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MasterCard makes gains in Q4

February 3, 2012

The second largest credit card company in the world announced that it saw an increase in spending during the fourth quarter of 2011.

The second largest credit card  company in the world announced that it saw an increase in spending during the fourth quarter of  2011.

In a statement, MasterCard reported that its profits during the last portion of the year had climbed 24 percent, with a net income of $514 million. The figures are significantly higher than the same period the year before, when the New York-based firm took in $415 million. 

The head of the brand, which deals heavily with merchant services and other transactions, said that the numbers showed that the company had earnings potential and was on the path to further growth.

“We are pleased with our strong fourth quarter results as we are seeing sustained momentum,” said the firm’s CEO, Ajay Banga, in a statement. “For the full year, despite ongoing economic uncertainties, we posted strong performance ahead of our long-term objectives.”

One of the ways MasterCard has been trying to increase profits is by introducing new technolgy for processing payments. The company introduced the QkR mobile application, allowing people to pay for items with smartphones.

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