With consumer spending in April increasing more than expected despite concerns over inflationary pressures, the consumer financial industry could be a promising investment. Moreover, the global consumer finance market is projected to grow at a CAGR of 7.1%, reaching $1.96 trillion by 2029.
In keeping with the sector’s outlook, the global payment processing tech giant, Mastercard Incorporated (MA – Get Rating), reported a strong first-quarter performance, and its prospects seem solid despite the turbulent macroeconomy.
MA’s CEO, Michael Miebach, stated, “We delivered strong revenue and earnings growth this quarter, reflecting resilient consumer spending and the continued recovery of cross-border travel.”
He further commented that the company is actively managing the business to capitalize on the significant digital payment and services opportunities ahead and stands ready to navigate through any headwinds.
He believes that MA’s focused strategy, diversified business model, and relationships around the globe keep it well-positioned for long-term growth.
On May 26, 2023, UniCredit and MA announced a global expansion in their payment partnership. This significant broadening of the companies’ relationship is anticipated to deliver payment innovation and enhanced digital experiences to customers.
Over the past nine months, the stock has gained…
Continue reading at STOCKNEWS.com
