Edmonton Journal

MasterCard’s Q1 pro t up 17%


NEW YORK — Credit and debit card payment processor MasterCard said its profit rose 17 per cent in the first quarter, as consumers across the globe spent more on their MasterCard­s.

The Purchase, N.Y.-based company reported net income of $1.02 billion US, up from $870 million a year earlier. Net revenue was $2.23 billion US.

MasterCard showed strong growth on purchase volume, or the amount of money customers spent on their MasterCard­s. Purchase volume was $783 billion in the first quarter, up roughly 12 per cent from a year earlier. Payment processors like MasterCard take a small percentage of each transactio­n as a fee for using their network.

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