Mastercard is a technology company in the global payments industry, facilitating electronic payments by connecting consumers, financial institutions, merchants, governments, and other organizations worldwide . The company operates a multi-rail payments network that includes capabilities for automated clearing house (ACH) transactions, both batch and real-time account-based payments . Mastercard offers a wide range of payment solutions and services under brands such as Mastercard, Maestro, and Cirrus .
- Payment Network - Charges fees based on the gross dollar volume of activity on cards carrying Mastercard's brands and provides switching and other network-related services.
- Value-Added Services and Solutions - Offers cyber and intelligence solutions, data and services, processing and gateway services, ACH payments, open banking, and digital identity solutions, which can be integrated with the payment network or sold separately.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Craig Vosburg Executive | Chief Services Officer | N/A | Craig Vosburg has been with Mastercard since 2006, currently serving as Chief Services Officer. | |
Edward McLaughlin Executive | President and Chief Technology Officer | N/A | Edward McLaughlin has been with Mastercard since 2005, leading technology and innovation efforts. | |
Jorn Lambert Executive | Chief Product Officer | N/A | Jorn Lambert has been with Mastercard since 2002, currently overseeing product strategy and innovation. | |
Linda Kirkpatrick Executive | President, Americas | N/A | Linda Kirkpatrick has been President, Americas since January 2024, with a long tenure at Mastercard and experience in various leadership roles. | |
Ling Hai Executive | President, Asia Pacific, Europe, Middle East & Africa | N/A | Ling Hai has been with Mastercard since 2010, currently overseeing international markets. | |
Michael Miebach Executive | President and Chief Executive Officer | N/A | Michael Miebach has been the CEO of Mastercard since January 2021, previously serving as President and Chief Product Officer. He has extensive experience in product development and regional leadership. | View Report → |
Raja Rajamannar Executive | Chief Marketing & Communications Officer and President, Healthcare | N/A | Raja Rajamannar has been with Mastercard since 2013, currently leading marketing and healthcare initiatives. | |
Sachin Mehra Executive | Chief Financial Officer | N/A | Sachin Mehra became CFO in April 2019, having previously served as Chief Financial Operations Officer and in various financial leadership roles within Mastercard. | |
Sandra Arkell Executive | Corporate Controller and Principal Accounting Officer | N/A | Sandra Arkell is the Corporate Controller and Principal Accounting Officer as of February 2025. | |
Tim Murphy Executive | Chief Administrative Officer | N/A | Tim Murphy has been with Mastercard since 2000, currently serving as Chief Administrative Officer. | |
Candido Bracher Board | Director | Board Member at Itaú Unibanco Group | Candido Bracher joined the board in September 2021, with a background in financial services and consumer insights. | |
Choon Phong Goh Board | Director | CEO of Singapore Airlines Limited, Chairman of Budget Aviation Holdings Pte Ltd, Director at SIA Engineering Company Limited | Choon Phong Goh has been a director since April 2018, contributing insights from the airline industry. | |
Gabrielle Sulzberger Board | Director | Senior Advisor at Two Sigma Impact, Board Member at Cerevel Therapeutics Holdings, Inc., Eli Lilly and Company, Warby Parker Inc. | Gabrielle Sulzberger has been a director since December 2018, with experience in finance and governance. | |
Harit Talwar Board | Director | Non-Executive Chair at Better Home & Finance Holding Company, Co-Chairman of the Board at American India Foundation | Harit Talwar has been a director since April 2022, with extensive experience in global payments and consumer banking. | |
Julius Genachowski Board | Director | Board Chair at Sonos Inc., Board Member at Mattel, Inc. | Julius Genachowski has been a director since June 2014, with expertise in regulatory and government affairs, digital innovation, and financial oversight. | |
Lance Uggla Board | Director | Vice Chair at General Atlantic, Founder of General Atlantic BeyondNetZero | Lance Uggla has been a director since June 2019, with insights into data, technology, and innovation. | |
Merit E. Janow Board | Chairman of the Board | Board Member at American Funds, Board Chair of Japan Society, Member of Mitsubishi UFJ Financial Group advisory board, Board of Directors at Peterson Institute for International Economics | Merit E. Janow has been Chairman of the Board since January 2022, bringing expertise in technology, innovation, and regulatory affairs. | |
Oki Matsumoto Board | Director | Founder and Executive Chairman of Monex Group, Inc., International Board Member at Human Rights Watch | Oki Matsumoto has been a director since June 2016, bringing financial expertise and digital innovation experience. | |
Richard K. Davis Board | Director | Lead Director at Dow Inc., Trustee at Mayo Clinic | Richard K. Davis has been a director since June 2018, with extensive experience in financial services and regulatory engagement. | |
Rima Qureshi Board | Director | Director at GSMA Board, Director at Verizon Foundation | Rima Qureshi has been a director since April 2011, with a background in telecommunications and information technology. | |
Youngme Moon Board | Director | Board Member at Sweetgreen, Inc. and Warby Parker Inc. | Youngme Moon has been a director since June 2019, with expertise in strategy, innovation, and sustainability. |
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With the significant investments and time required to build acceptance in China, how do you plan to manage potential risks and ensure profitability in this market, especially given the challenges in achieving widespread acceptance?
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Given the competitive environment and the increasing use of incentives to win volume, how do you intend to manage the impact on net revenue yield and margins, and is there a risk of eroding profitability due to a "race to the bottom" in pricing?
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As you continue to invest heavily in value-added services like cybersecurity through acquisitions such as Recorded Future, how do you balance these investments with return expectations, and what challenges do you foresee in scaling these services beyond transaction-based revenues?
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With over 60% of transactions in Latin America still conducted in cash, what are the key challenges you face in driving electronic payment adoption in this region, and how do you plan to address potential regulatory and economic risks associated with these markets?
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As you expand your multi-rail strategy and offer value-added services to non-Mastercard transactions, how do you manage potential conflicts of interest and ensure that this doesn't undermine your core payments business in an increasingly competitive landscape?
Research analysts who have asked questions during Mastercard earnings calls.
Darrin Peller
Wolfe Research, LLC
6 questions for MA
Harshita Rawat
AllianceBernstein
6 questions for MA
Sanjay Sakhrani
Keefe, Bruyette & Woods (KBW)
6 questions for MA
Tien-tsin Huang
JPMorgan Chase & Co.
6 questions for MA
Bryan Keane
Deutsche Bank
4 questions for MA
Trevor Williams
Jefferies LLC
4 questions for MA
Andrew Schmidt
Citigroup Inc.
3 questions for MA
Bryan Bergin
TD Cowen
3 questions for MA
Craig Maurer
FT Partners
3 questions for MA
James Faucette
Morgan Stanley
3 questions for MA
Rayna Kumar
Oppenheimer & Co. Inc.
3 questions for MA
Timothy Chiodo
UBS Group AG
3 questions for MA
David Koning
Robert W. Baird & Co.
2 questions for MA
Fahed Kunwar
Redburn Atlantic
2 questions for MA
Jason Kupferberg
Bank of America
2 questions for MA
Ramsey El-Assal
Barclays
2 questions for MA
Tim Chiodo
UBS Group AG
2 questions for MA
William Nance
The Goldman Sachs Group, Inc.
2 questions for MA
Adam Frisch
Evercore ISI
1 question for MA
Andrew Jeffrey
William Blair & Company
1 question for MA
James Friedman
Susquehanna Financial Group, LLLP
1 question for MA
Ken Suchoski
Autonomous Research
1 question for MA
Nate Svensson
Deutsche Bank
1 question for MA
Paul Golding
Macquarie Capital
1 question for MA
Will Nance
Goldman Sachs
1 question for MA
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Competes worldwide in the general purpose payments network category, offering a range of card-based payment products. Financial institutions may issue both Mastercard- and Visa-branded payment products, leading to competition on the basis of individual portfolios or programs. Some competitors have more market share in certain jurisdictions and may have different business models that provide advantages in pricing or regulatory compliance burdens. | |
Operates in the general purpose payments network category, offering a range of card-based payment products. Some customers issue American Express-branded payment cards in a manner consistent with a four-party system. | |
JCB | Competes in the general purpose payments network category, offering card-based payment products. |
China UnionPay | Competes in the general purpose payments network category, offering card-based payment products. Some customers issue China UnionPay-branded payment cards in a manner consistent with a four-party system. |
Discover | Competes in the general purpose payments network category, offering card-based payment products. Some customers issue Discover-branded payment cards in a manner consistent with a four-party system. |
PIX (Brazilian Instant Payment System) | A government-backed network in Brazil, increasingly considered as an alternative to traditional domestic payment solutions and schemes. |
FedNow | A government-backed network in the U.S., increasingly considered as an alternative to traditional domestic payment solutions and schemes. |
United Payments Interface (UPI) | A government-backed network in India, which has expanded interoperability and cross-border reach globally, including a partnership with the UAE to enable Indian travelers to pay with UPI. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Recorded Future | 2024 | Mastercard announced the acquisition of Recorded Future for $2.65 billion, aimed at enhancing its threat intelligence and cybersecurity services. The deal, pending regulatory approval, is expected to close in Q1 2025. |
Minna Technologies | 2024 | Mastercard acquired Minna Technologies to bolster its subscription management capabilities, enabling consumers to manage subscriptions directly from banking interfaces and strengthening merchant, bank, and consumer relationships. |
Dynamic Yield LTD | 2022 | Mastercard acquired 100% of Dynamic Yield LTD for $325 million in cash, gaining key assets including developed technologies, customer relationships, and goodwill to integrate with its loyalty and consumer engagement platforms. |
Recent press releases and 8-K filings for MA.
- Beyond by RS2, the innovation arm of RS2 Financial Services, has become a Principal Issuing Member of Mastercard in Europe, enabling direct launch and management of payment card programs.
- The new status provides full issuing capabilities—including BIN sponsorship and co-branded debit, credit, prepaid, and commercial cards in both physical and digital formats with Apple Pay and Google Pay support.
- Offers end-to-end program management—branded products, customer support, fraud prevention, compliance—and regulatory expertise to accelerate market entry across the EU and EEA.
- Complements Beyond by RS2’s existing acquiring and processing services, creating a one-stop solution for fintechs, corporates, retailers, and banks to deploy flexible, scalable card programs.
- Mastercard delivered 15% net revenue growth on a currency-neutral basis and 15% operating income growth; EPS was $4.38, up 11% year-over-year.
- Worldwide gross dollar volume (GDV) rose 9% (U.S. +7%, ex-U.S. +10%) and cross-border volume increased 15%.
- Value-Added Services & Solutions net revenue grew 22%, with approximately 19% organic growth excluding acquisitions.
- Returned capital with $3.3 billion of share repurchases in Q3 and an additional $1.2 billion through October 27.
- Q4 guidance calls for net revenue growth at the high end of low-double digits (1–1.5% from acquisitions, 4–4.5% FX tailwind); full-year 2025 net revenues are expected to grow in the low-teens (1–1.5% acquisitions, 1–2% FX tailwind).
- Net revenue rose 15% and EPS was $4.38 (+11% Y/Y); net income up 8%. Returned $4.5 billion to shareholders via buybacks ($3.3 billion in Q3; $1.2 billion YTD).
- Worldwide GDV +9%, U.S. GDV +7%, ex-U.S. +10%; cross-border volume +15%; switch transactions +10% with 77% contactless penetration; 3.6 billion cards outstanding.
- Q4 net revenue growth at the high end of a low-double-digit range (acquisitions +1–1.5%; FX +4–4.5%); Q4 OpEx low-double digits (acquisitions +4–5%; FX −2%); FY net revenues low-teens (acquisitions +1–1.5%; FX +1–2%).
- Value Added Services net revenue +22% (non-GAAP, currency-neutral); launched AgentPay agentic commerce with first transaction and global rollout planned; expanded crypto/stablecoin card programs and Mastercard Move disbursements +35% transaction growth.
- Mastercard posted $8,602 million in non-GAAP net revenue for Q3 2025, up 17% year-over-year (15% currency-neutral).
- Adjusted operating expenses were $3,459 million, up 15% year-over-year (14% currency-neutral).
- Non-GAAP diluted EPS rose to $4.38, a 13% increase, and net income increased to $3,961 million (+10% y/y, +8% currency-neutral).
- Worldwide gross dollar volume reached $2.747 trillion, up 9% year-over-year.
- Net revenue increased 15% on a currency-neutral basis; net income rose 8% and EPS was $4.38 (+11%).
- Payment network net revenue grew 10%; Value Added Services and Solutions net revenue rose 22% (3 ppt from acquisitions).
- Worldwide gross dollar volume (GDV) +9% YoY; cross-border volume +15%; 3.6 billion cards issued (+6%).
- Operating expenses up 14% (incl. acquisitions); $3.3 billion in share repurchases in Q3 and $1.2 billion through Oct 27, 2025.
- Q4 net revenue growth expected at the high end of low-double-digits (1–1.5 ppt from acquisitions, 4–4.5 ppt FX tailwind); FY 2025 net revenue to grow in the low teens excluding acquisitions (1–1.5 ppt).
- Mastercard delivered Q3 net revenue of $8.6 billion, up 17% year-over-year (15% currency-neutral).
- Third-quarter net income of $3.9 billion and diluted EPS of $4.34, increases of 20% and 23%, respectively.
- Operating income of $5.1 billion, up 26% (23% currency-neutral), with an operating margin of 58.8%.
- Payment network net revenue rose 12% (10% currency-neutral) and value-added services revenue grew 25% (22% currency-neutral).
- Key volume drivers: gross dollar volume up 9%, cross-border volume up 15%, and switched transactions up 10%, all on a local currency basis.
- Mastercard is in advanced talks to acquire blockchain startup Zerohash for between $1.5 billion and $2 billion.
- Zerohash specializes in crypto and stablecoin infrastructure, supporting institutions such as Morgan Stanley, BlackRock, and Franklin Templeton.
- The startup closed a $104 million Series D-2 round at a $1 billion valuation in September to scale operations.
- A partnership with Morgan Stanley will enable E*Trade customers to trade cryptocurrencies like Bitcoin and Ethereum starting in H1 2026.
- The deal follows Mastercard’s unsuccessful bid for BVNK, highlighting its push into digital asset settlement infrastructure.
- Virtune AB, a Swedish-regulated digital asset manager, has integrated Chainlink Proof of Reserve to provide real-time, on-chain verification for its crypto ETPs, enhancing transparency and accountability.
- The Proof of Reserve solution will be deployed across all 19 of Virtune’s ETPs — including Bitcoin, Chainlink, Arbitrum, Polygon, and staked Solana products — collectively managing over $450 million in AUM.
- Chainlink’s system enables public, aggregated reporting of underlying asset reserves without exposing individual wallet addresses, ensuring products remain 100% physically backed despite operational movements like key rotations.
- The integration underscores Virtune’s commitment to regulated, investor-protection standards and marks a milestone in elevating transparency for institutional digital asset products.
- Streamex integrates Chainlink Proof of Reserve and Price Feeds to deliver real-time on-chain verification of gold reserves backing its GLDY stablecoin
- Integration of Chainlink CCIP across Base and Solana via the Cross-Chain Token (CCT) standard enables seamless cross-chain token transfers
- Partnership enhances transparency, security, and cross-chain functionality, reinforcing Streamex’s institutional-grade RWA tokenization platform
- Chainlink’s oracle network secures over $100 billion in DeFi TVL and has facilitated tens of trillions in on-chain transactions since 2022, bolstering integration defense-in-depth
- Mastercard unveiled Mastercard Threat Intelligence, its first threat intelligence solution for large-scale payment fraud, integrating its fraud insights with Recorded Future’s cybersecurity data to help issuers and acquirers detect, prevent and respond proactively to cyber-enabled payment fraud.
- The platform’s key features include real-time card testing detection, digital skimming intelligence, merchant-specific threat insights, weekly ecosystem vulnerability reports and actionable payment intelligence studies.
- In market tests over six months, the solution helped identify and shut down malicious domains affecting 9,500 e-commerce sites and linked to an estimated US$120 million in fraud.
- Mastercard Threat Intelligence is now available to issuers and acquirers worldwide.