Mastercard profit falls as pandemic hits spending volumes

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(Reuters) – Mastercard Inc (MA.N) reported a 28% slump in quarterly profit on Wednesday as fewer people used its cards to shop, travel and pay bills during the COVID-19 pandemic, hitting transaction volumes for the payment processor.

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.


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