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04/11/2009 -
The popularity of electronic payment processing seems to have been able to overcome the credit crunch and weak consumer spending, as MasterCard reported third quarter gains in net income and revenue driven largely by an increase in transactions.MasterCard reported this week a third quarter net income of $456 million excluding special items, as well as a net revenue growth of 2 percent to reach $1.4 billion.
Regarding year-to-date results, MasterCard reported a net income of $1.2 billion. Net revenue for the first nine months of 2009 was $3.8 billion, representing a 0.9 percent increase over the same period in 2008.
MasterCard also posted a 7.6 percent increase in the number of payment processing transactions, bringing that figure to 5.8 billion.
"Overall, our results once again underscore the global trend toward electronic payments, and the strength of our business model," said Robert W. Selander, CEO of MasterCard . "We continue to make life easier for consumers, businesses and governments, all of whom seek safer, more controllable and more efficient payment alternatives for everyday commerce."
MasterCard has recently made waves in the Canadian debit market by announcing that it will soon introduce MasterCard brand debit cards to the Canadian payment processing industry.
