MA · Earnings call · 2026Q2T · Full report

Payment Network Volume Trends

Mastercard Inc · 2026-07-30 · Importance 43 · Surprise 32

Worldwide gross dollar volume increased 8% year over year in Q2, including 6% growth in the United States and 9% outside the United States. U.S. credit GDV increased 10%, while reported debit GDV grew 1% because the Capital One debit migration was substantially completed in Q1; excluding that migration, U.S. debit GDV grew 8%. Cross-border volume rose 12% globally, switched transactions grew 9%, and Mastercard added more than 230 million net new cards in the 12 months through Q2. Contactless penetration reached 80% of in-person switched purchase transactions and token penetration exceeded 40% of switched transactions.

Key facts

• Excluding the impacts from the Capital One debit migration, U.S. debit GDV growth would have been 8% in Q2 2026.
• Excluding Capital One debit, on a like-for-like basis, U.S. switched volume growth was 10% in Q2 2026, or 2 percentage points higher sequentially.
• Worldwide gross dollar volume (GDV) increased by 8% year-over-year in Q2 2026 on a local currency basis.
• In the U.S., GDV increased by 6% year-over-year in Q2 2026 with credit growth of 10% and debit growth of 1%.
• Outside of the U.S., GDV increased 9% year-over-year in Q2 2026 with credit growth of 9% and debit growth of 10%.
• Switched transactions grew 9% year-over-year in Q2 2026.
• Card growth was 5% year-over-year and there are 3.7 billion Mastercard and Maestro-branded cards issued globally as of Q2 2026.
• Contactless penetration in Q2 2026 stood at 80% of all in-person switched purchase transactions, up 5 percentage points year-over-year.