萬事達 (MA) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Mastercard Third Quarter 2021 Earnings Conference Call.

歡迎參加萬事達卡 2021 年第三季度收益電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Mr. Warren Kneeshaw, Head of Investor Relations.

我現在想把會議交給你今天的演講者，投資者關係主管 Warren Kneeshaw 先生。

Please go ahead.

請繼續。

Thank you, Jumaria.

謝謝你，朱瑪麗亞。

Good morning, everyone, and thank you for joining us for our third quarter 2021 earnings call.

大家早上好，感謝您加入我們的 2021 年第三季度財報電話會議。

With me today are Michael Miebach, our Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer.

今天和我在一起的是我們的首席執行官 Michael Miebach；和我們的首席財務官 Sachin Mehra。

Following comments from Michael and Sachin, the operator will announce your opportunity to get into the queue for the Q&A session.

根據 Michael 和 Sachin 的評論，接線員將宣布您有機會進入問答環節的隊列。

It is only then that the queue will open for questions.

只有到那時，隊列才會開放提問。

You can access our earnings release, supplemental performance data and the slide deck that accompany this call in the Investor Relations section of our website, mastercard.com.

您可以在我們網站 mastercard.com 的投資者關係部分訪問我們的收益發布、補充業績數據和本次電話會議隨附的幻燈片。

Additionally, the release was furnished with the SEC earlier this morning.

此外，該新聞稿是今天早上早些時候向美國證券交易委員會提供的。

Our comments today regarding our financial results will be on a non-GAAP currency-neutral basis unless otherwise noted.

除非另有說明，否則我們今天對財務業績的評論將基於非公認會計原則貨幣中性。

Both the release and the slide deck include reconciliations of non-GAAP measures to their GAAP reported amounts.

新聞稿和幻燈片都包括非 GAAP 措施與其 GAAP 報告金額的對賬。

Finally, as set forth in more detail in our earnings release, I would like to remind everyone that today's call will include forward-looking statements regarding Mastercard's future performance.

最後，正如我們在財報中更詳細地闡述的那樣，我想提醒大家，今天的電話會議將包括有關萬事達卡未來業績的前瞻性陳述。

Actual performance could differ materially from these forward-looking statements.

實際表現可能與這些前瞻性陳述存在重大差異。

Information about the factors that could affect future performance are summarized at the end of our earnings release and in our recent SEC filings.

有關可能影響未來業績的因素的信息在我們的收益發布末尾和我們最近提交給美國證券交易委員會的文件中進行了總結。

A replay of this call will be posted on our website for 30 days.

該電話的重播將在我們的網站上發布 30 天。

With that, I will now turn the call over to our Chief Executive Officer, Michael Miebach.

有了這個，我現在將把電話轉給我們的首席執行官邁克爾米巴赫。

Thank you, Warren.

謝謝你，沃倫。

Good morning, everyone.

大家，早安。

So let me start by giving you the highlights of the quarter.

因此，讓我首先為您介紹本季度的亮點。

Strong revenue and earnings growth continued.

強勁的收入和盈利持續增長。

The net revenue up 29% and EPS up 48% versus a year ago, as always, on a non-GAAP currency-neutral basis.

在非公認會計原則貨幣中性的基礎上，與一年前一樣，淨收入增長 29%，每股收益增長 48%。

On this same basis, quarter 3 net revenues are now 11% above pre-COVID levels in 2019.

在同樣的基礎上，第三季度的淨收入現在比 2019 年 COVID 之前的水平高出 11%。

We're seeing continued strength in domestic spending and overall cross-border volumes are now back at 2019 levels, though there still remains significant room for growth in cross-border travel.

我們看到國內支出持續強勁，整體跨境交易量現已回到 2019 年的水平，但跨境旅行仍有很大的增長空間。

We're continuing to execute against our strategic priorities with good progress on the product and deal fronts this quarter.

我們將繼續執行我們的戰略重點，本季度在產品和交易方面取得了良好進展。

And we're excited about our acquisition of CipherTrace in the crypto services area and our planned acquisition of Aiia in open banking.

我們對我們在加密服務領域收購 CipherTrace 以及我們計劃在開放銀行業務中收購 Aiia 感到興奮。

So those are the highlights.

所以這些是亮點。

Looking at the broader economy, domestic spending levels continue to improve, even though economies are facing supply chain constraints, rising energy prices and some other inflationary pressures.

縱觀更廣泛的經濟，儘管經濟面臨供應鏈限制、能源價格上漲和其他一些通脹壓力，但國內支出水平繼續改善。

According to our quarter 3 SpendingPulse report, which is based on all payment types, including cash and check, U.S. retail sales ex auto, ex gas were up 5% versus a year ago and 12% versus 2019, reflecting the return to in-person shopping and the ongoing e-commerce strength.

根據我們基於所有支付類型（包括現金和支票）的第三季度 SpendingPulse 報告，美國零售額（不含汽車、不含天然氣）與去年同期相比增長 5%，與 2019 年相比增長 12%，反映了面對面的回歸購物和持續的電子商務實力。

SpendingPulse also indicated that the overall European retail sales in quarter 3 were up 5% and 6% versus 2019.

SpendingPulse 還表示，第三季度歐洲整體零售額與 2019 年相比分別增長了 5% 和 6%。

As it relates to COVID specifically, the outlook continues to get better with case numbers generally improving, new therapeutics in the pipeline, progress on vaccinations and businesses becoming more agile in the face of remaining restrictions.

由於具體與 COVID 相關，隨著病例數量普遍改善、新療法正在研發中、疫苗接種取得進展以及企業在面臨剩餘限制時變得更加靈活，前景繼續好轉。

We're also seeing a general trend toward the opening of travel corridors, notably inbound into the U.S. and some easing of restrictions in Asia.

我們還看到開放旅行走廊的總體趨勢，特別是進入美國的入境和亞洲的一些限制放鬆。

Now turning to our business.

現在轉向我們的業務。

While the pandemic is not fully behind us, we're now in the growth phase in most markets domestically and in many markets in cross-border spending as well.

儘管大流行尚未完全過去，但我們現在在國內大多數市場以及跨境支出的許多市場都處於增長階段。

We will, therefore, turn the page and move beyond the 4-phased framework that guided us through the last 19 months and focus on managing the business for the growth opportunities ahead of us.

因此，我們將翻開新的一頁，超越過去 19 個月指導我們的 4 階段框架，專注於管理業務以迎接我們面前的增長機會。

Looking at Mastercard's spending trends.

查看萬事達卡的消費趨勢。

Switched volumes improved quarter-over-quarter.

交換量環比增長。

We saw particular strength in consumer and commercial credit.

我們看到消費信貸和商業信貸特別強勁。

Debit spend remains elevated, although it has moderated in recent weeks in part due to waning stimulus benefits.

借方支出仍然較高，儘管最近幾周有所放緩，部分原因是刺激收益減弱。

In terms of how people are spending, card-present volumes continue to improve as people are getting out and shopping more while we are still seeing sustained strength in card-not-present spend.

就人們的消費方式而言，隨著人們外出購物的次數增加，持卡量繼續增加，而我們仍然看到無卡消費持續強勁。

So regardless of whether people want to shop online or in-person, our solutions support that choice and position us well to participate in both trends.

因此，無論人們是想在線購物還是親自購物，我們的解決方案都支持這種選擇，並使我們能夠很好地參與這兩種趨勢。

Now let's take a look at cross-border.

現在讓我們來看看跨界。

Overall, cross-border returned to 2019 levels in August, driven by improvements in consumer and commercial travel as well as the ongoing strength of cross-border card-not-present spending ex travel.

總體而言，由於消費者和商業旅行的改善以及跨境無卡旅行前支出的持續增長，8 月份跨境旅行恢復到 2019 年的水平。

Our cross-border travel improved from 48% of 2019 levels in the second quarter to 72% this quarter with substantial upside potential still remaining as and when borders open.

我們的跨境旅行從第二季度的 2019 年水平的 48% 提高到本季度的 72%，隨著邊境開放，仍有很大的上升潛力。

Against this backdrop, we're investing in the growth of our business, including the enhancing end of our leading technology capabilities, like expanding our network edge to connect directly with our customers through the cloud, providing faster and easier access to our products and services.

在此背景下，我們正在投資於我們的業務增長，包括增強我們領先的技術能力，例如擴展我們的網絡邊緣以通過雲直接與我們的客戶連接，提供更快、更輕鬆地訪問我們的產品和服務.

And of course, we remain focused on our strategic priorities: number one, rolling out core products while driving the shift to digital; two, differentiating and diversifying with our services; and three, leveraging our multi-rail capabilities to offer choice across payment applications.

當然，我們仍然專注於我們的戰略重點：第一，推出核心產品，同時推動向數字化的轉變；二、通過我們的服務實現差異化和多樣化；第三，利用我們的多軌功能提供跨支付應用程序的選擇。

Now let's take them one-by-one and turn to how we're growing our core products and driving the shift through digital: through Mastercard Installments, by winning core deals and by continuing our momentum in the fintech space.

現在讓我們一一討論我們如何發展我們的核心產品並推動數字化轉型：通過萬事達卡分期付款、贏得核心交易以及繼續我們在金融科技領域的發展勢頭。

First, let me tell you about our recently announced Mastercard Installments, our scalable, open loop, buy-now-pay-later solution.

首先，讓我告訴您我們最近宣布的萬事達卡分期付款，這是我們可擴展的、開環的、先買後付的解決方案。

Mastercard Installments is differentiated in that it enables banks, lenders, fintechs and wallets to seamlessly bring buy-now-pay-later solutions to consumers and merchants at scale and in a secure, tokenized manner.

萬事達卡分期付款的與眾不同之處在於，它使銀行、貸方、金融科技公司和錢包能夠以安全、代幣化的方式無縫地為消費者和商家提供先購買後付款的解決方案。

With little to no integration for merchants, our solution avoids the need for lenders to engage merchants one-by-one to roll this out, enables them to deliver more payment options to more consumers faster.

由於商家幾乎沒有集成，我們的解決方案避免了貸方與商家一對一地進行推廣的需要，使他們能夠更快地向更多消費者提供更多支付選項。

Our solution brings choice at scale, delivered through the Mastercard network.

我們的解決方案通過萬事達卡網絡提供大規模的選擇。

Our consumers will be able to access buy-now-pay-later offers through their bank's mobile banking app at the point of checkout and soon directly through Click to Pay.

我們的消費者將能夠在結賬時通過其銀行的移動銀行應用程序訪問“先買後付”的優惠，很快就可以直接通過點擊支付。

The embedded power of Finicity will help lenders with credit positioning and enable consumers to easily choose different repayment options.

Finicity 的嵌入式功能將幫助貸方進行信用定位，並使消費者能夠輕鬆選擇不同的還款方式。

Mastercard Installments will power our core payments and enable us to provide additional value through services, such as data analytics, loyalty and [fraud tools].

萬事達卡分期付款將為我們的核心支付提供動力，並使我們能夠通過數據分析、忠誠度和 [欺詐工具] 等服務提供額外價值。

We've seen strong interest from players on all sides of the ecosystem and look forward to growing our partnerships in this area.

我們已經看到生態系統各方面參與者的強烈興趣，並期待在這一領域發展我們的合作夥伴關係。

As always, we remain focused on continuing to grow share.

與往常一樣，我們仍然專注於繼續增加份額。

And we've won deals across the globe this quarter.

我們在本季度贏得了全球範圍內的交易。

In the U.K., we're partnering with Chase as the preferred debit partner of their new digital retail bank.

在英國，我們與 Chase 合作，作為他們新的數字零售銀行的首選借記合作夥伴。

In Canada, we've extended our exclusive co-brand with Costco Canada.

在加拿大，我們擴展了與加拿大 Costco 的獨家聯合品牌。

And in Brazil, we signed a deal with Autopass to issue more than 10 million cards to mass transit users in the São Paulo area, and along with that, open, contactless acceptance across their subway trains and city buses.

在巴西，我們與 Autopass 簽署了一項協議，向聖保羅地區的公共交通用戶發放超過 1000 萬張卡，與此同時，在他們的地鐵列車和城市公交車上開放、非接觸式接受。

We're also building our leading position with fintechs and mobile money providers.

我們還在與金融科技和移動貨幣提供商建立領先地位。

Here are a few recent examples.

這裡有幾個最近的例子。

PayPal has extended its PayPal Business Debit card into our four markets in Europe.

PayPal 已將其 PayPal Business Debit 卡擴展到我們在歐洲的四個市場。

PayPal will also directly leverage Mastercard Send for domestic wallet cash-outs and P2P transactions in the U.S. We're partnering with Vodafone in Egypt across all of their mobile money use cases, including cash-outs, P2P and bill payments.

PayPal 還將直接利用 Mastercard Send 在美國進行國內錢包提現和 P2P 交易。我們正在與埃及的 Vodafone 就其所有移動貨幣用例進行合作，包括提現、P2P 和賬單支付。

We expanded our strategic partnership with Yandex in Russia and we'll be their preferred international partner for all of their fintech initiatives.

我們擴大了與俄羅斯 Yandex 的戰略合作夥伴關係，我們將成為他們所有金融科技計劃的首選國際合作夥伴。

And Finterra, an innovative market leader that connects U.S. banks and fintechs to get cards and financial products into the market, will leverage our digital-first Finicity, Mastercard Send and cybersecurity assets.

Finterra 是一家創新的市場領導者，將美國銀行和金融科技公司連接起來，將卡和金融產品推向市場，它將利用我們的數字優先 Finicity、萬事達卡發送和網絡安全資產。

Now shifting to services.

現在轉向服務。

Our services support and differentiate our core products and have played a critical role in enabling many of the wins I just mentioned.

我們的服務支持和區分我們的核心產品，並在我剛才提到的許多成功中發揮了關鍵作用。

They, of course, also diversify our business.

當然，它們也使我們的業務多樣化。

We had many wins in this area this quarter.

本季度我們在這一領域取得了許多勝利。

Starting with the cybersecurity space.

從網絡安全領域開始。

Ethoca is helping multiple players, including AT&T and Mercado Libre, reduce charge-backs through collaboration, thereby creating purchase transparency.

Ethoca 正在幫助包括 AT&T 和 Mercado Libre 在內的多家參與者通過合作減少退款，從而提高采購透明度。

Banco de Bogotá is using our artificial intelligence capabilities to improve consumer experiences, increase profitability and identify new opportunities.

Banco de Bogotá 正在利用我們的人工智能能力來改善消費者體驗、提高盈利能力並發現新機會。

And in Europe, (inaudible) is leveraging NuData's behavioral biometrics to help thousands of new banks authenticate online transactions.

在歐洲，（聽不清）正在利用 NuData 的行為生物識別技術來幫助數千家新銀行驗證在線交易。

Data analytics.

數據分析。

The tourism agencies in Greece, Hungary and elsewhere are using services like tourism insights and managed services to gather greater visibility of trends and drive deeper insights to support their tourism campaigns.

希臘、匈牙利和其他地方的旅遊機構正在使用旅遊洞察力和管理服務等服務來收集更大的趨勢可見性，並推動更深入的洞察力來支持他們的旅遊活動。

In the UAE, HSBC is leveraging our Test & Learn capabilities to innovate, experiment and roll out new products for better customer engagement.

在阿聯酋，匯豐銀行正在利用我們的測試和學習能力來創新、試驗和推出新產品，以提高客戶參與度。

And we're having success in the loyalty space with our innovative digital solutions, driving wins with players like the global fitness chain, Barry's and (inaudible) and Saudi National Bank.

我們憑藉創新的數字解決方案在忠誠度領域取得了成功，與全球健身連鎖店、Barry's and（聽不清）和沙特國家銀行等參與者一起贏得了勝利。

Now let's turn to the progress we've made in offering choice to consumers across payment applications with our multi-rail capabilities, including open banking, B2B and crypto.

現在讓我們看看我們在使用我們的多軌功能（包括開放銀行、B2B 和加密）為消費者提供跨支付應用程序選擇方面所取得的進展。

In open banking, we're happy about our planned acquisition of Aiia.

在開放式銀行業務中，我們對計劃收購 Aiia 感到高興。

Aiia is a leading European open banking player, whose platform expertise, strong API connectivity and payment capabilities complement our existing open banking assets.

Aiia 是歐洲領先的開放銀行參與者，其平台專業知識、強大的 API 連接和支付能力補充了我們現有的開放銀行資產。

We will combine Aiia's European footprint with Finicity's connectivity in the U.S. and our expansion into other markets like Australia.

我們將把 Aiia 的歐洲足跡與 Finicity 在美國的連通性以及我們向澳大利亞等其他市場的擴張結合起來。

This will allow us to extend each organization's best-in-class capabilities, such as credit decisioning, credit scoring, account information services and payment applications across markets.

這將使我們能夠擴展每個組織的一流能力，例如跨市場的信用決策、信用評分、賬戶信息服務和支付應用程序。

Talking about markets.

談論市場。

We continue to make progress with our open banking product in Europe with players like Entercard, one of Scandinavia's leading credit card companies.

我們與斯堪的納維亞領先的信用卡公司之一 Entercard 等公司合作，繼續在歐洲的開放式銀行產品方面取得進展。

And in the U.S., Finicity is working with UGO to enable account opening verifications, along with future plans to expand into payments.

在美國，Finicity 正在與 UGO 合作，以實現開戶驗證，以及未來擴展到支付領域的計劃。

In B2B, we continue to expand the Track Business Payment Service network with key partners like JPMorgan Chase as well as merchant acquirers such as Moneris, the largest acquirer and leading processor of B2B transactions in Canada, and Priority Commercial Payments, a leading payments technology company in commercial payment solutions in the U.S.

在 B2B 方面，我們繼續與摩根大通等主要合作夥伴以及加拿大最大的 B2B 交易收單機構和領先處理商 Moneris 以及領先的支付技術公司 Priority Commercial Payments 等商戶收單機構擴展 Track Business Payment Service 網絡在美國的商業支付解決方案

We're also adding new functionality to Track DBS and are partnering with Demica to launch a supply chain finance capability.

我們還在為 Track DBS 添加新功能，並與 Demica 合作推出供應鏈金融功能。

This functionality empowers payment agents to provide their business customers with access to affordable working capital directly through the Mastercard Track DBS platform.

此功能使支付代理能夠直接通過 Mastercard Track DBS 平台為其企業客戶提供負擔得起的營運資金。

And in the U.K., HSBC will be the first to issue a Mastercard Track Card to Account Transfer product, an innovative B2B payment solution that allows businesses to use their commercial card program to make payments to any supplier, even if that supplier does not accept card payments.

在英國，匯豐銀行將率先發行 Mastercard Track Card to Account Transfer 產品，這是一種創新的 B2B 支付解決方案，允許企業使用其商業卡計劃向任何供應商付款，即使該供應商不接受卡付款。

Again, a true multi-rail offering.

再次，真正的多軌產品。

And finally, in the crypto space, we're making it easier for crypto players to connect to our network.

最後，在加密領域，我們讓加密玩家更容易連接到我們的網絡。

We signed up a number of new crypto wallet providers and exchanges this quarter, including Bit2Me, (inaudible), Kanga by ZEN.

本季度我們簽約了許多新的加密錢包提供商和交易所，包括 Bit2Me、（聽不清）、ZEN 的 Kanga。

COM, Coinmotion and CoinJar.

COM、Coinmotion 和 CoinJar。

Our crypto program, which is based on (inaudible) principles of engagement, allows consumers to easily buy crypto assets with their Mastercard, spend their crypto balances wherever Mastercard is accepted, cash out their proceeds with Mastercard Send and earn rewards in the form of crypto or even NFT.

我們的加密計劃基於（聽不清）參與原則，允許消費者使用萬事達卡輕鬆購買加密資產，在任何接受萬事達卡的地方使用他們的加密餘額，使用萬事達卡兌現他們的收益並以加密的形式獲得獎勵甚至是 NFT。

We're also seeing a growing services opportunity in this space.

我們還看到了這個領域不斷增長的服務機會。

Earlier this month, we acquired CipherTrace, a security and fraud monitoring company with expertise, technologies and insights into more than 900 cryptocurrencies.

本月早些時候，我們收購了 CipherTrace，這是一家安全和欺詐監控公司，擁有對 900 多種加密貨幣的專業知識、技術和洞察力。

Our recently announced agreement with Bakkt will also add to our expanding crypto services portfolio.

我們最近宣布與 Bakkt 達成的協議也將增加我們不斷擴大的加密服務組合。

So let me sum this up one more time.

所以讓我再總結一下。

We delivered strong revenue, earnings growth this quarter.

我們本季度實現了強勁的收入和盈利增長。

We are seeing continued strength in domestic spending in most markets.

我們看到大多數市場的國內支出持續強勁。

And while overall cross-border volumes are back at 2019 levels, there remains significant room for growth in cross-border travel.

儘管整體跨境客流量已回到 2019 年的水平，但跨境旅遊仍有很大的增長空間。

We're executing against our strategic priorities with good progress on the product and deal front, as you heard, we're doing all of that while carefully managing our expenses.

正如您所聽到的，我們正在執行我們的戰略重點，在產品和交易方面取得了良好進展，我們在謹慎管理開支的同時做到了所有這些。

That's it for me.

對我來說就是這樣。

Sachin, over to you.

薩欽，交給你了。

Thanks, Michael, and good morning, everyone.

謝謝，邁克爾，大家早上好。

So turning to Page 3, which shows our financial performance for the quarter on a currency-neutral basis, excluding special items and the impact of gains and losses on our equity investments.

所以轉到第 3 頁，它顯示了我們在貨幣中性基礎上本季度的財務業績，不包括特殊項目以及損益對我們股權投資的影響。

Net revenue was up 29%, reflecting the continued execution of our strategy and the ongoing recovery in spending.

淨收入增長 29%，反映了我們戰略的持續執行和支出的持續復甦。

Acquisitions contributed 3 ppt to this growth.

收購為這一增長貢獻了 3 個百分點。

Operating expenses increased 23%, including an 8 ppt increase from acquisitions.

運營費用增加 23%，其中收購增加了 8 個百分點。

Operating income was up 34% and net income was up 45%, both of which include a 1 ppt decrease related to acquisitions.

營業收入增長 34%，淨收入增長 45%，其中包括與收購相關的下降 1 個百分點。

Further, net income growth was also positively impacted by 6 ppt due to the recognition of higher one-time discrete U.S. tax benefits versus a year ago.

此外，由於承認美國一次性離散稅收優惠高於一年前，淨收入增長也受到了 6 個百分點的積極影響。

EPS was up 48% year-over-year to $2.37, which includes $0.02 of dilution related to our recent acquisitions, offset by a $0.04 contribution from share repurchases.

每股收益同比增長 48% 至 2.37 美元，其中包括與我們最近的收購相關的 0.02 美元稀釋，被股票回購貢獻的 0.04 美元所抵消。

During the quarter, we repurchased $1.6 billion worth of stock and an additional $361 million through October 25, 2021.

在本季度，我們回購了價值 16 億美元的股票，並在 2021 年 10 月 25 日之前再回購了 3.61 億美元。

So now let's turn to Page 4, where you can see the operational metrics for the third quarter.

現在讓我們轉到第 4 頁，您可以在其中查看第三季度的運營指標。

Worldwide gross dollar volume or GDV increased by 20% year-over-year on a local currency basis.

以當地貨幣計算，全球總美元交易量或 GDV 同比增長 20%。

We are seeing continued strength in both debit and credit.

我們看到借方和貸方的持續增長。

U.S. GDV increased by 20% with debit growth of 9% and credit growth of 36%.

美國的 GDV 增長了 20%，借方增長 9%，貸方增長 36%。

Outside of the U.S., volume increased 20%, with debit growth of 23% and credit growth of 16%.

在美國以外，交易量增長 20%，借方增長 23%，貸方增長 16%。

To put this in perspective, as a percentage of 2019 levels, GDV is at 121%, up 2 ppt sequentially, with credit at 111%, up 4 ppt sequentially, and debit at 131%, flat quarter-over-quarter.

從這個角度來看，作為 2019 年水平的百分比，GDV 為 121%，環比增長 2 個百分點，信貸為 111%，環比增長 4 個百分點，借方為 131%，環比持平。

Cross-border volume was up 52% globally for the quarter with intra-Europe cross-border volumes up 47% and other cross-border volumes up 60%, reflecting continued improvement and the lapping of the pandemic last year.

本季度全球跨境交易量增長 52%，歐洲內部跨境交易量增長 47%，其他跨境交易量增長 60%，反映了持續改善和去年大流行的影響。

In the third quarter, cross-border volume was at 97% of 2019 levels with intra-Europe at 112% and other cross-border volume at 83% of 2019 levels.

第三季度，跨境交易量為 2019 年水平的 97%，歐洲內部交易量為 112%，其他跨境交易量為 2019 年水平的 83%。

Notably, cross-border volumes averaged at or above 100% of 2019 levels in the months of August and September.

值得注意的是，8 月和 9 月的跨境交易量平均達到或高於 2019 年水平的 100%。

Turning now to Page 5. Switched transactions grew 25% year-over-year in Q3 and were at 131% of 2019 levels.

現在轉到第 5 頁。第三季度轉換交易同比增長 25%，達到 2019 年水平的 131%。

Card-not-present growth rates remained strong and card-present growth continue to improve.

無卡增長保持強勁，有卡增長繼續改善。

Card-present growth was aided in part by increases in contactless penetration in several regions.

一些地區的非接觸式滲透率的增加部分促進了卡片存在的增長。

In Q3, contactless transactions represented 48% of in-person purchase transactions globally, up from 45% last quarter.

在第三季度，非接觸式交易占全球面對面購買交易的 48%，高於上一季度的 45%。

In addition, card growth was 8%.

此外，卡增長為 8%。

Globally, there are 2.9 billion Mastercard and Maestro-branded cards issued.

全球共發行了 29 億張萬事達卡和 Maestro 品牌卡。

Now let's turn to Page 6 for highlights on a few of the revenue line items, again described on a currency-neutral basis, unless otherwise noted.

現在讓我們轉到第 6 頁，了解一些收入項目的亮點，除非另有說明，否則再次在貨幣中性的基礎上進行描述。

The increase in net revenue of 29% was primarily driven by domestic and cross-border transaction and volume growth as well as strong growth in services, partially offset by higher rebates and incentives.

淨收入增長 29% 主要是由於國內和跨境交易和交易量的增長以及服務的強勁增長，部分被更高的回扣和激勵措施所抵消。

As previously mentioned, acquisitions contributed approximately 3 ppt to net revenue growth.

如前所述，收購對淨收入增長貢獻了約 3 個百分點。

Looking quickly at the individual revenue line items.

快速查看各個收入行項目。

Domestic assessments were up 21% while worldwide GDV grew 20%.

國內評估增長了 21%，而全球 GDV 增長了 20%。

Cross-border volume fees increased 59% while cross-border volumes increased 52%.

跨境交易量費用增加了 59%，而跨境交易量增加了 52%。

The 7 ppt difference is primarily due to favorable mix as higher-yielding ex intra-Europe cross-border volumes grew faster than intra-Europe cross-border volumes this quarter.

7 個百分點的差異主要是由於有利的組合，因為本季度高收益的歐洲內部跨境交易量增長快於歐洲內部跨境交易量。

Transaction processing fees were up 26%, generally in line with switched transaction growth of 25%.

交易手續費上漲 26%，與轉換交易 25% 的增長基本一致。

Other revenues were up 35%, including a 10 ppt contribution from acquisitions.

其他收入增長 35%，其中收購貢獻了 10 個百分點。

The remaining growth was mostly driven by our Cyber & Intelligence and Data & Services solutions.

其餘的增長主要由我們的網絡與情報和數據與服務解決方案推動。

Finally, rebates and incentives were up 34%, reflecting the strong growth in volume of transactions and new and renewed deal activity.

最後，回扣和獎勵增加了 34%，反映出交易量以及新的和續訂交易活動的強勁增長。

Moving on to Page 7. You can see that on a currency-neutral basis, total operating expenses increased 23%, including an 8 ppt impact from acquisitions.

轉到第 7 頁。您可以看到，在貨幣中性的基礎上，總運營費用增加了 23%，其中包括 8 個百分點的收購影響。

Excluding acquisitions, operating expenses grew 16%, primarily due to higher personnel costs as we invest in our strategic initiatives, including -- sorry, increased spending on advertising and marketing and increased data processing costs.

不包括收購，運營費用增長了 16%，這主要是由於我們投資於我們的戰略計劃時人員成本增加，包括——抱歉，廣告和營銷支出增加以及數據處理成本增加。

Turning to Page 8. Let's discuss the specific metrics for the first 3 weeks of October.

轉到第 8 頁。讓我們討論 10 月前 3 週的具體指標。

We are seeing continued strength in growth rates across our operating metrics versus 2020, in part due to the lapping effects related to the pandemic that began last year.

與 2020 年相比，我們的運營指標的增長率持續強勁，部分原因是與去年開始的大流行相關的重疊效應。

To provide you better visibility into current spending levels, we are once again showing 2021 volumes and transactions as a percentage of the 2019 amounts, when we were not experiencing the impact of the pandemic.

為了讓您更好地了解當前的支出水平，我們再次顯示 2021 年的交易量和交易量佔 2019 年金額的百分比，當時我們沒有受到大流行的影響。

So if you look at spending levels as a percentage of 2019 for switched volumes, through the first 3 weeks of October, the recent trends have continued with overall switched volumes at 134% of 2019 levels, up 3 ppt versus Q3.

因此，如果您將支出水平視為 2019 年轉換量的百分比，到 10 月的前 3 週，最近的趨勢仍在繼續，整體轉換量為 2019 年水平的 134%，比第三季度增長 3 個百分點。

The U.S. has held steady with some moderation in growth from earlier levels due to the roll-off of stimulus.

由於刺激措施的取消，美國的增長保持穩定，較早前水平有所放緩。

And outside the U.S., we have seen continued improvement.

在美國以外，我們看到了持續改善。

Trends in switched transactions remain steady and are generally tracking the trends we are seeing in switched volumes.

轉換交易的趨勢保持穩定，並且通常跟踪我們在轉換交易量中看到的趨勢。

In terms of cross-border, as I noted earlier, spending levels as a percentage of 2019 were back to pre-pandemic levels, starting in August.

在跨境方面，正如我之前提到的，從 8 月開始，支出水平佔 2019 年的百分比已回到大流行前的水平。

That improving trend has continued through the first 3 weeks of October.

這種改善趨勢一直持續到 10 月的前 3 週。

And we are now at 105% of 2019 levels.

我們現在處於 2019 年水平的 105%。

This improvement is driven by increases in both travel and non-travel cross-border volumes.

這種改善是由旅行和非旅行跨境量的增加推動的。

As it relates to travel, we have seen it picking up in all regions, notably within and to Europe and recently into Canada as well.

由於它與旅行有關，我們已經看到它在所有地區都有所上升，特別是在歐洲內部和歐洲，最近也進入了加拿大。

Turning to Page 9. I wanted to share our current thoughts looking forward.

翻到第 9 頁。我想分享我們目前對未來的看法。

First off, our deal momentum and service lines continue to position us well for growth and diversify our revenues.

首先，我們的交易勢頭和服務線繼續為我們的增長和收入多樣化提供良好的定位。

And we continue to make strong progress against our strategic objectives.

我們繼續在實現我們的戰略目標方面取得重大進展。

Domestic spending levels remain healthy.

國內支出水平保持健康。

And we are encouraged by the recent resurgence in international travel.

我們對最近國際旅行的複蘇感到鼓舞。

We are optimistic about the announced relaxation of border restrictions in places like the U.S. and the U.K., given that we have seen travel pickup when borders have opened in the past.

我們對美國和英國等地宣布放寬邊境限制持樂觀態度，因為過去邊境開放時我們看到了旅行量的增加。

Further, the airlines have recently reported increased travel bookings, including long-haul travel.

此外，航空公司最近報告稱旅行預訂增加，包括長途旅行。

With this as context, assuming domestic and cross-border spending trends relative to 2019 continue to improve, we would expect Q4 net revenues to grow at a low 20s rate year-over-year on a currency-neutral basis, excluding acquisitions.

在此背景下，假設相對於 2019 年的國內和跨境支出趨勢繼續改善，我們預計第四季度淨收入將在不包括收購的貨幣中性基礎上以 20 多歲的低速度同比增長。

As a reminder, spending recovered progressively in 2020, so we will be facing a more difficult comp of approximately 7 ppt in the fourth quarter relative to the third quarter.

提醒一下，支出在 2020 年逐步恢復，因此與第三季度相比，第四季度我們將面臨約 7 個百分點的更困難的競爭。

It is also important to point out that this is just one potential scenario as the level of uncertainty remains related to the pandemic and therefore the pace of recovery may not be linear.

同樣重要的是要指出，這只是一種潛在的情況，因為不確定性程度仍然與大流行有關，因此復甦的步伐可能不是線性的。

In terms of operating expenses for the fourth quarter, we expect operating expenses to grow at the low end of low double digits versus a year ago on a currency-neutral basis, excluding acquisitions.

就第四季度的運營費用而言，我們預計在不包括收購在內的貨幣中性基礎上，運營費用將與一年前相比在兩位數的低端增長。

This reflects our disciplined approach to expense management while advancing our innovation agenda across payments, services and promising new adjacencies and continued investment in brand and product marketing.

這反映了我們嚴格的費用管理方法，同時推進我們在支付、服務和有前途的新鄰接方面的創新議程，以及對品牌和產品營銷的持續投資。

With respect to acquisitions, we are pleased to now have closed on the CipherTrace transaction.

關於收購，我們很高興現在已經完成了 CipherTrace 交易。

And we expect acquisitions will contribute about 2 to 3 ppt to revenue and 8 ppt to operating expense growth in Q4.

我們預計第四季度收購將貢獻約 2 至 3 個百分點的收入和 8 個百分點的運營費用增長。

This reflects the integration of several acquisitions in the open banking, digital identity and real-time payment areas.

這反映了在開放銀行、數字身份和實時支付領域的幾項收購的整合。

Other items to keep in mind.

其他要記住的項目。

Foreign exchange is expected to be about 0.5 ppt headwind to both net revenue and operating expenses in Q4.

預計第四季度外匯對淨收入和運營費用的影響約為 0.5 個百分點。

On the other income and expense line, we are at an expense run rate of approximately $120 million per quarter, given the prevailing interest rates.

在另一個收入和支出項目上，考慮到現行利率，我們每季度的支出運行率約為 1.2 億美元。

This excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics.

這不包括我們的股權投資的收益和損失，這些收益和損失不包括在我們的非公認會計原則指標中。

And finally, we expect a tax rate of approximately 18% to 19% for the fourth quarter.

最後，我們預計第四季度的稅率約為 18% 至 19%。

Thanks, and I hope you will be able to participate in our virtual investment community meeting on November 10.

謝謝，我希望你能參加我們在 11 月 10 日舉行的虛擬投資社區會議。

We look forward to discussing our future plans with you at that time.

我們期待屆時與您討論我們的未來計劃。

And with that, I will turn the call back over to Warren.

有了這個，我會把電話轉回給沃倫。

Thanks, Sachin.

謝謝，薩欽。

Jumaria, we're now ready for questions.

Jumaria，我們現在可以提問了。

(Operator Instructions) Our first question will come from the line of Lisa Ellis from MoffettNathanson.

（操作員說明）我們的第一個問題將來自 MoffettNathanson 的 Lisa Ellis。

Since you launched Mastercard Installments now a few weeks ago, can you give some color on what kind of reaction you're seeing from your fintech and bank partners?

自從您在幾週前推出萬事達卡分期付款以來，您能否談談您從金融科技和銀行合作夥伴那裡看到的反應？

And also, are you expecting that some of the specialized BNPL providers may use elements of Mastercard Installments?

此外，您是否期望一些專門的 BNPL 提供商可能會使用萬事達卡分期付款的元素？

Why or why not?

為什麼或者為什麼不？

Like what would be the tradeoffs that they would be making there?

比如他們將在那裡做出的權衡是什麼？

Thank you, Lisa.

謝謝你，麗莎。

Let me take that question first.

讓我先回答這個問題。

So buy-now-pay-later, exciting space.

所以現在購買，以後付款，令人興奮的空間。

We talked about it for years, invested with our own installment proposition, facing off to banks 5, 6 years ago, the partnerships, and now as of late Mastercard Installments as you said.

我們討論了很多年，用我們自己的分期付款方案進行投資，在 5、6 年前與銀行、合作夥伴關係，以及現在如你所說的萬事達卡分期付款。

You saw a strong lineup of initial partners, bank partners initially.

你看到了一個強大的初始合作夥伴陣容，最初是銀行合作夥伴。

I mean, the thought is to remind everybody again here is a proposition that we have built into our network.

我的意思是，這裡的想法是再次提醒大家，這是我們在網絡中建立的一個命題。

So this is really delivered with no hassle for merchants or for lenders at the point of sale.

因此，這對於商家或在銷售點的貸方來說真的很容易交付。

So the reaction from banks are strong.

所以銀行的反應很強烈。

Here in the U.S., that's where our lineup of U.S. partners, lending partners was.

在美國，這就是我們的美國合作夥伴、貸款合作夥伴陣容所在的地方。

But I've spent time on the roads over the last 3 weeks in Europe and similar conversation emerged there.

但在過去的 3 周里，我在歐洲的道路上度過了一段時間，並且在那裡出現了類似的對話。

It was just a couple of days after the announcement over Italy and banks were saying, "Wow, this makes a lot of sense.

就在意大利宣布這一消息幾天后，銀行紛紛表示：“哇，這很有意義。

It's really avoiding a significant headache for us and get into a space that we all believe is important from a consumer perspective."

它確實避免了讓我們頭疼的問題，並進入了一個我們都認為從消費者角度來看很重要的領域。”

On the fintech side, fintech lenders, novel lenders, we lean in with fintechs, some call them disruptors.

在金融科技方面，金融科技貸方，新穎的貸方，我們傾向於金融科技，有些人稱它們為破壞者。

We feel these are partnerships, we should enable anybody who wants to come on our network.

我們認為這些是夥伴關係，我們應該讓任何想加入我們網絡的人。

And we're certainly marketing this to ensure that we have the full breadth of what the market has in terms of lending offering.

我們肯定會對此進行營銷，以確保我們在貸款產品方面擁有市場的全部範圍。

That's going to be good for consumers and merchants.

這對消費者和商家都有好處。

So watch this space, more to come.

所以請注意這個空間，還有更多。

But I think it's a very compelling proposition.

但我認為這是一個非常有說服力的提議。

Our next question will come from the line of Don Fandetti from Wells Fargo.

我們的下一個問題將來自富國銀行的 Don Fandetti。

Michael, I was wondering if you could talk a little bit about disintermediation.

邁克爾，我想知道你是否可以談談去中介化。

And it seems like investors are more focused on it after the Square-Afterpay deal.

在 Square-Afterpay 交易之後，投資者似乎更加關注它。

Can you talk about that and your thoughts on more direct payments out of consumer accounts in the U.S.?

您能否談談這一點以及您對美國消費者賬戶更直接付款的看法？

Right.

對。

So Don, great question.

所以唐，很好的問題。

Choice in payments has been a theme for Mastercard now for, I think, basically always, but specifically with our investments in the account-to-account space over the last 6 years.

支付選擇一直是萬事達卡現在的主題，我認為，基本上一直如此，但特別是在過去 6 年中我們在賬戶對賬戶領域的投資。

So we see the demand from merchants and from consumers.

所以我們看到了商家和消費者的需求。

For the consumer, it makes sense because you get all your spend into -- you can see it all on one bank account.

對於消費者來說，這是有道理的，因為您將所有支出都投入了——您可以在一個銀行賬戶上看到所有這些。

That would be one aspect to why consumers might like that.

這將是消費者可能喜歡它的一個方面。

Merchants like it for choice and higher baskets of more sales.

商家喜歡它的選擇和更高的銷售量。

So the interest is clearly there.

因此，興趣顯然存在。

We've been on this journey for a while, and we don't necessarily see this as a disintermediation opportunity.

我們在這段旅程中已經有一段時間了，我們不一定認為這是一個去中介化的機會。

I mean, that's certainly something to watch.

我的意思是，這當然值得關注。

But we look at it as an opportunity.

但我們將其視為一個機會。

We say this could be additional volumes that we've not been involved with.

我們說這可能是我們沒有參與的額外卷。

This could be what was historically the consumer finance business.

這可能是歷史上的消費金融業務。

This would be something that was just the direct debit business that we've seen in some European countries and so forth.

這就是我們在一些歐洲國家等地看到的直接借記業務。

So that's broadly how we look at it.

所以這就是我們看待它的大致方式。

We built a full stack around this that helps to get your money from A to B. But that's just half of the story.

我們圍繞這個建立了一個完整的堆棧，幫助您將資金從 A 轉移到 B。但這只是故事的一半。

Probably not even half of the story because it's the whole experience that really matters.

可能甚至不是故事的一半，因為真正重要的是整個體驗。

You got to have the security.

你得有保安。

What happens if you do a push payment and you want your money back?

如果您進行推送付款並且想要退款，會發生什麼情況？

Some of those best practices that we've learned over the last decades in cards is what we are intending to build here.

過去幾十年我們在紙牌方面學到的一些最佳實踐正是我們打算在這裡建立的。

So it's interesting to see blogs out there on how account-to-account might look like.

因此，看到有關帳戶對帳戶外觀的博客很有趣。

We have 4 years now in Pay by Account in the U.K. We've got those learnings.

我們現在在英國有 4 年的按帳戶付款。我們已經學到了這些知識。

We're ahead of the market here, very clearly knowing what works, what the economic model should look like, what the proposition that would really make a difference for merchants, for acquirers who will be all playing in this space.

我們在這裡領先於市場，非常清楚地知道什麼是有效的，經濟模式應該是什麼樣的，對於將在這個領域參與其中的商家和收單機構真正產生影響的主張是什麼。

So I don't see a disintermediation risk.

所以我沒有看到去中介化的風險。

I see an opportunity for us to extend our partnerships and gain new flows.

我看到了我們擴大合作夥伴關係並獲得新流量的機會。

And I'll just add on to what Michael just said.

我將補充邁克爾剛才所說的內容。

As it relates to your question around specifically on the threat of closed loops, look, we're big believers in the benefits of the open loop system, which we believe is very powerful.

由於它與您關於閉環威脅的問題有關，看，我們堅信開環系統的好處，我們認為它非常強大。

I mean, for the reasons Michael just mentioned, we bring consumers at scale.

我的意思是，由於邁克爾剛才提到的原因，我們帶來了大規模的消費者。

We bring global acceptance.

我們帶來全球認可。

I mean, we have north of 80 million merchant acceptance points.

我的意思是，我們有超過 8000 萬個商家接受點。

And this is growing rapidly.

這正在迅速增長。

And the cost of acceptance is very competitive.

而且驗收成本非常有競爭力。

And when you take that, along with what Michael talked about around the various technologies and the expertise we bring, everything from digital solutions, fraud solutions, merchant support, processing assets, now most recently, Mastercard Installments, that's a very compelling proposition to go and look in our view, which is why we believe that if people wish to scale, the best way to go on is open loop, which is why we've kind of given investment in the business very heavily to drive down that back.

當你接受這一點時，連同邁克爾談到的各種技術和我們帶來的專業知識，從數字解決方案、欺詐解決方案、商家支持、處理資產，現在是最近的萬事達卡分期付款，這是一個非常引人注目的提議看看我們的觀點，這就是為什麼我們相信如果人們希望擴大規模，最好的方式是開環，這就是為什麼我們在業務上投入了大量資金來降低這種規模。

Our next question comes from the line of Bryan Keane from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Bryan Keane。

I wanted to ask about cross-border travel.

我想問一下跨境旅行。

Visa yesterday was talking about cross-border travel, not getting to 100% on the 2-year until summer of calendar year '23.

昨天的簽證是在談論跨境旅行，直到 23 日曆年的夏天之前的 2 年都沒有達到 100%。

Just wanted to get your thoughts on when do you think we'll get to reach back to 100% on cross-border travel.

只是想了解一下您認為我們什麼時候才能恢復到 100% 的跨境旅行。

And then secondly, it looks like you guys are running a little bit fast or a little bit ahead of Visa's number for cross-border travel.

其次，看起來你們在跨境旅行方面跑得有點快或有點領先於 Visa 的號碼。

I'm just wondering what might be some of the factors that are driving a little stronger demand for you guys so far?

我只是想知道到目前為止，可能是哪些因素導致對你們的需求有所增加？

Sure.

當然。

So Bryan, I'll go ahead and take that.

所以布萊恩，我會繼續接受。

First, I know you're asking specifically about cross-border travel, but I just want to kind of put the headline out there, which is for cross-border as a whole, we have seen very strong growth in Q3, as you've seen.

首先，我知道你特別問的是跨境旅行，但我只是想把標題放在那裡，這是整個跨境的，我們在第三季度看到了非常強勁的增長，就像你一樣見過。

And yes, travel has been a big component of that, specifically, travel between Q2 and Q3 has gone from what was 48% of 2019 levels to 72% in Q3.

是的，旅行一直是其中的重要組成部分，具體而言，第二季度和第三季度之間的旅行從 2019 年的 48% 上升到第三季度的 72%。

And now in the first 3 weeks of October is tracking more like at 77%.

現在，在 10 月的前 3 週，追踪率接近 77%。

And look, what this signals to us very clearly is if people can travel, they will travel.

看，這向我們發出的非常清楚的信號是，如果人們可以旅行，他們就會旅行。

And I think that's really, really important to recognize.

我認為認識到這一點非常非常重要。

And then when you overlay that with what's going on in the nature of announcements, around opening of borders, more specifically, the U.S. has recently talked about inbound travel into the U.S. In fact, I think just a couple of days ago, they laid out the actual details around how people can come into the U.S.

然後，當您將其與公告性質中正在發生的事情相疊加時，圍繞開放邊界，更具體地說，美國最近談到了進入美國的入境旅行。事實上，我認為就在幾天前，他們制定了關於人們如何進入美國的實際細節

I mean, you combine that with the fact that Europe has opened up, the U.K. is showing good signals of opening up.

我的意思是，結合歐洲已經開放的事實，英國正在顯示出良好的開放信號。

Even in Asia, we're starting to see corridors between Singapore and Australia, Singapore and India.

即使在亞洲，我們也開始看到新加坡與澳大利亞、新加坡和印度之間的走廊。

These corridors are all starting to open up.

這些走廊都開始開放。

These are all encouraging signs for us from a cross-border travel standpoint.

從跨境旅行的角度來看，這些都是令人鼓舞的跡象。

And we remain optimistic on that front, especially given that if those borders open up and they come with what would be light burdens from a quarantining standpoint, which is what we are seeing right now.

我們在這方面保持樂觀，特別是考慮到如果這些邊界開放，並且從隔離的角度來看，它們帶來的負擔會很輕，這就是我們現在所看到的。

People have said that they will travel and they've demonstrated that through Q3.

人們說他們會去旅行，他們已經在第三季度證明了這一點。

So net-net, here is what I'll tell you, I think travel is something which people want to do.

所以net-net，這就是我要告訴你的，我認為旅行是人們想做的事情。

They're showing their willingness to do it.

他們正在表現出他們願意這樣做。

Now it's a question of which are the other countries which will open up in addition to the borders I've just talked about.

現在的問題是，除了我剛才談到的邊界之外，還有哪些國家將開放。

And you're reflecting -- you're seeing this to be reflected in the bookings, which airlines are reporting as well.

你正在反映——你看到這反映在預訂中，航空公司也在報告。

So we remain optimistic on this front.

所以我們在這方面保持樂觀。

I can't really tell you specifically which day or which month it's going to reach to 100% of 2019 levels.

我無法具體告訴你哪一天或哪一個月會達到 2019 年的 100% 水平。

But generally, the trend is more moving in the right direction there.

但總的來說，那裡的趨勢更加朝著正確的方向發展。

Right.

對。

And coming back to being on the road for quite a few weeks, you start to see also the mix changing.

回到路上好幾個星期，你開始看到混合變化。

While initially, this was leisure travel, you start to see business travel really kicking in.

雖然最初，這是休閒旅行，但您開始看到商務旅行真正開始了。

So that gives us another signal that really the pent-up demand is coming across all channels.

因此，這給了我們另一個信號，即真正被壓抑的需求正在跨越所有渠道。

People want to see their customers.

人們希望看到他們的客戶。

They wanted to see their family first, now they want to see their customers.

他們想先見他們的家人，現在他們想見他們的顧客。

It's happening.

正在發生。

And just one final point I'll make.

我要說的最後一點。

You remember over the last few quarters, we've talked about how, in anticipation for the return of travel, we have been investing in bolstering our capabilities from a travel standpoint.

您還記得在過去幾個季度中，我們已經討論過，為了期待旅行的回歸，我們一直在從旅行的角度投資以增強我們的能力。

And we've been doing this actually for many years now.

我們已經這樣做了很多年了。

But even through the pandemic, we've been winning deals in travel as also our teams have been very focused on the ground in terms of making sure we're optimizing our travel portfolio the best that we can.

但是，即使在大流行期間，我們也一直在贏得旅行交易，因為我們的團隊也一直非常專注於確保我們盡我們所能優化我們的旅行組合。

So we're ready to actually jump on this as soon as we start to see this trend come back, which we are seeing now.

因此，一旦我們開始看到這種趨勢捲土重來，我們就已經準備好真正開始行動了，我們現在正在看到這種趨勢。

Our next question will come from the line of George Mihalos from Cowen.

我們的下一個問題將來自 Cowen 的 George Mihalos。

Maybe dovetailing a little bit on to Bryan's question.

也許與布萊恩的問題有點吻合。

I just wanted to focus a little bit on how we should be thinking maybe about rebates and incentives going forward.

我只是想稍微關註一下我們應該如何考慮未來的回扣和激勵措施。

Sachin, should we be thinking this level as sort of similar -- for 4Q, a similar level to 3Q?

Sachin，我們是否應該認為這個級別有點相似——對於 4Q，與 3Q 的級別相似？

And then again, not asking for guidance for next year obviously, but as you have cross-border revenues coming back strongly and actually eclipsing 2019 in aggregate, should that sort of put a cap on rebates and incentives as a percentage of revenue, meaning should it kind of be flattish, if not maybe even a little bit down from '21?

再說一次，顯然不要求明年的指導，但由於跨境收入強勁回升，實際上總體上超過了 2019 年，如果這樣的做法限制了回扣和激勵措施佔收入的百分比，這意味著應該它有點平淡，如果不是從 21 年下降一點點？

Sure.

當然。

So George, a couple of things I kind of just point out on rebates and incentives.

所以喬治，我只是指出了一些關於回扣和獎勵的事情。

And I think you know all of this, but I'll just kind of state it here.

我想你知道這一切，但我會在這裡陳述一下。

A few things, we think that incentives is very dependent on the timing of deals and how volume and mix plays out.

在一些事情上，我們認為激勵措施在很大程度上取決於交易的時機以及交易量和組合如何發揮作用。

And it goes to your point around what the mix is between domestic and cross-border and how you model that and bring that in there.

它涉及您的觀點，即國內和跨境之間的混合以及您如何對其進行建模並將其帶入那裡。

In Q4, we expect rebates and incentives as a percentage of growth to be up sequentially due to increased deal activity.

在第四季度，由於交易活動的增加，我們預計回扣和獎勵佔增長的百分比將連續上升。

This is pretty normal for us in Q4.

這對我們來說在第四季度很正常。

And that's what you should expect also going into Q4 of this year.

這也是今年第四季度你應該期待的。

Look, at the end of the day, a lot is going to depend upon, like I said, what the mix is going to look like.

看，在一天結束的時候，很多事情將取決於，就像我說的，混合會是什麼樣子。

We have said in the past that cross-border revenues are less indexed from a rebates and incentive standpoint.

我們過去曾說過，從回扣和激勵的角度來看，跨境收入的指數化程度較低。

So again, depending on mix between domestic and cross-border, that will inform our kind of views around where rebates and incentives will go on a going-forward basis.

同樣，根據國內和跨境之間的混合情況，這將為我們提供關於未來退稅和激勵措施將在何處進行的觀點。

Of course, new and renewed deals, which we remain very active in the market, are also going to be a contributing factor.

當然，我們在市場上仍然非常活躍的新交易和續訂交易也將成為一個促成因素。

Our next question will come from the line of Tien-Tsin Huang from JPMorgan.

我們的下一個問題將來自摩根大通的 Tien-Tsin Huang。

Just wanted to ask on the Europe front with the discontinuance of the 400 million Maestro cards that's been in the press here.

只是想在歐洲前線詢問已停產的 4 億張 Maestro 卡，這些卡已在此處發布。

What are the implications there from a -- I'm trying to think from a P&L perspective as you look to convert at a time when open banking is really heating up here?

在開放式銀行業務在這裡真正升溫的時候，我試圖從損益表的角度思考，當您希望轉換時，這意味著什麼？

Just trying to better understand that.

只是想更好地理解這一點。

Tien-Tsin, let me start on that and then Sachin can comment on the P&L side of things.

Tien-Tsin，讓我從這個開始，然後 Sachin 可以評論損益方面的事情。

So we've been on this journey of Maestro to Debit Mastercard conversion around the world.

因此，我們一直在世界各地進行 Maestro 到借記萬事達卡轉換的旅程。

You heard us talk about this for a number of years.

多年來，您一直聽到我們談論這個問題。

In Europe, we've really made substantial progress on that front over the years, and we felt it would be important to put a stake in the ground and give assurance to consumers as well as other ecosystem participants, banks, sales force, banking associations of when we see the end of life for the Maestro product.

多年來，在歐洲，我們在這方面確實取得了實質性進展，我們認為重要的是要立足於地面並向消費者以及其他生態系統參與者、銀行、銷售人員、銀行協會提供保證當我們看到 Maestro 產品的生命終結時。

Why are we doing that?

我們為什麼要這樣做？

We're doing it because here's the 450 million consumers who cannot use a Mastercard -- a Maestro card online because it doesn't work online.

我們這樣做是因為這裡有 4.5 億消費者無法使用萬事達卡 - 在線 Maestro 卡，因為它不能在線使用。

Debit Mastercard is, now in its latest form, available in a digital-first form.

借記萬事達卡現在採用最新形式，以數字優先形式提供。

You don't even need a physical card any longer, if that's what you want to do or you want it with contactless.

您甚至不再需要實體卡，如果這是您想要做的，或者您想要非接觸式的。

It gives you the full breadth of choice.

它為您提供全方位的選擇。

So that is why we're doing this.

這就是我們這樣做的原因。

The timing is right.

時機是對的。

The reaction was essentially okay, it had to do -- in some of the leading European tabloids, we made it onto the front page with that news.

反應基本上是好的，它必須這樣做——在一些主要的歐洲小報中，我們登上了該新聞的頭版。

It is big news in Europe, as you rightly said.

正如你所說，這在歐洲是個大新聞。

But it's just the right thing to do.

但這只是正確的做法。

And what we've seen from a performance perspective, it is a more engaging payment tool in your hands and people use it across all channels.

從性能的角度來看，我們已經看到，它是您手中更具吸引力的支付工具，人們在所有渠道中都使用它。

And that's what we want.

這就是我們想要的。

So we're very encouraged about that.

所以我們對此感到非常鼓舞。

And then Sachin, if you can look at the P&L side of that?

然後是薩欽，如果你能看看損益表？

Sure.

當然。

So Tien-Tsin, this will not take effect until 2023.

所以天津，這要到2023年才能生效。

And Michael talked about approximately 400 million Maestro cards globally.

邁克爾談到了全球大約 4 億張 Maestro 卡。

Again, this is Europe-specific.

同樣，這是歐洲特有的。

There's been a trend which has currently been underway for some time now.

有一種趨勢目前已經持續了一段時間。

And the reality is it's about not issuing new Maestro cards.

現實情況是不發行新的 Maestro 卡。

Existing Maestro cards will continue to be in operation.

現有的 Maestro 卡將繼續使用。

We've been on this migration path.

我們一直在這條遷移路徑上。

It makes sense.

這說得通。

It just provides better utility for our products in an increasingly digital world.

它只是在日益數字化的世界中為我們的產品提供更好的實用性。

So the reality is I kind of view this as a step in the right direction.

所以現實是我認為這是朝著正確方向邁出的一步。

And we've been on this journey, we'll continue down this path.

我們一直在這段旅程中，我們將繼續沿著這條道路前進。

Right.

對。

And one last aspect here is this -- what we've learned here is over the last couple of years as we are moving the shift from Maestro to Debit Mastercard is how do we use this as an opportunity to not only retain our business that we have on the debit front but also to expand our business on the debit front.

最後一個方面是——我們在這裡學到的是在過去幾年中，我們正在從 Maestro 轉向借記萬事達卡，我們如何利用這個機會來不僅保留我們的業務有在藉方方面，但也擴大我們在藉方方面的業務。

So we don't have any concerns on that front.

所以我們在這方面沒有任何顧慮。

Our next question comes from the line of Darrin Peller with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Darrin Peller。

Nice job.

不錯的工作。

Listen, when we look at -- or a couple of quick ones is on -- first, on inflation and what the impact to your business model would be.

聽著，當我們看 - 或者幾個快速的 - 首先是通貨膨脹以及對您的商業模式的影響。

Thinking about it from a perspective of how much is obviously basis points volume-driven, but also where you see pricing power in your model to change?

從一個明顯的基點數量驅動的角度來考慮它，以及您認為模型中的定價能力在哪裡發生變化？

And then second question would be when you think of the structural impacts from the pandemic and where you are now and thinking ahead of the Investor Day a minute, I mean, is the long-term or medium-term growth potential similar, different, better, worse than it was last time we had an Investor Day, out of curiosity?

然後第二個問題是，當您考慮大流行的結構性影響以及您現在所處的位置以及在投資者日之前一分鍾思考時，我的意思是，長期或中期增長潛力是否相似、不同、更好，比上次我們舉辦投資者日更糟糕，出於好奇？

Sure.

當然。

So Darrin, I'll take your question on inflation.

所以達林，我會回答你關於通貨膨脹的問題。

So look, I mean, there's been obviously a lot of talk recently about high inflation levels, whether it's permanent, whether it's long term, whether it's just transitionary.

所以看，我的意思是，最近顯然有很多關於高通脹水平的討論，無論是永久性的，還是長期的，還是只是過渡性的。

The reality is the structure of our business model is quite conducive because of the way we price, right?

現實情況是，我們的商業模式結構非常有利於我們定價的方式，對吧？

I mean, we've got basis points.

我的意思是，我們有基點。

We've got cents per transaction as it relates to how we kind of price.

我們每筆交易都有美分，因為它與我們的定價方式有關。

So we kind of view the following, which is to the extent that inflation is moderate, right, we think that -- of that to be a positive tailwind kind of to our business.

因此，我們有以下看法，即通脹是溫和的，對，我們認為這對我們的業務來說是一個積極的順風。

Again, gradual and moderate inflation is going to be helpful.

同樣，漸進和溫和的通脹將有所幫助。

And the reason I bring that up is any sort of shock to the economy, i.e., any sort of hyperinflationary event, oftentimes comes with drastic measures from an interest rate standpoint and comes with cost pressures which come along with that.

我提出這個問題的原因是對經濟的任何形式的衝擊，即任何形式的惡性通脹事件，從利率的角度來看，往往伴隨著嚴厲的措施，並伴隨著成本壓力。

So to the extent it's moderate, it's moderately kind of positive for our business.

因此，就其適度而言，它對我們的業務具有適度的積極作用。

The other thing I would say is it's important to actually see in the basket of goods and services what are the products and services which are subject to inflation and what is the amount of electronification of the flows, which have taken place and relevance to our business.

我要說的另一件事是，重要的是要在商品和服務籃子中實際看到哪些產品和服務會受到通貨膨脹的影響，以及已經發生的與我們的業務相關的流動電子化的數量是多少.

So to the extent there's inflation, general inflation taking place in categories which are unrelated to card payments, I mean, that kind of is a net nonevent for us.

因此，就通貨膨脹而言，一般通貨膨脹發生在與信用卡支付無關的類別中，我的意思是，這對我們來說是一個淨事件。

To the extent it's on things which relate to consumer spending, which have been electronified, it goes back to my point around moderate inflation being a mild positive here.

就與消費者支出相關的事情而言，它已經電子化了，這可以追溯到我的觀點，即溫和通脹在這裡是溫和的積極因素。

All right.

好的。

Now Darrin, on your second question, structural changes, are they here to last, what makes a trend?

現在，Darrin，關於你的第二個問題，結構性變化，它們會持續存在嗎，是什麼形成了趨勢？

Fascinating question.

有趣的問題。

I don't want to upfront the Investor Day, but since you asked the question, I'll give you a couple of highlights on how we're thinking about that.

我不想提前宣布投資者日，但既然你問了這個問題，我將給你一些關於我們如何考慮這個問題的亮點。

So the first thing is it helps to understand the psyche of the changing consumer of the small business, so everybody who's kind of in the payment space as an end user.

所以第一件事是它有助於了解小企業不斷變化的消費者的心理，所以每個在支付領域作為最終用戶的人。

And we now have 19 months of studies looking at this.

我們現在有 19 個月的研究來研究這個問題。

And the numbers have really not changed.

而且數字真的沒有改變。

Somewhere around 70% of people and business are saying more digital banking will be what they will be doing going forward.

大約 70% 的人和企業表示，他們將在未來做更多的數字銀行業務。

More online shopping is what they will be doing going forward and more contactless.

更多的在線購物是他們未來要做的事情，而且更加非接觸式。

So the secular trend that was playing in our favor for years has clearly accelerated.

因此，多年來對我們有利的長期趨勢明顯加速。

And if you just look at this quarter's numbers, we talked about sustained e-commerce strength while in-person shopping is coming back.

如果你只看本季度的數據，我們談到了持續的電子商務實力，而面對面購物又回來了。

So behavior is truly sticking.

所以行為是真正的堅持。

So that is -- I think that's the most fundamental point that we're seeing coming through.

所以這就是 - 我認為這是我們看到的最基本的一點。

The race to this digital economy is on.

這場數字經濟的競賽正在進行中。

And what that also means is a lot of players want to come in.

這也意味著很多球員想要進來。

So there are structural changes in the sense of that the competitive playing field is opening up.

因此，從競爭環境正在開放的意義上講，存在結構性變化。

More partners are coming in, which for B2B2C player like us is a great opportunity to facilitate the entry of all of these partners.

更多的合作夥伴正在加入，這對於我們這樣的 B2B2C 玩家來說是一個很好的機會，可以促進所有這些合作夥伴的進入。

So that's what we're doing.

這就是我們正在做的事情。

Then you start to look around and say, "Well, who else is looking at this, these kind of trends and these kind of developments?" Most notably governments.

然後你開始環顧四周並說，“嗯，還有誰在看這個，這些趨勢和這些發展？”最值得注意的是政府。

Governments are looking at this, and they have found that over the last 19 months, that payments is indeed a national critical infrastructure.

各國政府正在關注這一點，他們發現在過去的 19 個月中，支付確實是國家的關鍵基礎設施。

So that comes with government engagement, which is not always necessarily positive.

所以這伴隨著政府的參與，這並不總是積極的。

But what we're seeing is there's this real drive to modernize payment infrastructure.

但我們看到的是，真正推動支付基礎設施現代化。

And that is where we are invited to the table because we're a true multi-rail network.

這就是我們被邀請參加會議的地方，因為我們是一個真正的多軌網絡。

And they're saying, "Hey, you're locally invested, you're a locally relevant partner.

他們說，“嘿，你是本地投資的，你是本地相關的合作夥伴。

Let's talk about how do we make this better in our country." So that is certainly a structural change as in -- Tien-Tsin asked earlier about new payment flows coming in, open banking, et cetera, in Europe, so we're playing on all of those trends going forward.

讓我們談談我們如何在我們的國家做得更好。”所以這肯定是一個結構性變化——Tien-Tsin 早些時候詢問了歐洲新的支付流、開放銀行等問題，所以我們發揮所有這些未來的趨勢。

So I think that is what is happening.

所以我認為這就是正在發生的事情。

You could -- I could go on for a while longer.

你可以——我可以再堅持一段時間。

B2B, clearly digitizing supply chains is a drive that is in focus.

B2B，顯然數字化供應鍊是一個焦點。

We're seeing that.

我們看到了。

Data analytics and cybersecurity, that's the last point I want to make on this.

數據分析和網絡安全，這是我想就此提出的最後一點。

With the race towards a more digital economy, there's going to be more data that is available, more business will seek to use that data and run their business in a better way, find more customers.

隨著向更加數字化經濟的發展，將會有更多可用的數據，更多的企業將尋求使用這些數據並以更好的方式經營他們的業務，找到更多的客戶。

Our Test & Learn capabilities and our data analytics capabilities help on that.

我們的測試與學習能力和我們的數據分析能力對此有所幫助。

So again, that's a structural trend that's helpful.

再說一次，這是一個有幫助的結構性趨勢。

And the same applies for cyber and security, more digital transactions need to be made safe, more people need to be authenticated as they use these tools.

這同樣適用於網絡和安全，需要確保更多的數字交易安全，更多的人在使用這些工具時需要進行身份驗證。

Again, that plays into our offering.

同樣，這也影響了我們的產品。

So structural change is really driven by COVID accelerating the race to digital.

因此，結構變化實際上是由加速數字化競賽的 COVID 推動的。

Our next question will come from the line of David Togut from Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 David Togut。

What are your expectations over the next year for the pace of European adoption of account-to-account payments under open banking, especially given the shift online that you've really underscored during COVID?

您對明年歐洲在開放銀行下採用賬戶對賬戶支付的速度有何期望，特別是考慮到您在 COVID 期間真正強調的在線轉變？

And in particular, I'm wondering if you see strong customer authentication, which is really a key to account-to-account payments in Europe, being rolled out broadly enough to really affect, let's say, broader adoption of account-to-account payments throughout Europe.

特別是，我想知道您是否看到強大的客戶身份驗證（這確實是歐洲賬戶到賬戶支付的關鍵）被廣泛推廣以真正影響，比如說，更廣泛地採用賬戶到賬戶支付整個歐洲。

David, let me start on that.

大衛，讓我開始吧。

And maybe Sachin wants to chime in.

也許薩欽想插話。

So the journey towards account-to-account in Europe, I think it's still early days.

因此，在歐洲實現賬戶到賬戶的旅程，我認為還處於早期階段。

If you look at how PSD2 has rolled out in Europe, starting in September 2019, including the strong customer authentication, has been a long journey.

如果您看看 PSD2 如何在歐洲推出，從 2019 年 9 月開始，包括強大的客戶身份驗證，這是一段漫長的旅程。

Dates have been moved on multiple occasions to give time to the industry to get this right.

日期已多次更改，以便為行業提供時間來解決此問題。

And get right means that the transaction isn't so secure that nobody can use it any longer.

正確意味著交易不是那麼安全，以至於沒有人可以再使用它。

So the tradeoff between consumer experience and security is actually found in a balanced way.

因此，消費者體驗和安全性之間的權衡實際上是以一種平衡的方式找到的。

And what we are seeing in our engagements in Europe is that balance is starting to be struck.

我們在歐洲的參與中看到的是，平衡開始出現。

So we will reach a point where such strong customer authentication in cards as well as in other forms of payments will be actually a reality in Europe.

因此，我們將達到這樣一個地步，即在卡和其他支付形式中如此強大的客戶身份驗證將在歐洲成為現實。

So that's the first thing I want to say.

這就是我要說的第一件事。

When it comes to open banking specifically, so there has been, over the last 2 years, really a focus on driving connectivity in Europe in terms of getting the open banking ecosystem stood up.

特別是在開放銀行業務方面，在過去 2 年中，我們一直專注於推動歐洲的連通性，以使開放銀行生態系統站起來。

That's exactly why we put out a connectivity product in June 2019.

這正是我們在 2019 年 6 月推出連接產品的原因。

That was the first lead into the region, and we've been quite busy with that.

那是進入該地區的第一條線索，我們一直很忙。

Use cases emerging on the basis of that really started in 2020, the U.K. being ahead of Continental Europe on that while this was still one Europe.

在此基礎上出現的用例真正開始於 2020 年，英國在這方面領先於歐洲大陸，而這仍然是一個歐洲。

And U.K. is still pushing ahead.

英國仍在推進。

You heard us talk about Lloyd's on card repayments, about our partnership with Tesco.

您聽到我們談論勞合社的信用卡還款，以及我們與樂購的合作關係。

So the payment capability part of open banking is really leading in the U.K. And here, our proposition is very well positioned.

因此，開放銀行的支付能力部分在英國確實處於領先地位。在這裡，我們的主張非常有利。

So we start to see that.

所以我們開始看到這一點。

And I see the wave coming over to Continental Europe as connectivity is now there.

隨著連通性的出現，我看到這股浪潮正在席捲歐洲大陸。

Our acquisition of Aiia is perfectly timed here.

我們對 Aiia 的收購恰逢其時。

We expect to close this by the end of the year to not bring in additional -- not only bring in additional connectivity but also additional payment capabilities.

我們預計將在今年年底前完成這項工作，不會帶來額外的——不僅會帶來額外的連接性，還會帶來額外的支付能力。

Because I do see this is not just a data capability, it's a big data -- kind of a data play, account obligation, personal finance management and so forth.

因為我確實看到這不僅僅是一種數據能力，它是一種大數據——一種數據遊戲、賬戶義務、個人財務管理等等。

But it's also a payment opportunity.

但這也是一個付款機會。

Our next question comes from the line of Harshita Rawat from Bernstein.

我們的下一個問題來自 Bernstein 的 Harshita Rawat。

Michael, I want to follow up on your comments on crypto.

邁克爾，我想跟進您對加密貨幣的評論。

This year, you've made several announcements, including the recent one with Bakkt and the acquisition of CipherTrace.

今年，您發布了幾項公告，包括最近與 Bakkt 的公告和對 CipherTrace 的收購。

Can you talk about how you see the overall ecosystem evolving?

您能談談您如何看待整個生態系統的演變嗎？

And what ways Mastercard can participate here in the growth of crypto and potentially CBDC, when they become live?

當萬事達卡上線時，萬事達卡可以通過哪些方式參與加密貨幣和潛在的 CBDC 的發展？

Yes, Harshita, so always an exciting topic.

是的，Harshita，所以總是一個令人興奮的話題。

And we could not have an earnings call without talking about crypto, so I'm happy you brought it up.

如果不討論加密貨幣，我們就無法召開財報電話會議，所以我很高興你提出來。

Looking at this from a number of perspectives, other than that there's a lot going on in the space.

從多個角度來看這一點，除此之外，這個領域還有很多事情要做。

We are pretty clear on how we want to play in this.

我們非常清楚我們想如何在這方面發揮作用。

So the first is we see significant volumes in terms of people actually investing in crypto and selling crypto.

因此，首先是我們看到實際投資加密貨幣和銷售加密貨幣的人數量巨大。

So as an asset class, there's a lot going on.

所以作為一個資產類別，有很多事情發生。

And I think we have a role to play to facilitate consumers wanting to do that if that's what they choose to do.

我認為我們可以發揮作用，以促進想要這樣做的消費者，如果他們選擇這樣做的話。

So these partnership programs on exchanges, crypto exchanges and wallet partners and so forth, have been quite important for us and that is good from a volume perspective.

因此，這些關於交易所、加密貨幣交易所和錢包合作夥伴等的合作計劃對我們來說非常重要，從數量的角度來看，這是很好的。

There's real activity.

有真正的活動。

When it comes to crypto as a payment tool, then we take a somewhat differentiated view on that versus the -- we just stepped into that.

當談到加密作為一種支付工具時，我們對它與我們剛剛涉足這一點的看法有所不同。

We're saying at this point in time, the most likely chance of this kind of technology to work for payments is issued through a government in the form of central bank digital currency.

我們說在這個時間點，這種技術最有可能用於支付的機會是通過政府以中央銀行數字貨幣的形式發行的。

We've said that on a couple of calls before.

我們之前在幾個電話中說過。

And we said we will make our network ready to do that as and when a government is ready to put out a central bank digital currency, then it will exist alongside the dollar or the euro (inaudible) currency in our network.

我們說過，當政府準備推出中央銀行數字貨幣時，我們將使我們的網絡做好準備，然後它將與美元或歐元（聽不清）貨幣一起存在於我們的網絡中。

So we've done that.

所以我們已經做到了。

But that's easily said.

但這很容易說。

How will the government test that?

政府將如何測試？

How will a country figure out between the private sector banks and the government how to do this?

一個國家將如何在私營部門銀行和政府之間弄清楚如何做到這一點？

That's where our sandbox comes in.

這就是我們的沙盒的用武之地。

So we can provide a safe space for government and private sector banks to figure out how that would actually work.

因此，我們可以為政府和私營部門的銀行提供一個安全的空間，讓他們弄清楚這實際上是如何運作的。

Questions like the last mile, how do you bring utility into the hand of your citizens if you put out a central bank digital currency, acceptance questions and so forth.

諸如最後一英里之類的問題，如果您推出中央銀行數字貨幣，您如何將實用程序帶到您的公民手中，接受問題等等。

So facilitating investments as an asset class, we do that and we get ready for CBDC.

因此，促進投資作為一種資產類別，我們這樣做並為 CBDC 做好準備。

Should there be a private sector stable coin, we might also do that.

如果有私營部門的穩定幣，我們也可能會這樣做。

But we have very strict principles on when to do this and when not.

但我們對何時執行此操作以及何時不執行此操作有非常嚴格的原則。

Now let me talk about CipherTrace for a moment.

現在讓我談談 CipherTrace。

Because this space is a really interesting space in so many ways.

因為這個空間在很多方面都是一個非常有趣的空間。

Questions on data privacy, questions on authentication, we just touched on that in the context of Europe and strong customer authentication.

關於數據隱私的問題，關於身份驗證的問題，我們剛剛在歐洲和強大的客戶身份驗證的背景下談到了這一點。

We have to expect the Europeans will say, "Well, strong customer authentication will, of course, play a role in crypto transactions as well," which is where we always lead with security and trust.

我們不得不期待歐洲人會說，“當然，強大的客戶身份驗證也會在加密交易中發揮作用”，這就是我們始終以安全和信任為主導的地方。

I mean, that is really synonymous with the name of Mastercard when it comes to payments that we have to do the same role.

我的意思是，在我們必須扮演同樣角色的支付方面，這實際上是萬事達卡的同義詞。

So it's na massive services opportunity.

所以這是一個巨大的服務機會。

CipherTrace, 900 cryptocurrencies, what does CipherTrace actually do?

CipherTrace，900 種加密貨幣，CipherTrace 實際上是做什麼的？

They drive compliance and AML checks into crypto transactions.

他們推動合規性和 AML 檢查進入加密交易。

We can't run fast enough right now to get into the space because a lot of other people are deep into crypto and these questions are not resolved.

我們現在跑得不夠快，無法進入這個領域，因為很多其他人都在深入研究加密貨幣，而這些問題還沒有得到解決。

So asset class, CBDCs and a services opportunity, those are the three ways that we feel we want to play and we need to play and we have the differentiated assets to do so.

因此，資產類別、CBDC 和服務機會，這三種方式是我們認為我們想要玩並且我們需要玩的三種方式，我們擁有差異化的資產來這樣做。

Our next question comes from the line of Dan Dolev from Mizuho.

我們的下一個問題來自瑞穗的 Dan Dolev。

How does the new offering by Plaid with the acquirers or any of that sort of potential disruption there impacting Mastercard and the networks in general?

Plaid 與收購方的新產品或任何此類潛在中斷對萬事達卡和整個網絡有何影響？

What is the kind of general strategy around it?

圍繞它的一般策略是什麼？

We're getting a lot of calls on this topic.

我們收到了很多關於這個話題的電話。

Right.

對。

Dan, so I think I touched a little bit on an earlier question that we had on this topic.

丹，所以我想我談到了我們之前關於這個主題的一個問題。

So here's a blog post that describes the account-to-account.

所以這裡有一篇描述賬戶到賬戶的博客文章。

We have account-to-account technology really since the acquisition of Vocalink.

自從收購 Vocalink 以來，我們就真正擁有了賬戶對賬戶技術。

And we've learned how that works.

我們已經了解了它是如何工作的。

We like it because it's an additional choice that is provided to consumers and to merchants.

我們喜歡它，因為它是提供給消費者和商家的額外選擇。

But we also have all the learnings.

但我們也有所有的經驗。

And the learnings go around like how do you create acceptance into that?

學習過程就像你如何創造對它的接受？

How do you make it easy for a merchant?

如何讓商家輕鬆？

How do you actually convince a consumer that actually likes the card proposition?

您如何真正說服真正喜歡卡片提議的消費者？

So all of that, it is about standing up an ecosystem.

所以所有這一切都是為了建立一個生態系統。

So what we believe is this should be something that is built into our network, into our multi-rail capabilities, and it's actually how we're approaching it.

因此，我們認為這應該是我們的網絡、我們的多軌能力中內置的東西，這實際上是我們正在接近它的方式。

So we're leaning into this.

所以我們傾向於這個。

I don't see it as a disruption.

我不認為這是一種破壞。

That's been our stated strategy.

這是我們既定的戰略。

And we have 5 years of learnings.

我們有 5 年的學習經驗。

And I think that puts us ahead of the curve to make this a reality.

而且我認為這使我們領先於實現這一目標的曲線。

I think this is a interesting alternative when it comes to consumer payments in store.

我認為在店內消費者支付方面這是一個有趣的選擇。

And we have it.

我們擁有它。

We build it.

我們建造它。

It's for us to really figure out whether the economics settle, what other capabilities that are currently built into our card franchise can we extend into the world of account-to-account payments, for example, charge-backs, those kind of data protection and so forth.

我們要真正弄清楚經濟是否穩定，我們的卡特許經營中目前內置的哪些其他功能可以擴展到賬戶對賬戶支付的世界，例如退款、那些數據保護和等等。

So that's the direction that we're taking.

這就是我們正在採取的方向。

Not really a disintermediation question, an interesting blog, the good things we've done in reality.

不是一個真正的脫媒問題，一個有趣的博客，我們在現實中所做的好事。

Yes.

是的。

And Dan, I'll just add to that.

丹，我只是補充一下。

Just we've got to remember, right, there's a sizable TAM out there.

只是我們必須記住，對，那裡有一個相當大的 TAM。

And a fair amount of that TAM is likely not going to be able to be reached by card products.

卡產品可能無法達到相當數量的 TAM。

This is where our multi-rail philosophy and strategy as well as our ability to provide choice across various rails, one of which would be an open banking rail used for payment services, it's very helpful because it helps open up the TAM, which is available to us from what used to be primarily card-focused to much more than card-focused.

這就是我們的多軌理念和戰略以及我們提供跨各種軌選擇的能力的地方，其中之一將是用於支付服務的開放式銀行軌，它非常有幫助，因為它有助於打開可用的 TAM對我們來說，從過去主要以卡片為中心，到遠不止以卡片為中心。

And we do see that opportunity come through here in open banking as well, so...

我們確實看到了開放銀行業務的機會，所以......

Our next question comes from the line of Bob Napoli from William Blair.

我們的下一個問題來自 William Blair 的 Bob Napoli。

A follow-up on the cross-border business.

跨境業務跟進。

I mean, obviously, a very important business for Mastercard.

我的意思是，顯然，對於萬事達卡來說，這是一項非常重要的業務。

As you look at that business and as we get to full recovery, do you think that the economics of that business will be similar to what they were prior to the pandemic?

當您查看該業務以及我們全面復甦時，您是否認為該業務的經濟狀況會與大流行之前的情況相似？

I mean, the continued development of blockchain and other technologies or account-to-account, is that going to pressure the economics of that business?

我的意思是，區塊鍊和其他技術或賬戶對賬戶的持續發展，會不會給該業務的經濟帶來壓力？

Sure, Bob.

當然，鮑勃。

Why don't I take that?

我為什麼不拿那個？

So look, I mean, the value prop we used to deliver through cross-border payments on our card products, pre pandemic and post pandemic, is exactly the same.

所以看，我的意思是，我們過去在大流行前和大流行後通過跨境支付在我們的卡產品上提供的價值道具是完全相同的。

So we don't expect that the economic returns, which they will generate, should be any different, given that the value we delivered previously, if anything, has only gotten better over a period of time with more electronification of flows taking place.

因此，鑑於我們之前交付的價值（如果有的話）只是在一段時間內隨著更多的流動電子化發生而變得更好，因此我們預計它們將產生的經濟回報不會有任何不同。

To your point around several other account-to-account capabilities, which are there in the cross-border space, the reality is we're participating in them today.

對於您在跨境空間中存在的其他幾個賬戶到賬戶功能的觀點，現實是我們今天正在參與其中。

But it happened to be going after flows, which are not carded flows.

但它碰巧是在追踪流，而不是梳理流。

They're not point-of-sales flows.

它們不是銷售點流程。

They happen to be more in the nature of business-to-business payments.

它們恰好更具有企業對企業支付的性質。

We do that with our -- if you remember, we acquired a company called Transfast, in addition to the fact that we have our capabilities from HomeSend.

我們通過我們的 - 如果你還記得的話，我們收購了一家名為 Transfast 的公司，此外我們還擁有 HomeSend 的能力。

The combined capability of that is our cross-border Send capabilities, which is account-to-account cross-border payments.

綜合能力就是我們的跨境發送功能，即賬戶到賬戶的跨境支付。

And we'll participate in those flows, but those are separate and distinct from what goes on at the point of sale with our card products today.

我們將參與這些流程，但這些流程與我們今天的卡產品在銷售點發生的情況是分開的和不同的。

So net-net, I kind of view the whole cross-border space as a positive for us as and when travel comes back from a card standpoint.

所以net-net，我認為整個跨境空間對我們來說都是積極的，當旅行從卡片的角度回來時。

And in the meantime, we continue to actually plant flags in different parts of the world with the reach we've established on our B2B flows from a cross-border standpoint.

與此同時，我們繼續在世界不同地區實際插旗，從跨境的角度來看，我們已經在 B2B 流程上建立了影響力。

Our next question comes from the line of Jason Kupferberg from Bank of America.

我們的下一個問題來自美國銀行的 Jason Kupferberg。

Just a follow-up on cross-border.

只是跨境的後續。

I guess, in the third quarter, the volume growth ex intra-Europe was 60%.

我猜，在第三季度，除歐洲內部外的銷量增長為 60%。

It was again a very, very good proxy for the overall cross-border revenue growth in the quarter.

它再次成為本季度整體跨境收入增長的非常非常好的代表。

So now if we just look at October month-to-date trends, if those hold hypothetically through the rest of Q4, it would seem like cross-border revenue growth could again be around 60% this quarter.

因此，現在如果我們只看 10 月至今的趨勢，如果這些趨勢在第四季度的剩餘時間裡保持不變，那麼本季度的跨境收入增長似乎再次達到 60% 左右。

And arguably, that would be even before most of the potential benefits of the U.S. reopening kicks in.

可以說，這甚至是在美國重新開放的大部分潛在好處發揮作用之前。

So is all that a fair characterization?

那麼，所有這些都是公平的表徵嗎？

Are there other moving parts should we be aware of?

我們還應該注意其他活動部件嗎？

And can you just comment on which cross-border corridors are the highest-yielding in your system?

您能否評論一下您的系統中哪些跨境走廊的收益最高？

Yes.

是的。

So I think the answer to the first part of your question, I think you kind of touched upon on the second part of your question, which talks about how revenues are realized on cross-border is very much a function, even in that ex intra-Europe kind of category.

所以我認為你問題第一部分的答案，我想你有點觸及你問題的第二部分，它談到瞭如何在跨境實現收入，這在很大程度上是一個功能，即使在前內部-歐洲種類。

It will depend on every corridor.

這將取決於每個走廊。

Every corridor has got a different yields.

每個走廊都有不同的產量。

And depending on which ones come back first, which ones come back after, the numbers from a cross-border revenue standpoint will kind of move around.

取決於哪些先回來，哪些後回來，從跨境收入的角度來看，數字會有所變化。

As it relates to what we're seeing, look, I mean, I'll tell you pre pandemic, important corridors for Mastercard included obviously U.S. to Canada, the U.S. to the U.K., the U.K. to various parts in Continental Europe.

因為它與我們所看到的有關，看，我的意思是，我會告訴你大流行之前，萬事達卡的重要通道顯然包括美國到加拿大，美國到英國，英國到歐洲大陸的各個地區。

These are all very important corridors.

這些都是非常重要的走廊。

We've seen intra-Europe come back pretty nicely.

我們已經看到歐洲內部很好地回歸。

The U.S. inbound is still to happen.

美國入境仍有待發生。

I mean, there's a little bit happening, but there's more to come as borders open.

我的意思是，發生了一些事情，但隨著邊界的開放，還會有更多事情發生。

Canada has started to open up.

加拿大已經開始開放。

As you know, Canada opened up in the third quarter.

如您所知，加拿大在第三季度開放。

We've seen signs of recovery take place in terms of inbound into Canada as well.

我們已經看到入境加拿大方面也出現了復甦的跡象。

And these are important corridors for our business.

這些是我們業務的重要通道。

The one area which I will say is still a little bit kind of yet to be seen is Asia Pacific, right?

我要說的還有一點還有待觀察的地區是亞太地區，對吧？

In Asia Pacific, recovery in cross-border has still been kind of somewhat muted.

在亞太地區，跨境業務的複蘇仍然有些緩慢。

We'll see how borders open up there and what that kind of shapes up to be.

我們將看到那裡的邊界是如何打開的，以及這種形狀會是什麼。

But net-net, here is what I'll tell you from a yield standpoint, intra-Europe, low-yielding, ex intra-Europe, high-yielding.

但是net-net，這是我從收益率的角度告訴你的，歐洲內部的，低收益的，歐洲內部的，高收益的。

In the ex intra-Europe bucket, the yields vary by corridors.

在前歐洲內部桶中，收益率因走廊而異。

Our next question will come from Sanjay Sakhrani from KBW.

我們的下一個問題將來自 KBW 的 Sanjay Sakhrani。

I think Michael mentioned the waning impact of U.S. stimulus.

我認為邁克爾提到了美國刺激措施的影響減弱。

I mean, we've seen the U.S. volume sort of stabilize here in terms of the growth.

我的意思是，我們已經看到美國的銷量在增長方面趨於穩定。

I'm just curious how you guys feel about the other side, which is credit rebounding.

我只是好奇你們對另一邊的看法，那就是信用反彈。

And I'm just thinking through the economic impact as lending comes back, lending-related volumes come back.

我只是在考慮隨著貸款的回歸以及與貸款相關的交易量的回歸對經濟的影響。

Yes.

是的。

Sanjay, let me just start on the rebound of credit.

桑傑，讓我從信用反彈開始。

Back to changing on how people spend, start to see more in-person and more in-person certainly includes T&E, discretionary.

回到改變人們的消費方式，開始看到更多的面對面和更多的面對面當然包括 T&E，自由裁量權。

Those are all use cases that are very much oriented towards credit.

這些都是非常面向信用的用例。

So that is what is driving that.

所以這就是驅動它的原因。

The impact of stimulus on the debit side, we still see an elevated use of sustained use of debit going forward.

刺激對借方的影響，我們仍然看到未來持續使用借方的使用有所增加。

So it's not a zero-sum game yet again.

所以這又不是一場零和遊戲了。

It's balancing out in a way that one is coming back and the other remains elevated.

它以一種方式進行平衡，一個人回來了，另一個人保持高位。

It really comes down to the size of the available wallet that consumers have.

這實際上歸結為消費者擁有的可用錢包的大小。

And Sachin, you have any other thoughts on that one?

薩欽，你對此有什麼其他想法嗎？

Sanjay, I think it's interesting.

桑傑，我覺得這很有趣。

If you take us back to a couple of quarters ago, maybe 3 or 4 quarters ago, we talked about the same question as to what our views around credit and debit mix is going to look like.

如果你把我們帶回到幾個季度前，也許是 3 或 4 個季度前，我們談到了同樣的問題，即我們對信貸和借方組合的看法會是什麼樣子。

And we had kind of maintained that we think that there will be a reversion to the mean as economies come back and as discretionary spending picks up.

我們一直堅持認為，隨著經濟復甦和可自由支配支出的增加，我們認為將回歸均值。

And that's exactly what you're seeing right now, right?

這正是你現在所看到的，對吧？

I mean, as people are spending more in discretionary categories, lodging, travel, restaurants, credit is definitely coming right back to the top of wallet.

我的意思是，隨著人們在可自由支配的類別、住宿、旅行、餐館方面的支出增加，信貸肯定會重新回到錢包的頂端。

And we expect that as the economy continues to recover in different parts of the globe, that reversion to mean will continue.

我們預計，隨著全球不同地區的經濟繼續復甦，這種回歸均值的趨勢將繼續。

And that's kind of our view as it relates to how credit plays out over the near to medium term.

這就是我們的觀點，因為它關係到信貸在中短期內的表現。

All right.

好的。

Good.

好的。

Thanks, everybody.

謝謝大家。

Thank you for your questions.

謝謝你的提問。

We are going to close the call now.

我們現在要結束通話。

I hope to see you at the investor community meeting.

我希望在投資者社區會議上見到你。

Generally, on these calls, it's not only the analyst community listening, the investor community, it's also our staff.

一般來說，在這些電話會議上，不僅分析師社區、投資者社區、我們的員工也在傾聽。

So I want to thank our staff for everything they have done through this quarter again.

因此，我要再次感謝我們的員工在本季度所做的一切。

It feels like a bit of like a marathon as we turn out of COVID.

當我們擺脫 COVID 時，感覺有點像馬拉松。

See you at the ICM, please do tune in.

ICM 見，請收聽。

Thank you very much, everybody.

非常感謝大家。

Bye-bye.

再見。

Thank you.

謝謝你。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。