Mastercard profit falls as pandemic hits spending volumes

Mastercard Inc reported a 28% slump in quarterly profit on Wednesday as fewer people used its cards to shop, travel and pay bills during the COVID-19 pandemic.

Net income fell to $1.5 billion, or $1.51 per share, in the third quarter ended Sept. 30 from $2.1 billion, or $2.07 per share, a year earlier.