That feels that is where the demand is today. To Sachin’s earlier point, where do we invest, we invest where we see the demand in the near-term event. So that is where we’re optimizing. But you’re already starting to see as we’re going beyond these lending use cases with our solutions like our Chase Pay by Bank solution here in the U.S. This is using a payment success indicator, which is using open banking data to tell a biller this is a good time when there is balance on an account, please now bill. That is what the payment success indicator does. That is powered by Mastercard’s open banking technology. So near-term use case is clear. That’s working. Connectivity, we’re well positioned with our 2 assets, and we’re very busy building out use cases.
And obviously, we’re excited to see Pay by Bank with Chase launch in the third quarter as we said to you.
Operator: We’ll take our next question from David Togut with Evercore ISI.
David Togut: Cross-border volume growth remains very strong, but on Slide 9, clearly, there’s a deceleration from April growth through June, especially in cross-border travel. So my question is for the second half, what growth rate in cross-border volume is embedded in your guidance? And then if you could go a little bit under the hood, what do you see in cross-border travel volumes? Maybe a little more texture on what you’re seeing by country in Europe. You gave kind of overall data and some thoughts on China.
Sachin Mehra: Sure, David. So a couple of thoughts first. Let’s start at the highest level, which is the value prop of cross-border travel still remains incredibly strong. So we’ve got a strong value prop. We have a strong presence in the market. As you’ll remember, as we were going through COVID, when everybody had stopped traveling, we used that as an opportunity to continue to bolster our position in cross-border. And that’s paying dividends right now. The fact that we were building portfolios and winning portfolios at that point in time is helping us actually drive strong growth in cross-border, broadly speaking, but also in travel. Now specifically to your question around trends, I think you’re looking at year-over-year growth rates when you are looking at what the cross-border travel trajectory is month-over-month, the declines you were talking about.
I’d encourage you to look at the right-hand side of Slide 9, which talks about the numbers indexed to 2019. And there, you could see actually there’s an accelerating trend in cross-border travel. So said differently, you can see that in Q1, our cross-border travel as a percentage of 2019 was 148%. In Q2, that was 154%. In the first 3 weeks of July, that’s 157%. The reason that’s important is because the year-over-year growth rates are getting impacted by tougher comps from last year. And I think that’s important to actually keep in mind. In terms of regional color, I would say that regions are performing well. Look, I mean the beauty of what we’ve got at Mastercard is a diversified business model. It’s diversified across multiple dimensions, across payments and services, across products, across channels of sale, across regions.
And the fact that we’ve got this presence — strong presence across various regions helps us in the cross-border side as well. And really, what we’re seeing is good, sustained growth in cross-border, both on travel as well as nontravel, across the globe. We’re seeing accelerating trends in Asia Pacific, which we had very much expected and spoken about. That’s what you’re seeing coming through in the nature of the numbers here. We still think there are pockets of opportunity on a going-forward basis, in particular going into China and coming out of China. Just as a reference point, Michael talked about how cross-border travel inbound into China stood at approximately 50% of 2019 levels in Q2. That just goes to show what the opportunity remaining there is.
