萬事達 (MA) 2026 Q3 法說會逐字稿

Good morning. My name is Elodie and I will be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Inc. Q3 2026 earnings conference call. (Operator Instructions)

早安。我叫 Elodie，今天將由我擔任本次會議的接線員。此刻，我想歡迎各位參加 Mastercard Inc. 2026 年第三季財報電話會議。(接線員指示)

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

投資人關係主管 Devin Corr 先生，您現在可以開始會議。

Thank you, Elodie. Good morning, everyone, and thank you for joining us for our third-quarter 2026 earnings call. With me today are Michael Miebach, our Chief Executive Officer; and Ling Hai, our Chief Financial Officer. Following comments from Michael and Ling Hai, the operator will announce your opportunity to get into the queue for the Q&A session. It is only then that the queue will be open for your questions. You can access our earnings release, supplemental performance data, and the slide deck that accompany this call in the Investor Relations section of our website, mastercard.com.

謝謝你，Elodie。各位早安，感謝各位參加我們 2026 年第三季財報電話會議。今天與我一同出席的有我們的執行長 Michael Miebach，以及財務長 Ling Hai。在 Michael 與 Ling Hai 發表談話後，接線員將宣布各位可進入問答環節的排隊序列。只有在那之後，提問隊列才會開放供各位提問。各位可至我們網站 mastercard.com 的投資人關係專區，取得本次電話會議的財報新聞稿、補充績效資料以及簡報投影片。

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，今天一早該新聞稿已提交給美國證券交易委員會（SEC）。除非另有說明，我們今天對財務結果的評論將以非 GAAP、且以固定匯率（currency-neutral）基礎呈現。新聞稿與簡報投影片皆包含非 GAAP 指標與 GAAP 申報金額之間的調節表。

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 the call will be posted on our website for 30 days.

最後，如我們財報新聞稿中更詳細所述，我想提醒各位，今天的電話會議將包含關於 Mastercard 未來表現的前瞻性陳述。實際表現可能與這些前瞻性陳述存在重大差異。可能影響未來表現的因素摘要載於我們財報新聞稿末尾以及近期的 SEC 申報文件中。本次電話會議的重播將在我們網站上提供 30 天。

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

接下來，我將把電話交給我們的執行長 Michael Miebach。

Thank you, Devin. Good morning, everyone, and thank you for joining us. Three quarters into the year, our performance continues to demonstrate the strength and consistency of our business. Net revenue growth was up 14% and net income up 18% in the third quarter on a year-over-year non-GAAP currency-neutral basis. While there continues to be economic and geopolitical uncertainty, consumers continue to spend, businesses continue to invest and commerce continues to expand.

謝謝你，Devin。各位早安，感謝各位加入我們。今年已過三季，我們的表現持續展現業務的強勁與穩健一致性。在第三季，以年對年、非 GAAP、固定匯率基礎計算，淨營收成長 14%，淨利成長 18%。儘管經濟與地緣政治不確定性仍在，消費者持續支出、企業持續投資，商業活動也持續擴張。

The economy, our overall business and our network have a resilient backdrop. At its core, our network helps people and businesses transact and participate in the economy, and our advantage here is clear: a diversified business, a trusted global network and the ability to help our customers grow. We're building on that advantage by expanding the reach and utility of our network. We now have more than 200 million acceptance locations and EUR 300 million more digital access points around the world. That is unmatched.

經濟環境、我們整體業務以及我們的網路都具備韌性作為後盾。從本質上來看，我們的網路協助個人與企業進行交易並參與經濟活動，而我們在此的優勢十分明確：多元化的業務、值得信賴的全球網路，以及協助客戶成長的能力。我們正透過擴大網路的覆蓋範圍與使用效用來延伸這項優勢。目前我們在全球擁有超過 2 億個受理據點，以及多出 3 億個數位接入點（digital access points）。這是無可匹敵的。

On a year-over-year basis, in the first half of 2026, merchant acceptance is up 20% and growing. This includes initiatives like our pay local program, which expands acceptance by embedding cars into local wallets and tap on phone, a smart acceptance solution. However, we're not only expanding how merchants accept payments, we're also finding valuable ways to get more Mastercard credentials to more people. that spans the full consumer spectrum from premium offerings for affluent consumers and business owners to products that give people their first access to the financial system.

以年對年來看，2026 年上半年商戶受理覆蓋提升 20%，且仍在成長。這包括像我們的 pay local 計畫等倡議，透過將卡片嵌入本地錢包以及「手機感應支付（tap on phone）」這類智慧受理解決方案來擴大受理。不過，我們不僅在擴大商戶受理支付的方式，也在尋找有價值的方法，讓更多人取得更多 Mastercard 支付憑證（credentials）。這涵蓋完整的消費者光譜，從面向高資產消費者與企業主的高端產品，到讓人們首次進入金融體系的產品。

There are huge numbers of financially underserved people around the world. Our new essential debit product builds on our long-standing work to help open the door to broader financial opportunities and economic resilience. We've signed 15 essential debit programs this year across 7 markets. These programs give our partners tools to address up to 70 million unbanked adults in those markets. This means more people have a new payment option or cards that offer protections and broad acceptance not offered by local payment options.

全球仍有大量金融服務不足的人口。我們全新的 essential debit 產品，延續我們長期以來協助開啟更廣泛金融機會與提升經濟韌性的工作。今年我們已在 7 個市場簽下 15 個 essential debit 專案。這些專案為合作夥伴提供工具，以因應這些市場中多達 7,000 萬名未持有銀行帳戶的成年人。這意味著更多人將擁有新的支付選擇，或是獲得具備保護機制與廣泛受理、而本地支付選項未必提供的卡片。

We're seeing early traction across a range of partners. These credentials are now issued with an [Airtel's] scaled mobile wallet ecosystem launching next quarter in Nigeria. And by [Financo], which supports a large network of cooperative institutions in Ecuador. This year, we have already won 100 new affluent credit and debit programs and launched more than 25 world Legend programs. MasterCard affluent portfolios have higher engagement and higher cross-border spend.

我們已在多類型合作夥伴中看到初步進展。這些支付憑證目前已隨著 [Airtel's] 規模化的行動錢包生態系一同發行，並將於下季在奈及利亞上線。也由 [Financo] 發行，該機構在厄瓜多支援龐大的合作社機構網路。今年迄今，我們已贏得 100 個新的高資產客群信用卡與簽帳金融卡（debit）專案，並推出超過 25 個 World Legend 專案。MasterCard 的高資產客群產品組合具有更高的互動度與更高的跨境支出。

In fact, our affluent spend is growing 2x faster than overall credit. This quarter, UBS launched a super premium invitation-only MasterCard credit product in Switzerland's highly competitive affluent market. It includes our concierge service and frequent traveler benefits. Core to our programs is making a real connection with people and offering a product that appeals to their needs. That focus on meeting new people where they are led to our new partnership and co-brand program with these industries.

事實上，我們的高資產客群支出成長速度是整體信用卡的 2 倍。本季，瑞銀（UBS）在瑞士競爭激烈的高資產市場推出一款超高端、僅限受邀的 MasterCard 信用卡產品。該產品包含我們的禮賓服務與常旅客禮遇。我們專案的核心在於與人建立真實連結，並提供符合其需求的產品。這種在用戶所在之處與其相遇的聚焦，促成了我們與這些產業的新合作夥伴關係與聯名（co-brand）專案。

This program spans consumer and small business creator cards. There's more than 1 billion followers across social media, Mr. Beast is 1 of the most influential creators in the world. But that work is not just about clicks. It's capturing the cultural power of digital communities and driving economic and social opportunity.

此專案涵蓋消費者與小型企業創作者卡。在社群媒體上擁有超過 10 億名追蹤者，Mr. Beast 是全球最具影響力的創作者之一。但這項合作不只是為了點擊量。而是在掌握數位社群的文化影響力，並推動經濟與社會機會。

Together, we will connect creators and their communities in new ways, bringing Mastercard's scale and capabilities to the next generation as their financial lives evolve. What does all of this tell us, Mastercard products are in demand, and that demand continues to grow. More cards and more acceptance points drive more transactions and data, strengthening the power of our network and the value we deliver. Across over 200 countries and territories, every market and region is unique, and we're winning, leveraging our global capabilities and that local expertise. Let's look at a few wins from this quarter.

我們將共同以新的方式連結創作者及其社群，隨著下一代的金融生活演進，將 Mastercard 的規模與能力帶給他們。這一切告訴我們什麼？Mastercard 產品需求強勁，而且需求仍在持續成長。更多卡片與更多受理據點將帶來更多交易與數據，進一步強化我們網路的力量與我們所提供的價值。在超過 200 個國家與地區，每個市場與區域都各具特色，而我們正憑藉全球能力與在地專業持續勝出。讓我們看看本季的幾項勝利。

In the Nordics, we renewed our partnerships with [Handelsbanken] and [Swedbank], following a previously signed exclusive agreement with SEB. These wins include services like fraud detection and loyalty. strengthening our position in 1 of the most advanced digital payment markets.

在北歐地區，我們續約了與 [Handelsbanken] 與 [Swedbank] 的合作夥伴關係，此前我們已與 SEB 簽署獨家協議。這些勝利包含詐欺偵測與忠誠度等服務。進一步鞏固我們在全球最先進的數位支付市場之一的地位。

At the same time, we renewed SKF indeed Setbank, 2 of Germany's largest banking organizations. Let's put that in context. These renewals deepen our relationships with 2 of the leading credit issuers in Europe's largest economy. They position us to capture the substantial secular opportunity in Germany. In China, our teams on the ground are very busy building and solidifying our position in the local market.

同時，我們也續約了 SKF 以及 Setbank，這兩家是德國最大的銀行組織之一。讓我們把這放在脈絡中來看。這些續約加深了我們與歐洲最大經濟體中兩家領先信用卡發卡機構的關係。並使我們得以掌握德國可觀的長期結構性機會。在中國，我們在地團隊正非常忙碌地建立並鞏固我們在本地市場的地位。

This strong foundation for long-term growth is rooted in the growing acceptance and signing issuer deals to make Mastercard the preferred brand.

這個長期成長的堅實基礎，根植於受理覆蓋的提升，以及簽訂發卡機構合作協議，使 Mastercard 成為首選品牌。

This includes new programs with China's top 15 issuers. This quarter, we added to that with the new World Hilton co-brand with Bank of Communications and a consumer debit deal with Bank of China, who alone serves hundreds of millions of retail customers. Two fantastic deals to capture domestic and cross-border spend and deliver value-add services and solutions in the market.

其中包括與中國前 15 大發卡機構的新專案。本季我們在此基礎上再下一城，與交通銀行推出新的 World Hilton 聯名卡，並與中國銀行達成消費者簽帳金融卡（debit）合作；僅中國銀行就服務數以億計的零售客戶。這是兩筆極佳的交易，可掌握境內與跨境支出，並在市場中提供加值服務與解決方案。

In the United States, we secured a major win with Pinnacle Financial Partners, the newly combined bank's entire issuing portfolio will move on to our network starting in 2027. This includes consumer credit, debit, small business and commercial cards. And finally, moving to India. With a large domestic scheme, this is 1 of the world's most competitive markets.

在美國，我們與 Pinnacle Financial Partners 取得一項重大勝利；這家新合併銀行的整體發卡產品組合將自 2027 年起全面轉移至我們的網路。其中包括消費者信用卡、簽帳金融卡（debit）、小型企業卡與商務卡。最後，轉到印度。在擁有大型本土支付方案的情況下，這是全球競爭最激烈的市場之一。

This quarter, we signed an important small business deal with HDFC Bank. It's India's largest private sector bank with nearly 10,000 branches over 100 million customers. This deal includes value-add services and solutions and is expected to add 3 million cards to the Mastercard network. Beyond small business, we see a sizable opportunity across commercial payments, including invoice payments.

本季，我們與 HDFC Bank 簽署了一項重要的小型企業合作案。HDFC Bank 是印度最大的民營銀行，擁有近 10,000 家分行、超過 1 億名客戶。此合作包含加值服務與解決方案，預計將為 Mastercard 網路新增 300 萬張卡片。除小型企業之外，我們也在商業支付（包括發票付款）領域看見可觀機會。

Our work in invoice payments helps transform dated cumbersome accounts payable processes and to automate digital workflows with virtual cards. We focus on bringing more virtual cards to market and embed them directly into tools businesses already use. Tungsten Automation is adding Mastercard's virtual card technology into its automated accounts payable offerings, a leader in intelligent document processing constant serves more than 25,000 customers.

我們在發票付款方面的工作，有助於改造過時且繁瑣的應付帳款流程，並以虛擬卡自動化數位工作流程。我們專注於將更多虛擬卡推向市場，並直接嵌入企業既有使用的工具之中。Tungsten Automation 正將 Mastercard 的虛擬卡技術導入其自動化應付帳款產品；其在智慧文件處理領域居於領先地位，目前服務超過 25,000 名客戶。

This will enable their enterprise customers to generate virtual cards seamlessly and that accelerates supplier payments, reducing cost, friction and risk. That is tangible value. And we've seen those results play out. For example, a large US retailer consolidated more than $100 million in supplier payments using Mastercard virtual cards through our partner, Coupa.

這將使其企業客戶能無縫產生虛擬卡，加速供應商付款，降低成本、摩擦與風險。這是可衡量的價值。而我們也已看到這些成果逐步展現。例如，一家大型美國零售商透過我們的合作夥伴 Coupa，使用 Mastercard 虛擬卡整合了超過 1 億美元的供應商付款。

This one decision reduced the number of suppliers that needed to be onboarded saving an estimated $35 million in onboarding costs as valuable savings for just 1 of their many clients and Coupa is 1 of many partners working with us on improving B2B supplier payments. There's similar value in the travel vertical, where today, we partner with 8 out of the 10 largest players to capture the secular opportunities. After that, our expanded relationship with checkout com in the UAE, and you have another channel to bring Mastercard virtual cards to travel businesses at scale. The aggregate of our travel-related wins from just this quarter is expected to generate more than $20 billion in incremental spend on our network over the lives of the agreements.

這項單一決策降低了需要導入（onboard）的供應商數量，估計節省了 3,500 萬美元的導入成本；這只是他們眾多客戶中的其中 1 家所創造的可觀節省，而 Coupa 也只是眾多與我們合作、共同改善 B2B 供應商付款的夥伴之一。在旅遊垂直領域也有類似價值；目前我們與前十大業者中的 8 家合作，以掌握長期結構性機會。此外，我們在阿聯酋與 checkout com 擴大合作關係，為旅遊業者提供另一個可大規模導入 Mastercard 虛擬卡的通路。僅本季在旅遊相關的整體勝出案，預期在合約存續期間將為我們的網路帶來超過 200 億美元的新增交易金額。

These wins reflect our differentiated capabilities that address specific customer needs but also create opportunities to deliver more value through value-added services and solutions. Now many of our services directly support growth in our payment network.

這些勝出案反映了我們具差異化的能力：不僅能滿足特定客戶需求，也能創造透過加值服務與解決方案提供更多價值的機會。目前，我們許多服務都直接支持支付網路的成長。

Our analytics, marketing, loyalty and consulting services helps clients acquire, engage and retain customers while building healthier portfolios and driving more payment activity. For example, through our strategic partnership with Qatar National Bank Group, we're deploying these capabilities across QNB's presence in more than 28 countries to strengthen customer relationships and drive growth.

我們的分析、行銷、忠誠度與顧問服務，協助客戶獲取、互動並留存客戶，同時建立更健康的資產組合並帶動更多支付活動。例如，透過與 Qatar National Bank Group 的策略合作夥伴關係，我們正把這些能力部署到 QNB 在超過 28 個國家的據點，以強化客戶關係並推動成長。

And American Airlines is one of the industry's largest airline credit card programs. We are supporting customer acquisition for its refreshed premium offering, the Citi/AAdvantage Executive World Legend Mastercard. These capabilities powered by our data can deliver meaningful results across Mastercard marketing services campaigns on a global basis, our clients see an average incremental spend growth of 8 percentage points over the measurement period. As commerce becomes more digital and AI changes, elements of payments, our security solutions are becoming more relevant. As a reminder, security solutions include fraud, identity and cybersecurity.

而 American Airlines 擁有業界規模最大的航空聯名信用卡計畫之一。我們正支援其全新升級的高端產品——Citi/AAdvantage Executive World Legend Mastercard——的客戶獲取。這些由我們數據驅動的能力，能在全球範圍內的 Mastercard 行銷服務活動中帶來顯著成果；在衡量期間內，我們的客戶平均可見到額外 8 個百分點的交易金額成長。隨著商務愈加數位化，以及 AI 改變支付的各個環節，我們的安全解決方案變得更為重要。提醒一下，安全解決方案包含反詐欺、身分識別與資安。

Our portfolio is carefully designed to help our partners protect the ecosystem and we see demand across the board. This quarter, we added our extended fraud and identity wins with Standard Bank Monzo and Starling Bank. Starling, for example, extended its use of fraud rule manager, helping it respond faster to emerging attacks, reduce false declines and protect the customer experience at scale.

我們的產品組合經過審慎設計，旨在協助合作夥伴保護整個生態系統，而我們也看到各面向需求全面提升。本季，我們在 Standard Bank、Monzo 與 Starling Bank 取得更多延伸的反詐欺與身分識別勝出案。以 Starling 為例，其擴大使用 fraud rule manager，協助更快速回應新興攻擊、降低誤拒（false declines），並在大規模下保護客戶體驗。

Within cybersecurity, we continue to scale one-to-one platform sales, but even more so new network products like our newly launched digital risk protection. This capability helps organizations identify vulnerabilities in their own digital environments. After only a few months in market, it now serves nearly 800 enterprise customers. Additionally, our enhanced third-party risk offering brings together risk recon or recorded future capabilities in one solution. to help identify, prioritize and respond to risks before they become business disruptions.

在資安領域，我們持續擴大一對一平台的銷售規模，但更重要的是擴展新的網路型產品，例如我們新推出的數位風險防護（digital risk protection）。此能力可協助組織辨識其自身數位環境中的弱點。上市僅數月，目前已服務近 800 家企業客戶。此外，我們強化的第三方風險產品，將 RiskRecon 或 Recorded Future 的能力整合於單一解決方案中。以協助在風險演變成業務中斷之前，先行辨識、排序優先順序並回應。

But AI is not only changing the demand for our security solutions, it is also changing how commerce happens. The foundation I described earlier, broad participation, global acceptance and trusted capabilities positions us to help shape the next evolution of commerce. That includes the genetic commerce, where a buyer uses AI agents to discover, select and purchase a product or service.

但 AI 不僅改變了對我們安全解決方案的需求，也正在改變商務的運作方式。我先前所描述的基礎——廣泛參與、全球受理與可信賴的能力——使我們得以協助塑造商務的下一次演進。其中包括「代理式商務」（agentic commerce）：買方使用 AI 代理來發現、選擇並購買產品或服務。

There are two forms, machine-to-machine and traditional e-commerce. Combined, they create significant opportunity for Mastercard from more transactions to new B2B carded payments as businesses utilize agents. And eventually, an entirely new addressable market of micro transactions, all the while creating more opportunity for our services from fraud to longer-term potential in insights and loyalty. Consumers are already beginning to use agents to discover and purchase products. We expect that trend to build as holiday shopping ramps up and to continue well beyond the season.

其形式有兩種：機器對機器，以及傳統電子商務。兩者合併後，將為 Mastercard 帶來顯著機會——從更多交易量到企業使用代理所帶動的新 B2B 卡式支付。最終還可能出現全新的可服務市場：微交易；同時也為我們的服務創造更多機會，從反詐欺到更長期在洞察與忠誠度方面的潛力。消費者已開始使用代理來發現並購買商品。我們預期，隨著假期購物升溫，這一趨勢將持續增長，並在旺季之後仍延續。

It is still early days and the numbers are not yet significant in the grand scheme, but as the AI and genetic assistance have emerged, genetic transactions are ramping up at impressive weekly growth rates. We're now seeing the early stages of consumer adoption. For this type of agent ecommerce to function at scale, we need four things: trust in the payment, the agent, the ecosystem and ubiquitous reach. Mastercard has built capabilities for each of these four for trust in the payment, tokenization is embedded in agent pay and backed by the franchise rules everyone expects today, for trust in the agent Agent Pay ensures agents are verified and authorized by the buyer and that the merchant and issuer are aware.

目前仍屬早期階段，整體規模在大局中尚不顯著；但隨著 AI 與代理式輔助的出現，代理式交易正以令人印象深刻的每週成長率快速攀升。我們正看到消費者採用的早期跡象。要讓此類代理電商能大規模運作，需要四項要素：對支付的信任、對代理的信任、對生態系統的信任，以及無所不在的觸達能力。Mastercard 已針對這四項建立相應能力：在「支付信任」方面，代碼化（tokenization）已嵌入 Agent Pay，並由大家今日所期待的品牌規則（franchise rules）作為後盾；在「代理信任」方面，Agent Pay 確保代理經買方驗證與授權，且商戶與發卡機構皆知悉。

For trust in the ecosystem, we bring transparency and continuity through the payment flow. Verifiable intent captures the buyer intent, and our recently launched AgenticTrust Intelligence solution helps banks and merchants evaluate transactions initiated by any AI agent. And that allows these transactions to occur wherever MasterCard is accepted. That is the unparalleled and growing reach I talked about earlier.

在「生態系統信任」方面，我們透過支付流程帶來透明度與連續性。Verifiable intent 可捕捉買方意圖，而我們近期推出的 AgenticTrust Intelligence 解決方案，協助銀行與商戶評估由任何 AI 代理發起的交易。這也讓這些交易能在所有接受 MasterCard 的地方發生。這正是我先前提到的無可比擬且持續擴大的觸達範圍。

At the same time, we are helping merchants ready themselves and be more discoverable to agents with our new Agent Connect solution. Many partners are putting all of this into practice. For example, Shopify through Shop Pay is using agent pay in our network tokens to make agentic payments more secure and seamless by preserving the integrity of the consumers' credential end-to-end. Shop Pay is already available on multiple agent platforms with more to follow.

同時，我們也透過全新的 Agent Connect 解決方案，協助商戶做好準備，並讓代理更容易發現他們。許多合作夥伴正把這一切付諸實踐。例如，Shopify 透過 Shop Pay 使用我們網路代碼（network tokens）中的 agent pay，使代理式支付在端到端保留消費者憑證完整性的同時，更安全且更順暢。Shop Pay 已在多個代理平台上提供，後續還會擴展到更多平台。

And with OpenAI, this quarter, we signed a broad strategic partnership and includes the use of agent pay and goes well beyond -- our agreement establishes collaboration across payments, joint services growth and AI transformation. And we cannot forget the other technology that is part of virtually every conversation, digital assets and stable coins.

此外，本季我們與 OpenAI 簽署了廣泛的策略合作夥伴關係，包含使用 agent pay，且合作範圍遠不止於此——協議確立了在支付、共同推動服務成長，以及 AI 轉型方面的協作。我們也不能忽略幾乎每場對話都會提到的另一項技術：數位資產與穩定幣。

Our customers and partners are continually thinking about how they might use the technology and their offerings to be useful, digital assets need to work with existing financial and commercial services. That means enabling customers to connect digital asset capabilities with the accounts, payment systems and money movement experiences already in use. That is why we acquired BVNK. Through BVNK, we are expanding the infrastructure that connects stable coins with traditional payment and money movement experiences. Financial institutions and fintechs today struggle to offer both Fiat and Stablecoin accounts, creating the risk of customer deposits moving to competing stable coin accounts.

我們的客戶與合作夥伴持續思考如何運用這項技術，並讓其產品更具實用性；數位資產必須能與既有的金融與商業服務協同運作。這意味著要讓客戶能把數位資產能力，與目前已在使用的帳戶、支付系統與資金移轉體驗連結起來。這也是我們收購 BVNK 的原因。透過 BVNK，我們正擴大連結穩定幣與傳統支付及資金移轉體驗的基礎設施。目前金融機構與金融科技公司在同時提供法幣與穩定幣帳戶方面仍面臨挑戰，因而產生客戶存款可能流向競爭對手穩定幣帳戶的風險。

Our first combined Mastercard BVNK product is the Mastercard Global Money platform. enables financial institutions and fintechs to offer accounts where customers can hold, convert, send and receive across fiat currencies and stable coins.

我們第一個整合 Mastercard 與 BVNK 的產品是 Mastercard Global Money 平台。使金融機構與金融科技公司能提供帳戶，讓客戶可在法幣與穩定幣之間進行持有、兌換、匯出與收款。

Mastercard Move is also integrated, bringing its 17 billion endpoints to the platform. This enables businesses to pay out stable coin balances directly into recipients, local bank accounts. Norway and Marketo will be among the first customers to integrate the platform with more partners to be announced soon. And all of this is complementary to our existing stable corn offerings such as crypto co-brands and stablecoin settlement.

Mastercard Move 也已整合至平台，將其 170 億個端點帶入平台。這使企業能夠將穩定幣餘額直接支付給收款人之本地銀行帳戶。挪威與 Marketo 將成為首批整合該平台的客戶之一，並將很快宣布更多合作夥伴。而所有這些都與我們現有的穩定幣產品（例如加密貨幣聯名卡與穩定幣結算）相輔相成。

So stepping back, the quarter demonstrates the breadth and consistency of our strategy. We're expanding the reach and utility of our network, solidifying differentiation. We continue to win important relationships and deepen those relationships with differentiated services, growing payments and protecting the ecosystem, and we are extending our trusted capabilities into agenetic commerce and digital assets. We're executing and delivering today while investing and solidifying our position for the future.

回過頭來看，本季展現了我們策略的廣度與一致性。我們正在擴大網路的覆蓋範圍與效用，鞏固差異化優勢。我們持續贏得重要合作關係，並以差異化服務深化這些關係，推動支付成長並保護生態系，同時將我們值得信賴的能力延伸至代理式商務（agentic commerce）與數位資產。我們在今日持續執行與交付，同時投資並鞏固我們面向未來的地位。

And with that, I will turn it over for the very first time to Ling Hai.

接下來，我將首次把時間交給 Ling Hai。

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

謝謝你，Michael。請看第 3 頁，該頁以中性匯率基礎呈現我們第三季的財務表現，並排除適用的特殊項目以及我們股權投資損益的影響。

Net revenue was up 14%, reflecting continued growth in our payment network and our value-added services and solutions with minimal impact from acquisitions and dispositions -- these revenues were above our expectations, primarily due to the continued strength of our business and the timing of both services projects and payment network deals.

淨營收成長 14%，反映我們支付網路以及加值服務與解決方案的持續成長，併購與處分的影響極小——營收高於我們的預期，主要由於我們業務持續強勁，以及服務專案與支付網路交易案的時點因素。

Operating expenses increased 12%, including a 1 ppt increase from acquisitions and dispositions and operating income was up 15%. The net income and EPS increased 18% and 21%, respectively, driven primarily by the strong operating income growth in the quarter. EPS was $5.31, and which includes a $0.16 contribution from share repurchases. During the quarter, we repurchased $3 billion worth of stock and $648 million of additional stock through October 26 of this year.

營業費用增加 12%，其中包含併購與處分帶來的 1 個百分點（ppt）增幅，而營業利益成長 15%。淨利與每股盈餘（EPS）分別成長 18% 與 21%，主要由本季強勁的營業利益成長所帶動。EPS 為 5.31 美元，其中包含庫藏股回購貢獻的 0.16 美元。本季我們回購了 30 億美元股票，並於今年截至 10 月 26 日額外回購 6.48 億美元股票。

Now, turning to page 4, where I'll speak to the growth rates of our key volume drivers for the third quarter on a local currency basis. Worldwide gross dollar volume or GDV increased by 7% year over year. In the US, GDV increased 6% and with credit growth of 10% and debit growth of 1%, which includes the impact of the Capital One debit migration.

接著請看第 4 頁，我將以當地貨幣基礎說明第三季關鍵量能驅動因素的成長率。全球總美元交易額（GDV）年增 7%。在美國，GDV 成長 6%，其中信用卡成長 10%、簽帳金融卡成長 1%，並包含 Capital One 簽帳金融卡遷移的影響。

Outside of the US, GDV increased 8% and with credit growth of 6% and debit growth of 10%. Cross-border volume increased 11% globally for the quarter, reflecting continued growth in both travel and nontravel-related cross-border spending. Turning to Page 5. Switched transactions grew 9% year-over-year in Q3. And we continue to drive contactless penetration, which in Q3 stood at 81% of all in-person switched purchase transactions. This is up 5 ppt since the same period last year. In addition, card growth was 5%. And Globally, there are now 3.8 billion Mastercard and Maestro branded cards issued.

在美國以外地區，GDV 成長 8%，其中信用卡成長 6%、簽帳金融卡成長 10%。本季全球跨境交易量成長 11%，反映旅遊與非旅遊相關跨境支出均持續成長。請看第 5 頁。第三季交換交易筆數（switched transactions）年增 9%。我們持續推動感應式支付滲透率，第三季感應式交易占所有面對面交換購買交易的 81%。較去年同期提升 5 個百分點（ppt）。此外，卡片數量成長 5%。全球目前已發行 38 億張 Mastercard 與 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 11%, primarily driven by domestic and cross-border transaction volume growth as well as pricing. It also includes growth in rebates and incentives.

請看第 6 頁，了解以中性匯率基礎呈現的第三季淨營收成長率。支付網路淨營收成長 11%，主要由國內與跨境交易量成長以及定價所帶動。其中也包含回饋與激勵（rebates and incentives）的成長。

Value-added Services & Solutions net revenue increased 19%. This includes a minimum impact from acquisitions and dispositions and now reflects the contributions from BVNK. Excluding these impacts, the increase was driven primarily by growth in our underlying drivers, strong demand across consumer acquisition and engagement, business and marketing sites, security solutions as well as digital and authentication and finally, pricing.

加值服務與解決方案淨營收成長 19%。其中併購與處分的影響極小，並已反映 BVNK 的貢獻。排除這些影響後，成長主要由我們的基本驅動因素所帶動，包括消費者獲客與互動、商務與行銷服務、安全解決方案，以及數位與身分驗證，最後還有定價因素。

Now, let's turn to page 7. And 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 13%, while worldwide GDV grew 7%. The 6 ppt difference is primarily driven by pricing and mix. Cross-border assessments increased 16%, while cross-border volumes increased 11%.

現在請看第 7 頁。我們將討論與支付網路相關的關鍵指標。除非另有說明，所有成長率皆以中性匯率基礎呈現。快速看一下各項關鍵指標：國內評估費（domestic assessments）成長 13%，而全球 GDV 成長 7%。兩者相差 6 個百分點（ppt），主要由定價與組合（mix）所致。跨境評估費成長 16%，而跨境交易量成長 11%。

The 5 ppt difference is driven primarily by pricing in international markets and mix Transaction processing assessments were up 14%, while switched transactions grew 9%. The 5 ppt difference is primarily related to pricing and a favorable mix partially offset by lower revenue from FX volatility. Other network assessments were $285 million this quarter. Moving on to Page 8. You can see that on a non-GAAP currency-neutral basis, excluding special items, total adjusted operating expenses increased 12%, including a 1 ppt increase from acquisitions and dispositions.

兩者相差 5 個百分點（ppt），主要由國際市場定價與組合所驅動。交易處理評估費（transaction processing assessments）成長 14%，而交換交易筆數成長 9%。兩者相差 5 個百分點（ppt），主要與定價及有利的組合相關，但部分被外匯波動導致的較低收入所抵銷。本季其他網路評估費為 2.85 億美元。接著請看第 8 頁。你可以看到，在非 GAAP 的中性匯率基礎下、排除特殊項目後，調整後總營業費用增加 12%，其中包含併購與處分帶來的 1 個百分點（ppt）增幅。

The growth in operating expenses was primarily driven by spending to drive the execution of our strategic priorities, including product innovation, geographic expansion and continued investments in our technology.

營業費用的成長主要來自為推動我們策略優先事項落地而增加的支出，包括產品創新、地域擴張，以及持續投資我們的技術。

Turning to Page 9. Let me comment on the operating metric trends for Q3 and the first 3 weeks of October. Starting with Q3, switched volume and transaction metrics are generally in line with Q2 and and remained strong. Of note, the sequential increase in the U.S. switched volume was primarily due to recent commercial wins.

請看第 9 頁。我將評論第三季以及 10 月前三週的營運指標趨勢。先看第三季，交換量與交易指標大致與第二季一致，並維持強勁。值得注意的是，美國交換量的季增主要來自近期商務端的贏單。

Looking at cross-border. First, lower-yielding intra-Europe volumes were down sequentially from Q2 to Q3 driven by the impacts related to a new customs fee in the EU, timing of large retail promotional events and lower crypto purchases in the quarter compared to last year. These impacts on intra-Europe cross-border were the primary reasons for the decline in card not present ex travel sequentially and growth in higher-yielding other cross-border remained stable and slightly higher quarter-over-quarter.

再看跨境。首先，收益率較低的歐洲區內（intra-Europe）交易量自第二季到第三季呈季減，原因包括歐盟新增關稅費用的影響、大型零售促銷活動的時點，以及本季加密貨幣購買量較去年同期下降。這些對歐洲區內跨境的影響，是「非面對面（card-not-present）且不含旅遊」跨境交易季減的主要原因；而收益率較高的其他跨境交易成長則維持穩定，並較上季略有提升。

As we look to the first 3 weeks of October, spend remains strong with metrics generally in line. A few points to note. In the U.S. switched volume improved sequentially as we begin to see the lapping of the Capital One debit migration, the lift from recent commercial wins and higher spend on gas.

展望 10 月前三週，支出仍然強勁，各項指標大致一致。有幾點需要注意。在美國，交換量較上期改善，因為我們開始進入 Capital One 簽帳金融卡遷移的比較基期消退期，同時受惠於近期商務端贏單的帶動，以及汽油支出增加。

As a reminder, the Capital One debit migration began towards the end of Q3 last year and continued through Q1 '26. Looking at cross-border. The sequential impacts remain predominantly intra-Europe. Growth in cross-border cardinal present ex travel continued to see the impact from two of the areas I noted earlier.

提醒一下，Capital One 簽帳金融卡遷移在去年第三季末開始，並持續到 2026 年第一季。再看跨境。季比影響仍主要集中在歐洲區內。跨境「面對面（card-present）且不含旅遊」的成長，持續受到我先前提到的兩個因素影響。

Notably, the customs fee and a tougher comp due to higher spend on crypto purchases last year. And the slight deceleration in cross-border travel was due to timing of holidays. Overall, underlying spend remains strong and consumers and businesses are spending.

尤其是關稅費用，以及由於去年加密貨幣購買支出較高而形成更具挑戰性的比較基期。而跨境旅遊的些微放緩，則是由於假期時點所致。整體而言，基本面支出仍然強勁，消費者與企業仍在支出。

Turning to page 10, I wanted to share our thoughts for the remainder of the year. As mentioned, consumer and commercial spend was healthy in Q3 and so far into Q4. Our business fundamentals are strong, and we continue to deliver solid growth across both our payment network and value-added services and solutions. These results reflect our winning strategy, strength of our innovations diversification of our business and our relentless commitment to serving our customers.

請看第 10 頁，我想分享我們對今年剩餘期間的看法。如前所述，第三季以及目前進入第四季以來，消費者與商務支出都很健康。我們的業務基本面強勁，並持續在支付網路以及加值服務與解決方案兩大領域交出穩健成長。這些成果反映了我們致勝的策略、創新實力、業務多元化，以及我們對服務客戶的堅定承諾。

This is all underpinned by a supportive macroeconomic environment with balanced labor markets strong household balance sheets and continued wage growth. To date, consumers and businesses have demonstrated resilience, but there is heightened geopolitical uncertainty, which has persisted for some time, driving energy prices higher and putting more focus on monetary policy around the world.

這一切都建立在有利的總體經濟環境之上：勞動市場供需平衡、家庭資產負債表強健，以及薪資持續成長。迄今為止，消費者與企業展現出韌性，但地緣政治不確定性升高且已持續一段時間，推升能源價格，並使全球對貨幣政策的關注度提高。

We will continue to monitor the situation just as we always do. Our outlook on growth for the remainder of the year continues to remain positive. So turning to our expectations. For the full year 2026, we expect net revenue growth to remain at the high end of low double digits range on a currency-neutral basis, excluding inorganic activity. As a reminder, in Q2 earnings, we told you that our expectations were higher in the range compared to earlier in the year.

我們將一如既往持續監測情勢。我們對今年剩餘期間的成長展望仍維持正向。接著談談我們的預期。就2026全年而言，在排除非有機活動、以中性匯率基礎計算下，我們預期淨營收成長將維持在低雙位數區間的高端。提醒一下，在第二季財報時，我們曾告訴各位，相較於年初，我們的預期位於該區間的較高位置。

Our full year remains in line with these expectations. We anticipate minimal impact from acquisitions and dispositions and a tailwind of approximately 1 ppt from foreign exchange. We also expect full year operating expenses growth to remain in line with previous expectations at the low double-digit range versus a year ago on a currency-neutral basis, excluding inorganic activity.

我們對全年的看法仍與這些預期一致。我們預期併購與處分的影響極小，且外匯將帶來約1個百分點（ppt）的順風。我們也預期，2026全年營業費用成長將與先前預期一致：在排除非有機活動、以中性匯率基礎計算下，較去年同期維持在低雙位數區間。

We expect a minimal impact from acquisitions and dispositions and a headwind of 0.5 to 1 ppt from foreign exchange on a full year basis. As it relates to our expectations for the fourth quarter of 2026, year-over-year net revenue growth is expected to be at the high end of low double digits range on a currency-neutral basis, excluding inorganic activity.

我們預期併購與處分的影響極小，而外匯在全年基礎上將帶來0.5到1個百分點（ppt）的逆風。至於我們對2026年第四季的預期，在排除非有機活動、以中性匯率基礎計算下，淨營收年增率預期將位於低雙位數區間的高端。

We expect minimum impact from acquisitions and dispositions and a headwind of approximately 1 ppt from foreign exchange primarily driven by the strengthening of the U.S. dollar over the past quarter. From an operating expense standpoint, we expect Q4 growth to be at the high end of low double digits range versus a year ago, again, on a currency-neutral basis, excluding inorganic activity. We anticipate a 1 ppt drag from acquisitions and dispositions, while foreign exchange is forecasted to be a tailwind of approximately 0.5 ppt for the quarter.

我們預期併購與處分的影響極小，而外匯將帶來約1個百分點（ppt）的逆風，主要是由於過去一季美元走強所致。就營業費用而言，我們預期第四季較去年同期的成長將位於低雙位數區間的高端，同樣是在排除非有機活動、以中性匯率基礎計算下。我們預期併購與處分將造成1個百分點（ppt）的拖累，而外匯預估在本季將帶來約0.5個百分點（ppt）的順風。

On other income and expense, in Q4, we expect an expense of approximately $115 million. This excludes gains and losses on our equity investments. which are excluded from our non-GAAP metrics. And finally, we expect a non-GAAP tax rate in the range of 20% to 21% for both the full year and Q4. And with that, I will turn the call back over to Devin.

關於其他收入與費用方面，第四季我們預期費用約為1.15億美元。此數字不包含我們股權投資的損益。該等損益亦不納入我們的非GAAP指標。最後，我們預期全年與第四季的非GAAP有效稅率將落在20%至21%的區間。接下來我把電話交回給Devin。

Thank you. Elodie, you may now open the line for questions.

謝謝。Elodie，現在可以開放提問。

(Operator Instructions) Harshita Rawat, Bernstein.

（接線員指示）Harshita Rawat，Bernstein。

Michael, I want to ask about agent commerce. A lot has been happening here, and it seems like there's a lot of patchwork of checkout options ranging from single-use virtual cards to wallets. My question is, how important it is for you that Mastercard agent opens are being used as opposed to wallets their virtual cards? And I know you have your own probability-based risk signals that agent pay now is be -- and how can you drive adoption for Mastercard agent today? I know you talked about Shop and OpenAI as well.

Michael，我想問一下代理商務（agent commerce）。這裡發生了很多事情，看起來結帳選項相當零散，從一次性虛擬卡到錢包都有。我的問題是，對你們而言，使用Mastercard的agent opens（代理開通）相較於使用錢包或其虛擬卡，有多重要？我也知道你們有自己基於機率的風險訊號，agent pay now正在——你們要如何推動Mastercard agent在當下的採用？我知道你們也提到Shop和OpenAI。

Thanks, Harshita. Good morning, everyone. So the -- this is an important question. So Agent e-commerce, first of all, we think is the next evolution of digital commerce. It is -- went through a year and a bit in terms of getting the ecosystem ready. There is agent payout there.

謝謝你，Harshita。各位早安。這——這是一個重要的問題。首先，代理電商（Agent e-commerce）我們認為是數位商務的下一次演進。在讓生態系就緒方面，已經歷了一年多一點的時間。那裡也有agent payout（代理付款/撥付）。

There are the solutions out there and you just ranged an additional -- you just listed an additional set of checkout ways that are out there. So the ecosystem is kind of balancing out. So when you think about what matters, what I said in my prepared remarks is the trust and the payment is key. The trust and the agent is key, the trust in the ecosystem is key. And generally reach is key.

市面上已有相關解決方案，而你剛才也列舉了更多目前存在的結帳方式。因此生態系正在逐步取得平衡。所以當你思考什麼最重要時，我在事先準備的談話中提到：信任與支付是關鍵。對代理的信任是關鍵，對整個生態系的信任是關鍵。而且整體覆蓋/觸及（reach）也很重要。

So we think that, that matters to merchants, that matters to consumers. Altogether, I think this is the direction that the ecosystem is going into. So it's also true, though, that not everybody is ready at the same time. So there's a lot of patch work going on right now. And I wouldn't call that solutions as kind of patching towards what is the gold goal here.

我們認為這對商戶很重要，對消費者也很重要。整體而言，我認為這就是生態系正在前進的方向。不過也確實不是每個人都能在同一時間準備好。所以目前確實存在很多拼湊式（patchwork）的做法。而我不會把那些解決方案稱為朝向最終目標的「補丁式」拼接。

And the gold goal I just listed is you have protect the transaction that works in the same way as consumers are used to and merchants are used to. So one of the things that need to happen for this to really take off is. Consumers need to feel comfortable so use of agent pay and having registered agent is a key thing.

我剛才列出的最終目標是：你要保護交易，而且運作方式要與消費者與商戶既有的使用習慣一致。因此，若要真正起飛，其中一件必須發生的事是——消費者必須感到安心，因此使用agent pay並擁有已註冊的代理（registered agent）是關鍵。

And the other thing is merchants need to be actually discoverable because then the other side of the transaction isn't really working. So that's a piece that is slightly behind the first one. So if everybody uses agent pay, that doesn't mean that every merchant is still discoverable. And by the way, there are other solutions out there similar to agent pay, but it's not virtual cards.

另一件事是商戶必須能被實際「發現」（discoverable），否則交易的另一端就無法真正運作。這一塊相較於第一點稍微落後一些。所以即使大家都使用agent pay，也不代表每個商戶都已經可被發現。順帶一提，市面上也有其他與agent pay類似的解決方案，但不是虛擬卡。

So on the merchant discoverable side, so how do I get my product catalog as a merchant into an agentic experience that a consumer is choosing -- that's the key thing. So our Agent Connect solution helps to bridge that one. So we're kind of ready to take off. It is in everybody's best interest to use agent pay and equivalent we are not supporting solutions that take a onetime VCNs out there as fronting a transaction. that fundamentally breaks a transaction that is important from a consumer perspective.

因此在商戶可被發現這一端，作為商戶，我要如何把我的產品目錄（product catalog）帶入消費者所選擇的代理式體驗（agentic experience）——這是關鍵。我們的Agent Connect解決方案有助於銜接這一點。所以我們已經準備好起飛。使用agent pay及其等效方案符合所有人的最大利益；我們不支持以一次性VCN（虛擬卡號）作為交易前置（fronting a transaction）的解決方案。因為那會從根本上破壞一筆對消費者而言很重要的交易。

They made a choice. It's important from a rewards perspective, from a control perspective, so forth. So I think we're at this turning point where everybody is pushing in the same direction. We are very clear that fully tokenized all the way through AgenticPay or an equivalent is the way to go. If we get this all right, it will truly be the next evolution of digital commerce.

消費者已經做出選擇。這在回饋（rewards）、控管（control）等面向都很重要。所以我認為我們正處在一個轉折點：大家都在往同一個方向推進。我們非常清楚，透過AgenticPay或等效方案做到端到端完全代幣化（fully tokenized all the way through）才是正確方向。如果我們把這一切都做對，它確實會成為數位商務的下一次演進。

Tien-Tsin Huang, JPMorgan.

Tien-Tsin Huang，JPMorgan。

Great results here. Welcome to the call. I wanted to ask on just the outperformance and growth for the quarter and the 2 points of acceleration in revenue growth, it seemed pretty broad-based, but just want to maybe if you just give us a little bit more detail on that, anything that was more onetime in nature, et cetera.

這裡的成果很不錯。歡迎加入電話會議。我想就本季的超預期表現與成長，以及營收成長加速2個百分點這點提問；看起來相當廣泛，但想請你們再多提供一些細節，是否有任何較偏一次性（onetime）性質的因素等等。

Thank you, Tien-Tsin, for the question. Yes, if I look at the overall performance in Q3, it really speaks to the strength of the business, and it's very much broad-based, especially in value-added services and solutions. I do want to point out, as you probably heard in my prepared remarks, there is also a little bit timing of services projects and also the signing of deals moving from Q4 to Q3.

謝謝你，Tien-Tsin，提問。是的，如果我看第三季的整體表現，這確實反映了業務的強勁，而且非常廣泛，特別是在加值服務與解決方案方面。我也想指出，正如你可能在我事先準備的談話中聽到的，這裡也有一些服務專案時點（timing）的因素，以及部分交易簽約從第四季提前到第三季。

So that really means it is a revenue benefit for Q3 and you will see a similar offset in Q4. But overall, we continue to see strength the underlying business is very strong. Consumers and businesses are spending. The overall environment remains very supportive consumer sentiment is positive. So, all those things are very good. But we also know there's uncertainty, there's puts and takes. But overall, Q3 is very strong, and we're very, very glad about the accomplishment.

因此這代表第三季的營收受益，而你會在第四季看到相對應的抵銷。整體而言，我們仍持續看到強勁動能，基本面非常強。消費者與企業都在支出。整體環境仍相當有利，消費者信心為正向。所以這些因素都非常好。但我們也知道仍存在不確定性，有利有弊、此消彼長。不過整體來看，第三季非常強勁，我們也對這項成果感到非常、非常高興。

Adam Frisch, Evercore ISI.

Adam Frisch，Evercore ISI。

Cross-border is seller a little bit, still obviously strong, but I know there were some portfolio changes in recent quarters. So should we expect some modest acceleration there as you move forward and lap the comps? Or are there some underlying trends that are having a larger effect? And then, Michael, just a clarification. If there's a processor that is using a virtual card to facilitate a genetic transaction. So if I put my Mastercard in this particular wallet and they use a virtual card to facilitate the transaction. Are you not supporting that scenario?

跨境方面作為賣方有一點點（放緩），但顯然仍然強勁；不過我知道近幾季投資組合有一些調整。因此，隨著你們往前走、並在同比基期（lap the comps）之後，我們是否應該預期那邊會有一些溫和的加速？還是有一些更深層的趨勢正在產生更大的影響？然後，Michael，我再澄清一下。如果有一家處理商使用虛擬卡來促成一筆「基因」交易。也就是說，如果我把我的 Mastercard 放進某個特定錢包裡，而他們用虛擬卡來促成交易。你們是不支援這種情境嗎？

Thanks, Adam. Let me take the first part of the question first. First, after that, I would say, when you look at cross-border volume at 11%, that is very strong. And then not to also minimize the revenue side, cross-border assessment is 16% growth. So that's very strong performance.

謝謝你，Adam。我先回答問題的第一部分。首先，我會說，當你看跨境交易量成長 11% 時，這是非常強勁的。另外也不要忽略營收端，跨境評估費（cross-border assessment）成長 16%。所以這是非常強的表現。

If we break it out a little bit, as you heard me talk about, if you look at the cross-border Cato president, excluding travel, you're seeing Q2, 20% going to 15%, but 15% is also very strong, and I provided the explanations for why we are seeing a little bit of a downward trend in terms of the volume. And mostly, it's intra, which is lower yielding and the other cross-border volume, which is the intra volume remains very healthy, very resilient.

如果我們再拆開來看一點，正如你聽到我提到的，如果看跨境 Cato president（不含旅遊），你會看到第二季從 20% 走到 15%；但 15% 也仍然非常強，而我也提供了我們為何在交易量上看到些微下行趨勢的解釋。而且主要是 intra（區內/境內）這一塊，這部分收益率較低；而其他跨境交易量方面，intra 交易量仍然非常健康、非常有韌性。

Now. as I have always said, we benefit from our diversification. So you can have impact hitting in one segment, one, geography, but we can handle that because we're diversified and also benefit from upticks in other areas. A great example this year is we saw some negative impact out of the Middle East, the GCC countries but then we see this benefit in terms of outbound from Venezuela, right? So -- and in terms of where cross-border travel stands, I alluded to the fact that, yes, the Middle East conflict will continues to have an impact.

現在，如同我一直說的，我們受益於多元化。所以某一個區隔、某一個地理區域可能會受到衝擊，但我們能夠承受，因為我們是多元化的，同時也能受益於其他領域的回升。今年一個很好的例子是：我們看到中東、GCC 國家帶來一些負面影響，但同時我們也看到來自委內瑞拉的出境（outbound）帶來的好處，對吧？所以——至於跨境旅遊目前的狀況，我也提到過，是的，中東衝突仍將持續帶來影響。

But as we look at the balance of the year, as we've told you before, we are expecting a level that's similar to the end of Q2, and that's what we see in Q3.

但當我們看今年剩餘時間，如同我們之前告訴各位的，我們預期水準會與第二季末相近，而這也是我們在第三季所看到的。

So I think about the Middle East conflict. I think about the share shifts you mentioned both the discrete and do not represent any fundamental change to our proposition. I think the underlying spend remains strong, and we're very focused on driving cross-border travel. We have those services that's called optimization, travel rewards. So we'll continue to do that.

所以我會想到中東衝突。我也會想到你提到的市占移轉，無論是離散的（discrete）或其他，這些都不代表我們價值主張有任何根本性的改變。我認為底層的支出仍然強勁，而我們非常專注於推動跨境旅遊。我們有一些服務叫做 optimization（最佳化）、travel rewards（旅遊獎勵）。所以我們會持續推進。

So what's important to note is that we will continue to be focused on giving our consumers the right propositions for cross-border, whether it's travel or on travel.

因此，重要的是要注意：我們會持續專注於為消費者提供正確的跨境價值主張，不論是旅遊相關或非旅遊相關。

And, Adam, to your clarification question on Gentex. So let me -- let me be very clear. What we're not supporting is VCN as a solution in between that is not the consumer scenario that actually you asked. You said, if you put your card somewhere into an agent as an agent first solution or whatever it is, do what they do and that's their choice, and we try to get the many choices to choose Mastercard.

Adam，關於你對 Gentex 的澄清問題。我——我想說得非常清楚。我們不支援的是把 VCN 當作中間層的解決方案；那並不是你剛才問的那種消費者情境。你問的是：如果你把卡放到某個代理（agent）裡，作為一個以代理為先（agent-first）的解決方案或不管是什麼，他們怎麼做是他們的選擇，而我們會努力讓他們有更多選項可以選擇 Mastercard。

VCN is a processor decision that is a bridge to get ready for a fully tokenized transaction all the way through for a period of time. We are cognizant that this ecosystem needs to get there. No question about it, but that's not a long-term solution that we will support.

VCN 是處理商的一個決策，它在一段時間內作為橋接，讓整個流程逐步準備好，最終達到端到端完全代幣化（tokenized）的交易。我們知道這個生態系需要走到那一步。毫無疑問，但這不是我們會長期支援的解決方案。

Andrew Schmidt, KeyBanc Capital Markets.

Andrew Schmidt，KeyBanc Capital Markets。

Maybe we could just touch on the competitive environment in in developing markets like India and Brazil, where there are entrenched A2A systems the DFC deal sort of peaked my interest. But there's been some interesting developments there. UPI pricing has increased. It seems like the markets might be broadening out a little bit. But if you could just talk about positioning, any changes there, that would be helpful.

也許我們可以談一下在印度、巴西這類新興市場的競爭環境，那裡有根深蒂固的 A2A 系統；HDFC 這筆合作讓我很感興趣。不過那邊也有一些有趣的發展。UPI 的定價提高了。看起來市場可能正在稍微擴大一些。但如果你能談談你們的定位、以及是否有任何變化，會很有幫助。

All right. Thank you for your question. So let me just frame up the payment ecosystem to start with, super competitive, and there's nothing new there. So it's been competitive for some time. And you have these wide ranges of competitors that are coming in into payments and seeing the potential that we are seeing.

好的。謝謝你的提問。我先從支付生態系的框架談起：競爭非常激烈，這並不新鮮。所以它已經競爭了一段時間。而且你會看到非常廣泛的競爭者進入支付領域，並看見我們所看到的潛力。

So if I go through some categories because -- before I find my way all the way to India, digital players, wallets, buy now, pay later providers have come in and Indian found a way to partner because we provide scale and protections and so forth. So that's one angle on how we deal with how we partner with new entrants. Stablecoin has been another kind of shift in the ecosystem.

如果我按幾個類別來說——在我一路講到印度之前——數位玩家、錢包、先買後付（buy now, pay later）供應商都進來了，而他們也找到了合作方式，因為我們能提供規模、保護等。這是我們如何與新進者合作的一個面向。穩定幣（stablecoin）則是生態系的另一種轉變。

We've integrated that into our system to make that is available because we believe in consumer choice. And we partner with governments and central banks around the world, and we do that on financial inclusion. We do that in protecting their economies. There are so many ways on how we're engaged in these 220 countries and territories around the world.

我們已把它整合進我們的系統，讓它可被使用，因為我們相信消費者選擇。我們也與全球各地的政府與央行合作，推動金融普惠。我們也協助保護他們的經濟體。在全球 220 個國家與地區，我們參與其中的方式非常多元。

Now, you mentioned India, in particular, India is a somewhat unique situation but not totally unique. You could draw some comparison to Brazil as well. where there's two large economies that had one particular issue that wasn't solved by the private sector, and that was financial inclusion with very large population sets where people don't have access. I talked about this in my prepared remarks that we, as the private sector and Mastercard in particular, is very focused on financial inclusion. So, we are driving that. Now -- but it is true that in India, one of the most competitive and dynamic payments markets in the world.

你特別提到印度；印度在某種程度上是獨特的情況，但也不算完全獨特。你也可以拿巴西做一些類比。這兩個大型經濟體都面臨一個私部門未能解決的特定問題，那就是金融普惠：人口規模非常龐大，很多人沒有取得金融服務的管道。我在事先準備的發言中提到，我們作為私部門、尤其是 Mastercard，非常專注於金融普惠。所以我們正在推動這件事。不過——確實，印度是全球最具競爭性、最具動態的支付市場之一。

The Indian government has led the setup of UPI, which is a tremendous system and has brought a lot of people into the financial ecosystem, which is generally fantastic. This has grown to considerable scale. But if we go by reports, there are reports that are saying that the government is considering the kind of owners of UPI are considering to have some additional fees in there that will -- presumably, I mean, I can't talk for them, but it's really the interest of taking this amazing ecosystem that they have built and continue to fund it in a way that works for all parties. -- as it continues to grow.

印度政府主導建立了 UPI，這是一個非常卓越的系統，讓很多人進入金融生態系，整體而言非常棒。它已成長到相當大的規模。但如果依據一些報導，有報導指出政府正在考慮——或是 UPI 的相關持有人正在考慮——加入一些額外費用；這將——我推測，我不能替他們發言——但其目的應該是為了讓他們建立的這個驚人的生態系，能以對各方都可行的方式持續獲得資金支持。——隨著它持續成長。

So that is a decision that we fundamentally welcome. We continue to engage in India very effectively with the government, with the private sector. we have meanwhile spent the time to strengthen our debit proposition, which competes in the market. But fundamentally, I see what UPI has done is bringing a funnel of people into the digital ecosystem that will grow and they will grow, they will graduate to different sets of products, which will include debt and eventually credit. So there is so much opportunity in India as well as in Brazil where we essentially pursue the same strategy.

因此，這是一個我們從根本上歡迎的決策。我們持續在印度與政府、私部門進行非常有效的互動。同時，我們也花時間強化我們的簽帳金融卡（debit）價值主張，以在市場中競爭。但從根本上看，我認為 UPI 所做的是把人們導入數位生態系的漏斗（funnel）；這些人會成長、會進階到不同的產品組合，其中會包含借記（debit），最終也會包含信用（credit）。所以印度有非常多的機會；巴西也是，我們基本上採取相同策略。

So it's partner and compete. It's a market where we are open to compete, same for Brazil, and that is kind of the key aspect for that. So overall, I think no news on the India front, but the HDFC deal is news. So winning with the largest private sector bank in India is fundamentally something we're very excited about. So we continue to lean in.

所以是合作並競爭（partner and compete）。這是一個我們願意參與競爭的市場；巴西也是一樣，這就是其中的關鍵面向。總體而言，我認為印度方面沒有什麼新消息，但 HDFC 這筆合作是新消息。能與印度最大的民營銀行合作勝出，從根本上來說是我們非常興奮的事。所以我們會持續加大投入。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Just maybe when we look at VAS, and again, I know there were some onetime or near-term items, but the overall strength is consistent. And so maybe just touch again on the key drivers honing in a little bit on cyber, and what you're seeing there? I know recorded future has had some really good success with a lot of governments that are maybe even incremental to just payments offerings. So can you help us expand on what that could mean for the overall business going forward?

或許當我們看VAS時——而且我知道其中有一些一次性或短期項目——但整體的強勁表現是一以貫之的。所以能否再談談關鍵驅動因素，特別聚焦一下資安（cyber），以及你們在那裡看到的情況？我知道Recorded Future在許多政府客戶上取得了非常好的成果，這些可能甚至是相對於僅提供支付方案的增量。所以你能否幫我們延伸說明，這對未來整體業務可能意味著什麼？

And then just a quick question on the puts and takes for Q4, if you don't mind, just if you could quickly just give us a sense, when we know comps get a little bit easier, the Capital One conversion started and pricing continues to be strong for our checks for fourth quarter. So what are the puts and takes on guide for Q4?

另外再快速問一個關於第四季（Q4）指引的利多與利空（puts and takes）的問題，如果你不介意的話：當我們知道比較基期（comps）會變得稍微容易一些、Capital One的轉換已經開始、而且定價對我們第四季的檢視仍然維持強勁。那麼Q4指引的利多與利空有哪些？

Okay. Well, let me start with the color on the financials first. So Darren, you're absolutely right. Broad-based strength in value-added services -- if I think about where the strength and the durability come from, I think about the following. First of all, as we have told you, 60% of our services are network linked, so the drivers themselves create a tailwind.

好的。我先從財務表現的補充說明開始。所以Darren，你完全說對了。加值服務（value-added services）的廣泛性強勁——如果我思考強勁與韌性來自哪裡，我會想到以下幾點。首先，正如我們告訴過各位的，我們60%的服務與網路（network）連結，因此這些驅動因素本身就形成順風。

So that ability to have payment volume where we can then apply services and the services then create the differentiation. That's the flywheel effect, and we're very proud of this business model. Secondly, if I look at services, just if I think about existing services, there's room for further penetrating our existing customer base, right?

也就是說，我們能夠擁有支付量，然後在其上應用服務，而服務又能創造差異化。這就是飛輪效應（flywheel effect），我們對這個商業模式感到非常自豪。第二，如果我看服務本身——就既有服務而言——我們仍有空間進一步滲透現有客戶基礎，對吧？

So if we have a very disciplined approach in terms of cross-sell, upsell in terms of looking at our customer base and where the penetration gap is. And the third on I would say is, you mentioned it, room for new services in cyber, in the new world of Gentek or the evolution towards that. And by the way, I don't think Gentech is going to be the only mode of commerce. It is going to be multimodal.

因此，我們在交叉銷售（cross-sell）、向上銷售（upsell）方面採取非常嚴謹的方法，會檢視客戶基礎以及滲透率缺口在哪裡。第三點我會說是——你也提到了——在資安領域的新服務空間，以及在Gentech新世界或朝那個方向演進的過程中。順帶一提，我不認為Gentech會是唯一的商務模式。它將會是多模態（multimodal）的。

So therefore, have to be versatile and cut across all these different modes, whether it's in-person transactions, online and genetic down the world, they're going to all coexist and that speaks to the versatility of the network and our services can apply across the board. And cyber is a big issue. AI will create more vulnerabilities.

因此，我們必須具備彈性，能橫跨所有不同模式——不論是實體交易、線上交易，以及基因（genetic）世界的下行延伸——它們都會共存；這也凸顯了網路的多元適用性，而我們的服務可以全面適用。而資安是一個重大議題。AI將帶來更多脆弱點。

And therefore, will need to come up with the best solutions to help our customers and consumers -- customers safeguard the network, but and their systems and the consumers to safeguard their well. So fundamentally, those are the things that are driving. Before I hand over to Michael, you also asked about the Q4 guidance and the puts and takes.

因此，我們需要提出最佳解決方案來協助我們的客戶與消費者——協助客戶保護網路以及他們的系統，也協助消費者保護他們自身。所以從根本上說，這些就是驅動因素。在我把話題交給Michael之前，你也問到了Q4指引的利多與利空。

I would say -- again, I talked about the timing of revenue. So you see a little bit acceleration and services play a big role because we accelerated a lot of the services projects in Q3. And therefore, accordingly, you're going to see an offset in Q4 Michael, please?

我會說——同樣地，我談過營收時點。所以你會看到一些加速，而服務扮演了很重要的角色，因為我們在Q3加速了許多服務專案。因此，相應地，你會在Q4看到抵銷。Michael，請？

Yes, you gave a very holistic answer. I just want to kind of remind everybody. So this situation where AI is not only driving productivity upside and is fueling new products for us, but it is also unfortunately a tool in the hand of fraudsters and scammers and so forth. So that's -- that's a situation that is fairly new. What is not new is that we stepped into the security market like a decade ago.

是的，你給了一個非常全面的回答。我只是想提醒大家一下。目前這種情況是：AI不僅帶來生產力提升、也在為我們催生新產品，但不幸的是，它同時也成了詐欺犯、騙子等人手中的工具。所以——這是一個相當新的情況。不新的部分是：我們大約十年前就進入了安全（security）市場。

So we are very deeply invested in base. And this has been a significant contributor to our growth rate for the past decade. So overall, that business was initially a fraud related, and we expanded into identity and now we're in cybersecurity in a significant way, and I talked about that in the prepared remarks.

所以我們在這個基礎上投入非常深。而且在過去十年裡，這一直是我們成長率的重要貢獻者。整體而言，這項業務最初與詐欺相關，之後我們擴展到身分（identity），現在我們也以相當顯著的方式進入資安（cybersecurity），我在事先準備的發言中也談到了。

We -- I don't want to take too much credit, but our recorded future kind of looked ahead and say, in this kind of a world where the threats are coming from all sides, it is so critical for us to provide threat intelligence to people because nobody can really defend themselves against all these risks. So if you knew with higher probability where your risk is going to be, particularly on the payment side and the fraud side, what are the compromised cards, et cetera. So has been a long arc for us, and it just meets the moment, but that business has been growing very fast all the time. So we're not expecting a significant kind of jump from one day to the other. So all of this is kind of playing out at the right time and as predicted and expected for us.

我們——我不想把功勞都攬在自己身上——但我們的Recorded Future某種程度上是超前部署，並指出：在這種威脅四面八方而來的世界裡，為人們提供威脅情資（threat intelligence）至關重要，因為沒有人能真正獨自防禦所有這些風險。所以如果你能以更高的機率知道風險會出現在哪裡——特別是在支付端與詐欺端，例如哪些卡片已遭到外洩（compromised cards）等等。對我們而言這是一段長期的發展軌跡，而現在正好契合當下；但那項業務一直以來都成長非常快。因此，我們不預期會出現那種一夕之間的大幅跳升。所以這一切都在正確的時間點展開，並且如我們所預測與預期。

Will Nance, Goldman Sachs.

Will Nance，高盛（Goldman Sachs）。

I heard some of the commentary on some of the entry Europe volumes -- and I was just wondering if you could kind of take a step back, talk holistically about what you're seeing around the European consumer. -- peeling back some of the noise, there's been a lot of focus on energy shocks. -- when you take out some of the discrete impacts, how are you kind of feeling about the trajectory of consumer spending there. Appreciate it.

我聽到一些關於歐洲境內（intra-Europe）交易量的評論——我想請你們稍微退一步，從更宏觀的角度談談你們對歐洲消費者的觀察。——撇除一些雜訊，市場一直很關注能源衝擊。——當你把一些離散影響拿掉後，你們對那邊消費支出走勢的感受如何？謝謝。

Thank you, Will. I'll take this one. So of course, before this job, I also oversaw Europe, it's a very important market for Mastercard, very sizable I would say, if I take a look at the macro environment right now, the European consumers are very resilient. That's probably the best description. And the other thing that I would say is I see in our own business, in the payment business, we see a lot of innovation.

謝謝你，Will。我來回答這題。當然，在做這份工作之前，我也負責過歐洲；對Mastercard而言那是一個非常重要、規模也相當大的市場。我會說，如果我看目前的總體環境，歐洲消費者非常有韌性。這大概是最貼切的描述。另外我想說的是，在我們自身的業務、也就是支付業務中，我們看到很多創新。

That innovation comes from our customers, whether the banks, the fintechs, the digital players, but also our teams on the ground, right?

這些創新來自我們的客戶——不論是銀行、金融科技（fintech）、數位玩家——也來自我們在當地的團隊，對吧？

And that is going to be a very important driver in terms of our growth. To your specific question about intra-Europe, I talk about the reasons, right? -- nothing structural. It's more about timing and comparisons. And -- but I think overall, we see the market being stable and consistent right now.

而這將會是推動我們成長的一個非常重要的驅動因素。至於你具體問到的歐洲境內（intra-Europe），我談過原因，對吧？——沒有結構性問題。更多是時點與比較基期的因素。而且——但我認為整體而言，我們目前看到市場是穩定且一致的。

We've got some shift. But we will continue to win deals in this market as well. And we are seeing tremendous success in value-added services and solutions. Europe is probably a standout on this front. So that's also very important for us to achieve that sustainability.

我們確實看到一些轉移。但我們也會持續在這個市場贏得案子。而且我們在加值服務與解決方案方面看到非常亮眼的成功。歐洲在這方面可能是特別突出的。所以這對我們達成可持續性也非常重要。

And I can add 1 point. I think it's important to remind us when we look across Europe, very evolved economies, but it's still also true that at the same time, you still have a significant secular opportunity, as I mentioned in my prepared remarks earlier.

我可以再補充一點。我認為重要的是提醒大家：當我們放眼歐洲，雖然是非常成熟的經濟體，但同時也仍然存在顯著的長期結構性機會（secular opportunity），正如我先前在準備好的發言中提到的。

So DVSK Faranak are just two big wins that are going to help us eat into that secular opportunity in parts of rural Germany, for example. So -- it's not just about spend. It's also about the secular opportunity and the tools that Ling hai referred to are going to help us to go after that in many different ways, including our real-time payment position in Europe and our services and our care propositions.

所以DVSK和Faranak只是兩個重大勝利，將幫助我們在例如德國鄉村地區等部分市場切入並把握那個長期結構性機會。所以——不只是關於支出。也關乎長期結構性機會，以及Ling hai提到的工具將如何幫助我們以多種不同方式去爭取，包括我們在歐洲的即時支付（real-time payment）布局、以及我們的服務與我們的care主張（propositions）。

Timothy Chiodo, UBS.

Timothy Chiodo，瑞銀（UBS）。

Great. I also want to touch on some of the mechanics around the genetic commerce. So appreciating that we're moving past the onetime use virtual card at some point and moving more towards the long term of Agentic network tokens.

很好。我也想談談圍繞「基因式商務」的一些運作機制。也就是說，理解到我們在某個時間點會從一次性使用的虛擬卡往後走，並更朝向 Agentic 網路代幣的長期方向發展。

Specifically, I'd like to dig into some of the steps for merchant readiness -- you mentioned earlier some of the discoverability aspect, and I totally appreciate that. But I want to focus a little bit more on the ability to accept a network token and some of the work that's being done by either merchant acquirers or the merchants themselves to be ready for that? And whether or not the standard website can be that acceptance tool or if separate endpoints might be needed in certain cases, any of that mechanic and the progress being made there would be much appreciated.

具體來說，我想深入了解商戶就緒（merchant readiness）的一些步驟——你先前提到一些可發現性（discoverability）的面向，我完全理解。但我想更聚焦在接受網路代幣（network token）的能力，以及收單機構或商戶本身為了做好準備所進行的工作？另外，標準網站是否就能作為接受工具，或在某些情況下可能需要獨立的端點（endpoints）；任何這些機制與目前取得的進展，都將非常感謝。

Right. It's -- Tim, this is a wide, wide spectrum on kind of where merchants are on that to take a small business that is just has moved from a physical-only business to having some sort of digital component of their business, they're going to need all the help they can get to set that up and you take a large merchant.

對。Tim，這是一個非常、非常廣的光譜，取決於商戶目前所處的位置：從一家小型企業剛從純實體經營轉向加入某種數位化成分，他們在建置上會需要能得到的所有協助；到大型商戶。

They're going to probably consider a first merchant first genic agent experience themselves in putting their own agent out there, so -- and everything in between. So -- the community of PSCs and ISVs and processors are going to be absolutely critical to cater to all of that. We will -- with our solutions, Agentic Pay, Agent Connect, et cetera, what we're solving for is that the individual merchant will not have to go with one solution for one partner with some other solution for some other partners because we're going to be that interface with a lot of that. So that's kind of where we are.

他們很可能會自己考慮打造第一個「商戶端、第一代」的 Agentic 代理體驗，把自己的代理（agent）放到市場上——以及介於兩者之間的各種情況。因此，PSCs、ISVs 與處理商（processors）的生態社群，將在滿足這些需求上扮演絕對關鍵的角色。我們將——透過我們的解決方案，如 Agentic Pay、Agent Connect 等——要解決的是：個別商戶不必為了不同合作夥伴而採用不同解決方案，因為我們會成為其中很大一部分的介面。這大致就是我們目前的位置。

There's a lot of details and nitty gritties in that our Chief Digital Officer, Jorn loves talking about this in all the detail that you want. But currently, that is the situation. So we are covering the base that we can cover as a network, and we're engaging the processor community ensure that things like VCNs are only a bridge because that's not a good long-term solution. But some of these issues that you highlighted, Tim, need to be addressed because otherwise, it's not going to take off, and we believe it will take off.

這裡面有很多細節與繁瑣之處；我們的首席數位長 Jorn 很喜歡就你想要的任何細節深入討論。但就目前而言，情況就是如此。因此，我們作為網路（network）會把能覆蓋的基礎先打好，同時也在與處理商社群合作，確保像 VCN（虛擬卡號）這類東西只是過渡橋樑，因為那不是好的長期解法。但你提到的其中一些問題，Tim，必須被解決，否則就無法起飛；而我們相信它會起飛。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

I guess, Michael, it's been three months since the BVNK NK acquisition. -- and the stable coin ecosystem continues to evolve. And I know there's a lot also happening with Gentek as well. So I'm just curious like what your observations are with BVNK -- do you think the opportunity is sort of moving forward, any learnings? And obviously, any other types of deals you might do in the space.

我想，Michael，距離 BVNK NK 併購已經三個月了。——而穩定幣生態系仍在持續演進。我也知道 Gentek 那邊也有很多進展。所以我很好奇你對 BVNK 的觀察是什麼——你覺得這個機會是否正在往前推進，有沒有什麼學習？以及當然，你們在這個領域是否還會做其他類型的交易。

Right. Thanks, Sanjay. Always good to hear your voice. So BVNK, it closed between the last call and this call. So that's the first big piece.

對。謝謝你，Sanjay。總是很高興聽到你的聲音。所以 BVNK 的交易是在上一次電話會議與這一次電話會議之間完成交割的。這是第一個重點。

And we are very happy that it closed -- we're getting really strong out of the gate from day 1 the joint new product that I referred to in my prepared remarks, the Global Money account is out there. So that takes our capabilities on the MasterCard side, our global reach, and it takes the stable coin capabilities of send, receive store, convert and puts it all together to enable our customers to choose between and funds on the other side for our customers other. So.

我們非常高興它完成交割——從第一天起，我們就看到非常強勁的起步；我在事先準備的發言中提到的聯合新產品「Global Money account」已經推出。它把我們在 Mastercard 端的能力與全球覆蓋，結合 BVNK 的穩定幣能力（發送、接收、儲存、兌換），整合在一起，讓我們的客戶能在不同選項之間做選擇，並在另一端為我們的客戶提供資金安排。所以。

Tremendous product, very good, great in demand. So this is really good. This just came at the perfect time on where the ecosystem is going.

這是一個非常出色的產品，表現很好、需求也很強。所以這真的很棒。在生態系發展的這個節點上，這來得正是時候。

NK, if I just go a step back and say, what are they doing for us? What is in its simplest form, the reason for them to join us. And here, it is really providing that choice between and all these capabilities and receive, convert in store, that's very much it. But there are some other reasons for choosing BVNK and not choosing to build this our own. One is they have the full licensing footprint that is needed and then have a very established compliance function.

NK，如果我退一步來說，他們為我們做了什麼？用最簡單的方式來說，他們加入我們的原因是什麼？在這裡，核心就是提供「選擇」以及這些能力：接收、兌換與儲存——基本上就是這些。但選擇 BVNK、而不是選擇我們自己從零打造，還有其他原因。其中之一是他們具備所需的完整牌照佈局（licensing footprint），並且擁有非常成熟的合規職能。

So if you do all the send and receive that you want, we want to like a short that is totally fully compliant, very visible, easily manage two of our customers, and then we are very reliable taking that responsibility on that's the piece. And the other is really the native talent in the digital asset space. So we now have a set of colleagues. So we just had our global leadership meeting and they were there. And you just see a very different mindset coming into Mastercard, which is excellent.

所以，不管你想做多少發送與接收，我們都希望它是完全合規、非常透明、容易管理、面向我們客戶也清晰可見；而且我們承擔這份責任時也非常可靠——這是其中一塊。另一塊則是他們在數位資產領域的原生人才。因此我們現在多了一群同事。我們剛開完全球領導團隊會議，他們也在場。你會看到一種非常不同的思維方式進入 Mastercard，這非常好。

So all those new product is out a different mindset is in compliance is ready and we're out in the market. and we're seeing great demand as this is very straightforward for our customers to say, all right, I want to somehow -- and let's take a bank. I have really no conversation with the bank CEO where this topic doesn't come up. What should I be doing into dental asset space? Obviously, there's a bunch of banks who are very clear what they want to do, but there are many others who are not very clear and asking us the question.

所以，新產品已經推出、不同的思維方式已經進來、合規也已就緒，我們也已經在市場上推進。而且我們看到很強的需求，因為對客戶來說這非常直接：好，我想要以某種方式——我們以銀行為例。我幾乎沒有一次和銀行 CEO 的對話不會提到這個主題。我在數位資產領域應該做些什麼？當然，有一部分銀行非常清楚自己要做什麼，但也有很多銀行並不清楚，會把這個問題丟給我們。

Our crypto consulting team comes in. And of course, with BVNK, we can now not only offer consulting but also cover a set of solutions, so people come in, and it's kind of an on-behalf service that BVNK provides a long money move capabilities that they have, but it's not just about stable coins.

我們的加密（crypto）顧問團隊會介入。而且當然，有了 BVNK，我們現在不只能提供顧問服務，也能提供一整套解決方案；因此大家進來之後，這有點像 BVNK 提供的代辦式服務（on-behalf service），利用他們具備的長距離資金移動能力（money move capabilities），但這不僅僅是穩定幣。

So they want to choose. For my customer, that is a buyer in the United States and is importing from somewhere in Asia, what is the best way to send this money. And they might choose stable points and they might just choose something else, and we have all the rails together. So comes at the perfect moment. BVNK bringing everything that we're looking for, but it's early days. We just closed in August, so we're two months in. integration goes well, that's a nonissue. So we're ready to go.

所以他們想要的是「選擇」。以我的客戶為例：他是美國的買方，從亞洲某地進口，那麼把這筆錢匯出去的最佳方式是什麼？他們可能會選擇穩定幣，也可能會選擇其他方式，而我們把所有支付軌道（rails）整合在一起。所以這來得正是時候。BVNK 帶來了我們想要的一切，但目前仍是早期階段。我們在 8 月才完成交割，所以才兩個月。整合進展順利，這不是問題。所以我們已經準備好上路。

Trevor Williams, FT Partners.

Trevor Williams，FT Partners。

I wanted to ask on pricing. I think it was called out as a driver across pretty much every revenue line in the quarter. So just be helpful to hear how sustainable do you think this level of contribution from pricing is -- and then just to clarify on the VAS growth in Q3. I know M&A was not material to total company growth, but how much of an impact BVNK had on the vast growth rate in Q3 would be helpful.

我想問一下定價（pricing）。我認為本季幾乎每一條營收線都把它點名為驅動因素。所以想請你談談：你認為這種由定價帶來的貢獻水準有多可持續——另外也想釐清 Q3 的 VAS 成長。我知道併購對公司整體成長並不重大，但 BVNK 對 Q3 的 VAS 成長率造成了多大影響，若能說明會很有幫助。

Thank you. So first of all, regarding pricing, -- as we have told you before, we price for value. So we will always look for opportunities to price because we deliver value. and token pricing is probably a good example for me to illustrate this point. I feel -- like I said before, from a vast perspective, especially you have more room for penetration.

謝謝。首先，關於定價——我們之前也跟各位說過，我們是依價值定價（price for value）。因此，只要我們交付價值，就會一直尋找定價的機會。而代幣（token）定價大概就是一個很好的例子，用來說明這一點。我覺得——就像我之前說的，從 VAS 的角度來看，尤其是你還有更多的滲透空間。

You have new functionalities you can build, especially in the world of genteq, as you see, we're using MDASasthe platform to enhance our token for the Gentek world. And of course, there will be new use cases. So I think that ability for us to further penetrate existing customers create new use cases and penetrate new verticals is there and will price for the value we deliver.

你們可以打造新的功能，特別是在 genteq 的世界裡；如你所見，我們正使用 MDAS 作為平台，來強化我們面向 Gentek 世界的代幣。當然，也會有新的使用案例。因此我認為，我們進一步深化既有客戶、創造新的使用案例並切入新的垂直領域的能力是存在的，而且我們會就所交付的價值來定價。

So that's going to be the first point. And of course, our pricing in Q3 has a component of previous pricing but also some new pricing. -- we will expect some lapping of the pricing as we head into Q4. But again, we will continue to look for opportunities. You asked about VAS and the impact from M&A.

所以這會是第一點。當然，我們在第三季的定價包含了先前定價的成分，也包含一些新的定價。-- 隨著我們進入第四季，我們預期會出現一些定價的同期比較影響（lapping）。但同樣地，我們會持續尋找機會。你問到 VAS 以及併購（M&A）的影響。

So I would say as far as BVK is concerned, the impact is really minimum. It is a revenue-generating enterprise on but it's off a small base.

所以我會說，就 BVK 而言，影響其實非常小。它是一家能帶來營收的企業，但基期很小。

Fahed Kunwar, Rothschild & Co.

Fahed Kunwar，Rothschild & Co.（羅斯柴爾德公司）

Could I just get an update on incentives. I think we talked about it last quarter being broadly stable sorry, slightly higher and it came in so stable. Was there any deal planning affecting incentives? Can we expect any of the Q3 impact you thought would happen going into -- any sense of how large of your meal cycle as the at going into 2020? Thanks.

我可以請你更新一下關於獎勵（incentives）的情況嗎？我記得我們上季談到大致穩定——抱歉，是略高一些——但結果是相當穩定。是否有任何交易規劃影響到獎勵？我們是否可以預期你們原先認為第三季會出現的影響——對於你們在進入 2020 年時的（餐點/交易）週期規模，有沒有任何概念？謝謝。

Thank you, Fahed for the question. Let me take this one. Well, look, I have a tendency to call this contract, but it's rebates on incentives. -- well, this contract revenue is a reflection of our solid young momentum. If that goes down, sometimes I worry about it.

謝謝你，Fahed，提出這個問題。我來回答這題。嗯，你看，我常常把這稱作合約，但其實是回饋（rebates）或獎勵。-- 嗯，這個合約收入反映了我們穩健的年輕動能。如果它下降了，我有時候會擔心。

So that's one thing to keep in mind because the deals are what drive our business growth. And we have not given guidance for 2026, so I'm not going to do that. But -- as a reminder though, we use rebates and incentives to drive volume and transactions the network.

所以這是一點需要記住的，因為交易案（deals）才是推動我們業務成長的動力。而且我們沒有提供 2026 年的指引，所以我不會在這裡提供。但——提醒一下，我們使用回饋與獎勵來推動網路上的量與交易。

I'm just going to reiterate my flywheel point. You get the volume that we deliver services on the volume and then the services in turn become the differentiation that will drive even more volumes. So, we'll continue to do that. And we have been winning -- we have been winning deals and with new customers and expanding our customers and in terms of our deal base. And -- but we've been very disciplined.

我再重申一次我所說的飛輪效應。你先取得交易量，我們在這些量上提供服務，而服務反過來成為差異化，進一步帶動更多交易量。所以，我們會持續這麼做。而且我們一直在贏得——我們一直在贏得交易案，包含新客戶、擴大既有客戶，以及就我們的交易案基礎而言。而且——但我們一直非常自律。

We've been very disciplined and in terms of how -- what deals we want to win, what deals we want to walk away. We're not just going to win every deal, and we're not going to do that. We don't want to do that.

我們一直非常自律，至於——我們想贏哪些案子、哪些案子要放棄。我們不會只是想贏下每一筆交易案，我們不會那樣做。我們不想那樣做。

We're going to win deals that gives us a higher growth momentum that's accretive to the growth trajectory. We're going to win deals that are additive to the cross-border flows, and we're going to win deals that will allow us to deliver services as well. So the punch line is we will use R&I as a tool to drive the growth momentum and the growth algorithm.

我們要贏的是能帶來更高成長動能、對成長軌跡具增益（accretive）的交易案。我們要贏的是能增加跨境流量（cross-border flows）的交易案，也要贏得能讓我們同時交付服務的交易案。所以重點是：我們會把回饋與獎勵（R&I）作為工具，來推動成長動能與成長演算法。

Now, at the end of the day, I also want to remind everybody, we measure ourselves on driving net revenue growth and expanding overall net revenue yield, right? So R&I, in my mind, is the input but the ultimate measurement should be net revenue yield. I also want to maybe take this moment to mention that for Q4, we would expect our rebates and incentives as a percent of growth assessments to be higher than Q3.

最後我也想提醒大家，我們衡量自己的方式，是推動淨營收成長並提升整體淨營收收益率（net revenue yield），對吧？所以在我看來，R&I 是投入項，但最終的衡量應該是淨營收收益率。我也想趁這個時候提一下，對於第四季，我們預期回饋與獎勵占成長評估（growth assessments）百分比會高於第三季。

Dan Dolev, Mizuho.

Dan Dolev，Mizuho（瑞穗）。

I just had a question. I know you're not giving any formal guidance for 2017, but maybe given the strong exit rates that you've highlighted, like anything that we should keep in mind, especially as we're lapping things in 2026, I think it will be very useful for investors. Any puts and takes on the growth and what we should expect and congrats again on great results.

我只有一個問題。我知道你們不會對 2017 年提供任何正式指引，但也許考量到你們強調的強勁期末退出率（exit rates），例如在我們對 2026 年的項目進行同期比較（lapping）時，有沒有什麼需要特別留意的？我想這對投資人會很有幫助。對於成長有哪些利多與利空（puts and takes），以及我們應該期待什麼？也再次恭喜你們的優異成果。

Yes. Okay. Let me also then very nice to talk to you, but let me take this one as well. I also maybe want to quickly clarify, when I talk about guidance previously in my answer, I'm talking specifically about rebates and incentives. It's not so much '26 versus '27. So it is rebates and incentives, which we don't guide. But for '27, I guess, Dan, maybe the first answer is we're going to give our formal guidance in our next quarter's release. So please stay tuned. We will get into the detailed discussion.

是的。好的。也很高興和你通話，我也來回答這題。我也想快速澄清一下：我先前在回答中提到的指引，是特別指回饋與獎勵。並不是那麼著重於 '26 對 '27。所以是回饋與獎勵，而我們不對此提供指引。但對於 '27，我想，Dan，第一個回答是：我們會在下一季的財報發布中提供正式指引。所以請持續關注。我們會進入更詳細的討論。

Now, remember, there are so many puts and takes in our business throughout the year. And there are just so many different factors that -- so sometimes it's really hard to say, hard to predict. The macro environment can play a wins and losses can play a role. Demand for our VAS can play a role, right? We have to continue to develop new things and drive new penetration. FX volatility, that's another factor and just so many other things. And the other thing I would say, yes, you're right, some of the headwinds can become tailwinds but some of the tailwinds can also become headwinds because of lapping. So there's all those things. So all I can say is we have a very strong business model. We have a very diversified business model. We are optimistic about the future. But do stay tuned for 2027. Thank you very much. Any comments?

現在，請記得，我們的業務在一年當中有非常多的利多與利空因素。而且有太多不同因素——所以有時候真的很難說、很難預測。總體環境可能會發揮作用，贏單與失單也可能發揮作用。對我們 VAS 的需求也可能發揮作用，對吧？我們必須持續開發新事物並推動新的滲透。匯率（FX）波動也是另一個因素，還有很多其他因素。另外我會說，是的，你說得對，有些逆風可能會變成順風，但有些順風也可能因為同期比較（lapping）而變成逆風。所以有所有這些因素。所以我能說的是：我們有非常強健的商業模式。我們有非常多元化的商業模式。我們對未來保持樂觀。但請持續關注 2027 年。非常感謝。還有任何意見嗎？

Yes. And, Dan, thanks for the question. That's a great question. And the call on. So thank you again for all of your questions and all your support in the past quarter, and we look to talk to you over the coming quarters as we engage -- all of these strong results, not possible without the amazing team at Mastercard.

是的。Dan，謝謝你的提問。這是一個很好的問題。而且這通電話上。所以再次感謝大家在過去一季提出的所有問題與給予的支持，我們期待在接下來幾季與各位交流，因為我們持續推進——這些強勁成果若沒有萬事達卡（Mastercard）優秀的團隊是不可能達成的。

So I want to thank all of our colleagues around the world. who make this happen every day. And I'm going to close this first call with Ling Hai. Thank you very much, and we'll speak to you next quarter. Thank you. Bye-bye.

所以我想感謝我們在全球各地的所有同仁，他們每天都讓這一切成真。我將以 Ling Hai 來結束這第一通電話。非常感謝，我們下季再談。謝謝。再見。

Thank you. This concludes today's call. Thank you for attending, and you may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位出席，現在可以斷線。