萬事達 (MA) 2024 Q3 法說會逐字稿

(Operator Instructions) Mr. Devin Corr, Head of Investor Relations, you may begin your conference.

（操作員指示）投資者關係主管 Devin Corr 先生，您可以開始會議了。

Thank you, Julianne.

謝謝你，茱麗安。

Good morning, everyone, and thank you for joining us for our third quarter 2024 earnings call.

大家早安，感謝您參加我們的 2024 年第三季財報電話會議。

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

今天與我在一起的是我們的執行長 Michael Miebach；我們的財務長 Sachin Mehra 遠端加入。

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

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。

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

只有到那時，隊列才會開始提問。

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.

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。

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，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。

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

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。

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

最後，正如我們的收益報告中更詳細闡述的那樣，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有重大差異。

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。

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

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.

謝謝你，德文。

Good morning, everyone.

大家早安。

On Halloween, well, nothing spooky here.

萬聖節，這裡沒什麼恐怖的。

The headline this quarter, again, we delivered strong results across all aspects of our business.

本季的頭條新聞再次是，我們在業務的各個方面都取得了強勁的業績。

We're adding to that momentum with the announcement of two planned acquisitions, Recorded Future and Minna Technologies.

我們宣布了兩項計劃收購（Recorded Future 和 Minna Technologies），進一步增強了這一勢頭。

In the third quarter, net revenues were up 14% and adjusted net income increased 13% versus a year ago. as always, on a non-GAAP currency-neutral basis.

第三季淨收入年增 14%，調整後淨利年增 13%。一如既往，在非公認會計準則貨幣中性的基礎上。

These results were underpinned by healthy consumer spending, including strong cross-border volume growth of 17% year-over-year on a local currency basis.

這些業績得益於健康的消費者支出，包括以當地貨幣計算的跨國交易量較去年同期強勁成長 17%。

And Value-Added Services & Solutions net revenue grew 19% year-over-year on a currency-neutral basis.

在貨幣中性的基礎上，增值服務和解決方案淨收入年增 19%。

The macroeconomic environment remains supportive and continues to underpin the strength in consumer spending.

宏觀經濟環境仍然具有支撐性，並繼續支撐消費者支出的強勁勢頭。

The labour market remains strong, even if slightly below historically tight levels.

勞動市場依然強勁，儘管略低於歷史緊張水準。

And inflation has moderated, albeit at varied levels across categories and countries.

通膨已經放緩，儘管不同類別和國家的通膨水平有所不同。

Overall, we remain positive about our growth outlook, but we will continue to monitor the environment.

總體而言，我們對成長前景保持樂觀，但我們將繼續監控環境。

We will continue to focus on the things we can control and execute on our growth algorithm.

我們將繼續關注我們可以在成長演算法上控制和執行的事情。

By tapping into the sizable secular shift opportunity to electronic payments and that across both spend and transactions.

透過利用電子支付以及支出和交易方面的長期轉變機會。

Also, by further penetrating the addressable market in commercial and new payment flows by gaining market share, and by growing value-added services and solutions.

此外，透過獲得市場份額以及增加加值服務和解決方案，進一步滲透商業和新支付流的目標市場。

Let's take a look at our progress in these four areas, starting with the shift to digital.

讓我們從數位化的轉變開始，看看我們在這四個領域的進展。

There's still a long runway for the secular shift for person to merchant payments.

個人支付向商家支付的長期轉變還有很長的路要走。

Our diverse global footprint and innovative digital first proposition enable us to maximize this opportunity.

我們多元化的全球足跡和創新的數位優先主張使我們能夠最大限度地利用這一機會。

A key driver is acceptance, which we have effectively doubled over the last five years.

一個關鍵的驅動因素是接受度，在過去五年中，我們的接受度實際上翻了一番。

We are increasing acceptance by digitizing untapped pools of spend in areas like transit to open up new transaction flows.

我們透過數位化交通等領域未開發的支出池來開闢新的交易流，從而提高人們的接受度。

Over the years, we have helped hundreds of transit systems around the world moved to open loop.

多年來，我們已幫助世界各地數百個交通系統實現開環。

And now our contactless technology is making it easier for international travellers in Beijing, and people in Hong Kong can now seamlessly pay for their train trips.

現在，我們的非接觸式技術讓北京的國際旅客更加方便，香港的人們現在可以無縫支付火車旅行費用。

The shift to digital means turning every device into an acceptance device.

向數位化的轉變意味著將每台設備都變成接受設備。

Just think about that.

想想看。

Tap-on-Phone is now live in over 110 markets.

Tap-on-Phone 現已在 110 多個市場推出。

Since the beginning of this year, the number of Tap-on-Phone locations almost doubled.

自今年年初以來，Tap-on-Phone 地點的數量幾乎增加了一倍。

And more than 10% are net new acceptance locations for Mastercard.

超過 10% 是萬事達卡的淨新受理地點。

You see it everywhere at food trucks in major cities at the farmers market in my town, in the air to make in-flight purchases, and it's sporting events like the Major League Baseball All-Star game.

在主要城市的食品卡車上、我所在城鎮的農夫市集、在空中購物時、在美國職棒大聯盟全明星賽等體育賽事中，你都可以看到它的身影。

We're adding more access through new acceptance efforts.

我們正在透過新的驗收工作增加更多的存取權限。

In Africa, we're partnering to make our QR pay-by-link technology available to every merchant with a KaiOS powered-phone.

在非洲，我們正在合作，讓每個擁有 KaiOS 手機的商家都可以使用我們的二維碼連結付費技術。

That's putting affordable ways to be paid in the hands of underserved small businesses across the whole continent.

這為整個非洲大陸服務不足的小型企業提供了負擔得起的支付方式。

We're investing in cutting-edge technologies like tokenization and pass keys to make the online shopping experience better and more secure.

我們正在投資令牌化和金鑰等尖端技術，以使線上購物體驗變得更好、更安全。

And that's the expectation people have when they see our brand.

這就是人們看到我們品牌時的期望。

They know it's convenient, fast, and frictionless.

他們知道它方便、快速且無摩擦。

And that ease and simplicity are not sacrificed for world-class security and protection against fraud.

而這種輕鬆和簡單並不會為了世界級的安全性和防詐欺而犧牲。

They get all that from Mastercard in every transaction.

他們在每筆交易中都從萬事達卡獲得了所有這些。

Efforts like these are being developed by our teams across the globe, including at our newly expanded tech hub in Pune, India, where I was earlier this month.

我們在全球的團隊正在進行類似的工作，包括我們在印度浦那新擴建的技術中心，我本月初就在那裡。

India is where we first launched a Mastercard payment pass key service which replaces the need for passwords or text for onetime pass codes with biometrics.

印度是我們首次推出萬事達卡支付密碼服務的國家，該服務透過生物辨識技術取代了一次性密碼的密碼或文字。

Simple and seamless ways to address the high levels of fraud and the need to secure payments everywhere, no matter the channel.

簡單、無縫的方法可以解決高水準的詐欺問題，並滿足各地安全支付的需求，無論管道如何。

We're extending and scaling that into new markets with partners like Noon Payments, one of the largest PSPs in Middle East, Africa.

我們正在與 Noon Payments（中東和非洲最大的 PSP 之一）等合作夥伴將其擴展到新市場。

We're also collaborating with India's leading variables brand, both we will work with them to enable quick, highly secured, tokenized contactless payments on their devices.

我們也與印度領先的變數品牌合作，我們將與他們合作，在他們的設備上實現快速、高度安全、標記化的非接觸式支付。

The continued adoption of these capabilities positions us well to capture the large secular opportunity in consumer payments.

繼續採用這些功能使我們能夠很好地抓住消費者支付領域的巨大長期機會。

Now the consumer is one part of the story.

現在消費者是故事的一部分。

There's a sizable opportunity in unlocking new flows across commercial payments and disbursements and remittances.

在釋放商業支付、支出和匯款方面的新流量方面存在著巨大的機會。

We're seeing strong momentum in these spaces.

我們看到這些領域的強勁勢頭。

In commercial, we have the right solutions, and we're expanding into new verticals with specialized partners who offer significant reach.

在商業領域，我們擁有正確的解決方案，我們正在與具有廣泛影響力的專業合作夥伴一起擴展到新的垂直領域。

Last quarter, we announced a partnership with CBC to provide car distribution, acceptance, and financial education to almost 2 million retailers.

上季度，我們宣布與 CBC 合作，為近 200 萬家零售商提供汽車分銷、受理和金融教育。

We're now building on this momentum with a partnership with payment orchestrator, Yellow.

我們現在正與支付協調器 Yellow 建立合作夥伴關係，以鞏固這一勢頭。

They work with some of the largest consumer packaged goods distributors in Latin America, including Nestle, Mondelez, and Coca-Cola.

他們與拉丁美洲一些最大的消費品分銷商合作，包括雀巢、億滋和可口可樂。

This partnership will enable 3 million small and medium-sized customers to use Mastercard's small business cards to make purchases.

此次合作將使300萬中小型客戶能夠使用萬事達卡的小型商務卡進行購物。

And in the health care industry, we're partnering with Thunbot, a FinTech specializing in supply chain financing.

在醫療保健行業，我們正在與 Thunbot 合作，這是一家專門從事供應鏈融資的金融科技公司。

We will work with them to capture additional B2B flows with virtual cards and address insurance payment delays that have historically posed challenges.

我們將與他們合作，透過虛擬卡捕獲額外的 B2B 流量，並解決歷來構成挑戰的保險付款延遲問題。

Now shifting to disbursements and remittances.

現在轉向付款和匯款。

We're also scaling with important players in that space.

我們也與該領域的重要參與者進行擴展。

You saw our announcement that Mastercard Move will be integrated into cities cross-border payments network, City customers in 65 countries can now make secure near real-time cross-border payment transfers to Mastercard debit cards in 14 receiving markets worldwide, with more to come early next year.

您看到了我們宣布Mastercard Move 將整合到城市跨境支付網路中，65 個國家的City 客戶現在可以向全球14 個收款市場的Mastercard 借記卡進行安全、近乎即時的跨境支付轉賬，未來還會有更多服務明年初。

In the US, we have expanded our partnership with payment platform processor strike, to accelerate the adoption of Mastercard move for push to card payments.

在美國，我們擴大了與支付平台處理器罷工的合作夥伴關係，以加速採用萬事達卡行動卡支付。

In Latin America, we announced partnerships with Paycent, Lead Financial and Felix Pargo to tackle the significant US and Latin America, Latin America cross-border corridor opportunity.

在拉丁美洲，我們宣布與 Paycent、Lead Financial 和 Felix Pargo 建立合作夥伴關係，以應對美國和拉丁美洲、拉丁美洲跨境走廊的重大機會。

Another important element of our growth algorithm is gaining more share of the carded market, and we are even in today's competitive marketplace.

我們成長演算法的另一個重要因素是獲得更多的梳理市場份額，我們甚至處於當今競爭激烈的市場中。

We do this by understanding our customers' needs and by offering differentiated services that can help them and drive value and our choice to the end customer.

我們透過了解客戶的需求並提供差異化的服務來幫助他們並為最終客戶帶來價值和我們的選擇來做到這一點。

For example, this quarter, in Belgium, Brussels Airlines announced that they will migrate their co-brand card and loyalty program to Mastercard.

例如，本季度，在比利時，布魯塞爾航空公司宣布將把其聯合品牌卡和忠誠度計劃遷移到萬事達卡。

We extended our agreement with the second largest bank in Europe, BNP Pariba Group.

我們與歐洲第二大銀行法國巴黎銀行集團續簽了協議。

The extension includes additional services such as LaunchPad to co-create new digital experiences through our dedicated innovation hub.

該擴展包括 LaunchPad 等附加服務，以透過我們專門的創新中心共同創造新的數位體驗。

We're building on our partnership with one of the largest commercial banks in Qatar, Doha Bank, in addition to renewing debit and prepaid, they will migrate the majority of their credit program to Mastercard.

我們正在與卡達最大的商業銀行之一多哈銀行建立合作夥伴關係，除了更新借記卡和預付卡之外，他們還將把大部分信貸計畫遷移到萬事達卡。

They were also the first bank in Qatar to launch our cross-border payment services.

他們也是卡達第一家推出跨境支付服務的銀行。

We're teaming up with Alibaba.com to enable their first co-branded US small business credit card.

我們正在與阿里巴巴合作推出他們的第一張聯名美國小型企業信用卡。

And we signed an exclusive partnership with Mobitel's mobile wallet Imola and Mozambique.

並與Mobitel的行動錢包伊莫拉和莫三比克簽署了獨家合作夥伴關係。

To make all these reinforce Mastercard is a valued partner to our customers.

所有這些都強化了萬事達卡是我們客戶的重要合作夥伴。

Last quarter, I highlighted the progress we're making against the significant opportunity in Africa.

上個季度，我強調了我們在非洲的重大機會方面所取得的進展。

Today, let's focus on Latin America.

今天我們重點關注拉丁美洲。

A diverse region that embraces new technologies and represents a large untapped opportunity to convert cash and check to electronic forms of payments.

這是一個擁抱新技術的多元化地區，代表著將現金和支票轉換為電子支付形式的巨大未開發機會。

External sources estimate that more than 60% of purchase transactions in Latin America are still paid in cash and check.

外部消息人士估計，拉丁美洲60%以上的採購交易仍以現金和支票支付。

We have been striving strong growth in the region with third quarter year-to-date GDV up 19% year-over-year on a local currency basis, and we are working locally to win share.

我們一直致力於在該地區實現強勁增長，以當地貨幣計算，今年第三季的 GDV 同比增長 19%，我們正在本地努力贏得市場份額。

We're growing with two of the largest banks in Guatemala.

我們正在與危地馬拉最大的兩家銀行一起成長。

Banco G&T Continental will migrate the majority of their debit portfolio to Mastercard in Banco Industrial will drive new MasterCard credit and debit issuance and users as the network provider for their Neobank.

Banco G&T Continental 將把其大部分借記卡組合遷移至萬事達卡，而 Banco Industrial 將推動新的萬事達卡信用卡和借記卡發行以及用戶作為其 Neobank 的網路供應商。

In El Salvador, Banco Agricola has agreed to migrate their debit portfolio to Mastercard and drive new credit issuance.

在薩爾瓦多，農業銀行已同意將其金融卡組合遷移到萬事達卡並推動新的信貸發行。

The leading credit issuer in Uruguay, Osa has renewed our agreement and will convert a private label portfolio to Mastercard.

烏拉圭領先的信貸發行人 Osa 已續簽我們的協議，並將把自有品牌投資組合轉為萬事達卡。

We also have excellent merchant partnerships in Latin America.

我們在拉丁美洲也擁有良好的商業夥伴關係。

In Chile, we're securing our position as the market leader with retail issuing partners.

在智利，我們透過零售發行合作夥伴鞏固了市場領導者的地位。

We extended our card issuing partnership with the second largest merchant in Chile, Cencosud.

我們與智利第二大商家 Cencosud 擴大了發卡合作關係。

Renewed our exclusive card issuing partnership with Banco Ripley, the financial institution of Ripley Corp., one of the largest retail conglomerates in Chile and Peru.

與智利和秘魯最大的零售集團之一 Ripley Corp. 的金融機構 Banco Ripley 續簽了獨家發卡合作夥伴關係。

This snapshot of Latin America shows more examples of how we continue to win and retain customer agreements around the globe.

拉丁美洲的這張快照展示了我們如何繼續贏得並保留全球客戶協議的更多範例。

Now turning to value-add services and solutions.

現在轉向增值服務和解決方案。

Our strong growth here is supported by strong differentiated products, transaction flows and customer demand.

我們在這裡的強勁成長得益於強大的差異化產品、交易流和客戶需求。

And we are not stopping here.

我們不會就此止步。

We are investing in new products to further expand our addressable market and address the needs of our customers.

我們正在投資新產品，以進一步擴大我們的目標市場並滿足客戶的需求。

Let's start with cybersecurity.

讓我們從網路安全開始。

We play a critical role in advancing trust and securing a global digital ecosystem before, during and after a transaction.

我們在交易前、交易中和交易後促進信任和保護全球數位生態系統方面發揮關鍵作用。

Our agreement to acquire Recorded Future is expected to add threat intelligence capabilities to our leading identity solutions, real-time fraud scoring and cybersecurity services.

我們收購 Recorded Future 的協議預計將為我們領先的身份解決方案、即時詐欺評分和網路安全服務增添威脅情報功能。

The company provides real-time visibility into potential threats through differentiated AI-powered solutions.

該公司透過差異化的人工智慧解決方案提供潛在威脅的即時可見性。

This enables customers to act on and mitigate risks before they occur.

這使客戶能夠在風險發生之前採取行動並減輕風險。

We can enhance these solutions with the addition of Mastercard Insights product.

我們可以透過新增 Mastercard Insights 產品來增強這些解決方案。

This planned addition is expected to make our cybersecurity value proposition stronger, open up cross-sell opportunities with new customers and add to our addressable market.

這項計畫的增加預計將使我們的網路安全價值主張更加強大，為新客戶開闢交叉銷售機會，並擴大我們的潛在市場。

Another trend is the growth of the subscription economy.

另一個趨勢是訂閱經濟的成長。

Subscriptions are everywhere, delivery, entertainment, shopping, software, health care and much more.

訂閱無所不在，配送、娛樂、購物、軟體、醫療保健等等。

They play a big role in people's lives and are supported by and help grow digital payments.

它們在人們的生活中發揮著重要作用，並得到數位支付的支持並幫助其發展。

With that comes an increasing demand for more transparency and control from consumers as well as regulators.

隨之而來的是消費者和監管機構對提高透明度和控制力的需求不斷增加。

That's why we have agreed to acquire Minna Technologies.

這就是我們同意收購 Minna Technologies 的原因。

Their payment scheme agnostic services go beyond insights, it enables consumers like those today with Capital One, to easily modify, extend or cancel subscription directly within their banking applications and websites.

他們的與支付方案無關的服務超越了洞察力，它使像今天第一資本這樣的消費者能夠直接在其銀行應用程式和網站內輕鬆修改、延長或取消訂閱。

And merchants benefit from the ability to reengage their customers.

商家可以從重新吸引客戶的能力中受益。

The technology will also add to our broader set of tools like consumer clarity to enhance the overall value we deliver, including helping merchants build long-term deeper relationships with consumers through loyalty, rewards, and personalized offers.

這項技術也將添加到我們更廣泛的工具中，例如消費者清晰度，以提高我們提供的整體價值，包括幫助商家透過忠誠度、獎勵和個人化優惠與消費者建立長期更深層的關係。

At the end of the day, it's about creating a win-win approach for all involved, merchants, banks, and consumers.

歸根結底，這是為了為所有參與者（商家、銀行和消費者）創造雙贏的方式。

The expectation from consumers for personalized experiences also continues to grow.

消費者對個人化體驗的期望也不斷增長。

To meet this demand, we acquired best-in-class personalization assets in 2022 by dynamic yield.

為了滿足這項需求，我們在 2022 年透過動態殖利率收購了一流的個人化資產。

Since then, we have enriched the consumer-consented personalization experience with insights from our data analytics.

從那時起，我們利用數據分析的見解豐富了消費者認可的個人化體驗。

That's why we've had a lot of success scaling with around 500 retail and commerce partners, including luxury hospitality conglomerate in the Middle East Chrysler.

這就是為什麼我們與大約 500 個零售和商業合作夥伴（包括中東的豪華酒店集團克萊斯勒）取得了巨大的成功。

And now we have introduced a new solution for issuing banks called personalization Breeze.

現在我們為發卡銀行推出了一種新的解決方案，稱為個人化 Breeze。

It combines our market-leading personalization offering with our propensity modelling to send individualized messages to cardholders.

它將我們市場領先的個人化產品與傾向模型結合，向持卡人發送個人化訊息。

This is a fantastic example of the value we can deliver when we combine the proposition of our acquisitions, the data and other service offerings.

這是一個很好的例子，說明當我們將收購的主張、數據和其他服務產品結合時，我們可以提供價值。

Now one of those offerings is open banking.

現在，這些產品之一就是開放銀行業務。

It's no surprise.

這並不奇怪。

People want greater choice, control and access to financial services and banks want faster and more efficient processes.

人們希望有更多的選擇、控制權和獲得金融服務的機會，而銀行則希望有更快、更有效率的流程。

Our open banking technology can deliver all that.

我們的開放式銀行技術可以實現這一切。

We recently announced enhancements to our open banking lending program through our partnership with Argyle, Lenders can now verify income and employment through consumer permission payroll data.

我們最近宣布透過與 Argyle 的合作增強我們的開放銀行貸款計劃，貸款人現在可以透過消費者許可的薪資數據來驗證收入和就業情況。

Fannie Mae and Freddie Mac have authorized this as a data source and we work with them to provide asset verification, rent history and cash flow assessment data during the mortgage underwriting process.

房利美和房地美已授權其作為資料來源，我們與他們合作，在抵押貸款承銷過程中提供資產驗證、租金歷史和現金流評估資料。

This means a streamlined and informed lending process, especially for those with low tin or no credit files.

這意味著簡化且知情的貸款流程，特別是對於那些錫數低或沒有信用檔案的人。

We continue to add to enhance our value-added services and solutions.

我們不斷添加以增強我們的增值服務和解決方案。

We provide differentiated value at scale across a diverse set of payment adjacent areas, cybersecurity, fraud, marketing, personalization, and insights.

我們在各種支付相關領域、網路安全、詐欺、行銷、個人化和洞察方面大規模提供差異化價值。

To name a few.

僅舉幾例。

All with large addressable markets where we have the right to play, win and scale and all that, while driving the positive flywheel effect where payments and services reinforce each other.

所有這些都擁有龐大的潛在市場，我們有權參與、獲勝和擴大規模等等，同時推動支付和服務相互促進的積極飛輪效應。

Today's call is to look at the past quarter.

今天的電話會議是回顧過去的季度。

We have accomplished how we continue to set ourselves up for the future.

我們已經完成瞭如何繼續為未來做好準備。

We deliver it again across all facets of the business, and there's so much opportunity ahead.

我們再次在業務的各個方面提供它，並且前面有很多機會。

We look forward to diving into this and more at our investment community meeting on November 13.

我們期待在 11 月 13 日的投資界會議上深入探討此問題及更多內容。

Now Sachin, over to you.

現在薩欽，交給你了。

Thanks, Michael.

謝謝，麥可。

Turning to page 3, which shows our financial performance for the third quarter on a currency-neutral basis, excluding very applicable special items and the impact of gains and losses on our equity investments.

翻到第3頁，它顯示了我們在貨幣中性的基礎上第三季度的財務業績，不包括非常適用的特殊項目以及損益對我們股權投資的影響。

Net revenue was up 14%, reflecting continued growth in our payment network and our value-added services and solutions.

淨收入成長 14%，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。

Operating expenses increased 12%, and operating income was up 15%.

營業費用成長 12%，營業收入成長 15%。

Net income and EPS increased 13% and 16%, respectively, primarily reflecting the strong operating income growth in the third quarter.

淨利潤和每股收益分別成長13%和16%，主要反映了第三季營業收入的強勁成長。

EPS was $3.89, which includes an $0.08 contribution from share repurchases.

每股收益為 3.89 美元，其中包括股票回購的 0.08 美元貢獻。

During the quarter, we repurchased $2.9 billion worth of stock and an additional $983 million through October 28, 2024.

本季度，我們回購了價值 29 億美元的股票，並在 2024 年 10 月 28 日之前額外回購了 9.83 億美元的股票。

So let's turn to page 4, where I'll speak to the growth rates of some of our key drivers for the third quarter on a local currency basis.

因此，讓我們翻到第四頁，我將在其中討論第三季以當地貨幣計算的一些主要驅動因素的成長率。

Worldwide gross dollar volume or GDV increased by 10% year-over-year.

全球總美元交易量（GDV）較去年同期成長 10%。

In the US GDV increased by 7% with credit growth of 6% and debit growth of 8%.

美國的 GDV 成長了 7%，其中信貸成長 6%，借方成長 8%。

Credit and debit growth was aided by the conversions of the previously announced Wells Fargo Commercial credit and Citizens debit migrations, respectively.

先前宣布的富國銀行商業信貸和公民借記卡遷移分別促進了信貸和借記卡的成長。

Outside of the US, volume increased 12% and with credit growth of 10% and debit growth of 14%.

美國以外地區的交易量增加了 12%，其中信貸成長了 10%，借記增加了 14%。

Overall, cross-border volume increased 17% globally for the quarter reflecting continued strong growth in both travel and non-travel related cross-border spending.

總體而言，本季全球跨境交易量成長了 17%，反映出旅遊和非旅遊相關跨境支出持續強勁成長。

Turning to page 5.

翻到第5頁。

Switched transactions grew 11% year-over-year in Q3. both card-present and card-not-present growth rates remain strong.

第三季轉換交易量較去年同期成長 11%。有卡和無卡成長率均保持強勁。

Cost present growth was aided in part by an increase in contactless penetration as contactless now represents approximately 70% of all inputs and switched purchase transactions.

當前成本的成長在一定程度上得益於非接觸式滲透率的提高，因為非接觸式現在約佔所有輸入和轉換購買交易的 70%。

In addition, card growth was 6%.

此外，信用卡成長率為6%。

Globally, there are $3.4 billion Mastercard and Maestro-branded cards issued.

全球已發行價值 34 億美元的萬事達卡和 Maestro 品牌卡。

Turning to slide 6 for a look into our net revenue growth rates for the third quarter discussed on a currency-neutral basis.

轉向投影片 6，了解我們在貨幣中性基礎上討論的第三季淨收入成長率。

Payment Network net revenue increased 11% and primarily driven by domestic and cross-border transaction and volume growth.

支付網絡淨收入成長 11%，主要受到國內及跨國交易及交易量成長的推動。

It also includes growth in rebates and incentives.

它還包括回扣和激勵措施的成長。

Value-added Services & Solutions net revenue increased 19%, primarily driven by growth in our underlying drivers, strong demand for our consulting and marketing services, the scaling of our fraud and security and our identity and authentication solutions and pricing.

增值服務和解決方案淨收入成長了19%，主要是由於我們的潛在驅動因素的成長、對我們的諮詢和行銷服務的強勁需求、我們的詐欺和安全以及我們的身分和身分驗證解決方案和定價的擴展。

Now let's turn to page 7 to discuss key metrics related to the payment network.

現在讓我們翻到第 7 頁來討論與支付網路相關的關鍵指標。

Again, all growth rates are described on a currency-neutral basis, unless otherwise noted.

同樣，除非另有說明，所有成長率都是在貨幣中性的基礎上描述的。

Looking quickly at each key metric.

快速查看每個關鍵指標。

Domestic assessments were up 10%, while worldwide GDV also grew 10%.

國內評估成長了 10%，而全球 GDV 也成長了 10%。

Cross-border assessments increased 22%, while cross-border volumes increased 17%.

跨國評估增加了 22%，跨國交易量增加了 17%。

The [5 ppt] difference is primarily driven by pricing in international markets and mix.

[5 ppt] 差異主要是由國際市場的定價和組合所造成的。

Transaction processing assessments were up 14%, while switch transactions grew 11%.

交易處理評估增加了 14%，而轉換交易增加了 11%。

The [3 ppt] difference is primarily due to mix and pricing.

[3 ppt] 差異主要是由組合和定價造成的。

Other network assessments were $227 million this quarter.

本季其他網路評估為 2.27 億美元。

As a reminder, these assessments primarily relate to licensing, implementation and other franchise fees and may fluctuate from period to period.

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.

轉到第 8 頁。

You can see that on a non-GAAP currency-neutral basis, excluding special items, total adjusted operating expenses increased 12%.

您可以看到，在非 GAAP 貨幣中立的基礎上，不包括特殊項目，調整後的營運費用總額增加了 12%。

The growth in operating expenses was primarily due to increased spending to support the continued execution of our strategic initiatives including planned increased spending in advertising and marketing as well as an increase in indirect access as discussed on our Q4 2023 earnings call.

營運費用的成長主要是由於支持持續執行我們的策略性舉措而增加的支出，包括計劃增加的廣告和行銷支出以及增加間接訪問，正如我們在 2023 年第四季度財報電話會議上討論的那樣。

Turning to page 9.

翻到第9頁。

Let me comment on the operating metric trends.

讓我評論一下營運指標趨勢。

Our switch metrics in Q3 and through the first four weeks of October remained generally stable sequentially, both in the US and across the globe as spending remained healthy.

由於支出保持健康，我們在第三季和 10 月前四週的轉換指標在美國和全球範圍內總體保持穩定。

Of note, in the US, a portion of the uptick in switched volumes in the first four weeks of October was related to certain events including the mix of high-volume calendar days and the timing of social security payments this year as compared to last year.

值得注意的是，在美國，10 月前 4 週的交易量上升部分與某些事件有關，包括今年與去年相比的高交易量日曆日和社會安全支付時間。

Turning now to page 10.

現在翻到第 10 頁。

I wanted to share our thoughts for the remainder of the year.

我想分享我們對今年剩餘時間的想法。

As Michael said, consumer spending remained healthy, and we delivered across all aspects of our business in Q3.

正如邁克爾所說，消費者支出保持健康，我們在第三季度實現了業務的各個方面。

We remain well positioned for the opportunities ahead, driven by our diversified business model, the significant opportunity for further secular shift to digital forms of payment in both consumer and commercial and strong demand for our value-added services and solutions.

在我們多元化的業務模式、消費者和商業領域進一步長期轉向數位支付形式的重大機會以及對我們的增值服務和解決方案的強勁需求的推動下，我們仍然為未來的機遇做好了準備。

While we continue to monitor the economic headwinds and tailwinds, we remain focused on executing on our strategy.

在我們繼續監控經濟逆風和順風的同時，我們仍然專注於執行我們的策略。

Overall, we remain positive about the growth outlook.

整體而言，我們對成長前景保持樂觀。

Now turning to Q4 2024, year-over-year net revenue growth is expected to be at the low teens range on a currency-neutral basis, excluding acquisitions.

現在轉向 2024 年第四季度，在貨幣中性的基礎上（不包括收購）預計淨收入年增將在十幾歲左右。

Acquisitions are forecasted to have a minimal impact to this growth rate, while we expect a 0 to 1 ppt headwind from foreign exchange for the quarter.

預計收購對這一成長率的影響很小，而我們預計本季外匯交易將帶來 0 到 1 個百分點的阻力。

From an operating expense standpoint, we expect Q4 operating expense growth to be at the high end of a low double-digit range versus a year ago, again, on a currency-neutral basis, excluding acquisitions and special items.

從營運費用的角度來看，我們預計第四季度營運費用成長將與一年前相比處於較低的兩位數範圍的高端，同樣是在貨幣中性的基礎上，不包括收購和特殊項目。

Of note, this reflects higher spending in advertising and marketing in Q4 as compared to Q3, primarily driven by the cadence of spend related to our sponsorship activities.

值得注意的是，這反映出第四季度的廣告和行銷支出高於第三季度，這主要是由與我們的贊助活動相關的支出節奏所推動的。

Acquisitions and FX are forecasted to have a minimal impact to this OpEx growth for the quarter.

預計收購和外匯對本季營運支出成長的影響微乎其微。

Other items to keep in mind.

其他需要記住的事項。

On other income and expenses, in Q4, we expect an expense of approximately $85 million.

在其他收入和支出方面，我們預計第四季的支出約為 8,500 萬美元。

This assumes the prevailing interest rates and debt levels continue and excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics.

這是假設現行利率和債務水準持續不變，且不包括我們股權投資的損益，這些收益和損失不包括在我們的非公認會計準則指標中。

Finally, we expect a non-GAAP tax rate of approximately 17% for Q4 based on the current geographic mix of our business.

最後，根據我們目前業務的地理組合，我們預計第四季度的非公認會計準則稅率約為 17%。

A further comment on tax.

關於稅收的進一步評論。

There's now more clarity on the potential impact of the Pillar 2 global minimum tax rules as more countries continue to enact these rules.

隨著越來越多的國家繼續頒布第二支柱全球最低稅規則的潛在影響，現在這些規則的潛在影響變得更加清晰。

As disclosed in our 10-K, we have an incentive brand in Singapore.

正如我們的 10-K 中所揭露的，我們在新加坡有一個激勵品牌。

Starting in 2025, we expect the new Pillar 2 global minimum tax rules will offset the benefit of this incentive grant.

從 2025 年開始，我們預計新的第二支柱全球最低稅收規則將抵消這項激勵補助的好處。

For reference, Q3 year-to-date 2024, this benefit at the impact of reducing our tax rate by approximately 4%.

作為參考，截至 2024 年第三季度，我們的稅率降低了約 4%，因此受益。

On a personal note, I'd like to thank all of you for the well wishes I've received over the last several weeks.

就我個人而言，我要感謝大家在過去幾週收到的良好祝愿。

I feel good and happy to be here speaking with you today.

今天能在這裡與大家交談我感覺很好並且很高興。

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

然後，我會將電話轉回德文。

Thank you, Sachin.

謝謝你，薩欽。

Julianne, you may open the call up for questions now.

朱莉安，您現在可以打開電話提問。

(Operator Instructions) Sanjay Sakhrani, KBW.

（操作員說明）Sanjay Sakhrani，KBW。

I'm glad you're doing well Sachin.

我很高興你做得很好，薩欽。

Just A quick question on the US volume uptick.

關於美國銷量成長的一個簡單問題。

I know you mentioned some of it was related to some of those items that you mentioned, but is the rest of it just the consumer picking up steam a little bit.

我知道你提到其中一些與你提到的一些項目有關，但其餘的只是消費者稍微提振一下而已。

And I'm just curious how, through your data, you've seen the consumer behave in a lower rate environment as rates go lower, do consumers spend more?

我只是好奇，透過您的數據，您如何看到消費者在較低利率環境中的行為，隨著利率下降，消費者是否會花費更多？

Sanjay, thanks for the question.

桑傑，謝謝你的提問。

Hopefully, you can hear me.

希望你能聽到我的聲音。

Look, I mean, the consumer continues to be healthy.

聽著，我的意思是，消費者仍然健康。

I mean we continue to see positive trends from a consumer health standpoint.

我的意思是，從消費者健康的角度來看，我們繼續看到積極的趨勢。

They're spending in a very healthy manner.

他們的消費方式非常健康。

So that's the underlying kind of basis for what you're seeing for our Q3 metrics as well as what you're seeing in the first four weeks of October.

因此，這是您所看到的第三季指標以及 10 月前四週的基本基礎。

I will caution and say, these are the first [4 weeks] of October, so they don't make the quarter.

我要提醒大家的是，這是 10 月的前 [4 週]，所以他們不會進入這個季度。

But that being said, there's no doubt in my mind that the consumer continues to show strength.

但話雖這麼說，我毫無疑問地認為消費者繼續表現出力量。

But beyond that, like I mentioned, in the first four weeks, we cannot ignore the fact that there were certain onetime items such as the calendarization impact, which I mentioned and the timing of social security payments, which kind of cost of that little bump that you see in US metrics take place.

但除此之外，就像我提到的，在前四個星期，我們不能忽視這樣一個事實，即存在某些一次性項目，例如我提到的日曆化影響以及社會安全支付的時間，這種小衝擊的成本您在美國指標中看到的情況正在發生。

But net-net, here's kind of the story.

但是網絡網絡，這就是故事。

The reality is, overall, with employment continue to remain strong with interest rates starting to come down, we'll actually technically there were reductions in the Fed driven interest rates, but we've seen that the yield curve has actually gone right back up.

總體而言，現實情況是，隨著就業繼續保持強勁，利率開始下降，從技術上講，聯準會驅動的利率實際上有所下降，但我們看到殖利率曲線實際上已經回升。

But the reality is there continues to be confident from a consumer standpoint.

但現實是，從消費者的角度來看，人們仍然充滿信心。

We're seeing that come through and certainly playing through in their spending patterns as well.

我們看到這種情況正在發生，並且肯定也在他們的支出模式中發揮作用。

Tien-Tsin Huang, JPMorgan.

黃天進，摩根大通。

Okay.

好的。

Great.

偉大的。

Sachin you wouldn't miss delivering these results.

Sachin，您不會錯過交付這些結果的機會。

I wanted to ask for Michael.

我想找麥可。

I like your discussion of acceptance and the trends and the growth and the benefits there.

我喜歡你對接受度、趨勢、成長和好處的討論。

Can you do the same maybe for tokenization and where we are with respect to penetration growth benefits of the ecosystem and of course, benefits to Mastercard's P&L?

對於代幣化，以及我們在生態系統的滲透成長收益方面的進展，當然還有萬事達卡損益表的收益，您是否可以做同樣的事情？

Right.

正確的。

So tokenization cutting-edge technology, as I called it, we've been investing in for years were and the billions of transactions.

因此，正如我所稱的，代幣化尖端技術，我們多年來一直在投資，並進行了數十億筆交易。

Now the benefit of tokenization is pretty clear. helps on the security side, the tokenized transaction is a more secure transaction as the data will be only available for onetime use.

現在代幣化的好處非常明顯。在安全方面有所幫助，代幣化交易是一種更安全的交易，因為資料只能一次使用。

That drives adoption across the ecosystem on the basis of higher security.

這在更高安全性的基礎上推動了整個生態系統的採用。

This has been scaling rapidly around the world.

這種情況在世界各地迅速擴大。

We are in a whole range of markets around the world today.

今天，我們涉足全球各個市場。

And it doesn't end at security.

安全不止於此。

There is benefit that is coming to merchants from tokenization as the higher conversion rates in the online commerce, for example.

例如，代幣化可以為商家帶來好處，因為線上商務的轉換率更高。

So disability for us is -- cannot be underestimated.

因此，對我們來說，殘疾是不可低估的。

We're going to continue to invest in it.

我們將繼續對其進行投資。

There's a set of base functionality around tokenization as security, as I explained, there will be other solutions that we can tag on to that, for example, token life cycle management and so forth.

正如我所解釋的，圍繞令牌化作為安全性有一組基本功能，我們可以在其上標記其他解決方案，例如令牌生命週期管理等。

Now we've been investing for many years in this capability.

現在，我們多年來一直在這種能力方面進行投資。

And of course, we see this as an opportunity for us to drive our revenue line and charge for that, but it's very clearly related to a direct upside that our customers see either a merchant from higher conversion or a lower fraud on the security side.

當然，我們認為這是我們推動收入線並收取費用的機會，但這與我們的客戶看到的直接好處非常明顯相關，要么是商家的轉換率更高，要么是安全方面的詐欺率更低。

Harshita Rawat, Bernstein.

哈希塔·拉瓦特，伯恩斯坦。

Michael, I want to ask about Mastercard's Value Added Services, specifically in cybersecurity.

邁克爾，我想詢問萬事達卡的增值服務，特別是網路安全方面的服務。

You made a number of investments here, including the recent recorded future deals.

您在這裡進行了多項投資，包括最近記錄的未來交易。

If I look at your large disclosure from three years ago, was Cyber and Intelligence was [$3.7 billion] in revenues that you already back then.

如果我看看你們三年前披露的大量信息，網路和情報領域的收入是你們當時已經達到的 [37 億美元]。

Can you talk about how it's being sold to clients -- is it an attach on a transaction or increasingly kind of like a new adjacency for Mastercard, where you're driving synergies from the data on your platform and selling beyond just Mastercard transaction.

您能談談它是如何出售給客戶的嗎？

Right.

正確的。

So when I look at our value-added services portfolio, our security solutions is a very significant share of that.

因此，當我查看我們的加值服務組合時，我們的安全解決方案佔據了非常重要的份額。

Why is that?

這是為什麼？

Because the world is digitizing more there's an increasing need to secure those transactions.

由於世界的數位化程度越來越高，因此保護這些交易安全的需求也越來越大。

That's a tremendous underlying secular trend for us to be involved with.

這是我們需要參與的巨大的潛在長期趨勢。

It's a huge addressable market.

這是一個巨大的潛在市場。

So we built out a set of transactions related solutions over the years before the transaction after the transaction.

所以我們多年來在交易前、交易後建立了一套交易相關的解決方案。

One of the more recent ones that we talked about, that we invested heavily in using our Brighterion acquisition from back in 2017 to use our AI capabilities is Decision Intelligence.

我們最近談到的其中一項是，我們從 2017 年起就投入巨資利用收購的 Brighterion 來利用我們的人工智慧功能，也就是決策智慧。

We've now boosted the product with GenAI and the outcome that we see is tremendous.

我們現在已經使用 GenAI 改進了產品，我們看到的結果是巨大的。

This is up to a 20% lift that we see.

我們看到的提升幅度高達 20%。

Now these are solutions that our customers opt into because they like those solutions, and they like the lift that they get out of that.

現在，我們的客戶選擇這些解決方案是因為他們喜歡這些解決方案，並且喜歡從中獲得的提升。

As I was saying earlier in the prepared remarks is we're not stopping here.

正如我之前在準備好的發言中所說，我們不會就此止步。

Clearly, cybersecurity risk doesn't stop at the transaction that goes beyond the transaction.

顯然，網路安全風險並不僅限於交易以外的交易。

It goes into reacting to cybersecurity risk that you see in your business that goes beyond fraud, aware those vulnerabilities.

它涉及對您在業務中看到的網路安全風險做出反應，這不僅僅是欺詐，還要意識到這些漏洞。

You recall our RiskRecon acquisition from a few years ago.

您還記得幾年前我們對 RiskRecon 的收購。

Again, those are services that our customers buy from us because they feel they are under threat and they want to step up their defences.

同樣，我們的客戶從我們這裡購買這些服務是因為他們覺得自己受到威脅並且想要加強防禦。

Now recorded future.

現在記錄未來。

This is a subscription-based service into Threat Intelligence, which is the next logical step to go even further and look even further ahead and see what threat is coming my way.

這是一項基於訂​​閱的威脅情報服務，這是下一步的邏輯步驟，可以更進一步，更進一步展望未來，看看有什麼威脅正在向我襲來。

So it's a -- we have a natural position.

所以這是——我們有一個自然的立場。

And here, it starts with the transaction. we're selling these services way beyond the transaction.

在這裡，一切從交易開始。我們銷售這些服務的方式遠遠超出了交易的範圍。

We've been historically on the record to say about 50% of our services are somehow related to transactions.

我們歷史上曾公開表示，我們大約 50% 的服務在某種程度上與交易相關。

But the other 50% are not, and we're building out that portfolio with Recorded Future being one example.

但另外 50% 則不然，我們正在建立這個投資組合，Recorded Future 就是一個例子。

We're very excited about that.

我們對此感到非常興奮。

Threat Intelligence, if you look at the customer set of recorded futures, very impressive.

威脅情報，如果你看看客戶記錄的未來資料集，就會非常令人印象深刻。

And we're looking forward to bringing those into the fold as and when the approval process ends.

我們期待在審批流程結束時將這些納入其中。

Rayna Kumar, Oppenheimer.

雷娜·庫馬爾，奧本海默。

We saw some volume acceleration in Europe, which is your largest geography in the quarter.

我們看到歐洲的銷量有所成長，這是本季最大的地區。

What are you seeing in terms of macro in the region as well as potential for further share gains?

您對該地區的宏觀形勢以及進一步份額增長的潛力有何看法？

Thanks for your question.

謝謝你的提問。

So look, I mean, Europe is clearly a very important region.

所以，我的意思是，歐洲顯然是一個非常重要的地區。

We continue to perform well in that region.

我們在該地區繼續表現良好。

What we're seeing from a macro standpoint, and you've probably seen this in the most recent economic data is you're starting to see positive trends come through there with momentum in France, in Spain and even in Germany.

從宏觀角度來看，您可能已經在最新的經濟數據中看到了這一點，您開始看到法國、西班牙甚至德國的積極趨勢，勢頭強勁。

Look, the reality is Europe has kind of been a little bit of a tale of two cities.

看，現實是歐洲有點像兩個城市的故事。

You've had Northern Europe and then you have Southern Europe.

你有北歐，然後有南歐。

Southern Europe has been actually performing well.

南歐實際上表現良好。

For the longest time.

最長的時間。

And now you're starting to see some momentum come through in other parts of Europe as well.

現在你開始看到歐洲其他地區也出現了一些勢頭。

So net-net, I would tell you, the consumer confidence continues to improve unemployment remains low.

所以淨淨，我告訴你，消費者信心持續改善，失業率仍然很低。

And so from a macro standpoint, you're in a good place from a European standpoint.

因此，從宏觀角度來看，從歐洲角度來看，你們處於一個很好的位置。

As it relates to Mastercard's business in Europe, a couple of factors.

由於這與萬事達卡在歐洲的業務有關，有幾個因素。

There still remains a tremendous secular opportunity in Europe who are tapping into that.

歐洲仍然存在巨大的長期機會，人們正在利用這一機會。

We continue to actually be performing well on that basis, which is why you're seeing that come through in our drivers.

在此基礎上，我們實際上繼續表現良好，這就是為什麼您會在我們的驅動程式中看到這一點。

And then even beyond that, going back to the growth algorithm, which Michael was speaking about earlier, we continue to win share.

除此之外，回到麥可之前談到的成長演算法，我們繼續贏得份額。

I mean the reality is what you're seeing come through in the nature of the drivers is the conversions of the UniCredit portfolio.

我的意思是，現實是你所看到的驅動因素的本質是裕信銀行投資組合的轉換。

You're seeing that come through in the nature of the Deutsche Bank portfolio with these wins we've talked about in the past, you're just starting to see that come through in the metrics now.

透過我們過去討論過的這些勝利，您會看到德意志銀行投資組合的本質已經體現了這一點，現在您才剛開始在指標中看到這一點。

As also, we continue to be very focused on our efforts for migrating from Maestro to Debit Mastercard, and you're seeing all of that come through, in the metrics.

同樣，我們繼續非常專注於從 Maestro 遷移到萬事達借記卡的努力，您可以在指標中看到所有這些都已實現。

So net-net, very important region.

所以net-net，非常重要的區域。

The economy seems to be holding up well and in some cases, showing renewed signs of improvement.

經濟似乎保持良好，在某些情況下，顯示出新的改善跡象。

And then our business there, both from a secular and a market share standpoint, we should perform well.

然後我們在那裡的業務，無論是從長期還是市場份額的角度來看，我們都應該表現良好。

I noted Sachin, that you said even in Germany

我注意到薩欽，你說即使在德國

.

。

I wouldn't miss my [cost] on that, Michael.

我不會錯過我的[成本]，邁克爾。

Bryan Keane, Deutsche Bank.

布萊恩‧基恩，德意志銀行。

Just want to ask about incentives.

只是想問一下激勵措施。

There's a little bit of a debate going on.

目前正在進行一些爭論。

Is incentives rising?

激勵措施是否在增加？

Is there more renewals going on currently that are going to push incentives higher?

目前是否有更多續約活動正在進行，從而推動激勵措施更高？

I'd just like to get your thoughts around that and glad you're feeling well, Sachin.

我只是想了解你的想法，很高興你感覺很好，薩欽。

Look, I mean, the reality is, from a competitive environment standpoint, the market continues to be competitive.

我的意思是，現實是，從競爭環境的角度來看，市場仍然具有競爭力。

We continue to compete in this environment, nothing from our perspective is vastly different from what was there call it, a year ago or two years ago.

我們繼續在這種環境中競爭，從我們的角度來看，與一年前或兩年前的情況沒有太大不同。

The reality is we'll continue to compete here.

現實是我們將繼續在這裡競爭。

From an incentive standpoint, you're very well aware that in order to actually win volume.

從激勵的角度來看，您非常清楚，為了真正贏得銷售量。

You're going to have to incentivize customers, which is what we do.

你必須激勵客戶，這就是我們所做的。

And then when you win the volume, you have the ability to generate revenues from the volume in question, optimize those portfolios grow them at a faster pace.

然後，當您贏得銷售時，您就有能力從相關銷售中產生收入，優化這些投資組合，並以更快的速度成長它們。

And then deliver services, which helps us increase our net revenue yield.

然後提供服務，這有助於我們提高淨收入。

Really, the playbook is very much the same.

確實，劇本非常相似。

And from a competitive environment standpoint, not much is changing on that front.

從競爭環境的角度來看，這方面並沒有太大變化。

And you see us winning -- if you look at what -- some of the movements here in the United States recently on the debit side, there is on the basis of our differentiated propositions we keep winning.

你會看到我們獲勝——如果你看看美國最近在藉方方面的一些動向，基於我們差異化的主張，我們不斷獲勝。

So that resonates -- we keep investing in that, as I just spoke about.

所以這引起了共鳴——正如我剛才所說，我們繼續對此進行投資。

But it's also pretty clear in that competitive environment where we hope to have the better solution for our customers in the end consumer.

但在競爭激烈的環境中，我們希望為最終消費者提供更好的解決方案，這一點也很明顯。

There is not every deal is for us.

並非每筆交易都適合我們。

And we don't want to win every deal.

我們不想贏得每筆交易。

And there is competitive movement in different parts of the world.

世界不同地區都存在競爭運動。

And we are very thoughtful about that.

我們對此非常深思熟慮。

There's financial discipline.

有財務紀律。

In the end, what we keep in mind is the net revenue yield.

最後，我們要記住的是淨收益收益率。

[Tim Chiodo]

[提姆·奇奧多]

I want to dig in a little bit on Mastercard move.

我想深入探討萬事達卡的舉動。

So the combination of Mastercard Send and the cross-border services.

所以Mastercard Send和跨境服務結合。

Two brief topics, one around mix across that entire capability, would you describe the cross-border mix as similar, higher, or lower than the rest of Mastercard's business?

兩個簡短的主題，其中一個圍繞整個功能的混合，您將跨境混合描述為與萬事達卡其他業務類似、更高還是更低？

And then in terms of the accounting for the revenues, I believe, and maybe you could correct me that any of the domestic related activity tends to be a little bit more card-based, so it's sitting within payment network.

然後就收入的核算而言，我相信，也許你可以糾正我，任何國內相關活動都傾向於更多地基於卡，因此它位於支付網絡內。

And some of the cross-border activity some, at least is more account to account and would be within

一些跨境活動，至少是更多的帳戶對帳戶，並且會在範圍內

(technical difficulty) ?

（技術難度）？

Right.

正確的。

So maybe I start on that.

所以也許我會從這個開始。

So these are very different and complementary businesses.

所以這些是非常不同且互補的業務。

I think that's the first to think about.

我認為這是首先要考慮的。

So obviously, we have a thriving cross-border driven part of our card business and the P2M space.

顯然，我們的卡業務和 P2M 領域擁有蓬勃發展的跨境驅動部分。

We make something very complex across border, pretty simple for consumers.

我們跨國製造一些非常複雜的東西，但對消費者來說卻非常簡單。

That's a good starting point.

這是一個很好的起點。

But there's many other use cases that are not actually happening through pods today.

但目前還有許多其他用例實際上並未透過 Pod 實現。

And as part of our one-stop strategy for payments for years.

作為我們多年來一站式支付策略的一部分。

We have been investing in going after those flows and having a differentiated proposition there.

我們一直在投資追隨這些流量，並在那裡提出差異化的主張。

So Mastercard move which has domestic and cross-border type of payments.

因此，萬事達卡推出了國內和跨境支付類型。

Currently, what we see here is this is a pretty differentiated reach that we have.

目前，我們在這裡看到的是我們所擁有的非常差異化的影響力。

Across 95% of the world's bank population. 180 countries, 150 currencies, that's a very different proposition kind of use cases.

覆蓋全球 95% 的銀行人口。 180 個國家、150 種貨幣，這是一個非常不同的命題用例。

You think about, I think, insurance distributions.

我想，你會想到保險分配。

Gig workers that work remotely and develop an application for another company somewhere else around the world.

遠端工作並為世界其他地方的另一家公司開發應用程式的零工工人。

So this is a -- it's a pain point for many companies, how to do this effectively and at attractive price our growth rates tell us that we're having the right proposition out there in the third quarter, seeing for 40% of transaction growth in this business.

因此，對於許多公司來說，這是一個痛點，如何以有吸引力的價格有效地做到這一點，我們的成長率告訴我們，我們在第三季度提出了正確的主張，交易量成長了40 %在這個行業。

So differentiated solution, and I come back to the announcement around -- with Citi here.

如此差異化的解決方案，我回到花旗這裡的公告。

So Citi is a strong player in cross-border and here, this is one plus one as three as we have more end points and starting points for a transaction that we can bring into this partnership.

因此，花旗是跨國領域的強大參與者，在這裡，這是一加一三，因為我們可以將更多的交易終點和起點納入這種合作關係。

And then on your question around noting you have it right.

然後關於你的問題，注意你是對的。

I mean the stuff which is on [card rails], for example, domestic and related revenues sit in payment network and then the cross-border volumes, which flow on noncard rails sitting in our value-added services and solutions.

我指的是[卡軌]上的東西，例如，國內和相關收入位於支付網絡中，然後是跨境交易量，這些收入在我們的增值服務和解決方案中的非卡軌上流動。

Darrin Peller, Wolfe Research.

達林佩勒，沃爾夫研究中心。

Sachin.

薩欽.

First of all, I just want to reiterate, it's great to hear you on the call again.

首先，我想重申一下，很高興能再次聽到你的電話。

Guys, I just want to start off first.

夥計們，我只想先開始。

I mean the yield and the spread and what we're seeing in growth of transaction revenues and cross-border continuing to outperform the KPIs.

我指的是收益率和利差，以及我們所看到的交易收入和跨國業務的成長持續優於關鍵績效指標。

I think it just shows the value add you're bringing to your customers.

我認為它只是顯示了您為客戶帶來的附加價值。

Can you just touch on the expansion of that?

您能談談它的擴充嗎？

And what kind of opportunities you're seeing taken on by the customers to allow you to have those better yields relative to the volumetrics.

以及您看到客戶採取了哪些機會來讓您獲得相對於體積而言更好的產量。

So this basically incremental VAS or services or even pricing?

那麼這基本上是增量增值服務或服務甚至定價？

And then just Sachin, just a quick follow-up on tax rate.

然後是 Sachin，只是對稅率的快速跟進。

I think you said 4 points.

我想你說的是4點。

So I just want to be clear, we should be expecting around 20% tax rate next year?

所以我想澄清一下，我們明年的稅率應該在 20% 左右？

So sure, Darrin.

當然，達林。

Thanks for your questions.

感謝您的提問。

So let me take the tax rate question first, and I'll come back to your question around what you're seeing in terms of yield trends.

因此，讓我先回答稅率問題，然後我將回到您關於收益率趨勢所看到的問題。

So on the tax rate, look, now we see greater clarity as it relates to the implementation of the Pillar 2 global minimum tax and what we thought -- and you've seen this in our 10-K disclosures in the past that we've had this incentive agreement with Singapore.

因此，在稅率方面，現在我們看到了更清晰的信息，因為它與第二支柱全球最低稅的實施以及我們的想法有關 - 您已經在我們過去的 10-K 披露中看到了這一點，我們”我們與新加坡簽訂了激勵協議。

The reality is now Singapore is actually enacted those rules.

現實情況是，現在新加坡實際上已經頒布了這些規則。

There's one final step, which is left to be done in Singapore.

最後一步需要在新加坡完成。

But the reality is it's getting pretty close.

但現實是它已經非常接近了。

So what we wanted to do was help our investors understand what is the impact Q3 year-to-date that we have experienced as a result of these incentive plans in Singapore tax rate.

因此，我們想要做的是幫助我們的投資者了解新加坡稅率的這些激勵計劃對我們今年第三季產生的影響。

And that's that [4 percentage] number which I kind of shared with you.

這就是我跟你們分享的[4%]數字。

I can tell you exactly what our tax rate is going to look like on a going-forward basis.

我可以準確地告訴您我們未來的稅率是多少。

But order of magnitude, right, the impact of not getting the incentive grant in Singapore this year would have had an impact of about 4 points on our tax rate.

但就數量級而言，今年新加坡沒有獲得激勵補助金的影響將對我們的稅率產生約 4 個百分點的影響。

So I wanted to get that clarity out for the investor (technical difficulty) on that.

所以我想向投資者澄清這一點（技術難度）。

On the first part of your question, which is around yields.

關於你問題的第一部分，也就是關於報酬率的問題。

Look, we're very pleased with the value we're delivering to our customers, whether it's in cross-border, whether it's in domestic, whether it's through the services we bring.

看，我們對為客戶提供的價值感到非常滿意，無論是跨境、國內或透過我們提供的服務。

And the reality is what you're seeing come through is -- I think you were talking about the spread between the driver metric and the revenue metric here.

現實情況是，你所看到的情況是——我認為你在這裡談論的是司機指標和收入指標之間的差距。

Look, there are a number of factors which go into this, right?

看，這有很多因素，對吧？

So for example, in the transaction processing side, you can see the impact of mix come through.

例如，在事務處理方面，您可以看到混合的影響。

And this is a mix from both a cross-border and domestic standpoint.

從跨境和國內的角度來看，這是一個混合體。

When you're comparing the driver trend with the revenue trend, but it's also geographical mix, depending on which geographies are growing faster and the geographies are going slower.

當您將驅動因素趨勢與收入趨勢進行比較時，這也是地理組合，取決於哪些地區成長較快，哪些地區成長較慢。

So you've got to take those factors into consideration.

所以你必須考慮這些因素。

We certainly do when we're running the business.

當我們經營業務時，我們當然會這樣做。

We look -- like Michael said, we're not looking to win every portfolio.

我們看起來——就像邁克爾說的那樣，我們不希望贏得所有投資組合。

We want to win the right portfolios in the right regions with the fastest growth opportunity, which have the best yield.

我們希望在正確的地區贏得正確的投資組合，這些投資組合具有最快的成長機會和最佳的收益率。

Because at the end of the day, what we're trying to optimize is driving that yield up.

因為歸根究底，我們試圖優化的是提高產量。

And that's what you're seeing come through in my comments around the mix spread, which is there, both on cross-border as well as in transaction processing.

這就是你在我關於混合利差的評論中看到的內容，無論是在跨國界還是在交易處理中。

The other factor you point out is in the third quarter you did get a little bit of a lift come through from FX volatility.

您指出的另一個因素是，在第三季度，外匯波動確實為您帶來了一些提振。

Now that sits in our transaction processing assessments line item.

現在它位於我們的交易處理評估行項目中。

That is very hard to predict.

這很難預測。

I would tell you, right now, FX volatility is running at record low levels over the last few weeks.

我想告訴你，目前外匯波動率在過去幾週內處於創紀錄的低水平。

So it's a little bit of what we can do to enable the yield, which is what we do by delivering good value, good products, good services as well as winning the right portfolios.

因此，我們可以做一些事情來實現收益，這就是我們透過提供良好的價值、良好的產品、良好的服務以及贏得正確的投資組合所做的事情。

And then there's a little bit of stuff which happens from a macro standpoint, such as FX yield, et cetera, et cetera, which kind of plays into that.

然後，從宏觀角度來看，會發生一些事情，例如外匯收益率等等，這會起到一定的作用。

So hopefully, Darrin, that gives you a little bit of color as to how we're trying to optimize the mix between, what we are seeing from a driver trend standpoint and what we're seeing from an overall assessment revenue standpoint.

因此，Darrin，希望這能讓您了解我們如何嘗試優化我們從駕駛員趨勢角度看到的內容和我們從整體評估收入角度看到的內容之間的組合。

James Faucette, Morgan Stanley.

詹姆斯‧福賽特，摩根士丹利。

I wanted to dig in a little bit into B2B and commercial volumes.

我想深入研究一下 B2B 和商業卷。

I think there's been good and steady progress there over the years, including this year.

我認為這些年來，包括今年，都取得了良好而穩定的進展。

But at the same time, a lot of us are surprised that there hasn't been an acceleration -- so I'm just wondering kind of how you would assess that situation and what are the tools and capabilities of Mastercard, we should think about that Mastercard is bringing to market to help accelerate that market?

但同時，我們很多人都對沒有加速感到驚訝 - 所以我只是想知道你將如何評估這種情況以及萬事達卡的工具和功能是什麼，我們應該考慮萬事達卡正在向市場推出哪些產品以幫助加速該市場的發展？

Or you think this is going to continue to be the cadence that we should expect that it will be steadily contributing to growth and -- but it just takes time?

或者你認為這將繼續是我們應該期望的節奏，它將穩步促進成長——但這只是需要時間？

Thank you.

謝謝。

Great question.

很好的問題。

One of my favourite topics to talk about commercial.

我最喜歡談論商業的話題之一。

Earlier, I spoke about the tremendous secular opportunity we see in consumer and then build on that and said, what is an even bigger opportunity in commercial.

早些時候，我談到了我們在消費者中看到的巨大的長期機會，然後在此基礎上說，商業領域的更大機會是什麼。

So we like it for those reasons.

所以我們因為這些原因喜歡它。

As I commented on previous calls, there were various structural issues over the years.

正如我在之前的電話會議中評論的那樣，多年來存在各種結構性問題。

Why this hasn't really unlocked in emerging markets, there were issuers that were not familiar with the risk -- there wasn't technology that was available in back offices of smaller companies and so on and so on.

為什麼這在新興市場沒有真正發揮作用，因為有些發行人不熟悉風險——小公司的後台沒有可用的技術等等。

If you fast forward to today, we're seeing a situation where this the momentum feels solid.

如果你快轉到今天，我們會看到這種勢頭非常強勁的情況。

We're seeing 11% growth in commercial.

我們看到商業成長了 11%。

And that's good, and that's above consumer, and that's -- we like that.

這很好，而且高於消費者，我們喜歡這樣。

So when I look ahead and say, what should we expect going forward?

因此，當我展望未來時，我們該期待什麼？

I'm not going to give you an outlook right now.

我現在不會給你展望。

Maybe you should dial in to the Investor Day in a little while.

也許您應該稍後撥通投資者日。

But the point here is we see our ability to put out solutions with different partners more globally into the back office systems of companies, our partnership with Oracle and SAP, for example.

但這裡的重點是，我們看到了我們與不同合作夥伴在全球範圍內將解決方案引入公司後台系統的能力，例如我們與 Oracle 和 SAP 的合作夥伴關係。

We see a whole new generation of treasurers that are digitally minded in businesses that are having an expectation that their digital lives in the office should be not worse than their digital lives in their personal life.

我們看到全新一代的財務主管在企業中具有數位思維，他們期望他們在辦公室的數位生活不應比他們個人生活中的數位生活差。

So when we put out our mobile-based T&E card proposition, people are saying, that is cool.

因此，當我們推出基於行動裝置的 T&E 卡提案時，人們說，這很酷。

We like that.

我們喜歡這樣。

So there is definitely changes happening.

所以一定會改變。

The most significant change that I see is really the interest of our issuing partners around the world start to see -- this is a proposition to go into.

我看到的最重大的變化實際上是我們世界各地的發行合作夥伴開始看到的興趣——這是一個值得探討的提議。

I can talk to my customer about the working capital effect of a virtual card as part of their payment, that's 30 days of working capital.

我可以與我的客戶討論虛擬卡的營運資金效應，作為其付款的一部分，即 30 天的營運資金。

That is a real winning argument that everybody can understand, including our [issuers] getting very excited about.

這是一個真正獲勝的論點，每個人都能理解，包括我們的[發行人]對此感到非常興奮。

So we see this as a space that's going to continue and drive growth for us.

因此，我們認為這是一個將繼續發展並推動我們成長的空間。

As you saw, our reorganization where we align behind commercial and new payment flows because we believe it's going to be a tremendous growth driver.

正如您所看到的，我們的重組將支持商業和新的支付流程，因為我們相信這將成為巨大的成長動力。

I'll just quickly jump in and clarify when Michael talked about the 11% growth rate in commercial.

當麥可談到 11% 的商業成長率時，我會快速插話並澄清一下。

He was talking about the currency-neutral growth rate for the third quarter of this year.

他談論的是今年第三季的貨幣中性成長率。

Just want to be sure that we have that out there.

只是想確保我們有這樣的東西。

Sachin, thank you for clarifying.

薩欽，謝謝你的澄清。

Craig Maurer, F.T. Partners.

克雷格·毛雷爾，FT合作夥伴。

And good to hear you, Sachin.

很高興聽到你的聲音，薩欽。

I want -- there's a lot of discussion around VAS.

我想——圍繞加值服務有很多討論。

And it's difficult for us to really get under the covers on that too much.

我們很難真正深入了解這一點。

But I wanted to ask you, Michael, if you could characterize perhaps where you think Mastercard is better than your closest competitors in VAS when you're presenting to an issuer or a merchant and it allows you to win that business?

但我想問你，邁克爾，當你向發卡機構或商家展示產品並讓你贏得業務時，你是否可以描述一下你認為萬事達卡在增值服務方面比最接近的競爭對手更好的地方？

Right.

正確的。

So value-added services and solutions.

所以加值服務和解決方案。

It's been a true differentiator for Mastercard for the last seven years at least.

至少在過去七年裡，這一直是萬事達卡真正的與眾不同之處。

And we anchored around 2two fundamental points.

我們圍繞兩個基本點進行錨定。

I talked about one earlier, which is in a digitizing world, keeping that digital ecosystem in a company or in a consumer context or a bank context safes our security solutions has been a differentiator, and I think is a truly differentiated proposition.

我之前談到過，在數位化世界中，將數位生態系統保留在公司、消費者環境或銀行環境中可以確保我們的安全解決方案一直是一個差異化因素，我認為這是一個真正差異化的主張。

The second big underlying trend here is with highly -- and a rapidly digitizing world.

這裡的第二大潛在趨勢是高度快速數位化的世界。

More and more data becomes available and a lot of more businesses want to make sense of that data.

越來越多的數據變得可用，越來越多的企業希望理解這些數據。

So this is another powerful trend.

所以這是另一個強大的趨勢。

So the second leg of the stool was we're building out a set of data insights solutions.

因此，第二條腿是我們正在建立一套數據洞察解決方案。

So that is the general proposition.

這就是總體建議。

Now if you look under the hood of that, to your point, there isn't much of a hood under look under the hood that you have.

現在，如果你仔細觀察一下，就你的觀點而言，你所擁有的引擎蓋下並沒有太多的隱藏內容。

Well, I think we actually did share quite a bit of that over the years. on the security side, it's before the transaction, during the transaction after the transaction, that's our digital identity solutions before those are per click solutions where we provide data to give an identity score to somebody that wants to find out is this the real customer.

嗯，我認為這些年來我們確實分享了很多這樣的內容。在安全性方面，在交易之前、交易期間、交易之後，這就是我們的數位身分解決方案，在每次點擊解決方案之前，我們提供數據，為想要找出這是否是真正客戶的人提供身分評分。

And then all the way to our fraud scoring solutions directly linked to the payments, all of that.

然後一直到我們的詐欺評分解決方案直接與付款相關，所有這一切。

So that is pretty known.

所以這是眾所周知的。

And on the Data Insight solution, here, again, it is a whole set of solutions that help customers that could be a merchant, there could be a bank to engage their customers, their end consumers in a better way through campaign management solutions, test and learn through marketing services, through loyalty and so forth.

在數據洞察解決方案上，這裡再次強調，它是一整套解決方案，可以幫助客戶（可能是商家，也可能是銀行）透過活動管理解決方案以更好的方式吸引他們的客戶和最終消費者，測試並透過行銷服務、忠誠度等來學習。

They are all very different business models.

它們都是非常不同的商業模式。

Some of them subscription based, some of them per transaction clicks in a very different way.

其中一些基於訂閱，其中一些每筆交易的點擊次數都以非常不同的方式進行。

So all of that, it's a whole mix.

所以所有這些都是一個整體的組合。

The point of all of these is too powerful underlying trends.

所有這些的要點是潛在趨勢太強大了。

And within each of these solutions, you have an arc where all of these solutions build on top of each other.

在每個解決方案中，您都有一個弧線，所有這些解決方案都建立在彼此之上。

They are finally and clearly curated for us to provide an end-to-end solution.

它們最終明確地為我們提供了端到端的解決方案。

So I can say to our customer, I don't have this widget and that widget for you.

所以我可以對我們的客戶說，我沒有為您提供這個小部件和那個小部件。

I have a solution that can allow you to run your business better.

我有一個解決方案可以讓您更好地經營您的業務。

Our engagement is always to help our customers drive their top line and that's what we do.

我們的承諾始終是幫助我們的客戶提高他們的收入，而這就是我們所做的。

This is a different proposition than maybe others have out there.

這是一個與其他人提出的不同的主張。

We like that because that makes us a strategic partner for our customers.

我們喜歡這一點，因為這使我們成為客戶的策略夥伴。

Overall, we believe this is differentiated.

總的來說，我們認為這是有區別的。

You've seen strong growth for us from -- for years.

多年來，您已經看到我們的強勁成長。

You've seen another set of strong numbers for this quarter and has been boosting the revenue of the company and our yield.

您已經看到本季的另一組強勁數據，並且一直在提高公司的營收和收益率。

Trevor Williams, Jefferies.

特雷弗威廉斯，杰弗里斯。

Great.

偉大的。

With the Q4 outlook for low teens growth, if we think about that as the stepping off point for '25, is there anything in that fourth quarter growth that we should be mindful of, either working for against you that might not carry into next year?

考慮到第四季度青少年成長率較低的前景，如果我們將其視為25 年的起點，那麼第四季度的成長中是否有任何我們應該注意的事情，要么與你作對，但可能不會延續到明年？

Or that a reasonable baseline for us to use as we start to think about '25?

或者當我們開始思考「25」時，這是一個合理的基線？

Sure.

當然。

So first of all, we'll talk about '25 at the right time, but let me give you a little bit of color on things to think about between what you're seeing in 2024 and 2025, right?

首先，我們將在適當的時間討論 25 年，但讓我給您一些關於 2024 年到 2025 年之間需要思考的事情的信息，對嗎？

Obviously, you guys know about the leap year effect.

顯然，你們都知道閏年效應。

And I know you're asking a Q4 question, but more broadly speaking, you've got the leap year effect taking place in 2024.

我知道您問的是第四季度的問題，但更廣泛地說，您已經看到 2024 年發生了閏年效應。

You're not going to have that in 2025.

到 2025 年你就不會再遇到這樣的情況了。

The things which you've got to keep in mind are, number one, we've had significant share wins, which have started to actually roll on in in 2024.

你必須記住的事情是，第一，我們已經贏得了巨大的份額，這些份額將在 2024 年開始真正實現。

So we talked a little bit about the Citizens win.

所以我們討論了一些關於公民獲勝的事情。

We talked a little bit about the Wells Fargo win.

我們談論了一些關於富國銀行獲勝的事情。

We talked about UniCredit, Deutsche Bank.

我們談到了裕信銀行、德意志銀行。

Now these will lap and the lapping effect of this will come through 4 quarters after -- they typically come on our books.

現在這些將進行研磨，其研磨效果將在 4 個季度後顯現出來——它們通常會出現在我們的帳簿上。

So for example, take something like the Wells Fargo Commercial credit win.

例如，以富國銀行商業信用勝利為例。

That was completely migrated on to Mastercard in the second quarter -- second quarter of this year, 2024.

該計劃已於第二季（即 2024 年第二季）完全遷移至萬事達卡。

So you'll see the lapping effect of that come through in 2025.

因此，您將在 2025 年看到其研磨效果。

Similarly, as it relates to citizens, the vast majority of the ramp-up on citizens took place in Q2 of 2024 with a little tail effect in Q3.

同樣，就公民而言，公民的絕大多數成長發生在 2024 年第二季度，第三季度有一些尾部效應。

So you'll see that again lap off in 2025.

所以到 2025 年你會看到這種情況再次消失。

So I want to kind of just make sure that you've got that as a line of sight element.

所以我想確保你已經將其作為視線元素。

The other element is around pricing, right?

另一個因素是定價，對吧？

I mean we've talked a little bit about some of the pricing actions which we've taken for all the innovation and investments that we've been doing as a company.

我的意思是，我們已經討論了我們作為一家公司為所有創新和投資所採取的一些定價行動。

You're going to see the lapping effect of that come through as well.

您也會看到研磨效果。

So these are a couple of things which I would keep in mind as you go in from 2024 to 2025.

因此，當您進入 2024 年至 2025 年時，我會牢記以下幾件事。

But we'll talk in more detail about '25 at the right time over the next few months.

但我們將在接下來的幾個月裡在適當的時間更詳細地討論 '25。

Jamie Friedman, Susquehanna.

傑米·弗里德曼，薩斯奎哈納。

Let me echo my warm wishes, Sachin I wanted to ask about China, if I may.

讓我表達我的熱烈祝愿，薩欽，如果可以的話，我想問一下有關中國的問題。

Obviously, you have high ambitions there and are well positioned and you've had some significant developments on the operating side.

顯然，您在那裡有遠大的抱負並且處於有利地位，並且您在運營方面已經取得了一些重大進展。

So I was just wondering how you're performing relative to your expectations as you roll out in China?

所以我只是想知道當你們在中國推出時，相對於你們的期望，你們的表現如何？

Thank you.

謝謝。

So -- we mentioned it, I think in the July call, we said we are live now in China.

所以 - 我們提到過這一點，我想在 7 月的電話會議中，我們說我們現在在中國。

So we live as of May with a whole number of issuers.

因此，截至 5 月份，我們已經擁有眾多發行人。

And we're live in China with a very unique proposition, which is a single-use card that can be used domestically as well as cross-border.

我們在中國有一個非常獨特的主張，那就是一張可以在國內和跨境使用的一次性卡片。

We've been in China for a long time, but that was a cross-border only use case.

我們在中國已經很久了，但這只是跨國用例。

Now this single proposition is a car that gives full global acceptance.

現在，這個單一的主張是一款得到全球全面認可的汽車。

And it gives increasing domestic acceptance through a combination of measures.

透過一系列措施，它提高了國內的接受度。

One is some of the local QR wallets that you can load your card into, so you can benefit from that acceptance.

其中之一是您可以將卡片加載到一些本地二維碼錢包中，這樣您就可以從接受中受益。

And then we're busy investing in acceptance across the country.

然後我們正忙於投資以提高全國範圍內的接受度。

There is interest from the Chinese government to link their economy more closely to the global economy.

中國政府有興趣將其經濟與全球經濟更緊密地聯繫起來。

So they're keen on building out acceptance so that people who travel into China can use as they would normally anywhere else in the world.

因此，他們熱衷於提高人們的接受度，以便前往中國的人們可以像在世界其他地方一樣正常使用。

Now we're excited about the opportunity for a number of reasons.

現在，出於多種原因，我們對這個機會感到興奮。

It's a huge economy, obviously, and we want to participate.

顯然，這是一個巨大的經濟體，我們希望參與其中。

So that is a significant secular opportunity for us as we invest in this market.

因此，當我們投資這個市場時，這對我們來說是一個重要的長期機會。

And this is regardless of up and down of the overall economy in China.

而且這與中國整體經濟的漲跌無關。

This is a share situation.

這是一個共享的情況。

It's a secular opportunity as a starting point.

這是一個作為起點的長期機會。

But it will take investment.

但這需要投資。

It will take investment.

這需要投資。

It will take time.

這需要時間。

Coming back to the acceptance part.

回到驗收部分。

Issuing is a little easier to solve.

發行比較容易解決一些。

But without acceptance, then that's going to be hard to do.

但如果不被接受，那就很難做到。

So we continue to focus on that.

所以我們繼續關注這一點。

As you know, we have a joint venture there, and we have our own set of activities in China through services and so forth, which we continue that we have always done in China.

如您所知，我們在那裡有一家合資企業，我們在中國透過服務等開展了自己的一系列活動，我們將繼續在中國一直這樣做。

So exciting opportunity, medium to long term.

從中長期來看，這是一個令人興奮的機會。

The fact that we are in China does make us now the most accepted payment solution in the world, and that is a differentiating factor for us as we look ahead.

我們在中國的事實確實使我們現在成為世界上最受接受的支付解決方案，這對我們來說是一個與眾不同的因素。

Fahed Kunwar, Redburn Atlantic.

法赫德·昆瓦爾（Fahed Kunwar），雷德伯恩大西洋公司。

Pass my well wishes to Sachin as well.

也向薩欽轉達我的良好祝愿。

I'd love to get just a bit more on price, and we've touched on it a few times over these questions, but you've obviously taken pricing, I think on cross-border and elements of that, but -- is there more room for pricing increases?

我很想了解更多關於價格的信息，我們已經多次討論過這些問題，但你顯然已經考慮了定價，我認為是關於跨境和其中的要素，但是——還有更大的漲價空間嗎？

And if we were looking across your stack and suite of products, where do you see that kind of -- what is the potential for pricing more for value?

如果我們查看您的產品堆疊和套件，您在哪裡看到這種情況 - 定價更高的價值潛力是什麼？

Sorry, I just want to make sure.

抱歉，我只是想確定一下。

Can you hear me Fahed?

你聽得到我說法赫德嗎？

Yes.

是的。

Yes Okay.

是的，好的。

Looking to the end of the day, yes, I just wanted to be sure if you could hear me.

直到今天結束，是的，我只是想確定你是否能聽到我的聲音。

Look, at the end of the day, I think the way you should think about our philosophy along both our investments as well as how we drive remuneration from those investments is unchanged.

聽著，歸根結底，我認為你應該思考我們的投資理念以及我們如何從這些投資中獲得報酬的方式沒有改變。

We've always been in the business of investing heavily in driving innovation.

我們一直致力於大力投資推動創新。

As we drive innovation, we deliver value to our customers and to our end merchants and consumers.

當我們推動創新時，我們為客戶、最終商家和消費者創造價值。

And like with every other business, when you make investments, you want to realize the value for that, and that's what we talk about in the nature of pricing.

與其他所有業務一樣，當您進行投資時，您希望實現投資的價值，這就是我們在定價本質上討論的內容。

And that's what we do.

這就是我們所做的。

So nothing's changed philosophically, I would tell you in terms of how we're running the business there.

所以從理念上來說沒有任何改變，我會告訴你我們如何在那裡經營業務。

You can see that year-over-year we look to make investments from an OpEx standpoint for all the investments we're doing our people to drive our strategic initiatives that comes up with value propositions, which allows us to price for them.

您可以看到，我們每年都希望從營運支出的角度對我們的員工進行的所有投資進行投資，以推動我們提出價值主張的策略計劃，這使我們能夠為其定價。

And that's really the way we're executing on our business.

這確實是我們執行業務的方式。

I would tell you that if you think about our business broadly speaking, you should think about it as no different than in the past, right?

我告訴你，如果你從廣義上考慮我們的業務，你應該認為它與過去沒有什麼不同，對嗎？

On the one hand, we're operating in a very competitive market where you're seeing us compete for winning important portfolios.

一方面，我們在一個競爭非常激烈的市場中運營，您會看到我們為贏得重要的投資組合而競爭。

When you do that, you pay rebates and incentives.

當您這樣做時，您將獲得回扣和獎勵。

So we like to think about pricing in the context of net pricing, which is net of the compression we take on rebates and incentives.

因此，我們喜歡在淨定價的背景下考慮定價，這是扣除我們對回扣和激勵措施的壓縮後的淨定價。

And we continue to still see that environment as one where we have minimal net pricing, which is the combination of what we do in the nature of investments and the remuneration we drive for it, net of what we have to do in order to stay competitive in the marketplace.

我們仍然認為這種環境是我們擁有最低淨定價的環境，這是我們在投資性質上所做的事情和我們為此獲得的報酬的結合，扣除了我們為了保持競爭力而必須做的事情在市場上。

So it's a combination of both of those factors which we're balancing.

因此，這是我們正在平衡的這兩個因素的結合。

Ramsey El-Assal, Barclays.

拉姆齊·阿薩爾，巴克萊銀行。

Michael, I was wondering if you could give us your reaction to the DOJ antitrust suit against Visa, comment on whether you see a potential opportunity for Mastercard if the legal and regulatory kind of pressure faced by your competitor ends up shifting some market share around?

邁克爾，我想知道您是否可以告訴我們您對美國司法部針對Visa 的反壟斷訴訟的反應，評論一下如果您的競爭對手面臨的法律和監管壓力最終導致部分市場份額發生轉移，您是否認為萬事達卡有潛在的機會？

Right.

正確的。

Ramzi, thanks for the question.

拉姆齊，謝謝你的提問。

So obviously, we all read the headlines.

顯然，我們都讀了頭條新聞。

We saw that allegations have been made.

我們看到有人提出指控。

Obviously, we can't comment on that.

顯然，我們無法對此發表評論。

Our view always has been have to compete in a competitive market.

我們的觀點始終是必須在競爭激烈的市場中競爭。

We're doing it exactly in the way that Sachin just laid out, investing in our products and solutions -- that's how we win and that's what we believe in.

我們完全按照薩欽剛剛提出的方式來做，投資我們的產品和解決方案——這就是我們獲勝的方式，這就是我們的信念。

We believe in choice back in 2016 when we stepped into real-time payments, we were clearly the first in the industry to do that in a significant way.

早在 2016 年，當我們涉足即時支付領域時，我們就相信選擇，我們顯然是業內第一個以重大方式做到這一點的人。

So -- all of that, I think, is true.

所以——我認為所有這些都是真的。

And we see all of that being differentiated and helping us win, if I look at how we've moved -- make moves here in the market in the US with Citizens, how we make moves in the market in Europe with UniCredit or NatWest.

如果我看看我們是如何採取行動的——在美國市場上與公民銀行一起採取行動，我們如何在歐洲市場上與裕信銀行或國民威斯敏斯特銀行一起採取行動，我們就會看到所有這些都在幫助我們獲勝。

So that model isn't changing.

所以這個模型沒有改變。

That's exactly what we're doing.

這正是我們正在做的事情。

If you look back at my remark -- prepared remarks, all that we're doing on strengthening our product solutions and our acquisitions and everything there.

如果你回顧我的言論——準備好的言論，我們為加強我們的產品解決方案和收購以及那裡的一切所做的一切。

I think is going to be the way for us to win.

我認為這將是我們獲勝的方式。

I see there is a tremendous opportunity for us.

我看到我們有一個巨大的機會。

And it is unrelated to this particular set of headlines that are out there, and we'll see how that plays out.

它與現有的這組特定頭條新聞無關，我們將看看結果如何。

But we will lean in with our customers and be there with them for their needs and push on.

但我們將與客戶緊密合作，滿足他們的需求並繼續前進。

Will Nance, Goldman Sachs.

威爾·南斯，高盛。

I appreciate you squeezing me in here.

我很感激你把我擠在這裡。

I just wanted to kind of follow up on the earlier question around the value-added services that you're attaching just kind of transactions around the world and heard the earlier context around some of the breakouts you provided historically.

我只是想跟進之前關於增值服務的問題，您在世界各地附加了某種交易，並聽取了您歷史上提供的一些突破的早期背景。

But I was wondering if you could kind of talk specifically to the kind of multi-rail strategy and the embrace of new networks and just what the progress has been and where you see the most opportunity to attach your value-added services to other networks.

但我想知道您是否可以具體談論多軌策略和新網路的擁抱，以及進展情況以及您認為最有機會將增值服務附加到其他網路的機會。

What those conversations look like?

這些對話是什麼樣的？

And if there are any kind of areas in the VAS portfolio where you think that you could potentially add more capabilities over time to address some of the needs of other networks?

如果您認為 VAS 產品組合中的某些領域可以隨著時間的推移添加更多功能來滿足其他網路的某些需求？

Right.

正確的。

It's interesting.

這很有趣。

When you look at the rise of alternative payment tools or basically the breadth of the choice that is available to consumers and businesses in terms of payments today.

當你看看替代支付工具的興起，或基本上看看當今消費者和企業在支付方面可以選擇的範圍。

So you got cards, obviously, you have a counter account payments.

所以你有卡，顯然，你有櫃檯帳戶付款。

You have digital public infrastructure, government sponsored account, you have P2P systems and so forth.

你有數位公共基礎設施、政府資助的帳戶、P2P 系統等等。

So the choice is broader than ever before.

因此，選擇比以往任何時候都更加廣泛。

If you look at the world outside of cards and you compare it to the world of card payments, wherever cards are available in a competitive level playing field, a lot of businesses and consumers opt for cards because they give them protections.

如果你看看卡片之外的世界，並將其與卡片支付的世界進行比較，你會發現，只要在競爭激烈的環境中可以使用卡，許多企業和消費者都會選擇卡，因為卡可以為他們提供保護。

They give them protections for fraud.

他們為他們提供詐欺保護。

They give them protections around digital identity theft and so forth.

他們為他們提供有關數位身分盜竊等的保護。

And this is coming right back to your question.

這又回到了你的問題。

We see tremendous opportunity here in the cybersecurity space.

我們在網路安全領域看到了巨大的機會。

That is where I think there is the opportunity, the foremost -- first and foremost, opportunity for our VAS portfolio to apply to non-Mastercard transactions.

我認為這就是我們的加值服務產品組合應用於非萬事達卡交易的機會，最重要的機會。

We talked about Mastercard access in the past.

我們過去討論過萬事達卡的訪問。

So we have found ways through technology to make the connection into non-Mastercard [branded] transactions easier for customers we're truly scheme-agnostic provider for a whole range of our services because everybody needs security solutions.

因此，我們找到了透過技術的方法，使客戶能夠更輕鬆地連接到非萬事達卡[品牌]交易，我們是真正與方案無關的全方位服務提供商，因為每個人都需要安全解決方案。

So that's how we think about it.

這就是我們的想法。

But data analytics solutions, test and learn, campaign management, what should I have on my shelves when should I open my branches?

但是數據分析解決方案、測試和學習、活動管理、我的貨架上應該有什麼，我什麼時候應該開設分支機構？

These are a set of common questions that customers, particularly in the retail and commerce space, ask us Again, that's a set of services that goes way beyond the relationship that we have on the payment side.

這些是客戶（尤其是零售和商業領域的客戶）向我們提出的一系列常見問題。

Again, that is an ability for us to continue to diversify and pull in new customers.

同樣，這是我們繼續多元化和吸引新客戶的能力。

So for us, keeping other payment networks, transactions safe gives as an opportunity.

因此，對我們來說，保持其他支付網路、交易的安全是一個機會。

We will continue to do that wherever we can and being in with that.

我們將繼續盡我們所能並參與其中。

I think we're out of time for questions.

我想我們已經沒有時間提問了。

Anything, Michael, you'd like to wrap with.

任何東西，邁克爾，你想用什麼來包裹。

Well, I just want to thank everybody again for your support.

好吧，我只想再次感謝大家的支持。

We're looking to have you all -- and hopefully, everybody else who's not on the call to join us for the Investor Community Meeting on November 13.

我們期待你們所有人——也希望所有未參加電話會議的其他人能夠參加我們 11 月 13 日舉行的投資者社區會議。

As I said earlier, this has been a bit of a look back on to the quarter, onto this year into the fourth quarter, And then we're going to take a further out when we get together in a couple of weeks from now.

正如我之前所說，這是對本季、今年第四季的回顧，然後我們將在幾週後聚會時進行進一步的回顧。

I'm excited about that.

我對此感到很興奮。

As always, everything that we share with you is the fruit of the work of the 34,000 people here at Mastercard, and I will never have a call where I don't thank them for everything they do. and that goes out to everyone here at Mastercard.

像往常一樣，我們與您分享的一切都是萬事達卡 34,000 名員工的工作成果，每次打電話我都會感謝他們所做的一切。這也傳達給萬事達卡的每個人。

Thank you very much and speak soon.

非常感謝，請盡快發言。

Take care.

小心。

Bye-bye.

再見。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you all for your participation.

感謝大家的參與。

You may now disconnect.

您現在可以斷開連線。