- Firm announces that cross border payments have contributed well over $1bn to revenues
- It also said that there was a 16% rise in international money transfers on a volume basis, and that switched transactions had gone up by nearly 20%
- “…our cross-border travel payment systems, those are all relatively well developed and are well factored into the way we think about 2020”, said senior MasterCard figure
International financial services organisation MasterCard has posted an earnings call suggesting that its cross border payments figures are on the rise.
According to the firm, its international money transfer figures were up by 16% on a volume basis.
This reflects a continuation of the previous trend towards growth well within the 10% to 20% bracket.
Overall, it suggests that cross border payments have been responsible for a revenue contribution level of $1.4bn.
In a statement, Ajay Banga – who is currently serving as president and chief executive officer of the firm – outlined some of the partnerships which the firm had secured recently, and explained why these were significant for the firm’s growth.
“PayPal will utilize Mastercard Send in 10 new markets across Asia Pacific..to enable users to transfer funds from their PayPal wallets to their eligible accounts”, he said.
“And also leveraging our capabilities to help facilitate more efficient cross border payments”, he added.
He also commented on relevant international money transfer issues, including that of open banking.
“We see open banking is an important global trend and a significant opportunity and believe that our leadership in data privacy as well as our scale in real time and cross-border payments are very good…key to optimizing open banking solutions for banks, for fintechs, for merchants and for consumers globally”, he said.
He emphasised the way in which cross border payments are expected to take priority over the course of 2020.
“…our corporate purchasing cards, our fleet cards, our SME cards, our virtual account numbers, our cross-border travel payment systems, those are all relatively well developed and are well factored into the way we think about 2020”, he said.
Elsewhere in the earnings call, MasterCard said that it had seen rises in other areas of business.
It pointed in particular to switched transactions, which had risen by almost a fifth to a figure of nearly 24bn.
In terms of card growth, the figure quoted by MasterCard during the earnings call was up by 5% to 2.6bn in Q4 of last year alone.
Overall, “gross dollar volumes” were up by 12% compared to the previous year, and now rested at $1.7tn.
In total, revenues were resting at $4.4bn– which reflected a year on year rise of 16%.
To discover more about what’s going on in the international money transfer world, why not head over to our news section and see what you find?
