Mastercard caps strong quarter for card giants as consumer spending holds up

By Utkarsh Shetti and Pritam Biswas Oct 29 (Reuters) Mastercard on Thursday rounded out a strong quarter for payment networks with a profit beat, as consumer spending held up despite worries over still-high inflation and economic uncertainty. Shares of the company rose more than 4% ​in afternoon trading, while rivals Visa and American Express were up about 2% each. A steady ‌labor market and still-strong wage growth have helped cushion the squeeze from soaring gasoline prices due to the war in Iran and higher costs of living. Some of the spending growth this year was driven by higher gas prices, Mastercard s newly appointed CFO Ling Hai told Reuters in an interview, while stressing that the short-term benefit on price could be ‌hindered ​if inflation levels remained high. Mastercard s payments network, like that of rival ⁠Visa, spans more than 200 countries ⁠and territories, helping insulate it from economic downturns as billions of consumers rely on its network for everyday purchase