Mastercard CEO Michael Miebach has voiced strong support for the global open banking movement, calling it a “winning proposition over time” that empowers consumers through consent-based data sharing. Speaking during the company’s Q2 earnings call, Miebach contrasted Mastercard’s stance with recent moves by major U.S. banks, including JPMorgan Chase, to charge fintechs for access to consumer data—sparking debate across the financial services industry.
Highlighting the importance of consumer choice, Miebach stated that the ability for users to leverage their financial data for better services is a “good notion” that resonates globally. He referenced the success of open banking frameworks in Europe and Australia as examples of the model’s viability.
While the Biden administration’s original open banking rule has faced regulatory backtracking and revisions, Miebach emphasized Mastercard’s commitment to innovation in this space. The company had already moved in that direction with its $825 million acquisition of data-sharing platform Finicity in 2020.
Miebach also stressed the growing importance of cybersecurity in the age of open data, particularly as fraudsters increasingly weaponize AI. To address these threats, Mastercard acquired cybersecurity firm Recorded Future for $2.65 billion and is investing in AI-powered security tools.
Addressing analysts’ questions on potential disruptions from Capital One’s switch of some debit card business to Discover post-acquisition, CFO Sachin Mehra indicated minimal revenue impact for 2025, with more notable effects expected in 2026. Mastercard still expects to retain credit card partnerships with Capital One.
