Mastercard Says Fewer Crypto Purchases Led To Drop in First Quarter Growth
Mastercard’s quarterly growth was marked by a slight drop due to a decrease in the number of customers purchasing cryptocurrencies with the company’s credit cards, CNBC reported May 3.
Consumers can use Mastercard to acquire digital currencies, a practice forbidden by some financial institutions. Earlier this year, Bank of America, JPMorgan Chase, and Citigroup prohibited such purchases, referring to potential credit risks and cryptocurrency volatility.
Mastercard’s cross-border volumes reportedly grew by 19 percent, though that figure dropped by 2 percentage points from the fourth quarter, partly due to fewer purchases of cryptocurrencies by their cardholders.
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