this would continue, it would re

If this would continue, it would result in a headwind of approximately two ppt to our net revenue CAGR. So as you can see from this number right that, there is a fair amount of recovery still remaining to come from Asia Pacific. Further on the small business front, we are expanding our small business portfolio with the First National Bank of Omaha, also partnering with the bank and Verizon to launch a new Verizon business Mastercard targeting Verizon's small business customers.

Wells Fargo has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website. You can access our earnings release, supplemental performance data and the slide deck that accompany this call in the Investor Relations section of our website, mastercard.com. PURCHASE, N.Y.--(BUSINESS WIRE)--Mastercard Incorporated (NYSE: MA) will webcast its virtual Investment Community Meeting on November 10, 2021. Michael, Sachin, I want to ask about cross-border travel very strong recovery here. How we put those new into deals into play? From a holistic market standpoint, again, like I said, there are puts and takes, right? It's also not going to be only online, as Sachin just said, it's going to balance out across multi-channel. mastercard trend delinquencies We're executing against our strategic priorities notably expanding our share with key issuers. Turning to page 8. And so does that change the ecosystem at all, or is card-based really, how you expect to see cross-border players stay really dominant for payments cross-border over time? When we talk about Russia revenues, there are a few things from a Russia revenue standpoint which you might want to take into consideration one of which relates to the fact that Services was well penetrated in the Russia and Ukraine markets and had strong growth. The second point I'd make tying back to Michael's comments around PICCs [ph], the market has to be bifurcated in the context of both debit and credit. The Asia Pacific opportunity as I see this is as follows: Asia Pacific represented approximately 14% of total inbound cross-border travel volumes pre-pandemic and we're at 40% of our 2019 levels in Q1.

That's a mouthful. So everything we kind of talked about and Michael talked about earlier on in this conversation was about our expanding relationships with these issuers. The reality is, as cross-border travel comes back, you do see some give back in terms of cross-border card not travel -- card-not-present ex travel. Cross-border card-not-present ex travel growth was solid in Q1, but did slow throughout the quarter and into April against known very difficult comparisons. Buy Now, Pay Later has been a thing in Brazil forever. We also saw strong growth in travel and entertainment including spending with airlines, travel agencies, lodging and restaurants. Please proceed with your question. That's all additive and expensive from a target market perspective from an opportunity perspective. mastercard raiffeisenbank gold business visa raiffeisen Please proceed with your question. So we have to see where it goes going forward. mastercard So, it's very much in focus. Please proceed with your question. That is again under an inflationary pressure there from ticket pricing perspective.

I mean the reality is we don't typically talk about this because these numbers kind of go back and forth from a volatility standpoint but there was unusually high FX volatility in Q1. On the Russia-Ukraine, I heard the two points to net revenue targets to the performance objectives 2022 to 2024. Buy in-store pickup have delivered, do it the other way around whatever works. We're not sharing a specific number for what that looks like in the second quarter or the end of the year. More data, more digital world more digital work to be kept safe. And we established several other international cryptocard partnerships including banks in Europe and Abra, Invesco and Bello in Latin America. I was hoping to shine a spotlight on LatAm, specifically Brazil. The remaining growth was driven by our Cyber & Intelligence and Data & Services solutions. More insights for all these new people that are having businesses online on the data analytics side.

Transaction processing fees were up 27% while switched transactions grew 22%.

privileges benefits And in the U.K. we have launched two new Barclaycard Avios cards with Barclays and International Airlines Group loyalty. We're monitoring these developments including the fiscal, monitory, public health care and other policy responses. Domestic switched volumes or strength across a broad range of sectors including retail, utilities and professional spend. Turning to co-brands, we've made substantial progress to ensure we are well positioned to capitalize on the return of travel. Looking at Mastercard spending trends, we continue to see strong growth. Again just U.S. versus your large competitors. compounder All right. Could you help us clarify the revenue and expense impact for the going forward quarters like the second quarter, third and fourth this year? Mastercard Incorporated (NYSE: MA) today announced its second quarter 2022 financial results through an earnings release available on the company's Investor Relations website at investor.mastercard.com. Both the release and the slide deck include reconciliations of non-GAAP measures to GAAP reported amounts. The message I'd like to leave you with on this is the following: We continue to run the business for long-term sustainable growth, which means effectively that we're going to continue to invest in a disciplined manner to ensure that we are creating the right opportunities for ourselves to deliver this long-term top line growth. Excluding Russia from the current and prior periods cross-border volumes through the same period grew 65% year-over-year up 13 pp versus Q1. Cross-border volume fees increased 57%, while cross-border volumes increased 53% both ahead of expectations.

Point number two. I think you've got to take into consideration that there is a one portfolio, which is a debit portfolio, which is rolling off in the U.S., which was previously announced, which is probably impacting that comparative analysis that you're seeing, because obviously, we're seeing the detriment of that comes through in our debit metrics and that primarily started in the recent past and will go on through the course of this year. Santander is the bulk of the way through a nine million card migration and we expected to be complete by early next year, while NatWest commenced the issuance of Mastercard at the end of last year and plans to migrate their entire 16 million card portfolio by the middle of 2023. The four ppt difference is primarily due to unreported volumes from Russian-related sanction customers and a favorable mix. Can you just use as an example to talk a bit about how Mastercard coexist in a market like that, with one of these domestic networks and is a player like PIX actually a customer or a potential customer of some of your open banking or fraud or identity services? Following comments from Michael and Sachin, the operator will announce your opportunity to get into the queue for the Q&A session. Were here to help, Take advantage of todays low rates to save money, consolidate debt, or make home improvements, Learn about home buying steps, customer mortgage solutions, and low down payment options, Save time with our digital tools that help you manage your mortgage account, Learn how a personal loan can help you with funds for life events like graduations and weddings, adoption and fertility, or other needs, Use a personal loan to pay for home renovations and repairs, Pay for new appliances, car repairs, medical expenses, and more, Combine your higher-interest debt into one manageable payment, Sign in to make payments, view statements, set up alerts, and more, New and used vehicle financing through your dealer, Use online banking to manage your auto loan, Accounts and services that help make it easier to manage your money, Tips to help build your credit and manage your debt. So first of all, just to be clear, I mean should we still expect that to be the case, or is there anything around the new business the relationships that Michael you mentioned earlier, that would cause that growth yield, I guess we can say our net yield to be a little bit different going forward on this type of big pickup in resumption and spending on travel. So look I mean at the end of the day, you know that, the business as we have it is a high operating leverage business, right? We're partnering with BCA Digital, the digital banking arm of the largest private bank in Indonesia to launch a digital-first Mastercard debit product catering to millennials. Hi. But Brazil is also a market where you've got a local network like PIX, gaining a lot of traction. And net-net, it is really too early to adjust our three year performance objectives, as we work to offset some or all of these headwinds. behavior strange programmatically trying views

It is only then that the queue will open for questions. Good morning, everyone. The industry and we very specifically with our services propositions have found a way to ensure that the risks associated with these cross-border transactions for merchants and for consumers are addressed. So we built in some assumptions and that's what we've kind of given you in our overall thoughts. Cross-border volume was up 53% globally for the quarter with intra-Europe cross-border volumes up 50% and other third quarter volumes up 56%, reflecting continued improvement in travel-related cross-border. I mean fundamentally, where I stand on this is the push by consumers into the digital space. So for our teams, it's around the world it continues to be a never-ending marathon.

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