Credit Card Giant Blames Cryptocurrencies for Drop in Customers
A drop in customers buying cryptocurrencies with credit cards slightly dampened Mastercard’s quarterly growth, the company said on an earnings call this week.
While cross-border volumes grew by 19 percent, that number dropped by 2 percentage points from the fourth quarter, in part because fewer people bought digital currencies like bitcoin with their credit cards.
“This is due to the recent drop-off in crypto wallet funding,” Mastercard chief financial officer Martina Hund-Mejean said on the earnings call Wednesday. “We expect cross-border growth to moderate somewhat.”
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