MasterCard expects revenue to double in Latin America by 2019



MasterCard Inc, the world’s second-largest debit and credit card company, expects net revenue to double in Latin America over the next four to five years on strong consumer spending and a shift to electronic payment from cash, a leading executive told Reuters.

In recent years, a growing middle class has driven a boom in consumer spending in Latin America and helped sustain economic growth.

“There’s much more growth here in Latin America in terms of percentage growth year over year than you have in places like the U.S. or Europe,” Ann Cairns, the president of MasterCard’s business outside North America.

“The reason is you’re having a combination of consumer spending (growth) and also you have a secular shift of cash to electronic payment,” Cairns said after wrapping up a tour in the region.

A lack of access to financial services throughout Latin America also presents an opportunity for MasterCard. Only around 39 percent of the population in Latin America has access to financial services, compared with almost 90 percent in high-income countries, according to World Bank data.

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