Mastercard profit falls as pandemic hits spending volumes

(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.