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Mastercard tops profit estimates on travel spend boom

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Mastercard sailed past market estimates for quarterly profit today as a surge in cross-border spending sparked by this year's travel boom more than offset higher costs.

Pent-up demand and the easing of Covid-19 curbs have led to the strongest summer travel season in three years, a boon for card companies that can charge more for overseas transactions.

The surge mirrored similar results at Visa and American Express, indicating consumers were still spending on travel and other high-end pursuits in the face of decades-high inflation and the threat of a possible recession.

 

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