MasterCard Inc., the world's second-biggest electronic payments network, said Tuesday that total spending dropped 8% in July and August as consumers cut back on credit card purchases.

"The economic slowdown around the world continues to be proving challenging for consumers, our bank customers and the merchants, and us," Martina Hund-Mejean, MasterCard's chief financial officer, told investors at the Barclays Global Financial Services Conference in New York.

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