In a conversation with CNBC-TV18 during the World Economic Forum 2026 in Davos, Miebach noted that the investment climate is “a lot less chilly” than anticipated, showing vigorous activity in technology, cybersecurity, and AI-enhanced consumer solutions.
AI and digital economy investments reaching a crucial point
“The digital economy is on the cusp of a new era,” Miebach remarked. “AI is dismantling barriers and enhancing consumer experiences, and we’re witnessing the early waves of a significant investment cycle in this area. Cybersecurity, in particular, is seeing noteworthy capital influx as businesses prepare for a digitally empowered future.”
These trends, he emphasized, are not merely technological advancements—they are actively shaping consumer behavior, corporate expenditures, and international trade.
Consumers navigate tariffs and economic uncertainty
Despite worries over tariffs and geopolitical issues, Mastercard’s data indicates global GDP grew by 3.2% in 2025, with the United States performing especially well. Miebach attributed this resilience to insights gained during the COVID pandemic, particularly regarding more resilient and localized supply chains.
“Consumers are more cautious, informed, and intentional,” he stated. “With tools from the digital economy—such as loyalty programs, price comparisons, and improved advertising—they can make educated choices even in uncertain times. The trend of early holiday shopping this year reflects this meticulous planning.”
Trade dynamics and cross-border spending stay strong
Cross-border payments, a lucrative area for Mastercard, have remained robust even amidst global tensions. Travel-related expenditures surged in 2025, a pattern Miebach says persists, with international mobility remaining resilient.
Non-travel e-commerce also continues to thrive, fueled by global consumer demand. “In the digital economy, the world presents limitless opportunities,” Miebach said. “People seek access to goods and services across borders, and this trend is showing no signs of slowing.”
2026 outlook: Ongoing expansion
Strong household financials, along with continued investment in AI and technology, set the stage for what Miebach describes as a favorable and expansive 2026. “We anticipate it will be a year of ongoing growth,” he said, highlighting that long-term trends in digital innovation are supporting the broader economy.
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Implications for businesses and investors
For businesses and investors, Miebach’s message is straightforward: the digital economy serves as a growth catalyst, consumers are adapting quicker than anticipated, and strategic investments in AI and technology are expected to yield benefits in the coming year.
In conclusion: Even amid geopolitical uncertainties and ongoing tariff concerns, the fusion of AI advancements, a robust digital ecosystem, and resilient consumer behavior creates an economic landscape primed for growth, according to Mastercard’s CEO.
Below is an excerpt from the interview.
Q: It’s a brisk morning at Davos. But how is the investment climate shaping up? Michael, is it still chilly, or is it warming up?
Miebach: The investment climate is significantly less chilly. We observe substantial investments in the digital economy, from utilizing AI for improved experiences to powering the digital landscape. There’s a notable focus on cybersecurity within this sphere. I believe AI is reducing barriers and facilitating better experiences for individuals, marking the dawn of a new chapter for the digital economy—it’s incredibly exciting.
Q: I will address the enthusiasm surrounding the digital economy shortly, but let’s discuss the traditional economy first. What trends are you observing in the US specifically? Of course, tariffs have made an impact, yet not as drastic as expected. What insights is the retail consumer providing? What do the current data indicate?
Miebach: Reflecting on 2025, Mastercard is in a unique position. We have extensive data and a firm understanding of the overall economy, particularly consumer behavior. One would think that the impact of tariffs and adjustments among companies and the economy would have been more pronounced. However, it was actually a solid year—global GDP increased by 3.2%, and the US performed exceptionally well.
So, what explains this? First, we’ve absorbed valuable lessons from COVID. Supply chains are much more resilient, with increased emphasis on localizing them, aiding us in this context. The private sector excels at adapting when they understand the landscape. The first half of the year lacked clarity, but businesses realized their necessary actions in the latter half, and consumers adapted accordingly.
If consumers feel uncertain yet are part of the digital economy, they possess numerous tools to discover the best deals. Uncertainty around pricing drives them to explore options, utilize loyalty programs, and find the best offers available. Preferences and enhanced advertising play a role in this adjustment. Consumers have also begun early holiday shopping this year, stating, “I need extra time to determine my spending.” They are being prudent, informed, and intentional. We anticipate this attitude to extend into 2026. Thus, the outlook is very favorable—or decidedly positive, shall we say. We foresee a year of continuous expansion.
Moreover, trade realignments are taking shape. When considering global trade flows between Asia and the US, there was a slight decrease in the second half of the year, particularly concerning China, which balanced itself out. Overall, things have stabilized. Several long-term trends—ongoing investment in AI and technology—are underpinning the broader economy. Strong household balance sheets further point to a positive outlook.
Q: Regarding cross-border volumes, a profitable segment for your company, how concerning is the geopolitical risk and uncertainty on this front?
Miebach: Analyzing cross-border expenditures, we see that travel-related spending in 2025 has been very strong, and we expect this trend to continue. Just look around at Davos—people are traveling despite concerning news, and that’s a reality.
With non-travel-related cross-border spending, post-COVID, the non-travel e-commerce market has flourished, and those consumer preferences remain unchanged. This is a robust segment for us and others within the ecosystem. Consumers are aware that in the digital economy, opportunities abound globally. They wish to purchase goods available elsewhere, and that behavior is here to stay.
Watch the video for the complete conversation
