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Due to a decrease in the number of customers purchasing cryptocurrencies with the company’s credit cards, Mastercard’s quarterly growth was marked by a slight drop. Referring to potential credit risks and cryptocurrency volatility, Bank of America, JPMorgan Chase, and Citigroup prohibited such purchases. Mastercard can be used by consumers to acquire digital currencies. It is a practice which forbidden by some financial institutions.
Martina Hund-Mejean, Mastercard chief financial officer stated “the recent drop-off in crypto wallet funding," although according to her, the company is expecting international growth to moderate.
Ajay Banga, Mastercard CEO highlighted uncertainty in Asia, saying some exchanges are pulling back in South Korea, while others in Japan have security concerns:
"There's a lot of concerns even in Japan because one of their biggest exchanges got hacked. As you can see, right now there's a little less interest than there was in the latter part of the fourth quarter and the first quarter. "This is not something we count on because we just don't know how to predict it or we don't even want to count it."