Nov 8, 2026

1. Mastercard Supports the Launch of Samsung Pay in Morocco to Expand Tokenized Mobile Payment Choice

During the week, Mastercard Incorporated announced its support for the launch of Samsung Pay in Morocco, which expands mobile payment choice for consumers in the country. Enabled by Mastercard's tokenization technology, the Mastercard Digital Enablement Service (MDES), eligible Mastercard cardholders at participating banks can make payments using compatible Samsung devices, with sensitive card details replaced by a unique digital token and supported by authentication and risk-based safeguards. Merchants that accept supported contactless payments can accommodate the additional payment option, and no physical card is needed for supported transactions. The launch builds on Mastercard's work with financial institutions and technology partners to advance Morocco's digital payments ecosystem and reflects its global ambition to tokenize 100.0% of online transactions by 2030. Mastercard and Samsung will also roll out a joint campaign in Morocco that combines promotional activity with consumer education to accelerate everyday adoption of Samsung Pay. The launch strengthens Mastercard's position in the shift toward tokenized mobile wallets in North Africa, although no financial terms or adoption targets were disclosed and availability is limited to eligible cardholders at participating banks, which means that the pace of uptake will depend on how quickly banks enable the service and how effective the joint campaign is.

2. Circle Reports 16.9% Q3 2026 Revenue Growth to USD 864.9 Mn, Boosted by USD 182 Mn of ARC Token Presale Revenue

During the week, Circle Internet Group, Inc. reported its third-quarter 2026 results, with total revenue and reserve income increasing by 16.9% to USD 864.9 mn in Q3 2026 from USD 739.8 mn in Q3 2025. Reserve income decreased by 7.5% to USD 657.6 mn from USD 711.2 mn, as the reserve return rate declined by 61 bps to 3.5%, partly offset by an 8.0% increase in average USDC in circulation to USD 73.3 bn, while other revenue increased by 627.0% to USD 207.3 mn from USD 28.5 mn, driven by USD 182 mn from the ARC token presale. Total distribution, transaction and other costs decreased by 8.0% to USD 411.6 mn from USD 447.6 mn, mostly on lower distribution payments, which lifted revenue less distribution costs by 55.0% to USD 453 mn. Operating expenses increased by 16.0% to USD 244.9 mn from USD 211.1 mn, primarily on higher general and administrative, depreciation and amortization, IT infrastructure and marketing expenses, partly offset by lower stock-based compensation. Net income from continuing operations increased by 5.4% to USD 226.0 mn from USD 214.4 mn, with diluted earnings per share (EPS) rising by 31.3% to USD 0.84 from USD 0.64, while adjusted EBITDA increased by 85.0% to USD 317 mn. On the platform, USDC onchain transaction volume grew by 49.0% to USD 13.9 tn, the Circle Payments Network reached USD 41.3 bn in annualized total payment volume, and Circle signed a definitive agreement to acquire Tazapay, a Singapore-headquartered business-to-business cross-border payments platform with more than USD 25 bn in annualized payment volume, expected to close in 2027 pending regulatory approvals. Circle also launched the Arc public mainnet on 16 September, and Binance announced a USD 100 mn equity investment in Circle alongside the renewal and expansion of their strategic partnership. Management guided to FY 2026 adjusted operating expenses of USD 570 mn to USD 585 mn. Excluding the USD 182 mn of presale revenue, total revenue and reserve income would have been about USD 682.9 mn, a decrease of 7.7% from Q3 2025, which indicates that the growth in revenue was driven by a one-off item while core reserve income was pressured by the lower reserve return rate, with USDC in circulation at the end of the period flat year-on-year at USD 73.9 bn.

3. Global Payments Reports 9.8% Growth in Q3 2026 Adjusted EPS to USD 3.58 and Raises Worldpay Synergy Target to USD 650 Mn

During the week, Global Payments Inc. reported its third-quarter 2026 results, with GAAP revenue increasing by 63.7% to USD 3.31 bn in Q3 2026 from USD 2.02 bn in Q3 2025 and adjusted net revenue increasing by 31.0% to USD 3.18 bn from USD 2.43 bn, which was an increase of more than 4.0% on a normalized basis that includes the pre-acquisition results of Worldpay and excludes the divested Issuer Solutions business. Adjusted operating margin expanded by 220 bps on a normalized basis to 42.5%, and adjusted EPS increased by 9.8% to USD 3.58 from USD 3.26. On a GAAP basis, diluted EPS decreased by 59.8% to USD 1.06 from USD 2.64, with net income attributable to the company decreasing by 55.8% to USD 280.9 mn from USD 635.2 mn and operating income decreasing by 68.2% to USD 246.2 mn from USD 774.0 mn, as total operating expenses increased by 145.7% to USD 3.06 bn from USD 1.25 bn, driven by a 131.9% increase in cost of service and a 71.2% increase in selling, general and administrative expenses, and as the prior-year quarter included a USD 343.9 mn gain on business dispositions. By segment, SMB revenue increased by 21.4% to USD 1.66 bn, Enterprise revenue increased by 435.6% to USD 836.3 mn and Platforms revenue increased by 122.5% to USD 633.6 mn. Management raised its expectation for annual run-rate Worldpay integration expense synergies to USD 650 mn, reaffirmed its 2026 outlook of normalized, constant-currency adjusted net revenue growth of approximately 4.0% to 5.0% and adjusted EPS of USD 13.60 to USD 13.80, and said it has returned more than USD 1.4 bn of capital to shareholders year-to-date, with a quarterly dividend per share (DPS) of USD 0.25 declared, unchanged from a year earlier. The gap between GAAP EPS of USD 1.06 and adjusted EPS of USD 3.58 mainly reflects USD 754.5 mn of acquired intangibles amortization and USD 222.4 mn of acquisition, integration and separation expenses that are excluded from the adjusted figures, while the year-on-year GAAP changes are not like-for-like because 2026 includes Worldpay and 2025 excludes the divested Issuer Solutions business, which suggests that normalized growth of just over 4.0% is a better gauge of underlying performance.

4. Digital Payments Financial Results

The table below compares the latest reported results of Circle and Global Payments with the corresponding prior-year period:

Source: Circle and Global Payments earnings releases

Digital Payments Stock Performance

The table below presents a snapshot of NYSE-listed digital payments stocks, covering Visa, Mastercard, American Express (AXP), Wise Plc, Block, Global Payments and PayPal:

Source: Visa, AXP, Circle, Global Payments, Mastercard, Block and PayPal financials, NYSE, PE* calculated using forward estimates FY’2027 financials

The stocks are currently trading at an average P/E multiple of 26.0x, indicating that investors are pricing in strong future earnings growth and are prepared to pay a substantial premium for current earnings. This also suggests that valuations may be stretched relative to near-term fundamentals.

We expect the global digital payments sector to continue shifting toward greater payment sovereignty and reduced reliance on traditional card-based networks, as governments and financial institutions prioritize control over domestic payment ecosystems. The European Central Bank's progress toward launching the Digital Euro signals a growing move toward central bank-backed payment infrastructure, which is likely to intensify competition with established private networks such as Visa Inc. and Mastercard Incorporated. However, despite these favourable long-term tailwinds, valuations remain elevated, with the companies under coverage trading at an average forward P/E of 26.0x, suggesting that much of the expected growth may already be priced in. As such, we expect near-term performance to remain sensitive to regulatory developments, execution risk, and how quickly incumbents and new entrants adapt to the changing payments landscape.