MasterCard and Visa reported weak second quarter 2020 results with revenue and net profit falling year on year. MasterCard 2Q 2020 revenue fell 19% while net profit fell 31%. It was a similar trend for Visa with revenue falling 17% and net profit falling 23% year on year. The good news is that things are improving rapidly with payment volumes processed on both companies increasing year on year in July. MasterCard also reported stronger restaurant and hotel spend during July which suggests that consumer confidence is gradually improving. The slightly weaker trend for the 21 July week was a result of a tough comparison with e-commerce promotions during the same week one year ago. The second quarter of 2020 was a tough one for both payment companies but things seem to be improving quickly so I’m looking forward to a better third quarter. Both companies are trading at a higher