Mastercard sees slight rebound in credit-card use in recent weeks – ForexTV.com
Mastercard Inc. said late Wednesday it has detected a slight rebound in credit-card use in the two weeks ended May 7, in part due to the loosening of social-distancing rules in several areas and the impact of fiscal stimulus in the U.S. The recent trends in credit-card volumes and transactions point to a “transition from the stabilization phase to the normalization phase in some markets, although it is very early days,” the credit-card company said. The company defined the “stabilization phase” as spending at new lower levels as a result of social distancing and stay-at-home orders, in place across the globe to stem the spread of the coronavirus. “The normalization phase occurs when these restrictions are relaxed and spending begins to gradually recover from the new lower levels, with some sectors recovering faster than others,” it said. Cross-border volume is still taking a hit by the decline in travel, “although we have seen modest improvements over the last week in part due to an increase in intra-Europe travel,” Mastercard said. Shares of the company rose nearly 3% in the extended session after ending the regular trading day down 1.1%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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