The news: The two largest US card networks reported slower payments volume growth in Q3 than the same period a year ago, when the post-lockdown spending boom turbocharged volume gains.
Mastercard’s Q3 gross dollar volume (GDV) increased 11% year over year (YoY) in Q3, compared with a 20% YoY jump in Q3 2021.Visa’s payments volume grew 10% YoY on a constant currency basis in the last three months ending September 30, 2022. Volume growth slowed from year’s 17% YoY increase.
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