How Mastercard Plans To Beat Visa
发布时间 2023-05-27 16:55:08 来源
摘要
Mastercard is the second largest card network in the U.S., accounting for more than a quarter of all purchase volume using a payment card. As the world transitions to a more cashless society, Mastercard’s value has continued to soar. Shares of the company have seen nearly 100% gain over the past 5 years, outperforming American Express, Discover and even Visa. So how is Mastercard able to generate so much revenue and how does it set itself apart from the rest of its competitors?
Chapters:
00:00 — Cold Open
01:29 — Business model
03:48 — Revenue & competition
08:16 — Future
Produced & Edited by: Juhohn Lee
Animation: Alex Wood & Jason Reginato
Supervising Producer: Lindsey Jacobson
Additional Footage: Getty Images, Mastercard
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How Mastercard Plans To Beat Visa
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中英文字稿 
There are some things money can't buy for everything else. There's mastercard with that slogan mastercard became one of the world's Recognizable brands. It is the second largest card network in the US accounting for more than a quarter of all purchase volume using a payment card Internationally nearly a quarter of the over $624 billion spent using a payment card in 2022 was made using a mastercard Mastercard is a huge company.
有些事情是金钱买不到的，但对于其他一切，就有万事达信用卡了。凭借这个口号，万事达信用卡成为了世界知名品牌之一。作为美国第二大信用卡网络，它负责超过四分之一的使用支付卡进行的购买量。全球范围内，几乎四分之一的超过6240亿美元支付卡消费金额是使用万事达信用卡完成的。万事达信用卡是一家巨大的公司。
In fact, they're the most accepted card worldwide in terms of the number of countries as the world Transitions to a more cashless society mastercard's value has continued to soar as of May 2023 the company had a market cap of over $360 billion shares of the company have seen nearly 100% gain over the past five years post financial crisis Pre-pandemic mastercard grew earnings at a 10 year Kager of 20 percent that's extraordinary for context earnings growth of the S&P overall the market overall is like in the high single digits But pressure is mounting as mastercard faces growing competition and stricter regulations when you have a large enterprise Is largest mastercard perhaps the biggest risk to their business model is regulation.
事实上，在全球范围内，Mastercard是最受欢迎的信用卡，涵盖国家数量最多。随着世界转向更加无现金化的社会，Mastercard的价值不断攀升。截至2023年5月，该公司的市值超过3600亿美元，公司股票过去五年已经增长近100%。在金融危机后，Mastercard的收益增长率达到了20%，而标普和整个市场的平均收益增长率则仅为高个位数。然而，随着竞争日益激烈和监管更加严格，Mastercard面临着压力。对于一家大型企业而言，最大的风险可能就是监管。
So how is mastercard able to generate so much revenue and how does it set itself apart from its competitors? Mastercard was founded in 1966 by the Interbank Card Association as a direct competitor to bank America which would later become visa Mastercard's original founders tried to get a visa license and was denied until they decided to make Mastercard and it realed in a bunch of smaller banks to do so and then eventually mastercard obviously went overseas And it's been growing nicely ever since and continually diversified their business model.
那么，万事达卡如何能够产生如此多的收入并如何与竞争对手区分开来呢？万事达卡成立于1966年，由银行协会作为银行美洲后来成为Visa的直接竞争对手。万事达卡的最初创始人试图获得visa许可证被拒绝，直到他们决定创办万事达卡，并吸引了许多较小的银行参与。之后，万事达卡显然走向海外，并不断地实现多元化的业务模式，因而一直在不断增长。
Together visa and mastercard Dominate the payment network industry the two companies account for 87% of market share based on purchase volume in the United States Visa and mastercard have the benefit of being the original ones in a market where there's Tremendous first mover advantage and a tremendous in-compensy effect because once you have Merchant acceptance and once you have the card issuance like two sides of the two-sided network It's extremely difficult to gain that scale if you're a third party coming into the market Internationally visa and mastercard account for 63% of market shares based on global purchase volume using a payment card.
Visa和Mastercard共同主宰了支付网络行业，在美国，这两家公司在购买金额方面占据了87%的市场份额。Visa和Mastercard具有原始优势，因为在这个市场上，先入为主的优势和两级网络的不可替代效应是巨大的。一旦你获得了商家接受和卡发行这两个方面的规模，如果你是第三方进入市场，就非常难以获得这种规模。在全球使用支付卡的基础上，国际上Visa和Mastercard占据了63%的市场份额。
They essentially set the standards and then they would just go to groups of banks in other countries and say hey We've got these standards. We've got all this technical infrastructure that works for this Why don't you just adopt ours? Why would you ever create a new one a competing one? And so they very effectively expanded around the world as a result over the following decades like visa Mastercard does not issue credit itself Instead they function more like toll operators that facilitate the transfer of payments their network involves four players the consumer Merchant acquire and issue when a consumer swipes their card to make a purchase from a merchant mastercards network Communicates back and forth between the choir the merchants bank and the issuer the bank that issued the consumers cards to Authorize clear and settle the payment.
它们主要制定了标准，然后向其他国家的银行群体展示它们有这些标准，以及为此工作的技术基础设施。它们说，为什么你们要创建一个新的竞争标准呢？因此，随后的几十年中，他们非常成功地在全球范围内扩张，就像 Visa 和 Mastercard 所做的那样。Visa 和 Mastercard 并不直接发放信用，而更像是便利支付传输的收费操作员。它们的网络包含四个参与者： 消费者、商家收款方、发行方及收购方。当消费者通过刷卡从商家购物时，Mastercard 的网络会在收购方的银行和发行方的银行之间进行通信，来进行付款的授权、结算。
Mastercard and visa do not extend credit. They're not lenders. They're merely the payment processors But that's a very lucrative business even just getting a small slice of those transactions That pie continues to grow because globally there continues to be a sizable transition away from cash and towards digital payment methods Mastercard made over 64% of their revenue through fees generated from their intricate payment network in 2022.
Mastercard和Visa并不提供信贷，它们不是贷款人，只是支付处理器。但这是一项非常有利可图的业务，即使只获得这些交易的一小部分，这个蛋糕的规模仍在增长，因为全球范围内仍然存在大量从现金转向数字支付方法的转变。2022年，Mastercard通过从其复杂的支付网络产生的费用获得了超过64％的收入。
Mastercards main revenue source is interchange fees that come from card processing and they have different types of Transactions and volumes that go over their network. They can be domestic transactions cross-border transactions The way I would think about it is that they make on average about 30 cents on every $100 transaction that's processed with one of their cards But because of the tremendous scale because of the tremendous sums of money that they're processing this can be a very lucrative Business model the rest of the revenue comes from what mastercard refers to as value added services and solutions.
万事达卡的主要收入来源是来自于信用卡处理的交易费，且其网络上有不同类型和数量的交易。这些交易可以是国内交易和跨境交易。我认为它的平均每100美元交易可获得30美分的收益。但由于其庞大的规模和处理的巨额金额，这可以是一个非常有利可图的商业模式。其余的收入来自于万事达卡所称的增值服务和解决方案。
The biggest categories of value added services are really in two buckets One bucket is all related to advisory analytics and data So as you can imagine mastercard has extraordinary amounts of data about consumer spending So literally consultants that will work with banks and then we'll also work with retailers and consumer package goods companies Even governments in many cases to apply that data and insight into helping build their businesses The other very large portion of value added services is all cyber security and advanced security related services It's a very important part of the business. It also is very mutually beneficial with the underlying base business It reinforces the base business of the two kind of. work hands and glove
增值服务（Value Added Services）的最大类别主要分为两个部分。第一个是咨询分析和数据相关的，由于万事达卡拥有巨大的有关消费者支出的数据，因此可以想象，万事达卡会与银行、零售商和消费品公司甚至政府合作，将这些数据和见解应用于帮助他们的业务发展。另一部分是所有与网络安全和先进安全相关的服务，这是业务中非常重要的部分，也与基础业务有非常互惠的关系，这两个工作方面互相支持，共同推动业务的发展。
Despite their success Mastercard has long lag behind visa in company performance They're just over three billion mastercard in circulation Compared to visas 4.1 billion Mastercard reported a net revenue of 22.2 billion in 2022 Compared to visas 29.3 billion in the same year Worldwide mastercard accounts for nearly a quarter of market share based on purchase transactions While visa alone accounts for more than a third The reason is really simply one of history the market shares Amongst the card networks barely budge they move like a point if anything globally mastercard has Modestly gained share over the last say 10 years, but they barely move because there's just a huge you know Incompensy bias to the whole ecosystem once you're using one type of card network You don't typically switch it.
尽管 Mastercard 取得了成功，但公司业绩远远落后于 Visa。Mastercard 的流通量仅略超过 30 亿张，相比之下，Visa 的流通量高达 41 亿张。2022 年，Mastercard 报告的净营收为 222 亿美元，而 Visa 在同年的净营收则高达 293 亿美元。全球范围内，基于购买交易，Mastercard 的市场份额接近四分之一，而 Visa 单独就占据了超过三分之一。造成这一现象的原因实际上很简单，就是市场份额的历史因素。在卡片网络中，市场份额几乎不会发生大的变化，即使全球范围内 Mastercard 在过去十年里略微增加了市场份额，但它们的变化很小，因为整个生态系统中存在巨大的补偿偏差，一旦您使用某种类型的卡片网络，您通常不会轻易更换。
Yet mastercard stock has outperformed visas over the past five years Experts say mastercard simply has more qualities that would entice an investor It has faster top-line growth It's has that a positive nature that gives it a premium And there's the perception that there's more margin expansion that's achievable boosting EPS growth overall It can grow more since it's on that smaller base people do believe one day It could get to that same margin that visa is and they're also taking some partners away One edge that mastercard has over visa is its position in the international market a lot of that has had to do with Europe visa did not use to own visa Europe it was branded visa, but it was still a separate entity back in 2016 2017 visa was able to buy visa Europe and they have gone through a huge effort to modernize visas operations in Europe, but in the meantime mastercard has taken advantage of that sort of disruption to Outgrow visa significantly in Europe That's obviously a really big cross-border hub as well So it's kind of a double whammy benefit to revenue when you have more market share in Europe in particular
然而，在过去五年里，万事达股票表现优于visa。专家们认为，万事达拥有更多的吸引投资者的特质。它具有更快的顶线增长，有积极的性质，使其具备高溢价的特点。此外，人们认为它有更多的利润扩张空间，可以提高EPS增长率。它可以增长得更快，因为它的基数比visa小，人们相信，有一天它能够达到和visa同样的利润率，并且他们也正在吸引一些伙伴。
万事达在国际市场上的地位是visa所没有的一大优势。这在很大程度上与欧洲有关visa以前不拥有visa Europe它被标记为visa，但在2016年和2017年，visa终于买下了visa Europe，并大力改进了visa在欧洲的业务。但与此同时，万事达利用了这种扰动，在欧洲比visa显著增长。这显然是一个非常重要的跨境中心，当你在欧洲特别是拥有更多的市场份额时，这会带来双重好处，对收入有很大的帮助。
Besides visa mastercard also faces competition from companies like American Express and Discover Which account for 13% of the domestic market combined But they're also combining forces to fight external threats especially in the digital payment front There's sort of frenemies with the other card networks like visa like American Express because the whole card ecosystem Compete against alternative forms of payments like account to account payments like a digital wallet style direct payment Like Venmo or something like that right there are these alternative usually their country specific or regional But these alternative forms of payment that don't use cards that's really the the bigger competition
除了Visa和Mastercard以外，还有美国运通和Discover等公司对其构成竞争，这些公司在国内市场占比合计为13%。但它们也联合起来应对外部威胁，特别是在数字支付方面。它们与其他银行卡网络如Visa、美国运通之间有种“敌人兼朋友”的关系，因为整个银行卡生态系统都在竞争其他支付形式，如账户对账户支付或数字钱包直接支付，例如Venmo等等。这些替代支付通常是受特定国家或地区限制的，但它们不使用银行卡，这才是更大的竞争对手。
In recent years mastercard has made big acquisitions and investments to focus its technology on business to business payments Mastercard estimates B2P payments is a 135 trillion dollar industry One would be expense reports for example Mastercard is actually a big player in Virtual cards that companies can give employees for pre-approved travel expenses There's also the issue of paying suppliers So you picture that maybe you're some kind of vendor and you have supplies delivered And then you want to pay that company and you know that can be done in real time with mastercard B2B payments are a gigantic market but difficult to crack into That has not really paid off yet to be honest, but these are Investments that can easily take five to eight years to really see them come to fruition
近年来，万事达卡一直通过大量的收购和投资，将他们的技术重点放在了企业之间的支付上，他们估计B2P支付是一个135万亿美元的市场。例如，有些公司会给员工发放虚拟信用卡来支付已审批的差旅费用。同时，付款给供应商也是一个问题，但使用万事达卡支付，可以在实时处理中完成。虽然B2B支付是一个巨大的市场，但是有一定的难度，因此现在并没有获得令人满意的结果，但这些投资需要5-8年的时间才能真正看到成果。
One of mastercard several challenges is the rising competition in the payment network landscape. I would think of it as sure visa is the big brother competitor that they're up against every day. American Express is sort of the specialty competitor that they're up against every day. But perhaps the more difficult competitors for them to compete against is the sort of Death by a thousand cuts competitors like dozens if not hundreds of small competitors in 200 countries around the world that are all just trying to chip away a little bit at their business. That's like the trickier thing is like fighting on all fronts at once.
万事通面临的众多挑战之一，是付款网络领域竞争日益激烈。我认为它可以被看作是与维萨这个大佬级别的竞争对手每天都在进行着竞争。美国运通则是个特殊的竞争对手，每天都在与它展开角逐。不过，对于万事通来说，更具挑战性的竞争对手可能是那些“千刀万剐”的竞争对手，这些小型竞争对手遍布200多个国家，只是试图在他们的业务中攫取一点利润。这就像是同时在多个战线上进行斗争一样，让人感到棘手。
But rising competition could also prove to be an opportunity. While there are a lot of competition among different payment providers. They still have a really strong market share really strong positioning because what we found is that the competitors, actually want a partner with mastercard versus trying to take them out. And so as mastercard is continued to expand its tentacles across the globe. They found themselves and even I would argue a better competitor positioning than before the pandemic.
竞争加剧也可能成为一种机会。虽然各种付款提供商之间存在激烈的竞争，但他们仍然拥有非常强大的市场份额和定位，因为我们发现，竞争对手实际上希望与Mastercard合作，而不是试图排挤它们。因此，随着Mastercard在全球不断扩展其业务，他们发现自己甚至比疫情前更具竞争力的定位。
The payment network industry is one of the most heavily regulated markets in the world. As a result, mastercard has faced numerous regulatory and legal challenges over the years. Most recently the US Justice Department began an antitrust investigation into mastercard's debit card program. Mastercard declined to participate in this documentary but said they're cooperating with the Department of Justice. They currently are not speculating about potential outcomes. When you have a large enterprise is largest mastercard, perhaps the biggest risk to their business model is regulation.
支付网络行业是世界上受最严格监管的市场之一。因此，万事达卡公司多年来一直面临着众多监管和法律挑战。最近，美国司法部开始对万事达卡的借记卡计划展开反垄断调查。万事达卡拒绝参加这个调查，但表示他们正在与司法部合作。目前他们没有猜测可能的结果。当你拥有像万事达卡这样的大型企业时，也许最大的风险是监管。
I think a lot of the regulatory challenges relate to the fact that mastercard like Visa is a very big important global company. These are companies that we engage with almost every day. Whether we think of it or not through our daily transactions. So I think probably rightfully so there is a lot of scrutiny there.
我认为许多监管挑战与MasterCard和Visa等重要的全球公司相关。这些公司我们几乎每天都在使用，不管我们有没有意识到。因此，我认为有很多审查是合理的。
The Credit Card Competition Act of 2022, currently introduced to the Senate, could also have a major impact on mastercard's business. The bill aims to enhance competition amongst credit card networks, which could potentially end the dominance enjoyed by Visa and mastercard. If the credit card competition act becomes law, I think it would have a massive effect on mastercard and the whole credit card industry. I don't think it's going to pass but if it did it would be a really big deal. It would basically cause every credit card agreement to be rewritten. Because it wouldn't really be just a Visa or mastercard anymore. Every card would have to have at least two networks that merchants could choose from. And they couldn't both be Visa and mastercard.
2022年的信用卡竞争法案目前已经提交给参议院，这可能会对Mastercard业务产生重大影响。该法案旨在增强信用卡网络之间的竞争，这有可能结束Visa和Mastercard的垄断地位。如果信用卡竞争法案成为法律，我认为它将对Mastercard和整个信用卡行业产生巨大影响。我不认为这会通过，但如果通过了，将是一个非常大的事件。这基本上会导致每个信用卡协议被重新编写。因为它不再只是Visa或Mastercard。每张卡都必须有至少两个网络可供商家选择。而且它们不能都是Visa和Mastercard。
Regardless, experts say that mastercard's future success lies in relying on what it is they do best – providing a valuable service to its customers. If we step back and think about how mastercard stays most relevant in their space. We think it's by expanding their network across merchants. It's making sure that they are where the customer wants to be when they want to pay. And that they can pay the way the customer wants. That is the critical factor for mastercard to stay relevant. They're doing a great job of it now. And we don't expect that to change in the future.
然而，专家们表示，万事达卡未来的成功在于依靠他们最擅长的事情 - 为客户提供有价值的服务。如果我们回归到思考万事达卡如何在其领域保持最相关性，我们认为扩大他们的商家网络是重要的。这意味着确保他们在客户想要支付的时候出现在那里，并且可以按客户想要的方式支付。这是万事达卡保持相关性的关键因素。他们现在已经做得非常出色，我们不认为未来会改变。