. And Mastercard's volume performance will likely reach new depths in April, considering its switched volume growth and cross-border volume growth plummeted in the first three weeks of the month.Mastercard CEO Ajay Banga laid out the four phases Mastercard thinks spending may progress through on an Banga noted that this stage includes travel restrictions and the introduction of social distancing measures to combat the spread of the virus, seriously damaging spending in the process.
industry for payments firms and social distancing measures can include the closure of nonessential stores, limiting retail sales.Mastercard believes most markets are currently in this phase, in which spending stops dropping and instead settles at a consistent but lower than normal amount of volume.
practices are improved, there are better treatments for COVID-19 available, and governments relax social distancing measures, likely because these factors will allow consumers and businesses to operate more freely and have greater confidence in their safety.Mastercard's expected final phase would see spending reach heights it didn't get to before the pandemic thanks to widely available treatments and a vaccine.
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