News

MasterCard International Reports Double-Digit Growth

Monday 9 May 2005 03:38 CET | News

MasterCard International has reported financial results for the first three months of 2005, reporting continued double-digit growth in both gross dollar volume (GDV) and purchase volume, as MasterCard cardholders around the world increasingly use their MasterCard cards at home and abroad.

Cardholders worldwide used MasterCard-branded cards (excluding Maestro(R) and Cirrus(R)) for 4.3 billion transactions during the first quarter of 2005, generating GDV of $379.6 billion, an increase of 10.9% over the same period in 2004. Total purchases on MasterCard-branded credit and debit cards increased 11.4% during the quarter, as the number of MasterCard cards issued worldwide rose to 697.9 million, an increase of 11.2% over the same period in 2004. Performance highlights for the first quarter include: -- MasterCard GDV totaled $379.6 billion, up 10.9% over the same period last year. GDV includes both purchase and cash volume; -- MasterCards nearly 25,000 customer financial institutions around the world issued 697.9 million MasterCard-branded cards, an 11.2% increase over the first quarter of 2004; -- The value of purchases on MasterCard-branded cards, a significant measure of success, increased 11.4% to $277.2 billion. MasterCard posted solid growth in both credit and debit. GDV for credit and charge programs worldwide grew by 7.3% to $301.2 billion, while GDV for debit programs climbed 27.3% to $78.4 billion. Focus in 2005 In 2005, MasterCard will continue its focus on broadening customized services to financial institution customers, enhancing relationships with merchants that accept MasterCard cards, and developing innovative payment solutions and services. In the first quarter of 2005 the company has already seen significant business milestones that have helped drive MasterCards success in these areas: Broadening Customized Services for Financial Institution Customers -- The company unveiled its enhanced World MasterCard card program to further establish its leading profile among affluent consumers in the United States. The program offers issuers flexibility and customization options, while providing high-income consumers with unsurpassed global acceptance and an ability to redeem rewards in categories of their choosing. -- MasterCard announced the expansion of the MasterCard Global Premium Collection with the addition of more than 50 new high-value offers from the worlds leading providers of travel and lifestyle services and merchandise. The collection is specifically tailored to appeal to premium MasterCard cardholders. Enhancing Relationships with Merchants that Accept MasterCard Cards -- MasterCard launched a new initiative to help merchants and their business partners safeguard card transaction data and prevent fraud. The first-of-its-kind program will focus on helping merchants understand how to implement the requirements necessary for storing, securing and sharing transaction data. -- Marriott International, Inc. announced its participation in the MasterCard enhanced hotel folio data program. Now corporations whose business travelers pay with eligible MasterCard Corporate Cards will receive line item expense data for stays at approximately 1,500 Marriott-branded hotels in the United States and Canada. Marriotts participation extends MasterCard e-Folios reach to more than 7,000 hotel properties in North America, far more than any other corporate payments solution provider. Carlson, Choice, and Hilton joined in 2003. With Marriott signed-on, approximately 40 percent of MasterCard corporate card transactions in North America will take place at enrolled hotel properties. Developing Innovative Payment Solutions and Services -- MasterCard International announced it is working with MBNA, the Seattle Seahawks and the Baltimore Ravens Football Clubs to incorporate MasterCard(R) PayPass(TM) contactless payment technology into the MBNA Seahawks and MBNA Ravens Extra Points credit card programs. Both Qwest Field in Seattle and M&T Bank Stadium in Baltimore will accept MasterCard PayPass cards at the point-of-sale, beginni


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce