MasterCard Spending Rose 8% in 1998

MasterCard International Inc. said consumers and businesses spent 8% more on MasterCard credit and debit cards worldwide last year, led by growth in the United States. Purchase, N.Y.-based MasterCard, the world’s second-biggest credit card brand behind Visa, said MasterCard cardholders spent $650.2 billion in 1998, or $1.2 million a minute, up from $604.4 billion the year before. Growth in the U.S. was faster as card spending rose 17% to $310.7 billion, increasing MasterCard’s share of the U.S. card market to 26.9% from 26.4% a year ago.