萬事達 (MA) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Mastercard Q4 and Full Year 2020 Earnings Conference Call.

女士們，先生們，感謝您的支持，歡迎參加萬事達卡第四季度和 2020 年全年收益電話會議。

(Operator Instructions) As a reminder, this call is being recorded.

（操作員說明）作為提醒，此通話正在錄音中。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker for today, War 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 War Kneeshaw。

Thank you.

謝謝你。

Please go ahead, sir.

請繼續，先生。

Thank you, Tanya.

謝謝你，坦尼婭。

Good morning, everyone, and thank you for joining us for our fourth quarter 2020 earnings call.

大家早上好，感謝您加入我們的 2020 年第四季度財報電話會議。

We hope you're all safe and sound.

我們希望你們都平安無事。

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 GAAP reported amounts.

新聞稿和幻燈片都包括非 GAAP 措施與 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'll turn the call over to our Chief Executive Officer, Michael Miebach.

有了這個，我將把電話轉給我們的首席執行官邁克爾米巴赫。

Thank you, Warren, and good morning from New York.

謝謝你，沃倫，來自紐約的早上好。

It certainly feels like a privilege to be addressing you today for the first time as Mastercard's CEO.

今天第一次作為萬事達卡的首席執行官向您致辭，當然感覺很榮幸。

I believe the foundation established under Ajay's leadership positions us extremely well for the future.

我相信在 Ajay 的領導下建立的基金會為我們的未來奠定了非常好的基礎。

And I'm looking forward to leading Mastercard from here on and of course, counting on your continued support.

我期待著從這裡開始領導萬事達卡，當然，期待您的持續支持。

Now 2020 presents the world and the economy with unprecedented challenges.

現在，2020 年給世界和經濟帶來了前所未有的挑戰。

Still, the resilience of our business model and the focused execution of our strategy by our dedicated employees allowed us to close out the year on a positive trajectory.

儘管如此，我們業務模式的彈性和我們敬業的員工對我們戰略的專注執行使我們以積極的軌跡結束了這一年。

Fourth quarter revenue and EPS growth rates versus a year ago are continuing to show sequential improvement.

與一年前相比，第四季度的收入和每股收益增長率繼續顯示出連續改善。

As we look to the future, we will continue to execute on our strategy.

展望未來，我們將繼續執行我們的戰略。

With our ability to enable and secure the payments ecosystem through the partnerships, our differentiated services and our role as a true multi-rail provider, we're well positioned to capture additional flows and the significant opportunities ahead.

憑藉我們通過合作夥伴關係啟用和保護支付生態系統的能力、我們的差異化服務以及我們作為真正的多軌供應商的角色，我們處於有利地位，可以捕捉額外的流量和未來的重大機遇。

These opportunities include certainly the accelerated secular shift to digital payments and the advancement of real-time payments and open banking.

這些機會當然包括加速向數字支付的長期轉變以及實時支付和開放銀行業務的進步。

Now let's take a look at our business from the macro level.

現在讓我們從宏觀層面看一下我們的業務。

Retail spending during the holiday season and fourth quarter overall was relatively steady with very strong e-commerce sales.

假日季節和第四季度的零售支出總體上相對穩定，電子商務銷售非常強勁。

According to our SpendingPulse estimates for Q4, U.S. retail sales were up 4%, ex auto, ex gas, while overall Europe retail sales slowed with a decline of 1.9% for the quarter, in part due to the recent lockdowns.

根據我們對第四季度的 SpendingPulse 估計，美國零售額增長 4%，不包括汽車和天然氣，而歐洲整體零售額在本季度下降 1.9%，部分原因是最近的封鎖。

In Asia, we see some bright spots in markets like Australia and then similarly, in Latin America, where retail sales in Brazil rebounded this quarter.

在亞洲，我們在澳大利亞等市場看到了一些亮點，在拉丁美洲，本季度巴西的零售額出現反彈。

Now we're also heartened to see the availability of effective COVID vaccines.

現在，我們也很高興看到有效的 COVID 疫苗的可用性。

But distributing them at scale will dictate when social distancing measures can be relaxed and borders opened, and that will ultimately drive further recovery.

但是，大規模分發它們將決定何時可以放鬆社會疏離措施並開放邊界，這最終將推動進一步的複蘇。

We see fiscal stimulus, such as the most recent package in the United States, as an important interim measure in the near term.

我們將財政刺激措施（例如美國最近的一攬子計劃）視為近期一項重要的臨時措施。

And we're working closely with governments to get funds into people's hands quickly and safely.

我們正在與政府密切合作，以快速、安全地將資金送到人們手中。

Now turning to our business specifically and the 4-phased framework we established for monitoring the COVID environment.

現在具體談談我們的業務以及我們為監控 COVID 環境而建立的 4 階段框架。

[C markets] go through the containment and stabilization phases, and we continue to believe most markets are now in the normalization phase domestically, where spending levels gradually improved with some markets actually approaching growth.

[C 市場] 經歷了遏制和穩定階段，我們仍然認為大多數市場目前在國內處於正常化階段，支出水平逐漸改善，一些市場實際上接近增長。

Looking at the trends.

看趨勢。

Volumes continued to modestly improve quarter-over-quarter.

銷量環比繼續小幅增長。

And our switched volume growth rates, excluding travel and entertainment, were similar to what we saw in Q4 2019 pre-pandemic.

我們的轉換量增長率（不包括旅行和娛樂）與我們在 2019 年第四季度大流行前看到的相似。

Speaking of travel.

說到旅行。

Domestic travel, including spending in categories such as lodging and restaurants, declined slightly in the quarter, reversing some of the improvement we saw in the summer months.

國內旅行，包括住宿和餐廳等類別的支出，在本季度略有下降，扭轉了我們在夏季月份看到的一些改善。

Cross-border travel remains limited.

跨境旅行仍然有限。

In October and November, we saw some improvement in cross-border within the EU, although recent restrictions are causing some slowing over there, as mentioned earlier.

在 10 月和 11 月，我們看到歐盟內部的跨境交易有所改善，儘管如前所述，最近的限制正在導致那裡的一些放緩。

Improvement in the cross-border travel outside the EU remains limited.

歐盟以外跨境旅行的改善仍然有限。

Now we continue to believe travel will improve, starting with personal travel as border restrictions ease and as vaccination efforts expand.

現在，隨著邊境限制的放鬆和疫苗接種工作的擴大，我們仍然相信旅行會有所改善，首先是個人旅行。

We believe corporate travel will follow.

我們相信公司旅行將隨之而來。

As we said in the past, progress may not be linear, but we believe there is significant pent-up demand for travel.

正如我們過去所說，進展可能不是線性的，但我們相信對旅行有很大的被壓抑的需求。

And we continue to expect to see improvements in the second half of the year.

我們繼續預計下半年會有所改善。

In the meantime, we remain focused on building on our already strong position in travel, positioning us well to capitalize on this opportunity when it occurs.

與此同時，我們仍然專注於鞏固我們在旅遊領域已經很強大的地位，為我們做好準備，以便在機會出現時抓住它。

So while the pandemic is affecting business drivers in the short term, we have diversified our revenue streams and remain focused on managing our business for the long term.

因此，儘管大流行在短期內影響了業務驅動因素，但我們已經多元化了我們的收入來源，並繼續專注於長期管理我們的業務。

This means focusing on our strategic priorities: one, growing our share of core payments, ensuring the digital experience for our customers, partners and consumers is safe and seamless as we help drive the accelerated secular shift; two, deploying meaningful services that help our partners adapt to the changing environment; and last but not least, providing choice with our multi-rail capabilities.

這意味著專注於我們的戰略重點：第一，增加我們在核心支付中的份額，確保我們的客戶、合作夥伴和消費者的數字體驗是安全和無縫的，因為我們幫助推動加速的長期轉變；第二，部署有意義的服務，幫助我們的合作夥伴適應不斷變化的環境；最後但同樣重要的是，通過我們的多軌功能提供選擇。

Illustrating all of that, we have quite a number of significant strategic wins this quarter, which I will now share with you.

說明所有這些，我們在本季度取得了許多重大的戰略勝利，我現在將與您分享。

Starting in the U.K. and Ireland and building off the success we've had in debit with Santander and first direct, we're really pleased to expand the long-term relationship we have with NatWest Group of credit.

從英國和愛爾蘭開始，並在我們與桑坦德銀行和第一直銷銀行取得成功的基礎上，我們真的很高興擴大我們與 NatWest 信貸集團的長期合作關係。

The bank will move its entire debit portfolio to Mastercard across all consumer and business product lines and across multiple brands, including NatWest and Royal Bank of Scotland.

該銀行將在所有消費者和商業產品線以及多個品牌（包括 NatWest 和蘇格蘭皇家銀行）中將其整個借記卡組合轉移到萬事達卡。

This migration of approximately 16 million debit cards will start later this year and when complete, will contribute to the growing overall debit share in the U.K. from low single digits to approximately 1/3 of the market on all recent [wins] that migrated to Mastercard.

大約 1600 萬張借記卡的遷移將於今年晚些時候開始，完成後，將有助於將英國的整體借記卡份額從低個位數增長到最近遷移到萬事達卡的所有 [wins] 市場的約 1/3 .

We look forward to innovating together to build an enhanced digital experience for NatWest's customers across multiple payment rails.

我們期待共同創新，為 NatWest 的客戶跨多種支付渠道打造增強的數字體驗。

Now turning to Germany.

現在轉向德國。

We expanded our relationship with Deutsche Bank and will become the exclusive international scheme partner, including both Deutsche and Postbank Banks, expanding our market share in debit and credit.

我們擴大了與德意志銀行的關係，並將成為獨家國際計劃合作夥伴，包括德意志銀行和郵政銀行，擴大我們在藉記卡和貸記卡方面的市場份額。

As part of the upcoming migration, a total of 10 million consumer and commercial credit and debit cards will be reissued to Mastercard-branded products.

作為即將到來的遷移的一部分，總共將有 1000 萬張消費和商業信用卡和借記卡重新發行給萬事達卡品牌的產品。

Deutsche Bank is already leveraging our services within our existing partnership and will now extend those to the larger customer base and use our advisers' consulting and analytics to assist with the conversion.

德意志銀行已經在我們現有的合作夥伴關係中利用我們的服務，現在將把這些服務擴展到更大的客戶群，並使用我們顧問的諮詢和分析來協助轉換。

And we look forward to developing new opportunities together in B2B and other payment flows.

我們期待在 B2B 和其他支付流程中共同開發新的機會。

In the U.S., we will be the network partner for the Citi Plex account on Google Pay, which leverages our tokenization services to provide Citi Plex customers with a seamless and more secure payment experience.

在美國，我們將成為 Google Pay 上 Citi Plex 賬戶的網絡合作夥伴，該賬戶利用我們的令牌化服務為 Citi Plex 客戶提供無縫且更安全的支付體驗。

The Citi Plex account will include a digital debit Mastercard that's automatically loaded for use in the Google Pay wallet with an option to request a physical contactless card, providing customers the choice to pay when, where and how they want to pay: by debit card, smartphone or online.

Citi Plex 賬戶將包括一張數字借記萬事達卡，該卡會自動加載到 Google Pay 錢包中，並可選擇申請實體非接觸式卡，讓客戶可以選擇何時、何地以及如何支付：通過借記卡、智能手機或在線。

Building on our fintech momentum, we have secured additional wins around the globe with new partners like Payoneer and Aeldra in the U.S., HYPE and Flow in Italy, Treezor in France and Prex in Peru.

在我們的金融科技發展勢頭的基礎上，我們在全球範圍內獲得了更多的勝利，新合作夥伴包括美國的 Payoneer 和 Aeldra、意大利的 HYPE 和 Flow、法國的 Treezor 和秘魯的 Prex。

Our fintech customers appreciate our tailored approach, addressing their very specific needs, leveraging our expertise, our tech and of course, our global network.

我們的金融科技客戶欣賞我們量身定制的方法，利用我們的專業知識、技術，當然還有我們的全球網絡，滿足他們非常具體的需求。

Now we're also excited to announce a new strategic partnership with Walgreens.

現在，我們也很高興地宣布與 Walgreens 建立新的戰略合作夥伴關係。

This multifaceted relationship includes a new credit product to be issued by Synchrony Bank and prepaid products that enable contactless shopping experiences, mobile-first money management and rewards via the Walgreens app.

這種多方面的關係包括由 Synchrony Bank 發行的新信貸產品和預付費產品，這些產品可通過 Walgreens 應用程序實現非接觸式購物體驗、移動優先資金管理和獎勵。

This partnership will enable Walgreens to leverage [a number of] Mastercard services, including insights and analytics, loyalty and point-of-sale financing, including installments.

這一合作夥伴關係將使沃爾格林能夠利用 [許多] 萬事達卡服務，包括洞察力和分析、忠誠度和銷售點融資，包括分期付款。

We will also look into future opportunities together, including a digital-first debit card and other tech-driven solutions to innovate the future of health care payments.

我們還將共同探討未來的機會，包括數字優先借記卡和其他技術驅動的解決方案，以創新醫療保健支付的未來。

Now we remain very active in the U.S. co-brand space, where we extended and expanded our Sam's Club co-brand with enhanced rewards and digital experiences, as announced yesterday, and extended our Walmart consumer credit in co-brands and payroll cards; renewed our GM co-brand, now with Goldman Sachs as the new issuer; and expanded our relationship with Bass Pro Shops and Cabela's to include small business.

現在，我們在美國聯合品牌領域仍然非常活躍，正如昨天宣布的那樣，我們通過增強獎勵和數字體驗來擴展和擴展我們的山姆俱樂部聯合品牌，並在聯合品牌和工資卡中擴展我們的沃爾瑪消費者信用；更新我們的通用汽車聯合品牌，現在由高盛作為新發行人；並將我們與 Bass Pro Shops 和 Cabela's 的關係擴大到包括小型企業。

Let's come back to travel.

讓我們回來旅行吧。

We continue to prepare for the broader return of travel with several new partnerships in this space.

我們將繼續與該領域的幾個新合作夥伴合作，為更廣泛的旅行回歸做準備。

First off, building on the travel co-brand momentum we announced last quarter, we will now be the exclusive network for Aeroplan co-brand program in the U.S. with JPMorgan Chase Bank and Air Canada, which will launch later this year.

首先，在我們上個季度宣布的旅遊聯合品牌發展勢頭的基礎上，我們現在將成為 Aeroplan 在美國與摩根大通銀行和加拿大航空聯合品牌計劃的獨家網絡，該計劃將於今年晚些時候推出。

In both the U.K. and Spain, we're innovating with IAG Loyalty, part of the International Airlines Group, our new co-brand and loyalty partnerships that will provide customers more choices to earn Avios points and reward them with exclusive benefits.

在英國和西班牙，我們正在與隸屬於國際航空集團的 IAG Loyalty 進行創新，這是我們新的聯合品牌和忠誠度合作夥伴關係，將為客戶提供更多選擇來賺取 Avios 積分並以獨家優惠獎勵他們。

And on the wholesale travel program front, one of the largest global online travel agencies, Booking.com, has chosen Mastercard to be their preferred partner for virtual card payments to their suppliers.

在批發旅遊計劃方面，全球最大的在線旅行社之一 Booking.com 已選擇萬事達卡作為其向供應商提供虛擬卡付款的首選合作夥伴。

Let's talk about the change in consumer.

再說說消費者的變化。

As spending patterns change, it is critical to offer online and in-person capabilities, and we have solutions for both.

隨著消費模式的變化，提供在線和麵對面的能力至關重要，我們為這兩者提供了解決方案。

As e-commerce accelerates, with card-not-present transaction accounting for about 45% of our switched volume in 2020, which is up from 40% in 2019, we have several efforts underway to enable safer and more seamless online purchases.

隨著電子商務的加速發展，2020 年無卡交易占我們轉換交易量的 45% 左右，高於 2019 年的 40%，我們正在努力實現更安全、更無縫的在線購物。

Notably, we continue to scale our merchant tokenization services for card-on-file, a critical use case, with a sixfold increase in the number of unique merchants transacting in quarter 4 versus a year ago.

值得注意的是，我們將繼續擴展我們的商家標記化服務，用於存儲卡，這是一個關鍵用例，與一年前相比，第 4 季度交易的唯一商家數量增加了六倍。

Now recent surveys tell us that 7 in 10 e-commerce consumers have a payment card information saved with at least one merchant type.

現在最近的調查告訴我們，每 10 個電子商務消費者中就有 7 個擁有至少一種商戶類型保存的支付卡信息。

Card-on-file tokenization is particularly helpful for subscription services like Netflix, marketplaces like Etsy and ride hailing services like Didi who have just signed on this quarter.

Card-on-file 令牌化對 Netflix 等訂閱服務、Etsy 等市場以及滴滴等本季度剛剛簽約的叫車服務特別有用。

But we do believe that when restrictions ease, people will return to shopping in person, and hence, we're driving a secular shift in store as well.

但我們確實相信，當限制放鬆時，人們會重新親自購物，因此，我們也在推動商店的長期轉變。

For example, we saw a strong acceleration of contactless in 2020 as more than 80 markets grew contactless penetration as a percentage of in-person transactions by at least 10%, which is driven by consumer demand for increased speed and safety, but of course, (inaudible) at the point of checkout.

例如，我們看到 2020 年非接觸式的強勁增長，因為 80 多個市場的非接觸式滲透率在面對面交易中的比例至少增長了 10%，這是由消費者對提高速度和安全性的需求推動的，但當然， （聽不清）在結帳時。

This paves the way for new solutions that leverage contactless, such as our recently launched Cloud Tap on Phone, which will allow merchants of any size to quickly and easily accept contactless payments on a range of devices, including mobile phones, further expanding our acceptance reach.

這為利用非接觸式的新解決方案鋪平了道路，例如我們最近推出的 Cloud Tap on Phone，它將允許任何規模的商家在包括手機在內的一系列設備上快速輕鬆地接受非接觸式支付，進一步擴大我們的接受範圍.

This will be particularly important for all those hard-hit small businesses trying to operate more digitally coming out of the pandemic.

這對於所有那些試圖在大流行中以數字化方式運營的遭受重創的小企業來說尤其重要。

Now with respect to services.

現在關於服務。

Services continue to be in strong demand as we help our customers adapt and succeed in this evolving omnichannel environment we just talked about.

隨著我們幫助客戶適應我們剛才談到的不斷發展的全渠道環境並取得成功，服務的需求繼續保持強勁。

In aggregate, our services line represented about 1/3 of our revenues in 2020 and grew at 18% during that period on a currency-neutral basis, providing a critical source of growth and diversification.

總體而言，我們的服務線在 2020 年約占我們收入的 1/3，在貨幣中性的基礎上在此期間增長了 18%，提供了增長和多元化的關鍵來源。

We will continue to invest in these capabilities across all payment flows to keep the ecosystem secure and to provide key insights to our customers, including publishing monthly trends, leveraging assets such as SpendingPulse.

我們將繼續在所有支付流程中投資於這些功能，以確保生態系統的安全並為我們的客戶提供關鍵見解，包括發布月度趨勢、利用 SpendingPulse 等資產。

Our recent acquisitions in the services space providing a key source of differentiation are continuing to gain scale.

我們最近在提供差異化關鍵來源的服務領域的收購正在繼續擴大規模。

For instance, Bank of America recently expanded its use of Ethoca's dispute management tools.

例如，美國銀行最近擴大了對 Ethoca 爭議管理工具的使用。

Fintechs in the U.S. and abroad, including American e-commerce company Rappi, are using the behavioral biometric technology of NuData and [Transfast] certification process, signing new customers, for RiskRecon to ensure cyber health across their system.

美國和國外的金融科技公司，包括美國電子商務公司 Rappi，正在使用 NuData 的行為生物識別技術和 [Transfast] 認證流程，為 RiskRecon 簽署新客戶，以確保整個系統的網絡健康。

And brands like Chico's are leveraging our end-to-end loyalty platform through SessionM.

像 Chico's 這樣的品牌正在通過 SessionM 利用我們的端到端忠誠度平台。

So let's turn our focus on the initiatives that are designed to address a broader set with payment flows with our multi-rail capabilities.

因此，讓我們將重點轉向旨在通過我們的多軌功能解決更廣泛的支付流程的計劃。

They offer the choice and flexibility that consumers, businesses and governments need and increasingly expect.

它們提供了消費者、企業和政府需要並日益期待的選擇和靈活性。

First, we are pleased to report that we closed the acquisition of Finicity in November, extending our network to provide data transmission capabilities essentially to fully capitalize on the future of open banking.

首先，我們很高興地報告，我們在 11 月完成了對 Finicity 的收購，擴展了我們的網絡以提供數據傳輸能力，從而充分利用開放銀行的未來。

Finicity continues its leadership in signing direct data access agreements with financial institutions and fintechs, building off existing direct relationships with major banks like Chase, Citi, Bank of America, Capital One and Wells Fargo.

Finicity 在與金融機構和金融科技公司簽署直接數據訪問協議方面繼續處於領先地位，與大通銀行、花旗銀行、美國銀行、第一資本和富國銀行等主要銀行建立了現有的直接關係。

We recently added Chime, Brex, BMO Harris, Charles Schwab and [ED] Bank, and we're moving quickly to secure more direct access relationships.

我們最近添加了 Chime、Brex、BMO Harris、Charles Schwab 和 [ED] Bank，我們正在迅速採取行動以確保更直接的訪問關係。

Finicity continues to build out its digital assets and credit decisioning solutions, including those launched with 4 leading mortgage companies, and have seen rapid adoption of its lending and payment solutions.

Finicity 繼續構建其數字資產和信貸決策解決方案，包括與 4 家領先的抵押貸款公司合作推出的解決方案，並見證了其貸款和支付解決方案的迅速採用。

In parallel, we continue to expand our open banking capabilities in Europe and intend to leverage Finicity there as well.

與此同時，我們繼續擴大我們在歐洲的開放銀行業務能力，並打算在那裡利用 Finicity。

In the real-time space, we're excited that Payments Canada has selected Mastercard to build and run its new real-time payment systems, clearing and settlement infrastructure.

在實時領域，我們很高興 Payments Canada 選擇萬事達卡來構建和運行其新的實時支付系統、清算和結算基礎設施。

Our technology and expertise will power our best-in-class real-time payment infrastructure that provides a platform for innovation to enhance Canada's economy.

我們的技術和專業知識將為我們一流的實時支付基礎設施提供動力，為創新提供平台以增強加拿大經濟。

With this win, we are now providing real-time payments infrastructure for 12 of the top 50 GDP countries, extending our global footprint.

憑藉這次勝利，我們現在為 GDP 排名前 50 的國家中的 12 個國家提供實時支付基礎設施，擴大了我們的全球足跡。

Relating to these new infrastructure wins, we continue to build out applications that leverage real-time payment rails like with Mastercard Track Business Payment Service, which is now live with real-time payments and batch ACH in the U.S. alongside our card functionalities.

與這些新的基礎設施勝利相關，我們繼續構建利用實時支付軌道的應用程序，例如 Mastercard Track Business Payment Service，該服務現在在美國與我們的卡功能一起使用實時支付和批量 ACH。

We've also extended Track's card payment capabilities worldwide and now continuing to build out our network with a number of bank and nonbank partners that considerably extend our reach on both the buyer and supplier side.

我們還在全球範圍內擴展了 Track 的卡支付功能，現在繼續與許多銀行和非銀行合作夥伴建立我們的網絡，這大大擴展了我們在買方和供應商方面的影響力。

This year, we plan to continue expanding the platform into new geographies and add our cross-border payment capabilities.

今年，我們計劃繼續將該平台擴展到新的地區，並增加我們的跨境支付能力。

We're also delivering on our multi-rail promise with Mastercard Send, which continues to grow across the globe.

我們還通過 Mastercard Send 兌現我們的多軌承諾，該服務在全球範圍內繼續增長。

For example, we expanded our reseller network by deepening our long-standing relationship with Citi to enable them to offer business-to-consumer disbursements in the U.S. This is one of several new partnerships leveraging Mastercard Send to enable B2C and person-to-person money transfers domestically and internationally.

例如，我們通過深化與花旗的長期合作關係擴展了我們的經銷商網絡，使他們能夠在美國提供企業對消費者的支付服務。這是利用萬事達卡發送實現 B2C 和個人對個人的幾個新合作夥伴關係之一國內和國際匯款。

We also partnered with TransferGo, enabling customers across 20 European countries to make international money transfers from any card or bank account directly to a Mastercard debit or credit card.

我們還與 TransferGo 合作，使 20 個歐洲國家的客戶能夠從任何卡或銀行賬戶直接向萬事達卡借記卡或信用卡進行國際匯款。

Now let's take a look into the future.

現在讓我們展望未來。

As you've surely heard, there's a lot going on in the digital currency space, with many governments around the world evaluating central bank digital currencies.

正如您肯定聽說過的那樣，數字貨幣領域發生了很多事情，世界各地的許多政府都在評估中央銀行的數字貨幣。

When a country chooses to issue its own CBDC like the pilots we've seen in countries like Sweden or China or instead, it provides a regulatory framework for private stable points or otherwise pursues both public and private options in parallel, we are engaged to central banks through our policy and the solution perspective.

當一個國家選擇像我們在瑞典或中國等國家看到的試點那樣發行自己的 CBDC 時，或者相反，它為私人穩定點提供監管框架，或者同時尋求公共和私人選擇，我們致力於中央銀行通過我們的政策和解決方案的視角。

We've continued to invest in this space to be ready to [co-invest] with governments, banks and fintech partners.

我們繼續在這個領域進行投資，準備與政府、銀行和金融科技合作夥伴[共同投資]。

For example, the virtual test platform that we launched a short time ago is being received well.

比如我們不久前推出的虛擬測試平台，反響不錯。

And our cryptocard programs, including Wirex in the U.K. and Uphold in the U.S., enable consumers to spend their crypto balances within our acceptance network.

我們的加密卡計劃，包括英國的 Wirex 和美國的 Uphold，使消費者能夠在我們的接受網絡中使用他們的加密餘額。

This year, we plan on adding digital currency [controlled] directly on our network, enabling our partners to take advantage of our acceptance reach and settlement capabilities.

今年，我們計劃在我們的網絡上直接添加 [受控] 數字貨幣，使我們的合作夥伴能夠利用我們的接受範圍和結算能力。

This will give choice and flexibility for consumers and merchants for what currency they want to use or receive.

這將為消費者和商家提供他們想要使用或接收的貨幣的選擇和靈活性。

Our level of support will vary based on regulations in a given market.

我們的支持水平將根據特定市場的規定而有所不同。

It will continue to be guided by our published principles on security, compliance and consumer protections and the value to our stakeholders in determining our involvement in a specific initiative.

它將繼續以我們發布的關於安全、合規和消費者保護的原則以及我們利益相關者在確定我們參與特定計劃時的價值為指導。

So there's certainly a lot going on and significant opportunity ahead.

因此，肯定有很多事情要做，而且未來還有很大的機會。

With that, let me turn the call over to Sachin.

有了這個，讓我把電話轉給薩欽。

Thanks, Michael.

謝謝，邁克爾。

Turning to Page 3, which shows our financial performance for the quarter on a currency-neutral basis and excluding special items related to certain litigation and tax matters and the impact of gains and losses on the company's equity investments.

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，不包括與某些訴訟和稅務事項相關的特殊項目以及損益對公司股權投資的影響。

Net revenue was down 7%, reflecting the impact of the pandemic and includes a 1 ppt benefit from acquisitions.

淨收入下降 7%，反映了大流行的影響，其中包括 1 個百分點的收購收益。

Operating expenses were flat year-over-year or down 3% if you exclude the 3 ppt impact of acquisitions.

如果排除收購的 3 個百分點影響，運營費用同比持平或下降 3%。

Operating income was down 12% and net income was down 17%, both of which include a 2 ppt decrease related to acquisitions.

營業收入下降 12%，淨利潤下降 17%，其中包括與收購相關的 2 個百分點的下降。

EPS was down 16% year-over-year to $1.64, which includes $0.04 of dilution related to our recent acquisitions, partially offset by a $0.03 contribution from share repurchases.

每股收益同比下降 16% 至 1.64 美元，其中包括與我們近期收購相關的 0.04 美元稀釋，部分被股票回購帶來的 0.03 美元貢獻所抵消。

During the quarter, we repurchased about $1 billion worth of stock and an additional $356 million through January 26, 2021.

在本季度，我們回購了價值約 10 億美元的股票，並在 2021 年 1 月 26 日之前再回購了 3.56 億美元。

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

因此，讓我們轉到第 4 頁，您可以在其中查看第四季度的運營指標。

Worldwide gross dollar volume or GDV increased by 1% year-over-year on a local currency basis, reflecting the effects of the pandemic.

以當地貨幣計算，全球總美元交易量或 GDV 同比增長 1%，反映了大流行的影響。

U.S. GDV increased by 4%, with debt growth of 15%, partially offset by a credit decline of 7%.

美國 GDV 增長 4%，債務增長 15%，部分被 7% 的信貸下降所抵消。

Outside of the U.S., volumes were flat.

在美國以外，交易量持平。

Cross-border volume was down 29% globally for the quarter.

本季度全球跨境交易量下降了 29%。

Similar to last quarter, intra-Europe volumes were less impacted than other cross-border volumes.

與上一季度類似，歐洲內部交易量受到的影響小於其他跨境交易量。

Specifically, intra-Europe volume was down 15% for the quarter, whereas other cross-border volume was down 41%.

具體而言，本季度歐洲內部交易量下降了 15%，而其他跨境交易量下降了 41%。

Turning to Page 5. Switched transactions grew 4% in the fourth quarter globally.

轉到第 5 頁。第四季度全球交換交易增長了 4%。

We saw positive growth in switched transactions across most regions, aided in part by the continued adoption of contactless.

我們看到大多數地區的交換交易都出現了正增長，這在一定程度上得益於非接觸式的持續採用。

In addition, card growth was 6%.

此外，卡增長為 6%。

Globally, there are 2.8 billion Mastercard- and Maestro-branded cards issued.

全球共發行了 28 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 decrease in net revenue of 7% was primarily driven by a decline in cross-border volumes due to the effects of border restrictions and social distancing measures, partially offset by growth in GDV, switched transactions and continued growth in our services.

淨收入下降 7% 主要是由於邊境限制和社會疏離措施的影響導致跨境交易量下降，部分被 GDV 的增長、轉換交易和我們服務的持續增長所抵消。

As previously mentioned, acquisitions contributed approximately 1 ppt to net revenue growth.

如前所述，收購對淨收入增長貢獻了約 1 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 1%, while worldwide GDV grew 1%.

國內評估增長了 1%，而全球 GDV 增長了 1%。

Cross-border volume fees decreased 41%, while cross-border volumes decreased 29%.

跨境交易量費用下降了 41%，而跨境交易量減少了 29%。

The 12 ppt difference is primarily due to an adverse cross-border mix mainly driven by lower-yielding intra-Europe cross-border volumes being less impacted than higher-yielding other cross-border volumes.

12 個百分點的差異主要是由於不利的跨境組合，主要是由於較低收益的歐洲內部跨境交易量受到的影響小於收益較高的其他跨境交易量。

Transaction processing fees were up 4%, while switched transactions were up 4%, with the unfavorable cross-border mix I just mentioned being offset by strong services growth.

交易處理費上漲了 4%，而轉換交易上漲了 4%，我剛才提到的不利跨境組合被強勁的服務增長所抵消。

Other revenues were up 17%, including a 1 ppt contribution from acquisitions.

其他收入增長 17%，其中收購貢獻了 1 個百分點。

The remaining growth was primarily driven by our data analytics, consulting and cyber and intelligence solutions.

剩餘的增長主要由我們的數據分析、諮詢以及網絡和情報解決方案推動。

Finally, rebates and incentives were up 1%.

最後，回扣和獎勵增加了 1%。

Moving on to Page 7. You can see that on a currency-neutral basis and excluding a special charge related to litigation, total operating expenses remained flat.

轉到第 7 頁。您可以看到，在貨幣中性的基礎上，不包括與訴訟相關的特殊費用，總運營費用保持不變。

This includes a 3 ppt increase related to acquisitions.

這包括與收購相關的 3 個百分點的增長。

Excluding acquisitions, we delivered an expense decrease of 3 ppt.

剔除收購，我們實現了 3 個百分點的費用下降。

Turning to Page 8, let's discuss the specific metrics for the first 3 weeks of January.

轉到第 8 頁，讓我們討論 1 月前 3 週的具體指標。

Starting with switched volumes, we continue to believe that most markets are in the normalization phase domestically with some approaching growth.

從交易量開始，我們仍然認為大多數市場在國內處於正常化階段，並有一些接近增長。

Overall, switched volume growth remains generally consistent with the trends we saw in December.

總體而言，轉換量增長與我們在 12 月看到的趨勢基本一致。

While we are seeing stronger growth in the U.S., this is being more than offset by slower growth in markets outside the U.S., primarily Europe.

雖然我們看到美國增長強勁，但這被美國以外市場（主要是歐洲）增長放緩所抵消。

Switched volumes in the United States have been strong in recent weeks, supported in part due to the recent fiscal stimulus.

最近幾週，美國的交易量一直很強勁，部分原因是最近的財政刺激措施。

Outside of the U.S., switched volumes in Europe have slowed considerably due to the increased lockdowns in countries like the U.K., Germany and Italy.

在美國以外，由於英國、德國和意大利等國家的封鎖增加，歐洲的轉換量已大大放緩。

When you look at how people are spending, we have recently seen a decrease in card-present growth rate due primarily to the effects of the increased lockdowns that began to be put in place in December, while our card-not-present growth rates remain healthy.

當您查看人們的消費方式時，我們最近發現持卡人的增長率有所下降，這主要是由於 12 月開始實施的封鎖增加的影響，而我們的持卡人增長率保持不變健康。

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

交換交易的趨勢保持穩定，並正在跟踪我們在交換交易量上看到的趨勢。

In terms of cross-border, we have seen a reversal in intra-Europe cross-border in recent weeks relative to the improvement we saw in November and December.

在跨境方面，與我們在 11 月和 12 月看到的改善相比，最近幾週我們看到歐洲內部跨境出現逆轉。

Higher-yielding other cross-border remains more adversely impacted than intra-Europe cross-border.

與歐洲內部跨境相比，收益率較高的其他跨境受到的不利影響更大。

Turning now to Page 9. I'd like to provide some additional color on the cross-border trends across card-present and card-not-present.

現在轉到第 9 頁。我想為有卡和無卡的跨境趨勢提供一些額外的顏色。

You can see the trends that we shared through the course of the quarter continue.

您可以看到我們在本季度分享的趨勢仍在繼續。

Week-to-week fluctuations in November and December reflect holiday timing differences year-over-year.

11 月和 12 月的每週波動反映了假期時間與去年同期的差異。

In total, if you look at the gray line, total cross-border, which showed some improvement in November and December, is now continuing in a relatively similar band to what we saw in October due to the reimplementation of border restrictions.

總的來說，如果你看一下灰線，由於邊境限制的重新實施，跨境總量在 11 月和 12 月有所改善，現在繼續保持在與我們在 10 月看到的相對相似的範圍內。

If you look at the orange line, card-present spend reflects continued limited travel, in part due to the border restrictions I just mentioned.

如果你看橙色線，持卡消費反映了持續的有限旅行，部分原因是我剛才提到的邊境限制。

Card-not-present growth, which is the yellow line on the chart, continues to be resilient and has held up well.

無卡增長，即圖表上的黃線，繼續保持彈性並保持良好狀態。

The green line represents card-not-present spend, excluding online travel-related spend, and remains positive as we effectively received strong growth across discretionary and nondiscretionary retail categories.

綠線代表無卡消費，不包括與在線旅遊相關的消費，並且由於我們在非必需品零售類別和非必需品零售類別中有效地實現了強勁增長，因此仍然保持正值。

Turning now to Page 10.

現在翻到第 10 頁。

I wanted to share our thoughts for the upcoming year.

我想分享我們對即將到來的一年的想法。

First and foremost, we feel like we are very well positioned to grow with the strategic deals we have laid out over the last several quarters, including those with Bank of America, NatWest, Deutsche Bank and Santander, to name a few.

首先，我們認為我們已經準備好通過過去幾個季度製定的戰略交易實現增長，包括與美國銀行、NatWest、德意志銀行和桑坦德銀行等的戰略交易。

Further, we have positioned ourselves with the return of travel with travel-oriented portfolios.

此外，我們通過以旅行為導向的投資組合將自己定位於旅行的回歸。

We have built a strong set of services capabilities, which continue to grow at a faster rate than before, and we will deepen penetration of these services across our customer base while expanding this portfolio.

我們已經建立了一套強大的服務能力，這些能力繼續以比以前更快的速度增長，我們將在擴大這一組合的同時加深這些服務在我們客戶群中的滲透。

And our multi-rail strategy positions us well to address new flows and adapt to the changing payments landscape.

我們的多軌戰略使我們能夠很好地應對新的流動並適應不斷變化的支付環境。

In terms of the macro environment, we're enthusiastic about the availability of effective vaccines.

在宏觀環境方面，我們對有效疫苗的可用性充滿熱情。

However, the rate at which vaccinations will take place is still uncertain.

然而，疫苗接種的速度仍不確定。

As a result, we will not be providing a forward view on net revenue for 2021 at this time as we believe visibility is dependent upon border opening, the further relaxation of social distancing measures and improvement in consumer confidence.

因此，我們目前不會對 2021 年的淨收入提供前瞻性展望，因為我們認為能見度取決於邊境開放、社會疏離措施的進一步放鬆和消費者信心的提高。

As we have said, we expect to see progress in these areas in the second half of 2021.

正如我們所說，我們希望在 2021 年下半年看到這些領域的進展。

Turning to the first quarter.

轉向第一季度。

We anticipate that some of the more restrictive measures that have recently been put in place because of rising infections will persist in the near term.

我們預計，由於感染人數上升而最近實施的一些限制性更強的措施將在短期內持續存在。

If this were to be the case, we would not expect spending levels to improve from what we have seen so far in January.

如果真是這樣，我們預計支出水平不會比 1 月份迄今所見有所改善。

By the way, we do plan on providing periodic updates to the operating metrics during this quarter.

順便說一句，我們確實計劃在本季度定期更新運營指標。

In addition, I will offer a few additional points to help you with your modeling.

此外，我將提供一些額外的要點來幫助您進行建模。

First, we will continue to experience lower cross-border related deals until broader scale interregional travel recovers.

首先，我們將繼續經歷較低的跨境相關交易，直到更廣泛的區域間旅行恢復。

Second, from a growth rate perspective, we expect to start lapping the effects of the pandemic primarily in March.

其次，從增長率的角度來看，我們預計主要在 3 月份開始對大流行的影響進行分析。

Also, as a reminder, last year was a leap year and so Q1 2020 had an extra day of volumes and revenues.

此外，提醒一下，去年是閏年，因此 2020 年第一季度的銷量和收入增加了一天。

And finally, we expect rebates and incentives as a percentage of gross revenues to be flat or up slightly sequentially due to new deal activity, including some of the recent wins Michael has just discussed.

最後，由於新的交易活動，包括邁克爾剛剛討論的一些最近的勝利，我們預計回扣和獎勵佔總收入的百分比將持平或略有上升。

Now let's turn to operating expenses.

現在讓我們談談運營費用。

We continue to carefully manage our properties in order to preserve our ability to invest in our key long-term growth drivers, namely digital, cybersecurity, data analytics, B2B and multi-rail solutions.

我們繼續謹慎管理我們的資產，以保持我們投資於關鍵長期增長動力的能力，即數字、網絡安全、數據分析、B2B 和多軌解決方案。

For Q1, we expect operating expense growth to be up mid-single digits versus a year ago on a currency-neutral basis, excluding acquisitions.

對於第一季度，在不包括收購在內的貨幣中性基礎上，我們預計運營費用將比一年前增長中個位數。

Of note, this increase reflects the lapping of spending actions taken a year ago as a result of the pandemic as well as a 3 ppt increase due to the lapping of a favorable hedging gain from a year ago.

值得注意的是，這一增長反映了一年前因大流行而採取的支出行動，以及由於一年前有利的對沖收益而增加了 3 個百分點。

With respect to acquisitions made in 2020 or later, Finicity closed near the end of last November, and we continue to expect the transaction with Nets to close in Q1.

關於 2020 年或更晚進行的收購，Finicity 於去年 11 月底結束，我們繼續預計與籃網的交易將在第一季度完成。

Based on this timing, we expect the acquisitions to contribute about a 0.5 ppt to revenue in Q1 and 1 to 2 ppt for the year.

基於這一時機，我們預計這些收購將在第一季度為收入貢獻約 0.5 個百分點，在全年貢獻 1 至 2 個百分點。

Similarly, acquisitions will contribute approximately 4 to 5 ppt to operating expenses growth in the first quarter and 7 to 8 ppt for the year.

同樣，收購將為第一季度的運營費用增長貢獻約 4 至 5 個百分點，全年為 7 至 8 個百分點。

As a reminder, we discreetly disclosed the impact of acquisitions for the year in which they closed and the subsequent year.

提醒一下，我們謹慎地披露了收購對它們關閉的當年和下一年的影響。

After which, we do not split them up.

之後，我們不會將它們分開。

Other items to keep in mind.

其他要記住的項目。

Foreign exchange is expected to be about a 2 ppt tailwind to net revenues and a 2 ppt headwind to operating expenses in Q1.

預計第一季度外匯對淨收入的影響約為 2 個百分點，對運營費用的影響約為 2 個百分點。

On the other income and expense line, we had an expense run rate of approximately $110 million per quarter given the prevailing interest rates.

在另一個收入和支出項目中，考慮到現行利率，我們每季度的支出運行率約為 1.1 億美元。

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

這不包括我們的股權投資的損益，這不包括在我們的非公認會計原則指標中。

And finally, we expect the tax rate of approximately 18% to 19% for the year based on our current geographic mix of the business.

最後，根據我們目前的業務地域組合，我們預計今年的稅率約為 18% 至 19%。

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。

Tanya, we're ready to take questions.

Tanya，我們準備好回答問題了。

(Operator Instructions)

（操作員說明）

Tanya, just -- it's coming through very rough at this end.

Tanya，只是 - 它在這方面非常艱難。

So if you can try to correct that.

因此，如果您可以嘗試糾正它。

Your first question (inaudible) with JPMorgan.

您向摩根大通提出的第一個問題（聽不清）。

(inaudible)

（聽不清）

There's a lot of static on the line.

線上有很多靜電。

(technical difficulty)

（技術難度）

Your next question is from Craig Maurer from Autonomous Research.

您的下一個問題來自 Autonomous Research 的 Craig Maurer。

It's Craig Maurer.

是克雷格·毛雷爾。

Can you hear me?

你能聽到我嗎？

Yes.

是的。

Barely, Craig.

幾乎沒有，克雷格。

Please go ahead.

請繼續。

Okay.

好的。

I can barely hear you (inaudible).

我幾乎聽不見你的聲音（聽不清）。

I wanted to ask about (inaudible) some of the announcements you made (inaudible) any improvement (inaudible) in terms of (inaudible) transaction or any other…

我想詢問（聽不清）您在（聽不清）交易或任何其他方面所做的（聽不清）任何改進（聽不清）的一些公告……

Craig, you just dropped off.

克雷格，你剛下車。

We -- can you still hear us?

我們——你還能聽到我們的聲音嗎？

I'll just rephrase the question in the hopes that you're still on.

我只是改寫這個問題，希望你還在。

Did the (inaudible) interchange eventually passed on our (inaudible)

（聽不清）交換是否最終通過了我們的（聽不清）

So Craig, I can take that question.

所以克雷格，我可以回答這個問題。

I just want to make sure you're still around.

我只是想確保你還在。

Craig, can you hear us?

克雷格，你能聽到我們的聲音嗎？

I'm still here.

我還在這兒。

There's a lot of static.

有很多靜電。

But...

但...

Okay.

好的。

We're working on got it.

我們正在努力得到它。

Yes, we're just working on it.

是的，我們只是在努力。

Let me try and take that so I can -- Sachin can hear it.

讓我試著接受它，這樣我就可以—— Sachin 能聽到。

(inaudible) a question on what the impact of the (inaudible) goes on.

（聽不清）關於（聽不清）的影響的問題。

A couple of things we said (inaudible) that I think the answer is the whole definition (inaudible) volume remains the same.

我們說過（聽不清）的幾件事，我認為答案是整個定義（聽不清）音量保持不變。

There is no change in our pricing either.

我們的定價也沒有變化。

Specifically on your question on payment [change], once the transaction ended on the 31st of December of last year, the U.K. effectively became subject to the same interchange [tax] as any other non-EU countries as agreed with the European Commission.

特別是關於您關於付款 [變更] 的問題，一旦交易於去年 12 月 31 日結束，英國實際上與歐盟委員會同意的任何其他非歐盟國家一樣受到相同的交換 [稅]。

And recognizing the prevailing pandemic, what we did is we set the timing of the change we commenced in October of 2021.

認識到流行的流行病，我們所做的是我們設定了我們在 2021 年 10 月開始的變革的時間。

We are very aware of the challenges which are being faced by retailers, businesses and people (inaudible) this pandemic.

我們非常清楚零售商、企業和人們（聽不清）這場大流行所面臨的挑戰。

And we continue to view the timing of the implementation of this position as we go forward -- look forward for this year.

在我們前進的過程中，我們將繼續關注實施這一立場的時機——期待今年。

We'll take the next question with Timothy Chiodo with Crédit Suisse.

我們將與瑞士信貸的 Timothy Chiodo 一起回答下一個問題。

Can you hear me?

你能聽到我嗎？

Yes, I can hear you.

是的，我能聽到你的聲音。

(inaudible)

（聽不清）

Yes, I'm sorry.

是的，我很抱歉。

We couldn't get that.

我們無法理解。

Just hold on a sec.

稍等片刻。

We're just trying to switch over the lines.

我們只是想換線。

(technical difficulty)

（技術難度）

This is Warren.

這是沃倫。

There's a problem with the operator's line.

接線員線路有問題。

AT&T is working it.

AT&T 正在努力。

We're just going to pause for a moment.

我們只是要暫停片刻。

So if you could just bear with us.

所以，如果你能忍受我們。

(technical difficulty)

（技術難度）

This is Warren.

這是沃倫。

I apologize for the technical difficulties.

對於技術上的困難，我深表歉意。

Hopefully, you can hear us well now.

希望您現在能很好地聽到我們的聲音。

We're ready to take your questions.

我們已準備好回答您的問題。

And in light of the technical difficulties, we'd be happy to extend the call for -- to take your questions.

鑑於技術上的困難，我們很樂意發出呼籲——回答您的問題。

Your next question is from Ramsey El-Assal with Barclays.

您的下一個問題來自巴克萊銀行的 Ramsey El-Assal。

Glad you're back.

很高興你回來了。

I wanted to ask about the impact of stimulus on your volumes.

我想問一下刺激措施對你們交易量的影響。

Is the U.S. switched volume improvement in January versus December, is this -- do you attribute this largely to the impact of stimulus?

與 12 月相比，美國 1 月份的交易量是否有所改善，這是否主要歸因於刺激措施的影響？

And then secondarily, I was interested, Michael, on what you were saying about Mastercard's participation with the central bank digital coins and how you're going to enable them to flow on your network.

其次，邁克爾，我對你所說的萬事達卡參與中央銀行數字硬幣以及你將如何讓它們在你的網絡上流動很感興趣。

How do you help governments with that product?

您如何通過該產品幫助政府？

What can Mastercard do there to be of utility?

萬事達卡有什麼用處？

Ramsey, it's Sachin.

拉姆齊，是薩欽。

I'll take the first question.

我會回答第一個問題。

So to your question, what we are seeing in the first 3 weeks of January is better performance in the U.S., and we are attributing that primarily to the impact of stimulus.

所以對於你的問題，我們在 1 月的前 3 週看到的是美國表現更好，我們主要將其歸因於刺激措施的影響。

Obviously, there's several factors which go into overall spending trends, but (inaudible) definitely does play a part.

顯然，有幾個因素會影響整體支出趨勢，但（聽不清）確實起到了一定的作用。

And we are seeing that come through.

我們看到了這一點。

In terms of spend levels in the U.S. in the first 3 weeks as well as from a mixed standpoint, what we're seeing as being more weighted to a debit in terms of what we're seeing in the U.S.

就前 3 周美國的支出水平而言，以及從混合的角度來看，就我們在美國看到的情況而言，我們所看到的更多地被計入借方。

Good.

好的。

And on the central bank digital currency front, Ramsey, so here's multiple ways that Mastercard can be helpful.

在中央銀行數字貨幣方面，拉姆齊，萬事達卡可以通過多種方式提供幫助。

As I was saying earlier, first of all, we are engaging with governments all around the world, really, first on a basis to find out what is the path forward when it comes to modernizing the payment stack on a given country.

正如我之前所說，首先，我們正在與世界各地的政府進行接觸，實際上，首先是要找出在特定國家/地區實現支付堆棧現代化的前進道路。

So is it the right tool for the job?

那麼它是適合這項工作的工具嗎？

And the conclusion is, it is the right tool for the job and then we will certainly partner, but I would also say that you will find situations where real-time payment is a better answer because it just happens to exist already, and it lives in the existing financial infrastructure.

結論是，它是適合這項工作的工具，然後我們肯定會合作，但我還要說，你會發現實時支付是更好的答案，因為它恰好已經存在，並且存在在現有的金融基礎設施中。

But let's come back to CBDCs.

但是，讓我們回到 CBDC。

We have a few principles that we put out into the market and which I'm happy to see is shared by most leading central banks around the world, and that is that you start off with recognizing there's different roles between a central bank and a private sector bank.

我們向市場推出了一些原則，我很高興看到世界上大多數主要中央銀行都共享這些原則，那就是您首先要認識到中央銀行和私人銀行之間的不同角色部門銀行。

You don't -- you want your lender of last resort.

你不 - 你想要你的最後貸款人。

You want, so to say, the mining of the currency in any one of the private sector to bring utility to the currency for consumers or for businesses and so forth, so a 2-tier approach.

可以說，你想要在任何一個私營部門開採貨幣，為消費者或企業等帶來貨幣的實用性，因此是一種 2 層方法。

And our partnership is with both sectors in this case.

在這種情況下，我們的合作夥伴關係是與這兩個部門的。

Private sector to say what utility could be brought?

私營部門說可以帶來什麼效用？

What's the functionality that makes a difference, let's say, when you want to pay with a cryptocurrency in a store.

比方說，當您想在商店中使用加密貨幣付款時，有什麼不同的功能。

And here, that is where we bring to bear our acceptance network, for example.

例如，在這裡，這就是我們承載我們的接受網絡的地方。

So the IP that we have that links the cryptocurrency that's trading on our network is a very tangible example of what we could do.

因此，我們擁有的連接在我們網絡上交易的加密貨幣的 IP 是我們可以做的一個非常具體的例子。

Then you think about other aspects here is that it's generally the last-mile question.

然後你在這裡考慮其他方面，它通常是最後一英里的問題。

It is also consumer protection.

這也是消費者保護。

It is transparency.

這是透明度。

It is business models around that.

這是圍繞著它的商業模式。

And it is using fundamentally the nature of the distributed ledger technology that is put to use here.

它從根本上使用了在這裡使用的分佈式賬本技術的本質。

And if you could imagine a world where there's a bunch of smart contracts riding on a government-issued CBDC, and that is very similar to what we do in terms of applications in the real-time space, all what we do with debit and credit in the card space, underlying set of rails which we participate in and then we help bring utility across governments and private sector.

如果你能想像一個世界，有一堆智能合約依賴於政府發行的 CBDC，這與我們在實時空間中的應用程序方面所做的非常相似，我們對借記卡和貸記卡所做的所有事情在卡片領域，我們參與了一組基礎軌道，然後我們幫助將公用事業帶到政府和私營部門。

That's the play.

這就是戲。

Early stages, but we will support.

早期階段，但我們會支持。

And we today only carry [CF] currency in our network.

而我們今天只在我們的網絡中攜帶 [CF] 貨幣。

And when this makes its way, then we'll carry CBDCs in our network.

當這成功時，我們將在我們的網絡中攜帶 CBDC。

Your next question is a follow-up from Tien-Tsin with JPMorgan.

您的下一個問題是天津與摩根大通的後續問題。

I just want to ask on the NatWest win on the debit side.

我只想問一下 NatWest 在藉方方面的勝利。

That's a nice one.

這是一個不錯的。

Anything interesting to share on how this win came together?

有什麼有趣的事情可以分享這場胜利是如何走到一起的嗎？

And I'm also just curious, bigger picture of the pipeline for new deals, if it's changed at all, if it's different in terms of size and quality now versus, say, this time last year, pre-COVID.

而且我也只是好奇，新交易管道的更大圖景，如果它發生了變化，如果它在規模和質量方面現在與去年這個時候在COVID之前有所不同。

Yes.

是的。

So let me take the first part of the question and then Sachin can talk a little bit more about the pipeline and so forth.

因此，讓我回答問題的第一部分，然後 Sachin 可以多談一些關於管道等的內容。

Now this big win, NatWest, but then looking at the other strategic relationship with Walgreens, Deutsche Bank, if I look at some of the aspects that recently driven or wins, these ones specifically but broader -- the broader portfolio, it is our capabilities across one set of rails.

現在是這個巨大的勝利，NatWest，然後看看與沃爾格林，德意志銀行的其他戰略關係，如果我看一下最近推動或獲勝的一些方面，這些具體但更廣泛 - 更廣泛的投資組合，這是我們的能力穿過一組鐵軌。

You heard me talk earlier about it.

你聽到我早些時候談到它。

We're going to want to co-innovate with NatWest on multiple payment rails.

我們將希望與 NatWest 在多個支付渠道上共同創新。

So certainly a differentiated capability matters, particularly in Europe, where the rival of real-time payment is absolutely real.

因此，差異化的能力當然很重要，特別是在歐洲，實時支付的競爭對手是絕對真實的。

Then you think about aspects in these markets, there is -- open banking is a little more pronounced than in other markets.

然後你考慮這些市場的各個方面，有 - 開放銀行比其他市場更明顯。

So again, it's an additional capability that's a differentiator that we have with open banking connect in Europe.

再說一次，這是一項額外的能力，是我們在歐洲開放銀行連接的一個差異化因素。

You look into digital-first capabilities.

您研究數字優先功能。

So again, something that played out over the last 2 years in Europe.

再說一遍，過去兩年在歐洲發生的事情。

So I would summarize it, Tien-Tsin, as innovation.

所以我想把它總結為創新，Tien-Tsin。

Certainly, pricing and all that matters.

當然，定價和一切都很重要。

But the fact that there is something else that we can bring to the party and our solution [selling] approach brings it all together across services, multi-rail and what we do in our core business.

但事實上，我們可以為派對帶來其他東西，我們的解決方案 [銷售] 方法將服務、多軌和我們在核心業務中所做的一切結合在一起。

So I think that's generally the story.

所以我認為這通常是故事。

And how that's changing to, let's say, 2 years ago?

比方說，兩年前的情況如何變化？

Well, multi-rail, with the Canada venue just saw it, we're growing our reach if something that is matters in so many more markets today.

好吧，多軌，加拿大場地剛剛看到它，如果今天在更多市場上很重要的事情，我們正在擴大我們的影響力。

So we're just advancing the strategy, and then we can bring it all to bear in a case like this.

所以我們只是在推進策略，然後我們可以在這樣的情況下承擔所有責任。

Yes.

是的。

And Tien-Tsin, I'll just add.

還有Tien-Tsin，我只是補充一下。

Michael touched upon the point around the power of the services capabilities that we bring.

Michael 談到了我們帶來的服務能力的力量。

And you've heard this over the last, I don't know how many quarters.

而且你最近聽說過這個，我不知道有多少個季度。

The wins we're having are very much supported by the strength of our services capabilities.

我們所取得的勝利在很大程度上得益於我們強大的服務能力。

It makes a real difference when we can walk in and talk with customers about how we can help them grow their top line and manage their expense base as it relates to fraud and things like that, which become more of a partnership discussion than a vendor relationship.

當我們可以走進客戶並與客戶討論我們如何幫助他們增加收入並管理與欺詐等類似事情相關的費用基礎時，這會產生真正的不同，這更像是合作夥伴關係而不是供應商關係.

And that's been a key enabler as to helping us win.

這是幫助我們獲勝的關鍵因素。

And that carries on, whether it's NatWest, Deutsche Bank, the whole kind of spectrum of deals.

無論是 NatWest、德意志銀行，還是各種各樣的交易，這種情況仍在繼續。

And what do I expect on a going-forward basis?

在未來的基礎上，我有什麼期望？

The pipeline remains robust.

管道仍然強勁。

I mean things are going to keep happening.

我的意思是事情會繼續發生。

We're going to renew existing customers.

我們將更新現有客戶。

We're going to keep working on new customers.

我們將繼續開發新客戶。

We're going to look to expand portfolios with existing customers.

我們將尋求擴大現有客戶的投資組合。

So that's very much upfront and center in the bucket of what I call controllables.

所以這是我所說的可控因素的前期和中心。

So there's stuff which is happening in the macro environment, which we don't necessarily control.

所以在宏觀環境中發生了一些事情，我們不一定能控制。

But there are things we do, which is engagement with our customers and we're driving hard on that.

但是我們會做一些事情，那就是與我們的客戶互動，我們正在為此努力。

Your next question is from Dan Dolev with Mizuho.

您的下一個問題來自瑞穗的丹·多列夫。

A quick question on debit.

關於借記的一個快速問題。

You mentioned debit is driving most of the growth.

你提到借方推動了大部分增長。

And if I look at Q4 versus Q3 debit growth in the U.S., it did decelerate by about 200 basis points.

如果我看一下美國第四季度與第三季度的借方增長，它確實減速了約 200 個基點。

I just want to know what's behind it.

我只是想知道它的背後是什麼。

I see the comps are a little easier.

我看到比賽更容易一些。

So it would be great to get a bit of an explanation of what drove that in the fourth quarter and how is it looking in the first quarter.

因此，很高興能對第四季度的推動因素以及第一季度的情況進行一些解釋。

Sure.

當然。

So again, you should think about the mix between debit and credit are based on a couple of things.

因此，您應該再次考慮借記卡和貸記卡之間的混合是基於幾件事。

One, what's going on globally in the nature of the release of stimulus payments?

一，在釋放刺激支付的性質上，全球正在發生什麼？

What the timing of that is and what's the timing of associated spend on that stimulus payment.

那是什麼時間，以及在刺激支付上相關支出的時間是什麼。

That's kind of bucket number one.

這是第一桶。

Bucket number two is, what are the categories of spend and -- which have a higher propensity for debit versus which have a higher propensity of credit.

第二個問題是，支出的類別是什麼，以及哪些類別具有較高的借記傾向與哪些具有較高的貸記傾向。

So when I think about Q3 versus Q4, and while debit grew at a very healthy pace in Q4, it was a little bit at a slower rate than what we saw in Q3, back to your point.

因此，當我考慮第三季度與第四季度時，雖然第四季度的借方以非常健康的速度增長，但它的速度比我們在第三季度看到的要慢一點，回到你的觀點。

It's largely been driven by the fact that the impact of the stimulus we've referred in Q3 started to weigh in Q4.

這主要是由於我們在第三季度提到的刺激措施的影響在第四季度開始產生影響。

On the flip side, credit performed really, really well.

另一方面，信貸表現非常非常好。

And when I say really well, it was still in negative, but a market improvement in credit because there was a [greater spend] taking place in discretionary categories, which are credit heavy.

當我說得很好時，它仍然是負面的，但信貸市場有所改善，因為在信貸沉重的可自由支配類別中發生了[更多支出]。

So we follow this and we track this pretty closely.

所以我們遵循這一點，我們非常密切地跟踪這一點。

And I think that would be the reasons why you should explain what changes are taking place in terms of the mix between debit and credit.

我認為這就是為什麼你應該解釋在藉方和貸方之間的混合方面正在發生哪些變化的原因。

Yes.

是的。

And just one point to add then.

然後只需添加一點。

What we've seen in previous challenged periods in terms of economic outlook, there is -- in a downturn, debit is all generally preferred.

我們在之前的經濟前景面臨挑戰時期所看到的情況是，在經濟低迷時期，借記卡通常都是首選。

And the main reason for that is people really want to spend the money that they have and avoid taking on extra burden in terms of additional debt.

主要原因是人們真的想花掉他們擁有的錢，避免在額外債務方面承擔額外的負擔。

So this is a normal pattern that we have seen and it plays out in a way that Sachin just talked about.

所以這是我們已經看到的正常模式，它以 Sachin 剛剛談到的方式發揮作用。

Congrats on your first call.

恭喜你第一次打電話。

Well, thank you.

嗯，謝謝。

Your next question is from Jason Kupferberg with Bank of America.

您的下一個問題來自美國銀行的 Jason Kupferberg。

I just wanted to ask a 2-part question on cross-border.

我只是想問一個關於跨境的兩部分問題。

The first part is -- the highest yielding part of the cross-border business, the non-intra-Europe piece recently seems like the year-over-year declined or moderating a little bit.

第一部分是 - 跨境業務中收益最高的部分，非歐洲內部的部分最近似乎同比下降或略有放緩。

I don't want to make too much out of a couple of weeks of data.

我不想從幾週的數據中得到太多。

But can you just touch on what has maybe driven the incremental improvement in that metric and the sustainability of the improvement as the comps presumably get progressively easier from here, more or less on a weekly basis?

但是，您能否談談推動該指標逐步改進的原因以及改進的可持續性，因為從這裡開始，可能會越來越容易，每週或多或少？

And then just the second part is more of a conceptual question.

然後只是第二部分更多的是一個概念問題。

I mean in your base case of macro recovery and travel recovery, is it feasible that cross-border revenues next year in 2022 could get back to 2019 level?

我的意思是在你的宏觀復甦和旅遊復甦的基本情況下，明年 2022 年的跨境收入是否可以回到 2019 年的水平？

Not obviously asking for guidance but conceptually based on how you think the macro could theoretically unfold.

顯然不是在尋求指導，而是在概念上基於你認為宏觀理論上如何展開。

Yes, Jason.

是的，傑森。

On the first part of your question, here's what I'd tell you.

在你的問題的第一部分，這就是我要告訴你的。

I would tell you, we're closely watching what these trends are.

我會告訴你，我們正在密切關注這些趨勢。

In the first 3 weeks, we have exactly what you're saying, which is the non-intra-Europe cross-border had started to see a little bit of a recovery come through.

在前 3 週，我們得到了你所說的，即非歐洲內部的跨境已經開始看到一點點復甦。

There are lots of puts and takes which take place there.

那裡發生了很多看跌期權。

And let me try and give you a little bit of color as to what could be driving some of that, right?

讓我試著給你一點顏色，看看是什麼驅動了其中的一些，對吧？

First, at the end of the day, when you think about this component of non-intra cross-border, there are still several borders which are open.

首先，歸根結底，當你想到非內部跨境的這個組成部分時，仍然有幾個邊界是開放的。

There are people traveling, if you think about U.S.-Mexico, if you think about borders within the Middle East and Africa.

如果您考慮美國-墨西哥，如果您考慮中東和非洲的邊界，就會有人旅行。

I could think about certain travel which is taking place in Asia Pacific.

我可以考慮在亞太地區進行的某些旅行。

So you might be seeing -- you're seeing a little bit of that come through.

所以你可能會看到 - 你看到了一點點。

The other component which is driving this is, at the end of the day, when we think about other cross-border, we think about it generically speaking in the context of people getting on planes and traveling.

推動這一點的另一個因素是，歸根結底，當我們考慮其他跨境時，我們通常會在人們乘坐飛機和旅行的背景下考慮它。

But other cross-border is also influenced by expats, people who are [sitting in far] locations, who have cars, which are -- from their home countries.

但其他跨境也受到外籍人士的影響，他們[坐在遠方]有汽車，來自他們的祖國。

And the spend patterns on that could be influencing a little bit of what were going on -- what we're seeing here.

而這方面的支出模式可能會影響正在發生的事情——我們在這裡看到的。

I wouldn't make too much of the trend we are seeing in the first 3 weeks.

我不會對我們在前 3 週看到的趨勢做出太多評價。

We have to watch it for a little bit of a longer period of time.

我們必須觀察它更長的時間。

And that's the kind of color I could share with you on that.

這就是我可以與您分享的那種顏色。

On your longer-term question on cross-border, look, I got to tell you, we as a company are very encouraged by what we're seeing from an overall availability of a vaccine standpoint.

關於您關於跨境的長期問題，看，我必須告訴您，從疫苗的整體可用性的角度來看，我們作為一家公司對我們所看到的情況感到非常鼓舞。

The rollout is something which is still kind of uncertain, and we'll watch how the rollout goes.

推出仍然是不確定的，我們將觀察推出的進展情況。

We believe -- with the availability of vaccines at scale, we believe of the availability of more efficient testing therapeutics.

我們相信——隨著疫苗的大規模供應，我們相信更有效的測試療法的可用性。

People -- the consumer -- the governments or consumers will come back.

人們——消費者——政府或消費者會回來。

Borders will start to be relaxed.

邊界將開始放寬。

And social distancing measures would start to relax.

社交距離措施將開始放鬆。

Now we expect that to happen more in the latter half of this year.

現在我們預計這將在今年下半年發生更多。

So (inaudible) I would tell you, I'm quite optimistic about the fact that we're seeing vaccines, which are proving to be as effective as what the test results would suggest.

所以（聽不清）我會告訴你，我對我們看到疫苗這一事實非常樂觀，事實證明疫苗與測試結果表明的一樣有效。

And we'll see where it all kind of shakes out.

我們會看到它在哪裡發生了變化。

I'm really not in a position to give you guidance as it relates to what I think cross-border will look like through the course of 2021.

我真的無法為您提供指導，因為這與我認為到 2021 年跨境會是什麼樣子有關。

But I feel like if you just [stand back and thought] about it, the near term and in the longer term, the nearer term will continue to be linear until the vaccine stuff is rolled out at scale.

但我覺得，如果你只是[退後一步思考]，近期和長期來看，在疫苗大規模推出之前，近期將繼續呈線性關係。

The longer term, we feel very encouraged about.

從長遠來看，我們感到非常鼓舞。

Just an aspect to add here.

只是在這裡添加的一個方面。

And that is that there's distinction between personal travel and corporate travel.

這就是個人旅行和公司旅行之間的區別。

We've seen it in the summer, this past summer 2020.

我們在 2020 年夏天的夏天看到了它。

The reaction, once consumer confidence increases, turned right up into travel increasing because people want to get on with their lives.

一旦消費者信心增加，這種反應就會直接轉化為旅行增加，因為人們想要繼續他們的生活。

They want to see their friends, their families and whatever.

他們想見他們的朋友、家人等等。

So the reaction of personal travel, too, driven by consumer confidence, which will in turn be driven by the vaccine rollout Sachin just talked about, I think, was going to be relatively near term.

因此，個人旅行的反應也受到消費者信心的推動，而這反過來又將受到薩欽剛才談到的疫苗推出的推動，我認為，這將是相對近期的。

Corporate travel, that will take longer.

商務旅行，那將需要更長的時間。

Video tools, we should have actually used the video tool today maybe.

視頻工具，我們今天應該真的用過視頻工具了。

You just see that, that is an additional way of getting together.

你只是看到了，那是另一種聚會的方式。

Yes, people want to see their customers.

是的，人們想見他們的客戶。

How that will play out, we don't exactly know.

這將如何發揮作用，我們並不完全知道。

But back to personal travel, that is a significant majority of our travel portfolio.

但回到個人旅行，這是我們旅行組合的重要組成部分。

And all the wins that we had recently, they're going to kick at this time.

我們最近取得的所有勝利，都將在這個時候開始。

So medium term, we're encouraged.

所以從中期來看，我們受到鼓勵。

Your next question is from Darrin Peller with Wolfe Research.

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

Just a very quick follow-up on cross-border and then a structural question.

只是對跨境問題的快速跟進，然後是結構性問題。

But on cross-border, we remember, in February and March, it really started in Europe and the slowdown and then in March, obviously, the U.S. And so I'm just curious if that's where the comps you expect to start seeing it ease up.

但在跨境方面，我們記得，在 2 月和 3 月，它真正開始於歐洲和經濟放緩，然後是 3 月，顯然是美國。向上。

But Michael, more from a structural standpoint, I just want to understand, I mean, what do you -- now that it's almost been a year, when we look at services and the opportunity there, when you look at some of the other opportunities around contactless and e-comm, can you just touch on what you expect to be more permanent or more sustainable in terms of the business improvements due to the electronic nature of what we've seen in the pandemic?

但是邁克爾，從結構的角度來看，我只是想了解，我的意思是，你是什麼意思 - 現在已經快一年了，當我們關注服務和那裡的機會時，當你看到其他一些機會時圍繞非接觸式和電子商務，您能否談談由於我們在大流行中看到的電子性質，您期望在業務改進方面更持久或更可持續的地方？

Yes.

是的。

So Darrin, it's Sachin.

所以達林，是薩欽。

On your question around the lapping effect of cross-border, you're right.

關於你關於跨境重疊效應的問題，你是對的。

We saw some cross-border decline start in the later part of February is what I would tell you.

我要告訴你的是，我們看到 2 月下旬開始出現跨境下滑。

But the vast majority of the lapping effect, like I said in my prepared remarks, we expect to see across all our drivers in the month of March.

但是，正如我在準備好的評論中所說的那樣，絕大多數的重疊效應，我們希望在 3 月份看到我們所有的司機。

That's the way I kind of think about what we're seeing here.

這就是我思考我們在這裡看到的東西的方式。

All right.

好的。

And Darrin, on the questions on the trends, what makes the trends?

Darrin，關於趨勢的問題，是什麼造就了趨勢？

That's like -- that's the key question here.

這就像 - 這是這裡的關鍵問題。

Certainly, we started a digitization trend that's been around for years, accelerate dramatically.

當然，我們開始了一種已經存在多年的數字化趨勢，並且急劇加速。

I think it's fair to say that years have been compressed into months.

我認為可以公平地說，幾年被壓縮為幾個月。

So what part of that will stick?

那麼它的哪一部分會粘住呢？

When I look at what we're going to see as structural changes, as sticking trends, I fundamentally believe that e-commerce is not going to revert back to what it was.

當我看到我們將看到的結構性變化和持續趨勢時，我從根本上相信電子商務不會恢復到原來的樣子。

So no back to quarter 4 2019.

所以不要回到 2019 年第四季度。

I think the general attitude towards cash is going to remain more negative than before.

我認為對現金的總體態度將比以前更加消極。

The surveys that we've done every single month since April of last year is telling us that consumers -- broadly speaking, 60% of consumers have a somewhat more negative attitude towards cash now, and we don't think that will change.

自去年 4 月以來，我們每個月都進行的調查告訴我們，消費者——從廣義上講，現在 60% 的消費者對現金的態度更加消極，我們認為這種情況不會改變。

70% of consumers, they're going to do more digital banking, more online purchasing and more contactless.

70% 的消費者，他們將進行更多的數字銀行業務、更多的在線購物和更多的非接觸式。

So I think that will just remain.

所以我認為這將繼續存在。

As I said earlier in my prepared remarks, once you can venture out there and social distancing measures are relaxed, people will want to go and shop in their stores, in their local community, support the local restaurant, whatever it is.

正如我之前在準備好的演講中所說，一旦你可以冒險去那裡並且放鬆社交距離措施，人們就會想去他們的商店購物，在當地社區購物，支持當地餐館，不管它是什麼。

But the good experience, as people started to appreciate and learn online, that will not go away.

但是，隨著人們開始欣賞和在線學習，良好的體驗不會消失。

So the good thing is we'll have 2 legs to stand on with our business.

所以好消息是我們將有兩條腿來支持我們的業務。

We'll benefit from both of them.

我們將從兩者中受益。

Other structural trends that I see is more digital transactions, more data, more desire to understand the data.

我看到的其他結構趨勢是更多的數字交易、更多的數據、更多理解數據的願望。

Data Insights, our service portfolio is on point for that.

Data Insights，我們的服務組合正是為此而生。

The same as more digital transactions, larger cyber footprint, potentially more risks.

與更多的數字交易、更大的網絡足跡、潛在的更多風險相同。

And a bunch of new businesses coming online that have been brick-and-mortar only, that's an opportunity for us from a cybersecurity perspective.

從網絡安全的角度來看，一系列新業務上線，這些業務只是實體店，這對我們來說是一個機會。

And then there's a whole cross-border (inaudible) digitizing supply chains, B2B.

然後是整個跨境（聽不清）數字化供應鏈，B2B。

I would say that's the other structural change that people take away from the pandemic.

我想說這是人們從大流行中帶走的另一個結構性變化。

Our next question is from Lisa Ellis with MoffettNathanson.

我們的下一個問題來自 Lisa Ellis 和 MoffettNathanson。

And Michael, congrats again.

邁克爾，再次恭喜。

In the prepared remarks, you highlighted the addition of Finicity to Mastercard's open banking portfolio.

在準備好的評論中，您強調了將 Finicity 添加到萬事達卡的開放式銀行業務組合中。

Can you elaborate a bit on how you're thinking about open banking where a payment or funds transfer could be made with debit, with Mastercard Send, with Fast ACH or RTP?

您能否詳細說明一下您如何看待開放式銀行業務，其中可以通過借記卡、萬事達卡發送、快速 ACH 或 RTP 進行支付或資金轉賬？

Can you just comment a bit on how Mastercard's role differs, value-added differs, economics differ across all of these different methods of payment?

您能否就萬事達卡在所有這些不同支付方式中的作用、增值、經濟方面有何不同發表評論？

And are you agnostic or not?

你是不可知論者嗎？

Why?

為什麼？

Why not?

為什麼不？

Yes.

是的。

That's a pretty broad question, Lisa.

這是一個相當廣泛的問題，麗莎。

So let me tick the first part of it, and then Sachin can talk around the economics and the business all behind that.

所以讓我在它的第一部分打勾，然後薩欽可以談論經濟和這背後的商業。

Broadly speaking, the way we look at open banking is, it's adding data transmission capabilities as well as an additional set of transaction rails.

從廣義上講，我們看待開放銀行的方式是，它增加了數據傳輸能力以及一組額外的交易軌道。

We can initiate payments through open banking, permission API connections.

我們可以通過開放銀行、權限 API 連接發起支付。

We can do that.

我們能做到這一點。

But we also can just verify assets or help in credit decisioning.

但我們也可以僅驗證資產或幫助進行信用決策。

So it's a wide range of use cases, and we're pretty agnostic what they are.

所以這是一個廣泛的用例，我們對它們是什麼非常不可知。

We're quite happy to initiate payments directly through reassigned payment rails but also the combination of a market where there is real-time payment infrastructure.

我們很高興通過重新分配的支付軌道直接啟動支付，也很高興與具有實時支付基礎設施的市場相結合。

There is an open banking regulation as in Europe.

與歐洲一樣，有一個開放的銀行監管。

The fact that we have a strong position in both allows us to leverage the combination of that quite effectively.

我們在這兩者中都擁有強大的地位，這一事實使我們能夠非常有效地利用這兩者的結合。

That is one of the things that Tesco does with us.

這是樂購與我們一起做的事情之一。

The proposition that Tesco is offering is you pay your credit card very simply through an open banking connection, leveraging the real-time payment rails.

Tesco 提供的建議是您通過開放的銀行連接非常簡單地支付信用卡，利用實時支付軌道。

That's check, check, check, and it's a good combination for us.

這是檢查，檢查，檢查，這對我們來說是一個很好的組合。

Overall, where is this going to go?

總體而言，這將走向何方？

I see it as an additional leg in our multi-rail strategy.

我認為這是我們多軌戰略中的一個額外環節。

So one link into Mastercard.

所以一個鏈接到萬事達卡。

You want to pay through an open banking trend link, you want to pay through real-time payments, you want to pay through cards, whatever it is, one thing is through Mastercard.

你想通過開放的銀行趨勢鏈接支付，你想通過實時支付，你想通過卡支付，不管是什麼，一件事是通過萬事達卡。

That's the overall strategy.

這就是總體策略。

Finicity helps us clearly in the United States.

Finicity 在美國顯然幫助我們。

But as I said before, these use cases that they have on asset verification and on credit decisioning, they are so in demand at this point in time.

但正如我之前所說，他們在資產驗證和信用決策方面的這些用例在這個時間點非常受歡迎。

Taking them to Europe as quickly as possible will matter.

盡快將他們帶到歐洲很重要。

Now Sachin can help you unravel some of these business models behind that.

現在，Sachin 可以幫助您解開其中的一些商業模式。

Yes.

是的。

So Lisa, just a couple of thoughts around that.

所以麗莎，關於這個問題的一些想法。

I think you're quite familiar with the way we think about what constitutes our yield as a business, right?

我想你很熟悉我們思考什麼構成我們作為一個企業的收益的方式，對吧？

It's across infrastructure, applications and services.

它跨越基礎設施、應用程序和服務。

And I would tell you whether it's our card rails or it's our real-time ACH rails or it's open banking.

我會告訴你它是我們的卡片導軌還是我們的實時 ACH 導軌還是開放式銀行業務。

The reality is there's an opportunity to realize revenue across all of these 3 layers: infrastructure, apps and services.

現實情況是，有機會在所有這 3 層實現收入：基礎設施、應用程序和服務。

And so as we get more in the flow of transactions and/or data, there is the opportunity to realize on all of those levels.

因此，隨著我們在交易和/或數據流中獲得更多，就有機會在所有這些層面上實現。

If your specific question is around what the interaction of economics will be if payments were to take place over open banking rails or for card rails, well, the reality is we're in the business of providing choice to consumers.

如果您的具體問題是，如果支付發生在開放式銀行軌道或卡軌道上，經濟的相互作用將是什麼，那麼現實是我們的業務是為消費者提供選擇。

And what we're going to do is provide choice, we're getting price for the value we deliver across all of these 3 layers.

我們要做的是提供選擇，我們正在為我們在所有這 3 層提供的價值獲得價格。

I think it's a little early to tell you exactly what the actual economics of a transaction over -- for example, open bank rails maybe, but it's a payment transaction.

我認為現在告訴你交易的實際經濟狀況還為時過早——例如，可能是開放式銀行軌道，但它是一種支付交易。

What I can tell you, though, is take something like Pay by Account, which we've launched in the U.K. The economics for us on Pay by Account in the consumer use case in the U.K. are quite similar to our economics out there.

不過，我可以告訴你的是，我們在英國推出了類似按帳戶付款的方法。在英國的消費者用例中，按帳戶付款的經濟學與我們的經濟學非常相似。

Yes.

是的。

But broadly speaking, I think fair to say we are agnostic.

但從廣義上講，我認為公平地說我們是不可知論者。

It's about choice.

這是關於選擇。

If the market want to go the one way, then the market will go one way and we'll partner it.

如果市場想走一條路，那麼市場就會走一條路，我們將與之合作。

And otherwise, it goes a different way, we'll partner it.

否則，它會以不同的方式發展，我們將與之合作。

We're going to go to about 10 after 10:00, if you can stick with us just to take a few more questions.

我們將在 10:00 後前往 10 點左右，如果您能堅持我們只是為了回答幾個問題。

Your next question is from Timothy Chiodo with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Timothy Chiodo。

So one area of focus for investors has been what the makeup of cross-border volumes will start to look like over the next 3 to 5 years.

因此，投資者關注的一個領域是未來 3 到 5 年跨境交易量的構成情況。

So clearly, in 2020, retail e-commerce became a much larger piece of the mix.

很明顯，在 2020 年，零售電子商務成為了更大的一部分。

Travel became a smaller piece of the mix.

旅行成為其中的一小部分。

But longer term, once we assume a travel recovery -- but there will also be the mix in Mastercard Send, Transfast, Mastercard Track expanding into B2B, more account-to-account remittances, et cetera, across the board mixing into the cross-border volumes.

但從長遠來看，一旦我們假設旅行複蘇——但萬事達卡發送、Transfast、萬事達卡跟踪也將擴展到 B2B、更多賬戶到賬戶匯款等，全面混合到跨領域。邊境卷。

Maybe you can talk about that evolution over the next few years and what that mix might look like.

也許你可以談談未來幾年的演變以及這種組合可能會是什麼樣子。

Sure.

當然。

Tim, it's Sachin.

蒂姆，我是薩欽。

So a couple of thoughts.

所以有幾個想法。

One, we do expect, with the return of travel, the mix will start to come back to a certain level similar to what we saw pre-COVID.

第一，我們確實預計，隨著旅行的回歸，這種混合將開始回到一定水平，類似於我們在 COVID 之前看到的水平。

It might take a little of time as it relates to the business travel component.

這可能需要一些時間，因為它與商務旅行組件有關。

But I want to remind you that the vast majority of our travel from a cross-border perspective happens to be personal travel, which we expect to come back and come back based on the comment which Michael made around the pent-up demand.

但我想提醒您，從跨境角度來看，我們絕大多數的旅行恰好是個人旅行，我們希望根據邁克爾圍繞被壓抑的需求發表的評論再次回來。

So we'll see that come through.

所以我們會看到它通過。

But you're exactly right about other elements of cross-border, whether it's leveraging our real-time rails and the applications in our cross-border manner, real opportunity we feel that as well because today, what we're tapping into is the consumer flows, what we call the person-to-merchant flows, leveraging our card rails in a cross-border environment.

但是您對跨境的其他元素是完全正確的，無論是利用我們的實時軌道還是以我們跨境方式的應用程序，我們也感受到了真正的機會，因為今天，我們正在利用的是消費者流，我們稱之為個人到商戶的流，在跨境環境中利用我們的卡軌。

The opportunity from a B2B standpoint still remains largely untapped.

從 B2B 的角度來看，這個機會在很大程度上仍未開發。

And this is where our suite of assets from a multi-rail standpoint really will play an important part, whether it's our Send capabilities or the acquisition of Transfast which we did.

從多軌的角度來看，這就是我們的資產套件真正發揮重要作用的地方，無論是我們的發送功能還是我們所做的對 Transfast 的收購。

All of those are key contributing factors.

所有這些都是關鍵的促成因素。

And we're rolling those out pretty nicely.

我們正在很好地推出這些產品。

We're building scale, we're building capabilities as we go down that path.

我們正在建立規模，我們正在沿著這條道路發展能力。

So all in all, I tell you, cross-border remains a selling -- decent sized opportunity on a going-forward basis.

所以總而言之，我告訴你，跨境仍然是一個賣點——在未來的基礎上，這是一個相當大的機會。

And Tim, back to my earlier comments around structural changes, B2B and supply chain.

蒂姆，回到我之前關於結構變化、B2B 和供應鏈的評論。

A big part of the supply chain insight that people have just gained over the last 9 months is that there's dependency on parts of the supply chain cross-border that they want to digitize and this -- so they can be more flexible to change suppliers in future scenarios.

人們在過去 9 個月中剛剛獲得的供應鏈洞察力的很大一部分是，依賴於他們想要數字化的跨境供應鏈部分，因此他們可以更靈活地更換供應商未來的情景。

Now here, we come in with Transfast.

現在，我們來到了 Transfast。

We come in with our announced acquisition of HomeSend, the combination of all of that.

我們宣布收購 HomeSend，這是所有這些的結合。

And then you take this multi-rail capabilities, picture this in the context of Track, where there's a data switch, all the data that you want alongside with your B2B transaction is coming along and you choose whichever way you want to send it.

然後你使用這種多軌功能，在 Track 的上下文中想像一下，那裡有一個數據交換機，你想要的所有數據連同你的 B2B 交易一起出現，你可以選擇任何你想發送的方式。

Use case of like remittances by our supplier payments, which make up about $110 trillion of global flows.

我們的供應商付款的類似匯款的使用案例，這構成了大約 110 萬億美元的全球流量。

Significant opportunities for us, we got the assets in place.

對我們來說是重要的機會，我們獲得了資產。

Your next question is from Don Fandetti with Wells Fargo.

您的下一個問題來自富國銀行的 Don Fandetti。

So Michael, congratulations as well.

所以邁克爾，也祝賀你。

I did get your updated thoughts on like big tech.

我確實得到了你對大型科技的最新想法。

Clearly, fintech proliferation is a big positive for the networks in our view.

顯然，在我們看來，金融科技的普及對網絡來說是一大利好。

But how are the discussions with the big tech players going today versus a year or 2 ago?

但是，與一年或兩年前相比，今天與大型科技公司的討論進展如何？

And do you think your interests are still aligned commercially and also in Washington from a regulatory perspective?

從監管的角度來看，您認為您的利益在商業上和華盛頓是否仍然一致？

Yes.

是的。

Don, that's a good question to round this call off, I think a very, very wide-ranging question.

唐，這是一個很好的問題來結束這次取消，我認為這是一個非常非常廣泛的問題。

You have a lot of elements that you put in there.

你有很多你放在那裡的元素。

So let me go at this from a couple of perspectives.

所以讓我從幾個角度來談談這個。

The first is our [opus], just want to run you was, these are partners, these are customers, and we have strong relationships with all of them.

第一個是我們的 [opus]，只是想運行你是，這些是合作夥伴，這些是客戶，我們與他們所有人都有牢固的關係。

Amazon, Facebook, Apple, you name it.

亞馬遜、Facebook、蘋果，應有盡有。

And just think about the Apple Card as an example there.

並以 Apple Card 為例。

When you then look forward, you look at where is the world going in terms of different rails, in terms of emerging technologies, in terms of 5G.

當您展望未來時，您會看到世界在不同軌道、新興技術和 5G 方面的發展方向。

So there's a lot of change from a technology side in our ecosystem and here's big tech players.

因此，在我們的生態系統中，技術方面發生了很多變化，這裡有大型科技公司。

But what I'm finding is that our specialist role here and our focus specific on payment technology makes us a very relevant partner.

但我發現，我們在這裡的專家角色和我們對支付技術的專注使我們成為一個非常重要的合作夥伴。

Most of these companies are oriented and focused on delivering a particularly good consumer experience, digital user experience to their customer base, trying to keep customers in their ecosystem, whatever they might be doing, if they're a social network or something like that.

這些公司中的大多數都面向並專注於為其客戶群提供特別好的消費者體驗、數字用戶體驗，試圖將客戶留在他們的生態系統中，無論他們可能在做什麼，如果他們是社交網絡或類似的東西。

And we stand the role of being the payments partner.

我們扮演著支付合作夥伴的角色。

That is a model of interaction that I think will continue to evolve.

這是我認為將繼續發展的互動模式。

Some of these players do have payment aspirations.

其中一些玩家確實有付款願望。

And Don, that's where your question is going.

唐，這就是你的問題所在。

But then you look at our services portfolio.

但是你看看我們的服務組合。

You look at our capabilities like card-on-file tokenization and so forth.

您會查看我們的功能，例如文件卡標記化等。

We help them with our services portfolio while they create quite a nice consumer front-end experience.

我們幫助他們提供我們的服務組合，同時他們創造了相當不錯的消費者前端體驗。

The xPays is a good example for that.

xPays 就是一個很好的例子。

And as long as there's choice and underlying payment tools, we're quite happy to partner because it drives the overall digital, the acceleration of the digital trend.

只要有選擇和基礎支付工具，我們就很樂意合作，因為它推動了整體數字化，加速了數字化趨勢。

In terms of change in political regime and the incoming administration and the view on big tech, that is for them to comment on.

就政治體制的變化和即將上任的政府以及對大科技的看法而言，這是由他們來評論的。

Basically, we're guided by our partnership.

基本上，我們以合作夥伴關係為指導。

We're going to lean in and continue to drive our business.

我們將繼續努力並繼續推動我們的業務。

Overall, otherwise, it's early days.

總的來說，否則，現在還為時過早。

We have a great dialogue with the incoming administration.

我們與即將上任的政府進行了很好的對話。

They're interested in payments which we generally like.

他們對我們通常喜歡的付款方式感興趣。

This is, by the way, the trend around the world.

順便說一句，這是世界各地的趨勢。

Governments interested in payments is critical national infrastructure, and we engage in that dialogue, topics of cybersecurity and data principles where we're all a leading voice and that's how we engage.

對支付感興趣的政府是關鍵的國家基礎設施，我們參與對話、網絡安全主題和數據原則，我們都是主要的聲音，這就是我們參與的方式。

Thanks, Michael.

謝謝，邁克爾。

I think it's time to wrap up.

我想是時候結束了。

I just wanted to thank you for bearing with us as we went through this process.

我只是想感謝您在我們經歷這個過程時對我們的包容。

And I'm sure Michael will always remember his first call as CEO, but unfortunately, (inaudible) kind of statement.

我相信邁克爾會永遠記得他作為首席執行官的第一次電話，但不幸的是，（聽不清）那種聲明。

Michael, any final thoughts?

邁克爾，有什麼最後的想法嗎？

Yes.

是的。

My blood pressure is slowly coming down again after this little hump earlier.

在之前的這個小駝峰之後，我的血壓又慢慢下降了。

No, thank you for the questions.

不，謝謝你的提問。

Really appreciate the interest and the dialogue.

真的很欣賞這種興趣和對話。

Don't want to repeat anything.

不想重複任何事情。

Just -- I have to go back one more time to 2020.

只是——我必須再回到 2020 年。

That was a challenging year for the industry.

那一年對該行業來說是充滿挑戰的一年。

That was certainly something that made us -- needed us to be as agile as we could possibly be.

這當然是使我們成為可能的東西——需要我們盡可能地敏捷。

And I just want to comment again that our employees really stepped up and allowed us to close out the year on this positive trajectory.

我只想再次評論說，我們的員工真的挺身而出，讓我們在這一積極的軌道上結束了這一年。

Now we said on a number of occasions throughout this call here, we're optimistic about COVID recovery, really in the light of the vaccine being deployed.

現在，我們在整個電話會議中多次表示，我們對 COVID 的複蘇持樂觀態度，這真的是鑑於正在部署的疫苗。

We're optimistic about cross-border coming back driven by the exact same point.

我們對由完全相同的點驅動的跨境回歸持樂觀態度。

So in the near term, there's optimism.

因此，在短期內，存在樂觀情緒。

In the very, very long term, there is optimism.

從非常非常長期來看，人們是樂觀的。

I want to make one more point.

我想再提一點。

All of this is great from an economic perspective and a performance perspective.

從經濟角度和性能角度來看，所有這些都很棒。

What is equally important is that we do the right thing for communities and for our planet.

同樣重要的是，我們為社區和地球做正確的事。

And this week, I'm really proud and so many people at Mastercard are as we put out our net zero commitment.

本週，我真的很自豪，萬事達卡有這麼多人，因為我們提出了我們的淨零承諾。

And that is just the last thought I want to leave you with that.

這只是我想留給你的最後一個想法。

With that, looking forward to speaking to you with less technical issues in a quarter from now.

有了這個，期待在從現在開始的一個季度內與您交流較少的技術問題。

Thank you very much.

非常感謝。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，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。