Mastercard (MA) Bernstein 42nd Annual Strategic Decisions Conference summary

Macro environment and consumer spending

• Consumer spending growth remained stable and slightly improved through May, with healthy trends in the U.S. and internationally, supported by low unemployment, wage growth, and strong equity markets.

• Consumers are adjusting to higher prices, shifting between discretionary and non-discretionary spending, but overall spending capacity remains intact.

Agentic commerce and technology evolution

• Agentic commerce, driven by AI-enabled discovery and checkout, is in early stages but progressing, with new protocols enabling agent-based transactions.

• Partnerships with major tech firms and the rollout of Agent Pay and Verifiable Intent are establishing trust, authentication, and dispute mechanisms for agentic transactions.

• Small merchants benefit from low-code solutions, leveling the playing field for discoverability and participation.

• B2B agentic commerce could unlock new transaction types and expand total addressable market, with stablecoins positioned for high-frequency, low-value flows.

Stablecoins, BVNK acquisition, and payment rails

• Stablecoins are viewed as an additional payment rail, complementing cards and account-to-account solutions, especially for B2B and cross-border use cases.

• The BVNK acquisition aims to bring stablecoin capabilities in-house, enabling interoperability, conversion, and management across multiple chains and currencies.

• Security, fraud prevention, and on/off-ramps are critical differentiators, with customers valuing the added protection and experience.