Mastercard delivered a strong fourth quarter (Q4 2024) with net revenue up 16% year over year on a currency-neutral basis, supported by solid growth across the payment network and a meaningful contribution from value-added services. Cross-border activity remained a meaningful growth driver (global cross-border volume up 20% YoY), while domestic GDV rose 12% YoY, underscoring Mastercard’s diversified exposure to both consumer and commercial spend. The company also completed the acquisitions of Minna Technologies and Recorded Future, signaling a material expansion in services and threat intelligence capabilities that Management framed as a foundational part of Mastercard’s long-term growth algorithm. Management highlighted tokenization, open-banking enhancements, and new partnerships as key pillars for sustained growth, with 2025 guidance pointing to high-teens top-line growth at the low-double-digit to low-teens range on a currency-neutral basis (ex acquisitions), offset by FX headwinds and higher OpEx driven by acquisitions.