Mastercard Inc reported a better-than-expected profit for the fourth consecutive quarter this week, as the easing of Covid-19 restrictions drove a healthy recovery in cross-border spending, which is back at pre-pandemic levels.
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Peter Coffey, an advertising copywriter, has used cash just once since the Covid-19 pandemic started to buy a used car.
When the health crisis began, he set up his smartphone’s tap-to-pay function with a credit card. “Some places weren’t accepting cash. I just got into the habit of never even thinking about cash,” he said.
Mr. Coffey, 28 years old, who is working remotely from Tucson, Ariz., said he expects to continue using touchless payment technologies after the pandemic. “It’s great, the amount of times I’ve gone to the store and realized I don’t have my credit card. It’s fine I just tap with my phone.”