萬事達 (MA) 2025 Q3 法說會逐字稿

Good morning. My name is Julianne, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Inc. Q3 2025 earnings conference call. (Operator Instructions)

早安.我叫朱莉安娜，今天我將擔任你們的會議接線生。此時此刻，我謹代表萬事達卡公司歡迎各位參加2025年第三季財報電話會議。（操作說明）

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

投資者關係主管德文·科爾先生，您可以開始您的會議了。

Thank you, Julianne. Good morning, everyone, and thank you for joining us for our third quarter 2025 earnings call. With me today are Michael Miebach, our Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer. Following comments from Michael and Sachin, the operator will announce your opportunity to get into the queue for the Q&A session. It is only then that the queue will open for questions.

謝謝你，朱莉安娜。各位早安，感謝各位參加我們2025年第三季財報電話會議。今天陪同我的是我們的執行長邁克爾·米巴赫和我們的財務長薩欽·梅赫拉。在邁克爾和薩欽發言後，接線員將宣布您有機會排隊參加問答環節。只有到那時，提問隊列才會開放。

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

您可以在我們網站 mastercard.com 的「投資者關係」版塊查看我們的獲利報告、補充業績數據以及本次電話會議的幻燈片。此外，該報告已於今天稍早提交給美國證券交易委員會（SEC）。

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.

除非另有說明，我們今天對財務業績的評論將以非GAAP匯率中性為基礎。新聞稿及投影片均包含非GAAP指標與GAAP報告金額的調節表。

Finally, as set forth in more detail in our earnings release, I would like to remind everyone that today's call will include forward-looking statements regarding Mastercard's future performance. Actual performance could differ materially from these forward-looking statements. Information about the factors that could affect future performance are summarized at the end of our earnings release and in our recent SEC filings. A replay of this call will be posted on our website for 30 days. With that, I will now turn the call over to our Chief Executive Officer, Michael Miebach.

最後，正如我們在盈利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含有關萬事達卡未來業績的前瞻性陳述。實際業績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獲利報告末尾和我們最近提交給美國證券交易委員會的文件中進行了總結。本次通話的錄音將在我們的網站上保留30天。接下來，我將把電話交給我們的執行長邁克爾·米巴赫。

Thanks, Devin. Good morning, everyone. We delivered strong results in the third quarter. Net revenues were up 15% overall, and Value-Added Services & Solutions net revenue was up 22% versus a year ago on a non-GAAP currency-neutral basis. Our solid performance is a reflection of our winning strategy, our market-leading innovation and focused execution.

謝謝你，德文。各位早安。我們在第三季取得了強勁的業績。淨收入整體成長 15%，以非 GAAP 匯率中立計算，增值服務和解決方案淨收入較上年同期成長 22%。我們穩健的業績體現了我們成功的策略、市場領先的創新和專注的執行力。

We continue to see healthy consumer and business spending in the quarter with the macroeconomic environment still generally supportive. Inflation levels have remained fairly steady and labor markets remain well balanced. Financial markets were near record highs, further contributing to the wealth effect, which helps stimulate spend. Given this backdrop and our diversified business, we are positioned well for ongoing success.

本季消費者和企業支出依然保持健康成長，宏觀經濟環境整體上依然有利。通貨膨脹水準保持相對穩定，勞動市場也保持良好平衡。金融市場接近歷史高位，進一步加劇了財富效應，刺激了消費。鑑於此背景和我們多元化的業務，我們已做好充分準備，迎接持續的成功。

In looking at the quarter, our drumbeat of wins continued. Our partnership approach, combined with our differentiated payments propositions and value-added services and solutions continues to drive wins. This quarter, we have multiple co-brand wins with large airlines and retailers, including Japan Airlines, [Vakomir] in Mexico, and Uni-President Group in Taiwan. We have also expanded our relationships with bank partners globally, a testament to the unique value we bring.

回顧本季，我們的連勝勢頭依然強勁。我們採取的合作方式，加上我們差異化的支付方案和加值服務及解決方案，持續推動我們成功。本季度，我們與多家大型航空公司和零售商達成了聯名合作協議，其中包括日本航空公司、墨西哥的[Vakomir]和台灣的統一集團。我們也拓展了與全球銀行合作夥伴的關係，證明了我們所帶來的獨特價值。

In the Nordics, we have renewed our strategic partnership with Nordea on card issuance and services capabilities. And we're happy to announce that Mastercard will be the neobank's exclusive network partner in the US as that card program launches. This builds upon our extensive partnership across the Americas.

在北歐地區，我們與 Nordea 續簽了在發卡和服務能力方面的策略夥伴關係。我們很高興地宣布，萬事達卡將成為這家新銀行在美國的獨家網路合作夥伴，該銀行的信用卡專案即將推出。這建立在我們與美洲各地廣泛合作的基礎上。

Earlier this year, we unveiled the Mastercard World Legend card, designed specifically for the ultra-high-net-worth individual. Also launched the Mastercard Collection, a set of globally connected premium benefits and experiences for our World, World Elite, and World Legend cardholders. This combined differentiated value proposition helped us win several key affluent portfolios around the world, including First Abu Dhabi Bank in the UAE, Saudi Awwal Bank, and Saudi National Bank, and Doha Bank in Qatar. In Brazil, we are partnering with several banks, including Itaú, Banco do Brasil, C6 Bank, and PTAG on new affluent portfolios, reinforcing our strong credit position in that key market.

今年早些時候，我們推出了專為超高淨值人士設計的萬事達卡世界傳奇卡。同時也推出了 Mastercard Collection，為我們的世界卡、世界精英卡和世界傳奇卡持卡人提供一系列全球互聯的優質權益和體驗。這種綜合差異化的價值主張幫助我們贏得了世界各地幾個重要的富裕客戶組合，包括阿聯酋的第一阿布達比銀行、沙烏地阿拉伯阿瓦爾銀行、沙烏地阿拉伯國家銀行和卡達的多哈銀行。在巴西，我們正與多家銀行合作，包括伊塔烏銀行、巴西銀行、C6銀行和PTAG銀行，共同開發新的高淨值客戶組合，從而鞏固我們在該關鍵市場的強大信貸地位。

Moving on from our recent wins, we are focused on executing against our three strategic priorities to unlock long-term growth. I'll touch on each, starting with consumer payments. The consumer secular opportunity is tremendous with $11 trillion in GDV and 1.5 trillion transactions still happening in cash and check around the globe, and even further opportunity with China and account-to-account bill payments. We are targeting these flows by expanding our acceptance footprint across underpenetrated verticals and by opening closed-loop payment networks.

繼近期取得的成功之後，我們將專注於執行三大戰略重點，以實現長期成長。我將逐一介紹，先從消費者付款開始。全球消費市場蘊藏著巨大的長期機遇，全球總交易額高達 11 兆美元，現金和支票交易量仍高達 1.5 兆美元，而隨著中國市場和帳戶間帳單支付的普及，機會更是巨大。我們正透過擴大在滲透率較低的垂直領域的受理範圍和開設閉環支付網絡來瞄準這些資金流。

Let's look at the rent vertical. The volume of rental payments globally is substantial. Today, most of the payments are paid through check or ACH, are now recurring in nature, so naturally a focus for us. Through our co-brand and services capabilities, we have successfully unlocked acceptance at scale with partners. This quarter, we partnered with Renti, a rental management platform in New Zealand. This relationship both unlocks card acceptance and includes rich rewards for their customers who choose Mastercard, a powerful example of how we are delivering value across this ecosystem.

我們來看看租金市場。全球租金支付額龐大。如今，大部分款項都是透過支票或 ACH 支付的，而且現在都是定期支付，因此自然成為我們的關注重點。透過我們的聯合品牌和服務能力，我們已成功與合作夥伴實現了大規模的合作推廣。本季度，我們與紐西蘭的租賃管理平台 Renti 建立了合作關係。這種合作關係既能促進信用卡的普及，也能為選擇萬事達卡的客戶帶來豐厚的獎勵，這有力地證明了我們如何在整個生態系統中創造價值。

Moving on to closed-loop payment networks. This quarter, we deployed new contactless acceptance across closed-loop transit systems in Italy, Japan, Chile, and with the Chengdu and Guangzhou Metro systems in China. Altogether, we have digitized hundreds of systems across major cities around the globe. The simple tap-and-go experience is a great way to shift consumer behavior, and we are seeing strong results.

接下來討論閉環支付網路。本季度，我們在義大利、日本、智利的閉環交通系統中部署了新的非接觸式支付方式，並在中國成都和廣州的地鐵系統中進行了部署。總而言之，我們已經將全球各大城市的數百個系統實現了數位化。簡單便捷的「一觸即付」體驗是改變消費者行為的絕佳方式，我們已經看到了顯著的效果。

It also can be a transaction multiplier. Rather than buying one monthly metro card, we see a transaction for each ride. Volumes are up too. Through the third quarter of this year, Mastercard GDV on open-loop transit systems increased 25% year-over-year on a local currency basis. Not to mention the halo effect this can drive in everyday spend categories, and that is powerful.

它還可以作為交易倍增器。我們看到的不是購買一張月票，而是每次乘車都進行一筆交易。銷量也有所上升。今年第三季度，萬事達卡在開放式交通系統中的總交易額以當地貨幣計算年增 25%。更不用說這會在日常消費類別中產生光環效應，而這種效應非常強大。

We're also driving incremental volumes from local stored value digital wallets over the Mastercard network. Through our partnership with Alipay+, a network of 36 e-wallets, we're now expanding cross-border payment enablement to Kakao Pay in South Korea, following earlier launches with AlipayHK and GCash. And in India, we are working with PhonePe to enable their consumers to transact in person and online using their Mastercard payment credentials. Digital wallets are increasingly partnering with Mastercard because of the value they see in our unmatched global acceptance across hundreds of millions merchant locations and digital access points.

我們也透過萬事達卡網路推動本地儲值數位錢包的交易量成長。透過與擁有 36 個電子錢包的網路 Alipay+ 的合作，繼此前與 AlipayHK 和 GCash 合作之後，我們現在正將跨境支付功能擴展到韓國的 Kakao Pay。在印度，我們正在與 PhonePe 合作，使他們的用戶能夠使用萬事達卡支付憑證進行線上和線下交易。數位錢包越來越多地與萬事達卡合作，因為他們看到了萬事達卡在全球數億個商家和數位接入點無與倫比的接受度所帶來的價值。

Agentic commerce is here, and we're at the center of it. With our global acceptance reach, trusted brand, and services capabilities, we're instrumental in creating the foundation for agentic commerce. We're now working with key players such as OpenAI on their agentic commerce protocol, and with Google and Cloudflare to set industry standards, all to drive safety and security.

代理型商業時代已經到來，而我們正處於其中心。憑藉我們全球認可、值得信賴的品牌和服務能力，我們在為代理型商務奠定基礎方面發揮了重要作用。我們現在正與 OpenAI 等關鍵參與者合作開發其代理商務協議，並與 Google 和 Cloudflare 合作制定行業標準，所有這些都是為了提高安全性和保障性。

Through Mastercard Agent Pay, we're enabling agents to facilitate transactions over Mastercard's payment network in a secure and scalable way. We already have agents registered and have tools in place for easy onboarding as others are ready.

透過萬事達卡代理支付，我們使代理商能夠以安全且可擴展的方式透過萬事達卡支付網路促進交易。我們已經有代理商註冊，並且配備了便利的入職工具，其他代理商也已準備就緒。

Our first agentic transaction took place on our network this quarter, a pivotal moment in payments, and that's just the start. US Bank and Citibank cardholders can now use Agent Pay. The rest of our US issuers will be enabled in November, with a global rollout to follow early next year. And the beauty of it all, we've made it easy for merchants across the globe to benefit on day one with the same trust and security they are used to from us today.

本季度，我們的網路上完成了第一筆代理交易，這是支付領域的一個關鍵時刻，而這只是個開始。美國銀行和花旗銀行的持卡人現在可以使用代理商支付。我們其餘的美國發行機構將於 11 月啟用此功能，全球推廣將於明年初進行。更棒的是，我們讓全球各地的商家都能從第一天起就輕鬆地享受到與我們今天提供的相同的信任和安全保障。

Our acceptance framework enables any Mastercard merchant to participate without significant development or integration, a no-code approach. For agentic payments, we bring trust and transparency of the right capabilities and acceptance reach. We have strong partnerships with the players I just mentioned and many more, including Walmart, to accelerate the adoption of agentic commerce using cards through Mastercard Agent Pay. And our services play a big role both today, but even more so as we look to the future.

我們的接受框架使任何萬事達卡商家都能參與，無需進行大量開發或集成，這是一種無程式碼方法。對於代理支付，我們帶來了合適的能力和接受範圍，從而帶來信任和透明度。我們與我剛才提到的這些公司以及包括沃爾瑪在內的許多其他公司建立了牢固的合作關係，以透過萬事達卡代理支付加速使用銀行卡的代理商務的普及。我們的服務在今天發揮著重要作用，展望未來，其作用將更加顯著。

Players across the payments ecosystem are partnering with Mastercard and our dedicated consulting teams to ready themselves for agentic commerce. Agents through Mastercard's inside tokens can make agentic commerce even more personalized. By harnessing our proprietary data, we will be able to provide agents with predictive insights to help drive smarter decisions and recommendations.

支付生態系統中的各方參與者正在與萬事達卡及其專門的諮詢團隊合作，為代理商務做好準備。代理商透過萬事達卡的內部代幣，可以讓代理商商務更加個人化。透過利用我們專有的數據，我們將能夠為代理商提供預測性見解，以幫助他們做出更明智的決策和建議。

The shift we're seeing in commerce is creating further opportunity for our capabilities, more consulting, more loyalty, more security, and so on. The runway for agentic focus on services and consumer and business use cases is long, and we're well positioned to capture this opportunity. Like agentic commerce, we believe stablecoins are an attractive and growing opportunity for our network, believe in offering consumers and merchants the choice in how they transact.

我們看到商業領域的轉變為我們的能力創造了更多機會，例如更多的諮詢服務、更高的客戶忠誠度、更強的安全性等等。代理專注於服務、消費者和企業用例的發展空間很大，我們已做好充分準備抓住這一機會。與代理商業一樣，我們認為穩定幣對我們的網路來說是一個有吸引力且不斷增長的機會，我們相信應該讓消費者和商家在交易方式上擁有選擇權。

For years, our network has therefore enabled crypto and stablecoins to be purchased and spent across our acceptance footprint. We have approximately 130 crypto co-brand card programs in market, with associated volumes and transactions growing at a healthy clip. We're expanding our partnerships through new deals with ConsenSys on the MetaMask card in the US, and with Binance in Brazil. We also continue to see strong growth in the on-ramp as well, with quarter three year-to-date transactions up over 25%, with spend at crypto merchants.

因此，多年來，我們的網路使得加密貨幣和穩定幣能夠在我們覆蓋範圍內購買和消費。我們目前在市場上擁有約 130 個加密貨幣聯名卡項目，相關交易量和交易額均以健康的速度成長。我們正在透過與美國 MetaMask 卡的 ConsenSys 以及與巴西 Binance 達成新的合作協議，擴大我們的合作夥伴關係。我們也看到加密貨幣交易管道持續強勁成長，第三季迄今的交易量成長超過 25%，其中加密貨幣商家的消費額有所增加。

Moving on to commercial and new payment flows. The B2B opportunity is massive, and we are deploying a targeted strategy to capture it. Small business remains a top priority. Over the last year, we have increased small business Mastercard in market by more than 10%. Key to our growth has been working with our traditional issuing partners such as Carrefour Financial Services in Spain, but also through alternative distributors.

接下來討論商業和新型支付流程。B2B市場機會龐大，我們正在實施有針對性的策略來抓住這一機會。小型企業仍然是重中之重。過去一年，我們的小型企業萬事達卡市佔率成長了 10% 以上。我們發展的關鍵在於與西班牙家樂福金融服務等傳統發行合作夥伴的合作，以及透過其他經銷商的合作。

This quarter, we partnered with Zaggle, a spend management provider in India, Biz2Credit, a small business financing platform in the US, and RTS, a transportation services provider in the US, to distribute commercial and small business cards to their customer bases. Similarly, we are working with Instacart in the US to issue small business cards, offering rich rewards and instant payouts using Mastercard Move capabilities.

本季度，我們與印度支出管理供應商 Zaggle、美國小型企業融資平台 Biz2Credit 以及美國運輸服務供應商 RTS 合作，向他們的客戶群分發商業和小型企業信用卡。同樣，我們正在與美國的 Instacart 合作發行小型企業信用卡，利用 Mastercard Move 功能提供豐厚的獎勵和即時付款。

Our virtual cards drive benefits across the ecosystem. Suppliers get paid faster with certainty and streamlined reconciliation. Buyers improved working capital and gain more control over spend, all in a simple and secure way.

我們的虛擬卡為整個生態系統帶來益處。供應商可以更快收到款項，而且付款更有保障，結算流程也更簡化。買家改善了營運資金，並能更好地控制支出，所有這些都以簡單安全的方式進行。

The BBVA will now be issuing Mastercard virtual cards to their travel agency customers in Mexico, and then our plans to expand the solution beyond to South America and Europe. We're making it easier for corporates to use virtual card capabilities within their existing workflows. Now with more than 10 global B2B and T&E platforms on board, with several regional partnerships also in place.

BBVA 將向其在墨西哥的旅行社客戶發行萬事達虛擬卡，然後我們計劃將解決方案擴展到南美洲和歐洲。我們正在讓企業更容易在其現有工作流程中使用虛擬卡功能。目前已有超過 10 個全球 B2B 和 T&E 平台加入，並建立了多個區域合作夥伴關係。

Working alongside issuers, acquirers, and payment facilitators to embed card payment tools and unlock acceptance within the platforms that buyers and suppliers already use every day. And we continue to deliver value to the supplier through simplified reconciliation tools and flexible B2B economics. We have offered flexible rates in the travel space and in the US for domestic business-to-business flows for years.

與發卡機構、收單機構和支付服務商合作，將卡片支付工具嵌入買家和供應商日常使用的平台，並實現卡片支付的普及。我們透過簡化的對帳工具和靈活的 B2B 經濟模式，持續為供應商創造價值。多年來，我們一直為旅遊領域和美國國內企業間業務流動提供靈活的費率。

Looking at the US program, we have nearly doubled the number of customers participating over the last two years. Given its success, we are scaling flexible rate programs across the globe.

從美國計畫來看，過去兩年參與的客戶數量幾乎翻了一番。鑑於靈活費率計劃的成功，我們正在全球範圍內推廣該計劃。

Next, Mastercard Move. Our disbursement and remittances capabilities remain strong, with over 35% transaction growth this past quarter. To further scale adoption, we are integrating Mastercard Move into leading core banking platforms, including Infosys this quarter, penetrating key markets in EMEA through our partnerships with Worldpay and STC Bank. And in China, we've enabled more ways for consumers to make outbound remittances across our billions of endpoints.

接下來是萬事達卡移動版。我們的支付和匯款能力依然強勁，上個季度交易量成長超過 35%。為了進一步擴大應用範圍，我們正在將 Mastercard Move 整合到領先的核心銀行平台中，包括本季的 Infosys，並透過與 Worldpay 和 STC Bank 的合作滲透到 EMEA 的關鍵市場。在中國，我們透過數十億個終端為消費者提供了更多向境外匯款的方式。

In June, we announced how we have embedded stablecoins into Mastercard Move capabilities to support disbursements, remittances, and B2B use cases. This spans prefunding with stablecoins to sending stablecoins across the globe, which can be received in any local fiat currency or support a stablecoin. We continue to execute against this roadmap, now with prefunding capabilities in place with customers in Europe, Middle East, and Africa, including Paysend this quarter.

6 月，我們宣佈如何將穩定幣嵌入 Mastercard Move 功能中，以支援付款、匯款和 B2B 用例。這包括使用穩定幣進行預融資，以及在全球範圍內發送穩定幣，這些穩定幣可以以任何當地法定貨幣接收，或支持穩定幣。我們繼續按照該路線圖執行，目前已為歐洲、中東和非洲的客戶（包括本季的 Paysend）提供了預融資能力。

Moving on to our third strategic pillar, services. We have curated an expansive services portfolio featuring security, consumer engagement, and business and market insights. Our services differentiate our payment network and drive meaningful value for our customers beyond the transaction itself. We're actively driving growth by further penetrating our existing customers, diversifying into new customer types, and through new innovations. Let's look at each of them.

接下來是我們的第三個策略支柱：服務。我們精心打造了涵蓋安全、消費者互動以及商業和市場洞察的廣泛服務組合。我們的服務使我們的支付網絡脫穎而出，並為我們的客戶創造超越交易本身的有意義的價值。我們正積極推動成長，具體措施包括進一步拓展現有客戶群、拓展新的客戶類型以及進行創新。讓我們逐一來看。

We have extended our reach and share of wallet across our bank customers. We now have strategic relationships with the retail bank, as well as marketing, loyalty, and security offers across several of our customers. A great example is how we're building on a successful partnership with Rogers Bank in Canada.

我們擴大了在銀行客戶中的覆蓋範圍和市場份額。我們現在與這家零售銀行建立了策略合作關係，並為我們的許多客戶提供行銷、忠誠度和安全方面的服務。一個很好的例子就是我們如何鞏固與加拿大羅傑斯銀行的成功合作關係。

We expanded our collaboration with the parent company, Rogers Communications, to fight fraud prevention, security offerings, and payment gateway solutions. They are also an initial partner to use our newly announced Mastercard Merchant Cloud offering, which I will touch on later.

我們擴大了與母公司羅傑斯通訊公司的合作，以打擊詐欺、提供安全產品和服務以及開發支付網關解決方案。他們也是我們新推出的萬事達卡商家雲端服務的首批合作夥伴之一，稍後我會詳細介紹。

And we're expanding our customer base across merchants, governments, and digital players. A few key examples from this quarter include the Polish Ministry of Digital Affairs, who will use Recorded Future threat intelligence capability. Equifax in Australia will be using our open finance capabilities to help inform their customers' lending practices to underserved consumers. Beyond that, we are continuously innovating to further penetrate and grow the $165 billion serviceable market we outlined at last year's Investor Day. We continue to innovate within payments.

我們正在擴大客戶群，涵蓋商家、政府和數位企業。本季的一些關鍵案例包括波蘭數位事務部，他們將使用 Recorded Future 的威脅情報能力。澳洲 Equifax 將利用我們的開放金融能力，幫助其客戶改善對服務不足消費者的貸款做法。除此之外，我們還在不斷創新，以進一步滲透和發展我們在去年投資者日上概述的1,650億美元的服務市場。我們在支付領域不斷創新。

Last month, we launched On-Demand Decisioning, a fully customized rules engine that gives issuers greater flexibility and control of payment authorizations. This is a great example of how our network can help issuers optimize payment portfolios and strengthen their user experience in a fast, efficient way.

上個月，我們推出了按需決策功能，這是一個完全客製化的規則引擎，可為發卡機構提供更大的靈活性和對支付授權的控制權。這正是我們的網路如何幫助發卡機構以快速、高效的方式優化支付組合併增強用戶體驗的絕佳例證。

For the merchant community, we launched a Merchant Cloud offering, Mastercard's acceptance, gateway, tokenization, fraud, and insight solutions through a unified platform. Partners can now simply integrate these services into their propositions or resell directly to their customers. This is a great example of how we are delivering our innovation at scale.

對於商家群體，我們推出了商戶雲端服務，透過統一的平台提供萬事達卡的受理、網關、令牌化、詐欺和洞察解決方案。合作夥伴現在可以將這些服務整合到他們的產品和服務中，或直接轉售給他們的客戶。這是我們如何大規模推廣創新成果的絕佳範例。

We're also extending our value beyond the transaction by leveraging insights from our rich and extensive data sets. By combining Mastercard's payment expertise and global network visibility with Recorded Future's leading cyber threat intelligence capabilities, we were excited to recently announce Mastercard Threat Intelligence.

我們還透過利用我們豐富而廣泛的數據集中的洞察力，將我們的價值擴展到交易之外。透過將萬事達卡的支付專業知識和全球網路視覺性與 Recorded Future 領先的網路威脅情報能力相結合，我們很高興地宣布推出萬事達卡威脅情報。

Issuers and acquirers using Mastercard Threat Intelligence can proactively detect cyberattacks in order to prevent payment fraud. Mastercard Threat Intelligence complements our existing cybersecurity intelligence, fraud, scoring, and defense functionalities.

使用萬事達卡威脅情報的發卡機構和收單機構可以主動偵測網路攻擊，從而防止支付詐欺。萬事達卡威脅情報是我們現有網路安全情報、詐欺、評分和防禦功能的補充。

And to conclude, we recently launched Mastercard Commerce Media, a new digital media network that makes advertising more personalized, relevant, and effective. Advertisers are under pressure to prove that every dollar spent drives real outcome. Mastercard Commerce Media uniquely helps advertisers see tailored offers to the right consumer at the right time by using our proprietary spend insights. Once the offer has been served, we're able to measure the effectiveness of each ad by linking it directly to a purchase made.

最後，我們最近推出了萬事達卡商業媒體，這是一個全新的數位媒體網絡，旨在讓廣告更加個人化、更具相關性和更有效。廣告商面臨著證明每一美元投入都能帶來實際效果的壓力。萬事達卡商業媒體利用我們獨特的消費洞察，幫助廣告主在適當的時間向合適的消費者提供量身訂製的優惠。一旦優惠活動完成，我們就可以透過將廣告與實際購買行為直接關聯起來，來衡量每個廣告的效果。

Building off our existing loyalty programs and technology, we're able to connect the 500 million enrolled and permissioned consumers and 25,000 merchant advertisers on day one. As you can see, we're relentlessly focused on delivering value to our customers, and that's why customers continue to choose Mastercard.

依託我們現有的忠誠度計畫和技術，我們能夠在第一天就將 5 億已註冊並獲得許可的消費者與 25,000 家商家廣告商連結起來。如您所見，我們始終致力於為客戶創造價值，這也是客戶繼續選擇萬事達卡的原因。

So with that, I'll wrap it up. We delivered another strong quarter, a significant opportunity ahead. The fundamentals of our business are strong. I am very optimistic about the future of Mastercard. Our proven growth algorithm, differentiated solutions, and continuous innovation positions us to deliver and win as we've demonstrated time and time again. It's an exciting time in payments, and Mastercard is at the forefront. Sachin, over to you.

那麼，我就說到這裡吧。我們又迎來了一個強勁的季度，未來充滿機會。我們業務的基本面很強勁。我對萬事達卡的未來非常樂觀。我們成熟的成長演算法、差異化的解決方案和持續的創新使我們能夠交付成果並取得成功，我們已經一次又一次地證明了這一點。支付領域正處於令人興奮的變革時期，而萬事達卡正處於變革的最前沿。薩欽，該你了。

Thanks, Michael. Let's turn to page 3, which shows our financial performance for the third quarter on a currency-neutral basis, excluding replicable special items and the impact of gains and losses on our equity investments. Net revenue was up 15%, reflecting continued growth in our payment network and our value-added services and solutions. Acquisitions contributed 1 ppt to this growth.

謝謝你，麥可。讓我們翻到第 3 頁，其中顯示了我們第三季的財務業績（以固定匯率計算），不包括可複製的特殊項目以及損益對我們股權投資的影響。淨收入成長 15%，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。收購為此成長貢獻了 1 個百分點。

Operating expenses increased 14%, including a 4 ppt increase from acquisitions. And operating income was up 15%, which includes a 1 ppt headwind from acquisitions. Net income and EPS increased 8% and 11%, respectively, driven primarily by the strong operating income growth, partially offset by a higher effective tax rate due to Pillar 2 and a change in our geographic mix of earnings. The tax rate in the quarter was higher than expected due to a discrete tax expense.

營運費用增加了 14%，其中收購帶來的成長為 4 個百分點。營業收入成長了 15%，其中包括收購帶來的 1 個百分點的負面影響。淨利潤和每股收益分別增長了 8% 和 11%，主要得益於強勁的營業收入增長，但部分被第二支柱帶來的較高實際稅率以及我們盈利地域組合的變化所抵消。由於一筆單獨的稅項支出，本季稅率高於預期。

EPS was $4.38, which includes a $0.10 contribution from share repurchases. During the quarter, we repurchased $3.3 billion worth of stock and an additional $1.2 billion through October 27, 2025.

每股收益為 4.38 美元，其中包括股票回購帶來的 0.10 美元收益。本季度，我們回購了價值 33 億美元的股票，並計劃在 2025 年 10 月 27 日之前再回購價值 12 億美元的股票。

Now turning to page 4. Let's first look at some of our key volume drivers for the third quarter on a local currency basis. Worldwide gross dollar volume, or GDV, increased by 9% year-over-year. In the US, GDV increased by 7%, with credit growth of 7% and debit growth of 7%. Outside of the US, volume increased 10%, with credit growth of 10% and debit growth of 9%. Overall, cross-border volume increased 15% globally for the quarter, reflecting continued growth in both travel and non-travel-related cross-border spending.

現在翻到第4頁。讓我們先來看看第三季以當地貨幣計算的一些主要銷售驅動因素。全球總交易額（GDV）較去年同期成長 9%。在美國，GDV成長了7%，其中信貸成長了7%，借記增加了7%。在美國以外，交易量增加了 10%，其中信用卡交易增加了 10%，而金融卡交易增加了 9%。本季全球跨境交易量整體成長 15%，反映旅遊和非旅遊相關跨境支出均持續成長。

Turning to page 5. Switched transactions grew 10% year-over-year in Q3. We continue to see an increase in contactless penetration, which in Q3 stood at 77% of all in-person switched purchase transactions. This is up 6 ppt since the same period last year. In addition, card growth was 6%. Globally, there are 3.6 billion Mastercard and Maestro-branded cards issued.

翻到第5頁。第三季轉換交易量較去年同期成長 10%。我們持續看到非接觸式支付滲透率的提高，第三季非接觸式支付佔所有離線交易的 77%。比去年同期上升了6個百分點。此外，卡片成長率為 6%。全球已發行36億張萬事達卡和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. Payment network net revenue increased 10%, primarily driven by domestic and cross-border transaction and volume growth. It also includes growth in rebates and incentives.

接下來請看第 6 張投影片，了解我們第三季以固定匯率計算的淨收入成長率。支付網絡淨收入成長 10%，主要受國內及跨國交易量及交易額成長的推動。它還包括退稅和獎勵方面的成長。

Value-added services and Solutions net revenue increased 22%. Acquisitions contributed approximately 3 ppt to this growth. The remaining 19% increase was primarily driven by growth in our underlying drivers, strong demand across security, digital and authentication solutions, consumer acquisition and engagement services, and business and market insights and pricing.

增值服務和解決方案淨收入成長了 22%。收購為此成長貢獻了約 3 個百分點。剩餘的 19% 的成長主要得益於我們基礎業務的成長，以及安全、數位和身分驗證解決方案、消費者獲取和互動服務、商業和市場洞察以及定價方面的強勁需求。

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 6%, while worldwide GDV grew 9%. The 3 ppt difference is primarily driven by mix.

現在讓我們翻到第 7 頁，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。快速瀏覽各項關鍵指標。國內評估值成長了 6%，而全球總開發價值成長了 9%。3 ppt 的差異主要是由混合物造成的。

Cross-border assessments increased 16%, while cross-border volumes increased 15%. The 1 ppt difference is driven by pricing in international markets, partially offset by mix. Transaction processing assessments were up 15%, while switched transactions grew 10%. On an unrounded basis, the 4 ppt difference is primarily due to favorable mix, as well as some benefit from pricing and revenue from FX volatility. Other network assessments were $255 million this quarter.

跨國評估量增加了 16%，跨國交易量增加了 15%。1 ppt 的差異是由國際市場定價造成的，部分被產品組合所抵銷。交易處理評估增加了 15%，而轉換交易增加了 10%。不四捨五入的話，4 個百分點的差異主要是由於有利的產品組合，以及外匯波動帶來的定價和收入收益。本季其他網路評估費用為 2.55 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 investing in our infrastructure, geographic expansion, enhancing and delivering our products and services, and advertising and marketing. Total adjusted operating expenses were lower than expected this quarter, primarily due to the timing of expenses between the third and fourth quarter.

接下來翻到第8頁。可以看出，以非GAAP貨幣中性計算，不計特殊項目，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，調整後營運總支出的成長主要由支持各項策略措施的支出增加所驅動，包括投資基礎設施、地理擴張、改善和提供產品和服務以及廣告和行銷。本季調整後的總營運支出低於預期，主要是由於第三季和第四季之間的支出時間安排所致。

Turning to page 9, let me comment on the operating metric trends. Starting with Q3, all our switch metrics are generally in line with Q2 and remained strong. As we look to the first four weeks of October, our metrics continue to remain strong, generally in line with the third quarter. Of note, US switched volumes saw a sequential decline, primarily due to the expected Capital One debit migration, as well as some tougher comps related to weather impacts in 2024. Overall, we continue to see healthy consumer and business spending.

翻到第 9 頁，讓我來評論一下營運指標趨勢。從第三季開始，我們所有的轉換指標總體上都與第二季保持一致，並保持強勁勢頭。展望 10 月的前四周，我們的各項指標依然保持強勁，與第三季基本持平。值得注意的是，美國轉戶量較上季下降，這主要是由於 Capital One 金融卡預計遷移，以及 2024 年天氣影響導致的比較基數較高。總體而言，我們繼續看到消費者和企業支出保持健康成長。

Turning 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 and business spending remains healthy. We delivered another strong quarter. The macroeconomic environment is supportive, with balanced unemployment rates, wage growth continuing to outpace the rate of inflation for the most part, and the wealth effect remaining intact.

翻到第10頁。我想和大家分享我們對今年剩餘時間的展望。總而言之，我們的業務依然強勁，消費者和企業支出依然健康。我們又迎來了一個強勁的季度。宏觀經濟環境有利，失業率保持平衡，薪資成長在很大程度上持續超過通貨膨脹率，財富效應依然完好。

That said, there continues to be some ongoing geopolitical and economic uncertainty. We remain well positioned for the opportunities ahead, driven by a resilient and diversified business model, significant opportunity for further secular shift to digital forms of payment, and strong demand for our value-added services and solutions.

儘管如此，地緣政治和經濟方面仍然存在一些不確定性。我們憑藉著穩健多元化的商業模式、向數位化支付方式進一步轉變的巨大機遇，以及對我們增值服務和解決方案的強勁需求，為迎接未來的機遇做好了充分準備。

We remain laser-focused on executing against our strategy and remaining at the forefront of payments and services, as demonstrated by the innovative new solutions that Michael just highlighted. And we do all of this while also maintaining a disciplined capital planning approach.

我們將繼續全力以赴地執行我們的策略，並保持在支付和服務領域的前沿地位，正如邁克爾剛才重點介紹的創新解決方案所證明的那樣。我們做到這一切的同時，也始終堅持嚴謹的資本規劃方法。

Now turning to our expectations for the fourth quarter. We assume continued healthy consumer and business spending. We expect year-over-year net revenue growth to be at the high end of a low double-digit range on a currency-neutral basis, excluding acquisitions.

現在來談談我們對第四季的預期。我們假設消費者和企業支出將持續維持健康成長。我們預計，以固定匯率計算（不計收購），年比淨收入成長將達到兩位數低段的高端水準。

As mentioned last quarter, our rebates and incentives as a percentage of our payment network assessments is expected to be higher in the second half of 2025. We continue to see Q4 having the highest contra percentage relative to the other quarters, primarily driven by timing within the year and normal seasonality.

正如上個季度所提到的，我們預計 2025 年下半年，我們的回扣和獎勵佔支付網路評估額的百分比將會更高。我們仍然看到第四季度相對於其他季度而言，逆向百分比最高，這主要是由於一年中的時間安排和正常的季節性因素造成的。

For the quarter, acquisitions are forecasted to add 1 to 1.5 ppt to the net revenue growth rate, and we expect a tailwind of 4 to 4.5 ppt from foreign exchange for the quarter. From an operating expense standpoint, we expect Q4 growth to be at the low double digits range versus a year ago, again, on a currency-neutral basis, excluding acquisitions and special items.

本季度，預計收購將使淨收入成長率提高 1 至 1.5 個百分點，我們預計本季外匯匯率將帶來 4 至 4.5 個百分點的利好。從營運費用的角度來看，我們預計第四季度與去年同期相比將實現兩位數的低成長，同樣是在不計收購和特殊項目的情況下，按固定匯率計算。

Acquisitions are forecasted to add 4 to 5 ppt to this OpEx growth, while we expect an approximately 2 ppt headwind from foreign exchange for the quarter.

預計收購將使營運支出成長增加 4 至 5 個百分點，同時我們預期本季外匯波動將帶來約 2 個百分點的不利影響。

Now turning to the full year 2025. We continue to expect net revenues to grow at the low teens range on a currency-neutral basis, excluding acquisitions. Acquisitions are expected to add 1 to 1.5 ppt to this growth rate for the year, and we estimate a tailwind of 1 to 2 ppt from foreign exchange.

現在展望2025年全年。我們繼續預計，以固定匯率計算（不計收購），淨收入將以兩位數左右的速度成長。預計收購將使今年的成長率增加 1 至 1.5 個百分點，我們估計外匯波動將帶來 1 至 2 個百分點的利多。

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.

從營運費用的角度來看，我們仍然預計，以固定匯率計算（不包括收購和特殊項目），與去年同期相比，成長率將處於兩位數低段的低端。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，而我們預計外匯波動將帶來 0 至 1 個百分點的不利影響。

Other items to keep in mind on other income and expenses in Q4, we expect an expense of approximately $110 million. This excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics. We expect our non-GAAP tax rate to be around 21% for Q4 and between 20.5% and 21% for the full year. And with that, I will turn the call back over to Devin.

關於第四季度其他收入和支出，還有其他一些需要注意的項目，我們預計支出約為 1.1 億美元。這不包括我們股權投資的收益和損失，這些收益和損失不計入我們的非GAAP指標。我們預計第四季非GAAP稅率約為21%，全年稅率在20.5%至21%之間。好了，接下來我會把電話轉回德文。

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

謝謝你，薩欽。謝謝你，麥可。朱莉安娜，現在可以開始接受提問了。

(Operator Instructions) Bryan Bergin, TD Cowen.

（操作說明）布萊恩·伯金，TD Cowen。

Wanted to ask on US payment volume growth. So steady overall activity is evident here. But just curious on the surface, are you just seeing any evidence of trade down or differing consumer cohort behavior? And then just any early views on potential holiday spend?

想了解美國支付量成長情形。因此，整體經濟活動穩定發展。但我很好奇，從表面上看，你是否觀察到任何消費降級或不同消費群體行為的跡象？那麼，對於潛在的假期支出，大家有什麼初步看法嗎？

Sure, Bryan. I'll take that question. Look, I mean, drivers continue to hold up really well. And you can see that in our metrics. Through -- and the third quarter continues to be the case in the first four weeks of October.

當然可以，布萊恩。我來回答這個問題。你看，我的意思是，司機們的表現依然非常出色。從我們的各項指標也可以看出這一點。這種情況一直持續到10月的前四周。

As it relates to different segments of the population, when we do our analysis based on looks of the various products we have out in the market, which serve the affluent population versus the mass market population, as well as when we look at the amount of spend which is taking place across different categories of products that we have, what we're seeing is continued steady growth, both across affluent and mass market, through in the US, through across the globe.

就不同人群而言，當我們根據市場上各種產品的外觀進行分析時，這些產品服務於富裕人群和大眾市場人群，以及當我們觀察不同類別產品的消費金額時，我們看到的是持續穩定的增長，無論是在美國還是在全球範圍內，富裕人群和大眾市場都是如此。

So overall, the consumer continues to spend. And really, everything we're seeing so far is manifesting itself in the drivers which we're talking about right here.

總體而言，消費者仍在繼續支出。實際上，我們目前看到的一切都體現在我們正在討論的這些駕駛員身上。

And you can expect that consumers of different income levels make different decisions on their spend, discretionary versus nondiscretionary. What matters for us is it has to be carded, and that plays in, and that adds up to the resilient trends that Sachin just talked about.

您可以預期，不同收入水平的消費者在支出方面會做出不同的決定，包括可自由支配支出和非可自由支配支出。對我們來說，重要的是必須出示卡片，這很重要，這也促成了薩欽剛才提到的那些頑強的趨勢。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

All right. Nice results. When I look at VASS at 22% growth, I think it was a few points from Recorded Future also, though, just -- if you could just remind us exactly, but just maybe revisit the underlying drivers that you're seeing really support that kind of sustainability. And if those are going to be sustainable throughout the year ahead of us in the next 12 to 18 months, what are they and what's driving it? How much of that could be tokenization that's driving into the agentic also going forward?

好的。結果不錯。當我看到 VASS 的成長率達到 22% 時，我認為 Recorded Future 的數據也略高一些，不過——如果您能具體提醒一下，或者重新審視一下您認為真正支持這種可持續性的根本驅動因素，那就太好了。如果這些措施要在未來 12 到 18 個月內持續下去，那麼它們是什麼？又是什麼因素在推動這些措施的實施？其中有多少可能是代幣化，並在未來推動代理的發展？

And then just a quick follow-up also on the Capital One Discover side. I know you mentioned you included it in the guide. I think that was the debit side. Is there anything on credit you're seeing? Or just a little more color on that would be great.

最後，再簡單跟進一下 Capital One Discover 這邊的情況。我知道你提到你已經把它收錄到指南裡了。我想那是藉方。你看到有什麼需要賒購的商品嗎？如果能再多加點顏色就更好了。

All right. So Darrin, so let me start on the VASS side. We took great care in curating the VASS portfolio over the better part of the last decade. And we were very keen to find a portfolio mix that is anchored in underlying trends. So digitization, more data, more data, more need for security, more data, more need for insights to run a business in a better way. You've heard us say that thousand times, and it continues to be very true.

好的。達林，那我就先從VASS方面說起。在過去近十年的時間裡，我們精心策劃了 VASS 投資組合。我們非常渴望找到能夠與基本面趨勢相契合的投資組合。因此，數位化帶來更多數據，更多數據帶來更多安全需求，更多數據帶來更多洞察力，從而更好地經營業務。你們已經聽我們說過無數遍了，而且這句話依然非常正確。

So when I look at the demand on cybersecurity with the rising fraud landscape and more fraud vectors out there, that just continues to power on. And we step right into that with a series of innovation. I mentioned Mastercard Threat Intelligence earlier in my prepared remarks.

因此，隨著詐欺情勢日益嚴峻，詐欺手段越來越多，網路安全的需求也不斷增長。我們透過一系列創新直接邁入這一領域。我在先前的發言稿中提到了萬事達卡威脅情報。

To your question about the Recorded Future, Sachin can talk about the points there. But that is our data coming together with the Recorded Future threat intelligence that comes with a powerful combination. And there's a lot of companies out there that provide security solutions.

關於你提出的「記錄未來」的問題，薩欽可以談談其中的一些觀點。但這是我們的數據與 Recorded Future 的威脅情報相結合所帶來的強大組合。市面上有許多公司提供安全解決方案。

But you can spend -- you cannot really outspend all the threat. So what threat intelligence does, it allows you to be very, very targeted in your spending on cybersecurity. And that is really a very powerful proposition for our customers. Just to have one example.

但是你可以花錢——但你不可能真正用金錢抵消所有的威脅。威脅情報的作用在於，它可以讓你在網路安全方面的支出更有針對性。這對我們的客戶來說確實是一個非常有吸引力的優勢。舉個例子。

When I think about the whole piece about how we help our customers run their business in a better way, drive their top line, consumer engagement, personalization, data and business market insights matter more than ever before. And for us, we have the whole set of solutions.

當我思考我們如何幫助客戶更好地經營業務、提升營收、消費者互動、個人化、數據和商業市場洞察等議題時，我發現它們比以往任何時候都更重要。而我們則擁有一整套解決方案。

Earlier, when I was talking about our loyalty components, that is a business that today also matters even more. So I feel we are sitting on the right trends. I don't see any discontinuity in terms of the demand breaking bound for that. I mean the tall order for us is we need to continue to innovate.

之前我談到我們的忠誠度組成部分時，這項業務在今天也顯得更加重要了。所以我覺得我們正處於正確的發展趨勢中。我認為需求突破界限方面不會出現任何不連續性。我的意思是，我們面臨的艱鉅任務是繼續創新。

I just -- I think I mentioned like six new innovations around that, and that is what we just have to keep powering on. So the innovation muscle in the company is alive and well, and we keep training it.

我剛才——我想我提到了圍繞這個主題的六項創新，而這正是我們必須繼續前進的方向。所以，公司的創新能力依然強勁，我們會繼續培養牠。

Yeah. And Darrin, I'll just add to what Michael just talked about on VASS, but I'll speak to your Capital One question. First, your specific question around -- we had growth in VASS this quarter of 22%, 3 points of that was driven by the acquisitions in Recorded Future and Minna. So you had underlying organic growth of approximately 19%. So that's kind of one part of the question you asked.

是的。達林，我只想補充一下麥可剛才在VASS上談到的內容，但我還是想回答你關於Capital One的問題。首先，關於您提出的具體問題——本季度我們的 VASS 增長了 22%，其中 3 個百分點是由對 Recorded Future 和 Minna 的收購推動的。因此，你們的潛在有機成長率約為 19%。所以，這算是你問題的一部分。

The second thing I'll just remind the key drivers of growth on VASS come across the board, right? At Investor Day, we had shared with you that roughly 60% of our VASS revenues are network linked. So underlying growth in drivers and underlying growth in tapping into that secular shift, which we got from a driver standpoint, contributes to the VASS growth, point number one.

第二點我想提醒大家，VASS 成長的關鍵驅動因素是普遍存在的，對吧？在投資者日上，我們曾向大家透露，我們 VASS 收入的約 60% 與網路連線有關。因此，從駕駛員的角度來看，駕駛員的潛在成長以及利用這種長期轉變的潛在成長，都促進了 VASS 的成長，這是第一點。

Point number two, back to what Michael said, with the steady drumbeat of new products which are being launched in the market as well as further penetration of existing products across security solutions, across consumer acquisition engagement, across our business and market insights, these are all contributing factors to the overall growth rate.

第二點，回到麥可所說的，隨著市場上不斷推出新產品，以及現有產品在安全解決方案、消費者獲取互動、業務和市場洞察等方面的進一步滲透，這些都是促進整體成長率的因素。

And then the last piece is pricing, right? And pricing is tied to the value we deliver. So as we launch new products in the market, we can deliver and price for that. And so that's what we do. That's all adding to the overall kind of algorithm, which drives the services growth.

最後一步就是定價了，對吧？定價與我們提供的價值息息相關。因此，當我們向市場推出新產品時，我們可以提供相應的交付和定價。所以我們就這麼做了。所有這些都構成了整體演算法的一部分，從而推動了服務的成長。

I will say that and you know this as well that services growth is something we look at as a long-term opportunity and we look at it certainly not only for this year but for years to come, but this is an important part of how we are driving the growth of our overall business.

我想說的是，你們也知道，我們將服務業的成長視為一個長期機遇，我們不僅著眼於今年，更著眼於未來幾年，但這正是我們推動整體業務成長的重要組成部分。

On your question on Capital One, look, I mean, the debit migration is underway. No surprise there. A few things to kind of just point out there. As you would expect, with the debit migration, which takes place, we will lose the associated revenue on this. I had mentioned previously in our prior earnings call that in 2025, we did not expect the net revenue impact from this Capital One debit migration to be material.

關於你提出的 Capital One 的問題，我的意思是，借記卡遷移正在進行中。這毫不奇怪。有幾點需要指出。正如您所預料的，隨著借記卡遷移的進行，我們將損失相關的收入。我在先前的財報電話會議上提到過，到 2025 年，我們預計 Capital One 的金融卡移轉對淨收入的影響不會很大。

Just a little bit of kind of context as we go into 2026. There will be further impacts, which will come through from an associated revenue standpoint as the costs start to migrate away from us and are migrating away from us. That being said, there are some contractual obligations, which will help offset some of this financial impact in 2026.

在邁入 2026 年之際，讓我們稍微了解一下背景。從相關收入的角度來看，還會產生進一步的影響，因為成本開始從我們身上轉移出去，而且正在從我們身上轉移出去。儘管如此，還是有一些合約義務，這將有助於抵消 2026 年的部分財務影響。

Net-net, there'll still be an adverse impact from a net revenue standpoint. But I just wanted to make sure you guys had some context as we go into 2026 as to what that looks like. Specifically on credit, we continue to have a very robust partnership with Capital One on credit, and we don't see that changing as our partnership continues to grow and things are going well there as well.

總而言之，從淨收入的角度來看，仍然會受到不利影響。但我只是想確保你們在進入 2026 年之際，對未來發展趨勢有所了解。具體來說，在信貸方面，我們與 Capital One 保持著非常穩固的信貸合作關係，隨著我們合作關係的不斷發展，我們認為這種合作關係不會改變，而且目前進展也很順利。

I think there was one other aspect in your rather long question, Darrin. And that was about tokenization. So I just want to not answer that. So on the tokenization front, we're in the billions per month, and that has totally scaled. We started to build out a set of services around tokenization, and we started to price for that because that comes back to Sachin's points of value that we provide, and it's in great demand.

達林，我認為你那有點長的問題中還有另一個面向。以上內容是關於標記化的。所以我只想不回答這個問題。所以在代幣化方面，我們每月交易量達到數十億，而且規模已經完全擴大了。我們開始圍繞代幣化建立一系列服務，並開始為此定價，因為這與我們提供的 Sachin 的價值點息息相關，而且需求量很大。

We see that's a massive differentiator for us as many of our other services versus local payment networks and local alternatives, and hence, the demand keeps going.

我們認為，這對我們來說是一個巨大的差異化優勢，因為我們的許多其他服務與本地支付網路和本地替代方案相比具有顯著優勢，因此，需求持續增長。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

I wanted to ask about the evolution and enablement Mastercard is providing for agentic commerce. Can you talk a little bit about how not only Mastercard is helping accelerate that, it seems like, but any of the unique threat or risk and even legal issues that need to be considered and how we should think about tracking the growth in agentic commerce and its contribution?

我想了解萬事達卡在代理商務發展和賦能方面所做的努力。您能否談談，似乎只有萬事達卡在加速這一進程，以及需要考慮的任何獨特威脅或風險，甚至是法律問題，以及我們應該如何看待追蹤代理商務的成長及其貢獻？

All right. So let me start with that. So this is a significant development. And I think there's two lenses to look at it. The first is what we're seeing is behavioral change, driven and powered by generative AI and bots and so forth, where search behavior is changing.

好的。那麼，就讓我從這裡開始吧。這是一項重大進展。我認為可以從兩個角度來看這個問題。首先，我們看到的是由生成式人工智慧、機器人等驅動和推動的行為變化，搜尋行為正在改變。

So that's on the consumer side, if we start right there. So consumers are migrating their search increasingly so to their favorite chatbot, and they're asking their queries there, and they get potentially better answers, who knows.

所以，如果我們從消費者方面著手，那就是消費者方面的問題了。因此，消費者越來越多地將搜尋轉移到他們最喜歡的聊天機器人上，他們在那裡提出問題，誰知道呢，他們可能會得到更好的答案。

But that behavior shift is changing. But it still feels like you're searching for something, and then you're going to some sort of a checkout. The other lens on this is, it's really quite a significant paradigm shift for the payment ecosystem, because in the payment ecosystem what happens is there's no extra party that has entered the realm, and that is the agent. So that comes with a lot of those aspects you just talked about in your question. There's legal questions, there's a security question.

但這種行為轉變正在改變。但感覺就像你在尋找什麼東西，然後你又要去結帳一樣。從另一個角度來看，這對支付生態系統來說確實是一個相當重要的典範轉移，因為在支付生態系統中，並沒有額外的參與者——代理商——進入這個領域。所以，這涉及到你剛才在問題中提到的許多方面。這涉及到法律問題，也涉及安全問題。

So if I break it down, and some of the things that need to happen in a world of agentic commerce is, the first is, is this a real bot? Is this a bot that we believe matches up to Mastercard's safety and security standards? So we will certify and register bots out there. So that's what Mastercard Agent Pay does. That's what we do. That's what we do today with participants in the ecosystem. So nothing really new from us on a perspective, but it's a new party.

所以，如果我把它分解開來，在智慧商業的世界中需要發生的一些事情是，首先是，這是一個真正的機器人嗎？我們是否認為該機器人符合萬事達卡的安全標準？所以我們會對市面上的機器人進行認證和註冊。這就是萬事達卡代理支付的功能。這就是我們所做的。這就是我們今天與生態系統參與者所做的事情。所以從觀點上來說，我們並沒有什麼新東西，但這的確是一個新政黨。

Not really visible to the consumer in that way, but certainly driving some complexity potentially for merchants, for issuers, for every other party, because that is just a new flow for the transaction.

消費者可能看不到這一點，但這肯定會為商家、發卡機構以及其他所有參與者帶來一些複雜性，因為這只是交易流程的一個新環節。

I think the next thing to think about is, how will merchants deal with all of this? Earlier I used the word no-code approach. So we have learned this during the day of the various wallets that were out there, it is not easy for merchants to consume this.

我認為接下來需要考慮的是，商家將如何應對這一切？我之前用過「無程式碼方法」這個詞。因此，我們從當天各種錢包的使用情況中了解到，商家並不容易接受這些錢包。

So what we have done here is, we created a merchant framework that allows us to integrate -- engage with merchants, and with other parties that bring out protocols like Stripe and OpenAI and so forth, to make this very easy for merchants. So that is important. The merchant needs to know that the agent on the other side that we have certified is actually the agent, so we have to pass through that information and ensure that the circle closes. We're doing that.

因此，我們在這裡所做的，是創建了一個商家框架，使我們能夠與商家以及其他推出 Stripe 和 OpenAI 等協議的各方進行整合和互動，從而使商家能夠非常輕鬆地使用這項服務。所以這一點很重要。商家需要知道我們認證的另一端的代理人確實是代理人，所以我們必須傳遞該資訊並確保流程完整。我們正在這樣做。

Well, there is still the question of what is in focus today very much. So is the consumer the person they claim to be? So consumer authentication needs to continue, but it now needs to flow through a somewhat more complicated transaction. So all of this is happening now.

嗯，現在的焦點究竟是什麼，仍然是個問題。那麼，消費者真的是他們所聲稱的那個人嗎？因此，消費者身分驗證需要繼續進行，但現在需要透過一個稍微複雜的交易流程來完成。所以這一切都在發生。

The tricky part is, if you have asked an agent to buy you something in a chat, and then in the end you challenge that transaction, who can prove who's right? Is it the consumer? Is it the merchant? What happens? What do you do on return policies and various other things? Those are all complexities that we're pretty good at solving in today's world, and that we're pretty busy solving in the future world, and it comes down to some of the aspects that you've talked about in your question.

棘手的是，如果你在聊天中讓代理人幫你買東西，但最終你對這筆交易提出質疑，誰能證明誰對誰錯呢？是消費者嗎？是商家嗎？會發生什麼事？你們在退貨政策和其他方面是如何處理的？這些都是我們在當今世界非常擅長解決的複雜問題，也是我們在未來世界正在努力解決的問題，而這最終都歸結於你在問題中提到的一些面向。

Where's the legal and regulatory framework on this yet? This is not something that's specifically contemplated, but that will evolve over time, and basically it takes parties like us who focus on safety and security and trust, because only when there's trust this whole space will actually evolve.

這方面的法律和監管框架在哪裡？這並非我們專門考慮的事情，但隨著時間的推移會逐漸發展，基本上需要像我們這樣關注安全、保障和信任的各方，因為只有建立了信任，整個領域才能真正發展。

Our set of services around this will assist in this effort that I have -- that I just described. I think it's also important to note that this is an opportunity for us to drive our business forward, because if we do this work better than anybody else, that's a tremendous opportunity for us.

我們圍繞著這個主題提供的一系列服務將有助於我進行剛才所描述的這項工作。我認為同樣重要的是，這也為我們推動業務發展提供了一個機會，因為如果我們能比任何人做得更好，這對我們來說就是一個巨大的機會。

And some of the things that I see that we have built in our portfolio here to power agentic commerce, it's -- for example, on the point of challenging a transaction. We've bought a company a couple of years ago called Ethoca, and what they do is, they provide transaction detail at the moment of a chargeback to a consumer that says, hey, you actually did this transaction because you were here at this time during the following, and the same can be done with this. All the trail that would be capturing out of the chat that I talked about earlier, that is one example.

我看到我們在這裡建立的一些產品組合是為了支援代理商務，例如，在質疑交易方面。幾年前我們收購了一家名為 Ethoca 的公司，他們的業務是，在發生拒付時向消費者提供交易詳情，說明“嘿，你確實進行了這筆交易，因為你在以下時間段的某個時間來到這裡”，同樣的方法也可以用於此。我之前提到的聊天記錄中會捕捉到的所有痕跡，就是一個例子。

There is identity solutions, there is merchant services, there is advisory, etc. The whole host of services will help us make this a safe and secure ecosystem and live up to the opportunities that we all think it could be. And everything I just said does not stop at consumer. You can transport the same logic into the B2B contexts for other use cases that will emerge over time.

這裡有身分解決方案、商家服務、諮詢服務等等。所有這些服務將幫助我們打造一個安全可靠的生態系統，並實現我們都認為它所能帶來的機會。我剛才說的這些並不僅限於消費者。您可以將相同的邏輯應用到 B2B 環境中，以滿足未來可能出現的其他用例。

Jason Kupferberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

Good morning, guys. Thanks. I wanted to come back to the topic of opening new acceptance channels on the consumer side. You mentioned rent. I feel like that's been targeted for a while, hasn't really taken off. I'm wondering what you see as some of the catalysts to unlock those volumes, or the interchange models changing at all, and just any other newer acceptance verticals you see as emerging would be interesting to hear about.

各位早安。謝謝。我想回到在消費者方面開闢新的接受管道這個話題上來。你提到了房租。我覺得這個問題已經存在一段時間了，但一直沒有真正解決。我想知道您認為哪些因素會促進交易量的成長，或交易模式會發生哪些變化，以及您認為正在湧現的任何其他新的交易垂直領域，我都想聽聽您的看法。

And then Sachin, if you can just give us a quick word on M&A pipeline, I think it's been almost a year since that Recorded Future, that would be great. Thank you.

Sachin，如果你能簡單介紹一下併購方面的進展，我想距離上次Recorded Future會議已經過去快一年了，那就太好了。謝謝。

Right, so, going into underpenetrated verticals where there's ingrained behavior for many years, it takes a little bit of time, but I feel we're starting to make some real progress here. Give you an example from another part of the world, New Zealand, but here was Bilt. We've made a lot of progress here in the United States.

沒錯，進入滲透率較低、多年來根深蒂固的垂直領域，需要一些時間，但我感覺我們在這裡開始取得一些真正的進展。舉個來自世界其他地方的例子，紐西蘭，但這裡是比爾特。我們在美國取得了巨大進步。

A lot -- if you ask around in your circles and young kids who pay their rents, they're dying to pay on bills. There's our rewards, loyalty programs, all that behind is an important differentiator. So I really feel there is momentum there.

很多——如果你問你身邊那些交房租的年輕人，他們都非常渴望支付帳單。我們的獎勵、會員計畫等等，這些都是我們重要的差異化優勢。所以我真的覺得這方面勢頭很強。

We are very specific not to pick a whole host of different verticals because they all have their intricacy, so we focus on healthcare as well. We focus on tourism, and we gave plenty of updates over the last couple of calls on that.

我們非常謹慎地沒有選擇一大堆不同的垂直領域，因為它們都有各自的複雜性，所以我們也專注於醫療保健領域。我們專注於旅遊業，並且在最近幾次電話會議上就此提供了許多最新資訊。

So it is trying to use our existing set of solutions, but then find the nuance that makes a difference and find those partners like Bilt and Renti in this case. So I do say -- I do think we are making progress. It's a tremendous opportunity that we laid out from a target market perspective, and we're chipping away at it.

所以，它試圖利用我們現有的解決方案，但要找到能夠產生影響的細微差別，並找到像 Bilt 和 Renti 這樣的合作夥伴。所以我認為——我認為我們正在取得進展。從目標市場的角度來看，這是一個巨大的機會，我們正在努力實現它。

And Jason, on your question on M&A, look, I mean, just stepping back, our philosophy on M&A remains pretty much unchanged. It's always been strategy-led, and it will continue to be strategy-led, right? And so, when we have something from a strategy standpoint which we need to accomplish, we kind of step back and think about, do we want to build, buy, or partner? And to the extent we think it's appropriate to actually buy, that's where M\&A comes in.

傑森，關於你提出的併購問題，你看，我的意思是，退一步講，我們對併購的理念基本上沒有改變。它一直都是以戰略為導向的，而且將來也會繼續以戰略為導向，對嗎？因此，當我們從策略角度來看需要完成某件事時，我們會退後一步思考，我們是想自己開發、購買還是合作？如果我們認為有必要進行收購，那麼併購就派上用場了。

The pipeline is robust. We are very deliberate about how we go about filtering through and funneling through on that pipeline to make sure it's on point and it's going to deliver the synergistic value that we expect to deliver as part of that.

此管道系統運作穩定。我們非常謹慎地篩選和引導人才流，以確保人才流水線能夠精準到位，並帶來我們期望實現的協同價值。

So look, I would say the focus areas will remain very similar to what we have in the past in terms of how we have gone about executing on M&A. It's been primarily focused on services. That will continue to be the case on a going-forward basis. And then on occasion, if there's areas around the payment network side that we need to do stuff, we'll certainly look at that as well.

所以，我認為，在併購執行方面，我們的重點領域將與我們過去非常相似。它主要專注於服務業。這種情況在未來仍將持續。然後，如果支付網路方面有一些我們需要改進的地方，我們當然也會考慮。

Bryan Keane, Citi.

布萊恩‧基恩，花旗銀行。

Yeah, guys, hi. Good morning. I had just kind of follow-ups on agentic commerce. Michael, maybe you can help us understand how Mastercard maybe can take share in agentic commerce, given your position and versus competition. What can maybe differentiate you, and who would you be taking share from?

嗨，大家好。早安.我剛剛對代理商業進行了一些後續研究。邁克爾，鑑於你的地位以及與競爭對手的對比，或許你能幫助我們了解萬事達卡如何在代理商務領域佔據份額。你的優勢是什麼？你又會從哪些競爭對手搶佔市佔率？

And then just a clarification for Sachin on the Cap One migration, the debit migration. You know, how much comes off in '25 versus '26? And then I guess with the contractual obligations, then it's a very small headwind in '26 and maybe a little bit of a headwind in '27 if that's one time. Just some quantification there. Thank you.

然後，我想向 Sachin 澄清一下關於 Capital One 帳戶遷移和借記卡遷移的問題。你知道，2025 年和 2026 年相比，有多少變化？然後，我想考慮到合約義務，那麼在 2026 年只會遇到很小的阻力，如果只有一次的話，2027 年可能會遇到一點阻力。這裡只是一些量化數據。謝謝。

Right. Hey, Bryan. So, on the share side, so first of all, I tried to lay out that we have a differentiated proposition overall for agentic commerce, so we hope to be positioned well with partners out there who look to get into the space and work with us.

正確的。嘿，布萊恩。所以，在股份方面，首先，我試圖闡明我們在代理商務方面擁有差異化的整體主張，因此我們希望與那些希望進入該領域並與我們合作的合作夥伴建立良好的關係。

Now the share part that you were talking about beyond services goes into the payment side as well. So one thing that I think is a pretty obvious opportunity is, this is going to be very hard to do for local payment networks.

現在，您剛才提到的服務以外的共享部分也涉及了付款方面。所以我認為一個非常明顯的機會是，這對本地支付網路來說將非常困難。

So if you look around the various kind of local payment systems that exist in Europe and Asia and so forth, big markets for us, it's an opportunity for us to continue to drive up our switching ratio as we've done in years, and this gives us another kind of field to execute on. I think that's the first thing to say.

因此，如果你看看歐洲、亞洲等地的各種本地支付系統（對我們來說都是很大的市場），這對我們來說是一個機會，可以像過去幾年一樣繼續提高我們的轉換率，這為我們提供了另一個可以執行的領域。我認為這是首先要說的。

There's another aspect here on where -- we'll have to see how it works from a share perspective, but the general nature of agentic commerce driving more transactions is a good opportunity for us to drive share to start with because what might have been one basket at one merchant might now be a very broader set of recommendations from a bot that gives us multiplicity of opportunity to get into the flow and provide the kind of solution that helps us get this over to us.

這裡還有另一個方面——我們需要從市場份額的角度看看它是如何運作的，但代理商務推動更多交易的總體性質對我們來說是一個很好的機會，可以讓我們首先提高市場份額，因為以前可能只是一個商家的一個購物籃，現在可能變成了機器人提供的更廣泛的推薦，這給了我們多種機會進入流程，並提供那種幫助我們實現目標的解決方案。

I think one other thing to keep in mind is, kind of, when you look at agentic and you think back about the days where everything was in-store and what kind of services portfolio we had and the opportunities we had to apply services and drive differentiation for us versus others, and then it went online. There was a whole different set of solutions that were suddenly needed to keep the online transactions safe. And then agentic, it's going to be even more opportunity for us to do that.

我認為還有一點需要記住，那就是，當你回顧代理業務，回想過去所有業務都在實體店開展的日子，以及我們擁有的服務組合，以及我們有機會運用這些服務來使我們與其他公司區分開來，然後業務就轉移到了線上。為了保障網路交易的安全，突然需要一套完全不同的解決方案。然後，從主動性的角度來看，我們將有更多機會做到這一點。

So those are all lenses on how we look at it. The most tangible near-term one would really be, as this plays out, not near-term as in the next month, but near-term as in the next year possibly when agentic commerce really gets momentum to compete versus local payment solutions.

所以這些都是我們看待這個問題的不同視角。最切實可行的近期目標，其實並非指下個月，而是指明年，屆時代理商務可能真正獲得發展動力，與本地支付解決方案競爭。

Yeah, and on Capital One, like I said, look, I mean, the conversion's underway. We expect the conversion to complete in 2026. I mentioned that there is an offset to the net revenue loss as part of the conversion. You should not assume that the offset completely negates the impact of the lost net revenue.

是的，至於 Capital One，就像我說的，你看，我的意思是，轉換正在進行中。我們預計轉換工作將於 2026 年完成。我提到過，作為轉換的一部分，淨收入損失會被抵消。你不應該認為抵銷效果可以完全消除淨收入損失的影響。

I'm not going to size for you exactly what the amount is that we're expecting in 2026, but it is fair to assume that the headwind in 2027 will be there because you no longer have the benefit of the contractual obligation offsetting in 2027.

我不會準確地告訴你我們預計 2026 年會有多少，但可以合理地假設 2027 年將會面臨不利因素，因為你不再享有 2027 年合約義務抵銷帶來的好處。

So if you're looking on a year-over-year basis, what you're going to see is, you're going to see an adverse impact in 2026 by virtue of this conversion. And then on a year-over-year basis you will see, in 2027, an adverse impact as well just because the contractual obligation is no longer benefiting us in 2027.

因此，如果按年來看，你會發現，由於這種轉換，2026 年將會出現不利影響。然後，從同比來看，到 2027 年，您還會看到不利影響，因為到 2027 年，合約義務不再對我們有利。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

Hi, good morning. Michael, I want to ask about Mastercard Commerce Media. Can you expand upon the announcement? Looks like you're bringing together a lot of your assets across offers, loyalty, personalization.

您好，早安。邁克爾，我想諮詢萬事達卡商業媒體。能詳細說明一下這項公告嗎？看來你們正在整合旗下眾多資源，涵蓋優惠、會員忠誠度、個人化等領域。

Maybe talk about the early feedback from advertisers who've received distribution channels. How will it work? And the release also talked about kind of like a high return on ad spend. Can it sustain at these levels in this case? Thank you.

或許可以談談已經獲得分銷管道的廣告商的早期回饋。它如何運作？新聞稿也提到了廣告支出的高回報率。在這種情況下，它能維持目前的水準嗎？謝謝。

Right, thank you, Harshita. So from the day that we plastered Times Square with Commerce Media, a lot has happened. So we were out there with advertisers, we're out there with publishers. So those are both kind of parties in this ecosystem.

好的，謝謝你，哈爾希塔。自從我們在時代廣場鋪天蓋地地投放 Commerce Media 的廣告以來，已經發生了很多事情。所以我們和廣告商、出版商都進行了接觸。所以它們都是這個生態系的參與者。

Today, how that industry works is, kind of one of the problems to solve is, can you really attribute the ad spend? And this is one of the problems that we can solve here because we can tie it to a specific transaction, a specific purchase that went through our network. So that gives us a different starting position for all of this.

如今，該行業的運作方式，需要解決的問題之一是，你真的能追蹤廣告支出嗎？而這正是我們可以在這裡解決的問題之一，因為我們可以將其與透過我們網路進行的特定交易或特定購買聯繫起來。這就為我們所有這一切提供了一個不同的出發點。

When you go and you want to enable somebody to place the right ad at the right time, you need more data to do that, and we do have proprietary spend data and insights from our permissioned 500 million consumers that sit in our loyalty programs and 25,000 merchants. That is a very unique position that we are in.

當你想讓某人在合適的時間投放合適的廣告時，你需要更多的數據，而我們擁有來自我們忠誠度計劃中 5 億授權消費者和 25,000 家商戶的專有消費數據和見解。我們所處的境地非常獨特。

Competitors have, there are other players out there who haven't been in this business. We've been in loyalty for a long time, and we just started to look at this. This is a whole different approach for us to get into business that goes straight beyond the payment transaction, as I framed it earlier on.

競爭對手確實有，但也有一些玩家還沒有涉足這個產業。我們長期以來一直秉持忠誠原則，最近才開始關注這個問題。這與我們之前所說的完全不同的商業模式，它超越了支付交易本身。

So the initial reception is interested. We have a set of big players on both sides of the equation. And I mentioned advertisers and publishers, who are engaging with us to drive this. But it's also pretty early days when we launched it, so I can't really have anything to share from a numbers perspective other than there's demand. Let's go and do this because the proposition is pretty clear.

所以，最初的反應還不錯。雙方都有一批實力雄厚的參與者。我還提到了廣告商和出版商，他們正在與我們合作推動這項進程。但由於我們推出這項服務的時間還很早，所以除了有需求之外，從數位角度來看我真的沒有什麼可以分享的。咱們就去做這件事吧，因為這個提議非常明確。

Tien-Tsin Huang, JPMorgan.

黃天心，摩根大通。

Nice results, of course. Just following up on a few of the questions asked already, just thinking about this build versus buy for Mastercard. And Michael, your comment on carefully curating the vast portfolio.

當然，結果很不錯。我只是想跟進一下之前提出的一些問題，思考一下對於萬事達卡來說，是自建還是購買。邁克爾，你對精心策劃龐大的作品集有什麼看法？

On the build side, it feels like you've announced a few things, cloud platform, Harshita just asked about the Commerce Media Network. Are these the recent build projects, are they moving the needle in VASS in the near term from your perspective?

在建造方面，感覺你們已經宣布了一些東西，雲端平台，Harshita 剛剛問了 Commerce Media Network。這些是最近的建設嗎？從您的角度來看，它們在短期內是否對 VASS 的發展產生了影響？

And on the buy side, there were some press reports about Mastercard's interest in crypto infrastructure. Can you comment on that? And just your appetite in general for infrastructure versus services assets?

在買方方面，有一些媒體報告萬事達卡對加密貨幣基礎設施感興趣。您對此有何評論？您對基礎設施資產與服務資產的整體偏好是什麼？

All right. So Mastercard has been -- you all know, I've been the Chief Product Officer before. So I kind of know a lot about organic innovation and so forth. And we have been very good at that over time. But we've also been very focused on leveraging acquisition, lever whenever we could. And whenever it makes sense, strategy-led as Sachin talked about earlier.

好的。所以萬事達卡一直——你們都知道，我以前擔任過首席產品長。所以我對有機創新等等方面了解頗多。長期以來，我們在這方面做得非常出色。但我們也一直非常注重利用收購，盡可能地利用收購來擴大影響力。而且，只要時機合適，就要像薩欽之前說的那樣，採取戰略性策略。

So somewhere in the middle is where you find some of these recent announcements like Commerce Media, what Harshita just talked about. I see that as a pretty big bet for us. It's a really unique position that we bring to the party. There's clear interest in the market.

所以，在中間某個地方，你會發現一些最近的公告，像是 Commerce Media，還有 Harshita 剛才提到的那些。我認為這對我們來說是一筆相當大的賭注。這是我們為黨帶來的一個非常獨特的立場。市場對此表現出明顯的興趣。

So we feel this is something that will make a difference. Otherwise, we wouldn't do it, but it's also early days. And there isn't just one big bet. So there's a few things that we're given in trying at any given point in time.

所以我們認為這將會帶來改變。否則我們就不會這麼做，但現在還為時過早。而且這並非只有一項大賭注。所以，在任何特定時刻，我們都會嘗試一些事情。

They get some preferential funding in the company and so forth that we push forward. That's a discipline that we filled out over years on top of our everyday organic innovation.

他們在公司裡獲得了一些優先融資，等等，這些都推動著我們向前發展。這是我們在日常有機創新之外，經過多年不斷精進的體系。

So Commerce Media on-demand decisioning, as I talked earlier, and a few others that are coming. So that's been a strong quarter. But we felt like rather than giving you a bits and pieces every quarter, we thought we'll take this quarter and put everything together to show you that the innovation muscle is all well and it's not just about buying companies out there.

所以，正如我之前提到的，Commerce Media 的按需決策功能，以及其他一些即將推出的功能。所以，這個季度表現非常強勁。但我們覺得與其每季零散地向你們透露一些訊息，不如在這個季度把所有內容匯總起來，向你們展示創新能力依然很強，而創新不僅僅是收購公司那麼簡單。

No, we are not commenting on market rumors. You would have not expected me to say anything else. Yes, I saw that article as well.

不，我們不對市場傳言發表評論。你一定不會指望我會說別的話。是的，我也看過那篇文章。

Andrew Schmidt, KeyBanc Capital Markets.

Andrew Schmidt，KeyBanc Capital Markets。

I wanted to ask on cross-border. Cross-border volumes have been remarkably resilient and very consistent here. Maybe just comment on the sustainability, the drivers of sustainability on a go-forward basis. And then if we peel back the layers for both card not present and travel -- card not present, corporate and travel, if there's anything to call out in terms of verticals, corridors that's worth mentioning in terms of shifts you're seeing?

我想問一下跨國方面的問題。這裡跨境貿易量展現了驚人的韌性和穩定性。或許可以就永續性以及未來永續發展的驅動因素發表一些評論。然後，如果我們進一步細分非面對面支付和差旅支付——非面對面支付、企業支付和差旅支付，在垂直領域、管道方面，有哪些值得一提的轉變？

Sure, Andrew. I'll take that. So look, I mean, just to set the stage, for cross-border, right, the value prop on cross-border continues to resonate across the consumer base as well as across business, right? I mean cross-border is a combination of consumer spend as well as business spend, which has taken place there. And that value prop is alive and well and people are using it and leveraging it and they see some significant benefits as a result of that.

當然可以，安德魯。我接受。所以你看，我的意思是，為了鋪墊一下，對於跨境電商來說，跨境電商的價值主張在消費者群體和企業中都持續引起共鳴，對吧？我的意思是，跨境消費是發生在境外的消費者支出和企業支出的結合體。這種價值主張仍然有效，人們正在使用它並加以利用，並且從中獲得了顯著的好處。

That in combination with winning the right portfolios, which is what we focus a lot on, which is winning the right kinds of portfolios, which could be cross-border heavy, affluent portfolios. Case in point, Michael talked about Japan Airlines, right? Great example, when you win a co-brand portfolio or, for example, the renewal with American Airlines, these are important portfolios to win because they actually help sustain that growth rate on cross-border because when people buy -- take those products, they're actually using them in the cross-border environment. So winning the right portfolio is important.

再加上贏得合適的投資組合，這也是我們非常關注的，即贏得合適的投資組合，例如跨國密集、富裕人群的投資組合。舉個例子，麥可剛才提到了日本航空公司，對吧？舉個例子，當你贏得聯名產品組合，或者例如與美國航空公司續約時，這些都是非常重要的產品組合，因為它們實際上有助於維持跨境業務的增長率，因為當人們購買這些產品時，他們實際上是在跨境環境中使用它們。所以，贏得合適的投資組合至關重要。

Number two, it's the effort which goes into the daily blocking and tackling to drive cross-border volumes, right? We have a team inside of Mastercard, which actually spends a lot of time focusing on pulling the right levers to drive optimization of cross-border flows because it's not as easy as it sounds, right? And very often, what happens is you've got a stimulate spend in the acquiring corridor so that people pull out their Mastercard card when they're actually traveling overseas.

第二，這是日常封鎖和攔截工作中為推動跨國貨運量所付出的努力，對吧？萬事達卡內部有一個團隊，他們花費大量時間專注於採取正確的措施來優化跨境資金流動，因為這並不像聽起來那麼容易，對吧？很多時候，會出現這樣的情況：在收單通道上刺激消費，這樣人們在出國旅行時就會拿出他們的萬事達卡。

So we'll work across borders and our teams to ensure that we've got the right level of focus to drive spend across important corridors. Really important. So I'm going to just bring it together, value prop works, winning the right portfolios, driving optimization across those portfolios.

因此，我們將跨越國界和團隊合作，確保我們能夠專注於推動重要領域的消費。非常重要。所以我要把它們整合起來，價值主張有效，贏得正確的投資組合，推動這些投資組合的最佳化。

And last but not the least, being present across both card present and card not present. Really important. You can see strong growth in card not present. It's been running at roughly 20% growth on card not present ex travel for cross-border.

最後但同樣重要的是，無論持卡人不在場，都要在場。非常重要。你可以看到未到帳卡的數量出現了強勁增長。跨國非面對面旅行的刷卡支付成長率約為 20%。

Look, I mean, it's all the things that we do every day to execute on that to be present and have our acceptance available in those cross-border channels, which makes that come to life. That is partially also sustained by something which Michael talked about earlier. He talked about how Mastercard products are used in the on-ramp for stable coins and for crypto. Well, that comes into card not present ex travel, right? So when you have that kind of growth coming through there.

你看，我的意思是，我們每天所做的一切，都是為了實現這一點，為了讓我們在跨境管道中保持存在感並獲得認可，從而使這一切成為現實。邁克爾之前談到的一些事情也在某種程度上支持了這一點。他談到了萬事達卡產品如何用於穩定幣和加密貨幣的進入管道。嗯，這屬於非面對面旅行消費範疇，對吧？所以當那種成長勢頭出現的時候。

that's coming through in these metrics as well. So overall, I would tell you, I won't give you a forecast. I know you're looking for that. I will tell you that the underlying fundamentals of what drives our cross-border volumes is very much intact.

這些指標也反映了這一點。所以總的來說，我不會給預測。我知道你在找這個。我可以告訴你們，驅動我們跨國交易量的基本因素依然完好無損。

Tim Chiodo. UBS.

提姆·奇奧多。瑞銀集團。

I want to talk a little bit more about that cross-border acceptance. So when either Mastercard or maybe an attempt by another local or another competitor looks to build out that global acceptance, I was hoping you could talk through -- what do you need to do that, right?

我想再多談談跨境接納的問題。所以，當萬事達卡或其他本地或競爭對手試圖建立全球認可時，我希望你能談談——你需要做些什麼才能做到這一點，對吧？

Is it things like licenses, relationships with merchants and PSPs or acquirers, there's a branding aspect, there's customer awareness, there's probably a bunch of infrastructure investment. If you could just elaborate on just how much of a moat and how challenging that is?

這包括許可證、與商家和支付服務提供者或收單機構的關係、品牌建立、客戶認知度，可能還有大量的基礎設施投資。您能否詳細說明一下護城河到底有多長，以及它帶來的挑戰有多大？

And then lastly, somewhat related to what extent do you think it's possible and some have done this that competitors could more partner on this rather than building out on their own? And what the difference is in the two approaches?

最後，還有一個相關的問題：您認為競爭對手之間合作的可能性有多大？一些競爭對手是否已經這麼做了？他們是否可以更多地透過合作來發展這項業務，而不是各自為政？這兩種方法的差別是什麼？

Right. So it sounds like you worked in our industry for a while because you just gave a good part of what it takes to do this. And if you take a step back and look at the list that you just talked about, it just tells you it's hard to do. It's difficult to do and it took a long time to build it. So that's important.

正確的。聽起來你好像在我們這個行業工作過一段時間，因為你剛才很好地介紹了要做好這件事所需的條件。如果你退後一步，看看你剛才提到的清單，它就會告訴你，這很難做到。這件事很難做到，而且建造它花了很長時間。所以這一點很重要。

Different players have tried to replicate some of that, and it continues to be the better proposition that's out there. It's driving a lot of value because it -- with 100 whatever, $50 million acceptance points, whatever the latest number is, it is very hard to replicate. And for us, as a company, we are well positioned with our domestic license in China to continue to drive that footprint.

不同的玩家都嘗試複製其中的一些元素，但它仍然是目前市場上更好的選擇。它創造了巨大的價值，因為它——無論最新的數字是多少，100個、5000萬美元的接受點數是多少——都很難複製。對我們公司而言，憑藉在中國的國內許可，我們處於有利地位，可以繼續擴大市場份額。

The complexities that come in is, indeed, you have to be a global player and act local, understand the local regulatory system. You have to understand the local partners because remember, we are the global fabric that sits on top of this. We're not doing the last mile of this, and this is why it's really important for us to continue to build partnerships around the world and drive the cross-border acceptance.

確實，其中的複雜性在於，你必須成為全球性企業，但同時又要立足本地，了解當地的監管體系。你必須了解當地的合作夥伴，因為記住，我們是支撐這一切的全球框架。我們還沒有完成最後一步，因此對我們來說，繼續在世界各地建立合作夥伴關係並推動跨境接受度非常重要。

But you got to help them drive preference for us. You've got to ensure that the user experience that they provide to the consumer at the point of interaction is a compelling one. It's easy. It's all that, and it's delivering the standards that we put out for us to ensure that the Mastercard transaction actually comes through.

但你得幫助他們提升對我們產品的偏好。你必須確保他們在與消費者互動時提供的使用者體驗是引人入勝的。很簡單。正是如此，它達到了我們制定的標準，以確保萬事達卡交易能夠順利完成。

And one of the most critical things about all of this is that in the end, you need to have to ensure safety and security because as people worry that what happens if something goes wrong, where is my data going? What happens if this transaction is a fraudulent one, et cetera, et cetera. Those are all aspects of this.

而這一切中最關鍵的一點是，最終你必須確保安全，因為人們會擔心如果出了問題該怎麼辦，我的資料會去哪裡？如果這筆交易是欺詐性的，會發生什麼事？等等等等。以上都是其中的各個面向。

And by the way, they reflect a good chunk of our services portfolio that we also offer to those partners that drive that acceptance for us in markets. So all of this comes together.

順便說一句，它們反映了我們服務組合的很大一部分，我們也向那些推動我們在市場上獲得認可的合作夥伴提供這些服務。所以這一切都連結起來了。

So yeah, I think it's hard to do. There will be others that come at it. And so far, I think this is just the most differentiated proposition that's out there. Earlier -- there are different cross-border solutions for different types of payments that we're also active in because it's not just B2M.

是的，我覺得很難做到。還會有其他人來嘗試。到目前為止，我認為這是市面上最具差異化的方案。之前——針對不同類型的支付，我們也積極參與不同的跨境解決方案，因為這不僅僅是 B2M 領域。

There's Mastercard Move, where you have B2C disbursements and gatework payouts and so forth. So we're doing that, leveraging our network in bidirectional ways to do the same thing to keep this resilient proposition. Can you just repeat the second part of your question? There was a particular angle you were after?

還有 Mastercard Move，它提供 B2C 付款和網關支付等服務。所以我們正在這樣做，以雙向的方式利用我們的網路來做同樣的事情，以保持這項方案的穩健性。你能再重複一次你的問題的第二部分嗎？你是不是想從某個特定的角度著手？

Sure. It was around the ability to do this by partnering with other networks rather than building it on your own? And to what extent you thought there was maybe quality or other differences?

當然。關鍵在於能否透過與其他網路合作來實現這一點，而不是自己獨立建構？你認為它們在品質或其他方面是否有差異？

So the other networks is an interesting angle. Let me talk about where we see partnership opportunity, and I talked about that with digital wallets. So this is right now a particular opportunity. There's a clear trend that in some parts of the world, people love wallets for a range of reasons, the stored value digital wallets that I mentioned with Alipay+ and so forth out in Asia. That is a great partnership because they provide a particular local solution, we provide global acceptance, the combination of that makes a great opportunity for partnership.

所以，其他網路是一個很有趣的角度。讓我談談我們看到合作機會的地方，我之前談到了數位錢包領域。所以，現在正是這樣一個特殊的機會。很明顯，在世界某些地區，人們出於各種原因喜歡錢包，例如我之前提到的亞洲地區的支付寶+等儲值數位錢包。這是一個絕佳的合作關係，因為他們提供特定的本地解決方案，我們提供全球認可的解決方案，兩者的結合創造了絕佳的合作機會。

General processors acquirers, those are different types of partners. There occasionally we see competition coming in, but it's pretty clear we -- that for us, we have a need to find ways to partner with people that can cover the last mile for us. So it's never an either/or. We always look for opportunities even for people where in certain pockets, we do compete, we'll find other ways to partner to drive the reach of our network.

一般支付處理商和收單機構是不同類型的合作夥伴。我們偶爾會看到競爭對手出現，但很明顯，我們需要找到與能夠為我們完成最後一公里的人合作的方法。所以這從來都不是二選一的問題。我們始終在尋找機會，即使在某些領域我們存在競爭關係，我們也會找到其他合作方式來擴大我們的網路覆蓋範圍。

Yes. And I'll just add, Tim, to that point which Michael just made. Look, at the end of the day, right, when we build out acceptance, we're building out acceptance both for domestic and cross-border. It's not like you're exclusively building out acceptance across model.

是的。提姆，我還要補充一點，就像麥可剛才說的。說到底，當我們建構接納體系時，我們建構的既包括國內接納，也包括跨國接納。這並不是說你只針對整個模型建立接受度。

So back to your question around the sustainability and how difficult or not it is for others to compete. It's a question of what your global footprint is. To the extent we've got thriving domestic businesses in many, many, many countries across the globe, where we built out the acceptance footprint, right? That serves us not only in the domestic volumes, but certainly serves us from a cross-border standpoint as well.

所以回到你關於永續性的問題，以及其他人競爭的難度如何。這取決於你的全球影響力有多大。我們在全球許多國家都擁有蓬勃發展的本土企業，並在這些國家建立了廣泛的市場接受度，對吧？這不僅對我們國內銷售有利，而且從跨國角度來看也肯定對我們有利。

Yeah. Every transaction starts somewhere domestically.

是的。所有交易都始於國內某個地方。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

So pricing. Sachin, you mentioned it as well, has been a tailwind this year. I'm just curious, can that trend continue in 2026 to a similar degree? I guess also when I think about it, that core payments business, do you think there's still a decent pricing power there?

所以，價格方面…正如你所提到的，薩欽今年一直處於順風狀態。我只是好奇，這種趨勢在 2026 年能否以類似的程度持續下去？我想，仔細想想，核心支付業務方面，你認為它仍然擁有相當大的定價權嗎？

And then just I have one quick follow-up on the Capital One data disclosure. I'm just trying to think about the step down in volumes sequentially. That seems like a significant number given how early the Cap One transition is. Maybe you could just help us think about that.

最後，我還有一個關於 Capital One 資料揭露的後續問題。我只是想按順序思考一下音量逐漸減少的過程。考慮到Capital One轉型還處於早期階段，這個數字似乎相當可觀。或許你能幫我們思考這個問題。

I know the revenues are separate. I'm not necessarily as concerned about that. I'm just thinking about the optics of the volumes. But maybe you could just speak a little bit about what we should expect as we move through fourth quarter and into next year in terms of the magnitude of impact on US volumes?

我知道收入是分開計算的。我倒不一定那麼擔心。我只是在思考這些卷冊的視覺效果。但您能否稍微談談，隨著我們進入第四季度以及明年，我們應該預期美國銷售會受到多大程度的影響？

I'll take both questions here on Capital One, right? So remember, when I was talking about the first four weeks of October on US volumes, right, it's certainly the Capital One piece as well as the lapping effect due to weather impacts we had in 2024. So it's a combination of both of those which reflects on the 8% number that you're seeing in Q3 going to 5%.

關於 Capital One，這兩個問題我都可以回答，對嗎？所以請記住，當我談到 10 月前四周的美國交易量時，對吧，這當然與 Capital One 的業績以及 2024 年天氣影響造成的疊加效應有關。所以，這是兩者的結合，反映在第三季從 8% 降至 5% 的趨勢。

But it's important to also look at what the growth rate in September was because 8% is the average across all of Q3. So it's kind of this step change which takes place as cards migrate that you're going to start to see the volume come down.

但同樣重要的是要看看 9 月的成長率是多少，因為 8% 是第三季的平均成長率。所以，隨著卡片遷移，這種階躍式的變化會導致交易量開始下降。

And candidly, I mean, the cards are migrating over, and they will continue to through the course of the fourth quarter and going into the early part of next year. So I feel like, at the end of the day, that's something which is just the reality that's well understood. That's well contemplated in every bit of guidance that I've shared on 2025. I'm kind of giving you a little bit of a look into the puts and takes for 2026 as it relates to Capital One as well.

坦白說，我的意思是，這些卡片正在遷移，而且這種遷移將持續到第四季以及明年年初。所以我覺得，歸根究底，這就是一個大家都能理解的現實。這一點在我分享的關於 2025 年的每一條指導中都經過了深思熟慮。我還要稍微介紹一下 2026 年與 Capital One 相關的看漲和看跌期權。

And to say one thing. There are a few questions on Capital One. And of course, Capital One is an important partnership. But it's not the only partner we have in the US. So we get winning on the other side.

還有一件事要說。關於Capital One，還有一些問題。當然，Capital One是一項重要的合作關係。但它並不是我們在美國唯一的合作夥伴。所以我們在另一邊取得了勝利。

And if you zoom out and you look at it from a global perspective, it's a truly global company. Like, we have 27,000 bank partners. And we win a lot. Our share has been up, which we shared with you at the Investor Day. So there's a lot of winning going on. And I think it's always good to keep that perspective.

如果你把視角拉遠，從全球角度來看，它是一家名副其實的全球性公司。例如，我們有 27,000 家銀行合作夥伴。我們贏了很多比賽。我們的股價已經上漲，我們在投資人日已經和大家分享了這個消息。所以現在有很多勝利正在發生。我認為保持這種視角總是好的。

There will be shifts and puts and takes here and there. But overall, the trend has been pretty positive, and we continue to win.

這裡那裡會有調整和增減。但總體而言，趨勢相當積極，我們繼續取得勝利。

Yeah, Sanjay, your question on pricing, look, I mean, at the end of the day, if we do our job right, there's no reason why we cannot price with the value we deliver. We continue to deliver new products in the market, we can deliver incremental value in existing products, and we price that.

是的，桑傑，關於定價的問題，你看，我的意思是，歸根結底，如果我們把工作做好，就沒有理由不根據我們提供的價值來定價。我們不斷向市場推出新產品，我們能夠為現有產品帶來增量價值，並且我們以此定價。

And so if we continue to do our job right, as we've done this year, we'll do in ensuing years. We feel like there's an opportunity both across the payment network side of the business as well as value-added services and solutions. So generally, we feel pretty good around that.

因此，如果我們繼續像今年一樣做好我們的工作，那麼在未來的幾年裡我們也會做得很好。我們認為，無論是在支付網路業務方面，還是在加值服務和解決方案方面，都存在著機會。所以總的來說，我們覺得這方面還不錯。

Thank you. Michael, any closing comments?

謝謝。邁克爾，還有什麼要補充的嗎？

Yes, I'd love to continue to talk, but we're just slightly over time. So thank you again for joining the call past hour. We covered a lot of ground together. We appreciate your support all the time, and this is always the opportunity to thank people who make it all happen here at Mastercard, our colleagues. So thank you to you all, and we'll talk to you again in the next quarter. Thank you very much, and take care. Bye-bye.

是的，我很想繼續聊下去，但時間稍微晚了一點。再次感謝您在過去一個小時參與電話會議。我們一起走了很多路。我們一直感謝您的支持，同時我們也藉此機會感謝萬事達卡所有幕後功臣——我們的同事們。所以，謝謝大家，我們下季再見。非常感謝，請多保重。再見。

Thanks, everyone.

謝謝大家。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。