MasterCard 2008 Annual Report Download - page 4

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2 MasterCard Annual Report 2008
Dear Fellow Shareholders:
In markets throughout the world, businesses, governments and consumers are experiencing
one of the most diffi cult and far-reaching economic downturns in memory and being put to
the test like never before. Diffi cult as the current environment may be, electronic payments
remain one area of the economy that continues to work extremely well. Guided by competitive
and market forces that balance the interests of various stakeholders, electronic payments
benefi t everyone on every side of every transaction.
In this environment, fi nancial institutions, merchants, businesses, governments and consumers are striving to maximise
effi ciency and minimise costs. They are seeking to budget wisely, purchase intelligently, control spending and monitor
expenditures. Fortunately, electronic payments — in the form of debit, credit and prepaid products — make this
process easier.
As many consumers shift their spending away from discretionary items to nondiscretionary expenses, they are increasingly
choosing our payment cards and products as tools to better manage their fi nances. Our products offer consumers the
fl exibility to pay for necessities like groceries, petrol and utility bills, as well as unforeseen expenses. Furthermore, consumers
can make purchases quickly and securely while benefi tting from a host of innovations — including multi-function cards,
tap-and-go payment devices and mobile payments — whether shopping in person, online or on the go.
For merchants, electronic payments are opening doors to hundreds of millions of consumers, making it easier to do
business locally or globally. At the same time, electronic payments help prevent fraud and loss, increase effi ciencies and
create a seamless experience that drives consumer loyalty. For our customer fi nancial institutions, MasterCard products
and solutions help build even stronger relationships with cardholders and merchants by offering “the best way to pay for
everything that matters.”
Perhaps most importantly, electronic payments serve as a powerful catalyst for economic activity and growth in societies
around the world. Since the 1960s, electronic payments have opened new opportunities in developed countries — and, in
recent years, have played a role in the growth of emerging markets by encouraging local commerce and payment innovation.
Today, the benefi ts of electronic payments are proving their value when it matters most by keeping commerce moving,
even in the face of major economic setbacks. At MasterCard, we are proud of the value we deliver, have confi dence in
the future of our business and will continue advancing commerce in markets around the world.
Richard Haythornthwaite
Chairman of the Board
London, United Kingdom
April 2009
“ Today, the benefi ts of electronic payments are proving
their value when it matters most by keeping commerce
moving, even in the face of major economic setbacks.”
Richard Haythornthwaite
Chairman of the Board