萬事達 (MA) 2025 Q2 法說會逐字稿

Good morning. My name is Julianne, and I’ll be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Incorporated Q2 2025 earnings conference call. (Operator Instructions)

早安.我叫朱莉安，今天我將擔任您的會議主持人。現在，我歡迎大家參加萬事達卡公司 2025 年第二季財報電話會議。（操作員指示）

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

投資者關係主管 Devin Corr 先生，您可以開始您的會議了。

Thank you, Julianne. Good morning, everyone, and thank you for joining us for our second quarter 2025 earnings call. With me today are Michael Miebach, our Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer.

謝謝你，茱麗安。大家早安，感謝您參加我們的 2025 年第二季財報電話會議。今天與我一起的有我們的執行長 Michael Miebach 和我們的財務長 Sachin Mehra。

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.

在 Michael 和 Sachin 發表評論後，操作員將宣布您有機會加入問答環節的隊列。只有到那時，才會開放提問隊列。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報告、補充業績數據和本次電話會議的幻燈片。

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.

此外，新聞稿已於今天早上提交給美國證券交易委員會 (SEC)。除非另有說明，我們今天對財務業績的評論將以非 GAAP 貨幣中性為基礎。新聞稿和幻燈片均包含非 GAAP 指標與 GAAP 報告金額的對帳。

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. 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 discussed in further detail in our recent SEC filings, including our most recent 10-K. A replay of this call will be posted on our website for 30 days.

最後，正如我們的收益報告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已在我們的收益報告末尾進行了總結，並在我們最近向美國證券交易委員會提交的文件（包括我們最近的 10-K 報告）中進行了更詳細的討論。本次通話的重播將在我們的網站上發布 30 天。

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

現在，我將把電話轉給我們的執行長 Michael Miebach。

Thank you, Devin. Good morning, everyone. The headline this morning is, we delivered another strong quarter with our financial results exceeding our expectations. Second quarter net revenues were up 16% and adjusted net income up 12% versus a year ago on a non-GAAP currency-neutral basis. This is all underpinned by a winning strategy, diversified business model and a relentless focus on executing against the priorities that fuel our growth algorithm. I will share several compelling examples on that today.

謝謝你，德文。大家早安。今天早上的頭條新聞是，我們又度過了一個強勁的季度，財務表現超出了我們的預期。以非 GAAP 貨幣中立計算，第二季淨收入較去年同期成長 16%，調整後淨收入成長 12%。這一切都建立在成功的策略、多元化的商業模式以及堅持不懈地專注於推動我們成長演算法的優先事項的基礎之上。今天我將分享幾個令人信服的例子。

But before I do, I will provide a few observations on the macro environment. Consumer spending remains healthy. Supported by low unemployment and wage growth that continues to outpace inflation. This is true across both affluent as well as mass market consumers. While macro uncertainty remains due to government actions and geopolitical tensions, overall, we remain positive about our growth outlook as the fundamentals that support consumer spending have been strong.

但在此之前，我將對宏觀環境提供一些觀察。消費者支出仍健康。受到低失業率和持續超過通貨膨脹的工資增長的支持。富裕消費者和大眾市場消費者都是如此。儘管由於政府行動和地緣政治緊張局勢，宏觀不確定性仍然存在，但總體而言，由於支持消費者支出的基本面強勁，我們對成長前景仍然持樂觀態度。

With that as a backdrop, let's get into the details of the quarter. We continue to deliver a steady drumbeat of significant wins with leading merchants and retailers. I'm thrilled that we have extended our exclusive partnership with American Airlines, one of the world's largest credit co-brand portfolios.

以此為背景，讓我們來了解本季的細節。我們將繼續與領先的商家和零售商攜手取得重大勝利。我很高興我們擴大了與美國航空的獨家合作關係，美國航空是世界上最大的信用聯合品牌組合之一。

Our services continue to set us apart. American will leverage our advanced analytics, loyalty, personalization and security solutions to optimize their car proposition and enhance their industry-leading travel rewards program.

我們的服務繼續使我們與眾不同。美國航空將利用我們先進的分析、忠誠度、個人化和安全解決方案來優化其汽車主張並增強其領先業界的旅行獎勵計劃。

We're also partnering with OnePay, a leading consumer fintech platform in synchrony to launch a new credit card with Walmart that will be available to consumers across the US. And we're expanding our relationship with Uber, extending our exclusive Uber Pro card portfolios in the US and Canada. We will also launch new programs in additional markets, including the UK as part of our global partnership.

我們也與領先的消費者金融科技平台 OnePay 同步合作，與沃爾瑪合作推出一款新的信用卡，供全美消費者使用。我們正在擴大與 Uber 的關係，擴大我們在美國和加拿大的獨家 Uber Pro 卡組合。作為全球合作的一部分，我們也將在包括英國在內的其他市場推出新項目。

As you look around the world, it's clear that leading merchants see tremendous value in partnering with Mastercard. We're also winning with fintech’s' Buy Now, Pay Later providers and marketplaces. With PayPal, we extended our card issuing partnership in the United States.

放眼全球，你會發現領先的商家顯然看到了與萬事達卡合作的巨大價值。我們也透過金融科技的「先買後付」提供者和市場取得了勝利。透過與 PayPal 合作，我們擴大了在美國的發卡合作關係。

We also signed new credit and debit issuing agreements in the UK and Germany, and we are excited for PayPal's recently launched contactless mobile wallet in Germany. I just love doing things in Germany.

我們也在英國和德國簽署了新的信用卡和金融卡發行協議，我們對 PayPal 最近在德國推出的非接觸式行動錢包感到非常興奮。我只是喜歡在德國做事。

In the Buy Now, Pay Later space, we signed an exclusive prepaid and credit card issuing deal with Afterpay in Australia. In Argentina, we renewed our consumer prepaid deals with e-commerce and fintech platform, Mercado Libre. We're also partnering with them to launch new credit card programs in that market. And we renewed our partnership with CCOP, one of the largest credit unions in Brazil across credit, debit and commercial.

在「先買後付」領域，我們與澳洲 Afterpay 簽署了獨家預付卡和信用卡發行協議。在阿根廷，我們與電子商務和金融科技平台 Mercado Libre 續簽了消費者預付費協議。我們也與他們合作在該市場推出新的信用卡計劃。我們還與巴西最大的信用合作社之一 CCOP 續簽了合作夥伴關係，該合作社涵蓋信用卡、金融卡和商業業務。

In addition to winning deals, we are capitalizing on the significant volume and transaction opportunity in consumer payments. By expanding acceptance, transforming the opening new verticals, leveraging alternative distribution channels and launching innovative new capabilities. I'll give you a few examples for each of these five dimensions.

除了贏得交易之外，我們還利用了消費者支付的大量交易機會。透過擴大接受度、轉變開放的新垂直領域、利用替代分銷管道和推出創新的新功能。我將針對這五個維度分別舉出幾個例子。

Starting with acceptance. We continue to leverage our contactless technology to drive open-loop acceptance in the transit space. Our momentum here continues. In the second quarter, over 60 new public transport operators hopped on board to accept cards from Ventura County, California, to Taichung Metro in Taiwan. We're also opening transit acceptance in China.

從接受開始。我們將繼續利用非接觸式技術推動交通領域的開環接受度。我們的勢頭仍在繼續。第二季度，從美國加州文圖拉縣到台灣台中捷運，已有超過 60 家大眾運輸業者加入接受卡片的行列。我們也將在中國開放過境受理。

This quarter, we launched Tap to Pay in the Shanghai Metro which followed a successful launch in the Beijing Metro last year. In a QR-based ecosystem, this represents an important evolution toward a multiform factor market that includes NFC technology.

繼去年在北京地鐵成功推出「觸碰支付」之後，本季度，我們又在上海地鐵推出了「觸碰支付」。在基於二維碼的生態系統中，這代表著向包括 NFC 技術在內的多種形式市場邁進的重要一步。

We're also transforming the online checkout experience by driving adoption of capabilities like tokenization, click-to-pay and payment pass keys. We have significant momentum towards our 2030 vision to transform online checkout into a single-click experience.

我們也透過推動標記化、點擊付款和支付密碼等功能的採用來改變線上結帳體驗。我們正朝著實現 2030 年願景的目標邁進，即將線上結帳轉變為點擊體驗。

In Europe, over 50% of e-commerce transactions are now tokenized. And for Click to Pay, Commonwealth Bank of Australia and Westpac are automatically enrolling cardholders over the coming months, bringing mass market adoption in Australia.

在歐洲，超過 50% 的電子商務交易現已實現代幣化。對於 Click to Pay，澳洲聯邦銀行和西太平洋銀行將在未來幾個月內自動註冊持卡人，推動其在澳洲大規模市場普及。

Issuers around the world are committed to removing manual entry by also making Click to Pay a core card benefit, including NatWest, Standard Bank, Bank Rostock in Ukraine and others. And on the acceptance side, the number of Click to Pay transacting merchants was up 4x in the first half of 2025 versus a year ago. We're also focused on driving acceptance in new verticals that have not historically been well penetrated by card. Insurance payments are a great example.

世界各地的發卡機構都致力於透過將「點擊支付」作為核心卡福利來消除手動輸入，其中包括 NatWest、標準銀行、烏克蘭羅斯托克銀行等。在接受度方面，2025 年上半年使用 Click to Pay 交易的商家數量比去年同期增加了 4 倍。我們也致力於推動信用卡在歷史上尚未得到很好滲透的新垂直領域的普及。保險金就是一個很好的例子。

Significant flows, strong consumer demand in a vertical that has undergone a digital transformation in recent years. However, card penetration is far lower relative to other carded categories. We are attacking this opportunity through new agreements with partners like Adyen, Checkout.coms Stripe, Transcat and Worldpay. These partners will focus on enabling consumers to pay their insurance premiums. They will support claims disbursements to policyholders, and they will facilitate B2B payments from insurers to vendors providing services for these clients.

近年來，垂直產業經歷了數位轉型，流量巨大，消費者需求強勁。然而，與其他卡類相比，信用卡普及率要低得多。我們正在透過與 Adyen、Checkout.coms Stripe、Transcat 和 Worldpay 等合作夥伴達成新協議來抓住這一機會。這些合作夥伴將致力於幫助消費者支付保險費。他們將支持向保單持有人支付索賠，並促進保險公司向為這些客戶提供服務的供應商進行 B2B 支付。

Next, we're tapping into alternative distribution channels. For example, we are enabling stored value wallets around the globe, our partnership with Alipay in Hong Kong and GCash will enable 36 local e-wallets to extend their use for cross-border through the international Alipay Plus Wallet gateway. And Mastercard credentials automatically added to the wallets, allowing any stored value to be spent by a simple tap anywhere Mastercard has accepted around the globe. This is again a huge vote of confidence for NFC.

接下來，我們將開拓替代分銷管道。例如，我們正在全球範圍內支援儲值錢包，我們與香港支付寶和GCash的合作將使36個本地電子錢包能夠透過國際支付寶Plus錢包網關擴展其跨境使用範圍。萬事達卡憑證會自動添加到錢包中，只需在全球任何接受萬事達卡的地方輕輕一按，即可使用任何儲存的金額。這再次表明人們對 NFC 充滿信心。

Let's look at other areas where we are creating and deploying smart and engaging consumer experience that drive brand preference and incremental spend. First up, we're providing offerings that meet the unique needs of each individual cardholder. In Canada, we partnered with CIBC to launch the CIBC Adapta Mastercard, which automatically applies additional rewards against your top three spending categories each month. It also includes our innovative touch card functionality, which allows cardholders including the visually impaired to easily distinguish the card from others in their wallet.

讓我們看看我們正在創造和部署智慧且引人入勝的消費者體驗的其他領域，這些體驗可以推動品牌偏好和增量支出。首先，我們提供滿足每個持卡人獨特需求的服務。在加拿大，我們與加拿大帝國商業銀行 (CIBC) 合作推出了 CIBC Adapta Mastercard，該卡每月會自動根據您的三大消費類別提供額外獎勵。它還包括我們創新的觸控卡功能，使持卡人（包括視障人士）能夠輕鬆地將該卡與錢包中的其他卡片區分開來。

Next, affluent cardholders. On average, they spend over 2 times more per card and up to 3 times more on cross-border. We're elevating our affluent value proposition with the Mastercard Collection, a comprehensive set of premium benefits created to drive top-of-wallet behavior, that's paired with the expansion of our world product suite in the newly created World Legend Mastercard, our most prestigious consumer card is now available to banks globally. This first launch this month with the Citi Strata Elite card.

接下來是富裕的持卡人。平均而言，他們每張卡的消費金額高出 2 倍以上，跨境消費金額高出 3 倍。我們透過萬事達卡系列提升了我們的富裕價值主張，這是一套全面的優質福利，旨在推動頂級錢包行為，與我們新創建的 World Legend Mastercard 中全球產品套件的擴展相結合，我們最負盛名的消費者卡現已可供全球銀行使用。本月首次推出的是花旗 Strata Elite 卡。

And finally, we're providing greater flexibility from consumers. We've deployed the Mastercard One credential as a network level capability worldwide. Enables issuers to offer a single digitally connected credential to give consumers flexibility as to how they want to pay, debit, credit, prepaid, installments or stablecoin coin all through their banking app.

最後，我們為消費者提供了更大的彈性。我們已在全球部署 Mastercard One 憑證作為網路層級功能。使發行人能夠提供單一的數位連接憑證，讓消費者能夠靈活地選擇如何透過銀行應用程式進行支付、借記、貸記、預付、分期付款或穩定幣。

And as Raj and Johan explained in detail in our recent call on the Agentic Commerce and Stablecoins, we're leaning into open up and drive new opportunities for our network in these spaces. If you didn't have a chance to join, I encourage you to listen to the replay.

正如 Raj 和 Johan 在我們最近關於代理商務和穩定幣的電話會議中詳細解釋的那樣，我們傾向於在這些領域開拓並推動我們網路的新機會。如果您沒有機會加入，我鼓勵您聽聽重播。

Today, I reinforce a few key points. First, Agentic Commerce. We see this as an exciting opportunity across consumer and commercial flows to shop with merchants easily and securely. We are scaling agent pay globally, leveraging our capabilities to extend the trust of the Mastercard brand. It enables us to support a new way for consumers to transact. It gives us yet another capability that sets us apart from domestic and alternative payment systems, and it provides a way for us to drive switching and sell more services.

今天我再強調幾個重點。第一，代理商務。我們認為這是一個跨消費者和商業流程的令人興奮的機會，可以輕鬆安全地與商家購物。我們正在全球擴大代理商薪酬，利用我們的能力來擴大萬事達卡品牌的信任。它使我們能夠為消費者提供新的交易方式。它為我們提供了另一種能力，使我們有別於國內和其他支付系統，並為我們提供了一種推動轉換和銷售更多服務的方式。

And as to Stablecoin, we see this as another currency. We also see it as additive to the network with opportunities for us to provide the on and off-ramps from fat to Stablecoin to partner with advice and wallets to bring interoperability bring relevant services, bring global reach and trust to the specific use cases. With new technologies, we always embrace innovation.

至於穩定幣，我們將其視為另一種貨幣。我們也將其視為網路的附加功能，為我們提供了從胖幣到穩定幣的入口和出口，與建議和錢包合作，帶來互通性、帶來相關服務、帶來全球影響力和對特定用例的信任。對於新技術，我們始終擁抱創新。

We offer choice and extended network to new partners, and we're doing the same thing here. We will bring our reach, ubiquity and trust to Agentic Commerce and Stablecoins and will provide an environment for our partners to innovate upon. That is the Mastercard way.

我們為新合作夥伴提供選擇和擴展網絡，我們在這裡也做同樣的事情。我們將為 Agentic Commerce 和 Stablecoins 帶來我們的影響力、普及度和信任度，並為我們的合作夥伴提供創新環境。這就是萬事達卡的方式。

Now turning to commercial payments. We're driving growth by launching differentiated capabilities, scaling our industry-leading virtual card solutions and expanding small business card distribution through new and expanded partnerships.

現在轉向商業支付。我們透過推出差異化功能、擴展我們行業領先的虛擬卡解決方案以及透過新的和擴大的合作夥伴關係擴大小型企業卡分發來推動成長。

In terms of new capabilities, the small business navigator provides US entrepreneurs access to cybersecurity solutions, insights and analytics and partner tools to support more efficient and effective operations. Through the platform, Fiserv's Clover is partnering with us to offer SMEs discounted point-of-sale capabilities and Square is providing tailored educational programs to help small business thrive.

在新功能方面，小型企業導航器為美國企業家提供網路安全解決方案、見解和分析以及合作夥伴工具，以支援更有效率、更有效的營運。透過該平台，Fiserv 的 Clover 與我們合作，為中小企業提供折扣銷售點功能，而 Square 則提供量身定制的教育計劃，幫助小型企業蓬勃發展。

In the fleet space, several leading US issuers, including Corpay, are deploying our new capability to integrate fleet cards into digital wallets. For the first time, fleet managers can now instantly issue and manage digital cards, while drivers will be prompted to provide key data like a dominant readings when they have to pay at the pump.

在車隊領域，包括 Corpay 在內的幾家美國領先發卡機構正在部署我們的新功能，將車隊卡整合到數位錢包中。車隊管理人員首次可以立即發行和管理數位卡，而司機在加油站付款時將被提示提供關鍵數據，例如主要讀數。

When it comes to invoice payments, we continue to scale our proprietary virtual card technology by making it easier for issuers and technology platforms to integrate our capabilities. We are now live with 8 leading B2B platforms, including Coupa, Cvent, GEP, HRS, Navan, Oracle Fusion Cloud European SAP Taulia, several more in implementation.

在發票支付方面，我們繼續擴展我們的專有虛擬卡技術，使發卡機構和技術平台更容易整合我們的能力。我們目前擁有 8 個領先的 B2B 平台，包括 Coupa、Cvent、GEP、HRS、Navan、Oracle Fusion Cloud European SAP Taulia，還有其他幾個正在實施中。

On the supplier side, our Receivables Manager platform is now available globally. It's being deployed through partners like Elavon run payments and Easy Pay to streamline virtual card acceptance and payment reconciliation. We're also driving small business and car distribution through a series of new and expanded issuer and marketplace partnerships. We've enhanced our exclusive relationship with Payoneer through a suite of services designed to accelerate growth of their small business customers across Europe.

在供應商方面，我們的應收帳款管理平台現已在全球推出。它正在透過 Elavon run payments 和 Easy Pay 等合作夥伴進行部署，以簡化虛擬卡接受和支付對帳。我們還透過一系列新的和擴大的發行人和市場合作夥伴關係推動小型企業和汽車分銷。我們透過一系列旨在加速其在整個歐洲的小型企業客戶成長的服務，加強了與 Payoneer 的獨家合作關係。

We're partnering with e-commerce marketplaces like Fox Commerce, who will distribute prepaid business costs to their merchants so that they can make and receive payments on cards across several countries in Africa. Shifting to disbursement. We continue to see strong growth in our Mastercard move capabilities with year-over-year transaction growth of over 35% in quarter two.

我們正在與 Fox Commerce 等電子商務市場合作，他們將向商家分攤預付業務費用，以便他們能夠在非洲多個國家透過卡片進行付款和收款。轉入支付。我們持續看到萬事達卡轉帳能力的強勁成長，第二季交易量較去年同期成長超過 35%。

We're focused on penetrating a wide range of new and existing use cases. For example, in the disbursement space, we partnered with Jack Henry to distribute Mastercard move to thousands of community banks through their rapid transfer solution.

我們專注於深入探索各種新的和現有的用例。例如，在支付領域，我們與 Jack Henry 合作，透過其快速轉帳解決方案將萬事達卡轉帳分發給數千家社區銀行。

We've expanded our relationship with New Way, who will leverage Mastercard move to enable Canadian businesses to facilitate near instant payouts to Mastercard debit and prepaid cards. And staying in Canada, BMO Canada is expanding the use of our cross-border services in about 20 additional corridors.

我們擴大了與 New Way 的合作關係，New Way 將利用萬事達卡的舉措，幫助加拿大企業實現向萬事達借記卡和預付卡的近乎即時的支付。在加拿大，BMO 加拿大正在另外約 20 條通道上擴大我們的跨境服務的使用。

Moving to our third strategic pillar, value-add services and solutions. We continue to leverage the power of our data and product capabilities to differentiate payments and capture adjacent revenue opportunities. We do this by penetrating existing customers, diversifying into new customer types, targeting new buying centers, leveraging B2B partners for distribution and deploying new services. Our use of experience and full suite of products helps us build fit-for-purpose solutions for clients.

轉向我們的第三個策略支柱，加值服務和解決方案。我們將繼續利用我們的數據和產品功能來區分支付並抓住相鄰的收入機會。我們透過滲透現有客戶、拓展新客戶類型、瞄準新購買中心、利用 B2B 合作夥伴進行分銷和部署新服務來實現這一目標。我們利用經驗和全套產品幫助我們為客戶建立適合用途的解決方案。

We're seeing this in practice with several large customers. For example, we've partnered with Garanti BBVA to support multiple strategic initiatives, including revamping their digital wallet, optimizing collections and boosting credit card sales across digital channels. And we've partnered with Deutsche Bank to use our open banking capabilities to grow account-to-account payments across Europe. These services deliver significant value in their own rights, but they are even more powerful because of the linkage to payments that fuels our virtuous cycle.

我們在幾家大客戶身上都看到了這一點。例如，我們與 Garanti BBVA 合作，支持多項策略舉措，包括改善其數位錢包、優化收款流程以及促進數位管道的信用卡銷售。我們與德意志銀行合作，利用我們的開放銀行功能來擴大整個歐洲的帳戶對帳戶支付業務。這些服務本身就具有巨大的價值，但由於與支付的連結促進了我們的良性循環，它們的價值更加強大。

We also continue to capture payment adjacent opportunities and win business with customers beyond issuers and acquirers. We're leveraging our test and learn capabilities with partners as diverses Lufthansa, an ad tech company believes to help them conduct scalable sophisticated testing in areas such as media measurement, operations and marketing.

我們也將繼續抓住與支付相關的機遇，並贏得發卡機構和收單機構以外的客戶的業務。我們正在與多元化的合作夥伴（漢莎航空，一家廣告科技公司）合作，利用我們的測試和學習能力，幫助他們在媒體測量、營運和行銷等領域進行可擴展的複雜測試。

Our range of capabilities also enables us to expand into new buying centers with existing customers. For example, the credit risk team at Stone, one of the largest acquirers in Brazil plans to leverage our small business credit analytics product to enhance the accuracy of its credit offerings to SME clients.

我們的能力範圍也使我們能夠與現有客戶一起擴展到新的採購中心。例如，巴西最大的收購商之一 Stone 的信用風險團隊計劃利用我們的小型企業信用分析產品來提高其向中小企業客戶提供信貸服務的準確性。

We're also leveraging B2B channel partners to distribute our services at scale. Solid Gate, a payment processing platform in EMEA used by merchants over 150 countries will use identity insights for transactions to help reduce fraud and increase acceptance.

我們也利用 B2B 通路合作夥伴大規模分銷我們的服務。Solid Gate 是歐洲、中東和非洲地區的支付處理平台，擁有超過 150 個國家的商家使用，它將利用身分洞察進行交易，以幫助減少詐欺並提高接受度。

Finally, we continue to develop new services. We just announced Mastercard Account-to-Account Protect, which will combine our cutting-edge fraud prevention technology with a new dispute resolution framework to safeguard consumers when making account-to-account payments. Deploying services like this across account-to-account rails is a major step forward as it helps us grow our addressable market. while also further protecting our customers and the ecosystem.

最後，我們繼續開發新的服務。我們剛剛宣布了萬事達卡帳戶到帳戶保護計劃，該計劃將結合我們尖端的防詐欺技術與新的爭議解決框架，以在消費者進行帳戶到帳戶支付時保護他們的安全。在帳戶到帳戶的軌道上部署這樣的服務是向前邁出的重要一步，因為它可以幫助我們擴大潛在市場，同時也進一步保護我們的客戶和生態系統。

We're starting with customers in the UK, including at West, Santander, and Monzo to bring this to global account overlay to other markets later this year. We remain enthusiastic about our future growth potential for services. Our breadth of data, network of partners, unique product capabilities, strong customer relationships, and our incredible talent will help us to continue to differentiate and provide us with substantial runway for growth. So with that, that was a lot. I will wrap it up.

我們從英國的客戶開始，包括 West、Santander 和 Monzo，並將在今年稍後將這一全球帳戶覆蓋推廣到其他市場。我們對未來服務的成長潛力仍然充滿熱情。我們廣泛的數據、合作夥伴網絡、獨特的產品功能、強大的客戶關係以及我們令人難以置信的人才將幫助我們繼續脫穎而出，並為我們提供堅實的成長空間。就這樣，就很多了。我將結束這一切。

In summary, we delivered another very strong quarter despite an uncertain backdrop, there is significant opportunity ahead. The fundamentals of our business are strong. Our proven growth algorithm and differentiated solutions position us to deliver and win as we have demonstrated time and time again.

總而言之，儘管背景不確定，但我們仍然度過了一個非常強勁的季度，未來還有巨大的機會。我們的業務基礎十分強勁。正如我們一次又一次證明的那樣，我們經過驗證的成長演算法和差異化解決方案使我們能夠實現目標並取得成功。

Sachin, over to you.

薩欽，交給你了。

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

謝謝，麥可。翻到第 3 頁，該頁顯示了我們第二季度的財務業績，以貨幣中性為基礎，不包括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 16%, reflecting continued growth in our payment network and value-added services and solutions. Acquisitions contributed 1 ppt to this growth. This growth was ahead of expectations, primarily driven by higher-than-expected revenue from FX volatility. Operating expenses increased 14%, including a full ppt increase from acquisitions. And operating income was up 17%, which includes a 1 ppt headwind from acquisitions.

淨收入成長 16%，反映了我們的支付網路和增值服務和解決方案的持續成長。收購為此成長貢獻了 1 個百分點。這一增長超出了預期，主要受外匯波動帶來的收入高於預期的推動。營運費用增加了 14%，其中收購費用增加了整整一個百分點。營業收入成長 17%，其中包括收購帶來的 1 個百分點的阻力。

Net income and EPS increased 12% and 14%, respectively, driven primarily by the strong operating income growth, partially offset by a higher effective tax rate due to the impact of the global minimum tax rules, which came into effect at the start of this year. EPS was $4.15, which includes a $0.09 contribution from share repurchases. During the quarter, we repurchased $2.3 billion worth of stock and an additional $1 billion through July 28, 2025.

淨收入和每股盈餘分別成長12%和14%，主要得益於強勁的營業收入成長，但受今年年初生效的全球最低稅規則的影響，有效稅率上升部分抵銷了這一成長。每股收益為 4.15 美元，其中包括股票回購貢獻的 0.09 美元。本季度，我們回購了價值 23 億美元的股票，並在 2025 年 7 月 28 日之前額外回購了 10 億美元。

Now turning to page 4. Let's first look at some of our key volume drivers for the second quarter on a local currency basis. Worldwide gross dollar volume or GDV increased by 9% year-over-year. In the US, GDP increased by 6% with credit growth of 6% and debit growth of 7%. This growth was impacted by the lapping of the citizens debit portfolio migration to Mastercard, which commenced in Q1 2024.

現在翻到第 4 頁。讓我們先以當地貨幣為基礎來看一下第二季的一些關鍵銷售驅動因素。全球總美元交易量或GDV年增9%。在美國，GDP成長了6%，信貸成長了6%，借貸成長了7%。這一增長受到了 2024 年第一季開始的公民借記卡組合向萬事達卡遷移的影響。

Outside of the US, volume increased 10% with credit growth of 9% and debit growth of 11%. Overall, cross-border volume increased 15% globally for the quarter, reflecting continued growth in both travel and non-travel related cross-border spending.

在美國以外，交易量增加了 10%，其中信貸成長了 9%，借記增加了 11%。總體而言，本季全球跨境交易量成長了 15%，反映出旅遊和非旅遊相關跨境支出的持續成長。

Turning to page 5. Switch transactions grew 10% year-over-year in Q2, both card-present and card-not-present growth rates remain strong. Card present growth was aided in part by an increase in contactless penetration as contactless now represents 75% of all in-person switched purchase transactions. In addition, card growth was 6%. Globally, there are 3.6 billion Mastercard and Maestro-branded cards issued.

翻到第 5 頁。第二季 Switch 交易年增 10%，刷卡和無卡交易成長率均保持強勁。銀行卡支付的成長部分得益於非接觸式支付滲透率的提高，因為非接觸式支付目前佔所有面對面購買交易的 75%。此外，信用卡成長了6%。全球已發行 36 億張萬事達卡和 Maestro 品牌卡。

Turning now to slide 6 for a look into our net revenue growth rates for the second quarter discussed on a currency-neutral basis. Payment Network net revenue increased 13%, primarily driven by domestic and cross-border transaction and volume growth. It also includes growth in rebates and incentives. Value Added Services & Solutions net revenue increased 22%.

現在翻到第 6 張投影片，看看我們在貨幣中性基礎上討論的第二季淨收入成長率。支付網絡淨收入成長 13%，主要得益於國內和跨國交易和交易量的成長。它還包括回扣和獎勵的增長。增值服務和解決方案淨收入成長22%。

Acquisitions contributed approximately 4 ppt to this growth. The remaining growth was primarily driven by demand for our consumer acquisition and engagement services, growth in our underlying drivers, the scaling of our security and digital and authentication solutions and pricing.

收購為此成長貢獻了約 4 個百分點。剩餘的成長主要得益於對我們的消費者獲取和參與服務的需求、我們底層驅動力的成長、我們的安全和數位和身分驗證解決方案的擴展以及定價。

Now let's turn to page 7 to discuss key metrics related to the payment network. Again, all growth rates are described on a currency-neutral basis, unless otherwise noted. Looking quickly at each key metric. Domestic assessments were up 9%, while worldwide GDV grew 9%.

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。再次強調，除非另有說明，所有成長率均以貨幣中性為基礎描述。快速查看每個關鍵指標。國內評估值上漲了 9%，而全球 GDV 則成長了 9%。

Cross-border assessments increased 15%, with cross-border volumes also increasing 15%. Pricing in international markets was primarily offset by mix as lower-yielding intra-Europe cross-border volumes grew faster than higher-yielding ex intra-Europe cross-border volumes this quarter. Transaction processing assessments were up 18%, while switched transactions grew 10%. The 8 ppt difference is primarily due to revenue related to FX volatility and favorable mix. Other network assessments were $260 million this quarter.

跨國評估增加了 15%，跨國交易量也增加了 15%。國際市場的定價主要被混合因素所抵消，因為本季收益較低的歐洲內部跨國交易量的成長速度快於收益較高的歐洲內部以外跨國交易量。交易處理評估上漲了 18%，而轉換交易增加了 10%。8個百分點的差異主要是由於與外匯波動和有利組合相關的收入。本季其他網路評估為 2.6 億美元。

Moving on to page 8. You can see that on a non-GAAP currency-neutral basis, excluding special items, total adjusted operating expenses increased 14%, which includes a 4 ppt impact from acquisitions. Excluding acquisitions, the growth of total adjusted operating expenses was primarily driven by increased spending to support various strategic initiatives, including hardening of our technology infrastructure, diversifying our geographic footprint to further capture the secular trend, enhancing our products and delivering our services.

翻到第 8 頁。您可以看到，在非 GAAP 貨幣中性基礎上，不包括特殊項目，調整後的總營運費用增加了 14%，其中包括收購帶來的 4 個百分點的影響。除收購外，調整後總營運費用的成長主要得益於支持各種策略措施的支出增加，包括加強我們的技術基礎設施、擴大我們的地理覆蓋範圍以進一步掌握長期趨勢、增強我們的產品並提供我們的服務。

Turning to page 9. Let me comment on the operating metric trends. Overall, we continue to see healthy consumer and business spending and metrics were generally in line with our expectations.

翻到第 9 頁。讓我評論一下營運指標趨勢。總體而言，我們繼續看到健康的消費者和企業支出，並且指標基本上符合我們的預期。

Starting with Q2, I will discuss the operating metrics on a sequential basis adjusting for the leap year and the timing of Easter and other holidays. Switched volume growth was impacted by a number of smaller factors, including tougher comps primarily due to the lapping of portfolios won in 2024, and the timing of social security payments and the mix of calendar days and lower gas prices. Switch transaction growth remained relatively stable. As it relates to cross-border, underlying growth remains strong. Let's double-click on cross-border travel growth.

從第二季開始，我將根據閏年以及復活節和其他假期的時間進行調整，按順序討論營運指標。轉換量成長受到許多較小因素的影響，包括主要由於 2024 年贏得的投資組合重疊而導致的更嚴格的比較，以及社會安全金支付的時間、日曆日和較低的汽油價格的組合。開關交易成長保持相對穩定。就跨境而言，潛在成長依然強勁。讓我們雙擊跨境旅遊成長。

As mentioned in our last earnings call, we saw some moderation in select Middle East and Africa markets, primarily due to tougher comps, enforcement of Mastercard rules and a ratcheting up of geopolitical conflict late in the quarter. We also saw some lapping of portfolios won in 2024. Cross-border card not present ex travel growth remained strong.

正如我們在上次收益電話會議上提到的那樣，我們看到部分中東和非洲市場有所放緩，這主要是由於更嚴格的競爭、萬事達卡規則的執行以及本季度末地緣政治衝突的加劇。我們也看到 2024 年贏得的一些投資組合重疊。跨國無卡旅行成長依然強勁。

Now looking at the first four weeks of July, switch volume switch transaction and cross-border card-not-present ex travel growth remains stable. For cross-border travel growth, the sequential decrease is primarily driven by the timing of Easter as well as the continuation of the impacts I mentioned earlier. With all of that being said, our overall cross-border volumes continue to grow well in the mid-teens range. This is supported by strong underlying consumer spending and a diversified portfolio across geographies and travel and non-travel spend.

現在來看7月前四周，轉卡量、轉卡交易量和跨境無卡出境旅行成長保持穩定。對於跨境旅遊成長而言，連續下降主要是由於復活節的時間以及我之前提到的影響的持續。綜上所述，我們的整體跨國交易量持續保持良好的成長勢頭，維持在十幾個百分點左右。這是由強勁的潛在消費者支出和跨地域、旅遊和非旅遊支出的多元化投資組合所支撐的。

Turning now to page 10. I wanted to share our thoughts for the remainder of the year. The headline is that our business remains strong and consumer spending remains healthy. The macroeconomic environment has been supportive with low unemployment rates and for the most part, wage growth continuing to outpace the rate of inflation. That said, ongoing geopolitical and economic uncertainty remains.

現在翻到第 10 頁。我想分享我們對今年剩餘時間的想法。標題是我們的業務依然強勁，消費者支出依然健康。宏觀經濟環境有利，失業率低，且薪資成長大部分持續超過通貨膨脹率。儘管如此，地緣政治和經濟的不確定性依然存在。

The global policy shifts ongoing, we remain agile, monitoring developments and we stand ready to adjust as needed. In this period of heightened uncertainty, what remains clear is that we have a well-diversified business across geographies, products and services and discretionary and nondiscretionary spend categories. And we remain laser-focused on the execution of our strategy, as Michael said, while maintaining a disciplined capital planning approach.

全球政策不斷變化，我們保持靈活，監控發展並隨時準備根據需要進行調整。在這個不確定性加劇的時期，有一點是清楚的：我們的業務在地域、產品和服務以及可自由支配和非可自由支配的支出類別方面實現了多元化。正如麥可所說，我們將繼續專注於策略的執行，同時保持嚴謹的資本規劃方法。

Now turning to our expectations for the full year 2025. Our base case for the remainder of the year assumes continued healthy consumer and business spending. Given the strong first half results, we are tightening the full year net revenue outlook range to the high end of the range we shared with you at the time of our Q1 earnings. We now expect net revenues to grow at the low teens range on a currency-neutral basis, excluding acquisitions.

現在來談談我們對 2025 年全年的預期。我們對今年剩餘時間的基本預測是消費者和企業支出將繼續保持健康。鑑於上半年業績強勁，我們將全年淨收入預期範圍收窄至我們在第一季財報發佈時與您分享的預期範圍的高端。我們現在預計，不包括收購，淨收入將在匯率中性基礎上以百分之十幾的幅度成長。

Acquisitions are expected to add 1 to 1.5 ppt to this growth for the year while we now estimate a tailwind of 1 to 2 ppt from foreign exchange. From an operating expense standpoint, we continue to expect growth to be at the low end of a low double-digit range versus a year ago on a currency-neutral basis, excluding acquisitions and special items. Acquisitions are forecasted to increase the OpEx growth rate for the year by 4 to 5 ppt, while we expect a headwind of 0 to 1 ppt from foreign exchange.

預計收購將為今年的成長貢獻 1 至 1.5 個百分點，而我們目前估計外匯將帶來 1 至 2 個百分點的順風。從營運費用的角度來看，我們仍然預計，與去年同期相比，扣除收購和特殊項目，在貨幣中性基礎上的成長率將處於低兩位數區間的低端。預計收購將使今年的營運支出成長率提高 4 至 5 個百分點，而我們預計外匯將帶來 0 至 1 個百分點的阻力。

Now turning to the third quarter. year-over-year net revenue growth is expected to be at the high end of a low double-digit range on a currency-neutral basis, excluding acquisitions. Acquisitions are forecasted to add 1 to 1.5 ppt to this growth rate, and we expect a tailwind of 1 to 2 ppt from foreign exchange for the quarter. From an operating expense standpoint, we expect Q3 growth to be at the low end of a low double digits range versus a year ago, again, on a currency-neutral basis, excluding acquisitions and special items.

現在轉向第三季。預計年比淨收入成長（不包括收購）將達到低兩位數區間的高端（以貨幣中性計算）。預計收購將為這一成長率增加 1 至 1.5 個百分點，我們預計本季外匯將帶來 1 至 2 個百分點的順風。從營運費用的角度來看，我們預計第三季的成長率將處於與去年同期相比的低兩位數區間的低端，同樣，這是基於貨幣中性基礎，不包括收購和特殊項目。

Acquisitions are forecasted to add approximately 5 ppt to this OpEx growth, while we expect a headwind of 0 to 1 ppt from foreign exchange for the quarter. Other items to keep in mind, on other income and expenses, in Q3, we expect an expense of approximately $130 million, 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.

預計收購將為該營運支出成長增加約 5 個百分點，而我們預計本季外匯將帶來 0 至 1 個百分點的阻力。其他需要記住的事項是，關於其他收入和支出，考慮到現行利率和債務水平，我們預計第三季的支出約為 1.3 億美元。這不包括我們的股權投資的收益和損失，這些收益和損失不在我們的非公認會計準則指標之內。

Finally, we expect our non-GAAP tax rate to be in the 20% to 21% range for both Q3 and the full year based on the current geographic mix of our business.

最後，根據我們業務的當前地理分佈，我們預計第三季和全年的非 GAAP 稅率將在 20% 至 21% 之間。

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

說完這些，我將把電話轉回給德文。

Thank you, Sachin. Thank you, Michael. Julianne, you may now open the call for questions.

謝謝你，薩欽。謝謝你，麥可。朱麗安，現在你可以開始提問了。

(Operator Instructions) Sanjay Sakhrani, KBW.

（操作員指示）Sanjay Sakhrani，KBW。

Sachin, you mentioned the lapping up portfolios, obviously, citizens in the first quarter I guess, like as we move through Q2, was there a more prominent impact? And I guess as we look towards the back part of this year, are there further lapping of other deals? And then just on Capital One and Discover, I know they talked about the transition happening next year now. So I assume like is that just not in your numbers for the remainder of this year in terms of the migration of the debit portfolio?

薩欽，您提到了投資組合的擴大，顯然，我想，第一季的公民，就像我們進入第二季一樣，是否會產生更顯著的影響？我想，當我們展望今年下半年時，是否還會有其他交易的進一步達成？然後就在 Capital One 和 Discover 上，我知道他們談論了明年發生的轉變。因此，我認為就借記卡投資組合的遷移而言，這是否不在今年剩餘時間內出現在您的數據中？

Thanks, Sanjay. So let me take both your questions there. So as it relates to lapping, just a quick reminder, it's more than just the Citizens portfolio, right? I mean we won the Citizens portfolio last year. We won the Wells Fargo small business credit portfolio last year. And these are the two big ones in the US, but there were several other wins which we had across the globe as well.

謝謝，桑傑。那麼就讓我來回答你們的兩個問題。因此，就研磨而言，只需快速提醒一下，它不僅僅是公民投資組合，對嗎？我的意思是我們去年贏得了公民投資組合。去年我們贏得了富國銀行小型企業信貸組合。這是我們在美國取得的兩大勝利，但我們在全球也取得了其他幾項勝利。

But specifically to your question as it relates to the impact of lapping the year-over-year growth metrics, just as a reminder, the Wells Fargo portfolio converted in Q2 of last year. The Citizens portfolio started conversion in Q1 and then ramped up in Q2 of last year.

但具體到您的問題，因為它涉及同比增長指標的影響，需要提醒的是，富國銀行的投資組合在去年第二季度進行了轉換。公民投資組合於去年第一季開始轉換，然後在第二季大幅增加。

So what you should expect is that the lapping impact has gotten more pronounced in Q2 and then we'll continue through in Q2 -- Q3 and Q4. So there is going to be continued lapping, not only on account of those portfolios, but other portfolios as well. So that's kind of to your first question.

因此，您應該預料到，重疊的影響在第二季度會變得更加明顯，然後我們將在第二季、第三季和第四季繼續這種影響。因此，不僅這些投資組合會繼續重疊，其他投資組合也會繼續重疊。這有點像您的第一個問題。

On your second question on Capital One, look, I mean, at the end of the day, as I mentioned in prior earnings calls, we've taken our best estimate into consideration as it relates to the migration of the debit portfolio with Capital One. And we continue to -- our current guidance to you still assumes our best estimates around that.

關於你關於Capital One的第二個問題，我的意思是，正如我在之前的財報電話會議上提到的，我們已經將最佳估值納入考量，因為它與Capital One的借記卡投資組合的遷移有關。我們目前對你的指引仍然基於此做出最佳估計。

Obviously, the transaction is now complete. Conversions have actually started. They're still ramping up. So it still takes some time before the conversions actually come into play. I also want to just remind you sequentially how this works, right? And so the new cars are issued, the new cards going to the hands of consumers. At the same time, the old cards are still there. The Mastercard branded cards are still alive and well. And so we take our best estimates as to how volumes will roll off.

顯然，交易現在已經完成。轉換實際上已經開始。他們仍在加緊努力。因此，轉換真正發揮作用仍需要一些時間。我還想按順序提醒您這是如何運作的，對嗎？於是新車發行了，新卡到了消費者手中。與此同時，舊卡仍然存在。萬事達卡品牌卡仍然活躍且良好。因此，我們會盡力估計銷售量將如何下降。

Overall, I would tell you, we expect that the ramp-up in terms of the volume declines will increase as the year progresses. We expect this year the net revenue impact to be minimal to our overall company's net revenues. Vast majority of the impact we expect to feel will be next year.

總的來說，我想告訴你，我們預計隨著時間的推移，交易量下降的幅度將會增加。我們預計今年的淨收入對我們整個公司的淨收入的影響將微乎其微。我們預計感受到的絕大部分影響將在明年出現。

And at the same time, we continue to expect a strong partnership on the credit side and the services side. So it's not only about rolling off. It's also about continuing to build our business with Catalent.

同時，我們繼續期待在信貸方面和服務方面建立強有力的合作夥伴關係。所以這不僅僅是關於滾動的問題。這也是為了繼續與 Catalent 發展我們的業務。

Darrin Peller, Wolfe Research.

達林·佩勒（Darrin Peller），沃爾夫研究公司。

When we look at some of these wins, I just want to dive in a little deeper onto the Value Added Services that you're calling out as the most differentiating. Obviously, your competitors also call out value-added services. So when considering what you think stands out, and then as an add-on to that, the pricing dynamic, we've seen really good pricing for value that you've shown in your numbers now and it seems to be somewhat -- I think it went in fact a lot of them went in July and October last year. touch on the areas you're finding the most pricing power and if we can expect more of the same over the next 12 months?

當我們回顧這些勝利時，我只想更深入地探討您所說的最具差異化的增值服務。顯然，您的競爭對手也呼籲提供加值服務。因此，當您考慮最突出的方面時，作為對此的補充，定價動態，我們已經看到了您現在在數據中顯示的非常好的價值定價，而且似乎有點 - 我認為它實際上在去年 7 月和 10 月就出現了。請談談您認為最具定價權的領域，以及我們是否可以預期未來 12 個月會出現更多類似的情況？

All right. So let me kick this off with the answer on the first part here on the VAS portfolio. So when I look across the portfolio, I think the first thing to say, it's a very carefully curated portfolio. This isn't a set of single pearls on a strain. So this is really before during after transaction, how we can bring value around the payment transaction and then even beyond that, when you think about topics like cybersecurity. So carefully curated first point to know.

好的。因此，讓我從 VAS 投資組合第一部分的答案開始。因此，當我瀏覽整個投資組合時，我認為首先要說的是，這是一個經過精心策劃的投資組合。這不是一組單一的珍珠。因此，這實際上是在交易之前和之後，當您考慮網路安全等主題時，我們如何為支付交易帶來價值，甚至超越這一點。因此，精心策劃首先要知道的一點。

When you think about it over the arc of time, we have been particularly focused over the past decade or so in security solutions. So that's certainly a standout from a differentiation perspective. We've also been incredibly focused on leveraging our data to drive better engagement solutions for our customers. So if you think in a more digital world, your cyber risk will go up. That's why cybersecurity is at the focus of what we're doing.

從時間角度來看，過去十年左右我們一直特別關注安全解決方案。因此，從差異化角度來看，這無疑是突出的。我們也非常注重利用我們的數據為客戶提供更好的參與解決方案。因此，如果你在一個更數位化的世界中思考，你的網路風險就會上升。這就是為什麼網路安全是我們工作的重點。

And in a more digital world, consumer engagement gets harder and harder, and you need better technology and better differentiation to drive through the clutter. So I take some specifics out of both of these portfolios. First of all, on the cybersecurity side, the stakes are getting higher and higher. The fraudsters are using latest technology, using Artificial Intelligence, Generative AI to power their solutions to break through on the fraud side, on the cybersecurity side, and we're doing exactly the same.

在更數位化的世界裡，消費者參與變得越來越困難，你需要更好的技術和更好的差異來突破混亂。因此，我從這兩個投資組合中得出了一些具體資訊。首先，在網路安全方面，風險越來越高。詐欺者正在使用最新技術，使用人工智慧、產生人工智慧來為他們的解決方案提供動力，以在詐欺方面和網路安全方面取得突破，而我們也在做同樣的事情。

So I mentioned this in previous calls, Decision Intelligence Pro is leveraging data out of all sources of the Internet, putting it through a generative AI engine for us predicting frauds. Instead of preventing fraud, we're going to predicting fraud, which is the latest stage of this. this kind of game, and this is a clear identifiable value for our customers that are very happy to pay for.

我在之前的電話會議中提到過，Decision Intelligence Pro 正在利用來自網路所有來源的數據，透過生成式 AI 引擎來幫助我們預測詐騙行為。我們不是要防止欺詐，而是要預測欺詐，這是這種遊戲的最新階段，對於我們非常樂意付費的客戶來說，這是一個明確可識別的價值。

And here, we are right at the second point of your question on pricing for value. On the customer engagement side, it's very similar. Our personalization engine through our Dynamic Yield acquisition continues to be providing outstanding value to our customers to really drive that personalized solution. Let's say, you're a retail bank and you want to drive new account growth, you need a personalized solution right channel, right context do that. That's what personalization through Dynamic Yield does for us and for our customers in a way better than anybody else out there.

現在，我們正處於您關於價值定價問題的第二點。在客戶參與方面，情況非常相似。我們透過收購 Dynamic Yield 而實現的個人化引擎持續為我們的客戶提供卓越的價值，真正推動個人化解決方案。假設您是一家零售銀行，並且想要推動新帳戶成長，您需要一個個人化的解決方案、正確的管道和正確的環境來實現這一點。這就是透過 Dynamic Yield 進行的個人化為我們和我們的客戶所做的事情，其效果比其他任何人都要好。

You find us in the top quadrant of the Gartner Magic -- what is that call quadrant, whatever, the top quadrant. So they are really good at that. So a couple of examples. So the in the world with some uncertainty from a macroeconomic perspective, the desire for our customers to make sure that they got full focus on the fraud line in their P&L to drive their top line with better acquisitions that allows us to say, here year is an outcome that you can see that you will see in your P&L, and that gives us power to price for that because we are pricing for that exact value.

您會發現我們位於 Gartner Magic 的頂部象限 - - 那個像限叫什麼來著，不管怎樣，頂部象限。所以他們在這方面確實很擅長。舉幾個例子。因此，從宏觀經濟角度來看，世界存在一些不確定性，我們希望客戶確保他們充分關注損益表中的詐欺行為，以便透過更好的收購來推動他們的營業收入，這使我們能夠說，今年的結果您可以在損益表中看到，這使我們能夠為此定價，因為我們正在根據該確切價值定價。

So that's what I would say. It's a very differentiated proposition across the industry. We've been at it for a decade, and we're going to continue to push that forward.

這就是我要說的。這是整個產業中非常差異化的主張。我們已經為此奮鬥了十年，並將繼續推動這項進程。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

Michael, I want to ask about commercial DOS, which you've sized as a $16 trillion opportunity and cards only having about less than 10% market share. You have a very good business in the US. And I know you talked about this in your prepared remarks for a little bit, but maybe expand upon how you're taking this business international and the momentum you may be seeing there? It seems like this is quite a kind of medium-term to near-term opportunity for you?

邁克爾，我想問商業 DOS，您認為這是一個價值 16 兆美元的商機，而卡片只佔有不到 10% 的市場份額。你們在美國的生意非常好。我知道您在準備好的演講中談到了這一點，但能否進一步談談您如何將這項業務推向國際，以及您在那裡看到的勢頭？這對您來說似乎是一個中期到近期的機會？

I couldn't agree more, Harshita. The medium -- short- to medium-term opportunity very much out there in the commercial DOS space, there's still so much cash out there. There's so many checks out there. And there's been so many almost virgin markets where issuers where companies just haven't focused on this. So that is not new news. This is why we put out the market sizing as we did at our Investor Day. So this is significant.

我完全同意，Harshita。商業 DOS 領域中存在大量短期至中期機會，市場上仍有大量現金。那裡有很多支票。還有很多幾乎是處女市場的發行人和公司還沒有關注這一點。所以這並不是什麼新鮮事。這就是我們在投資者日公佈市場規模的原因。所以這很重要。

The way to go to market on that is really to build those issuer relationships. We have the product construct today. It's not about building new products in this space. So we have that. It's really finding the partners out there finding the marketplaces that focus on small business to drive that business. you take another lens that this is not just about small business. I mentioned in my comments -- in my comments earlier, there is a fleet card business, which we're the leader in this business. That's again, it's a leading product.

進入市場的真正方法是建立發行人關係。我們今天有產品構造。這不是要在這個領域打造新產品。所以我們有這個。這實際上就是尋找合作夥伴，尋找專注於小型企業的市場來推動這項業務。從另一個角度來看，這不僅與小型企業有關。我之前在評論中提到過，有一項車隊卡業務，我們是該業務的領導者。這又是一個主導產品。

And we're differentiating on that. We're pushing that around the world as well as other -- in other regions, this starts to come in focus. So the whole wave of digitization and pressure on profitability, the rebalancing of supply chains, companies are looking for solutions that make running their business easier and this is where this comes in.

我們對此有所區分。我們正在世界各地以及其他地區推動這一進程，這一點開始受到關注。因此，在整個數位化浪潮和獲利壓力、供應鏈重新平衡的背景下，企業正在尋找能讓業務營運更加輕鬆的解決方案，而這正是它的用武之地。

For example, it's very much about being paid faster as a small business. That's what cards does for them, and that is a very helpful thing. So overall, it's a pretty clear go-to-market. It's not rocket science, but we are differentiated on some of our solutions of fleet card and so forth and we've been added in a long time.

例如，對於小型企業來說，這主要是為了更快地獲得付款。這就是卡片對他們的作用，這是一件非常有用的事情。整體而言，這是一個相當明確的市場進入策略。這不是火箭科學，但我們在車隊卡等一些解決方案上有所不同，而且我們已經加入很長時間了。

We have now staffed this all up around the world with SME-focused specialized teams and product teams around the world. We're taking this very seriously, which is why you put out a very ambitious growth target to penetrate that SAM that we shared at the Investor Day with you.

目前，我們已在世界各地配備了專注於中小企業的專業團隊和產品團隊。我們對此非常重視，這就是為什麼您提出了一個非常雄心勃勃的成長目標來滲透我們在投資者日與您分享的 SAM。

Tien-Tsin Huang, JPMorgan.

摩根大通的黃天津。

Nice results here. Just on the upside in the quarter on revenue. It sounds like it came from FX volatility and strength in value-added services. Just wanted to confirm that and understand what's performing better than expected given pretty steady spend trends? And then quickly for Michael, if you don't mind, just are you -- any update on performance of recorded future? Any surprises there half a year in?

結果不錯。本季度收入略有上升。這聽起來像是來自外匯波動和加值服務的強勁表現。只是想確認這一點，並了解在支出趨勢相當穩定的情況下，哪些表現比預期更好？然後快速地問一下邁克爾，如果您不介意的話，您有關於未來錄音表現的最新消息嗎？半年過去了，有沒有什麼驚喜？

I'll take the first part of your question. You nailed it. It's -- the upside in Q2 was primarily driven by volatility. We had solid performance across the business. I don't want to make this only about FX volatility, right? At the end of the day, right, our payment network net revenues just performed. Our drivers continue to perform the strong consumer and business spending taking place. Our Value Added Services and Solutions continue to perform. So all of that kind of is the bedrock, which allows for the strong performance overall.

我來回答你問題的第一部分。你成功了。第二季的上漲主要由波動性推動。我們的整個業務表現穩健。我不想只談外匯波動，對嗎？歸根結底，我們的支付網絡淨收入剛剛表現良好。我們的驅動力持續體現在強勁的消費者和企業支出上。我們的增值服務和解決方案繼續發揮作用。所以所有這些都是基石，可以實現整體的強勁表現。

But the delta, which you're talking about in terms of potential upside came through primarily from higher FX volatility. I will say on FX volatility, that was in the early part of the quarter. That was mostly in April, a little bit in May in terms of the higher levels. it has come back to what would be the historical levels of FX volatility. So God alone knows where that's going to go for the rest of the year, but that's really what's driving that.

但是，您所說的潛在上行空間的增量主要來自於外匯波動性的上升。關於外匯波動，我想說的是，那是在本季初。就較高水準而言，這主要發生在 4 月份，5 月份也有少量出現。它已經回到了外匯波動的歷史水平。所以只有上帝知道今年剩餘時間的情況會如何，但這確實是推動這一進程的因素。

And on Recorded Future, if I can just remind everybody, thank you for the question, Tien-Tsin. So world's largest threat intelligence company customers, 75 countries, so very significant. You see a lot of Fortune 100 companies in there as well as G20 governments. So it's an excellent mix based out of Boston, we love them pre our acquisition. We already started -- we had a partnership with them on a couple of products. We launched a few things there. Now we are in post-acquisition stage.

關於 Recorded Future，如果我可以提醒大家的話，謝謝你的提問，Tien-Tsin。因此，世界上最大的威脅情報公司客戶遍佈 75 個國家，因此意義重大。你會看到那裡有很多財富 100 強公司以及 G20 政府。所以這是波士頓的優秀組合，我們在收購之前就很喜歡他們。我們已經開始——我們與他們在一些產品上建立了合作關係。我們在那裡推出了一些東西。目前我們正處於收購後階段。

So we've hit the ground running. It is still very early days, obviously, but we're already putting out more products with them. Malware Intelligence is one that I called out in the last quarter around this. The beauty here is -- they have a lot of data, which they get from all sources of the Internet, as I mentioned earlier.

因此我們立即開始行動。顯然，現在還處於早期階段，但我們已經與他們合作推出了更多產品。惡意軟體情報是我在上個季度提出的。這裡的美妙之處在於——他們擁有大量數據，這些數據來自網路的所有來源，正如我之前提到的。

At the same time, we have a lot of data. The combination of that is the magic sauce here. The effectiveness of us to help our customers predict to understand targeted threats. If you are a company and you're trying to defend against cybersecurity and you're doing it in a very broad fashion that is very expensive.

同時，我們擁有大量數據。這些組合就是這裡的神奇醬汁。我們幫助客戶預測了解目標威脅的有效性。如果您是一家公司，並且您正在嘗試防禦網路安全，並且您以非常廣泛的方式進行防禦，那麼成本將非常高昂。

What Recorded Future, what Mastercard is now helping our customer with is identifying where the threat vectors actually are. So you can be much more targeted in your response. That is, first of all, more effective from reducing cybersecurity risk. At the same time, it's more effective from a cost perspective. So that's a really winning proposition.

Recorded Future 和萬事達卡目前正在幫助我們的客戶識別威脅載體的實際位置。這樣，你的回應就會更有針對性。也就是說，先從降低網路安全風險來看更有效。同時，從成本角度來看它也更有效。所以這是一個真正成功的提議。

We're excited about that. The teams are putting these -- are very busy on the product side to put this out. At the same time, there's obvious synergies of Mastercard's reach with our clients to take these differentiated products and take them to the market.

我們對此感到很興奮。團隊正在將這些——在產品方面非常忙碌地推出這些。同時，萬事達卡與我們的客戶之間有著明顯的協同效應，可以將這些差異化的產品推向市場。

At the same time, we have a whole set of security solutions that we can sell, and we want to sell and we will sell into the 1,900 customers and the new customers that they will gain. So this is a very natural extension of our multilayered security solution strategy to go into Threat Intelligence, which is now the state-of-the-art.

同時，我們有一整套可以銷售的安全解決方案，我們希望銷售並將銷售給 1,900 名客戶以及他們將獲得的新客戶。因此，這是我們多層安全解決方案策略的自然延伸，進入威脅情報領域，這是目前最先進的技術。

Trevor Williams, Jefferies.

崔佛威廉斯 (Trevor Williams)，傑富瑞 (Jefferies)。

On cross-border volumes, Sachin, I heard the call outs on the Middle East and the portfolio lapping. But outside of Q4 last year, cross-border has been consistently slowing. I mean you're at I think 12% century Europe growth in July, with the mix you have today between travel and e-commerce, I'm just curious what you guys view right normal level of growth for each of those two buckets? And then for the overall. So I'm just trying to get at kind of if we assume a stable macro, what you guys think the floor should be for cross-border volume growth.

關於跨國交易量，Sachin，我聽到了有關中東和投資組合重疊的呼籲。但除去年第四季外，跨境業務一直持續放緩。我的意思是，我認為 7 月份歐洲的經濟成長率為 12%，考慮到目前旅遊業和電子商務的結合，我只是好奇你們對這兩個領域的正常成長水準有何看法？然後是整體。因此，我只是想了解一下，如果我們假設宏觀經濟穩定，你們認為跨國交易量成長的底線應該是多少。

Yeah, Trevor. So look, I mean, we do not put out long-term guidance as it relates to cross-border. But what I will share with you is the following, which is let's just step back and think about our cross-border portfolio and think about the fact that it is not concentrated to any single corridor last earnings call, I shared with all of you that -- there is no single cross-border corridor pair, which represents -- represented greater than 3% of cross-border volume in 2024.

是的，特雷弗。所以，我的意思是，我們不會發布與跨境相關的長期指導。但我要與大家分享的是以下內容，讓我們退一步思考一下我們的跨國投資組合，並思考這樣一個事實：它並不集中在任何單一的走廊上。在上次收益電話會議上，我與大家分享了這一點——沒有單一的跨境走廊對，佔 2024 年跨境交易量的 3% 以上。

So there is a high degree of diversification, which we've got. So we're not necessarily susceptible to big swings in any one jurisdiction. But it's important to note that this diversification is by design as opposed to happen stance. Point number one.

因此，我們的業務具有高度的多樣化。因此，我們不一定容易受到任何一個司法管轄區大幅波動的影響。但值得注意的是，這種多樣化是設計出來的，而不是偶然發生的。第一點。

Number two, the base proposition of cross-border is something which is very valued by consumers even today and consumers as well as businesses. And so that continues to grow pretty well. Number three, there's great diversification, which is there between travel and nontravel. And you can see that because at the end of the day, by having that diversification, you're still seeing pretty good overall cross-border volume growth, notwithstanding the fact that travel has actually been impacted a little bit by the factors which I kind of talked about.

第二，跨國的基本主張至今仍受到消費者以及企業的高度重視。因此，其成長勢頭持續良好。第三，旅遊和非旅遊之間存在著很大的多樣化。您可以看到，因為最終透過這種多樣化，您仍然會看到相當不錯的整體跨境交易量成長，儘管旅行實際上受到了我談到的因素的一點影響。

And just a few data points for you. Our cross-border travel volumes represent roughly 60% of total cross-border volumes. Our cross-border nontravel, what we call cross-border card-not-present ex travel is about 40%. So it's pretty good from well diversified. And you can see the card-not-present ex travel cross-border is growing at roughly about 20% there.

這裡僅向您提供幾個數據點。我們的跨境旅行量約佔跨境總量的60％。我們的跨國非旅行，即我們所謂的跨國無卡旅行，佔比約為 40%。因此，從多元化角度來看，這是相當不錯的。您可以看到，無卡跨境旅行的成長率約為 20%。

So my overall message to you is high level of diversification, strong value prop and the business continues to perform well. And the reality is, I can't really tell you as to where this is, but it has been growing at a rate faster than our overall growth rates for GDV. You've seen that come through. And that's really where I feel like we are best positioned to continue to capitalize. Our company remains very focused not only to win the right portfolio, but to drive the best optimization of our existing portfolios, and that's what we'll continue to do.

因此，我要告訴您的整體訊息是高度多樣化、強大的價值主張以及業務持續表現良好。而事實是，我無法真正告訴你它在哪裡，但它的成長速度比我們 GDV 的整體成長率要快。你已經看到這一點了。而這正是我感覺到我們最有能力繼續利用的地方。我們公司不僅高度重視贏得正確的投資組合，而且致力於推動現有投資組合的最佳優化，這也是我們將繼續做的事情。

Dave Koning, Baird.

戴夫·科寧，貝爾德。

Maybe on client incentives. One thing we just noticed for many years, client incentives grew faster than revenue. But the last three quarters, they've actually been growing the same or even a little slower in some cases. I'm wondering, is this a new trend? Or maybe how should we think about this and what's happening?

也許是對客戶激勵。多年來，我們注意到的一件事是，客戶激勵的成長速度快於收入的成長速度。但過去三個季度，它們的成長速度實際上保持不變，在某些情況下甚至略有放緩。我想知道，這是一種新趨勢嗎？或者我們應該如何看待這個問題以及正在發生的事情？

Sure. So here's what I'd say. I would say that as part of our last call, I had mentioned that we expected the cadence of our rebates and incentives as a percentage of our payment network assessments to start to pick up in the second half of the year. And so if I would tell you sequentially, I would tell you that in Q3, we expect rebates and incentives as a percentage of our payment network assessments to be sequentially higher compared to Q2.

當然。這就是我要說的。我想說，作為我們上次電話會議的一部分，我曾提到，我們預計我們的回扣和獎勵佔支付網路評估的百分比將在今年下半年開始回升。因此，如果我按順序告訴您，我會告訴您，在第三季度，我們預計回扣和獎勵占我們支付網路評估的百分比將比第二季度更高。

The point really is the market is still a very competitive market. we continue to be very active in that market. We have a very strong pipeline of deals. Nothing has changed as far as I'm concerned in terms of how we're approaching the market and what we're doing in terms of trying to win the right portfolios. And I'll emphasize, this is not about winning every portfolio, this is about winning the right portfolios.

關鍵在於市場仍然競爭非常激烈。我們將繼續在該市場保持活躍。我們擁有非常強大的交易管道。就我而言，我們如何進入市場以及我們為贏得正確的投資組合所做的努力沒有任何改變。我要強調的是，這不是要贏得每一個投資組合，而是要贏得正確的投資組合。

A little bit of what you're also seeing in the contra ratio, the rebates and incentives ratio, we're talking about in the second quarter is being driven by the fact that the denominator, which is our payment network assessments has been impacted or has been helped by higher FX volatility level. So when you take those ratios into consideration, you got to factor that in as you think about what this looks like on a going-forward basis.

我們在第二季度討論的對銷比率、回扣和獎勵比率中也看到了一些變化，這是因為分母（即我們的支付網絡評估）受到了外匯波動水平上升的影響或幫助。因此，當您考慮這些比率時，您必須將其考慮在內，以考慮未來的發展。

Will Nance, Goldman Sachs.

高盛的威爾·南斯。

I wanted to ask about some of the consumer data fees that some of the large banks are talking about applying, I guess, specifically, how are you thinking about the impact of those fees on Finicity and then big picture, as a consumer who relies on a lot of these services that use Finicity and other vendors, aggregate the data. how am I and other consumers better off from the banks kind of charging you and other data providers for access to their data?

我想問一些大型銀行正在討論收取的消費者數據費用，具體來說，您如何看待這些費用對 Finicity 的影響？從總體來看，作為依賴 Finicity 和其他供應商提供的大量服務的消費者，匯總數據。銀行向您和其他資料提供者收取存取其資料的費用，對我和其他消費者有什麼好處？

Right. Well, this is a great question. An important topic. You've heard us talk about open finance for years, even before the acquisition of Finicity. So this whole idea that a consumer can use their data footprint to vail better services in the finance space and you go from open finance to open data in any other space. I think it's a good notion and that generally resonates and will not go away.

正確的。嗯，這是一個很好的問題。一個重要的話題。多年來，您已經聽到我們談論開放式金融，甚至在我們收購 Finicity 之前。因此，整個想法是，消費者可以利用他們的資料足跡在金融領域獲得更好的服務，然後你就可以從開放式金融轉向任何其他領域的開放資料。我認為這是一個很好的想法，它會引起普遍的共鳴並且不會消失。

You see this -- see it in Europe, where we're very active in the open banking, open finance space in Australia and here in the US. So this more recent conversation, I mean, we've all seen -- we see the coverage on this, no, we don't really have full visibility here on what is being specifically considered by a number of banks. I can tell you, Chase and other banks are fantastic partners of ours. So that's for sure true.

您可以看到這一點——在歐洲，我們在澳洲和美國的開放銀行、開放金融領域非常活躍。所以，我的意思是，我們都看到了最近的這次談話——我們看到了有關這方面的報道，不，我們實際上並不完全了解一些銀行具體在考慮什麼。我可以告訴你，大通和其他銀行都是我們優秀的合作夥伴。所以這肯定是真的。

So we'll have to see where this goes. Our fundamental belief that consumer consented data and their ability to share that is very important, and that will be a winning proposition over time. various economic considerations out there that are being discussed in the coverage, that will have to be figured out, but it's not something that we have been engaged in at this point.

所以我們必須看看事情會如何發展。我們的基本信念是，消費者同意的數據以及他們共享這些數據的能力非常重要，從長遠來看，這將是一個成功的主張。報告中討論的各種經濟考量都必須解決，但這不是我們目前所從事的事情。

So we'll see. We have to work it through. Fundamentally an important space, and you should be able to do exactly what you just said with it.

我們拭目以待。我們必須解決這個問題。從根本上來說，這是一個重要的空間，您應該能夠用它完成您剛才所說的一切。

Rayna Kumar, Oppenheimer.

雷娜‧庫馬爾 (Rayna Kumar)，奧本海默。

Just based off of some of my recent channel Shacks, it looks like that picks in Brazil is being used by almost everyone there. Can you give us an update on your progress in gaining market share in regions that have strong at A to A players like Pix in Brazil and UPI in India? And what strategies and products are you employing to capture the cash transition in these countries?

僅根據我最近的一些頻道 Shacks 來看，看起來巴西的選秀權幾乎被那裡的每個人都使用。您能否向我們介紹一下在擁有強大 A2A 競爭對手的地區（例如巴西的 Pix 和印度的 UPI）獲取市場份額的進展？您採用什麼策略和產品來把握這些國家的現金轉型機會？

All right, Rayna. Great question. And certainly, a topic that we have been focused on, I'll give you some examples in the prepared remarks, what part and winning against domestic schemes and so forth. So we continue to try to differentiate our product set.

好的，雷娜。好問題。當然，對於我們一直關注的議題，我會在準備好的發言中給出一些例子，例如哪些部分以及如何戰勝國內陰謀等等。因此，我們繼續嘗試使我們的產品系列與眾不同。

You asked specifically about Brazil and in countries like that. So maybe that is a good opportunity to just illustrate what I just said a little more in the context of Brazil. So here is a system that has been put out very much with one focus in mind, which was to address some financial inclusion aspects and has been very successful at that.

您具體詢問了巴西及類似的國家。所以也許這是一個很好的機會，可以在巴西的背景下進一步說明我剛才所說的內容。因此，我們推出的系統主要關註一個重點，即解決一些金融包容性問題，並且在這方面非常成功。

At the same time, we have strong partnerships in the Brazilian markets with banks, with fintech’s across the board, and we've been driving our business to put better solutions into the hands of consumers, and that is always a focus of all consumers. So consumers graduate into the Brazilian digital economy through Pix, you could see them over time, graduating into our product set that we provide on the card side, etc.

同時，我們在巴西市場與銀行、金融科技領域建立了牢固的合作夥伴關係，我們一直致力於推動我們的業務，為消費者提供更好的解決方案，這始終是所有消費者關注的焦點。因此，消費者透過 Pix 逐漸融入巴西數位經濟，隨著時間的推移，你可以看到他們逐漸融入我們在卡片方面提供的產品系列等等。

Now what we've also been doing is that you have to be very laser-focused on how you compete. And one thing that we just as an industry had and as a company, wanted to do a better job on is make sure that we have the latest state-of-the-art solution for online transactions in the market.

現在我們一直在做的是，你必須非常專注於你的競爭方式。作為一個行業和一家公司，我們希望做得更好的一件事是確保我們擁有市場上最新的、最先進的線上交易解決方案。

So the debit platform in Brazil, we have completely revamped and put out a new set of solutions out there that now to -- Pix is also enabling consumers with their solution and we wanted to make sure that we have a competitive product, which we now have in the hands of the banks in Brazil.

因此，我們對巴西的借記平台進行了徹底改造，並推出了一套新的解決方案，現在 Pix 也為消費者提供解決方案，我們希望確保我們擁有一款具有競爭力的產品，現在我們已經將其交到巴西的銀行手中。

So that continues. Pix is innovating on various other things Buy Now, Pay Later and so forth. And so are we. There is an excellent solution out there in the market already on installment payments. So that is very competitive as far as we can tell.

情況就這樣繼續下去。Pix 正在對「先買後付」等其他功能進行創新。我們也是。市場上已經存在一個關於分期付款的出色解決方案。據我們所知，這是非常有競爭力的。

There's a recurring payment solutions that Pix is considering, and that's great, and we're seeing the benefit in that, and we have for a long time, and there's a very strong proposition, particularly on credit cards that are on file in the market, which allows us to win and continue to drive this business. The business continues to see very healthy growth rates for us in Brazil.

Pix 正在考慮一種定期付款解決方案，這很棒，我們看到了它的好處，而且我們已經看到了很長時間了，這是一個非常強有力的主張，特別是對於市場上存檔的信用卡，這使我們能夠獲勝並繼續推動這項業務。我們的業務在巴西繼續保持非常健康的成長率。

So from that perspective, I think it's just our general approach provide choice, partner wherever we can compete effectively in the market. So that's the game. And it's a similar game in India on UPI. We always look to partner wherever we can and otherwise have a good solution out there for our partners. So I see tremendous opportunity in the overall growth. This is a very effective digital economy in Brazil that continues to grow at strong rates, and we're a big player there.

因此從這個角度來看，我認為這只是我們的一般方法，提供選擇，與合作夥伴一起在市場上進行有效競爭。這就是遊戲。印度的 UPI 上也有類似的遊戲。我們始終尋求盡可能的合作，並為我們的合作夥伴提供良好的解決方案。因此，我看到了整體成長中的巨大機會。巴西的數位經濟非常有效，並且持續強勁成長，我們是其中的重要參與者。

Craig Maurer, FT Partners.

克雷格·莫雷爾（Craig Maurer），FT Partners。

Question quick one on Pillar 2. The administration has been talking about reaching deals with certain countries to eliminate the Pillar 2 issues for US companies. Any thoughts on that would be helpful. And if we can go back to your digital identity and off solutions, it's our view that financial services due to the high regulatory requirements in this space will be leaders in this category. Can you talk about what segments you're seeing the most growth or most demand from? We hear a lot about crypto companies requiring digital solutions and others. So digital identity solutions. So if you can comment a little there, that would be great.

關於支柱 2 的一個快速問題。美國政府一直在談論與某些國家達成協議，以消除美國公司面臨的第二支柱問題。對此的任何想法都會有所幫助。如果我們可以回到您的數位身分和解決方案，我們認為，由於該領域的嚴格監管要求，金融服務將成為這一類別的領導者。能談談您認為哪些領域的成長最快或需求最大嗎？我們聽到很多關於加密公司需要數位解決方案和其他解決方案的消息。所以是數位身分解決方案。因此，如果您能發表一些評論，那就太好了。

Yeah, Craig, why don't I take your question on Pillar 2 first. So look, I mean, we've seen the same news you're seeing as it relates to some dialogue around potentially having an exception for US-based multinationals from the impact of Pillar 2. The reality is there's a lot of work still to be done between where we are today to that being realized.

是的，克雷格，我先來回答你關於第二支柱的問題吧。所以，我的意思是，我們看到了與您看到的相同的新聞，因為它涉及一些對話，這些對話涉及美國跨國公司可能不受第二支柱的影響。事實是，我們要實現今天的目標還有很多工作要做。

And let me just spend two minutes on this, right? At the end of the day, the way it works is if there's going to be any changes in terms of having any exceptions for US-based companies from Pillar 2. That's got to happen, not only in the nature of the OECD countries agreeing upon it. But every individual country, which has enacted legislation already to implement Pillar 2 has to now reverse the impact of that legislation.

讓我花兩分鐘討論這個問題，好嗎？歸根結底，其運作方式是，在第二支柱 2 中，對美國公司的任何例外情況是否會有任何變化。這是必須要實現的，而不僅僅是經合組織國家同意這一點。但是，每個已經頒布立法實施第二支柱的國家現在都必須扭轉該立法的影響。

So this is really, really important because the reality is there's work between when the announcements made, when there's clarity given as to how it's going to be implemented to the actual implementation of that. So I guess the best way to describe this is there's been local legislation, let's say, past in Singapore, which would say that we, as a company, now pay a 15% tax rate in Singapore, right? Earlier, we had an incentivized tax rate out there. We now pay starting 2025 a 15% tax rate there.

所以這真的非常重要，因為事實上，從發佈公告到明確如何實施，再到實際實施，還有很多工作要做。所以我想最好的描述方式是，新加坡過去有地方立法，規定我們作為一家公司，現在在新加坡繳納 15% 的稅率，對嗎？早些時候，我們有一個激勵稅率。從 2025 年開始，我們將在那裡繳納 15% 的稅率。

There has to be a change in legislation locally to take place to reflect what you just alluded to in the nature of this exception for US multinational countries. That being said, it's not only about Singapore. It's also about other countries who have actually put in this legislation who have to change it because there was a component of Pillar 2, which is called UTPR, which basically entitled other countries in the chain to collect taxes to the extent that they were not topped up at 15% as a result of a particular jurisdiction.

必須對當地立法進行修改，以反映您剛才提到的美國跨國公司例外的性質。話雖如此，但這不僅僅與新加坡有關。這也與已經制定該立法的其他國家必須修改該立法有關，因為第二支柱中有一個名為 UTPR 的組成部分，該組成部分基本上授權鏈條中的其他國家在特定司法管轄區未達到 15% 的稅率時徵收稅款。

So for example, if Singapore changes legislation and took the tax rate down again. That doesn't mean we'll get the benefit of the lower tax rate. It's because all the other countries are now entitled to true up the gap between what Singapore's rate is and the 15% rate is.

例如，如果新加坡修改立法並再次降低稅率。這並不意味著我們會享受較低稅率的好處。這是因為所有其他國家現在都有權彌補新加坡利率與 15% 利率之間的差距。

So all of those countries have to reverse that legislation before we start to see the impact of that come through. A complicated topic. Happy to talk in more detail if you like afterwards.

因此，所有這些國家都必須撤銷該立法，我們才能看到其影響。一個複雜的話題。如果您願意的話，我們很樂意稍後再進行更詳細的討論。

Good. And on ID, this is -- if you think about a tech stack and elements of the tech stack for the digital economy. So we look at this and say, we're powering the digital economy, we're powering digital commerce and digital identity is a fundamental element of what needs to happen in that world. So who's behind the transaction, who is at the other end of the transaction, and that is not just about payment exactly to your question. This is about onboarding on anything.

好的。關於 ID，這是——如果你考慮數位經濟的技術堆疊和技術堆疊的元素。因此，我們看著這個說，我們正在推動數位經濟，我們正在推動數位商務，數位身分是這個世界需要發生的事情的基本要素。那麼，交易背後是誰，交易的另一端是誰，這不僅僅與付款有關，正如您所問的那樣。這是關於任何事物的入職培訓。

It could be a merchant onboarding a consumer. Today, the thing I'm going to send you an e-mail and you confirm that, that is not identifying your consumer. All things can go wrong on that. So digital identity, proper digital identity is really critical.

這可能是商家引導消費者。今天，我要向您發送一封電子郵件，請您確認，這不會識別您的消費者。所有的事情都可能出錯。因此，數位身份，正確的數位身份確實至關重要。

Now the gain of digital identity is getting harder and harder with technology. I was talking earlier about cyber security risk and so forth. So the stakes are increasing, you got to get better at it. The good thing is we've been at this for a long time. And this is initially around MasterCard payments and transactions, but we have very specific examples out there.

如今，隨著科技的發展，取得數位身分變得越來越困難。我之前談到了網路安全風險等等。因此風險越來越大，你必須做得更好。好消息是我們已經這樣做很久了。這最初是圍繞萬事達卡支付和交易，但我們有非常具體的例子。

For example, you heard us talk about in the open banking space. Are we taking a digital identity solution, coupling that with open banking connectivity to make it clear that the data can actually be a safe exchange in a very safe fashion. I gave you one of my favorite use cases in this, and this is MLB, Major League Baseball. So if you want to vote the All-Star game, what is happening is that our identity solutions behind it. This is actually you voting and not your brother and your cousin and so forth.

例如，您聽到我們談論開放銀行領域。我們是否正在採用數位身分解決方案，並將其與開放銀行連線結合，以明確資料實際上可以以非常安全的方式進行安全交換。我給了你我最喜歡的一個用例，這就是 MLB，美國職棒大聯盟。因此，如果您想投票選出全明星賽，那麼正在發生的事情就是我們背後的身份解決方案。這其實是你在投票，而不是你的兄弟、表親等等在投票。

So there's a whole wide range of use cases that go way away from our core business into a whole new set of new cases. So it's really an enabler of the overall digital economy, and you see us -- if you draw concentric circles around the transaction -- the payment transaction being in a center, we try to play further out to be truly powering the digital economy.

因此，有各種各樣的用例遠離我們的核心業務，而變成了一整套全新的用例。因此，它實際上是整個數位經濟的推動者，你看我們——如果你圍繞著交易畫同心圓——支付交易位於中心，我們試圖發揮更大的作用，真正推動數位經濟的發展。

Nate Svensson, Deutsche Bank.

德意志銀行的 Nate Svensson。

I wanted to ask on the US consumer here. So on the month-to-date trends, the step-up in volume growth in the US stood out as relatively stable versus 2Q, but a step up from 4% in June to 8% in July. I was hoping you can dig a little more into the trends you're seeing there. It could be a day's mix thing online promotional activity, but wondering if there's anything else under the hood you're seeing that might explain the acceleration? And then I know you called out stability in mass market versus affluent consumers, but any verticals or areas of spend where trends have evolved here?

我想在這裡詢問一下美國消費者。因此，從本月迄今的趨勢來看，美國的銷售成長與第二季相比相對穩定，但從 6 月的 4% 上升至 7 月的 8%。我希望您能更深入地了解您在那裡看到的趨勢。這可能是一天的混合線上促銷活動，但想知道是否還有其他東西可以解釋這種加速？然後我知道您提到了大眾市場與富裕消費者之間的穩定性，但是任何垂直市場或消費領域的趨勢都改變了嗎？

So why don't I take your question. So your -- the impact on that 4% you're seeing in June is being driven by the mix of calendar days as well as the timing of social security payments. which is something just -- which actually varies between June and July. That being said, I will say what we're seeing in the first four weeks of July is strengthen the US consumer. I mean, there's no hiding from that, right?

那我為什麼不回答你的問題呢？因此，您所看到的 6 月份 4% 的影響是由日曆天數組合以及社會安全金支付時間所驅動的。這實際上是 6 月和 7 月之間的差異。話雖如此，我想說的是，我們在七月前四周看到的是美國消費能力的增強。我的意思是，這根本無可隱瞞，對吧？

The reality is, and again, four weeks don't make the quarter. That's -- I mean, that's one thing which we've just got to keep an eye on. But right now, if I strip out the impact of this timing stuff, there's still underlying trends in the US consumer that we're seeing come through.

事實是，四周的時間不足以構成一個季度。這是——我的意思是，這是我們必須關注的一件事。但目前，如果我剔除時間因素的影響，我們仍然可以看到美國消費者的潛在趨勢。

So I think you want to keep that in mind, and we'll track it closely. We do our best estimates in terms of the guide we provided you to capture what we're seeing in the nature of the latest trends, and that's what I would say as it relates to the US consumer.

所以我想你會記住這一點，我們會密切注意。我們根據向您提供的指南做出最大程度的估計，以捕捉我們所看到的最新趨勢的本質，這就是我想說的與美國消費者相關的趨勢。

On your second question on mass versus affluent, Look, overall, what we're seeing is good spending across both mass and affluent. I mean, really, at the end of the day, we're not seeing -- and again, I will be the first to preface that the data we have is our derived data. It's based on our product categories and our product codes, right? That's how we figure out what we think is mass and what is affluent. We obviously are not directly in touch with the consumer. That's our customers were in touch with the consumer. But based on the data that we see, we're seeing pretty steady trends across both mass and affluent.

關於您關於大眾與富裕的第二個問題，總體而言，我們看到大眾和富裕人群的支出都很好。我的意思是，實際上，到最後，我們並沒有看到——再次強調，我首先要聲明，我們擁有的數據是我們衍生的數據。它基於我們的產品類別和產品代碼，對嗎？這就是我們弄清楚什麼是大眾、什麼是富裕的方式。我們顯然沒有直接與消費者接觸。這就是我們的客戶與消費者之間的連結。但根據我們看到的數據，我們看到大眾和富裕階層的趨勢都相當穩定。

Just to add a point on a tangential point here is these kind of questions we get all the time from our customers from governments around the world and we've built a really nice engagement practice for our advisers business and throughout the Mastercard Economics Institute to really these prevalent top of mind questions and what's the consumer doing here? What is the sector doing there and so forth, there's been a really particularly important differentiator for us is that we engage at the highest level on the strategic dialogue with customers, government, etc.

這裡只想補充一點，我們經常會從來自世界各國政府的客戶那裡得到這類問題，我們為我們的顧問業務和整個萬事達卡經濟研究所建立了一個非常好的參與實踐，以真正回答這些普遍存在的首要問題，消費者在這裡做什麼？該部門在那裡做什麼等等，對我們來說一個真正特別重要的區別是，我們在最高層面上與客戶、政府等進行策略對話。

Fahed Kunwar, Redburn Atlantic.

法赫德‧昆瓦爾 (Fahed Kunwar)，Redburn Atlantic。

I had a question on pricing, actually. First, specifically on that, I know you called out deepening customer penetration and you called out securities and customer engagement. But how much has pricing been a factor in this quarter versus kind of that being share of wallet and how much more scope is it a pricing going forward? And I guess if I widen that question a little bit, when we think about pricing in your other businesses, CMS or your consumer payments business. Do you still see price potential in 2026? Or is it remaining or does it stay quite competitive?

實際上，我對定價有疑問。首先，具體來說，我知道您呼籲深化客戶滲透，並呼籲安全和客戶參與。但是，相對於錢包份額而言，定價在本季度起到了多大作用，以及未來定價的影響範圍有多大？我想如果我稍微擴大這個問題，當我們考慮您的其他業務、CMS 或消費者支付業務的定價時。您還認為 2026 年的價格還有潛力嗎？或者它會保留下來或保持相當的競爭力嗎？

So look, I mean, at the end of the day, the way I would actually answer your question is the following: we will have the ability to price for the value we deliver. So long as we continue to deliver the value we're delivering, we have the ability to price. And that's what we've done historically, and that's what we'll do on a going forward basis.

所以，我的意思是，歸根結底，我實際上回答你的問題的方式如下：我們將有能力為我們所提供的價值定價。只要我們繼續提供我們所提供的價值，我們就有能力定價。這就是我們過去所做的，也是我們今後要做的。

I would say that again, I don't necessarily think about this on a quarter-over-quarter basis. I think about this as, what is the long-term trajectory of our product proposition rollouts and what's the ability for us to price. Sometimes you own our products earlier, you might actually layer in the pricing at a data point in time.

我想再說一遍，我不一定會以季度為單位來考慮這個問題。我考慮的是，我們的產品主張推出的長期軌跡是什麼，以及我們的定價能力如何。有時您較早擁有我們的產品，您實際上可能會在某個資料時間點分層定價。

In other instances, you roll out the product and you'll put in the requisite pricing at the same point in time. So all of this is all very strongly tied back to what is the value we're delivering. So to your question about whether we see the potential on a going forward basis, the answer is yes, as long as we continue to do our job, which is to continue to deliver value in the market.

在其他情況下，您會推出產品並在同一時間輸入必要的定價。所以所有這些都與我們所提供的價值緊密相關。所以對於你問的我們是否看到了未來的潛力，答案是肯定的，只要我們繼續做好我們的工作，也就是繼續在市場上創造價值。

I think we have time for one more question.

我想我們還有時間再回答一個問題。

Ken Suchoski, Autonomous Research.

蘇喬斯基（Ken Suchoski），自主研究。

Maybe just a follow up on that pricing question. I mean you took some price, I think, in various parts of the business. I think it was started in 3Q of '24, particularly around tokenization, I think some of the other lines, should we expect to start lapping some of those pricing initiatives in the second half. Maybe you could just remind us how you're thinking about that.

也許只是對定價問題的後續跟進。我的意思是，我認為你在業務的各個部分都付出了一些代價。我認為它是在 2024 年第三季開始的，特別是圍繞代幣化，我認為其他一些方面，我們是否應該期望在下半年開始實施一些定價舉措。也許您可以提醒我們您是如何考慮這個問題的。

Yeah, Ken, I would tell you, first of all, when you say we took price, we like to think about the fact that we delivered value in the third quarter of last year, which allowed us to actually price for the value we deliver. And to your question around lapping, I would say, yes, sure. I mean you would see the lapping effect of that particular value delivery, which took place for which we priced happened in the second half of this year.

是的，肯，我想告訴你，首先，當你說我們定價時，我們喜歡考慮我們在去年第三季度實現的價值這一事實，這使我們能夠根據我們實現的價值進行定價。對於您關於研磨的問題，我的回答是，是的，當然可以。我的意思是，你會看到特定價值交付的重疊效應，我們已為該價值交付定價，該交付發生在今年下半年。

But again, think about this in the nature of what is the cadence of value we can continue to provide, which will help us to actually bring in more value and more price for us to be able to actually continue to grow ourselves.

但是，再次思考一下，我們可以繼續提供什麼樣的價值節奏，這將幫助我們真正帶來更多的價值和更多的價格，讓我們能夠真正繼續發展自己。

So the reality is, look, you've got to think about this in the context of when companies put out new products, when companies put out differentiated products, they have the ability to charge for the value they deliver and I'd say that's what we continue to do on a going-forward basis as well.

所以現實情況是，你必須在這樣的背景下考慮這個問題：當公司推出新產品時，當公司推出差異化產品時，他們有能力根據所提供的價值收取費用，我想這也是我們今後將繼續做的事情。

Right. This is very true. So it's not about taking price, but providing value. And I think the key aspect is who we provide value to. We provide value to our existing customers. But when we talk about go-to-market and services when we talk our go-to-market for our whole set of payment solutions. It's about new customers about new buying centers. It's about new market. So our ability where we take and create value is there's a whole sea of opportunity out there. So for us, we continue to do that. That's how we build the business. So if you were asking your question, thinking about is just one wallet, that's not. So our share of wallet is -- the world is the whole global wallet, and we're going to drive value everywhere across the board.

正確的。這是千真萬確的。因此，這不是關於收取價格，而是提供價值。我認為關鍵在於我們為誰提供價值。我們為現有客戶提供價值。但是當我們談論進入市場和服務時，我們談論的是我們的整套支付解決方案的進入市場。這是關於新客戶和新購買中心的問題。這是關於新市場的。因此，我們獲取和創造價值的能力在於，外面有無限的機會。因此對我們來說，我們會繼續這樣做。這就是我們建立業務的方式。因此，如果您問的問題只是考慮一個錢包，那不是的。因此，我們的錢包份額是——世界是整個全球的錢包，我們將全面推動各地的價值。

All right. Let's close out the call. So thank you very much again for all those questions, your continued support. Obviously, my opportunity to thank the 35,000 people here at Mastercard for driving this value all across and leave you always wishing you guys enjoying the rest of the year summer. Thank you very much. Speak to you next quarter.

好的。讓我們結束通話吧。再次非常感謝您提出的所有問題以及您一直以來的支持。顯然，我要藉此機會感謝萬事達卡的 35,000 名員工，感謝他們推動了這一價值的傳播，並祝大家享受今年剩下的夏天。非常感謝。下個季度再和你談談。

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。