NEW YORK - MasterCard Inc, the world's second-largest credit-card network, said processed volume in the United States declined less in July and August than in the second quarter, reinforcing sentiment that the industry is stabilizing.
U.S. processed volume fell about 8 percent in July and August compared with a year earlier. In the second quarter, processed volume declined 9.7 percent, Chief Financial Officer Martina Hund-Mejean said at a Barclays conference in New York.
The July-August decline was driven by fewer credit card transactions, Hund-Mejean said. This was partially cushioned by a higher use of debit cards.
On Monday, Visa Inc, the world's largest payment network, said its U.S. payment volume fell less in August than in July as more consumers used their debit cards.
MasterCard's cross-border volume declined about 1 percent in July and August, compared with a 2.1 percent contraction in the second quarter, Hund-Mejean said.
Worldwide processed transactions grew 8 percent in July and August, in line with the trend of the second quarter.
MasterCard is partially insulated from the global credit crisis because it processes transactions rather than extends credit. However, revenue growth has slowed along with transaction volume as consumers try to reduce their debts. (Reporting by Juan Lagorio; editing by John Wallace)