萬事達 (MA) 2023 Q4 法說會逐字稿

Good morning. My name is Brianna, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Incorporated Q4 and Full Year 2023 Earnings Conference Call. (Operator Instructions)

早安.我叫布麗安娜，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加萬事達卡公司第四季和 2023 年全年財報電話會議。 （操作員說明）

Mr. Devin Corr, Head of Investor Relations, you may begin your conference.

投資者關係主管 Devin Corr 先生，您可以開始會議了。

Thank you, Brianna. Good morning, everyone, and thank you for joining us for our fourth quarter 2023 earnings call. With me today are Michael Miebach, our Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer. Following comments from Michael and Sachin, the operator will announce your opportunity to get into the queue for the Q&A session. It is only then that the queue will open for questions. 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.

謝謝你，布麗安娜。大家早安，感謝您參加我們的 2023 年第四季財報電話會議。今天與我在一起的有我們的執行長 Michael Miebach；以及我們的財務長 Sachin Mehra。在 Michael 和 Sachin 發表評論後，接線員將宣布您有機會進入問答環節的隊列。只有到那時，隊列才會開始提問。您可以在我們網站 mastercard.com 的投資者關係部分存取我們的收益發布、補充業績數據以及本次電話會議隨附的幻燈片。

Additionally, the release was furnished with the SEC earlier this morning. Our comments today regarding our financial results will be on a non-GAAP currency-neutral basis unless otherwise noted. Both the release and the slide deck include reconciliations of non-GAAP measures to GAAP reported amounts. 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. Actual performance could differ materially from these forward-looking statements. Information about the factors that could affect future performance are summarized at the end of our earnings release and in our recent SEC filings. A replay of this call will be posted on our website for 30 days.

此外，新聞稿已於今天早上早些時候向美國證券交易委員會提供。除非另有說明，我們今天對財務表現的評論將基於非公認會計原則貨幣中性的基礎上。新聞稿和投影片均包括非公認會計原則措施與公認會計原則報告金額的調節。最後，正如我們的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。實際表現可能與這些前瞻性陳述有重大差異。有關可能影響未來業績的因素的資訊在我們的財報末尾和最近向 SEC 提交的文件中進行了總結。本次電話會議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.

現在，我將把電話轉給我們的執行長 Michael Miebach。

Thank you, Devin. Good morning, everyone. Here's the headline. We closed out 2023 with another quarter of strong earnings and revenue growth. Quarter 4 net revenues were up 11% and operating income up 13%, both versus a year ago on a non-GAAP currency-neutral basis, excluding special items, as always. These results were driven by healthy consumer spending and the ongoing execution of our strategy. Our deal momentum continued this quarter, powered by a broad range of unique, diversified products and services, both designed to solve our customers' needs.

謝謝你，德文。大家，早安。這是標題。我們以又一個季度的強勁獲利和營收成長結束了 2023 年。與往年一樣，在非 GAAP 貨幣中性基礎上（不包括特殊項目），第四季度淨收入增長 11%，營業收入增長 13%，均較上年同期增長。這些結果是由健康的消費者支出和我們策略的持續執行所推動的。本季我們的交易勢頭仍在繼續，這得益於一系列獨特、多元化的產品和服務，這些產品和服務都是為了滿足客戶的需求而設計的。

Let's start on the macroeconomic front, where we see both tailwinds and headwinds. First, the labor market remains strong with low unemployment and rising wages. These remain key drivers of consumer spending. Some risks we are monitoring include credit availability and delinquency rates. Second, while inflation continues to moderate, prices of many goods and services remain elevated. We're tracking the efforts of central banks who are actively managing interest rates to normalize inflation. And finally, geopolitical uncertainty remains a concern in several markets. On balance, we remain fairly positive about the growth outlook, but we are monitoring the environment closely, and we'll manage the business accordingly.

讓我們從宏觀經濟方面開始，我們看到順風和逆風。首先，勞動市場依然強勁，失業率較低，薪資不斷上漲。這些仍然是消費者支出的主要動力。我們正在監控的一些風險包括信貸可用性和拖欠率。其次，雖然通貨膨脹持續緩和，但許多商品和服務的價格仍然很高。我們正在追蹤積極管理利率以實現通膨正常化的央行的努力。最後，地緣政治的不確定性仍然是多個市場的擔憂。總的來說，我們對成長前景仍然相當樂觀，但我們正在密切監控環境，並相應地管理業務。

Looking at our switch trends this quarter. Domestic volume growth remains healthy. And cross-border spending remains strong, up 18% globally in the fourth quarter on a local currency basis. With that as a backdrop, we remain focused on our strategic priorities, which fuel our growth algorithm across payments, and services and new networks. In payments, our growth algorithm consists of 5 key areas: one, being in the flow to capture the natural growth of economies. Two, accelerating the secular shift to electronic payments across both spend and transactions; three, further penetrating the addressable market in new flows and four, growing market share; and five, optimizing our customer portfolios for performance. Economies are growing, and that's not in our control. However, we are executing on the rest.

看看我們本季的開關趨勢。國內銷量成長保持健康。跨國支出依然強勁，以當地貨幣計算，第四季全球成長 18%。在此背景下，我們仍然專注於我們的策略重點，這推動了我們在支付、服務和新網路方面的成長演算法。在支付方面，我們的成長演算法由 5 個關鍵領域組成：一是順應經濟的自然成長。第二，加速支出和交易向電子支付的長期轉變；第三是進一步滲透新流量的目標市場，四是擴大市場佔有率；五是優化我們的客戶組合以提高績效。經濟正在成長，但這不在我們的控制範圍內。然而，我們正在執行其餘的工作。

Building on that, the run rate for the secular shift is substantial. We are accelerating it by scaling acceptance, enhancing the user experience for digital transactions and driving adoption in new sectors and new use cases. In 2023, we added millions of new acceptance locations worldwide. This growth has been aided by scaling our tap on phone and cloud commerce capabilities. We are now live in over 18 markets. Smaller merchants can start accepting payments by simply downloading an app. And larger merchants are leveraging the technology to promote quick and seamless checkout experiences anywhere in store.

在此基礎上，長期轉變的運作率是巨大的。我們正在透過擴大接受度、增強數位交易的用戶體驗以及推動新領域和新用例的採用來加速這一進程。 2023 年，我們在全球新增了數百萬個受理地點。這一增長得益於我們對電話和雲端商務能力的擴展。我們現在遍佈超過 18 個市場。小型商家只需下載應用程式即可開始接受付款。較大的商家正在利用該技術在商店的任何地方推廣快速、無縫的結帳體驗。

With supporting partners like Apple, who in 2023, expanded tap to pay on iPhone into Australia, the U.K., France, Brazil and several other markets. We're also accelerating the secular shift away from both from cash and closed loop transactions such as transit through our contactless capabilities. Contactless provides a fast, secure and seamless consumer experience in areas like transit, creates an opportunity to capture incremental transactions with a tap for every single ride. And when consumers use contactless for transit, they often extend that behavior across other low dollar spend categories.

在蘋果等合作夥伴的支持下，蘋果於 2023 年將 iPhone 上的觸碰支付擴展到澳洲、英國、法國、巴西和其他幾個市場。我們也正在加速遠離現金和閉環交易（例如透過我們的非接觸式功能進行交通）的長期轉變。非接觸式在交通等領域提供了快速、安全和無縫的消費者體驗，創造了透過每次乘車點擊即可捕捉增量交易的機會。當消費者使用非接觸式交通時，他們通常會將這種行為擴展到其他低美元支出類別。

We've made great progress with many major cities such as London and New York, operating broad-based open-loop systems. However, there is still significant runway for us, given that only a small percentage of large cities globally are operating open-loop systems at scale. And we're leaning into advanced payment technologies like Click to Pay, tokenization and biometrics. They offer embedded, secure and password-free checkout solutions and with that, bring in elevated level of security, simplicity and speed to every transaction. And that's true regardless of the device, browser or card. These solutions not only benefit consumers, but they also create value for merchants as their customers are less likely to abandon a transaction and issuers also benefit from an increase in customer stickiness.

我們在倫敦和紐約等許多主要城市取得了巨大進展，並運作了基礎廣泛的開環系統。然而，鑑於全球只有一小部分大城市正在大規模運作開環系統，我們仍然有很大的發展空間。我們正在傾向於先進的支付技術，如點擊支付、標記化和生物識別技術。他們提供嵌入式、安全且無密碼的結帳解決方案，從而為每筆交易帶來更高水準的安全性、簡單性和速度。無論設備、瀏覽器或卡片如何，都是如此。這些解決方案不僅有利於消費者，而且還為商家創造價值，因為他們的客戶放棄交易的可能性較小，而發行人也從客戶黏性的增加中受益。

For Click to Pay, we are now live in over 35 countries, supported by over 50 channel partners. And in 2023, we drove over 60% growth in transactions. Klarna will implement Click to Pay this year and activate their merchants across all European markets where they operate. We're driving tokenization across all channels, including devices, commerce platforms, card on file and guest checkout. Tokenization reduces fraud and increases approval rates by approximately 3 to 6 percentage points across regions. And we're expanding our biometric payment capabilities, which enable payments with a smile or a wave.

對於“點擊支付”，我們現已在超過 35 個國家/地區開展業務，並得到 50 多個通路合作夥伴的支持。 2023 年，我們的交易量增加了 60% 以上。 Klarna 今年將實施“點擊支付”，並在其經營的所有歐洲市場上啟動其商家。我們正在推動所有管道的代幣化，包括設備、商務平台、存檔卡和賓客結帳。代幣化可減少欺詐，並將各地區的批准率提高約 3 至 6 個百分點。我們正在擴展我們的生物識別支付功能，可以透過微笑或揮手進行支付。

After launching in Brazil, we have now partnered with NEC Corporation to bring our biometric checkout to the Asia Pacific region. We're also driving growth by winning and retaining deals across consumer payments, account-to-account and new flows. This week, we shared that BOK Financial will flip its U.S. debit portfolio to Mastercard making us the exclusive partner across its debit and commercial portfolios. They selected us due to our differentiated virtual card and open banking assets, fraud solutions and our shared commitment to financial inclusion. This marks the third U.S. regulated debit flip we signed in the last year, building on our recent successes with Citizens and Webster Bank, both of which have now started converting their portfolios. And BPER Banca, one of the largest banks in Italy will migrate their debit card to Mastercard as well.

在巴西推出後，我們現在與 NEC Corporation 合作，將我們的生物辨識結帳帶到亞太地區。我們也透過贏得和保留消費者支付、帳戶到帳戶和新流程方面的交易來推動成長。本週，我們宣布 BOK Financial 將把其美國借記卡投資組合轉向萬事達卡，使我們成為其借記卡和商業投資組合的獨家合作夥伴。他們選擇我們是因為我們差異化的虛擬卡和開放式銀行資產、詐欺解決方案以及我們對金融普惠的共同承諾。這標誌著我們去年簽署的第三次受美國監管的借記卡轉換，建立在我們最近與公民銀行和韋伯斯特銀行成功的基礎上，這兩家銀行現在都開始轉換其投資組合。義大利最大的銀行之一 BPER Banca 也將把金融卡移轉到萬事達卡。

We renewed our partnership with Commonwealth Bank of Australia, we will retain exclusivity across their consumer credit and debit portfolios. We signed a long-term partnership with Shinhan Card, the largest issuer in Korea to solidify our leadership in the country. This relationship spans consumer and commercial card offerings and expand into new services, including data analytics. And in Canada, we executed an exclusive long-term renewal of the President's Choice Financial, consumer credit and prepaid portfolios.

我們與澳洲聯邦銀行續簽了合作夥伴關係，我們將保留其消費信貸和金融卡投資組合的獨家經營權。我們與韓國最大的發卡機構新韓卡簽署了長期合作夥伴關係，以鞏固我們在該國的領導地位。這種關係涵蓋消費者卡和商業卡產品，並擴展到新服務，包括數據分析。在加拿大，我們對總統選擇金融、消費信貸和預付投資組合進行了獨家長期續約。

We're also winning in fintechs, co-brands and public sector partners. When it comes to fintechs, MasterCard is a partner of choice. In fact, Mastercard serves over 80% of the top digital payment in Neobank fintechs on the CNBC Global Fintech list. With the support of Starling Bank, one of the largest fintechs in the U.K. renewed their partnership with MasterCard.

我們也在金融科技、聯合品牌和公共部門合作夥伴方面取得了勝利。談到金融科技，萬事達卡是首選合作夥伴。事實上，萬事達卡為 CNBC 全球金融科技榜單上 Neobank 金融科技公司 80% 以上的頂級數位支付提供服務。在 Starling Bank 的支持下，英國最大的金融科技公司之一與萬事達卡續簽了合作關係。

In the co-brand space, we're partnering with J.Crew and Synchrony in the U.S. to launch the retailer's first co-branded digital first card. And in the public sector, we have an exclusive partnership with Fiserv Money Network for all U.S. state and federal government benefit and wage disbursement debit programs. As part of our partnership, we are thrilled to launch with the California Economic Development Department in February, the largest unemployment program in the United States.

在聯合品牌領域，我們與美國的 J.Crew 和 Synchrony 合作，推出該零售商的首張聯合品牌數位首發卡。在公共部門，我們與 Fiserv Money Network 就美國所有州和聯邦政府的福利和工資支付借記計劃建立了獨家合作夥伴關係。作為我們合作關係的一部分，我們很高興於二月與加州經濟發展部啟動美國最大的失業計畫。

As you can see, we continue our positive deal momentum powered by our differentiated products and services are always keeping a focus on financial discipline. This also helps us to capture more of the secular tailwind and in turn, further drive services growth.

正如您所看到的，我們在差異化產品和服務的推動下繼續保持積極的交易勢頭，並始終關注財務紀律。這也有助於我們抓住更多長期的順風車，進而進一步推動服務成長。

Looking to China. We are thrilled that our joint venture in China has received formal approval to commence domestic bank card clearing. Believe that we will be uniquely positioned to provide Chinese consumers with an exceptional payment experience using a single card that's optimized for both domestic and cross-border spend. While we're excited about the medium- to long-term opportunity, there's still work to be done as we fully build out the issuing and acceptance footprint. As we do that, we continue to grow our presence with bank and fintech partners in the market. ICBC launched the first World MasterCard product in November, and Bank of Communications selected Mastercard to launch their first international debit card.

放眼中國。我們很高興我們在中國的合資企業已獲得正式批准開始國內銀行卡清算。相信我們將擁有獨特的優勢，使用一張針對國內和跨境支出進行優化的卡，為中國消費者提供卓越的支付體驗。雖然我們對中長期機會感到興奮，但在我們全面擴大發行和接受足跡時，仍有工作要做。在此過程中，我們將繼續擴大與市場上銀行和金融科技合作夥伴的關係。 11月，工商銀行推出首張世界萬事達卡產品，交通銀行選擇萬事達卡推出首張國際金融卡。

Beyond cards, we also continue to make meaningful progress in the account-to-account space. This quarter, we announced a long-term strategic partnership with the Clearing House, the operator of the RTP network, which continues to secure our position in real-time payments in the United States.

除了卡片之外，我們還繼續在帳戶到帳戶領域取得有意義的進展。本季度，我們宣布與 RTP 網路營運商清算所建立長期策略合作夥伴關係，這將繼續鞏固我們在美國即時支付領域的地位。

Now shifting gears. We continue to execute against our strategy to capture the large secular opportunity in targeted new flows, including commercial payments and disbursements and remittances. We continue to win in commercial. This spans commercial point of sale and B2B accounts payable, which we target through our market-leading virtual card solution. This quarter alone, we renewed our commercial relationships with JPMorgan and FLEETCOR 2 of the largest commercial issuers in the United States. BNP Paribas Fortis will flip their business credit portfolio to Mastercard in Belgium. And on the virtual card front, we announced 2 exciting partnerships in the online travel agency space with Booking.com and Agoda.

現在換檔。我們繼續執行我們的策略，以抓住有針對性的新資金流（包括商業支付、支出和匯款）中的巨大長期機會。我們繼續在商業上獲勝。這涵蓋商業銷售點和 B2B 應付帳款，這是我們透過市場領先的虛擬卡解決方案瞄準的目標。光是本季度，我們就與美國最大的商業發行人摩根大通和 FLEETCOR 2 續簽了商業關係。法國巴黎富通銀行將把他們的商業信貸組合轉向比利時的萬事達卡。在虛擬卡方面，我們宣布與 Booking.com 和 Agoda 在線上旅行社領域建立兩項令人興奮的合作關係。

Turning now to disbursements and remittances. In 2023, we grew transactions by over 30%. We continue to scale our use cases. For example, UBS has integrated our cross-border services capability. This will enable them to execute instant cross-border payments from multiple use cases, including helping their customers pay employees abroad. In addition, we also partnered with Alipay to establish them as a cross-border payments receiving institution in China.

現在談談付款和匯款。 2023 年，我們的交易量增加了 30% 以上。我們繼續擴展我們的用例。例如，瑞銀整合了我們的跨境服務能力。這將使他們能夠從多個用例執行即時跨境支付，包括幫助客戶向海外員工支付工資。此外，我們也與支付寶合作，將其打造為中國的跨境支付接收機構。

Payments, services and new networks reinforce each other. We said it countless times, our services and new networks provide differentiation, as noted in many of the wins I mentioned. Underlying payments growth helps drive services too. And payments growth brings incremental rich data. Our services turn that data into valuable insights and when implemented by our customers, those insights can drive incremental digitization of payments. In turn, this generates even more data, more transaction and more need for fraud tools and the powerful cycle continues. The services and new networks components of our growth algorithms are built on, driving increased penetration of existing customers, extending our services across new customers and customer types, and continuing to build and deploy new services.

支付、服務和新網路相輔相成。我們無數次說過，我們的服務和新網路提供了差異化，正如我所提到的許多勝利中所指出的那樣。基礎支付的成長也有助於推動服務業的發展。支付成長帶來了增量豐富的數據。我們的服務將這些數據轉化為有價值的見解，當我們的客戶實施時，這些見解可以推動支付的增量數位化。反過來，這會產生更多的數據、更多的交易以及對詐騙工具的更多需求，並且強大的循環仍在繼續。我們的成長演算法的服務和新網路元件是建立在提高現有客戶滲透率的基礎上的，將我們的服務擴展到新客戶和客戶類型，並繼續建構和部署新服務。

Here are a few examples how we are executing against each of these. The past year, Bank of America has expanded their services relationship with us to include test and learn program management and supplier enablement solutions. This on top of many of our services they already have. Axis Bank in India has also expanded their relationship with us. They will use our consulting, marketing and analytics services to support end-to-end portfolio life cycle management. Worldpay is utilizing our fraud alerts to streamline the dispute resolution process. And Citi has deployed consumer clarity, digital receipts to provide eligible U.S. cardholders with detailed purchase information directly through their bank app. Now with increased visibility about the merchant and purchase details, consumers can easily validate transactions and reduce the number of disputes they file.

以下是我們如何針對每個問題執行的一些範例。去年，美國銀行擴大了與我們的服務關係，包括測試和學習專案管理以及供應商支援解決方案。這是他們已經擁有的許多服務之上的。印度的 Axis 銀行也擴大了與我們的關係。他們將使用我們的諮詢、行銷和分析服務來支援端到端的產品組合生命週期管理。 Worldpay 正在利用我們的詐欺警報來簡化爭議解決流程。花旗還部署了消費者清晰的數位收據，直接透過其銀行應用程式向符合條件的美國持卡人提供詳細的購買資訊。現在，隨著商家和購買詳細資訊的可見性不斷提高，消費者可以輕鬆驗證交易並減少他們提出的爭議數量。

Square is also integrating consumer clarity solution. Furthermore, Nexi has chosen Mastercard as a strategic partner to roll out Open Banking for e-commerce payments across Europe and the list goes on. We're extending our services and solutions across new customer types, including large marketplaces. Alibaba will use Mastercard's open banking technology to help streamline the onboarding experience for small businesses on the U.S. marketplace and reduce fraud. And Meta utilizes our digital identity technology to improve authentication for online orders. We also continue to develop new services and solutions, many of which leverage the work we are doing with generative AI.

Square 還整合了消費者清晰度解決方案。此外，Nexi 選擇萬事達卡作為策略合作夥伴，在歐洲推出電子商務支付開放銀行業務，這樣的例子不勝枚舉。我們正在將我們的服務和解決方案擴展到新的客戶類型，包括大型市場。阿里巴巴將使用萬事達卡的開放銀行技術來幫助簡化美國市場上小型企業的入職體驗並減少詐欺。 Meta 利用我們的數位身分技術來改善線上訂單的身份驗證。我們也繼續開發新的服務和解決方案，其中許多都利用了我們在生成人工智慧方面所做的工作。

Generative AI brings more opportunity to drive better experiences for our customers, makes it easier to extract insights from our data. It can also help us increase internal productivity. We are working on many Gen AI use cases today to do just that. For example, we recently announced shopping news, shopping news users generative AI to offer a conversational shopping tool that recreates the in-store human experience online, can translate consumers collegially language into tailored recommendations. Another example is Mastercard Small Business AI. The tool will draw on our existing small business resources, along with the content from a newly formed global media coalition to help business owners navigate a range of business challenges. The platform, which is scheduled for pilot launch later this year will leverage AI to provide personalized real-time assistance delivered in a conversational tone.

生成式人工智慧帶來了更多機會為我們的客戶帶來更好的體驗，使我們更容易從數據中提取見解。它還可以幫助我們提高內部生產力。我們今天正在研究許多 Gen AI 用例來實現這一目標。例如，我們最近宣布了購物新聞，購物新聞用戶生成人工智慧提供一種對話式購物工具，可以在線上重現店內的人類體驗，可以將消費者的大學語言轉化為量身定制的推薦。另一個例子是萬事達卡小型企業人工智慧。該工具將利用我們現有的小型企業資源以及新成立的全球媒體聯盟的內容，幫助企業主應對一系列業務挑戰。該平台計劃於今年稍後試行，將利用人工智慧以對話方式提供個人化的即時幫助。

And finally, we expanded Mastercard access, which provides customers with a single point of connectivity to quickly and easily source our AI, digital and identity services. Using access, customers can deploy these services across multiple rails or networks, including those outside the MasterCard network. This is an exciting development, which enhances our ability to scale our services across networks and streamlines the ability for our customers to adopt our capabilities.

最後，我們擴展了萬事達卡的存取權限，為客戶提供單點連接，以快速輕鬆地獲取我們的人工智慧、數位和身分服務。透過訪問，客戶可以跨多個鐵路或網路部署這些服務，包括萬事達卡網路以外的鐵路或網路。這是一項令人興奮的發展，它增強了我們跨網路擴展服務的能力，並簡化了客戶採用我們功能的能力。

So with that, I will wrap it up. In summary, we delivered another strong quarter and year of revenue and earnings growth. We're successfully executing against our strategy and on our growth algorithm, our differentiated capabilities, diversified business model and focused strategy position us well to capitalize on the significant opportunity in front of us. Sachin, over to you.

就這樣，我將結束它。總而言之，我們再次實現了強勁的季度和年度營收和獲利成長。我們正在成功執行我們的策略和成長演算法，我們的差異化能力、多元化的業務模式和重點策略使我們能夠很好地利用擺在我們面前的重大機會。薩欽，交給你了。

Thanks, Michael. Turning now to Page 3, which shows our financial performance for the fourth quarter on a currency-neutral basis, excluding where applicable, special items and the impact of gains and losses on our equity investments. Net revenue was up 11%, reflecting continued growth in our payment network and our value-added services and solutions. Operating expenses increased 9%, including a minimal impact from acquisitions. And operating income was up 13%, including a minimal impact from acquisitions. Net income and EPS increased by 15% and 18%, respectively, both reflecting the strong operating income growth as well as a nonrecurring tax benefit recognized in the fourth quarter. EPS was $3.18, which includes an $0.08 contribution from share repurchases.

謝謝，麥可。現在轉向第三頁，其中顯示了我們在貨幣中性的基礎上第四季度的財務業績，不包括適用的特殊項目以及損益對我們股權投資的影響。淨收入成長 11%，反映出我們的支付網路以及增值服務和解決方案的持續成長。營運費用增加了 9%，其中收購帶來的影響很小。營業收入成長了 13%，其中收購帶來的影響微乎其微。淨利潤和每股收益分別成長 15% 和 18%，既反映了強勁的營業收入成長，也反映了第四季度確認的非經常性稅收優惠。每股收益為 3.18 美元，其中包括來自股票回購的 0.08 美元貢獻。

During the quarter, we repurchased $1.8 billion worth of stock and an additional $586 million through January 26, 2024.

本季度，我們回購了價值 18 億美元的股票，並在 2024 年 1 月 26 日之前額外回購了 5.86 億美元的股票。

So let's turn to Page 4, where you can see the operational metrics for the fourth quarter. Worldwide gross dollar volume or GDV increased by 10% year-over-year on a local currency basis. In the U.S., GDV increased by 4% with credit growth of 5% and debit growth of 3%. Outside of the U.S., volume increased 13% with credit growth of 13% and debit growth of 12%. Sequentially, the debit growth rate was primarily impacted by the lapping of the NatWest portfolio migration in the U.K. Overall, cross-border volume increased 18% globally for the quarter on a local currency basis, reflecting continued strong growth in both travel and non-travel related cross-border spending.

讓我們翻到第四頁，您可以在其中看到第四季度的營運指標。以當地貨幣計算，全球總美元交易量（GDV）較去年同期成長 10%。在美國，GDV 成長了 4%，其中信貸成長 5%，借方成長 3%。美國以外地區的交易量增加了 13%，其中信貸成長了 13%，借記增加了 12%。隨後，借記成長率主要受到英國 NatWest 投資組合遷移的影響。總體而言，本季全球跨境交易量以當地貨幣計算增長了 18%，反映出旅行和非旅行的持續強勁增長相關跨境支出。

While this is sequentially lower versus Q3, this is primarily due to tougher comps as we continue to lap the cross-border travel recovery from last year.

雖然這一數字比第三季度有所下降，但這主要是由於我們繼續經歷去年跨境旅行的復甦，因此競爭更加激烈。

Turning to Page 5. Switched transactions grew 12% year-over-year in Q4, both card-present and card-not-present growth rates remain strong. Card-present growth was aided in part by increases in contactless penetration as contactless now represents approximately 65% of all in-person switched purchase transactions. In addition, card growth was 8%. Globally, there are 3.3 billion Mastercard and Maestro-branded cards issued.

翻到第 5 頁。第四季的轉換交易量年增 12%，持卡交易和無卡交易的成長率仍然強勁。非接觸式滲透率的提高在一定程度上促進了持卡式成長，因為非接觸式交易目前約佔所有面對面交換購買交易的 65%。此外，信用卡成長率為8%。全球已發行 33 億張萬事達卡和 Maestro 品牌卡。

Turning to Slide 6 for a look into our net revenues for the fourth quarter discussed on a currency-neutral basis. Payment Network net revenue increased 7%, primarily driven by domestic and cross-border transaction and volume growth and also includes growth in rebates and incentives. Value-added Services & Solutions net revenue increased 17%, primarily driven by strong growth in our Cyber & Intelligence Solutions, driven by the growth in our underlying drivers and the continued scaling of our fraud and security solutions and our identity and authentication solutions. In addition, we saw strong growth in our marketing, data analytics and consulting services as well as our loyalty solutions. This was partially tempered by slower relative growth in our other solutions.

請參閱投影片 6，以了解我們在貨幣中性基礎上討論的第四季淨收入。支付網路淨收入成長 7%，主要受到國內和跨境交易和數量成長的推動，還包括回扣和激勵措施的成長。增值服務和解決方案淨收入增長了17%，這主要是由於我們的網路和情報解決方案的強勁增長、我們的潛在驅動因素的增長以及我們的欺詐和安全解決方案以及身份和身份驗證解決方案的持續擴展所推動。此外，我們的行銷、數據分析和諮詢服務以及忠誠度解決方案也實現了強勁成長。我們其他解決方案的相對成長速度較慢，在一定程度上緩解了這種情況。

Now let's turn to Page 7 to discuss key metrics related to the payment network, again, described on a currency-neutral basis unless otherwise noted. Looking quickly at each metric. Domestic assessments were up 7%, while worldwide GDV grew 10%. The difference is primarily driven by mix. Cross-border assessments increased 21%, while cross-border volumes increased 18%. The 3 ppt difference is primarily due to favorable mix. Transaction processing assessments were up 10%, while switched transactions grew 12%. The 2 ppt difference is primarily due to lower revenues related to FX volatility versus the prior year. Other network assessments were $251 million this quarter. As a reminder, these assessments primarily relate to licensing, implementation and other franchise fees and may fluctuate from period to period.

現在讓我們轉到第 7 頁來討論與支付網路相關的關鍵指標，除非另有說明，否則都是在貨幣中性的基礎上進行描述的。快速查看每個指標。國內評估增長了 7%，而全球 GDV 增長了 10%。差異主要是由混合驅動的。跨國評估增加了 21%，跨國交易量增加了 18%。 3 個百分點的差異主要是由於有利的組合。交易處理評估增加了 10%，而轉換交易增加了 12%。 2 個百分點的差異主要是由於與前一年相比，與外匯波動相關的收入減少。本季其他網路評估為 2.51 億美元。提醒一下，這些評估主要與許可費、實施費和其他特許經營費有關，並且可能隨時期而波動。

Moving on to Page 8. You can see that on a non-GAAP currency-neutral basis, excluding special items, total adjusted operating expenses increased 9%, which includes a minimal impact from acquisitions. This increase was primarily due to increased spending on personnel to support the continued execution of our strategic initiatives and increased spending on marketing campaigns, advertising and sponsorships like the UEFA Champions League and the Rugby World Cup.

請轉到第 8 頁。您可以看到，在非 GAAP 貨幣中立基礎上，不包括特殊項目，調整後營運費用總額增加了 9%，其中包括收購帶來的最小影響。這一增長主要是由於增加了人員支出以支持我們戰略計劃的持續執行，以及增加了行銷活動、廣告和贊助（如歐洲冠軍聯賽和橄欖球世界盃）的支出。

Turning to Page 9, you will see that we are no longer providing operating metrics as a percentage of 2019 given that we are well past the pandemic. Now let me comment on the operating metric trends in the fourth quarter and through the first 4 weeks of January. Starting with switched volume growth year-over-year. The sequential decline from Q3 to Q4 is primarily due to the lapping effects from the routing of all MasterCard branded volume in Japan to the Mastercard switch and the migration of the NatWest portfolio to Mastercard. Specific to the U.S., the sequential decline from Q3 to Q4 was primarily due to tougher comps.

翻到第 9 頁，您會發現，鑑於疫情已經過去，我們不再提供 2019 年營運指標的百分比。現在讓我評論一下第四季和 1 月前 4 週的營運指標趨勢。首先是銷量年增。第三季至第四季的環比下降主要是由於日本所有萬事達卡品牌數量轉移到萬事達卡交換機以及國民威斯敏斯特銀行投資組合遷移到萬事達卡的重疊效應。具體到美國，從第三季到第四季的連續下降主要是由於競爭更加激烈。

Moving to the first 4 weeks of January, switched volume growth in the U.S. was impacted primarily by severe weather events across the country. As we look specifically at the fourth week of January, which did not have the same impact from severe weather, switched volume in the U.S. returned to approximately 5% growth year-over-year, similar to what we saw in December. Outside of the U.S., we continue to lap the migration of the NatWest portfolio. Switch transactions follow similar patterns to switched volumes. Looking at cross-border for both Q4 and the first 4 weeks of January, cross-border travel growth continues to be primarily impacted by tougher comps as we lap the recovery of travel. Cross-border card not present ex travel continues to show strength.

進入 1 月的前 4 週，美國的成交量成長主要受到全國各地惡劣天氣事件的影響。我們特別關注 1 月的第四周，該週沒有受到惡劣天氣的影響，美國的成交量恢復到年增約 5%，與 12 月的情況類似。在美國之外，我們繼續關注 NatWest 投資組合的遷移。交換交易遵循與交換量類似的模式。縱觀第四季度和 1 月前 4 週的跨境旅行情況，跨境旅行成長繼續主要受到更嚴格的競爭的影響，因為我們經歷了旅行的復甦。跨境卡不存在前出遊繼續展現強勢。

Turning now to Page 10. I wanted to share our thoughts on fiscal year 2024. Let me start by saying our business fundamentals remain strong. We continue to grow through a combination of healthy consumer spending, new and renewed customer agreements, continued secular shift from cash to card and strong growth across our service offerings. In short, as Michael said, we are executing on our strategy and realizing the benefits from our growth algorithm. Overall, we remain fairly positive about the growth outlook. Consumer spending continues to be supported by a strong labor market and wage growth. Our base case scenario for 2024 reflects healthy consumer spending and recent spending dynamics. That being said, we are closely monitoring both positives and negatives in the macro environment as well as geopolitical events and we stand ready to manage our investment levels as appropriate, while maintaining focus on our key strategic priorities.

現在翻到第 10 頁。我想分享我們對 2024 財年的想法。首先我要說的是，我們的業務基本面依然強勁。我們透過健康的消費者支出、新的和更新的客戶協議、從現金到銀行卡的持續長期轉變以及我們的服務產品的強勁增長來繼續增長。簡而言之，正如邁克爾所說，我們正在執行我們的策略並實現我們的成長演算法的好處。總體而言，我們對成長前景仍然相當樂觀。強勁的勞動力市場和工資成長繼續支撐消費者支出。我們 2024 年的基本情境反映了健康的消費者支出和近期的支出動態。話雖如此，我們正在密切關注宏觀環境以及地緣政治事件的積極和消極因素，並隨時準備好適當地管理我們的投資水平，同時繼續關注我們的關鍵戰略重點。

As it relates to the full year 2024, our base case is for net revenues to grow at the high end of a low double-digit rate on a currency-neutral basis, excluding acquisitions. Acquisitions and foreign exchange are forecasted to have a minimal impact for the year. In terms of operating expenses, we expect full year growth at the low end of a low double-digit rate on a currency-neutral basis, excluding acquisitions and special items. Of note, this includes an increase of approximately 1 ppt in operating expense due to a new Brazil tax legislation, which went into effect as of January 1, 2024. This legislation results in higher operating expenses due to an increase in indirect taxes, which is more than offset by a reduction in our income taxes expense.

就 2024 年全年而言，我們的基本預測是淨收入在貨幣中性的基礎上以較低的兩位數成長率的高端成長（不包括收購）。預計收購和外匯交易對今年的影響很小。就營運支出而言，我們預計在貨幣中性的基礎上全年成長率將處於兩位數的低位，不包括收購和特殊項目。值得注意的是，這包括由於巴西新稅法於 2024 年 1 月 1 日生效而導致營運費用增加約 1 個百分點。由於間接稅增加，該立法導致營運費用增加，即所得稅費用的減少足以抵消這一影響。

Acquisitions and foreign exchange are forecasted to have a minimal impact to this growth rate for the year.

預計收購和外匯交易對今年成長率的影響很小。

Now turning to Q1 2024. Year-over-year net revenue growth is expected to be at the low end of a low double-digit rate on a currency-neutral basis, excluding acquisitions. Acquisitions and foreign exchange are forecasted to have a minimal impact to this growth rate for the quarter.

現在轉向 2024 年第一季。在貨幣中性的基礎上（不包括收購），預計淨收入同比增長將處於較低的兩位數增長率的低​​端。預計收購和外匯交易對該季度成長率的影響很小。

Let me briefly talk through why our full year currency-neutral net revenue growth is expected to be higher than the first quarter of 2024. This is primarily driven by 2 factors: first, revenues related to FX volatility were highest in Q1 2023 compared to the other quarters in the year. And second, while our value-added services and solutions continue to grow at a healthy pace. From a cadence perspective, we expect Q1 growth to be lower relative to the other quarters, primarily due to tougher comps. From an operating expense standpoint, we expect Q1 operating expense growth to be at the high end of a high single-digit rate versus a year ago, again, on a currency-neutral basis, excluding acquisitions and special items. Once again, this includes an increase of approximately 1 ppt related to the Brazil tax legislation that I mentioned earlier.

讓我簡單談談為什麼我們的全年（貨幣中性）淨收入成長預計將高於2024 年第一季。這主要由兩個因素驅動：首先，與2023 年第一季相比，與外匯波動相關的收入最高。年內其他季度。其次，我們的增值服務和解決方案持續以健康的速度成長。從節奏的角度來看，我們預計第一季的成長將低於其他季度，這主要是由於競爭更加激烈。從營運費用的角度來看，我們預計第一季營運費用成長將與一年前相比處於高個位數成長率的高端，同樣是在貨幣中性的基礎上，不包括收購和特殊項目。這再次包括與我之前提到的巴西稅收立法相關的約 1 個百分點的增長。

Acquisitions are forecasted to add 0 to 1 ppt to this OpEx growth and foreign exchange is expected to be a headwind of approximately 0 to 1 ppt for the quarter. Other items to keep in mind. On the other income and expense line, we expect an expense of approximately $60 million to $65 million for Q1, given the prevailing interest rates and debt levels. This excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics. Finally, we expect a non-GAAP tax rate of 16% to 17% for Q1 and approximately 17% on a full year basis, all based on the current geographic mix of our business. This reflects the benefit to our effective tax rate related to the Brazil tax legislation that I mentioned earlier.

預計收購將使營運支出成長增加 0 到 1 個百分點，而外匯交易預計將成為本季約 0 到 1 個百分點的阻力。其他需要記住的事項。在其他收入和支出方面，考慮到當前的利率和債務水平，我們預計第一季的支出將約為 6,000 萬至 6,500 萬美元。這不包括我們的股權投資收益和損失，這些收益和損失不包括在我們的非公認會計準則指標中。最後，我們預計第一季的非公認會計準則稅率為 16% 至 17%，全年稅率約為 17%，所有這些都基於我們目前業務的地理組合。這反映了我之前提到的與巴西稅法相關的有效稅率的好處。

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

然後，我會將電話轉回德文。

Thank you. Brianna, you may open the call for questions now.

謝謝。 Brianna，您現在可以開始提問。

(Operator Instructions) We'll pause for just a moment to compile the Q&A roster. Your first question comes from the line of Harshita Rawat with Bernstein.

（操作員說明）我們將暫停片刻來整理問答名單。你的第一個問題來自 Harshita Rawat 和 Bernstein 的對話。

I want to ask about U.S. card volumes. So weather aside, the growth has decelerated a bit to mid-single-digit levels versus what we've seen in the last 5 to 10 years, especially if you compare that to PCE. So how should we think about kind of a normalized card volume growth in the U.S. Or is there simply more runway, a number of transactions. So that's the metric we should be watching? And also, just as a follow-up, can you also comment on Reg II impact on U.S. bonds.

我想問一下美國卡的數量。因此，拋開天氣因素不談，與過去 5 到 10 年相比，成長速度略有放緩，降至中個位數水平，尤其是與個人消費支出 (PCE) 相比。那麼，我們應該如何看待美國信用卡交易量的正常成長，或者只是有更多的跑道、更多的交易。那麼這就是我們應該關注的指標呢？另外，作為後續行動，您能否評論一下Reg II 對美國債券的影響。

Sure, Harshita. Let me take both of those questions. First, on Reg II, let me just kind of share with everybody that from a Reg II standpoint, we haven't seen any material impact come through as far as what we've seen so far on the data. Obviously we will keep a close eye on it as the year progresses, but nothing to actually report from any sort of material impact. On your question around U.S. card volume growth, look at the end of the day, here's the way we think about it, right? We continue to believe that in the U.S., there remains a decent amount of secular opportunity, both from a volume standpoint and from a transaction growth standpoint. In addition to that, as you know, business models are evolving, spending behaviors are changing, and that creates greater opportunity from a volume and a transaction standpoint. But more specifically, what I'd tell you is the following, which is in the release of the U.S.

當然，哈西塔。讓我回答這兩個問題。首先，關於Reg II，讓我與大家分享一下，從Reg II 的角度來看，就我們迄今為止所看到的數據而言，我們還沒有看到任何實質影響。顯然，隨著時間的推移，我們將密切關注這種情況，但沒有任何實質影響的實際報告。關於您關於美國卡數量增長的問題，看看最終的結果，這就是我們的想法，對吧？我們仍然相信，無論是從交易量角度還是從交易成長角度來看，美國仍然存在相當多的長期機會。除此之外，如您所知，商業模式正在不斷發展，消費行為正在發生變化，從數量和交易的角度來看，這創造了更大的機會。但更具體地說，我要告訴你的是以下內容，這是在美國發布的。

We've got to kind of think about what's going on with PCE and what the impact of inflation is in the PCE numbers relative to where it's taking place, i.e., is it taking place in carded volumes? Or is it taking in place in noncarded categories of spend. So as you do the analysis, at least as we do the analysis, the way we think about this is we look at PCE, we think about on a normalized basis, if inflation were to take place fairly evenly across both carded and non-carded PCE, it gives us a high degree of comfort that there's a decent amount of secular opportunity, which still remains in the U.S. from a growth standpoint.

我們必須考慮個人消費支出（PCE）的情況，以及通貨膨脹對個人消費支出（PCE）數據相對於它發生的地方的影響，即它是否發生在卡片數量上？或它是否發生在非卡片支出類別。因此，當你進行分析時，至少當我們進行分析時，我們思考這個問題的方式是我們關注個人消費支出，我們在標準化的基礎上思考，如果通貨膨脹在信用卡和非信用卡上發生得相當均勻PCE ，這讓我們感到非常欣慰，因為從成長的角度來看，美國仍然存在大量的長期機會。

Now in addition to the secular opportunity and the fact that the U.S. continues to actually perform well from an overall consumer health standpoint, we're very active. We're growing our volumes by winning share. I mean you've heard about this quarter-over-quarter in terms of what we're doing to win volumes from new customers. We've had good wins on the debit space, which, as you know, is a challenged kind of environment in the U.S. So overall, I tell you from the U.S. standpoint, it continues to be a very important market, one which is going to be a decent contributor to our growth driven by the PCE growth component, the secular shift as well as share. And again, what I'm talking about is on the card payment volume side of the business.

現在，除了長期機會以及美國從整體消費者健康角度來看實際上繼續表現良好的事實之外，我們還非常積極。我們透過贏得份額來增加銷量。我的意思是，您已經聽說過我們為贏得新客戶所採取的季度環比措施。我們在藉記領域取得了很好的勝利，正如你所知，美國的環境充滿挑戰。所以總的來說，我從美國的角度告訴你，它仍然是一個非常重要的市場，一個正在發展的市場為個人消費支出成長、長期轉變和份額所推動的成長做出體面的貢獻。再說一次，我所說的是業務的卡支付量方面。

Next question comes from Craig Maurer with FT Partners.

下一個問題來自 FT Partners 的 Craig Maurer。

So 2 questions. One, to what degree are conversions of new wins contributing to fiscal year '24 guidance? And secondly, regarding China, knowing that you need to launch your business there within 6 months of approval. I was wondering if you could characterize conversations with issuers there and whether you've been able to keep warm relationships with those issuers over the years, considering you're in a very strong position in China when regulations changed, whatever it was 7, 8 years ago.

所以有2個問題。第一，新勝利的轉化在多大程度上對 24 財年的指導做出了貢獻？其次，關於中國，您需要在獲得批准後的 6 個月內在那裡開展業務。我想知道您是否可以描述一下與那裡的發行人的對話以及多年來您是否能夠與這些發行人保持溫暖的關係，考慮到當法規發生變化時您在中國處於非常有利的地位，無論是什麼7 、8幾年前。

Right. Let me take the China question first and we come back to the conversion topic that you raised. So needless to say, we're thrilled about China. So this is a -- it's a massive economy, and we feel we're well positioned to serve it. As I said in my remarks at the beginning, we feel we're uniquely positioned to put into the hand of Chinese consumers a solution -- a seamless solution that works domestically as well as when they travel. That's not unique. There's another competitor that has that kind of a proposition. But we do have the much better acceptance network to provide an end-to-end solution that works well.

正確的。讓我先回答中國問題，然後我們再回到你提出的轉換話題。不用說，我們對中國感到興奮。因此，這是一個龐大的經濟體，我們認為我們有能力為其服務。正如我在開頭的發言中所說，我們認為我們處於獨特的地位，可以向中國消費者提供一個解決方案——一個在國內和旅行時都適用的無縫解決方案。這並不獨特。還有另一個競爭對手提出了這樣的主張。但我們確實擁有更好的接受網路來提供運作良好的端到端解決方案。

On that basis, we're busy right now with our partners in China with the banks with acquirers, issuers and so forth to discuss rolling out on the issuing side as well as on the acceptance side for 6 months, as you rightly said. Now for years, we have been very active in China on the cross-border side. And those are strong relationships with the same exact banks. And we're just -- I mentioned 2, with ICBC and Bank of Communications, we're just launching new products. So the fact that we are well positioned today with the banks gives us an edge here on moving forward at speed.

在此基礎上，我們現在正忙於與中國的合作夥伴以及銀行、收單機構、發行機構等討論在發行方和承兌方推出為期 6 個月的計劃，正如您所說的那樣。多年來，我們在中國的跨境方面一直非常活躍。這些都是與同一家銀行的牢固關係。我們只是－我提到了2，我們剛與中國工商銀行和交通銀行一起推出新產品。因此，我們今天在銀行中處於有利地位，這一事實使我們在快速前進方面具有優勢。

As I also said, going live within the first 6 months doesn't mean that we're live everywhere, and we have to build this out over time to get full opportunity in the medium to the long-term. And on the conversion piece, just to know, for the U.S., we saw -- I mentioned this earlier for Webster and for Citizens conversion is starting. Some of the big conversions in Europe have already completed. Sachin talked about the lapping for NatWest and so forth. So Sachin, if there's anything else?

正如我所說，在前 6 個月內上線並不意味著我們遍布各地，我們必須隨著時間的推移逐步實現這一目標，以便在中長期內獲得充分的機會。在轉換方面，要知道，對於美國，我們看到──我之前提到過韋伯斯特和公民的轉換正在開始。歐洲的一些重大轉變已經完成。薩欽談到了國民威斯敏斯特銀行的研磨等等。薩欽，還有什麼嗎？

I would just add, like Michael said, right? I mean as you would imagine, in terms of how we think about 2024 and our thoughts for 2024, we do factor in what our best estimate as it relates to the conversion of the portfolios. What I'd tell you is we've had a decent amount of wins across the globe. We -- for the most part, the sizable ones are staggered wins as and they come on over a period of time. They're not episodic flips, which will take place all at one time. So for example, Citizens, Webster, UniCredit, Deutsche Bank, all of these will play out over the course of '24 and in some instances, over multiple years. So we factor in our best estimates on those conversions as we kind of put our thoughts together for the year.

我只想補充一下，就像麥可說的，對吧？我的意思是，正如您所想像的那樣，就我們如何看待 2024 年以及我們對 2024 年的想法而言，我們確實考慮了與投資組合轉換相關的最佳估計。我要告訴你的是，我們在全球範圍內取得了相當多的勝利。我們——在大多數情況下，相當大的勝利是交錯的，因為它們是在一段時間內出現的。它們不是一次性發生的偶發性翻轉。例如，Citizens、Webster、UniCredit、Deutsche Bank，所有這些都將在 24 年期間發揮作用，在某些情況下，甚至會持續多年。因此，當我們將今年的想法放在一起時，我們會考慮對這些轉化的最佳估計。

Our next question comes from Sanjay Sakhrani with KBW.

我們的下一個問題來自 KBW 的 Sanjay Sakhrani。

Sachin, thank you for sort of cadence for the year with the first quarter. But I was just wondering, could you just elaborate a little bit more on the expectations for payments versus the value-added service revenues? And then specific to that Brazil tax legislation. I guess, is it neutral to EPS? It adds to OpEx, but lower taxes? Just maybe you could help us with that, too.

Sachin，感謝您今年第一季的節奏。但我只是想知道，您能否詳細說明一下支付與增值服務收入的預期？然後具體到巴西的稅收立法。我想，它對 EPS 是中性的嗎？它增加了營運支出，但降低了稅收？也許你也可以幫助我們。

Sure. Let me just take the Brazil one first, and I'll come back to your second question. So on the Brazil piece, it increases our operating expenses because it's an increase in indirect taxes, which are there. That is a -- it's more than offset in our tax rate and in the thoughts we've given you from a tax rate standpoint. So from an overall EPS standpoint, it actually ends up being slightly accretive because of the more than offset, which is taking place on the tax line there.

當然。我先談談巴西的問題，然後我再回答你的第二個問題。因此，就巴西而言，它增加了我們的營運費用，因為間接稅增加了。這是——它遠遠抵消了我們的稅率以及我們從稅率的角度向您提供的想法。因此，從整體每股收益的角度來看，它實際上最終會略有增加，因為那裡的稅線發生了超過抵消的情況。

On your question around payments versus value-added services and solutions expectations. Look, we're not giving specific guidance as it relates to how we see payment network revenue and value-added services and solutions revenue. But at the high level, here's what I'd say, let me first address the value-added services and solutions piece. We continue to see good growth in our solutions around everything around our fraud and security solutions, data analytics and insights and we're building all of those into our thoughts for the year. We've had a good year in 2023. We continue to see a good outlook for value-services and solutions going into 2024.

關於您關於支付與增值服務和解決方案期望的問題。看，我們沒有提供具體的指導，因為它與我們如何看待支付網路收入以及增值服務和解決方案收入有關。但在高層次上，我要說的是，讓我先談談增值服務和解決方案部分。我們繼續看到我們的解決方案在詐欺和安全解決方案、數據分析和見解等方面都取得了良好的成長，我們正在將所有這些納入我們今年的想法中。我們在 2023 年度過了美好的一年。我們繼續看到價值服務和解決方案在 2024 年的良好前景。

Likewise, for payments, right? I mean as you can imagine, in payments, it's a function of what we think will happen from a carded market volume growth rate standpoint and what the impacts will be from share wins as well as the impacts of rebates and incentives. So all of that kind of is factored in. What I would tell you broadly is that we continue to expect value-added services and solutions to grow at a faster pace than we do on the payment network side.

同樣，對於付款，對吧？我的意思是，正如您可以想像的那樣，在支付方面，它取決於我們從梳理市場數量增長率的角度來看將會發生的情況，以及份額贏得的影響以及回扣和激勵的影響。因此，所有這些因素都被考慮在內。我要廣泛地告訴您的是，我們繼續期望增值服務和解決方案的增長速度比支付網絡方面的增長速度更快。

Our next question comes from Tien-Tsin Huang with JPMorgan.

我們的下一個問題來自摩根大通的黃天欽。

Just thinking about the outlook. I think Harshita to ask it as well, just the outlook for growth between the U.S. and rest of world. Any -- anything to call out there? Do you expect the trends observed in '23 to be different in 2024 here between the 2 regions?

只是考慮前景。我認為 Harshita 也會問這個問題，只是美國與世界其他地區之間的成長前景。有什麼要注意的嗎？您預計 23 年觀察到的趨勢在 2024 年這兩個地區之間是否會有所不同？

Yes, Tien-Tsin, honestly, I would tell you from a secular opportunity standpoint, right? I mean, we continue to believe, broadly speaking, the secular opportunity is greater outside of the U.S. than in the U.S. There's a good news, bad news story there. And the good news is that, that means we've been quite successful in driving the secular shift opportunity in the U.S., which is what you're seeing in the results come through. And again, from a bad news standpoint is there's a lower remaining opportunity on the volume side in the U.S. But if you ask me the question on a year-over-year basis, I would tell you, I don't expect any meaningful shift in terms of suddenly the trajectory of how the secular opportunity is being realized between the U.S. and the rest of the world to be changing between '23 and '24.

是的，田津，老實說，我會從世俗機會的角度告訴你，對嗎？我的意思是，我們仍然相信，從廣義上講，美國以外的長期機會比美國更大。那裡有一個好消息，也有一個壞消息。好消息是，這意味著我們在推動美國的長期轉變機會方面非常成功，而這就是您在結果中看到的。再說一遍，從壞消息的角度來看，美國在數量方面的剩餘機會較低。但如果你逐年問我這個問題，我會告訴你，我預計不會出現任何有意義的轉變就美國與世界其他地區之間如何實現長期機會的軌跡而言，23年至24年間突然發生了變化。

Our next question comes from Daniel Perlin with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的 Daniel Perlin。

I heard you call out a couple of times geopolitical concerns, and I know that there's some, I don't know, 30 or 40 different elections happening around the globe. So my question to you is as you think about managing those potential concerns, are there certain regions where you feel like there could be pockets of more nationalistic behavior, which would be problematic for you guys getting into those markets? Or that because of election years historically, what you've seen are that it kind of slows down adoption and some of the secular trends that you would have otherwise been able to enjoy in maybe a nonelection year. So just trying to handicap what maybe some of those positives and negatives could be just geopolitically this year.

我聽到你多次提到地緣政治擔憂，我知道全球各地正在發生 30 或 40 場不同的選舉，我不知道。所以我問你的問題是，當你考慮管理這些潛在問題時，你是否認為某些地區可能有更多的民族主義行為，這對你們進入這些市場來說會是個問題？或者，由於歷史上的選舉年，你所看到的是，它在某種程度上減緩了採用率和一些長期趨勢，否則你可能在非選舉年就能夠享受這些趨勢。因此，今年我們只是試圖從地緣政治角度來限制其中一些正面和負面的因素。

Dan, you just touched on some of the key things to watch out for. But this is no different than us monitoring fiscal monetary policy reactions by central banks and governments. So those are all things that affect consumer sentiment, potentially affect consumer spending. So we'll just have to stay close to what that is. Our discipline around these things is to do some solid scenario planning and making sure our playbook in terms of managing our financial responsibility -- responsibly is up to date. Certainly, the last 3 years have had no shortages of such challenges, and we adapted quickly.

丹，您剛剛談到了一些需要注意的關鍵事項。但這與我們監控央行和政府的財政貨幣政策反應沒有什麼不同。這些都是影響消費者情緒、潛在影響消費者支出的因素。所以我們只需要保持接近它是什麼。我們圍繞這些事情的紀律是做一些可靠的情景規劃，並確保我們在管理我們的財務責任方面的劇本——負責任地是最新的。當然，過去三年不乏這樣的挑戰，我們很快就適應了。

More specifically to the points that you mentioned, elections happen regularly. So there is nothing dramatically new in 2024 and geopolitical conflicts, they've been around, and they keep going. And that is something we'll watch what is the impact on energy prices and various downstream into the broader economy. Yet again, our Economics Institute is keeping a focus on that. So nothing very specific. That's why we kept it relatively high level. But these days, one has to just take a look left and right all the time.

更具體地說，就是你提到的，選舉定期舉行。因此，2024 年並沒有什麼重大的新變化，地緣政治衝突也一直存在，而且還會持續下去。我們將關注這對能源價格和更廣泛的經濟的各種下游影響。我們的經濟研究所再次關注這一點。所以沒什麼特別的。這就是為什麼我們將其保持在相對較高的水平。但如今，人們只能時時左看看、右看看。

Your next question comes from Darrin Peller with Wolfe Research.

您的下一個問題來自沃爾夫研究中心的達林佩勒。

It's good to see the value-add services solutions accelerate going back to 17% from 14%. Maybe you could just revisit that for a minute in terms of -- I know you sounded confident that should sustain strong growth relative to the business. And so maybe just revisit the drivers of that and what gives you the confidence that sustains and really just overall, what's the -- what's -- if you sort of rank the top items in that category?

很高興看到加值服務解決方案從 14% 加速回升至 17%。也許你可以重新審視這一點——我知道你聽起來很有信心，這應該會維持相對於業務的強勁成長。因此，也許只是重新審視一下這一因素的驅動因素，以及是什麼給了你持續的信心，實際上，總的來說，如果你對該類別中的頂級項目進行排序，那是什麼？

So let me kick off on that. If you split out the value-added services here, you have our other services, which Sachin touched on earlier, for example, our real-time payment assets and things like that. The thing that we have historically focused on here in this space is our Cyber & Intelligence solutions, fraud solutions, and the data insights and analytics solutions. So if you think about how that flywheel talks about, I talked about the powerful cycle earlier on, so more payments that need to be kept safe, more payments throughout more data, which drive more data analytics inside. That is the underlying kind of secular trend, which is pretty closely related to the secular shift as well.

那麼就讓我開始吧。如果你把這裡的加值服務分開，你還有我們其他的服務，薩欽之前提到過，例如我們的即時支付資產等等。我們在這個領域歷來關注的是我們的網路和情報解決方案、詐欺解決方案以及資料洞察和分析解決方案。因此，如果你想想飛輪是如何談論的，我之前談到了強大的循環，因此需要保證安全的更多支付，透過更多數據進行更多支付，這推動了內部更多的數據分析。這是長期趨勢的潛在類型，它也與長期轉變密切相關。

So that is the baseline of growth here. And then you look at some of the more specific growth drivers here. For example, in data analytics, in that group, we also have our personalization solution. So everybody is trying to engage their consumers at this point. That is on the banking side. It's on the merchant side and here coming in with a solution that provides the right offer through the right channel at the right time to drive through that clutter.

這就是這裡的增長基線。然後你會看到一些更具體的成長驅動因素。例如，在數據分析方面，在該組中，我們也有我們的個人化解決方案。所以此時每個人都在努力吸引消費者。那是在銀行方面。它在商家方面，這裡提供了一個解決方案，可以在正確的時間透過正確的管道提供正確的報價，以擺脫混亂。

We have the #1 personalization company that we acquired 2 years ago. That is one of the drivers we expect some big growth there. You look at the other hand on the Cyber & Security solutions, digital identity. An authentication solution today, nobody likes passwords, you're in a situation where you have to end up making trade-offs between simplicity and security when it comes to digital payments and with our technology, we find ways to go around that effectively, driving down fraud at the same time, ensure that there's low abandonment rates.

我們擁有兩年前收購的排名第一的個人化公司。這是我們預計該地區會大幅成長的驅動因素之一。另一方面，您可以看看網路與安全解決方案，即數位身分。如今的身份驗證解決方案，沒有人喜歡密碼，在數位支付方面，您最終必須在簡單性和安全性之間進行權衡，而利用我們的技術，我們找到了有效解決這一問題的方法，推動在減少詐欺的同時，確保較低的放棄率。

So biometric solutions, I talked about them earlier, is one of those examples. So across these 2 portfolios, C&I and DNS, cyber analytics and data insights, that's where we see the big growth and the big demand. Other solutions, real-time payments, we have a strong position there. We talked about this a couple of quarters ago, where we said we are in the markets in which we are, and we're driving the scale volumes and the reference to our strategic partnership with TCH to show that we continue on that front. So those are kind of the key drivers that we see here. We feel this is a uniquely differentiated portfolio, and that's in great demand.

我之前談到的生物辨識解決方案就是其中之一。因此，在 C&I 和 DNS、網路分析和數據洞察這兩個產品組合中，我們看到了巨大的成長和巨大的需求。其他解決方案，即時支付，我們在那裡擁有強大的地位。我們在幾個季度前討論過這個問題，當時我們說我們處於我們所在的市場，我們正在推動規模銷售，並提及我們與 TCH 的戰略合作夥伴關係，以表明我們將繼續在這方面前進。這些是我們在這裡看到的關鍵驅動因素。我們認為這是一個獨特的差異化產品組合，而且需求量很大。

Our next question comes from Chris Kennedy with William Blair.

我們的下一個問題來自克里斯·肯尼迪和威廉·布萊爾。

And you just talked about it, can you give a broader update on your digital identity solutions and what your strategy is for that and how it can ultimately impact your business?

您剛才談到了這一點，您能否更廣泛地介紹一下您的數位身分解決方案以及您的策略是什麼以及它最終將如何影響您的業務？

Right. So let me do that. I just gave you the headlines on that. So specifically, within that, there's a whole set of solutions from biometric to identity events where we have an ability to provide an identity confidence score to one of our customers and saying, this person has lived at the address before and here is their previous employment. So with this -- with a certain level of confidence we can say this is the person. All this stuff is kind of happening behind the scenes. That is the approach that we're taking. But it's not just our identity data. We are combining this with open banking. We're trying to find use cases where this really makes a difference. For example, an account opening. So we're taking our open banking technology in our Finicity footprint here in the United States, all the way up to 90% of our deposit accounts in this market.

正確的。那麼就讓我這樣做吧。我剛剛給了你這方面的頭條新聞。因此，具體來說，其中有一整套從生物識別到身份事件的解決方案，我們有能力向我們的一位客戶提供身份置信度評分，並說，這個人以前住在該地址，這是他們以前的工作。因此，有了這個——帶著一定程度的信心，我們可以說這就是這個人。所有這些事情都是在幕後發生的。這就是我們正在採取的方法。但這不僅僅是我們的身分數據。我們正在將其與開放銀行業務結合。我們正在努力尋找真正能發揮作用的用例。例如，開戶。因此，我們正在美國的 Finicity 業務中採用開放式銀行技術，涵蓋該市場 90% 的存款帳戶。

And we're taking our digital identity solution into a premium account owner verification and account opening solution. Those are the kind of examples where we see we're truly differentiated. At the highest level, it's before and after the transaction, we're driving value through digital identity. We feel this is absolutely central to the digital economy. And that's why we put it in the new network because there are people who have identity data and there are people who want to use identity data. We don't want to hold it. We're sitting somewhere in the middle, and we are essentially the trusted partner that can prove one way or another if a person is the person they claim to be. Minimal use of data, permission data that's (inaudible).

我們正在將我們的數位身分解決方案納入高級帳戶所有者驗證和帳戶開立解決方案。這些都是我們看到自己真正與眾不同的例子。在最高層面上，在交易之前和之後，我們透過數位身分來推動價值。我們認為這絕對是數位經濟的核心。這就是為什麼我們把它放在新網路中，因為有人擁有身分數據，有人想要使用身分數據。我們不想持有它。我們處於中間位置，我們本質上是值得信賴的合作夥伴，可以以某種方式證明一個人是否是他們聲稱的那個人。最少使用數據，即許可數據（聽不清楚）。

Your next question comes from Paul Golding with Macquarie Capital.

您的下一個問題來自麥格理資本的保羅戈爾丁。

I guess to touch on Finicity since you just mentioned it, Michael. Do you see this evolving more so as a value-added service and solution driver or a volume driver now that you've had it in the portfolio for some time? And then as a follow-on, I just wanted to see if we could get some more color on the acceptance location growth from a regional perspective, given the strength in international volumes in the period.

邁克爾，既然你剛才提到了，我想談談 Finicity。既然您已經將其納入產品組合一段時間了，您是否認為它會進一步發展為增值服務和解決方案驅動程式或銷售驅動程式？接下來，我只是想看看，考慮到這段期間國際交易量的強勁勢頭，我們是否可以從區域角度對接受地點的成長進行更多了解。

Right. So starting with Finicity and then we have the corresponding set of capabilities through our IA acquisition in Europe. We're also building out connectivity in Australia. Those are the 3 regions where we're focused. And open banking does a number of things. Essentially, what we see is a set of use cases here that rise to the top and everything that you could do with open banking. In the end, there's this big vision about OpenData, where people can use their data footprint. Small businesses can use the data footprint for getting access to better services. But for now, what's really rising at the top is account opening, the example that I already gave.

正確的。因此，從 Finicity 開始，然後透過在歐洲收購 IA，我們擁有了相應的能力。我們也在澳洲建立連結。這些是我們重點關注的 3 個區域。開放銀行可以做很多事。本質上，我們在這裡看到的是一組上升到頂部的用例以及您可以使用開放銀行所做的所有事情。最後，OpenData 有一個宏偉的願景，人們可以在其中使用他們的資料足跡。小型企業可以利用數據足跡來獲得更好的服務。但就目前而言，最重要的是開戶，我已經舉過這個例子。

Open Banking for payments, I come to that for a moment -- in a moment, open banking for lending and for small business in particular. So those are kind of the 3 categories that we feel are particularly relevant right now for payments, it's really interesting, to your point, is this a volume driver? It could because the connectivity that we have here, what we're trying to do is facilitate payments, for example, in non-carded use cases as we have the pay by bank solution in the United States in partnership with Chase bank. So we hope to see significant volume growth out of that. That's the whole idea. And that builds on our experience with Pay-by-Bank in the U.K. This is a somewhat different approach here in the U.S. where our open banking capabilities are the true differentiators. So use cases that matter. That's the focus. And out of that, we hope to see not only API clicks on account opening, but also payment volume coming through.

支付的開放銀行業務，我暫時談到這一點——一會兒，開放銀行業務用於貸款，特別是小企業。因此，這些是我們認為目前與支付特別相關的 3 個類別，這真的很有趣，就您的觀點而言，這是數量驅動因素嗎？這可能是因為我們在這裡擁有的連接，我們正在嘗試做的是促進支付，例如，在非卡用例中，因為我們與大通銀行合作在美國擁有銀行支付解決方案。因此，我們希望看到銷量大幅成長。這就是整個想法。這是建立在我們在英國銀行支付方面的經驗的基礎上的。在美國，這是一種有些不同的方法，我們的開放銀行能力是真正的差異化因素。所以用例很重要。這就是重點。因此，我們不僅希望看到開戶時的 API 點擊次數，還希望看到支付量的增加。

Sorry. That was a second part of the question. My team is just reminding me. Acceptance growth regionally. I mean it comes to the answer actually that Sachin gave earlier where we talked a little bit about payments growth and the regional comparison. So when you think beyond the United States, we see a tremendous growth opportunity. Here in the United States, you would say it's more new use cases and verticals, and it's more generally and broader acceptance across the payments landscape in the rest of the world. There's even significant geographic opportunities to grow. Take Japan, for example. So it's a country that is what the government has put out a stated policy to drive a cashless Japan. So tremendous upside there. We talked about China earlier on, where we're investing heavily in acceptance footprint. So I would say it's leaning a little more on the international side, but here in the U.S., we're very busy going for use cases and verticals.

對不起。這是問題的第二部分。我的團隊只是提醒我。地區接受度成長。我的意思是，這實際上是薩欽早些時候給出的答案，我們討論了一些關於支付成長和區域比較的問題。因此，當你考慮到美國以外的地區時，我們會看到巨大的成長機會。在美國，您可能會說這是更多新的用例和垂直領域，並且在世界其他地區的支付領域得到了更普遍和更廣泛的接受。甚至還有重要的地理成長機會。以日本為例。因此，這個國家的政府已經制定了明確的政策來推動日本的無現金化。那裡有巨大的上升空間。我們早些時候談到了中國，我們在中國的接受度方面投入了大量資金。所以我想說它更傾向於國際方面，但在美國，我們非常忙於用例和垂直領域。

Your next question comes from David Togut with Evercore.

您的下一個問題來自 Evercore 的 David Togut。

Europe continues to be a driver of differentiated growth for Mastercard. Could you share your insights into your runway for growth in some of your largest countries, for example, Germany and Italy and maybe frame that in terms of payment volume growth and vast growth opportunity.

歐洲仍然是萬事達卡差異化成長的驅動力。您能否分享您對一些最大國家（例如德國和義大利）的成長跑道的見解，並可能從支付量成長和巨大的成長機會方面來闡述這一點。

Let me start off with that question. First of all, I do want to underline what you just said. It is a source of differentiated growth for us. We've had a great run in Europe. And it's a combination of share growth, but it's also driven by the ways that we find to go after the accelerated secular shift that we saw on the back end of COVID. Countries like Germany really driving up contactless usage, just to give you one example. So overall, Europe has been firing on all cylinders for us.

讓我從這個問題開始。首先，我想強調一下你剛才所說的話。這是我們差異化成長的來源。我們在歐洲的表現非常出色。這是股票成長的結合，但它也是由我們在新冠疫情後期看到的加速長期轉變後發現的方式所推動的。德國等國家確實推動了非接觸式使用，僅舉一例。總的來說，歐洲一直在為我們開足馬力。

And I come back to the growth algorithm that we laid out for payments, which applies very much in Europe. So European economies will do what they do, but we will continue to focus on share gain, but we will also be very busy to take the share gains that we've already had and turn that into profitable volume for us. Conversions driving that. We had a question on that earlier. So that's driver #1. And then going into new flows in Europe, there is opportunity there as well. If you look at alternative payment systems, everything that's going on in Europe, clearly, through PSD2, PSD3 and so forth, there's a lot of movement in Europe that we will stay on top as we look ahead into that. Differentiated assets in bill pay in the Nordics and so forth. So we have a pretty broad footprint to participate in all the drivers in Europe.

我回到我們為支付制定的成長演算法，這在歐洲非常適用。因此，歐洲經濟體將做他們所做的事情，但我們將繼續關注份額收益，但我們也將非常忙於將我們已經擁有的份額收益轉化為我們的盈利量。轉化推動了這一點。我們早些時候對此有一個疑問。這就是驅動程式 #1。然後進入歐洲的新流動，那裡也有機會。如果你看看替代支付系統，歐洲正在發生的一切，顯然，透過 PSD2、PSD3 等，歐洲發生了很多變化，我們在展望未來時將保持領先地位。北歐的帳單支付等差異化資產。所以我們有相當廣泛的足跡來參與歐洲的所有車手。

In terms of Services, the services has been strong in Europe for a long time. Our advisers on our consulting business has been a winner for us in Europe for the longest time. And if you look at some of these big wins, that we've talked about, they all have a significant contribution of services. In fact, I would say, oftentimes, they are one of the reasons that we win those deals. So nothing dramatically different there. I think Europe has caught up on secular trend in digitization and we're firing on all cylinders. We have -- we're fully invested in Europe. As you know, one of the big topics in Europe is European sovereignty, and we are deeply invested in Europe with our efforts, and we're engaging with -- in Brussels in the nation-state and so forth, which is very important for us to do to be a partner on their journey.

在服務方面，歐洲的服務長期以來一直很強大。我們的諮詢業務顧問長期以來一直是我們在歐洲的贏家。如果你看看我們討論過的一些重大勝利，你會發現它們都對服務做出了重大貢獻。事實上，我想說，很多時候，它們是我們贏得這些交易的原因之一。所以那裡沒有什麼顯著不同。我認為歐洲已經趕上了數位化的長期趨勢，我們正在全力以赴。我們已經在歐洲進行了全面投資。如你所知，歐洲的重大話題之一是歐洲主權，我們在歐洲投入了大量精力，我們正在布魯塞爾參與民族國家等活動，這對歐洲來說非常重要。我們要做的就是成為他們旅程中的合作夥伴。

Yes. David, it's Sachin. I'll just emphasize what Michael just said, right? He mentioned on a couple of occasions today that payment stripes value-add service and solutions and value-added service and solutions drive payments. It's no different in Europe, right? For all the share wins we've had in Europe for all the growth we're seeing on the payment side, it creates new opportunities for us on the services side. And then vice versa, as you actually do deliver on those services, you get the benefit of additional data when you get the benefit of additional data, we were able to help optimize existing portfolios, which again drives payment volume growth. And that's not unique to Europe. It's actually true for the way we run the business globally. But the fact that we are actually increasingly becoming more prominent in the payment flow enables that cycle to work quite effectively.

是的。大衛，我是薩欽。我只是強調麥可剛才說的話，對嗎？他今天在多個場合提到，支付會影響加值服務和解決方案，而增值服務和解決方案會推動支付。在歐洲也沒什麼不同，對吧？我們在歐洲贏得了所有份額，在支付方面看到了所有成長，這為我們在服務方面創造了新的機會。反之亦然，當您實際提供這些服務時，當您獲得額外數據的好處時，我們能夠幫助優化現有投資組合，這再次推動支付量成長。這並不是歐洲獨有的。事實上，我們在全球範圍內經營業務的方式也是如此。但事實是，我們實際上在支付流程中變得越來越重要，使得這個循環能夠非常有效地運作。

Our next question comes from Ken Kenneth Suchoski with Autonomous Research.

我們的下一個問題來自自治研究中心的 Ken Kenneth Suchoski。

I just wanted to ask about the yields on the domestic assessment revenue line. That yield has declined year-over-year for some time now, and they came in a little bit lighter than some were expecting this quarter. I think you highlighted mix impacting the yields or the spread between revenue and volume growth. So could you just provide some more detail around the specific changes that you're seeing in terms of mix? And could we get to a place where domestic yields are actually expanding year-over-year?

我只是想問一下國內評估收入線的收益率。一段時間以來，該收益率已同比下降，並且本季的收益率略低於一些人的預期。我認為您強調了混合影響收益率或收入與銷售成長之間的差距。那麼您能否提供一些有關您在混合方面看到的具體變化的更多細節？我們能否達到國內殖利率實際逐年成長的水平？

Look, I mean, I'll comment on the Europe piece because what you're seeing effectively in the fourth quarter of 2023, when you look at payment network net revenue divided by GDV is what you see every year in terms of the sequential decline in yields. And that's primarily being driven by the fact that remember, in the third quarter of all years, we tend to have our strongest cross-border performance. And our cross-border tends to come with our best yields. And so what you've got is when you're getting more bang for the buck for $1 of GDV on the cross-border side than you are on the domestic volume side. So that's what's causing for that sequential decline. You'll see that as a pattern, which has existed in prior years as well.

看，我的意思是，我將對歐洲部分發表評論，因為您在2023 年第四季度所看到的有效情況是，當您查看支付網絡淨收入除以GDV 時，您會看到每年的連續下降在產量上。這主要是由以下事實推動的：請記住，在所有年份的第三季度，我們往往會擁有最強勁的跨國業績。我們的跨國往往會帶來最好的效益。因此，當您在跨境方面以 1 美元的 GD​​V 獲得比在國內數量方面更划算的結果時，您就會得到這樣的結果。這就是導致連續下降的原因。您會發現這是一種模式，這種模式在前幾年也已經存在。

Broadly speaking, I would tell you that, otherwise, there's nothing unusual to call out on the payment network net revenue yield. The one reminder I'll give you is that, we run the business not only to optimize payment network, net revenue yield, but overall net revenue yield for our company. Because again, it goes back to the question David asked right before you can, which is at the end of the day, we've got to be in the payment flow. We've got to allow ourselves to have the opportunity to deliver services on those payments to generate additional revenue, which causes for overall net accretion in our overall net revenue yield. So I know your question is specific to payment network net revenue yield, but I just wanted to make sure you know that from our mindset standpoint, we're looking at payment network net revenue yield as well as overall net revenue yield to the company.

從廣義上講，我會告訴你，否則，支付網路的淨收入收益率並沒有什麼異常之處。我要提醒您的是，我們經營業務不僅是為了優化支付網路、淨收入收益率，而且是為了我們公司的整體淨收入收益率。因為這又回到了大衛在你之前提出的問題，即在一天結束時，我們必須進入付款流程。我們必須讓自己有機會為這些付款提供服務，以產生額外的收入，這會導致我們的整體淨收入收益率整體淨增加。所以我知道您的問題是針對支付網路淨收入收益率的，但我只是想確保您知道，從我們的思維角度來看，我們正在考慮支付網路淨收入收益率以及公司的整體淨收入收益率。

I should say, earlier when I was talking about the payment algorithm, I said that we are putting great focus on our financial discipline. And we do it with revenues in mind and with services revenue in mind. So yes, it needs to add up to the overall net revenue yield, as Sachin just said. But I'm telling you, we don't want to win every deal. We want to win the deals we want to win, and we're pretty disciplined about it.

我應該說，早些時候當我談論支付演算法時，我說我們非常關注我們的財務紀律。我們這樣做時考慮到了收入和服務收入。所以，是的，正如薩欽剛才所說，它需要加到整體淨收入收益率。但我告訴你，我們不想贏得每筆交易。我們希望贏得我們想要贏得的交易，並且我們對此非常自律。

Your next question comes from Andrew Jeffrey with Truist Securities.

您的下一個問題來自 Truist Securities 的 Andrew Jeffrey。

I wanted to dig in, Michael, if I'm at a little bit more on your Pay-by-Bank initiatives. Can this be especially as we see the emergence of networks like Pix in Brazil, for example, can this be sort of a stand-alone growth driver in its own right? Or is it sort of folded into your overall comments on open banking. I just wanted to see if there's an important distinction to draw as we think about go-forward growth opportunities.

邁克爾，我想深入了解您的銀行付款計劃。尤其是當我們看到巴西 Pix 等網路的出現時，它本身是否可以成為一種獨立的成長動力？或者它融入了您對開放銀行業務的整體評論中？我只是想看看，當我們考慮未來的成長機會時，是否有重要的差異。

Right. So I think both questions, your question and the previous question hit on an important point there. There is a particular point of interest for us at the intersection of open banking and payments. It enables the -- open banking connectivity enables us to go after use cases that we otherwise wouldn't be able to go after. So here's additional data that is available that you can then combine in combination with an underlying RTP rail to make a profitable proposition for a customer, which is exactly what Chase Pay-by-Bank is, basically, you debit your customer when there's a balance, and that is what the open banking connectivity tells you. So that's a good solution.

正確的。所以我認為你的問題和上一個問題都擊中了一個重要點。我們對開放銀行和支付的交叉點有一個特別的興趣點。它使開放式銀行連接使我們能夠追求否則我們無法追求的用例。因此，這裡有其他可用數據，然後您可以將其與基礎RTP 軌道結合起來，為客戶提供有利可圖的建議，這正是大通銀行付款的本質，基本上，當有餘額時，您會借記客戶的款項，這就是開放銀行連結告訴您的。所以這是一個很好的解決方案。

If we look broadly around the world. Pix, UPI in India, FedNow, there's a bunch of real-time payment systems. And those are the kind of rails where we have experience. We have connectivity. In some we operate them ourselves. So that is exactly what we're looking at as one of the assets and the propositions that we will bring together for our customers.

如果我們放眼全球。 Pix、印度的 UPI、FedNow，有許多即時支付系統。這些都是我們有經驗的導軌類型。我們有連通性。有些是我們自己操作的。因此，這正是我們所視為的資產和主張之一，我們將為客戶提供這些資產和主張。

Now more broadly speaking, when you look at Pix, when you look at UPI, one other thing to keep in mind is, here's public sector doing a good job in pulling in more participants in the overall digital economy so we can come in with our solutions, our real-time payment solutions, our card-based solutions, but they're basically extending the digital economy to create a tide that kind of lifts everybody's boats, financial inclusion being the headline. So that's something to consider. Somewhere in between, there are points that we will manage very carefully as in when these systems grow and they provide alternatives to our solutions that we compete and provide the best solution to consumers and to our customers.

現在更廣泛地說，當你看Pix 時，當你看UPI 時，要記住的另一件事是，公共部門在吸引更多參與者參與整個數位經濟方面做得很好，因此我們可以加入我們的解決方案，我們的即時支付解決方案，我們基於卡的解決方案，但它們基本上是在擴展數位經濟，以創造一種讓每個人都受益的浪潮，金融包容性成為頭條新聞。所以這是需要考慮的事情。在兩者之間的某個地方，我們將非常仔細地管理某些點，因為當這些系統不斷發展時，它們會為我們競爭的解決方案提供替代方案，並為消費者和我們的客戶提供最佳解決方案。

On the fraud side, on ease of use, a lot of these systems don't have all of these functionalities. So those are things that we focus on. So we're focused on providing the best choice to our customers. We don't mind the competition, but we actually see quite a bit of opportunity for us to use these rails for the open banking type of solution that you just asked about. So interesting space, and it drives the overall economic growth -- digital economy growth.

在詐欺方面，在易用性方面，許多此類系統並不具備所有這些功能。這些都是我們關注的重點。因此，我們專注於為客戶提供最佳選擇。我們不介意競爭，但實際上我們看到了許多機會將這些軌道用於您剛才詢問的開放銀行類型的解決方案。如此有趣的空間，它推動了整體經濟成長——數位經濟成長。

Your next question comes from Trevor Williams with Jefferies.

您的下一個問題來自杰弗里斯的特雷弗威廉姆斯。

Sachin, I was just hoping you could put a finer point on the growth algorithm within the full year revenue outlook. I know you mentioned some of the cadence dynamics with VAS and currency vault, but any help on what you're assuming for volume and transaction growth relative to the January trends, rebates and incentives, pricing. Any help on those would be great.

薩欽，我只是希望你能對全年收入前景中的成長演算法提出更詳細的觀點。我知道您提到了增值服務和貨幣金庫的一些節奏動態，但是您對相對於一月趨勢、回扣和激勵、定價的數量和交易增長的假設是否有任何幫助。對這些的任何幫助都會很棒。

So look, I'm not going to give you a specific kind of forecast as it relates to what we're assuming from a driver standpoint. We've kind of shared with you what our base case is. And the base case continues to assume that the consumer spending remains healthy, and we're reflecting in the current spending dynamics. From an overall kind of volumes and transaction standpoint. I think to your question on pricing, it's no different than it's been in the past. We always price based on the value we deliver to our customers. And we will continue to do that wherever it makes sense across the globe. And we kind of have new things which we're launching, there's new value we're delivering to our customers. And as we do that, we'll continue to price for that.

所以看，我不會給你一個特定類型的預測，因為它與我們從駕駛員的角度假設的情況有關。我們已經與您分享了我們的基本情況。基本情況繼續假設消費者支出保持健康，我們正在反映當前的支出動態。從總體數量和交易的角度來看。我認為你提到的定價問題與過去沒有什麼不同。我們始終根據為客戶提供的價值來定價。我們將繼續在全球任何有意義的地方這樣做。我們正在推出新的東西，我們正在為客戶提供新的價值。當我們這樣做時，我們將繼續為此定價。

On specifically the Contra question. I think the -- the important thing to note on Contra is that at the end of the day, Contra is enabling volume growth, right? We pay incentives and rebates to our customers to bring more volume onto our network. And as we do that, we're paying for that. For the first quarter, we expect our Contra as a percentage of our payment network assessments to be roughly similar to what you saw in Q4 of 2023. I would tell you, on a full year basis, it's going to be entirely a function of how we see deals play out, what the pipeline is. Obviously, we know what the outlook is from a pipeline standpoint. Some of that will come to fruition. Some of that will not. There'll be other things, which will move in and out. And so I'm not going to kind of share with you what the full year outlook is on Contra, but for Q1, I can kind of give you my thoughts, which are we expect that Contra as a percentage of payment network assessments will be roughly similar to what we saw in Q4 of 2023.

特別是關於魂鬥羅的問題。我認為，關於魂鬥羅，需要注意的重要一點是，歸根結底，魂鬥羅正在實現銷量成長，對嗎？我們向客戶提供獎勵和回扣，以便為我們的網路帶來更多流量。當我們這樣做時，我們正在為此付出代價。對於第一季度，我們預計 Contra 在支付網路評估中所佔的百分比與您在 2023 年第四季度看到的情況大致相似。我想告訴您，在全年的基礎上，這將完全取決於如何我們看到交易正在展開，管道是什麼。顯然，我們知道從管道的角度來看前景如何。其中一些將會實現。其中一些不會。還會有其他東西進出。因此，我不會與您分享 Contra 的全年前景，但對於第一季度，我可以給您一些我的想法，我們預計 Contra 在支付網絡評估中所佔的百分比將是與我們在2023 年第四季度看到的情況大致相似。

We have time for just 1 more, Brianna.

我們還有時間再談一場，布麗安娜。

Our last question comes from Ashwin Shirvaikar with Citi.

我們的最後一個問題來自花旗銀行的 Ashwin Shirvaikar。

I appreciate all the comments so far. My question is on real-time payments. And Michael, you did have some incremental comments there on TCH, but saw the TCH renewal. Obviously, you have a global set of capabilities here. My question is, what's the runway and what drives it? Is it the use cases rather than more countries? And then if it is use cases, what are some of the use cases that you see coming up that are exciting from a conversion perspective?

我感謝迄今為止所有的評論。我的問題是關於即時支付。邁克爾，您確實對 TCH 有一些增量評論，但看到了 TCH 的更新。顯然，您在這裡擁有一套全球能力。我的問題是，跑道是什麼以及它的驅動力是什麼？是用例而不是更多國家嗎？然後，如果是用例，從轉換的角度來看，您看到哪些令人興奮的用例？

Right. So first of all, the strategic relationship here in the U.S. with the Clearinghouse is important to note. Back when in 2016, '17, real-time payments really took off. This is when we invested in VocaLink and VocaLink was a partner with the Clearinghouse at the time. So a strong and more strategic renewal here is a big statement, and it speaks to our position in real-time payments. 10 out of the top 50 GDP countries, we either operate are providing software and services to the real-time payment system. So it's real. It's there as the name indicates, and it's carrying a lot of volume for us in itself. That's an interesting business but it's much more than that.

正確的。因此，首先，美國與票據交換所的戰略關係值得注意。早在 2016 年 17 月，即時支付就真正起飛了。那是我們投資 VocaLink 的時候，VocaLink 當時是 Clearinghouse 的合作夥伴。因此，強大且更具策略性的更新是一個重大聲明，它表明了我們在即時支付領域的地位。我們營運的 GDP 前 50 個國家中有 10 個正在為即時支付系統提供軟體和服務。所以這是真的。正如其名稱所表明的那樣，它本身就為我們帶來了很大的容量。這是一項有趣的業務，但遠不止於此。

It's much more than that as we're talking to various players, including ones that I mentioned about new applications that come on top of that, coming right back to the Chase Pay-by-Bank example, here is access to rails on one hand and then a set of additional data that turns a simple payment that gets money from A to B to something that's a value-add payment. That is where we're going to go. And these use cases will play out in a somewhat different way. It is obviously always our interest to find global solutions, but it's also -- this is a rather more geographic specifically driven space. So we'll have to see where that all lands. So we keep that in mind, which is why we're not driving into many more markets right now. We're the most critical markets and here we're staying very close to where that is going. But it's applications and it's scaling volumes in the markets that we're in, it's where the focus is.

事情遠不止於此，因為我們正在與各種參與者交談，包括我提到的關於除此之外的新應用程式的參與者，回到大通銀行付款示例，一方面是對軌道的訪問然後是一組附加數據，將從A 到B 的簡單支付轉變為增值支付。那就是我們要去的地方。這些用例將以某種不同的方式發揮作用。顯然，尋找全球解決方案始終是我們的興趣，但這也是一個更受地理特定驅動的空間。所以我們必須看看這一切都落在哪裡。因此，我們牢記這一點，這就是為什麼我們現在不進入更多市場的原因。我們是最關鍵的市場，我們非常接近發展方向。但它的應用程式和它在我們所處市場中的規模擴大，才是重點所在。

Thank you, Mark, on your last comment...

謝謝你，馬克，關於你最後的評論...

Well, as always, thank you for your support to Mastercard. Thank you for listening to Sachin and me, and thank you to everybody at Mastercard for making all this work. We'll speak to you in one quarter. it's also unusual to note this is on a Wednesday today. I don't think we ever had that before. Certainly, for me, this is the first Wednesday. We'll see how we mix it up next time. Speak to you in a quarter. Thank you, and bye-bye.

一如既往，感謝您對萬事達卡的支持。感謝您聆聽薩欽和我的講話，並感謝萬事達卡的每個人使這一切順利進行。我們將在一個季度內與您交談。今天是星期三，這也是不尋常的。我想我們以前從未有過這樣的經驗。當然，對我來說，這是第一個星期三。下次我們會看看如何混合它。四分之一後再跟你說。謝謝你，再見。

Thanks, everyone.

感謝大家。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。