bring relevant services, bring global reach and trust to the specific use cases. With new technologies, we always embrace innovation.
这让我们具备了另一种能力，使我们有别于本地及替代支付系统，并为我们提供了推动用户切换、销售更多服务的途径。至于 稳定币，我们将其视为另一种货币，同时也认为它是对网络的补充，带来机会让我们提供从法币到稳定币的“进出通道”，并与钱包及合作伙伴合作，实现互操作性，提供相关服务、全球覆盖和信任，以满足特定应用场景。面对新技术，我们始终保持拥抱创新的态度。
We offer choice and extended network to new partners, and we're doing the same thing here. We will bring our reach, ubiquity and trust to Agentic Commerce and stablecoins and will provide an environment for our partners to innovate upon. That is the Mastercard way.
我们为新合作伙伴提供选择和扩展网络，在这里我们也在做同样的事情。我们将把 覆盖范围、普及性和信任 带到自主型商务和稳定币领域，并为合作伙伴提供一个可以进行创新的环境。这就是 Mastercard 的方式。
Now turning to commercial payments. We're driving growth by launching differentiated capabilities, scaling our industry-leading virtual card solutions and expanding small business card distribution through new and expanded partnerships.
现在转向商业支付。我们正通过推出差异化功能、扩大我们在行业内领先的虚拟卡解决方案规模，以及通过新的和扩展的合作关系扩大小企业信用卡的分销，来推动增长。
In terms of new capabilities, the small business navigator provides U.S. entrepreneurs access to cybersecurity solutions, insights and analytics and partner tools to support more efficient and effective operations. Through the platform, Fiserv's Clover is partnering with us to offer SMEs discounted point-of-sale capabilities and Square is providing tailored educational programs to help small business thrive.
在新功能方面，**小企业导航平台（small business navigator）**为美国创业者提供了网络安全解决方案、洞察和分析，以及合作伙伴工具，帮助他们实现更高效和更有效的运营。通过这一平台，Fiserv 的 Clover 与我们合作为中小企业提供折扣 POS（销售点）服务，而 Square 则提供定制化的教育项目，帮助小企业成长。
In the fleet space, several leading U.S. issuers, including Corpay, are deploying our new capability integrate fleet cards into digital wallets. For the first time, fleet managers can now instantly issue and manage digital cards, while drivers will be prompted to provide key data like odometer readings when they have to pay at the pump.
在车队管理领域，包括 Corpay 在内的多家美国主要发卡机构正在部署我们的新功能——将车队卡集成到数字钱包中。车队管理者现在首次能够即时发行和管理数字卡，而司机在加油支付时会被提示输入关键数据，例如里程表读数。
When it comes to invoice payments, we continue to scale our proprietary virtual card technology by making it easier for issuers and technology platforms to integrate our capabilities. We are now live with eight leading B2B platforms, including Coupa, Cvent, GEP, HRS, Navan, Oracle Fusion Cloud ERP and SAP Taulia, several more in the implementation.
在发票支付方面，我们持续扩大自有的虚拟卡技术规模，并让发卡机构和技术平台更容易集成我们的功能。目前，我们已经在 8 个领先的 B2B 平台上线，包括 Coupa、Cvent、GEP、HRS、Navan、Oracle Fusion Cloud ERP 和 SAP Taulia，还有若干平台正在实施过程中。
On the supplier side, our Receivables Manager platform is now available globally. It's being deployed through partners like Elavon, Run Payments and Easy Pay to streamline virtual card acceptance and payment reconciliation. We're also driving small business and card distribution through a series of new and expanded issuer and marketplace partnerships. We've enhanced our exclusive relationship with Payoneer through a suite of services designed to accelerate growth of their small business customers across Europe.
在供应商端，我们的 Receivables Manager 平台现已全球可用。它正通过 Elavon、Run Payments 和 Easy Pay 等合作伙伴部署，以简化虚拟卡受理和支付对账。我们还通过一系列新的和扩展的发卡机构及市场合作关系，推动小企业和信用卡的分销。我们加强了与 Payoneer 的独家合作关系，推出了一系列服务，旨在加速其欧洲小企业客户的增长。
We're partnering with e-commerce marketplaces like FoxCommerce, who will distribute prepaid business cards to their merchants so that they can make and receive payments on cards across several countries in Africa. Shifting to disbursement. We continue to see strong growth in our Mastercard Move capabilities with year-over-year transaction growth of over 35% in quarter 2.
我们还与 FoxCommerce 等电商市场合作，他们将向其商户分发预付商用卡，使其能够在非洲多个国家通过卡片进行收付款。转向资金发放（Disbursement），我们在 Mastercard Move 功能上继续保持强劲增长，第二季度交易量同比增长超过 35%。
We're focused on penetrating a wide range of new and existing use cases. For example, in the disbursement space, we partnered with Jack Henry to distribute Mastercard Move to thousands of community banks through their rapid transfer solution. We've expanded our relationship with Nuvei, who will leverage Mastercard Move to enable Canadian businesses to facilitate near instant payouts to Mastercard debit and prepaid cards.
我们专注于渗透更多新的和现有的应用场景。例如，在资金发放方面，我们与 Jack Henry 合作，通过其快速转账解决方案将 Mastercard Move 分发至数千家社区银行。我们还扩大了与 Nuvei 的合作关系，其将利用 Mastercard Move 使加拿大企业能够实现对 Mastercard 借记卡和预付卡的近乎即时付款。
And staying in Canada, BMO Canada is expanding the use of our cross-border services in about 20 additional corridors.
同样在加拿大，**蒙特利尔银行（BMO Canada）**正在大约 20 条新增跨境通道中扩展我们跨境服务的应用。
Moving to our third strategic pillar, value-add services and solutions. We continue to leverage the power of our data and product capabilities to differentiate payments and capture adjacent revenue opportunities. We do this by penetrating existing customers, diversifying into new customer types, targeting new buying centers, leveraging B2B partners for distribution and deploying new services. Our use of experience and full suite of products helps us build fit-for-purpose solutions for clients.
接下来转向我们的第三大战略支柱——增值服务与解决方案。我们继续利用数据和产品能力来差异化支付，并捕捉相邻收入机会。具体做法包括：深化现有客户关系、拓展新类型客户、瞄准新的采购中心、借助 B2B 合作伙伴进行分销以及推出新服务。我们丰富的经验和完整的产品组合，帮助我们为客户打造契合需求的解决方案。
We're seeing this in practice with several large customers. For example, we've partnered with Garanti BBVA to support multiple strategic initiatives, including revamping their digital wallet, optimizing collections and boosting credit card sales across digital channels. And we've partnered with Deutsche Bank to use our open banking capabilities to grow account-to-account payments across Europe.
我们已经在多个大型客户中看到了实践案例。例如，我们与 Garanti BBVA 合作，支持其多个战略举措，包括重塑其数字钱包、优化收款以及提升其在数字渠道的信用卡销售。我们还与 德意志银行 合作，利用我们的开放银行能力推动欧洲的 账户到账户支付（A2A payments） 增长。
These services deliver significant value in their own rights, but they are even more powerful because of the linkage to payments that fuels our virtuous cycle.
这些服务本身就能创造巨大价值，而由于与支付业务的紧密联系，它们更能增强我们的良性循环效应。
We also continue to capture payment adjacent opportunities and win business with customers beyond issuers and acquirers. We're leveraging our test and learn capabilities with partners as diverse as Lufthansa, an ad tech company, and BeLive to help them conduct scalable sophisticated testing in areas such as media measurement, operations and marketing.
我们也在不断捕捉支付相关的周边机会，并与发卡机构和收单方以外的客户赢得业务。我们利用 test-and-learn（测试与学习） 能力，与不同类型的合作伙伴合作，例如 Lufthansa（汉莎航空）、一家广告科技公司，以及 BeLive，帮助他们在媒体测量、运营和营销等领域开展可扩展且复杂的测试。
Our range of capabilities also enables us to expand into new buying centers with existing customers. For example, the credit risk team at Stone, one of the largest acquirers in Brazil, plans to leverage our small business credit analytics product to enhance the accuracy of its credit offerings to SME clients.
我们的多样化能力也使我们能够在现有客户中拓展新的采购中心。例如，巴西最大收单方之一 Stone 的信用风险团队计划利用我们的 小企业信用分析产品，以提升其对中小企业客户的信贷服务的精准度。
We're also leveraging B2B channel partners to distribute our services at scale. Solidgate, a payment processing platform in EMEA used by merchants in over 150 countries, will use identity insights for transactions to help reduce fraud and increase acceptance.
我们还利用 B2B 渠道合作伙伴实现规模化分销。例如，Solidgate 是一个在 **EMEA（欧洲、中东和非洲）**广泛应用的支付处理平台，服务覆盖 150 多个国家的商户，他们将使用我们的 身份洞察（identity insights） 来处理交易，从而帮助减少欺诈并提高支付受理率。
Finally, we continue to develop new services. We just announced Mastercard Account-to-Account Protect, which will combine our cutting-edge fraud prevention technology with a new dispute resolution framework to safeguard consumers when making account-to-account payments.
最后，我们还在不断开发新服务。我们刚刚宣布了 Mastercard Account-to-Account Protect，它将结合我们最前沿的欺诈防控技术和新的争议解决框架，以在消费者进行 账户到账户（A2A）支付 时为其提供保护。
Deploying services like this across account-to-account rails is a major step forward as it helps us grow our addressable market, while also further protecting our customers and the ecosystem.
在 A2A 支付轨道上部署此类服务，是一个重大的进步，它不仅帮助我们扩大可覆盖市场，也进一步保护了客户和生态系统。
We're starting with customers in the U.K., including NatWest, Santander and Monzo, to bring this global account overlay to other markets later this year.
我们首先在英国推出，合作客户包括 NatWest、Santander 和 Monzo，并将在今年晚些时候将这一 全球账户保护服务扩展至其他市场。
We remain enthusiastic about our future growth potential for services. Our breadth of data, network of partners, unique product capabilities, strong customer relationships and our incredible talent will help us to continue to differentiate and provide us with substantial runway for growth.
我们对未来服务业务的增长潜力依然充满信心。我们广泛的数据、庞大的合作伙伴网络、独特的产品能力、牢固的客户关系以及卓越的人才队伍，将帮助我们持续保持差异化，并为增长提供充足的空间。
So with that, that was a lot. I will wrap it up.
说到这里，内容很多了，我做个总结。
In summary, we delivered another very strong quarter despite an uncertain backdrop. There is significant opportunity ahead. The fundamentals of our business are strong. Our proven growth algorithm and differentiated solutions position us to deliver and win, as we have demonstrated time and time again.
总而言之，尽管宏观环境存在不确定性，我们依然交出了一份非常强劲的季度业绩。未来仍有重大机遇。我们业务的基本面非常稳健，经过验证的增长算法和差异化的解决方案，使我们能够一如既往地交付成果并持续取胜。
Sachin, over to you.
下面交给 Sachin。
Sachin Mehra
Thanks, Michael. Turning to Page 3, which shows our financial performance for the second quarter on a currency-neutral basis, excluding where applicable special items and the impact of gains and losses on our equity investments. Net revenue was up 16%, reflecting continued growth in our payment network and value-added services and solutions. Acquisitions contributed 1 ppt to this growth. This growth was ahead of expectations, primarily driven by higher-than-expected revenue from FX volatility. Operating expenses increased 14%, including a full ppt increase from acquisitions. And operating income was up 17%, which includes a 1 ppt headwind from acquisitions.
谢谢你，Michael。请看第3页，展示了我们第二季度的财务表现，按不变汇率计算，并剔除了适用的特殊项目以及股权投资的盈亏影响。净收入增长16%，反映了我们支付网络和增值服务及解决方案的持续增长。并购贡献了1个百分点的增长。这一增长超出预期，主要由高于预期的外汇波动收入驱动。营业费用增加14%，其中并购贡献了1个百分点。营业收入增长17%，其中包括来自并购的1个百分点的不利影响。
Net income and EPS increased 12% and 14%, respectively, driven primarily by the strong operating income growth, partially offset by a higher effective tax rate due to the impact of the global minimum tax rules, which came into effect at the start of this year. EPS was \$4.15, which includes a \$0.09 contribution from share repurchases. During the quarter, we repurchased \$2.3 billion worth of stock and an additional \$1 billion through July 28, 2025.
净利润和每股收益（EPS）分别增长12%和14%，主要受强劲的营业收入增长推动，但部分被今年初生效的全球最低税率规则导致的较高有效税率所抵消。每股收益为4.15美元，其中包含了回购股票带来的0.09美元的贡献。在本季度，我们回购了价值23亿美元的股票，并在截至2025年7月28日又额外回购了10亿美元。
Now turning to Page 4. Let's first look at some of our key volume drivers for the second quarter on a local currency basis. Worldwide gross dollar volume or GDV increased by 9% year-over-year. In the U.S., GDV increased by 6% with credit growth of 6% and debit growth of 7%. This growth was impacted by the lapping of the citizens debit portfolio migration to Mastercard, which commenced in Q1 2024.
现在请看第4页。首先来看第二季度以本地货币计价的一些关键交易量驱动因素。全球总支付额（GDV）同比增长9%。在美国，GDV增长6%，其中信用卡增长6%，借记卡增长7%。这一增长受到了Citizens借记卡组合在2024年第一季度迁移至Mastercard的基数效应影响。
AXP的账单增长更低，5-6%，大约就是Mastercard美国的增长速度。
Outside of the U.S., volume increased 10% with credit growth of 9% and debit growth of 11%. Overall, cross-border volume increased 15% globally for the quarter, reflecting continued growth in both travel and non-travel related cross-border spending.
在美国以外，交易额增长10%，其中信用卡增长9%，借记卡增长11%。整体而言，本季度全球跨境交易额增长15%，反映了旅行和非旅行相关跨境消费的持续增长。
Turning to Page 5. Switch transactions grew 10% year-over-year in Q2, both card-present and card-not-present growth rates remain strong. Card present growth was aided in part by an increase in contactless penetration as contactless now represents 75% of all in-person switched purchase transactions.
请看第5页。第二季度清算交易量同比增长10%，无论是刷卡交易还是非刷卡交易的增长率都保持强劲。刷卡交易的增长部分受益于非接触式支付普及率的提升，目前非接触支付已占到所有面对面清算消费交易的75%。
In addition, card growth was 6%. Globally, there are \$3.6 billion Mastercard and Maestro-branded cards issued.
此外，发卡量增长6%。全球范围内，目前已发行36亿张Mastercard和Maestro品牌的银行卡。
Turning now to Slide 6 for a look into our net revenue growth rates for the second quarter discussed on a currency-neutral basis. Payment Network net revenue increased 13%, primarily driven by domestic and cross-border transaction and volume growth. It also includes growth in rebates and incentives. Value Added Services & Solutions net revenue increased 22%.
接下来请看第6页，展示了第二季度按不变汇率计算的净收入增长率。支付网络净收入增长13%，主要受国内和跨境交易量增长驱动，同时也包括返利和激励的增长。增值服务与解决方案净收入增长22%。
Acquisitions contributed approximately 4 ppt to this growth. The remaining growth was primarily driven by demand for our consumer acquisition and engagement services, growth in our underlying drivers, the scaling of our security and digital and authentication solutions and pricing. Now let's turn to Page 7 to discuss key metrics related to the payment network. Again, all growth rates are described on a currency-neutral basis, unless otherwise noted. Looking quickly at each key metric. Domestic assessments were up 9%, while worldwide GDV grew 9%. Cross-border assessments increased 15%, with cross-border volumes also increasing 15%.
并购对该增长贡献了约4个百分点。其余增长主要由以下因素推动：对我们客户获取与互动服务的需求、核心驱动因素的增长、安全、数字化及认证解决方案的规模化，以及定价。现在请看第7页，讨论与支付网络相关的关键指标。除特别说明外，所有增长率均按不变汇率计算。快速浏览各项指标：国内评估费增长9%，全球GDV增长9%；跨境评估费增长15%，跨境交易量也增长15%。
Pricing in international markets was primarily offset by mix as lower-yielding intra-Europe cross-border volumes grew faster than higher-yielding ex intra-Europe cross-border volumes this quarter. Transaction processing assessments were up 18%, while switched transactions grew 10%. The 8 ppt difference is primarily due to revenue related to FX volatility and favorable mix. Other network assessments were \$260 million this quarter.
本季度国际市场的定价主要受到交易组合的抵消，因为收益率较低的欧洲内部跨境交易量增长快于收益率较高的欧洲外跨境交易量。交易处理评估费增长18%，而清算交易增长10%。这8个百分点的差异主要来自与外汇波动相关的收入和有利的交易组合。本季度其他网络评估收入为2.6亿美元。
Moving on to Page 8. You can see that on a non-GAAP currency-neutral basis, excluding special items, total adjusted operating expenses increased 14%, which includes a 4 ppt impact from acquisitions. Excluding acquisitions, the growth of total adjusted operating expenses was primarily driven by increased spending to support various strategic initiatives, including hardening of our technology infrastructure, diversifying our geographic footprint to further capture the secular trend, enhancing our products and delivering our services.
请看第8页。在非GAAP、按不变汇率、剔除特殊项目的基础上，调整后的营业费用总额增长14%，其中包含来自并购的4个百分点影响。剔除并购因素后，营业费用的增长主要由多项战略举措支出增加所驱动，包括强化我们的技术基础设施、扩大地理布局以进一步捕捉长期趋势、提升产品以及优化服务交付。
Turning to Page 9. Let me comment on the operating metric trends. Overall, we continue to see healthy consumer and business spending and metrics were generally in line with our expectations. Starting with Q2. I will discuss the operating metrics on a sequential basis adjusting for the leap year and the timing of Easter and other holidays. Switched volume growth was impacted by a number of smaller factors, including tougher comps primarily due to the lapping of portfolios won in 2024, and the timing of social security payments and the mix of calendar days and lower gas prices.
请看第9页。我来谈谈运营指标趋势。总体而言，我们继续看到健康的消费者和企业支出，指标总体符合我们的预期。从第二季度开始，我将按顺序讨论运营指标，并调整闰年、复活节及其他假期的影响。清算交易量增长受多个次要因素影响，包括更高的对比基数（主要由于2024年赢得的一些投资组合的基数效应）、社保支付时间安排、日历天数分布以及较低的油价。
Switched transaction growth remained relatively stable. As it relates to cross-border, underlying growth remains strong. Let's double-click on cross-border travel growth.
清算交易增长保持相对稳定。至于跨境交易，基本增长仍然强劲。让我们重点关注跨境旅行增长。
As mentioned in our last earnings call, we saw some moderation in select Middle East and Africa markets, primarily due to tougher comps, enforcement of Mastercard rules and a ratcheting up of geopolitical conflict late in the quarter. We also saw some lapping of portfolios one in 2024. Cross-border card not present ex travel growth remained strong.
正如我们在上一次财报电话会议中提到的，我们在部分中东和非洲市场看到了一定程度的放缓，主要原因是更高的对比基数、Mastercard规则的执行以及季度末地缘政治冲突的加剧。我们还经历了2024年赢得的一些投资组合的基数效应。跨境非旅行类“无卡”交易增长依然强劲。
Now looking at the first four weeks of July, switch volume, switch transaction and cross-border card-not-present ex travel growth remained stable. For cross-border travel growth, the sequential decrease is primarily driven by the timing of Easter as well as the continuation of the impacts I mentioned earlier.
再来看7月的前四周，清算交易量、清算交易数以及跨境非旅行类“无卡”交易增长保持稳定。跨境旅行增长的环比下降主要是由于复活节时间点的影响，以及前面提到的因素持续发挥作用。
With all of that being said, our overall cross-border volumes continue to grow well in the mid-teens range. This is supported by strong underlying consumer spending and a diversified portfolio across geographies and travel and nontravel spend.
综上所述，我们整体跨境交易量继续保持在中双位数的增长区间。这得益于强劲的基础消费支出，以及在地域、旅行与非旅行消费上的多元化投资组合。
Turning now to Page 10. I want to re-share our thoughts for the remainder of the year. The headline is that our business remains strong and consumer spending remains healthy. The macroeconomic environment has been supported with low unemployment rates and for the most part, wage growth continuing to outpace the rate of inflation. That said, ongoing geopolitical and economic uncertainty remains.
接下来请看第10页。我想再次分享我们对全年余下时间的看法。重点是我们的业务依然强劲，消费者支出依然健康。宏观经济环境得到了低失业率的支持，而且在大多数情况下，工资增长仍然快于通胀率。但需要指出的是，地缘政治和经济不确定性依然存在。
With global policy shifts ongoing, we remain agile, monitoring developments and we stand ready to adjust as needed. In this period of heightened uncertainty, what remains clear is that we have a well-diversified business across geographies, products and services and discretionary and nondiscretionary spend categories. And we remain laser-focused on the execution of our strategy, as Michael said, while maintaining a disciplined capital planning approach.
随着全球政策不断变化，我们保持灵活，密切关注形势发展，并随时准备进行调整。在这一高度不确定的时期，有一点是明确的：我们在地域、产品与服务、可支配支出与非可支配支出类别上都有着良好的多元化布局。正如Michael所说，我们将继续高度聚焦于战略执行，同时保持审慎的资本规划方式。
Now turning to our expectations for the full year 2025. Our base case for the remainder of the year assumes continued healthy consumer and business spending. Given the strong first half results, we are tightening the full year net revenue outlook range to the high end of the range we shared with you at the time of our Q1 earnings. We now expect net revenues to grow at the low teens range on a currency-neutral basis, excluding acquisitions.
现在来看我们对2025年全年的预期。我们对全年余下时间的基本假设是消费者和企业支出继续保持健康。鉴于上半年业绩强劲，我们将全年净收入展望区间收紧至第一季度财报时所给出的区间上端。我们目前预计全年净收入在不变汇率基础上（剔除并购）将实现低双位数区间的增长。
Acquisitions are expected to add 1 to 1.5 ppt to this growth for the year while we now estimate a tailwind of 1 to 2 ppt from foreign exchange. From an operating expense standpoint, we continue to expect growth to be at the low end of a low double-digit range versus a year ago on a currency-neutral basis, excluding acquisitions and special items.
预计并购将在全年对这一增长贡献1至1.5个百分点，同时我们预计外汇因素将带来1至2个百分点的顺风。在营业费用方面，我们继续预计全年增长将在低双位数区间的下端（按不变汇率、剔除并购和特殊项目），与去年相比保持温和。
Acquisitions are forecasted to increase the OpEx growth rate for the year by 4 to 5 ppt, while we expect a headwind of 0 to 1 ppt from foreign exchange.
预计并购将使全年营业费用增长率提高4至5个百分点，而外汇预计将带来0至1个百分点的不利影响。
Now turning to the third quarter. Year-over-year net revenue growth is expected to be at the high end of a low double-digit range on a currency-neutral basis, excluding acquisitions. Acquisitions are forecasted to add 1 to 1.5 ppt to this growth rate, and we expect a tailwind of 1 to 2 ppt from foreign exchange for the quarter. From an operating expense standpoint, we expect Q3 growth to be at the low end of a low double digits range versus a year ago, again, on a currency-neutral basis, excluding acquisitions and special items.
现在来看第三季度。预计净收入同比增长将在低双位数区间的上端（按不变汇率、剔除并购）。预计并购将对这一增长率贡献1至1.5个百分点，同时本季度外汇预计带来1至2个百分点的顺风。在营业费用方面，我们预计第三季度的增长将在低双位数区间的下端（按不变汇率、剔除并购和特殊项目），与去年相比保持稳定。
Acquisitions are forecasted to add approximately 5 ppt to this OpEx growth, while we expect a headwind of 0 to 1 ppt from foreign exchange for the quarter. Other items to keep in mind, on other income and expenses, in Q3, we expect an expense of approximately \$130 million, given the prevailing interest rates and debt levels. This excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics.
预计并购将使第三季度营业费用增长率增加约5个百分点，而外汇预计将带来0至1个百分点的不利影响。需要注意的其他事项是，在其他收入和支出方面，鉴于当前的利率和债务水平，我们预计第三季度的支出约为1.3亿美元。这不包括股权投资的盈亏，因为它们被排除在我们的非GAAP指标之外。
Finally, we expect our non-GAAP tax rate to be in the 20% to 21% range for both Q3 and the full year based on the current geographic mix of our business. And with that, I will turn the call back over to Devin.
最后，我们预计在当前业务地域分布下，第三季度及全年非GAAP税率将在20%至21%区间。说到这里，我将把电话交还给Devin。
Devin Corr
Thank you, Sachin. Thank you, Michael. Julianne, you may now open the call for questions.
谢谢你，Sachin。谢谢你，Michael。Julianne，现在你可以开放问答环节了。
Question-and-Answer Session
问答环节
Operator
[Operator Instructions] Our first question comes from Sanjay Sakhrani from KBW.
[操作指令] 我们的第一个问题来自KBW的Sanjay Sakhrani。
Sanjay Harkishin Sakhrani
Sachin, you mentioned the lapping up portfolios, obviously, citizens in the first quarter I guess, like as we move through Q2, was there a more prominent impact? And I guess as we look towards the back part of this year, are there further lapping of other deals? And then just on Capital One and Discover, I know they kind of talked about the transition happening next year now. So I assume like is that just not in your numbers for the remainder of this year in terms of the migration of the debit portfolio?
Sachin，你提到了投资组合的基数效应，显然在第一季度有Citizens的影响。我想问的是，当我们进入第二季度时，这种影响是不是更加明显？展望今年后半段，是否还会有其他交易的基数效应？另外关于Capital One和Discover，我知道他们提到转型会在明年进行。所以我是否可以理解为，今年余下时间的指引里并没有包含他们借记卡投资组合迁移的影响？
Sachin Mehra
Thanks, Sanjay. So let me take both your questions there. So as it relates to lapping, just a quick reminder, it's more than just the Citizens portfolio, right? I mean we won the Citizens portfolio last year. We won the Wells Fargo small business credit portfolio last year. And these are the two big ones in the U.S., but there were several other wins which we had across the globe as well. But specifically to your question as it relates to the impact of lapping the year-over-year growth metrics, just as a reminder, the Wells Fargo portfolio converted in Q2 of last year. The Citizens portfolio started conversion in Q1 and then ramped up in Q2 of last year.
谢谢你，Sanjay。我来回答你的两个问题。关于基数效应，提醒一下，这不仅仅是Citizens的投资组合。去年我们拿下了Citizens的投资组合，同时还赢得了Wells Fargo的小企业信用卡投资组合。这是美国的两个大项目，但在全球范围内我们还赢得了其他多个投资组合。就你问的对同比增长指标的基数效应而言，提醒一下，Wells Fargo的投资组合在去年第二季度完成转换，Citizens的投资组合在去年第一季度开始转换，并在第二季度加速。
So what you should expect is that the lapping impact has gotten more pronounced in Q2 and then we'll continue through in Q2 -- Q3 and Q4. So there is going to be continued lapping, not only on account of those portfolios, but other portfolios as well. So that's kind of to your first question.
所以你应该预期到，第二季度的基数效应更为明显，并且会持续到第三、第四季度。这不仅是由于这两个投资组合，还包括其他组合。因此，这就是对你第一个问题的回答。
On your second question on Capital One, look, I mean, at the end of the day, as I mentioned in prior earnings calls, we've taken our best estimate into consideration as it relates to the migration of the debit portfolio with Capital One. And we continue to -- our current guidance to you still assumes our best estimates around that.
关于你第二个问题，Capital One的情况，最终来说，正如我之前在财报电话会上提到的，我们已经在指引中纳入了对Capital One借记卡投资组合迁移的最佳估算。我们目前的指引仍然基于这一最佳估算。
Obviously, the transaction is now complete. Conversions have actually started. They're still ramping up. So it still takes some time before the conversions actually come into play. I also want to just remind you sequentially how this works, right? And so the new cards are issued, the new cards going to the hands of consumers.
当然，现在交易已经完成，转换实际上已经开始了，目前还在逐步推进。在转换真正完全生效之前仍然需要一些时间。我也想提醒一下这个过程的顺序：新卡会被发行，进入消费者手中。
At the same time, the old cards are still there. The Mastercard-branded cards are still alive and well. And so we take our best estimates as to how volumes will roll off. Overall, I would tell you, we expect that the ramp-up in terms of the volume declines will increase as the year progresses. We expect this year the net revenue impact to be minimal to our overall company's net revenues. Vast majority of the impact we expect to feel will be next year.
与此同时，旧卡仍然存在，Mastercard品牌的卡片依然在使用。因此我们会根据最佳估算来判断交易量的逐步消退情况。总体而言，我可以告诉你，我们预计随着时间推移，交易量下降的幅度会逐渐加大。但今年对我们公司整体净收入的影响预计很小。我们预计绝大部分影响会在明年体现。
Michael Miebach
And at the same time, we continue to expect a strong partnership on the credit side and the services side. So it's not only about rolling off. It's also about continuing to build our business with Capital One.
与此同时，我们仍然期待在信用卡和服务领域与Capital One保持强有力的合作关系。所以这不仅仅是“迁移和退出”，更是与Capital One继续拓展业务的过程。
Operator
Our next question comes from Darrin Peller from Wolfe Research.
下一个问题来自Wolfe Research的Darrin Peller。
Darrin David Peller
When we look at some of these wins, I just want to dive in a little deeper onto the value-added services that you're calling out as the most differentiating. Obviously, your competitors also call out value-added services. So when considering what you think stands out, and then sort of as an add-on to that, the pricing dynamic, we've seen really good pricing for value that you've shown in your numbers now and it seems to be somewhat -- I think it went in fact a lot of them went in July and October last year. Just touch on those, the areas you're finding the most pricing power and if we can expect more of the same over the next 12 months?
当我们看到你们的一些胜出案例时，我想更深入探讨一下你们所强调的“差异化最强”的增值服务。当然，你们的竞争对手也都强调增值服务。那么在你们看来，你们的增值服务有什么突出的地方？另外，关于定价方面，我们在你们的财报数字里已经看到非常不错的价值定价表现，而且其中很多定价似乎是在去年7月和10月开始生效的。能否谈谈你们在哪些领域的定价能力最强，以及在未来12个月我们是否可以期待类似的表现？
Michael Miebach
All right. So let me kick this off with the answer on the first part here on the VAS portfolio. So when I look across the portfolio, I think the first thing to say, it's a very carefully curated portfolio. This isn't a set of single pearls on a strain. So this is really before during after transaction, how we can bring value around the payment transaction and then even beyond that, when you think about topics like cybersecurity. So carefully curated first point to know.
好的，我先回答你第一个关于增值服务组合（VAS portfolio）的问题。纵观整个组合，我首先要强调的是，这是一个经过精心设计的组合，而不是零散拼凑的一串“珍珠”。它涵盖了交易前、中、后的各个环节，目的是围绕支付交易提供价值，甚至延伸到交易之外，比如网络安全。这是第一个关键点——这是一个经过精挑细选的组合。
When you think about it over the arc of time, we have been particularly focused over the past decade or so on security solutions. So that's certainly a standout from a differentiation perspective. We've also been incredibly focused on leveraging our data to drive better engagement solutions for our customers. So if you think in a more digital world, your cyber risk will go up. That's why cybersecurity is at the focus of what we're doing.
从长期来看，在过去十年左右的时间里，我们特别专注于安全解决方案。这在差异化层面上是非常突出的。同时，我们也高度重视利用数据来为客户提供更好的互动解决方案。在数字化程度更高的世界中，网络风险必然会上升，这就是为什么网络安全是我们工作的重点。
And in a more digital world, consumer engagement gets harder and harder, and you need better technology and better differentiation to drive through the clutter. So if I take some specifics out of both of these portfolios. First of all, on the cybersecurity side, the stakes are getting higher and higher. The fraudsters are using latest technology, using Artificial Intelligence, generative AI to power their solutions to break through on the fraud side, on the cybersecurity side, and we're doing exactly the same.
在数字化程度更高的环境中，消费者互动变得越来越难，你需要更好的技术和差异化来穿透“噪音”。举两个具体的例子：首先，在网络安全方面，风险门槛越来越高。欺诈者们正在使用最新技术，利用人工智能和生成式AI来突破欺诈和网络安全防线，而我们也在做同样的事情。
So I mentioned this in previous calls, Decision Intelligence Pro is leveraging data out of all sources of the Internet, putting it through a generative AI engine for us predicting frauds. Instead of preventing fraud, we're going to predicting fraud, which is the latest stage of this. This kind of game, and this is a clear identifiable value for our customers that are very happy to pay for.
我在之前的电话会议里提到过，我们的Decision Intelligence Pro正在利用来自互联网各个渠道的数据，并通过生成式AI引擎进行处理，用于预测欺诈。这已经不是单纯的“防止欺诈”，而是进入“预测欺诈”的最新阶段。这种能力对客户来说是清晰可见的价值，他们非常愿意为此付费。
And here, we are right at the second point of your question on pricing for value. On the customer engagement side, it's very similar. Our personalization engine through our Dynamic Yield acquisition continues to be providing outstanding value to our customers to really drive that personalized solution let's say, you're a retail bank and you want to drive new account growth, you need a personalized solution right channel, right context do that. That's what personalization through Dynamic Yield does for us and for our customers in a way better than anybody else out there.
这正好回答了你第二个问题：关于价值定价。在客户互动方面，我们的情况也类似。通过收购Dynamic Yield，我们的个性化引擎持续为客户提供卓越价值，真正帮助他们推动个性化解决方案。比如说，你是一家零售银行，想要推动新账户的增长，你需要一个个性化的解决方案，在正确的渠道、正确的情境下去触达客户。这就是Dynamic Yield的个性化能力为我们和客户带来的价值，比市场上任何其他解决方案都更出色。
You find us in the top quadrant of the Gartner Magic -- what is that called? A Quadrant thing, whatever, the top Quadrant. So they are really good at that. So a couple of examples.
在Gartner的魔力象限（Magic Quadrant）里，你会发现我们位于最顶端象限。说明我们的能力在这一领域得到了权威认可。这就是几个典型的例子。
So in a world with some uncertainty from a macroeconomic perspective, the desire for our customers to make sure that they got full focus on the fraud line in their P&L to drive their top line with better acquisitions that allows us to say, here is an outcome that you can see that you will see in your P&L, and that gives us power to price for that because we are pricing for that exact value. So that's what I would say. It's a very differentiated proposition across the industry. We've been at it for a decade, and we're going to continue to push that forward.
所以在宏观经济存在不确定性的环境下，客户希望确保在利润表上对防欺诈部分保持最大关注，同时通过更优的获客来推动收入增长。这让我们能够清晰地告诉客户：“这里有一个你能在利润表里看到的结果”，这使我们有能力为这个确切的价值定价。这就是我的回答。我们提供的是一个在行业中高度差异化的方案，我们已经在这一领域耕耘十年，并将在未来继续推动其发展。
Operator
Our next question comes from Harshita Rawat from Bernstein.
下一个问题来自Bernstein的Harshita Rawat。
Harshita Rawat
Michael, I want to ask about commercial POS, which you've sized as a $16 trillion opportunity and cards only having about less than 10% market share. You have a very good business in the U.S. And I know you talked about this in your prepared remarks for a little bit, but maybe expand upon how you're taking this business international and the momentum you may be seeing there? It seems like this is quite a kind of medium-term to near-term opportunity for you?
Michael，我想问一下关于商业POS（销售点），你们把它定义为一个16万亿美元的机会，而银行卡的市场份额却不到10%。你们在美国的业务非常强劲，我知道你在之前的发言中也稍微谈到过。但能否详细说明一下你们是如何将这一业务拓展到国际市场的？以及你们在这方面看到的势头？看起来这对你们来说是一个中短期的机会，对吗？
Michael Miebach
I couldn't agree more, Harshita. The medium -- short- to medium-term opportunity very much out there in the commercial POS space, there's still so much cash out there. There's so many checks out there. And there's been so many almost virgin markets where issuers where companies just haven't focused on this. So that is not new news. This is why we put out the market sizing as we did at our Investor Day. So this is significant.
我完全同意，Harshita。在商业POS领域，中短期机会确实非常明显。市场上依然有大量现金和支票在使用，而且有很多几乎未被开发的市场，发行方和公司过去并未聚焦于此。这并不是新鲜事，这也是为什么我们在投资者日上发布了市场规模测算，因为这个机会的确非常重大。
The way to go to market on that is really to build those issuer relationships. We have the product construct today. It's not about building new products in this space. So we have that. It's really finding the partners out there finding the marketplaces that focus on small business to drive that business. you take another lens that this is not just about small business. I mentioned in my comments -- in my comments earlier, there is a fleet card business, which we're the leader in this business. That's again, it's a leading product.
我们进入市场的方式主要是建立发行方关系。我们今天已经有了相关的产品结构，不需要在这个领域重新打造全新的产品。关键是找到合适的合作伙伴，找到那些面向中小企业的市场来推动这一业务。从另一个角度看，这不仅仅是关于中小企业的，我在之前发言中提到过，我们在**车队卡（fleet card）**业务上处于领先地位，这也是一个非常有竞争力的产品。
And we're differentiating on that. We're pushing that around the world as well as other -- in other regions, this starts to come in focus. So the whole wave of digitization and pressure on profitability, the rebalancing of supply chains, companies are looking for solutions that make running their business easier and this is where this comes in.
我们在这方面有明确的差异化优势，并且正在将其推广到全球。在其他地区，这一业务也开始受到重视。在全球数字化浪潮、盈利压力以及供应链重塑的大背景下，企业都在寻找能够让业务运营更简单的解决方案，而这正是我们能发挥作用的地方。
For example, it's very much about being paid faster as a small business. That's what cards does for them, and that is a very helpful thing. So overall, it's a pretty clear go-to-market. It's not rocket science, but we are differentiated on some of our solutions of fleet card and so forth and we've been added in a long time. We have now staffed this all up around the world with SME-focused specialized teams and product teams around the world. We're taking this very seriously, which is why you put out a very ambitious growth target to penetrate that SAM that we shared at the Investor Day with you.
举个例子，对小企业来说，更快地收款至关重要，而银行卡正是能够帮助他们实现这一点的工具，这对他们非常有价值。总体来说，我们的市场进入战略非常明确，并不是复杂的“火箭科学”，但我们在车队卡等解决方案上有差异化优势，并且已经深耕多年。现在，我们已经在全球范围内配置了专注于中小企业的专业团队和产品团队。我们对此非常重视，这也是为什么我们在投资者日上提出了雄心勃勃的增长目标，以深入渗透我们当时分享的可服务市场（SAM）。
Operator
Next question comes from Tien-Tsin Huang from JPMorgan.
下一个问题来自摩根大通的Tien-Tsin Huang。
Tien-Tsin Huang
Nice results here. Just on the upside in the quarter on revenue. It sounds like it came from FX volatility and strength in value-added services. Just wanted to confirm that and understand what's performing better than expected given pretty steady spend trends? And then quickly for Michael, if you don't mind, just are you -- any update on performance of Recorded Future? Any surprises there half a year end?
本季度的业绩非常不错。我想确认一下，本季度营收超预期的部分主要来自外汇波动和增值服务的强劲表现，对吗？在消费趋势相对平稳的情况下，哪些因素表现超出预期？另外，Michael，如果可以的话，能否快速更新一下Recorded Future的表现？在半年时间里是否有任何意外？
Sachin Mehra
I'll take the first part of your question. You nailed it. It's -- the upside in Q2 was primarily driven by FX volatility. We had solid performance across the business. I don't want to make this only about FX volatility, right? At the end of the day, right, our payment network net revenues just performed. Our drivers continue to perform the strong consumer and business spending taking place. Our Value Added Services and Solutions continue to perform. So all of that kind of is the bedrock, which allows for the strong performance overall.
我先回答你第一个问题。你说得没错，第二季度的营收超预期主要是由外汇波动推动的。当然，我们整个业务表现都很稳健。我不想把一切都归结于外汇波动。归根结底，我们的支付网络净收入表现良好，驱动因素依然稳固——强劲的消费者和企业支出依旧在进行。同时，我们的增值服务与解决方案也持续保持出色表现。这些都是整体业绩强劲的基石。
But the delta, which you're talking about in terms of potential upside came through primarily from higher FX volatility. I will say on FX volatility, that was in the early part of the quarter. That was mostly in April, a little bit in May in terms of the higher levels. it has come back to what would be the historical levels of FX volatility. So God don't knows where that's going to go for the rest of the year, but that's really what's driving that.
至于你提到的“额外增量”，确实主要来自更高水平的外汇波动。我补充一点，这种波动主要集中在季度初，主要是在4月以及部分5月，当时外汇波动水平较高。之后已经回落到历史水平。至于全年剩余时间会怎样发展，这很难预测，但这确实是推动超预期的关键。
Michael Miebach
And on Recorded Future, if I can just remind everybody, thank you for the question, Tien-Tsin. So world's largest threat intelligence company, 1,900 customers, 75 countries, so very significant. You see a lot of Fortune 100 companies in there as well as G20 governments. So it's an excellent mix based out of Boston, we love them pre our acquisition. We already started -- we had a partnership with them on a couple of products. We launched a few things there. Now we are in post acquisition stage.
关于Recorded Future，谢谢你的提问，Tien-Tsin。我想先提醒大家，这是全球最大的威胁情报公司，拥有1,900家客户，覆盖75个国家，体量非常大。其中包括许多《财富》100强公司以及G20国家的政府客户。总部在波士顿，我们在收购之前就已经非常看好他们。当时我们已经在一些产品上有合作，并推出过一些成果。现在进入了收购后的整合阶段。
So we've hit the ground running. It is still very early days, obviously, but we're already putting out more products with them. Malware Intelligence is one that I called out in the last quarter around this. The beauty here is, they have a lot of data, which they get from all sources of the internet, as I mentioned earlier. At the same time, we have a lot of data. The combination of that is the magic sauce here.
我们一开始就快速展开了合作。虽然现在还处在早期阶段，但我们已经在和他们一起推出更多产品了。比如我在上个季度提到过的Malware Intelligence。其核心优势在于，他们拥有来自互联网各个渠道的大量数据，而我们也拥有丰富的数据资源。两者结合，就是“魔法酱料”。
The effectiveness of us to help our customers predict to understand targeted threats. If you are a company and you're trying to defend against cybersecurity and you're doing it in a very broad fashion that is very expensive. What Recorded Future, what Mastercard is now helping our customer with is identifying where the threat vectors actually are. So you can be much more targeted in your response. That is, first of all, more effective from reducing cybersecurity risk. At the same time, it's more effective from a cost perspective. So that's a really winning proposition.
这使我们能够有效帮助客户预测和识别针对性的威胁。如果一家公司用非常笼统的方式来防御网络安全，那会非常昂贵。而Recorded Future与Mastercard现在帮助客户做的，是精准识别威胁向量，从而让他们的防御措施更加有针对性。这首先在降低网络安全风险方面更有效，同时在成本方面也更具优势。这是一个双赢的方案。
We're excited about that. The teams are putting these -- are very busy on the product side to put this out. At the same time, there's obvious synergies of Mastercard's reach with our clients to take these differentiated products and take them to the market. At the same time, we have a whole set of security solutions that we can sell, and we want to sell and we will sell into the 1,900 customers and the new customers that they will gain. So this is a very natural extension of our multilayered security solution strategy to go into Threat Intelligence, which is now the state-of-the-art.
我们对此非常兴奋。团队在产品端正全力以赴推进。同时，Mastercard与客户的广泛联系也带来了显而易见的协同效应，可以把这些差异化的产品推向市场。与此同时，我们还有一整套安全解决方案，可以销售并计划销售给这1,900家现有客户以及未来新增的客户。因此，这对我们多层次安全解决方案战略来说，是一个非常自然的延伸，进入到威胁情报领域，这已经是当今的前沿水平。
Operator
Next question comes from Trevor Williams from Jefferies.
下一个问题来自Jefferies的Trevor Williams。
Trevor Ellis Williams
On cross-border volumes, Sachin, I heard the call outs on the Middle East and the portfolio lapping. But outside of Q4 last year, cross-border has been consistently slowing. I mean you're at I think 12% ex intra-Europe growth in July, with the mix you have today between travel and e-commerce, I'm just curious kind of what you guys view is the right normal level of growth for each of those two buckets? And then for the overall. So I'm just trying to get at kind of if we assume a stable macro, what you guys think the floor should be for cross-border volume growth?
Sachin，在跨境交易量方面，我听到了你提到的中东市场和投资组合基数效应。但除了去年的第四季度之外，跨境交易的增长似乎在持续放缓。我看到7月欧洲内部以外的跨境增长大约是12%。在你们当前的旅行和电商组合下，我想知道你们认为这两个板块的“正常”增长水平大概是多少？以及整体的合理水平又是多少？我的意思是，如果假设宏观环境保持稳定，你们认为跨境交易量增长的底线大概应该是多少？
Sachin Mehra
Yes, Trevor. So look, I mean, we do not put out long-term guidance as it relates to cross-border. But what I will share with you is the following, which is let's just step back and think about our cross-border portfolio and think about the fact that it is not concentrated to any single corridor. Last earnings call, I kind of shared with all of you that there is no single cross-border corridor pair which represented greater than 3% of cross-border volume in 2024.
好的，Trevor。我们并不会对跨境业务给出长期指引。但我可以和你分享几点：首先，如果退一步来看我们的跨境业务组合，你会发现它并不集中在某一个单一的通道。上一次财报电话会上我已经提到过，在2024年，没有任何一条跨境通道对的交易量占比超过3%。
So there is a high degree of diversification, which we've got. So we're not necessarily susceptible to big swings in any one jurisdiction. But it's important to note that this diversification is by design as opposed to happenstance. Point number one.
这意味着我们的跨境业务组合具有高度的多元化，因此不会因为某个地区的波动而受到重大冲击。而且需要指出的是，这种多元化是有意为之的战略选择，而非偶然形成的。这是第一个重点。
Number two, the base proposition of cross-border is something which is very valued by consumers even today and consumers as well as businesses. And so that continues to grow pretty well. Number three, there's great diversification, which is there between travel and non-travel. And you can see that because at the end of the day, by having that diversification, you're still seeing pretty good overall cross-border volume growth, notwithstanding the fact that travel has actually been impacted a little bit by the factors which I kind of talked about.
第二点，跨境支付的核心价值主张对消费者和企业来说至今仍然非常重要，因此这一业务持续增长。第三点，我们在旅行和非旅行领域之间也有很好的分散化。正因为有这种分散，即使旅行类业务受到一些我之前提到的因素影响，整体的跨境交易量增长依然保持良好水平。
And just a few data points for you. Our cross-border travel volumes represent roughly 60% of total cross-border volumes. Our cross-border non-travel, what we call cross-border card-not-present ex travel, is about 40%. So it's pretty good and well diversified. And you can see the card-not-present ex travel cross-border is growing at roughly about 20% there.
给你一些数据：跨境旅行交易约占我们总跨境交易量的60%，跨境非旅行（即“跨境无卡交易，不含旅行”）约占40%。这种分布相当均衡。你可以看到，跨境非旅行类交易目前的增长率大约在**20%**左右。
So my overall kind of message to you is high level of diversification, strong value prop and the business continues to perform well. And the reality is, I can't really tell you as to where this is, but it has been growing at a rate faster than our overall growth rates for GDV. You've seen that come through. And that's really where I feel like we are best positioned to continue to capitalize. Our company remains very focused not only to win the right portfolio, but to drive the best optimization of our existing portfolios, and that's what we'll continue to do.
所以我想传达的整体信息是：高度分散化、强有力的价值主张以及持续稳健的业务表现。虽然我没法给你一个确切的数字区间，但从实际情况来看，跨境业务的增长率一直高于我们整体GDV的增长率。你们已经在数据中看到这一点。这也是我认为我们最有优势继续把握的方向。我们公司不仅专注于赢得合适的新投资组合，同时也专注于对现有组合进行最佳优化，而这正是我们将继续努力的方向。
Operator
Our next question comes from Dave Koning from Baird.
下一个问题来自Baird的Dave Koning。
David John Koning
Maybe on client incentives. One thing we just noticed for many years, client incentives grew faster than revenue. But the last three quarters, they've actually been growing the same or even a little slower in some cases. I'm wondering, is this a new trend? Or maybe how should we think about this and what's happening?
关于客户激励，我们注意到多年来客户激励的增长速度一直快于收入。但在过去三个季度，它们的增长与收入大致持平，甚至在某些情况下略低。我想知道，这是否是一种新的趋势？或者说，我们应该如何理解这种情况？
Sachin Mehra
Sure. So Dave, here's what I'd say. I would say that as part of our last call, I had mentioned that we expected the cadence of our rebates and incentives as a percentage of our payment network assessments to start to pick up in the second half of the year. And so if I would tell you sequentially, I would tell you that in Q3, we expect rebates and incentives as a percentage of our payment network assessments to be sequentially higher compared to Q2.
好的，Dave，我的看法是这样的。在上一次电话会上，我提到过我们预计返利和激励占支付网络评估收入的比例将在下半年开始上升。所以如果从季度环比来看，我可以告诉你，在第三季度，我们预计返利和激励占支付网络评估收入的比例将高于第二季度。
The point really is the market is still a very competitive market. We continue to be very active in that market. We have a very strong pipeline of deals. Nothing has changed as far as I'm concerned in terms of how we're approaching the market and what we're doing in terms of trying to win the right portfolios. And I'll emphasize, this is not about winning every portfolio, this is about winning the right portfolios.
关键在于，市场依然非常具有竞争性，而我们在市场中依然保持高度活跃。我们有非常强大的交易储备管道。从我的角度来看，我们在市场策略和争取投资组合的方式上没有任何变化。我想强调的是，这并不是要赢得所有投资组合，而是要赢得合适的投资组合。
A little bit of what you're also seeing in the contra ratio, the rebates and incentives ratio, we're talking about in the second quarter is being driven by the fact that the denominator, which is our payment network assessments has been impacted or has been helped by higher FX volatility level. So when you take those ratios into consideration, you got to factor that in as you think about what this looks like on a going-forward basis.
另外，你在第二季度看到返利和激励比率（即对冲比率）的表现，部分原因是分母——也就是我们的支付网络评估收入——受到了更高外汇波动水平的影响（起到提振作用）。所以在解读这些比率的时候，你必须把这个因素考虑进去，再来判断未来可能的走势。
Operator
Next question comes from Will Nance from Goldman Sachs.
下一个问题来自高盛的Will Nance。
William Alfred Nance
I wanted to ask about some of the consumer data fees that some of the large banks are talking about applying, I guess, specifically, how are you thinking about the impact of those fees on Finicity and then big picture, as a consumer who relies on a lot of these services that use Finicity and other vendors, to aggregate the data. How am I and other consumers better off from the banks kind of charging you and other data providers for access to their data?
我想问一下关于一些大型银行正在讨论的消费者数据收费问题。具体来说，你们怎么看这些费用对Finicity的影响？从更大的角度来说，作为一个依赖Finicity和其他供应商来聚合数据的消费者，如果银行向你们和其他数据提供商收取访问其数据的费用，我和其他消费者到底会不会因此受益？
Michael Miebach
Right. Well, this is a great question. An important topic. You've heard us talk about open finance for years, even before the acquisition of Finicity. So this whole idea that a consumer can use their data footprint to avail better services in the finance space and you go from open finance to open data in any other space. I think it's a good notion and that generally resonates and will not go away.
这是个非常好的问题，也是一个重要的话题。大家知道，在收购Finicity之前，我们就已经谈论开放金融（open finance）很多年了。核心理念是，消费者能够利用自己的数据足迹来获得更好的金融服务，而从开放金融出发，可以延伸到其他领域的开放数据。我认为这是一个很好的理念，得到了广泛共鸣，并且不会消失。
You see this -- see it in Europe, where we're very active in the open banking, open finance space in Australia and here in the U.S. So this more recent conversation, I mean, we've all seen -- we see the coverage on this, no, we don't really have full visibility here on what is being specifically considered by a number of banks. I can tell you, Chase and other banks are fantastic partners of ours. So that's for sure true.
你能在欧洲看到这一点——我们在开放银行和开放金融领域非常活跃。在澳大利亚和美国也是如此。至于近期的讨论，我们都看到了相关新闻报道，但目前我们并没有完全清晰的视野来了解多家银行具体考虑的内容。不过，我可以告诉你，Chase和其他一些银行是我们的优秀合作伙伴，这是毋庸置疑的。
So we'll have to see where this goes. Our fundamental belief that consumer consented data and their ability to share that is very important, and that will be a winning proposition over time. various economic considerations out there that are being discussed in the coverage, that will have to be figured out, but it's not something that we have been engaged in at this point. So we'll see. We have to work it through. Fundamentally an important space, and you should be able to do exactly what you just said with it.
所以我们还需要继续观察这一问题的发展。我们的基本信念是：消费者自主同意的数据，以及他们分享这些数据的能力，非常重要，并且从长期来看这将是一种成功的模式。至于报道中提到的各种经济考量，还需要进一步厘清，但目前这并不是我们已经直接参与的事情。所以我们会拭目以待，并在过程中推进。总体而言，这是一个非常重要的领域，而消费者确实应该能够做到你刚才所说的那一点。
Operator
Our next question comes from Rayna Kumar from Oppenheimer.
下一个问题来自Oppenheimer的Rayna Kumar。
Rayna Kumar
Just based off of some of my recent channel checks, it looks like that Pix in Brazil is being used by almost everyone there. Can you give us an update on your progress in gaining market share in regions that have strong at [A/A] players like Pix in Brazil and UPI in India? And what strategies and products are you employing to capture the cash transition in these countries?
根据我最近的一些渠道调研，巴西的Pix几乎被所有人使用。能否更新一下你们在那些由强势本地支付体系主导的市场（例如巴西的Pix和印度的UPI）中争取市场份额的进展？另外，你们正在采用哪些策略和产品来抓住这些国家的现金转型机会？
Michael Miebach
All right, Rayna. Great question. And certainly, a topic that we have been focused on, I'll give you some examples in the prepared remarks, what sets apart and winning against domestic schemes and so forth. So we continue to try to differentiate our product set.
好的，Rayna，这是个非常好的问题。这确实是我们一直关注的主题。我在之前的发言中已经举了一些例子，说明了我们如何与本地支付体系竞争并取得优势。总体而言，我们持续努力通过差异化来提升我们的产品组合。
You asked specifically about Brazil and in countries like that. So maybe that is a good opportunity to just illustrate what I just said a little more in the context of Brazil. So here is a system that has been put out very much with one focus in mind, which was to address some financial inclusion aspects and has been very successful at that.
你特别提到了巴西以及类似国家。这是一个很好的例子，可以更好地说明我刚才提到的情况。Pix这个系统一开始就是以促进金融普惠为核心目标而推出的，并且在这一点上非常成功。
At the same time, we have strong partnerships in the Brazilian markets with banks, with fintechs across the board, and we've been driving our business to put better solutions into the hands of consumers, and that is always a focus of all consumers. So consumers that graduate into the Brazilian digital economy through Pix, you could see them over time, graduating into our product set that we provide on the card side, et cetera.
与此同时，我们在巴西市场与各大银行和金融科技公司保持着强有力的合作关系，并且我们一直致力于为消费者提供更优质的解决方案。这始终是消费者的核心诉求。通过Pix进入巴西数字经济的消费者，随着时间推移，你会看到他们逐渐过渡到我们提供的银行卡等产品体系。
Now what we've also been doing is that you have to be very laser-focused on how you compete. And one thing that we just as an industry had and as a company, wanted to do a better job on is make sure that we have the latest state-of-the-art solution for online transactions in the market. So the debit platform in Brazil, we have completely revamped and put out a new set of solutions out there that now to -- Pix is also enabling consumers with their solution and we wanted to make sure that we have a competitive product, which we now have in the hands of the banks in Brazil.
此外，在竞争方式上我们非常聚焦。作为行业和公司，我们在某些方面需要做得更好，其中之一就是确保我们在线上交易方面拥有最新的先进解决方案。举例来说，在巴西，我们已经对借记卡平台进行了全面升级，并推出了一套全新的解决方案。目前Pix也在为消费者提供类似服务，而我们确保自己的产品在巴西市场的银行手中同样具备强大的竞争力。
So that continues. Pix is innovating on various other things Buy Now, Pay Later and so forth. And so are we. There is an excellent solution out there in the market already on installment payments. So that is very competitive as far as we can tell. There's a recurring payment solutions that Pix is considering, and that's great, and we're seeing the benefit in that, and we have for a long time, and there's a very strong proposition, particularly on credit cards that are on file in the market, which allows us to win and continue to drive this business. The business continues to see very healthy growth rates for us in Brazil.
这种竞争还在持续。Pix正在其他领域进行创新，例如“先买后付”（BNPL）等，而我们也同样在推进。市场上已经有非常出色的分期付款解决方案，从我们的角度来看，这个领域的竞争非常激烈。Pix也在探索定期支付解决方案，这是件好事，而我们在这一领域早已有所布局并受益已久。尤其是在信用卡在档支付方面，我们有非常强的价值主张，这帮助我们在巴西赢得市场并持续推动业务发展。目前我们在巴西的业务仍然保持着非常健康的增长率。
So from that perspective, I think it's just our general approach provide choice, partner wherever we can compete effectively in the market. So that's the game. And it's a similar game in India on UPI. We always look to partner wherever we can and otherwise have a good solution out there for our partners. So I see tremendous opportunity in the overall growth. This is a very effective digital economy in Brazil that continues to grow at strong rates, and we're a big player there.
从这个角度来看，我认为我们的整体战略就是：提供选择，并在能够有效竞争的市场中寻找合作伙伴。这就是我们的打法。在印度UPI市场，我们采取的策略也类似：尽可能合作，否则就为合作伙伴提供优质解决方案。因此，我认为整体增长空间巨大。巴西的数字经济非常强劲，并保持高速增长，而我们在其中扮演着重要角色。
Operator
Our next question comes from Craig Maurer from FT Partners.
下一个问题来自FT Partners的Craig Maurer。
Craig Jared Maurer
Financial Technology Partners LP
Question quick one on Pillar 2. The administration has been talking about reaching deals with certain countries to eliminate the Pillar 2 issues for U.S. companies. Any thoughts on that would be helpful. And if we can go back to your digital identity and auth solutions, it's our view that financial services due to the high regulatory requirements in this space will be leaders in this category.
我有一个简短的问题关于Pillar 2。美国政府正在与一些国家商谈，为美国公司消除Pillar 2带来的问题。能否谈谈你们对此的看法？另外，回到你们的数字身份和认证解决方案。我们认为，由于金融服务行业在这个领域有较高的监管要求，它将成为这一领域的领导者。
Can you talk about what segments you're seeing the most growth or most demand from? We hear a lot about crypto companies requiring digital auth solutions and others. So digital identity solutions. So if you can comment a little there, that would be great.
能否谈谈目前在哪些细分市场你们看到的增长最快或需求最旺盛？我们听说很多加密货币公司需要数字认证解决方案，还有其他行业。所以能否就数字身份解决方案的需求趋势分享一下你们的看法？
Sachin Mehra
Yes, Craig, why don't I take your question on Pillar 2 first. So look, I mean, we've seen the same news you're seeing as it relates to some dialogue around potentially having an exception for U.S.-based multinationals from the impact of Pillar 2. The reality is there's a lot of work still to be done between where we are today to that being realized.
好的，Craig，我先回答你关于Pillar 2的问题。我们看到的消息和你一样，有关可能为美国跨国公司提供Pillar 2豁免的讨论。但现实情况是，从现在到真正落实之间，还需要完成大量工作。
And let me just spend two minutes on this, right? At the end of the day, the way it works is if there's going to be any changes in terms of having any exceptions for U.S.-based companies from Pillar 2. That's got to happen, not only in the nature of the OECD countries agreeing upon it. But every individual country, which has enacted legislation already to implement Pillar 2 has to now reverse the impact of that legislation.
让我稍微解释一下。最终，如果要对美国公司在Pillar 2上给予豁免，不仅需要OECD成员国之间达成一致，还需要已经立法实施Pillar 2的各个国家撤销相关法律条款的效力。
So this is really, really important because the reality is there's work between when the announcements made, when there's clarity given as to how it's going to be implemented to the actual implementation of that. So I guess the best way to describe this is there's been local legislation, let's say, past in Singapore, which would say that we, as a company, now pay a 15% tax rate in Singapore, right? Earlier, we had an incentivized tax rate out there. We now pay starting 2025 a 15% tax rate there.
这点非常关键，因为从公告发布、明确实施细节到真正执行之间，需要跨越很多步骤。举个例子，新加坡已经通过本地立法，规定我们公司自2025年起在新加坡需要缴纳15%的税率。而此前我们享受的是优惠税率。
There has to be a change in legislation locally to take place to reflect what you just alluded to in the nature of this exception for U.S. multinational countries. That being said, it's not only about Singapore. It's also about other countries who have actually put in this legislation who have to change it because there was a component of Pillar 2, which is called UTPR, which basically entitled other countries in the chain to collect taxes to the extent that they were not topped up at 15% as a result of a particular jurisdiction.
如果要落实你提到的“美国跨国公司豁免”，新加坡必须修改现有法律。而且这不仅是新加坡的问题，还涉及到所有已经立法的国家。因为Pillar 2中有一个关键组成部分叫UTPR（Under Taxed Payments Rule），它允许其他国家在某个司法辖区税率未达到15%时，有权收取差额税。
So for example, if Singapore changes legislation and took the tax rate down again. That doesn't mean we'll get the benefit of the lower tax rate. It's because all the other countries are now entitled to true up the gap between what Singapore's rate is and the 15% rate is. So all of those countries have to reverse that legislation before we start to see the impact of that come through. A complicated topic. Happy to talk in more detail if you like afterwards.
因此，即便新加坡修改立法，将税率再次下调，这并不意味着我们能真正享受到更低的税率。因为其他国家会有权利去补收新加坡税率与15%之间的差额。因此，必须所有相关国家都修改法律，我们才能看到这种豁免的效果。这是一个相当复杂的话题，如果你希望，我很乐意之后进一步详细讨论。
Michael Miebach
Good. And on ID, this is -- if you think about a tech stack and elements of the tech stack for the digital economy. So we look at this and say, we're powering the digital economy, we're powering digital commerce and digital identity is a fundamental element of what needs to happen in that kind of world. So who's behind the transaction, who is at the other end of the transaction, and that is not just about payment exactly to your question. This is about onboarding on anything.
好的。关于数字身份（ID），如果你把数字经济的技术堆栈想象成一层层的组成部分，那么我们认为自己正在为数字经济提供动力，正在为数字商务提供动力，而数字身份是这一世界的基础要素之一。关键在于：交易背后是谁？交易另一端是谁？这不仅仅是支付的问题，正如你提到的，这是关于所有场景的“注册与接入”（onboarding）。
It could be a merchant onboarding a consumer. Today, the thing I'm going to send you an e-mail and you confirm that, that is not identifying your consumer. All things can go wrong on that. So digital identity, proper digital identity is really critical. Now the gain of digital identity is getting harder and harder with technology.
例如，一个商户在让消费者注册。现在常见的做法可能是发一封电子邮件让用户点击确认，但这并不能真正识别消费者身份，其中有太多潜在问题。所以真正的数字身份识别至关重要。同时，随着技术的发展，数字身份的门槛也越来越高。
I was talking earlier about cybersecurity risk and so forth. So the stakes are increasing, you got to get better at it. The good thing is we've been at this for a long time. And this is initially around Mastercard payments and transactions, but we have very specific examples out there.
我之前谈到过网络安全风险，这正说明 stakes（风险与重要性）在不断提升，因此必须提升能力。好消息是，我们在这一领域已经深耕已久。最初是围绕Mastercard的支付和交易场景，但现在我们已有许多非常具体的应用案例。
For example, you heard us talk about in the open banking space. Are we taking a digital identity solution, coupling that with open banking connectivity to make it clear that the data can actually be a safe exchange in a very safe fashion. I gave you one of my favorite use cases in this, and this is MLB, Major League Baseball. So if you want to vote for the All-Star game, what is happening is that our identity solutions behind it. This is actually you voting and not your brother and your cousin and so forth.
举个例子，你们听过我们谈到开放银行领域。我们正在把数字身份解决方案与开放银行的连接结合起来，以确保数据能够以非常安全的方式进行交换。我最喜欢的应用案例之一就是美国职业棒球大联盟（MLB）。如果你要为全明星赛投票，那么我们提供的身份解决方案就在背后运作，确保真正投票的是你本人，而不是你兄弟、堂表亲等其他人。
So there's a whole wide range of use cases that go way away from our core business into a whole new set of new cases. So it's really an enabler of the overall digital economy, and you see us -- if you draw concentric circles around the transaction -- the payment transaction being in a center, we try to play further and further out to be truly powering the digital economy.
因此，数字身份的应用场景已经远远超出了我们的核心支付业务，进入到一整套新的应用之中。它实际上是整个数字经济的关键赋能工具。如果你把支付交易看作同心圆的中心，我们正在向外不断拓展，努力真正成为数字经济的驱动力量。
Operator
Our next question comes from Nate Svensson from Deutsche Bank.
下一个问题来自德意志银行的Nate Svensson。
Christopher Nathaniel Svensson
I wanted to ask on the U.S. consumer here. So on the month-to-date trends, the step-up in volume growth in the U.S. stood out as relatively stable versus 2Q, but a step up from 4% in June to 8% in July. I was hoping you can dig a little more into the trends you're seeing there. It could be a day's mix thing online promotional activity, but wondering if there's anything else under the hood you're seeing that might explain the acceleration? And then I know you called out stability in mass market versus affluent consumers, but any verticals or areas of spend where trends have evolved here?
我想问一下关于美国消费者的情况。从月度趋势来看，美国的交易量增长在第二季度表现相对稳定，但从6月的4%上升到7月的8%。能否更详细地解释一下你们观察到的趋势？这可能与日历天数的分布或线上促销活动有关，但是否还有其他潜在因素推动了这种加速？另外，我知道你们提到大众市场和高端消费者的支出都比较稳定，但是否有某些行业或消费领域的趋势发生了变化？
Sachin Mehra
Okay. Sure, Nate. So why don't I take your question. So your -- the impact on that 4% you're seeing in June is being driven by the mix of calendar days as well as the timing of social security payments, which is something just -- which actually varies between June and July. That being said, I will say what we're seeing in the first four weeks of July is strengthen the U.S. consumer. I mean, there's no hiding from that, right?
好的，Nate，我来回答你的问题。你提到的6月4%的增长，主要受到日历天数分布和社会保障金支付时间的影响，这两点在6月和7月有所不同。尽管如此，我必须说，我们在7月前四周确实看到了美国消费者的更强劲表现，这点毋庸置疑。
The reality is, and again, four weeks don't make the quarter. That's -- I mean, that's one thing which we've just got to keep an eye on. But right now, if I strip out the impact of this timing stuff, there's still underlying trends in the U.S. consumer that we're seeing come through. So I think you want to keep that in mind, and we'll track it closely. We do our best estimates in terms of the guide we provided you to capture what we're seeing in the nature of the latest trends, and that's what I would say as it relates to the U.S. consumer.
当然，现实情况是，四周的数据并不能代表整个季度，这点我们需要保持警惕。但如果剔除这些时间性因素，我们依然能看到美国消费者的基本趋势在改善。所以我认为你需要记住这一点，我们也会密切跟踪。我们在提供业绩指引时，已经尽力纳入了这些最新趋势，这就是我对美国消费者的看法。
On your second question on mass versus affluent. Look, overall, what we're seeing is good spending across both mass and affluent. I mean, really, at the end of the day, we're not seeing -- and again, I will be the first to preface that the data we have is our derived data. It's based on our product categories and our product codes, right? That's how we figure out what we think is mass and what is affluent. We obviously are not directly in touch with the consumer. That's our customers who are in touch with the consumer. But based on the data that we see, we're seeing pretty steady trends across both mass and affluent.
至于你第二个问题，大众消费者和高端消费者的表现。从总体来看，两者的支出都表现良好。我必须说明，我们所掌握的数据是推导数据，基于产品类别和产品代码来区分大众和高端消费者。显然，我们并不是直接接触消费者的，那是我们的客户在与消费者互动。但基于我们所看到的数据，大众和高端消费者的支出趋势都相对稳定。
Michael Miebach
Just to add a point on a tangential point here is these kind of questions we get all the time from our customers from governments around the world and we've built a really nice engagement practice for our advisers business and throughout the Mastercard Economics Institute to really these prevalent top of mind questions and what's the consumer doing here? What is the sector doing there and so forth, there's been a really particularly important differentiator for us is that we engage at the highest level on the strategic dialogue with customers, government, et cetera.
我补充一点。像这样的问题，我们经常会从客户和全球各国政府那里听到。为此，我们在顾问业务和Mastercard经济研究院中建立了一套完善的互动机制，专门应对这些大家最关心的问题：消费者在做什么？某个行业在发生什么变化？这也成为我们一个非常重要的差异化优势——我们能够在战略层面，与客户、政府等进行高层次的对话。
Operator
Our next question comes from Fahed Kunwar from Redburn Atlantic.
下一个问题来自Redburn Atlantic的Fahed Kunwar。
Fahed Irshad Kunwar
I had a question on pricing, actually. First, specifically on that, I know you called out deepening customer penetration and you called out securities and customer engagement. But how much has pricing been a factor in this quarter versus kind of that being share of wallet and how much more scope is it a pricing going forward? And I guess if I widen that question a little bit, when you think about pricing in your other businesses, CMS or your consumer payments business do you still see pricing potential as you head in to 2026? Or is it remaining or does it stay quite competitive?
我想问一个关于定价的问题。首先，从本季度来看，你们提到了加深客户渗透，以及在安全和客户互动方面的表现。那么在你们的增长中，定价的作用有多大？是更多源自定价，还是来自客户钱包份额的提升？展望未来，定价还有多少空间？如果把问题扩展一下，当你们考虑其他业务（比如CMS或者消费支付业务）时，进入2026年，你们是否仍然认为有定价潜力？还是竞争会让它保持在一个比较激烈的状态？
Sachin Mehra
So look, I mean, at the end of the day, the way I would actually answer your question is the following: we will have the ability to price for the value we deliver. So long as we continue to deliver the value we're delivering, we will have the ability to price. And that's what we've done historically, and that's what we'll do on a going forward basis.
好的，我的回答是这样的：归根结底，我们的定价能力取决于我们所提供的价值。只要我们能持续交付价值，我们就有能力为此定价。这是我们过去一直在做的事情，也是我们未来会继续坚持的。
I would say that again, I don't necessarily think about this on a quarter-over-quarter basis. I think about this as, what is the long-term trajectory of our product proposition rollouts and what's the ability for us to price. Sometimes you roll our products earlier, you might actually layer in the pricing at a data point in time. In other instances, you roll out the product and you'll put in the requisite pricing at the same point in time.
我想再强调一点，我并不会从季度环比的角度来思考这个问题，而是从长期路径来看我们产品方案的推出，以及我们在其中的定价能力。有时候，你可能会先推出产品，再在某个时间点逐步叠加定价；而在另一些情况下，你会在产品推出的同时直接引入相应的定价。
So all of this is all very strongly tied back to what is the value we're delivering. So to your question about whether we see the potential on a going forward basis, the answer is yes, as long as we continue to do our job, which is to continue to deliver value in the market.
所以这一切都强烈关联于我们提供的价值。因此，针对你问的未来是否还有定价潜力，答案是有的——只要我们继续履行职责，持续在市场上交付价值，就会有相应的定价空间。
Devin Corr
I think we have time for one more question.
我想我们还有时间回答最后一个问题。
Operator
Our last question will come from Ken Suchoski from Autonomous Research.
最后一个问题来自Autonomous Research的Ken Suchoski。
Kenneth Christopher Suchoski
Maybe just a follow up on that pricing question. I mean you took some price, I think, in various parts of the business. I think it was started in 3Q of '24, particularly around tokenization, I think some of the other lines, should we expect to start lapping some of those pricing initiatives in the second half. Maybe you could just remind us how you're thinking about that.
关于定价再追问一下。我注意到你们在业务的几个领域提高了价格，应该是从2024年第三季度开始的，特别是在**代币化（tokenization）**方面，还有一些其他业务线。那么在今年下半年，我们是否应该开始看到这些定价举措的基数效应？能否再解释一下你们对此的看法？
Sachin Mehra
Yes, Ken, I would tell you, first of all, when you say we took price, we like to think about the fact that we delivered value in the third quarter of last year, which allowed us to actually price for the value we deliver. And to your question around lapping, I would say, yes, sure. I mean you would see the lapping effect of that particular value delivery, which took place for which we priced happened in the second half of this year.
好的，Ken。首先，当你说“我们提高价格”时，我们更愿意强调的是，我们在去年第三季度交付了价值，因此才有能力为我们提供的价值定价。至于你问到的基数效应，是的，今年下半年你们会看到这些当时交付的价值与定价所带来的基数效应逐步显现。
But again, think about this in the nature of what is the cadence of value we can continue to provide, which will help us to actually bring in more value and more price for us to be able to actually continue to grow ourselves. So the reality is, look, you've got to think about this in the context of when companies put out new products, when companies put out differentiated products, they have the ability to charge for the value they deliver and I'd say that's what we continue to do on a going-forward basis as well.
但我还是要强调，这里关键是我们能持续交付的价值节奏。这会帮助我们带来更多价值，也能支持我们继续为价值定价，实现持续增长。事实上，当公司推出新产品、差异化产品时，它们都有能力为交付的价值定价。这正是我们将继续在未来坚持的做法。
Michael Miebach
Right. This is very true. So it's not about taking price, but providing value. And I think the key aspect is who we provide value to. We provide value to our existing customers. But when we talk about our go-to-market and services when we talk our go-to-market for our whole set of payment solutions. It's about new customers, it's about the new buying centers. It's about new market. So our ability where we take and create value is there's a whole sea of opportunity out there. So for us, we continue to do that. That's how we build the business. So if you were asking your question, thinking about is just one wallet, that's not. So our share of wallet is -- the world is the whole global wallet, and we're going to drive value everywhere across the board.
对，这完全正确。我们的重点不在于“涨价”，而在于提供价值。关键问题是——我们为谁提供价值。我们不仅为现有客户提供价值，还在整个支付解决方案和服务的市场拓展中，不断开拓新客户、新的采购中心、新市场。我们创造和获取价值的空间是一片广阔的海洋。对我们来说，这就是业务发展的方式。所以，如果你把问题只局限在“一个钱包”的份额，那是不够的。我们真正的“钱包份额”是全球的钱包，而我们会在全球范围内持续交付价值。
All right. Let's close out the call. So thank you very much again for all those questions, your continued support. Obviously, my opportunity to thank the 35,000 people here at Mastercard for driving this value all across and leave you always wishing you guys enjoying the rest of the summer. Thank you very much. Speak to you next quarter.
好的，现在我们结束今天的电话会议。再次感谢大家的提问和一如既往的支持。同时，我也要借此机会感谢Mastercard的35,000名员工，是他们在各个领域不断创造价值。祝大家度过一个愉快的夏天。非常感谢，我们下个季度再见。
Operator
This concludes today's conference call. You may now disconnect.
今天的电话会议到此结束。各位现在可以挂线了。
热门主题
Recent Articles
2025-07-31 Apple Inc. (AAPL) Q3 2025 Earnings Call Transcript
Apple Inc. (NASDAQ:AAPL) Q3 2025 Earnings Conference Call July 31, 2025 5:00 PM ET Company Participants Kevan Parekh - Senior VP & CFO Suhasini Chandramouli - Director of Investor Relations Timothy D. Cook - CEO & Director Conference Call ...2025-07-31 Arthur J. Gallagher & Co. (AJG) Q2 2025 Earnings Call Transcript
Arthur J. Gallagher & Co. (NYSE:AJG) Q2 2025 Earnings Conference Call July 31, 2025 5:30 PM ET Company Participants Douglas K. Howell - Corporate VP & CFO J. Patrick Gallagher - Chairman & CEO Conference Call Participants Andrew E. Andersen - ...2025-07-31 Ferrari N.V. (RACE) Q2 2025 Earnings Call Transcript
Refer To：《2025-07-31 Ferrari N.V. (RACE) Q2 2025 Earnings Call Transcript》。 Ferrari N.V. (NYSE:RACE) Q2 2025 Earnings Conference Call July 31, 2025 9:00 AM ET Company Participants Antonio Picca Piccon - Chief Financial Officer Benedetto Vigna - CEO & ...2025-07-31 Mastercard Incorporated (MA) Q2 2025 Earnings Conference Call Transcript
Mastercard Incorporated (NYSE:MA) Q2 2025 Earnings Call July 31, 2025 9:00 AM ET Company Participants Devin Corr - Executive Vice President of Investor Relations Michael Miebach - CEO & Director Sachin Mehra - Chief Financial Officer Conference Call ...2025-07-31 Sirius XM Holdings Inc. (SIRI) Q2 2025 Earnings Call Transcript
Sirius XM Holdings Inc. (NASDAQ:SIRI) Q2 2025 Earnings Conference Call July 31, 2025 8:00 AM ET Company Participants Hooper Stevens - Senior Vice President & Head of Investor Relations Jennifer C. Witz - CEO & Director Scott A. Greenstein - President ...