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Edge19 Sep 2025
American Express: An Empire of Plastic
How history, brand, and structure have steadily built American Express' moat, and why Warren Buffett still calls it a one-of-a-kind business.
Mastercard (MA) investor relations material
Mastercard UBS’s 2025 Global Technology and AI Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.UBS’s 2025 Global Technology and AI Conference summary2 Dec, 2025
Strategic growth areas
Focus on growing consumer payments, commercial payments, and value-added services, with services now approaching 40% of revenue and growing in the high teens, contributing significantly to overall revenue growth.
Value-added services are built on a broad data foundation, including payments, identity, device, and open banking data, enabling a wide range of offerings from fraud management to consulting.
Services are closely linked to payments, creating a virtuous cycle where data insights drive product improvements, deeper customer engagement, and increased market share.
Expansion into adjacencies such as real-time payments, open banking, and cross-border services supports diversification and new revenue streams.
Large addressable market for services, with current penetration in low single digits, leaving significant room for growth.
Macroeconomic and consumer trends
Healthy consumer and business spending continues, with hard data showing consistent spend metrics across segments, despite negative consumer sentiment in surveys.
Black Friday spending up 4% year over year, indicating a strong start to the holiday season.
Q4 net revenue tailwind from FX and business mix now estimated at 3 percentage points, below previous estimates.
Go-to-market and distribution strategy
Services are distributed through the core network, real-time payments, gateways, and blockchain-enabled platforms, embedding offerings at scale.
Dedicated sales force and product specialists engage managed accounts globally, supported by SaaS sales teams and B2B channel partners.
APIs are made available to developers, enabling integration of services into third-party solutions.
Monetization of Agent Pay framework?
How does data breadth differentiate Mastercard?
Reason for Q4 revenue tailwind estimate change?
Partial view of Summaries dataset, powered by Quartr API
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Next Mastercard earnings date
Q4 202530 Jan, 2026
Next Mastercard earnings date
Q4 202530 Jan, 2026
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Explore one of the world's largest and most discussed duopolies, from the origins of the credit card to its combined market value of $850 billion.
Frequently asked questions
Card Masters
Mastercard is an American global financial services corporation, headquartered in aptly named Purchase, New York. It primarily specializes in payment processing, facilitating electronic transactions for credit, debit, and prepaid cards among merchants, consumers, and financial institutions. Operating across nearly every country and territory in the world, Mastercard handles billions of transactions each year, aiding the movement of money in the global economy. The company's services go beyond traditional card payments; they also include digital wallets, cybersecurity tools, and various financial services.
Origins in the 60’s
Founded in the 1960s, Mastercard's origins can be traced back to a group of banks that collaborated to challenge Bank of America's monopoly with its BankAmericard, which would later become Visa. Originally named Interbank and subsequently Master Charge, the consortium sought to create a competitive universal credit card. In the ensuing decades, Mastercard expanded its footprint both through organic growth as well as several large acquisitions, introducing new technologies and services in the payment industry. Today, Mastercard has established itself as one of the foremost global payment networks, serving millions of consumers, businesses, and financial institutions.
Further reading: Visa and Mastercard: The Global Payment Duopoly
The Cards
Mastercard offers a broad spectrum of payment card services. Their portfolio includes credit, debit, and prepaid cards. These cards are designed to address the varying requirements of individual consumers, businesses, and larger financial institutions. Rather than selling directly to the end user, Mastercard primarily partners with banks and financial institutions. These institutions issue cards bearing the Mastercard logo, while Mastercard provides the underlying network infrastructure that facilitates the transaction process. Each card type comes with its set of features and benefits, ensuring that cardholders have access to the right financial tools. Through this partnership model, Mastercard delivers its card services to users worldwide.
Other Services
Beyond its well-known card services, Mastercard offers an array of additional financial services and solutions. These include digital payment solutions that enable secure online transactions used by marketplaces and digital retailers, mobile payment integrations, and advanced security protocols such as tokenization to protect sensitive data. Additionally, they provide analytics and consulting services to help businesses understand spending trends.
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