Mastercard de­fies debt cri­sis

The Pak Banker - - 6BUSINESS -

PARIS: MasterCard Inc. (MA), which is un­der pres­sure from France to cut card pay­ment fees, said Euro­pean con­sumers are in­creas­ingly us­ing credit and debit cards for pur­chases, dis­miss­ing the sov­er­eign debt cri­sis. “Our busi­ness in Europe has been grow­ing really well,” Ann Cairns, pres­i­dent of in­ter­na­tional mar­kets at the com­pany, said in an in­ter­view in Dubai. “The sov­er­eign debt is­sue isn’t af­fect­ing con­sumer con­fi­dence in the way that it might.” The Pur­chase, New York-based com­pany said it’s ben­e­fit­ing from strong con­sumer spend­ing in the Nordic coun­tries, the Nether­lands, Ger­many and East­ern Europe. At the same time, con­sumers are also turn­ing away from cash in fa­vor of plas­tic. Mastercard is ex­pand­ing even as Europe’s fi­nan­cial cri­sis en­ters un­prece­dented ter­ri­tory af­ter Euro-area fi­nance min­is­ters yes­ter­day agreed to a tax on Cypriot bank de­posits. Of­fi­cials un­veiled a 10 bil­lion-euro ($13 bil­lion) res­cue plan for the coun­try, the fifth since Europe’s debt cri­sis broke out in 2009.

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