04:15 PM EDT, 07/09/2025 (MT Newswires) -- Payment technology providers such as Visa (V) and Mastercard ( MA ) are likely to report second-quarter results above expectations amid resilient consumer spending, RBC Capital Markets said in Wednesday note.

Consumer spending held firm in April and May before it is expected to have cooled in June, the brokerage said. The companies also likely benefitted from better-than-expected foreign exchange in the second quarter.

The industry hasn't been directly impacted by tariff cost pressures, though levies pose "more of a question around impacts on consumer spending," RBC analyst Daniel Perlin said.

Mastercard ( MA ), Visa, and Fiserv ( FI ) are among the "most defensive names" heading into the second-quarter reporting season, while Affirm (AFRM), PayPal ( PYPL ) and Global Payments ( GPN ) are among those with "upward biases," according to Perlin.

"Our expectations for (the second quarter) are slightly biased to the upside on the prints, as consumer spending appears to have held up for April/May, but early reads on June suggest a sequential deceleration," Perlin said.

Both Visa and Mastercard ( MA ) should exceed earnings-per-share forecasts, although cross-border volumes "could be an area of weakness," according to Perlin.

Fiserv ( FI ) and Global Payments ( GPN ) are projected to report "slight" EPS beats, according to the analyst.

"The biggest hot button in (the second quarter for Fiserv ( FI )) will prove to be Clover's volume growth," Perlin said. Clover is a point-of-sale system owned by Fiserv ( FI ).