Mastercard (MA) investor relations material

Macro environment and consumer spending

• Consumer spending growth remained stable and slightly improved into May, supported by low unemployment, wage growth, and strong equity markets.

• U.S. spending growth is healthy, with international growth slightly lower but still robust.

• Consumers are adjusting to higher prices, shifting between discretionary and non-discretionary spending.

Agentic commerce and technology innovation

• Agentic commerce is emerging, with AI-enabled discovery and checkout evolving slowly but steadily.

• New protocols enable agents to discover products and facilitate seamless payments, with a trust layer (Agent Pay) ensuring reliability and dispute resolution.

• Partnerships with major tech firms and low-code solutions are making it easier for small merchants to participate.

• B2B agentic commerce could unlock new transaction types and expand total addressable market, with stablecoins positioned for micro-transactions.

• The BVNK acquisition aims to bring stablecoin capabilities in-house, supporting future transaction flows.

Security, authentication, and tokenization

• Every agentic transaction will be tokenized, enhancing security and enabling dispute resolution through Verifiable Intent.

• Tokenization increases approval rates and reduces fraud, with half of online transactions already tokenized.

• Identity solutions and loyalty data are layered to improve recommendations and trust.