Payments giant Mastercard recorded a surge in spending on its network in the first three months of the year as consumers splurged on holidays and shopping as global covid restrictions eased.
Spending on the firm’s cards jumped 22 per cent in the first quarter of the year to $1.52tn, as revenues jumped 24 per cent to $5.2bn, the firm announced today.
Boss Michael Miebach said the firm had felt a lift of easing restrictions as consumers began travelling again.
“As of March, cross-border travel is above 2019 levels for the first time since the pandemic began, and ahead of our expectations,” Chief Executive Officer Michael Miebach said in a statement Thursday.
“We’re off to a strong start in 2022.”
The firm said it had booked a $30m loss after shutting out Russian financial institutions from its network and halting operations in early March.
Shares jumped over 3.5 per cent today however after bosses revealed the revenues boost.