 "Mastercard recently launched an authentication product called Identity Check Express that enables customers to verify transactions on their own")
(Reuters) - Mastercard Inc's
The pandemic has hit large parts of the global retail industry as stores remain shut and shoppers stay at home to avoid catching the highly contagious illness.
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Travel bans around the world have taken a toll on payment processors, with Mastercard reporting a 45% drop in cross-border volume on a local currency basis in the quarter.
Gross dollar volume - the dollar value of transactions processed - fell 10% to $1.4 trillion.
Net income fell about 31% to $1.42 billion in the second quarter ended June 30. Excluding items, profit was $1.36 per share, beating estimates of $1.16, according to IBES data from Refinitiv.
Mastercard's shares rose 1.41% in premarket trade.
Total operating expenses fell 5% to $1.6 billion in the quarter.
Rival Visa Inc's
The U.S. government reported earlier this month that retail sales rebounded in May and June from a sharp drop in April, and ended down 8% for the quarter from a year earlier.
(Reporting by Noor Zainab Hussain in Bengaluru and David Henry in New York; Editing by Devika Syamnath)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
