MA · Earnings call · 2026Q3T · Full report

Cross-Border Volume Growth

Mastercard Inc · 2026-10-29 · Importance 46 · Surprise 40

Worldwide gross dollar volume increased 7% year over year in the third quarter of 2026; U.S. GDV rose 6%, with credit up 10% and debit up 1%, while GDV outside the U.S. grew 8%, with credit up 6% and debit up 10%. Global cross-border volume increased 11%, and cross-border assessments increased 16%. Cross-border card-not-present volume excluding travel slowed from 20% growth in Q2 to 15% in Q3, with lower-yielding intra-Europe volumes down sequentially; management said other cross-border volume remained healthy and resilient.

Key facts

• Mastercard's Q3 cross-border card-not-present excluding travel growth moved from 20% in Q2 to 15% in Q3.
• Mastercard's global cross-border volume increased 11% in Q3 2026, reflecting continued growth in travel and non-travel-related cross-border spending.
• Mastercard's higher-yielding other cross-border volume remained stable and slightly higher quarter over quarter.
• In the first three weeks of October, Mastercard's cross-border card-not-present ex-travel growth continued to be affected by the EU customs fee and a tougher comparison against higher crypto spending last year.