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NEW YORK— Despite continued concerns about an impending recession, consumers are spending at record levels, or at least they are on one company’s credit card.

PURCHASE, N.Y.—A new survey has found that as  of 2022, 78% of adults in the U.S. prefer to bank via a mobile app or website. The result? According to Mastercard, as more people open accounts and manage their finances online, digital transaction volumes are projected to reach nearly $15 trillion by 2027.

PURCHASE, N.Y.—Mastercard beat estimates for quarterly profits as consumer spending surged, but the card company's disclosure of a probe by the U.S. Justice Department has unnerved investors, according to a new report.