Value-Added Services and SolutionsNarrow moat

Mastercard (MA) — moat facet

Services are 41% of Mastercard and grow twice as fast as its network, but the company has never said how profitable they are.

Value-added services and solutions are Mastercard's second business, and in the latest quarter they were 41.2% of net revenue1. Net revenue from them was $13,315 million in 2025, up 23%2, and $3,826 million in the second quarter of 2026, up 20%3.

Net revenue growth by category (%)18%Services 202310%Network 202317%Services 202410%Network 202423%Services 202512%Network 2025Mastercard Forms 10-K FY2024 and FY2025
Services outgrew the network every year shown.

What is inside the line is everything Mastercard sells beyond carrying the payment. The filing lists security solutions, consumer acquisition and engagement services, business and market insights, digital and authentication services and processing and gateway services among them4. It also includes open banking, bought through Finicity for $809 million in 20205, identity verification through Ekata for $861 million in 20216, and threat intelligence through Recorded Future for $2.7 billion in 20247.

The history is a line that grew faster than the network in every year but one. Services net revenue was $5,404 million in 2020, $6,941 million in 2021, $7,879 million in 2022, $9,274 million in 2023 and $10,832 million in 202489, about 2.5 times in five years10. The weak year was 2022, when services grew about 14% against 20% for the network11, as travel-driven network revenue recovered faster.

How it is paid differs from the network. Services are sold under contracts that may bundle several performance obligations, priced at standalone selling prices12, and some are paid in advance: deferred revenue primarily relates to value-added services13. At the end of 2025 Mastercard had $2.0 billion of unsatisfied performance obligations on services, expected through 203014. Rebates are attributed to the revenue category they relate to15, and the services line appears to carry far fewer of them than the network.

The drivers of 2025 growth, in the company's own order, were growth in the underlying key drivers, security, digital and authentication solutions and consumer acquisition and engagement services, pricing, and business and market insights16. Acquisitions added about three percentage points17. That list matters: part of the growth is the network's own volume, part is price, part is bought.

Profitability is not disclosed. Mastercard reports one operating segment18, so the margin on services cannot be separated from the network's. The company margin rose to 57.6% in 202519 while services grew as a share, which suggests services are not diluting it; the headcount, up from about 13,400 in 201720 to about 39,800 in 202521, shows what they cost to deliver.

The outlook is for this line to keep outgrowing the network. The services that use Mastercard's transaction data, such as fraud scoring, have an advantage no outsider can match; those it bought, such as threat intelligence, compete with specialists on ordinary terms. The pending purchase of BVNK for $1.5 billion22 adds stablecoin infrastructure.

This line is the reason the company is valued like the stronger network. The verdict would change if services growth fell into the low teens, because the growth that justifies the price would then have to come from a network that pays half its toll back to the banks.

Moat trajectory: Widening

Grew 23% in 2025 and 20% in Q2 2026, against 12% and 10% for the network.

The number that tests this moat
Reported
Value-added services growth, full year
+23% in 2025 ($13,315M), about 3 points from acquisitions

The second engine's growth; a fall into the low teens would leave growth to the network alone.

Source: Mastercard Form 10-K, FY2025 ↗
References
  1. Moat Explorer calcValue-added services and solutions are Mastercard's second business, and in the latest quarter they were 41.2% of net revenue.
    Moat Explorer calculation from Mastercard's reported figures ($ millions unless stated). Gross payment network assessments 2025: 11,029 + 12,021 + 15,930 + 1,018 = 39,998; rebates 20,522 / 39,998 = 51.3%; 2024: 10,245 + 10,181 + 13,602 + 936 = 34,964, 17,629 / 34,964 = 50.4%; 2023: 15,182 / (15,824 + 15,182) = 49.0%; 2022: 8,794 + 6,597 + 10,646 + 766 = 26,803, 12,445 / 26,803 = 46.4%; 2021: 10,476 / (11,943 + 10,476) = 46.7%. Q2 2026: 5,997 / (5,451 + 5,997) = 52.4%; gross assessments growth (5,451 + 5,997) / (4,945 + 5,997 / 1.22) - 1 = about 16%. Old basis: 3,980 / 13,647 = 29.2% (2015); 8,315 / 23,616 = 35.2% (2020). Rebates 20,522 / 3,980 = 5.2 times; net revenue 32,791 / 9,667 = 3.4 times. Rebates against gross revenue 2025: 20,522 / (32,791 + 20,522 = 53,313) = 38.5%; Visa 15,751 / (40,000 + 15,751 = 55,751) = 28.3%; difference 20,522 - 15,751 = 4,771. US share: 2,958 / (2,958 + 7,028) = 29.6%; four networks 2,958 / 11,463 = 25.8%; Amex and Discover 11,463 - 9,986 = 1,477, 1,477 / 11,463 = 12.9%. Outside the US 100% - 29% = 71%. Cross-border assessments 12,021 / 3,498 = 3.4 times; cross-border volume fees 3,512 / 5,606 - 1 = -37.4%; 12,021 x 0.37 = 4,448. Services share of net revenue: 5,404 / 15,301 = 35.3% (2020); 6,941 / 18,884 = 36.8%; 7,879 / 22,237 = 35.4%; 9,274 / 25,098 = 37.0%; 10,832 / 28,167 = 38.5%; 13,315 / 32,791 = 40.6% (2025); 3,826 / 9,277 = 41.2% (Q2 2026); payment network 19,476 / 32,791 = 59.4%. Growth: payment network 11,943 / 9,897 - 1 = 21%, 14,358 / 11,943 - 1 = 20%, 15,824 / 14,358 - 1 = 10%, 17,335 / 15,824 - 1 = 10%, 19,476 / 17,335 - 1 = 12%; 19,476 / 9,897 = 2.0 times; services 7,879 / 6,941 - 1 = 14% (2022), 13,315 / 5,404 = 2.5 times; growth gap Q2 2026 20% - 10% = 10 points; acquisitions 3 / 23 = 13%. Operating margin: 5,078 / 9,667 = 52.5% (2015); 6,622 / 12,497 = 53.0% (2017); 7,282 / 14,950 = 48.7% (2018); 9,664 / 16,883 = 57.2% (2019); 8,081 / 15,301 = 52.8% (2020); 12,264 / 22,237 = 55.2% (2022). Headcount 39,800 / 13,400 = 3.0 times; net revenue 32,791 / 12,497 = 2.6 times (2017-2025). Capital spending 489 + 726 = 1,215; 1,215 / 32,791 = 3.7%; free cash flow 17,648 - 1,215 = 16,433; returned 11,727 + 2,756 = 14,483, 14,483 / 16,433 = 88%. Net debt 30 June 2026: 2,459 + 22,184 - 11,291 = 13,352. Diluted shares 906 / 1,137 - 1 = -20.3%; EPS 16.52 / 3.35 = 4.9 times, (16.52 / 3.35)^(1/10) - 1 = 17.3% a year; net income 14,968 / 3,808 = 3.9 times; net revenue (32,791 / 9,667)^(1/10) - 1 = 13.0% a year. Year-end P/E (market value over net income): 109.31 / 3.808 = 28.7 (2015); 160.24 / 3.915 = 40.9 (2017); 301.24 / 8.118 = 37.1 (2019); 353.05 / 8.687 = 40.6 (2021); 334.33 / 9.930 = 33.7 (2022); 483.30 / 12.874 = 37.5 (2024); 512.65 / 14.968 = 34.2 (2025); earnings yield 1 / 31.13 = 3.2%. Litigation provision against net income: 504 / 14,968 = 3.4%; 539 / 11,195 = 4.8%; 680 / 12,874 = 5.3%. Tax: pre-tax income 2025 14,968 + 3,610 = 18,578; (19.4% - 15.6%) x 18,578 = about 706. Amortised incentives 2,098 / 19,476 = 10.8%. Five-customer net revenue 6.9 bn. BVNK 1,500 / 11,727 = 13% of 2025 buybacks; acquisitions since 2020 809 + 861 + 325 + 2,700 + 1,500 = 6,195, 1,500 / 6,195 = 24%. Recorded Future 2,700 / 14,968 = 18%. Commercial gross dollar volume 1,405 / 10,632 = 13.2%. Property, equipment and right-of-use assets 1,168 + 1,135 = 2,303 - revenue mix, margins, geography and competitors. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Mastercard's Forms 10-K, 10-Q, results releases, the Visa 10-K and the Nilson Report; operands shown in the source line.
  2. ReportedNet revenue from them was $13,315 million in 2025, up 23%, and $3,826 million in the second quarter of 2026, up 20%.
    Mastercard Form 10-K for fiscal 2025 - Item 7 MD&A: net revenue by category, key metrics, rebates, geography and the five largest customers. — FY2025 · publ. 11 February 2026 · source ↗
  3. ReportedNet revenue from them was $13,315 million in 2025, up 23%, and $3,826 million in the second quarter of 2026, up 20%.
    Mastercard Form 10-Q for the quarter ended 30 June 2026 - net revenue by category, rebates, litigation and the BVNK acquisition. — Q2 2026 · publ. 30 July 2026 · source ↗
  4. ReportedThe filing lists security solutions, consumer acquisition and engagement services, business and market insights, digital and authentication services and processing and gateway services among them.
    Mastercard Form 10-K for fiscal 2025 - financial statements and notes: income, cash flow, equity, debt, tax and acquisitions. — FY2025 · publ. 11 February 2026 · source ↗
  5. ReportedIt also includes open banking, bought through Finicity for $809 million in 2020, identity verification through Ekata for $861 million in 2021, and threat intelligence through Recorded Future for $2.7 billion in 2024.
    Mastercard Form 10-K for fiscal 2020 - gross revenue and rebates for 2018-2020, the 2020 decline, the Finicity acquisition and the European Commission fine. — FY2020 · publ. February 2021 · source ↗
  6. ReportedIt also includes open banking, bought through Finicity for $809 million in 2020, identity verification through Ekata for $861 million in 2021, and threat intelligence through Recorded Future for $2.7 billion in 2024.
    Mastercard Form 10-K for fiscal 2022 - key metrics and rebates for 2020-2022, the Ekata and Dynamic Yield acquisitions and the five largest customers. — FY2022 · publ. February 2023 · source ↗
  7. ReportedIt also includes open banking, bought through Finicity for $809 million in 2020, identity verification through Ekata for $861 million in 2021, and threat intelligence through Recorded Future for $2.7 billion in 2024.
    Mastercard Form 10-K for fiscal 2025 - financial statements and notes: income, cash flow, equity, debt, tax and acquisitions. — FY2025 · publ. 11 February 2026 · source ↗
  8. ReportedServices net revenue was $5,404 million in 2020, $6,941 million in 2021, $7,879 million in 2022, $9,274 million in 2023 and $10,832 million in 2024, about 2.5 times in five years.
    Mastercard Form 10-K for fiscal 2022 - key metrics and rebates for 2020-2022, the Ekata and Dynamic Yield acquisitions and the five largest customers. — FY2022 · publ. February 2023 · source ↗
  9. ReportedServices net revenue was $5,404 million in 2020, $6,941 million in 2021, $7,879 million in 2022, $9,274 million in 2023 and $10,832 million in 2024, about 2.5 times in five years.
    Mastercard Form 10-K for fiscal 2025 - Item 7 MD&A: value-added services and solutions. — FY2025 · publ. 11 February 2026 · source ↗
  10. Moat Explorer calcServices net revenue was $5,404 million in 2020, $6,941 million in 2021, $7,879 million in 2022, $9,274 million in 2023 and $10,832 million in 2024, about 2.5 times in five years.
    Moat Explorer calculation from Mastercard's reported figures ($ millions unless stated). Gross payment network assessments 2025: 11,029 + 12,021 + 15,930 + 1,018 = 39,998; rebates 20,522 / 39,998 = 51.3%; 2024: 10,245 + 10,181 + 13,602 + 936 = 34,964, 17,629 / 34,964 = 50.4%; 2023: 15,182 / (15,824 + 15,182) = 49.0%; 2022: 8,794 + 6,597 + 10,646 + 766 = 26,803, 12,445 / 26,803 = 46.4%; 2021: 10,476 / (11,943 + 10,476) = 46.7%. Q2 2026: 5,997 / (5,451 + 5,997) = 52.4%; gross assessments growth (5,451 + 5,997) / (4,945 + 5,997 / 1.22) - 1 = about 16%. Old basis: 3,980 / 13,647 = 29.2% (2015); 8,315 / 23,616 = 35.2% (2020). Rebates 20,522 / 3,980 = 5.2 times; net revenue 32,791 / 9,667 = 3.4 times. Rebates against gross revenue 2025: 20,522 / (32,791 + 20,522 = 53,313) = 38.5%; Visa 15,751 / (40,000 + 15,751 = 55,751) = 28.3%; difference 20,522 - 15,751 = 4,771. US share: 2,958 / (2,958 + 7,028) = 29.6%; four networks 2,958 / 11,463 = 25.8%; Amex and Discover 11,463 - 9,986 = 1,477, 1,477 / 11,463 = 12.9%. Outside the US 100% - 29% = 71%. Cross-border assessments 12,021 / 3,498 = 3.4 times; cross-border volume fees 3,512 / 5,606 - 1 = -37.4%; 12,021 x 0.37 = 4,448. Services share of net revenue: 5,404 / 15,301 = 35.3% (2020); 6,941 / 18,884 = 36.8%; 7,879 / 22,237 = 35.4%; 9,274 / 25,098 = 37.0%; 10,832 / 28,167 = 38.5%; 13,315 / 32,791 = 40.6% (2025); 3,826 / 9,277 = 41.2% (Q2 2026); payment network 19,476 / 32,791 = 59.4%. Growth: payment network 11,943 / 9,897 - 1 = 21%, 14,358 / 11,943 - 1 = 20%, 15,824 / 14,358 - 1 = 10%, 17,335 / 15,824 - 1 = 10%, 19,476 / 17,335 - 1 = 12%; 19,476 / 9,897 = 2.0 times; services 7,879 / 6,941 - 1 = 14% (2022), 13,315 / 5,404 = 2.5 times; growth gap Q2 2026 20% - 10% = 10 points; acquisitions 3 / 23 = 13%. Operating margin: 5,078 / 9,667 = 52.5% (2015); 6,622 / 12,497 = 53.0% (2017); 7,282 / 14,950 = 48.7% (2018); 9,664 / 16,883 = 57.2% (2019); 8,081 / 15,301 = 52.8% (2020); 12,264 / 22,237 = 55.2% (2022). Headcount 39,800 / 13,400 = 3.0 times; net revenue 32,791 / 12,497 = 2.6 times (2017-2025). Capital spending 489 + 726 = 1,215; 1,215 / 32,791 = 3.7%; free cash flow 17,648 - 1,215 = 16,433; returned 11,727 + 2,756 = 14,483, 14,483 / 16,433 = 88%. Net debt 30 June 2026: 2,459 + 22,184 - 11,291 = 13,352. Diluted shares 906 / 1,137 - 1 = -20.3%; EPS 16.52 / 3.35 = 4.9 times, (16.52 / 3.35)^(1/10) - 1 = 17.3% a year; net income 14,968 / 3,808 = 3.9 times; net revenue (32,791 / 9,667)^(1/10) - 1 = 13.0% a year. Year-end P/E (market value over net income): 109.31 / 3.808 = 28.7 (2015); 160.24 / 3.915 = 40.9 (2017); 301.24 / 8.118 = 37.1 (2019); 353.05 / 8.687 = 40.6 (2021); 334.33 / 9.930 = 33.7 (2022); 483.30 / 12.874 = 37.5 (2024); 512.65 / 14.968 = 34.2 (2025); earnings yield 1 / 31.13 = 3.2%. Litigation provision against net income: 504 / 14,968 = 3.4%; 539 / 11,195 = 4.8%; 680 / 12,874 = 5.3%. Tax: pre-tax income 2025 14,968 + 3,610 = 18,578; (19.4% - 15.6%) x 18,578 = about 706. Amortised incentives 2,098 / 19,476 = 10.8%. Five-customer net revenue 6.9 bn. BVNK 1,500 / 11,727 = 13% of 2025 buybacks; acquisitions since 2020 809 + 861 + 325 + 2,700 + 1,500 = 6,195, 1,500 / 6,195 = 24%. Recorded Future 2,700 / 14,968 = 18%. Commercial gross dollar volume 1,405 / 10,632 = 13.2%. Property, equipment and right-of-use assets 1,168 + 1,135 = 2,303 - revenue mix, margins, geography and competitors. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Mastercard's Forms 10-K, 10-Q, results releases, the Visa 10-K and the Nilson Report; operands shown in the source line.
  11. Moat Explorer calcThe weak year was 2022, when services grew about 14% against 20% for the network, as travel-driven network revenue recovered faster.
    Moat Explorer calculation from Mastercard's reported figures ($ millions unless stated). Gross payment network assessments 2025: 11,029 + 12,021 + 15,930 + 1,018 = 39,998; rebates 20,522 / 39,998 = 51.3%; 2024: 10,245 + 10,181 + 13,602 + 936 = 34,964, 17,629 / 34,964 = 50.4%; 2023: 15,182 / (15,824 + 15,182) = 49.0%; 2022: 8,794 + 6,597 + 10,646 + 766 = 26,803, 12,445 / 26,803 = 46.4%; 2021: 10,476 / (11,943 + 10,476) = 46.7%. Q2 2026: 5,997 / (5,451 + 5,997) = 52.4%; gross assessments growth (5,451 + 5,997) / (4,945 + 5,997 / 1.22) - 1 = about 16%. Old basis: 3,980 / 13,647 = 29.2% (2015); 8,315 / 23,616 = 35.2% (2020). Rebates 20,522 / 3,980 = 5.2 times; net revenue 32,791 / 9,667 = 3.4 times. Rebates against gross revenue 2025: 20,522 / (32,791 + 20,522 = 53,313) = 38.5%; Visa 15,751 / (40,000 + 15,751 = 55,751) = 28.3%; difference 20,522 - 15,751 = 4,771. US share: 2,958 / (2,958 + 7,028) = 29.6%; four networks 2,958 / 11,463 = 25.8%; Amex and Discover 11,463 - 9,986 = 1,477, 1,477 / 11,463 = 12.9%. Outside the US 100% - 29% = 71%. Cross-border assessments 12,021 / 3,498 = 3.4 times; cross-border volume fees 3,512 / 5,606 - 1 = -37.4%; 12,021 x 0.37 = 4,448. Services share of net revenue: 5,404 / 15,301 = 35.3% (2020); 6,941 / 18,884 = 36.8%; 7,879 / 22,237 = 35.4%; 9,274 / 25,098 = 37.0%; 10,832 / 28,167 = 38.5%; 13,315 / 32,791 = 40.6% (2025); 3,826 / 9,277 = 41.2% (Q2 2026); payment network 19,476 / 32,791 = 59.4%. Growth: payment network 11,943 / 9,897 - 1 = 21%, 14,358 / 11,943 - 1 = 20%, 15,824 / 14,358 - 1 = 10%, 17,335 / 15,824 - 1 = 10%, 19,476 / 17,335 - 1 = 12%; 19,476 / 9,897 = 2.0 times; services 7,879 / 6,941 - 1 = 14% (2022), 13,315 / 5,404 = 2.5 times; growth gap Q2 2026 20% - 10% = 10 points; acquisitions 3 / 23 = 13%. Operating margin: 5,078 / 9,667 = 52.5% (2015); 6,622 / 12,497 = 53.0% (2017); 7,282 / 14,950 = 48.7% (2018); 9,664 / 16,883 = 57.2% (2019); 8,081 / 15,301 = 52.8% (2020); 12,264 / 22,237 = 55.2% (2022). Headcount 39,800 / 13,400 = 3.0 times; net revenue 32,791 / 12,497 = 2.6 times (2017-2025). Capital spending 489 + 726 = 1,215; 1,215 / 32,791 = 3.7%; free cash flow 17,648 - 1,215 = 16,433; returned 11,727 + 2,756 = 14,483, 14,483 / 16,433 = 88%. Net debt 30 June 2026: 2,459 + 22,184 - 11,291 = 13,352. Diluted shares 906 / 1,137 - 1 = -20.3%; EPS 16.52 / 3.35 = 4.9 times, (16.52 / 3.35)^(1/10) - 1 = 17.3% a year; net income 14,968 / 3,808 = 3.9 times; net revenue (32,791 / 9,667)^(1/10) - 1 = 13.0% a year. Year-end P/E (market value over net income): 109.31 / 3.808 = 28.7 (2015); 160.24 / 3.915 = 40.9 (2017); 301.24 / 8.118 = 37.1 (2019); 353.05 / 8.687 = 40.6 (2021); 334.33 / 9.930 = 33.7 (2022); 483.30 / 12.874 = 37.5 (2024); 512.65 / 14.968 = 34.2 (2025); earnings yield 1 / 31.13 = 3.2%. Litigation provision against net income: 504 / 14,968 = 3.4%; 539 / 11,195 = 4.8%; 680 / 12,874 = 5.3%. Tax: pre-tax income 2025 14,968 + 3,610 = 18,578; (19.4% - 15.6%) x 18,578 = about 706. Amortised incentives 2,098 / 19,476 = 10.8%. Five-customer net revenue 6.9 bn. BVNK 1,500 / 11,727 = 13% of 2025 buybacks; acquisitions since 2020 809 + 861 + 325 + 2,700 + 1,500 = 6,195, 1,500 / 6,195 = 24%. Recorded Future 2,700 / 14,968 = 18%. Commercial gross dollar volume 1,405 / 10,632 = 13.2%. Property, equipment and right-of-use assets 1,168 + 1,135 = 2,303 - revenue mix, margins, geography and competitors. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Mastercard's Forms 10-K, 10-Q, results releases, the Visa 10-K and the Nilson Report; operands shown in the source line.
  12. ReportedServices are sold under contracts that may bundle several performance obligations, priced at standalone selling prices, and some are paid in advance: deferred revenue primarily relates to value-added services.
    Mastercard Form 10-K for fiscal 2025 - Item 7 MD&A: value-added services and solutions. — FY2025 · publ. 11 February 2026 · source ↗
  13. ReportedServices are sold under contracts that may bundle several performance obligations, priced at standalone selling prices, and some are paid in advance: deferred revenue primarily relates to value-added services.
    Mastercard Form 10-K for fiscal 2025 - Item 7 MD&A: value-added services and solutions. — FY2025 · publ. 11 February 2026 · source ↗
  14. ReportedAt the end of 2025 Mastercard had $2.0 billion of unsatisfied performance obligations on services, expected through 2030.
    Mastercard Form 10-K for fiscal 2025 - Item 7 MD&A: value-added services and solutions. — FY2025 · publ. 11 February 2026 · source ↗
  15. ReportedRebates are attributed to the revenue category they relate to, and the services line appears to carry far fewer of them than the network.
    Mastercard Form 10-K for fiscal 2025 - Item 7 MD&A: value-added services and solutions. — FY2025 · publ. 11 February 2026 · source ↗
  16. ReportedThe drivers of 2025 growth, in the company's own order, were growth in the underlying key drivers, security, digital and authentication solutions and consumer acquisition and engagement services, pricing, and business and market insights.
    Mastercard Form 10-K for fiscal 2025 - financial statements and notes: income, cash flow, equity, debt, tax and acquisitions. — FY2025 · publ. 11 February 2026 · source ↗
  17. ReportedAcquisitions added about three percentage points.
    Mastercard Form 10-K for fiscal 2025 - Item 7 MD&A: net revenue by category, key metrics, rebates, geography and the five largest customers. — FY2025 · publ. 11 February 2026 · source ↗
  18. ReportedMastercard reports one operating segment, so the margin on services cannot be separated from the network's.
    Mastercard Form 10-K for fiscal 2025 - Item 7 MD&A: value-added services and solutions. — FY2025 · publ. 11 February 2026 · source ↗
  19. ReportedThe company margin rose to 57.6% in 2025 while services grew as a share, which suggests services are not diluting it; the headcount, up from about 13,400 in 2017 to about 39,800 in 2025, shows what they cost to deliver.
    Mastercard Form 10-K for fiscal 2025 - Item 1 business: the network, competition, tokenization, account-based payments and human capital. — FY2025 · publ. 11 February 2026 · source ↗
  20. ReportedThe company margin rose to 57.6% in 2025 while services grew as a share, which suggests services are not diluting it; the headcount, up from about 13,400 in 2017 to about 39,800 in 2025, shows what they cost to deliver.
    Mastercard Form 10-K for fiscal 2017 - gross revenue and rebates for 2015-2017, net income and EPS, headcount and the 2017 tax charge. — FY2017 · publ. February 2018 · source ↗
  21. ReportedThe company margin rose to 57.6% in 2025 while services grew as a share, which suggests services are not diluting it; the headcount, up from about 13,400 in 2017 to about 39,800 in 2025, shows what they cost to deliver.
    Mastercard Form 10-K for fiscal 2025 - Item 1 business: the network, competition, tokenization, account-based payments and human capital. — FY2025 · publ. 11 February 2026 · source ↗
  22. ReportedThe pending purchase of BVNK for $1.5 billion adds stablecoin infrastructure.
    Mastercard Form 10-Q for the quarter ended 30 June 2026 - net revenue by category, rebates, litigation and the BVNK acquisition. — Q2 2026 · publ. 30 July 2026 · source ↗
Sources
Generated September 25, 2026