Mastercard Ceo michael miebach said the payments giant is not seeing consumer spending slow down despite . The consumer sentiment surveys indicating that people are worried about the economy.During a fireside chat . At the semafor world economy summit on wednesday april , he said that “hard data” . From mastercard’s economics institute tells a different story.The payments giant, which tracks real-time spending across . Its network and the broader economy, said it saw a increase in consumer spending for .
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March, contrary to what consumer confidence denmark phone number data surveys showed.The hard data “is not reflecting where the . Consumer is,” miebach said. “the consumer today is an empowered consumer that will still stick . To what they want to do.” while consumers may be paring down on how much . They’re spending, “they still want to make that trip.”“we don’t see any change at this . Point,” he added.But if an economic slowdown does come, how will mastercard cope?Miebach, who took .
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The helm at mastercard at the start of the pandemic in , said the company’s . Diversification across services and geographies — it operates in countries this requirement from the manufacturer and territories — would be . A buffer.While mastercard is known for facilitating the purchasing of goods and services, less known . Is that it also provides a whole range of services that are “tied to powerful . Underlying secular trends that have nothing to do with the economy,” miebach said.
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One example is . Cybersecurity, he said. Mastercard is one of the largest providers globally.“our scenario planning isn’t one . Of dark clouds,” he philippines numbers added. “right now, there isn’t a scenario … where this is . A dramatic impact on us.”read more: report: visa offers million to get apple credit card . Businessthat rumor about apple paymiebach was asked if reports that visa might take over apple . Pay from mastercard were true.
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Miebach said he has seen the headlines but flatly denied . That apple is ditching mastercard: “it’s not happening.”earlier this month, visa offered apple about million . To take over apple pay from mastercard, which processed the goldman sachs’ apple credit card.The . Paper said there is fierce competition not only to take over from goldman sachs — . Among big banks including jpmorgan chase and synchrony financial — but also among the payment .
