MA · Earnings call · 2026Q2T · Full report

Cross-Border Payments Growth

Mastercard Inc · 2026-07-30 · Importance 42 · Surprise 40

Global cross-border volume increased 12% in Q2, with growth in both travel and non-travel spending. Cross-border card-not-present volume excluding travel rose 20%, helped by retail promotional-event timing and increased spending out of Venezuela. Mastercard reported improving outbound travel spending from impacted Gulf Cooperation Council countries as flight and airline capacity increased, while Middle East-related disruption was less severe than anticipated. Management identified Venezuela as a competitive differentiator because Mastercard is the market leader there and benefited from increased U.S.-dollar availability supporting primarily debit-based cross-border card-not-present spending.

Key facts

• Cross-border assessments increased 20% year-over-year in Q2 2026.
• Cross-border volume increased 12% globally for the quarter (Q2 2026).
• Cross-border card-not-present ex travel growth was 20% in Q2 2026.
• Cross-border travel volume was down sequentially but improved in Q2 2026 relative to April metrics due to lower impacts from developments in the Middle East and timing of holidays.
• Mastercard said the uptick in cross-border during Q2 included recovery in outbound spending from impacted GCC countries and increased flight capacity which supported outbound travel spend.
• Mastercard stated cross-border growth in Q2 2026 reflected continued growth in both travel and non-travel-related cross-border spending.