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The pandemic has forced companies to lay off workers by the millions, hurting their spending power, while shoppers have also stayed at home to avoid contracting the respiratory disease.
A slowdown in travel around the world has also taken a toll on payment processors’ cross-border volumes.
Mastercard reported a 36% drop in cross-border volume on a local currency basis in the quarter. Gross dollar volume, the dollar value of transactions processed, rose 1% to $1.6 trillion. (https://
Net income fell to $1.5 billion, or $1.51 per share, in the third quarter ended Sept. 30 from $2.1 billion, or $2.07 per share, a year earlier.
