- Mastercard is one of the world’s largest payment networks, but it’s increasingly looking outside of its bread-and-butter businesses of processing debit and credit-card transactions.
- Its card-related revenues are down as spending slowed amid the coronavirus pandemic, according to its second-quarter earnings.
- Beyond cards, Mastercard is looking for new revenue opportunities, especially when it comes to monetizing the wealth of data it has.
- Here are the 15 execs at Mastercard leading the charge as it looks to keep up with the ever-changing world of digital payments.
- Visit Business Insider’s homepage for more stories.
Mastercard is one of the largest payment networks in the world, processing billions of transactions a year. But even with its massive size, the card giant wasn’t immune to the coronavirus pandemic slowing global spending. Revenue dropped 17% year-over-year at Mastercard, according to its second-quarter earnings.
To be sure, the pandemic has accelerated consumers’ shift toward more digital, touch-free payments, which could benefit Mastercard in the long run.
And there are opportunities beyond just cards.
Revenue from cyber, intelligence, and data, which Mastercard reports as ‘other revenue,’ was up 14% year-over-year. Those business are expected to grow, especially as payments increasingly shift online.
“More digital transactions versus more cash transactions is more data,” Michael Miebach, Mastercard’s president and incoming CEO said during its second-quarter earnings call. “More data means more desire and more need for data analytics capabilities, but also to protect that data. So our cyber solutions are going to benefit from that in the long run.”
In June, Mastercard acquired data startup Finicity, furthering its ambitions in consumer data. And its engagement with fintechs has positioned the incumbent to grow alongside disruptors in the payments space.
From working with fintechs to managing the network’s global cybersecurity infrastructure, here are the 15 execs at Mastercard driving its growth both through cards and otherwise.
Have a tip? Contact this reporter via email at sbalogh@businessinsider.com, encrypted messaging app Signal (801-824-5318), or direct message on Twitter @shannen_balogh.
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