Visa, MasterCard cut costs as profit growth slows

In their latest quarterly results, the world’s largest payment networks beat expectations by slashing expenses and increasing prices.

That contrasts with previous periods when the companies could rely more for growth on people switching to electronic payments from cash for an increasing number of transactions.

That trend had Mastercard and Visa in the sweet spot of the credit and debt card industry — getting paid each time a transaction took place on their branded cards while not having to deal with the risks of consumers defaulting that are faced by the credit card issuers.

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