Mastercard: Crypto Card Bans A Factor in Q1 Volume Decline

Moves by major banks to ban their customers from using their payment cards to buy cryptocurrencies led to a dip in cross-border transaction volume during the first quarter of 2018, Mastercard's chief financial officer said Wednesday. Martina Hund-Mejean said that the company's cross-border payments volume rose 19 percent during the first part of 2018 overall - however, that volume was down 2 percent when compared to the last quarter of 2017 "in part due to the drop [in] crypto wallet funding," she said, according to an earnings call transcript published by Seeking Alpha. She explained: "So the issue in this, first of all, in terms of the stacks, on the cross-border volume growth, the cryptocurrency funding or the crypto wallet funding really was 1 percent. It was 1 percent that we saw in the fourth quarter and it was 1 percent that we saw in the first quarter. What the…

Read the original article here