[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What factors contributed to the difference in growth between cross-border assessments and cross-border volumes?
### Assistant: The difference in growth between cross-border assessments and cross-border volumes was primarily due to favorable mix, as higher-yielding ex intra-Europe cross-border volumes grew faster than intra-Europe cross-border volumes in the quarter.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How did transaction processing assessments and switched transactions grow for Mastercard?
### Assistant: Transaction processing assessments for Mastercard were up by 14%, while switched transactions grew by 12%.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What factors contributed to the difference in growth between transaction processing assessments and switched transactions?
### Assistant: The difference in growth between transaction processing assessments and switched transactions was primarily due to FX-related revenues.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What were the other network assessments related to for Mastercard?
### Assistant: The other network assessments for Mastercard included licensing, implementation, and other franchise fees, which amounted to $212 million in the quarter. It's important to note that these assessments may fluctuate from period to period.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How did Mastercard's total adjusted operating expenses change on a non-GAAP currency-neutral basis?
### Assistant: On a non-GAAP currency-neutral basis, excluding special items, Mastercard's total adjusted operating expenses increased by 12%.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What factors contributed to the increase in total adjusted operating expenses?
### Assistant: The increase in total adjusted operating expenses was primarily driven by increased spending on personnel to support the continued execution of strategic initiatives.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Why were operating expenses higher than expected for Mastercard?
### Assistant: Operating expenses were higher than expected for Mastercard due to personnel costs to support higher-than-expected revenue, as well as unfavorable foreign exchange related expenses resulting from the remeasurement of monetary assets and liabilities.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What were the operating metrics for the first three weeks of April for Mastercard?
### Assistant: The operating metrics for the first three weeks of April for Mastercard showed that the metrics were holding up well. The year-over-year growth rates were impacted by two opposing factors: more difficult comps as the effects of omicron were being lapped, and the lapping of the drag created by the suspension of operations in Russia in March of the previous year.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How did switched volumes and switched transactions perform during the first three weeks of April?
### Assistant: Switched volumes grew by 17% year over year during the first three weeks of April, down 1 ppt compared to Q1. Switched transactions grew by 18% year over year, up 6 ppt versus Q1.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What factors influenced the growth rates of switched volumes and switched transactions?
### Assistant: The growth rates of switched volumes and switched transactions were influenced by more difficult comps and some modest slowing in the U.S. due to lower tax refunds. Additionally, the lapping of the suspension of operations in Russia had a significant impact on switched transactions due to Russia's relatively low average ticket size.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How did cross-border volumes perform on a year-over-year basis?
### Assistant: Cross-border volumes for Mastercard grew by 29% on a year-over-year basis.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What factors influenced the growth rate of cross-border volumes?
### Assistant: The growth rate of cross-border volumes was influenced by the continued recovery in cross-border travel and the positive impact of lapping the suspension of operations in Russia. However, it was offset by a tougher year-ago comp as travel surged after the passage of omicron last year.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does cross-border volume in April compare to 2019 levels?
### Assistant: Cross-border volume in April indexed at 171% of 2019 levels, which was an increase from 168% in Q1. This indicates that cross-border volume has been recovering and performing well compared to pre-pandemic levels.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How did the suspension of operations in Russia impact Mastercard's business?
### Assistant: The suspension of operations in Russia had a significant impact on Mastercard's business. It affected the growth rates of various metrics, such as switched transactions, and created a drag on overall performance during the time period of the suspension.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How did the lapping of the suspension of operations in Russia affect Mastercard's switched transactions?
### Assistant: The lapping of the suspension of operations in Russia had a positive impact on Mastercard's switched transactions, contributing to an 8 ppt benefit in growth during the first three weeks of April.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does cross-border volume in Russia compare to other regions where Mastercard operates?
### Assistant: It is not explicitly mentioned how cross-border volume in Russia compares to other regions where Mastercard operates in the given text.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the company name mentioned in the text?
### Assistant: The company mentioned in the text is Mastercard.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the company's outlook for net revenue growth in 2023?
### Assistant: The company expects net revenue growth for the full-year 2023 to be at a low teens rate on a currency-neutral basis, excluding acquisitions and special items.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does the company expect foreign exchange to impact their growth?
### Assistant: The company expects foreign exchange to be a tailwind of 1 ppt for the year.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the company's expectation for operating expenses in 2023?
### Assistant: The company's expectation for operating expenses in 2023 is unchanged, with growth expected to be at the high end of a high single-digit rate on a currency-neutral basis, excluding acquisitions and special items.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does the company anticipate cross-border travel to continue recovering?
### Assistant: The company anticipates cross-border travel to continue recovering, with inbound travel to all regions now well above 2019 levels.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What percentage of outbound cross-border travel did China make up in 2019?
### Assistant: China made up 2% of outbound and 1% of inbound cross-border travel in 2019.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does the company's business model position them for future opportunities?
### Assistant: The company's diversified business model and momentum with their customers position them well for future opportunities.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What factors are the company monitoring that could impact their business?
### Assistant: The company is monitoring a number of macro and geopolitical factors that could impact their business.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does the company's Q2 net revenue growth compare to the previous year?
### Assistant: The company's Q2 net revenue growth is expected to grow at the high end of a low double-digit rate compared to the previous year on a currency-neutral basis, excluding acquisitions and special items.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the expected growth rate for operating expenses in Q2?
### Assistant: The expected growth rate for operating expenses in Q2 is at the high end of a low double-digit rate compared to the previous year on a currency-neutral basis, excluding acquisitions and special items.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the reason for the cost associated with the wind down of the P27 project?
### Assistant: The cost associated with the wind down of the P27 project is due to their decision to withdraw their license application in the Nordics.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How much is the company forecasting for other income and expense in Q2?
### Assistant: The company is forecasting an expense of approximately $100 million for other income and expense in Q2, which includes a sequential increase due to their recent debt issuance.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the expected non-GAAP tax rate for Q2 and the full year?
### Assistant: The expected non-GAAP tax rate for Q2 and the full year is between 18.5% and 19% based on the current geographic mix of their business.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who will be taking over the head of IR role at Mastercard?
### Assistant: Devin Core will be taking over the head of IR role at Mastercard.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How long will Warren be with the company in an advisory capacity?
### Assistant: Warren will be with the company through year-end in an advisory capacity.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the company's base case scenario for consumer spending and cross-border travel?
### Assistant: The company's base case scenario assumes consumer spending remains resilient and cross-border travel continues to recover.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does the company's Q1 performance impact their outlook for the year?
### Assistant: The company's stronger-than-expected performance in Q1 has improved their outlook for the year.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the expected impact of acquisitions on operating expenses?
### Assistant: Acquisitions are forecasted to add about 1 ppt to the growth of operating expenses.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does the company anticipate lower tax refunds impacting domestic spending in the U.S.?
### Assistant: The company anticipates lower tax refunds impacting domestic spending in the U.S. to contribute to some recent moderation in domestic spending.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the company's expectation for foreign exchange volatility in Q2?
### Assistant: The company anticipates lower foreign exchange volatility in Q2.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does the company plan to adjust operating expenses if there are changes to top-line growth?
### Assistant: The company is prepared to proactively adjust their operating expenses if they see meaningful changes to top-line growth.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the company's expectation for inbound travel to all regions compared to 2019 levels?
### Assistant: The company expects inbound travel to all regions to be well above 2019 levels.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does the company's travel-oriented portfolios position them for growth?
### Assistant: The company's travel-oriented portfolios position them well to capitalize on the growth in cross-border travel.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the company's expectation for net revenue growth in 2023 excluding Russia-related revenues?
### Assistant: The company expects net revenue growth in 2023 to be higher by approximately 1.5 ppt if you exclude Russia-related revenues from 2022.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does the company anticipate the recovery in cross-border travel to impact their performance?
### Assistant: The company anticipates the recovery in cross-border travel to positively impact their performance.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the analyst's name who asked the question about FedNow?
### Assistant: The analyst's name who asked the question about FedNow is Lisa Ellis from MoffettNathanson. (Source: "MoffettNathanson. Lisa Ellis -- MoffettNathanson -- Analyst Hey. Good morning. Thanks for taking my question.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard expect the rollout of FedNow to affect its business in the U.S.?
### Assistant: Mastercard expects the rollout of FedNow to affect its business in the U.S. by appreciating competition and making the company strive to improve its proposition. (Source: "Fundamentally, we appreciate competition. It makes us a better company as we try to make our proposition even better.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What aspects are critical for merchants in real-time payment systems?
### Assistant: For merchants in real-time payment systems, reach is a critical aspect. (Source: "On the merchant side, criticality is reach.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What aspects are critical for consumers in real-time payment systems?
### Assistant: For consumers in real-time payment systems, it is critical to have an easy experience and consumer protection. (Source: "And for the consumers, it's got to be a proposition that's an easy experience and it's got consumer protection in it.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard view competition in the market?
### Assistant: Mastercard views competition in the market as something that makes the company better and improves its proposition. (Source: "Fundamentally, we appreciate competition. It makes us a better company as we try to make our proposition even better.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What alternative solutions has Mastercard announced in the last quarter?
### Assistant: Mastercard has announced an alternative solution called "Pay by Account" in the last quarter. (Source: "For the flows that this might target, which are currently flows on account-to-account, you will recall the announcement that we've made in the last quarter with Chase on Pay by Account.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard plan to partner with B2B systems?
### Assistant: Mastercard plans to partner with B2B systems by seeking ways to collaborate with them. (Source: "We will continue to seek ways to partner with B2B systems.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What flows might FedNow target?
### Assistant: FedNow might target flows on account-to-account. (Source: "For the flows that this might target, which are currently flows on account-to-account...")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What announcement did Mastercard make with Chase in the last quarter?
### Assistant: Mastercard made an announcement with Chase in the last quarter regarding "Pay by Account." (Source: "you will recall the announcement that we've made in the last quarter with Chase on Pay by Account.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard view the opportunity and threats of FedNow?
### Assistant: Mastercard views the opportunity and threats of FedNow as something that needs to be observed and monitored to see how it plays out. They believe they are well positioned but acknowledge the uncertainty. (Source: "opportunity threats, we'll have to see how it plays out. I think we're well positioned.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who is the analyst from JPMorgan Chase and Company?
### Assistant: The analyst from JPMorgan Chase and Company is Tien-Tsin Huang. (Source: "We'll go next to Tien-Tsin Huang at JPMorgan.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What question did Tien-Tsin Huang ask about generative AI?
### Assistant: Tien-Tsin Huang asked a question about generative AI and its impact on Mastercard's PAS (Payment Analytics Solutions) and the broader business. (Source: "I'll ask you one on generative AI, if that's all right. And given that you guys have --")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How long has Mastercard been using AI in its products?
### Assistant: Mastercard has been using AI for the better part of the last decade. (Source: "for us, we've been using AI for the better part of the last decade")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard use generative AI technology?
### Assistant: Mastercard uses generative AI technology to create data sets that allow them to compare and find threats in the cybersecurity space. (Source: "So, we have used generative AI technology, particularly in creating data sets that allow us to compare and find threats in the cybersecurity space.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: In which country is Baffin Bay Networks located?
### Assistant: Baffin Bay Networks, the company mentioned, is located in Sweden. (Source: "Baffin Bay Networks, which you will all be surprised is actually not in Canada but in Sweden, the company.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard differentiate itself with the use of AI?
### Assistant: Mastercard differentiates itself by using AI as foundational technology across a range of its products. (Source: "So, there's a whole range of things that set us apart. We use this as foundational technology.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard use AI in its personalization products?
### Assistant: Mastercard uses AI in its personalization products. (Source: "You will find AI in our personalization products.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the potential use of generative AI for Mastercard's customer service propositions?
### Assistant: Mastercard sees generative AI as a potential solution for customer service propositions and is actively engaged in exploring its use. (Source: "you can see increasingly so, that generative AI might be a good solution for us when it comes to customer service propositions and so forth. So, we're actively engaged on that.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the name of the analyst from MoffettNathanson?
### Assistant: The analyst from MoffettNathanson is Lisa Ellis. (Source: "Thank you. Operator We'll go next to Tien-Tsin Huang at JPMorgan.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard view the importance of reach for merchants in real-time payment systems?
### Assistant: Mastercard views the importance of reach for merchants in real-time payment systems as critical. (Source: "On the merchant side, criticality is reach.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What does Mastercard consider to be a critical proposition for consumers in real-time payment systems?
### Assistant: Mastercard considers an easy experience and consumer protection to be a critical proposition for consumers in real-time payment systems. (Source: "And for the consumers, it's got to be a proposition that's an easy experience and it's got consumer protection in it.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard plan to capture new flows in the market?
### Assistant: Mastercard plans to capture new flows in the market by offering alternative solutions like "Pay by Account." (Source: "So, those are alternative solutions that would be in the market to capture some of these new flows.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are some potential features and user experiences of FedNow that Mastercard is interested in?
### Assistant: Mastercard is interested in the features, user experience, and potential consumer protections that FedNow might have. (Source: "and we have to see where that goes and what the features will be, what is the user experience, what are any kind of protections that would be in there for consumers and so forth.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard use AI in the cybersecurity space?
### Assistant: Mastercard uses AI in the cybersecurity space for threat protection solutions. (Source: "They're using AI-enabled threat protection solutions.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How is Mastercard actively engaged in generative AI for customer service propositions?
### Assistant: Mastercard is actively engaged in exploring the use of generative AI for customer service propositions. (Source: "So, we're actively engaged on that.")


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard approach the application of AI?
### Assistant: Mastercard approaches the application of AI in a principled way, just like they do with data privacy and the crypto space. They believe that the application of AI needs to be done in a principled manner and that being trustworthy is the focus.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are the guardrails set by Mastercard for experimenting with technology?
### Assistant: The guardrails set by Mastercard for experimenting with technology are to not do it in production. While they encourage their employees to experiment with technology, they make it clear that it should not be done in a production environment.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Can you provide an update on Mastercard's business activity?
### Assistant: Mastercard has seen very encouraging activity in terms of business activity. They have had solid activity in deal wins, including some bigger deals that were announced in 2021 and 2022. This has contributed to share gains, especially in Europe.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is driving the increase in activity levels this year for Mastercard?
### Assistant: The increase in activity levels this year for Mastercard is driven by solid activity in deal wins. The bigger deals announced in 2021 and 2022 have had an impact on how the research and innovation (R&I) plays out.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Can we expect a similar follow-through of the years to come in terms of volume and revenue growth?
### Assistant: Based on the information provided, it is reasonable to expect a similar follow-through of volume and revenue growth in the years to come, especially considering the solid activity in deal wins and the impact of the bigger deals on share gains.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are some of the bigger deals that Mastercard has announced in 2021 and 2022?
### Assistant: The text does not specifically mention the bigger deals that Mastercard has announced in 2021 and 2022.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does deal wins impact Mastercard's R&I?
### Assistant: Deal wins impact Mastercard's R&I by contributing to share gains and overall growth. The solid activity in deal wins, including the bigger deals announced, has had a positive impact on Mastercard's business.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard compete in the market on a daily basis?
### Assistant: Mastercard competes in the market on a daily basis by winning new business and retaining existing business. They have a mantra of being successful in what they do, and they strive to win profitable market share.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the growth algorithm that Mastercard has adopted?
### Assistant: The growth algorithm that Mastercard has adopted involves winning profitable market share and driving an accretion in their overall net revenue yield. They believe that being in the flow, which includes payments, services, and new networks, is important for delivering additional services and driving growth.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Why is being in the flow important for Mastercard?
### Assistant: Being in the flow is important for Mastercard because it allows them to benefit from payment card (PC) usage and the secular shift towards electronic payments. It also enables them to deliver additional services and ensure the integration of payments, services, and new networks.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard aim to win profitable market share?
### Assistant: Mastercard aims to win profitable market share by competing in a smart manner. They compete for deals when they come up, but they do so in a smart manner, ensuring that they make strategic decisions to secure profitable market share.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard drive an accretion in their overall net revenue yield?
### Assistant: Mastercard drives an accretion in their overall net revenue yield by taking into consideration the integration of payments, services, and new networks. They look at this from an overall perspective and focus on delivering growth in their net revenue yield.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How are payments, services, and new networks integrated together for Mastercard?
### Assistant: Payments, services, and new networks are tightly integrated together for Mastercard. They rely on each other and are interconnected. Mastercard considers them as a composite and looks at them from an overall net revenue yield base.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Can you provide information on rebates and incentives on Mastercard's payment network?
### Assistant: The text does not provide specific information on rebates and incentives on Mastercard's payment network.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard compete for deals in a smart manner?
### Assistant: Mastercard competes for deals in a smart manner by making strategic decisions. They compete for deals when they come up, but they do so in a smart manner, ensuring that they make wise and strategic choices.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What percentage of total payment network assessments do rebates and incentives represent for Mastercard in Q2?
### Assistant: Based on the information provided, it is mentioned that rebates and incentives as a percentage of total payment network assessments in Q2 would be roughly similar to what they had in Q1.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are the market dynamics in Europe that contributed to a 31% volume gain for Mastercard?
### Assistant: The text does not provide specific information on the market dynamics in Europe that contributed to a 31% volume gain for Mastercard.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Is Mastercard's growth in Europe reflective of market share gains or the overall shift to electronic payments?
### Assistant: Based on the information provided, it is not clear whether Mastercard's growth in Europe is reflective of market share gains or the overall shift to electronic payments.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard approach data privacy?
### Assistant: The text does not provide specific information on how Mastercard approaches data privacy.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard approach the crypto space?
### Assistant: The text does not provide specific information on how Mastercard approaches the crypto space.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the focus of Mastercard when it comes to trustworthy AI?
### Assistant: The focus of Mastercard when it comes to trustworthy AI is to ensure that they are a trusted party. They want to be seen as reliable and trustworthy when it comes to scaling up AI.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard encourage its employees to experiment with technology?
### Assistant: Mastercard encourages its employees to experiment with technology, but they set clear guardrails. They make it clear that experimentation should not be done in a production environment.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the significance of being a trusted party for Mastercard when scaling up AI?
### Assistant: Being a trusted party is significant for Mastercard when scaling up AI because they want to ensure that they maintain their reputation for trustworthiness. They want to be seen as a reliable and trusted partner in the AI space.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard ensure solid activity in deal wins?
### Assistant: Mastercard ensures solid activity in deal wins by actively competing in the market and being successful in winning new business. They have had solid activity in deal wins, including the announcement of bigger deals in 2021 and 2022.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard retain existing business while winning new business?
### Assistant: Mastercard retains existing business while winning new business by focusing on being successful in what they do. They compete for deals and strive to win profitable market share, while also retaining their existing business.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who is the Chief Executive Officer of Mastercard?
### Assistant: The Chief Executive Officer of Mastercard is Michael Miebach.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What European markets have historically been less digitized and more cash focused?
### Assistant: The text does not explicitly mention which European markets have historically been less digitized and more cash focused.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How has contactless penetration in European markets changed in the last three years?
### Assistant: The text states that in the last three years, some European markets that have been historically less digitized and more cash focused have caught up in terms of contactless penetration.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is driving acceptance growth in Europe for Mastercard?
### Assistant: The acceptance growth in Europe for Mastercard is being driven by payment service providers driving more acceptance into more parts of the economy.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Where is a good chunk of the acceptance growth coming from in Europe?
### Assistant: A good chunk of the acceptance growth in Europe is coming from the U.K.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What factors have contributed to Mastercard's share wins in the U.K.?
### Assistant: The text does not provide specific details about the factors that have contributed to Mastercard's share wins in the U.K.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the current growth rate of cross-border volume for Mastercard?
### Assistant: The text does not provide the current growth rate of cross-border volume for Mastercard.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How is the recovery in Asia impacting cross-border volume for Mastercard?
### Assistant: The recovery in Asia is offsetting the lapping-related issues and is positively impacting cross-border volume for Mastercard.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are the lapping-related issues that could affect year-over-year growth rate for Mastercard?
### Assistant: The lapping-related issues refer to the comparison of current year performance to the performance of the previous year, which may result in a headwind to year-over-year growth rate on all metrics, including cross-border.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How has the value proposition of Mastercard's cross-border proposition remained strong?
### Assistant: The text mentions that the value proposition of Mastercard's cross-border proposition remains fundamentally very sound.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What was the year-over-year growth rate of cross-border performance for Mastercard in Q1?
### Assistant: The text states that in Q1, Mastercard had a 35% year-over-year growth in cross-border performance.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard's cross-border volumes in Q1 compare to 2019?
### Assistant: The text does not provide specific details about how Mastercard's cross-border volumes in Q1 compare to 2019.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the compound annual growth rate of Mastercard's cross-border volumes from prior to the pandemic to Q1?
### Assistant: The text mentions that Mastercard's cross-border volumes for Q1 reflect approximately a 14% compound annual growth rate over the window from prior to the pandemic to where they are in Q1.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard's current cross-border performance compare to historical rates?
### Assistant: The text does not provide a direct comparison of Mastercard's current cross-border performance to historical rates.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who is the analyst from Deutsche Bank asking about cross-border volume?
### Assistant: The analyst from Deutsche Bank asking about cross-border volume is Bryan Keane.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the analyst from Deutsche Bank asking about cross-border volume?
### Assistant: The analyst from Deutsche Bank is asking about the growth of cross-border volume throughout the year and the specific growth rate to consider for their models.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard view the macro situation for the rest of the year?
### Assistant: The text does not explicitly state Mastercard's view on the macro situation for the rest of the year.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What factors give Mastercard confidence in the stability of the macro situation?
### Assistant: The text does not provide specific factors that give Mastercard confidence in the stability of the macro situation.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How has spending trends in cross-border transactions changed in March and April?
### Assistant: The text mentions that there has been a slowing in spending trends in cross-border transactions in March and April.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is Mastercard's forward look on spending trends in cross-border transactions?
### Assistant: The text does not provide Mastercard's specific forward look on spending trends in cross-border transactions.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who is the analyst from KBW asking about the macro situation?
### Assistant: The analyst from KBW asking about the macro situation is Sanjay Sakhrani.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the analyst from KBW asking about the macro situation?
### Assistant: The analyst from KBW is asking for more color on what gives Mastercard confidence that things are stable despite the slowing in March and April and their forward look on spending trends in cross-border transactions.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard monitor the macro situation?
### Assistant: The text does not provide specific details on how Mastercard monitors the macro situation.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What factors contribute to Mastercard's confidence in stable conditions despite the slowing in March and April?
### Assistant: The text does not provide specific factors that contribute to Mastercard's confidence in stable conditions despite the slowing in March and April.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are the spending trends in cross-border transactions that Mastercard is observing?
### Assistant: The text does not provide specific details about the spending trends in cross-border transactions that Mastercard is observing.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who is the Chief Financial Officer of Mastercard?
### Assistant: The Chief Financial Officer of Mastercard is Sachin Mehra.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What factors contribute to the strength of the consumer in terms of spend?
### Assistant: The strength of the consumer in terms of spend is influenced by factors such as record-low unemployment rates and the overall health of the consumer.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are the positive and negative factors affecting Mastercard's consumer spend?
### Assistant: The positive factors affecting Mastercard's consumer spend include the strong health of the consumer backed by low unemployment rates. The negative factors include higher interest rates and the recent banking crisis.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does the banking crisis impact Mastercard's consumer spend?
### Assistant: The banking crisis has uncertain implications for Mastercard's consumer spend. The full impact and implications of the banking crisis on a go-forward basis are still unknown.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Has the consumer's strength from a spend standpoint changed?
### Assistant: According to the text, the strength of the consumer from a spend standpoint remains relatively unchanged. There is no real evidence to suggest that the consumer is not showing good strength in terms of spending.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How do regional differences affect Mastercard's consumer spend?
### Assistant: Regional differences have an impact on Mastercard's consumer spend. There are "puts and takes" by region, meaning that consumer spending may vary in different regions.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How has Mastercard's full-year guide been adjusted based on Q1 performance?
### Assistant: The full-year guide has been adjusted based on Q1 performance. Mastercard has modestly increased their full-year guide on a currency-neutral basis, excluding acquisitions, to reflect the fact that they had a stronger Q1.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the CEO's perspective on the resilience of the consumer in Q1?
### Assistant: The CEO, Michael Miebach, believes that the resilience of the consumer in Q1 is reflected in the positive numbers reported for GDV (Gross Dollar Volume). This indicates that even in challenging times, the consumer continues to show strength.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How do stresses on the banking sector impact Mastercard's outlook?
### Assistant: The stresses on the banking sector have an impact on Mastercard's outlook. The potential impact of additional regulation and changes in credit appetite for banks and self-hosting are factors that need to be considered in the near-term outlook.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is Mastercard's near-term outlook for the year?
### Assistant: Mastercard's near-term outlook for the year is based on a flexible and agile approach. They are prepared for potential changes and developments that may occur over time.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard ensure flexibility and agility in response to changing circumstances?
### Assistant: Mastercard ensures flexibility and agility by being ready to adapt to changing circumstances. They understand the importance of being flexible in order to navigate potential challenges and take advantage of opportunities.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the profitability of Mastercard's value-added services compared to their business and network business?
### Assistant: The profitability of Mastercard's value-added services compared to their business and network business is not mentioned in the given text.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Can you provide an overview of Mastercard's competitor set for value-added services?
### Assistant: The text does not provide specific details about Mastercard's competitor set for value-added services.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard plan to increase penetration of value-added services within their existing client base?
### Assistant: The text does not mention how Mastercard plans to increase penetration of value-added services within their existing client base.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard attract new clients for their value-added services?
### Assistant: The text does not mention how Mastercard attracts new clients for their value-added services.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard's services strategy tie in with their payment strategy?
### Assistant: Mastercard's services strategy is closely tied to their payment strategy. They see their services as complementary to their payment offerings, and the combination of both sets them apart in the competitive landscape.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard differentiate itself from other cybersecurity companies in the competitive landscape?
### Assistant: Mastercard differentiates itself from other cybersecurity companies in the competitive landscape by being in the middle between bolts and being in the flow. This unique position gives them additional data points and sets them apart from traditional cybersecurity companies.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What specialty players are involved in the cybersecurity space?
### Assistant: The text mentions Baffin Bay as a specialty player in the cybersecurity space. They are dealing in threat protection, similar to RiskRecon, which Mastercard was involved with before.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard's position set them apart in the competitive landscape?
### Assistant: Mastercard's position sets them apart in the competitive landscape due to their unique combination of being in the flow and having additional data points. They are not just a traditional cybersecurity company but also a payment company, which gives them a different perspective and competitive advantage.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard keep their services set differentiated and ahead of the curve?
### Assistant: The text does not provide specific details on how Mastercard keeps their services set differentiated and ahead of the curve.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the CEO's perspective on data services in relation to the payment space?
### Assistant: The text does not provide the CEO's perspective on data services in relation to the payment space.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard utilize data points to enhance their services?
### Assistant: The text does not provide specific details on how Mastercard utilizes data points to enhance their services.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the significance of RiskRecon in Mastercard's services strategy?
### Assistant: RiskRecon is mentioned in the text as a company that Mastercard was involved with before. It is relevant to their services strategy, but the specific significance is not mentioned.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard ensure their services set remains ahead of the curve?
### Assistant: The text does not provide specific details on how Mastercard ensures their services set remains ahead of the curve.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard differentiate their data services from other competitors in the market?
### Assistant: The text does not provide details on how Mastercard differentiates their data services from other competitors in the market.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the unique position of Mastercard in the competitive landscape?
### Assistant: The unique position of Mastercard in the competitive landscape is that they have a captive set of customers and transactions. This means that they have a strong customer base and a large volume of transactions that other companies want to understand and potentially integrate with. This gives Mastercard an advantage in the market.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard combine dynamic yield with their data set?
### Assistant: Mastercard combines dynamic yield with their data set to enhance their services. By leveraging their data and analytics capabilities, they can provide personalized and targeted solutions to their customers. Dynamic yield refers to the ability to adjust pricing or offerings based on real-time data and customer behavior, and by combining this with their extensive data set, Mastercard can offer valuable insights and solutions to their clients.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are the structural tailwinds that Mastercard benefits from in the increasingly digital world?
### Assistant: The structural tailwinds that Mastercard benefits from in the increasingly digital world are the shift towards more digital transactions and the potential increase in fraud-related issues. As the world becomes more digital, there is a greater need for secure and efficient payment solutions, which Mastercard provides. Additionally, the increase in digital transactions can lead to a higher demand for fraud prevention and detection services, which Mastercard also offers.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are the key ingredients that make Mastercard successful in both C&I and D&S?
### Assistant: The key ingredients that make Mastercard successful in both C&I (Commercial and Industrial) and D&S (Data and Services) are technology capabilities, AI capabilities, and the ability to seamlessly deliver solutions to customers. Mastercard's network play allows them to efficiently deliver their services to customers, and they have the necessary technology and AI capabilities to provide comprehensive solutions that meet the needs of their clients.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard deliver their services seamlessly to customers?
### Assistant: Mastercard delivers their services seamlessly to customers by leveraging their network play. This means that they have a well-established infrastructure and partnerships that allow them to efficiently deliver their services and solutions to customers. They also focus on minimizing implementation challenges to ensure a smooth and seamless experience for their clients.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are the incremental costs associated with the different types of services Mastercard offers?
### Assistant: The incremental costs associated with the different types of services that Mastercard offers vary depending on the nature of the service. Services that are more attached to the payment network, such as cyber and intelligence solutions, tend to come with lower incremental costs. On the other hand, consulting capabilities and marketing services may have slightly higher incremental costs. The overall mix of services is important for Mastercard to be a full-service provider to their customers.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How important are consulting and marketing services for Mastercard to be a full-service provider?
### Assistant: Consulting and marketing services are important for Mastercard to be a full-service provider. These services allow them to provide additional value to their customers and enhance their overall offering. By offering consulting services, Mastercard can provide strategic guidance and support to their clients. Marketing services help them promote their solutions and reach a wider audience. Both of these services contribute to Mastercard's ability to be a comprehensive and trusted partner for their customers.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard's services help them win market share in payments?
### Assistant: Mastercard's services help them win market share in payments by providing a strong value proposition to their customers. Their comprehensive solutions, technology capabilities, and data-driven insights make them an attractive choice for businesses and consumers. By continuously improving and expanding their services, Mastercard can capture a larger share of the payments market.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Are there any indications of advanced cross-border summer travel at London Heathrow Airport?
### Assistant: The text does not provide any indications of advanced cross-border summer travel at London Heathrow Airport.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does the capacity release at Heathrow Airport impact cross-border revenue for Mastercard?
### Assistant: The text does not provide specific information on how the capacity release at Heathrow Airport impacts cross-border revenue for Mastercard.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the trend in consumer spending on experiences?
### Assistant: The trend in consumer spending is towards more spending on experiences. Consumers are increasingly valuing experiences such as travel and entertainment-related activities.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does the trend towards more spending on experiences benefit Mastercard?
### Assistant: The trend towards more spending on experiences benefits Mastercard because they offer payment solutions that facilitate these types of transactions. As consumers spend more on experiences, there is a greater demand for secure and convenient payment options, which Mastercard provides.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What factors are considered when finding the right balance between bringing on more capacity and price proceeds?
### Assistant: The right balance between bringing on more capacity and price proceeds is determined by various factors. These factors include the implications for the price of services, the capacity release plans of airlines, and the overall demand for cross-border travel. Mastercard and other industry players need to consider these factors to ensure that they can meet the needs of customers while also maintaining profitability.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does the expected increase in capacity impact Mastercard's cross-border travel metrics?
### Assistant: The text does not provide specific information on how the expected increase in capacity impacts Mastercard's cross-border travel metrics.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the value proposition of Mastercard in terms of cross-border travel?
### Assistant: The value proposition of Mastercard in terms of cross-border travel is their strong value proposition, which includes their comprehensive solutions, technology capabilities, and data-driven insights. This value proposition makes Mastercard an attractive choice for businesses and consumers when it comes to cross-border transactions.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Are there any challenges or limitations in the implementation of Mastercard's services?
### Assistant: The text does not mention any challenges or limitations in the implementation of Mastercard's services.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard leverage their network play to efficiently deliver services?
### Assistant: Mastercard leverages their network play to efficiently deliver services by utilizing their well-established infrastructure and partnerships. This network allows them to seamlessly connect with customers and deliver their solutions in an efficient manner.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are the AI capabilities of Mastercard?
### Assistant: The text does not provide specific information on the AI capabilities of Mastercard.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard address fraud-related issues in the digital world?
### Assistant: Mastercard addresses fraud-related issues in the digital world by offering cyber and intelligence solutions. These solutions help detect and prevent fraud in digital transactions, providing a secure payment environment for their customers.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are the technology capabilities of Mastercard?
### Assistant: The technology capabilities of Mastercard include their data analytics capabilities, AI capabilities, and their ability to deliver solutions through their network play. These technology capabilities enable Mastercard to provide innovative and efficient payment solutions to their customers.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard's data solutions contribute to their success?
### Assistant: Mastercard's data solutions contribute to their success by providing valuable insights and analytics that help drive their services. By leveraging their extensive data set, Mastercard can offer personalized and targeted solutions to their clients, enhancing their overall offering.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What are the consulting capabilities of Mastercard?
### Assistant: The text mentions consulting capabilities as one of the services offered by Mastercard. These consulting capabilities allow them to provide strategic guidance and support to their clients.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How do marketing services contribute to Mastercard's full-service provider offering?
### Assistant: Marketing services contribute to Mastercard's full-service provider offering by helping them promote their solutions and reach a wider audience. By offering marketing services, Mastercard can effectively communicate the value of their services to customers and differentiate themselves in the market.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard's growth in services contribute to their overall financial performance?
### Assistant: The growth in services contributes to Mastercard's overall financial performance by generating additional revenue streams. As they expand their service offerings and capture a larger share of the market, Mastercard can increase their revenue and profitability.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard think about the economics of their services in relation to market share in payments?
### Assistant: Mastercard thinks about the economics of their services in relation to market share in payments by considering the overall mix of services and their value proposition. They understand that the economics of each individual service are important, but they also consider how these services collectively contribute to their market share in the payments industry. By offering a comprehensive range of services, Mastercard can attract more customers and increase their market share.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the name of the company mentioned in the text?
### Assistant: The company mentioned in the text is Mastercard.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who is the Chief Executive Officer of Mastercard?
### Assistant: The Chief Executive Officer of Mastercard is Michael Miebach.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the potential for recovery in which region?
### Assistant: The potential for recovery is in the Asia Pacific region.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the outlook for capacity in Mastercard?
### Assistant: The outlook for capacity in Mastercard is that it is not fully back yet.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the company's stance on the rollout of ACH payments in Europe?
### Assistant: Mastercard has a versatile competitive landscape in Europe and has found ways to partner and compete in the rollout of ACH payments.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the recent development in Europe regarding account-to-account payments?
### Assistant: The recent development in Europe regarding account-to-account payments is the announcement of the European payment initiative (EPI).


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How has Europe contributed to Mastercard's share and revenue growth?
### Assistant: Europe has contributed to Mastercard's share and revenue growth.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Who is the analyst from Evercore ISI asking questions?
### Assistant: The analyst from Evercore ISI asking questions is David Togut.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: What is the impact of tax refunds on U.S. volumes?
### Assistant: Tax refunds have been weighing on U.S. volumes recently.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: Will tax refunds normalize in Q2?
### Assistant: It is expected that tax refunds will normalize into Q2.


[INST] <<SYS>>
Use the provided conversation to generate a relevant answer. If the new question is related to the prior context, use that information to provide a more detailed answer. If the new question is not related to prior context, provide a standalone answer.
<<\/SYS>>

### Human: How does Mastercard view the spread between U.S. and worldwide metrics?
### Assistant: Mastercard views the spread between U.S. and worldwide metrics positively and feels good about their overall operating metrics.