Mastercard expands cryptocurrency program to allow more firms to issue cards on its network.

• First-quarter net income of $1.7 billion, or diluted earnings per share (EPS) of $1.68
• First-quarter adjusted net income of $1.8 billion, or adjusted diluted EPS of $1.83
• First-quarter net revenue of $4.0 billion, an increase of 3%, or 5% on a currency-neutral basis
• First-quarter gross dollar volume up 8% and purchase volume up 8%

Strong Buy  Based on 19 Analyst Ratings  Based on 19 Wall Street analysts offering stock ratings for Mastercard in the last 3 months (by analysts ranked 0 to 5 stars).Analyst Price Target on MA
$327.71  â–² (4.87% Upside)  Based on 19 analysts offering 12 month price targets for Mastercard in the last 3 months. The average price target is $327.71 with a high forecast of $370.00 and a low forecast of $300.00. The average price target represents a 4.87% increase from the last price of $312.50. Source: TipRanks

Mastercard Incorporated (NYSE: MA) today announced financial results for  the first quarter of 2020.  Wirex Becomes First Native Cryptocurrency Platform to Be Granted Principal Membership License.

PURCHASE, N.Y.–(BUSINESS WIRE)– Consumer interest and investment in digital currencies are growing, with research showing that up to 20 percent of the population of some countries are holding cryptocurrencies1, and an increasing number of merchants, digital players and financial institutions are exploring crypto payments.

Aiding adoption and creating innovative experiences in the crypto space, Mastercard today announced the expansion of its cryptocurrency program, making it simpler and faster for partners to bring secure, compliant payment cards to market. Supercharging the partnership experience, cryptocurrency and crypto card partners are invited to join Mastercard’s Accelerate program2 for emerging brands and fintechs, giving them access to everything they need to grow quickly.

The move comes as Wirex becomes the first native cryptocurrency platform to be granted a Mastercard principal membership, allowing it to directly issue payment cards.

“The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy,” said Raj Dhamodharan, Executive Vice President, Digital Asset and Blockchain Products and Partnerships, Mastercard. “Our work with Wirex and the wider crypto ecosystem is accelerating innovation and empowering consumers with more choice in the way they pay.” Source: https://investor.mastercard.com/investor-news/investor-news-details/2020/Mastercard-Accelerates-Crypto-Card-Partner-Program-Making-it-Easier-for-Consumers-to-Hold-and-Activate-Cryptocurrencies/default.aspx

In other news- Mastercard Expands ShopOpenings.com to the U.S. & Canada, Delivering a Search Tool That Identifies What Stores Near You Are Open for Business: As businesses seek to draw customers back both in store and online, Mastercard is introducing new tools to support them. Today, Mastercard announced the geographic expansion of  ShopOpenings.com, a new online search tool that confirms which shops and businesses are open to customers, bringing the search capability to the U.S. and Canada. The company also introduced Digital Acceleration for Small Business, a global initiative to deliver insights and resources for those small business owners looking to expand their business digitally and build an online presence. The initiative is being rolled out first in the  U.S.,  Latin America and the Caribbean.

Ajay Banga Chief Executive Officer:Ajay Banga is chief executive officer of Mastercard and a member of its board of directors. He will become executive chairman of the board of directors on January 1, 2021.Ajay is a co-founder of The Cyber Readiness Institute, first vice chairman of the International Chamber of Commerce and a trustee of the United States Council for International Business. Ajay is a founding trustee of the U.S.-India Strategic Partnership Forum, a member of the U.S.-India CEO Forum and is Chairman Emeritus of the American India Foundation. He served as a member of President Obama’s Commission on Enhancing National Cybersecurity. He is a past member of the U.S. President’s Advisory Committee for Trade Policy and Negotiations.  He was awarded the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor in 2019 and the Business Council for International Understanding’s Global Leadership Award. He is a fellow of the Foreign Policy Association and was awarded the Foreign Policy Association Medal in 2012.Ajay is a member of the board of overseers of the Weill Cornell Medical College. In addition, Ajay serves as a director of Dow Inc. and is a member of its compensation and governance committees. Source Mastercard