Credit Card Spending Soars as US Consumers Battle Rising Inflation, Mastercard Says
- Cross-border spending surges 58% as consumers resume travel
- Overall payments volume rises more than analysts expected
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Mastercard Inc. said spending on its network jumped 18% as US consumers battle once-in-a-generation levels of inflation.
Payment volume soared to $1.65 trillion in the second quarter, topping the $1.64 trillion average of analyst estimates in a Bloomberg survey. The company boosted its forecast for revenue growth for the year after it reported a 58% surge in overseas payments as consumers flocked to take trips and get back on the road following two years of pandemic-induced lockdowns.