ia continues to have significant

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Asia continues to have significant upside potential.

Cross-border card not present ex-travel continues to be strong. Your next question will come from the line of Bryan Keane with Deutsche Bank. We're also expanding in payments by leading entertainment innovation in areas like installments and cryptocurrencies. Can you just talk about the sensitivity of your revenue guidance should macro consumer spend deteriorate from here? So Dan, there's nothing fundamentally which is really changing as it relates to our debit business. 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. Open banking is on the rise, real-time payments is on the rise. Turning to page 3, which shows our financial performance for the quarter on a currency-neutral basis excluding special items and the impact of gains and losses on our equity investments.

mastercard vocalink 700m agrees finextra Hi. So, I look at it as a market that's a lot to learn from, a market that we invest in and where we chart passed for the new additional flows beyond card flows very with specific local solutions considering the size of the market. Please proceed with your questions. Can you isolate what that benefit was in 1Q? Helping that even further is the good new strength in our services and everything we're doing along those parts.

Acquisitions contributed two ppt to this group. Android, Chrome, Google Pay, Google Pixel, Google Play, Wear OS by Google, and the Google Logo are trademarks of Google LLC. I would tell you that, the top 20 destinations which represented approximately 70% of our total cross-border travel pre-pandemic, and we're at 70% of 2019 levels when we discussed this at our Investor Community Meeting, are now at 85% in Q1 of 2022. Combined, open banking and digital identity extend our value before and after the payment transaction and into new digital transactions. Point number two. This reflects closely strong consumer spending, including continued improvement in cross-border travel spending relative to 2019. So, here's our technology powering a social network as an alternative which is an easy user experience great adoption 4.7 million users already on that platform. For example, we are supporting Handelsbanken and Intesa Sanpaolo design programs that advance their ESG priorities. We've built in our expectations in terms of the revenue guidance I've shared with you our thoughts around how that trend takes place. I would now like to hand the conference over to your speaker today Mr. Warren Kneeshaw, Head of Investor Relations. Just trying to quantify that.

That's what we're going to see going forward.

Our open banking and multi-rail strategies are converging enabling us to leverage our unique set of assets to address new flows in verticals, like rent payments. Next question will come from the line of David Togut with Evercore ISI. Starting with switch volumes.

American will continue to leverage our capabilities including SessionM and will participate in our Staff cast program to identify in tech partners who can help drive innovation across the airline. Apple Wallet is a trademark of Apple Inc. App Store is a service mark of Apple Inc. Deposit products offered by Wells Fargo Bank, N.A. Again, the point is at the end of the day cross-border fundamentally is still very sound. Outside of the US, volume increased 19% with credit growth of 20% and debit growth of 18%. I know we heard some comments on e-commerce. I mean fundamentally, where I stand on this is the push by consumers into the digital space.

[Operator Instructions] Please be advised that today's conference is being recorded. And we in terms of how we're thinking about our guidance, we've kind of built in that improving recovery in cross-border travel on a going-forward basis as well. How we put those new into deals into play? A replay of this call will be posted on our website for 30 days. Mastercard Incorporated (NYSE:MA) Q1 2022 Earnings Conference Call April 28, 2022 9:00 AM ET, Warren Kneeshaw - Head of Investor Relations, Michael Miebach - Chief Executive Officer, Good day and thank you for standing by. Overall, it's a market that drives a lot of innovation. Also strong remittances and disbursements market. Secondly the discontinuation of revenues from Russia and a sequential reduction in revenues related to Ukraine. So fundamentally there are sound trends here. Finally, rebates and incentives were up 30% reflecting the strong growth in volumes and transactions and new and renewed deal activity. First, we're expanding in payments by continuing to grow card payments and leaning into innovation and new payment technologies to catch-up other prioritized payment flows. After the speaker presentation, there will be a question-and-answer session.

Russia's invasion of Ukraine marked a somber start to 2022, as war returned to Europe for the first time in decades. Outside of travel we've expanded our relationships with leading retailers including a new co-brand program with Victoria's Secret and a renewal of our Ulta Beauty co-brand offering both in partnership with Red Financial.

And the P2P network that's been introduced by the Central Bank in the Brazil market is another push to further digitization in that market. And Sachin, just a follow-up for you. If you have an ad-blocker enabled you may be blocked from proceeding. Quarter one adjusted net revenues were up 27% and adjusted operating income up 40% versus a year ago on a non-GAAP currency neutral basis. The five ppt difference is primarily due to favorable cross-border mix and FX-related revenues. mastercard raiffeisenbank gold business visa raiffeisen So I think what we're bringing here is the multilateral network idea into this space that has been historically inefficient. And I'll just add Michael a couple of thoughts on Brazil. From an expense standpoint, the Russia-related expenses represented roughly 2% of our operating expenses. Your money's at hand with Everyday Checking, With low down payment options on a fixed-rate mortgage, Our rebuilt Wells Fargo Mobile app is here. Cross-border card-not-present excluding travel was up 5% year-over-year in April, a decrease of 8 ppt compared to Q1, reflecting in part the lapping of a strong comparable period a year ago. So as you can see from this number right that, there is a fair amount of recovery still remaining to come from Asia Pacific. Bye-bye. Foreign exchange is expected to be a tailwind of approximately three to four ppt for the quarter. Having said this, we are off to a strong start in 2022 with the recovery of cross-border travel ahead of expectations, as I previously mentioned. And with that, I will turn the call back over to Warren. Thank you, very much.

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Geographically, the cross-border recovery has been broad-based with improvement across all regions. Thank you. Weighing against this healthy backdrop are a number of factors that they are monitoring, including inflationary pressures, supply chain constraints geopolitical uncertainties and COVID with infection rates. Again, there are puts and takes in the market, right? 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? So the bottom line is the following which is whether it's Wells, Capital One, what we're doing with Santander and NatWest, Deutsche -- you name it the GAAP portfolio all of these incrementally are helping us drive our volumes. Let me start by saying that our business fundamentals remain strong, as we continue to grow our customer relationships and expand our product and service offerings. As I mentioned, we have taken down, when we've shared with you our thoughts for full year 2022, we have taken down our OpEx growth rate on an ex-acquisition currency-neutral basis to reflect that very impact from a Russia standpoint.

And so, we've assumed that that 4% doesn't exist in any of the quarters going forward, from a net revenue standpoint, right? So now taking all of this into account, we continue to expect net revenues for full year 2022 to grow at the high end of a high teens rate on a currency-neutral basis, excluding acquisitions and special items. mastercard program digital atlantis expand india partners I appreciate taking the question.

We're also excited to announce that we have deepened our relationship with our long-standing partner, Capital One. We see travel coming back, that's more credit-oriented particularly because of the rewards around it. We have leaned in. And we'll see where the underlying prices go and then comes back to what we've been saying all along. Again, that's a significant opportunity for us. In other words, do you see a reacceleration of e-com later this year, or do you think the consumer is going to be more active at kind of physical bricks-and-mortar locations? These are attractive and growing opportunities and we are uniquely positioned to be successful in both. Hi.

Our thoughts are with them and the people of Ukraine. In addition we are enabling consumers to spend their crypto holdings on card and catching up their crypto wallets via MasterCard Send. Looking at Mastercard spending trends, we continue to see strong growth.

And then, the second question is just what level of cross-border recovery are you assuming in the guidance for 2022? So as it relates to revenue for the rest of the year, we had mentioned that we had put out an 8-K about how Russia represented roughly 4% of our revenues in 2021. With respect to card counts, as a result of the suspension of our business operations in Russia, cards issued by Russian banks are no longer active on our network and are therefore excluded from our card counts this quarter. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company.

Please proceed with your question. Thank you for support for the company. behavior strange programmatically trying views Very hard to predict what the outlook going forward is going to be. What's have paid just to point one out which is the first live in Brazil itself is set a market with innovation and a lot of momentum there. So as I think about the new relationship well I should say new relationship, the expanded relationship we have with Wells, right, that's an increasing share position with Wells which is taking place for example there. Obviously, it does matter in terms of how restrictions are lifted in that market. It's earned relationship by relationship.

Thanks, Harshita. So we have suspended operations in Russia, as a result of which we're not earning any revenues related to Russian issued cards. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Great. One the both China both from an inbound and an outbound standpoint where not a very significant portion of our cross-border volumes pre-pandemic. Please proceed with your question. include reconciliations of non-GAAP measures to GAAP reported amounts. As Michael mentioned, consumer spending remains robust, particularly as economies open further and pandemic-related restrictions are lifted.

Were always here when you need us. Good morning. Thanks. pscu mastercard start path kristiyan hristov companies director Your next question will come from the line of Ramsey El-Assal with Barclays. Hi. When they can get out and spend in a physical environment, they do that, when they can't spend in a card-not-present environment, they do that. We have renewed and expanded our exclusive partnership with American Airlines, one of the largest co-brand programs in the United States. Your next question will come from the line of Rayna Kumar with UBS.

For the first three weeks of April, we grew 23% year-over-year down four ppt versus Q1 primarily due to the cessation of activities in Russia.



On the consumer and small business front, I'm excited to announce an enhanced partnership with Wells Fargo which includes several new elements. Thanks. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com.

So, I look at it as a growth opportunity while we're going to continue to power the cost side of the house. And so with these issuers, we are gaining share. Outside the U.S. we're driving commercial card growth through new partnerships with leading B2B tech companies like Clara.

Just a couple of quick clarifications. I think consumers will go for more choices and that comes right down through our multi-rail strategy to enable basically all relevant choices that are out there. Mastercard will webcast its virtual Investment Community Meeting on November 10, 2021, beginning at 8:30 a.m. Eastern Time . It drives growth for us. So that will continue. Please proceed with your question.

If I can just build on that, we love cross-border.

Turning to Page 9. For the best Barrons.com experience, please update to a modern browser. It's also not going to be only online, as Sachin just said, it's going to balance out across multi-channel.

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.

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ia continues to have significant