Latin America was the fastest growing region for MasterCard (NYSE: MA) in 3Q11, with gross dollar volume rising 24.6% on a local currency basis to US$71bn compared to the same quarter in 2010, spurred in part by new transaction processing in Brazil, the global payments company's CEO, Ajay Banga, told a conference call.
Purchase volume expanded 29.1% to US$43bn through 697mn transactions in the third quarter, with cash volume increasing 18.3% to US$28bn, both in local currency terms.
Banga also said MasterCard has begun working with Mexico's government to replace some of its paper-based, manual procurement systems with the company's commercial products.
There were 130mn MasterCard-branded cards circulating in Latin America as of September 30, up 26% from the same time in 2010, according to the company's latest earnings release.
MasterCard posted better than expected results for the third quarter, with net income rising 38.4% to US$717mn compared to 3Q10.
Revenues increased 27.3% to US$1.8bn, thanks to an increase in gross dollar volume as well as growth in cross-border volumes and processed transactions. More than half of the company's revenues came from outside the US in the quarter.
To read MasterCard's full earnings release, go to this link