Mastercard Spending Soars as Consumers Flock to Overseas Travel

Mastercard Inc. said spending growth on its cards accelerated in the first three months of the year as the payment giant continues to benefit from a rebound in travel.

Total purchase volume jumped 17% to $1.71 trillion in the first quarter, topping the $1.65 trillion average of analyst estimates compiled by Bloomberg. That helped boost net revenue to $5.7 billion, also topping estimates.