Visit our Covid-19 microsite for the latest coronavirus news, analysis and updates

Follow the latest updates of the coronavirus (Covid-19) outbreak on our timeline.

Mastercard has lowered its revenue outlook for Q1 2020, saying that the adverse impact of the novel coronavirus outbreak on cross-border e-commerce and travel could dent its quarterly performance.

The credit card firm now anticipates revenue growth of 9-10% in Q1, which is a decrease of around 2 to 3 percentage points from its earlier forecast.

Considering that the virus only affects Q1, the 2020 year-over-year net revenue growth is expected to be at the low end of the low-teens range, Mastercard further predicted.

The company’s shares dipped after the announcement.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Coronavirus updates

According to data gathered till 24 February, the novel coronavirus has claimed the lives of around 2,700 people. More than 80,000 positive cases have been reported globally so far.

Earlier this month, it was reported that China UnionPay will scrap service charges for cross-bank cash withdrawals in Hubei, which is the epicentre of the coronavirus outbreak.

Fearing the spread of the virus, major banking groups including HSBC, Standard Chartered, and UOB, shuttered outlets in China, Hong Kong, and Macau.

China’s central bank has urged banks to disinfect used notes and isolate them for up to 14 days in an effort to contain the virus’ spread.

The outbreak also led to a surge in bank loan applications from Chinese companies, looking to absorb the shock of the outbreak.