Based on our switched volumes, Asia, which represented approximately 14% of cross-border inbound travel in 2019, is only at approximately 60% of 2019 levels in Q2.

Jul 28, 2022 / CFO / receipt, needs a key / Sachin Mehra, CFO | earnings call 2022-07-28 | transcript 6019f47b-0a19-4195-badf-e6ca8f035842 | chars 21578-21741 | segment 22

Cross-border volume was up 58% globally for the quarter, reflecting continued improvement in travel-related cross-border.

Jul 28, 2022 / CFO / receipt, needs a key / Sachin Mehra, CFO | earnings call 2022-07-28 | transcript 6019f47b-0a19-4195-badf-e6ca8f035842 | chars 16882-17003 | segment 17

Cross-border travel had another quarter of strong growth as border restrictions continue to be lifted. In the first three weeks of July, cross-border travel was up 89% year-over-year, down 55 PTT versus Q2 due to more difficult year-ago comps, as I just noted.

Jul 28, 2022 / CFO / receipt, needs a key / Sachin Mehra, CFO | earnings call 2022-07-28 | transcript 6019f47b-0a19-4195-badf-e6ca8f035842 | chars 20346-20606 | segment 21

Cross-border travel is now at 126% of 2019 levels, up eight points versus Q2.

Jul 28, 2022 / CFO / receipt, needs a key / Sachin Mehra, CFO | earnings call 2022-07-28 | transcript 6019f47b-0a19-4195-badf-e6ca8f035842 | chars 20607-20684 | segment 21

In terms of operating expenses for the fourth quarter, we expect operating expenses to grow at the low end of low double digits versus a year ago on a currency neutral basis, excluding acquisitions. This reflects our disciplined approach to expense management while advancing our innovation agenda across payments, services, and promising new adjacencies, and continued investment in brand and product marketing.

Oct 28, 2021 / CFO / receipt, needs a key / Sachin Mehra, CFO | earnings call 2021-10-28 | transcript 6361e059-40d1-4827-aea7-955758f340c7 | chars 20372-20784 | segment 20

As it relates to travel, we have seen it picking up in all regions, notably within and to Europe, and recently into Canada as well.

Oct 28, 2021 / CFO / receipt, needs a key / Sachin Mehra, CFO | earnings call 2021-10-28 | transcript 6361e059-40d1-4827-aea7-955758f340c7 | chars 19005-19136 | segment 19

We are optimistic about the announced relaxation of border restrictions in places like the US and the UK, given that we have seen travel pick up when borders have opened in the past.

Oct 28, 2021 / CFO / receipt, needs a key / Sachin Mehra, CFO | earnings call 2021-10-28 | transcript 6361e059-40d1-4827-aea7-955758f340c7 | chars 19514-19696 | segment 19

Cross-border travel, which includes both card-present and travel-related card-not-present volumes, increased from 39% to 66% of 2019 levels from April to July, primarily driven by strength in Europe and between the U.S. and Latin America. Asia-Pacific has been slower to recover.

Jul 29, 2021 / CFO / receipt, needs a key / Sachin Mehra, CFO | earnings call 2021-07-29 | transcript 86271cb7-3e3d-4127-9c87-09591a7dd30d | chars 19634-19913 | segment 20

Excluding acquisitions, expenses decreased 8%, which was also better than expectations, primarily related to actions taken to reduce advertising and marketing, travel, personal costs, and professional fee-related expenses.

Oct 28, 2020 / CFO / receipt, needs a key / Sachin Mehra, CFO | earnings call 2020-10-28 | transcript 6072739e-7c91-4542-b2fa-42bebe85b56a | chars 19067-19289 | segment 19

Our view is personal travel comes back quicker than business travel does. Personal travel for MasterCard represents a substantial portion of our total cross-border. So the way I would think about that is to think about in the context of as travel starts to come back, we'll see personal travel, which is a substantial portion of our total cross-border, come back sooner than business travel.

Oct 28, 2020 / CEO / receipt, needs a key / Sachin Mehra, CEO | earnings call 2020-10-28 | transcript 6072739e-7c91-4542-b2fa-42bebe85b56a | chars 26843-27234 | segment 27