By now, it's not a secret that economic growth is expected to grind to a halt with high interest rates inhibiting economic activity. This helps to explain why the S 500 index remains approximately 14% off its all-time high of nearly 4,800.

But since the index is comprised of 500 different stocks, it shouldn't be surprising if a few of them are still near their all-time highs. Just 2% off its all-time high, (NYSE: MA) fits this profile. This raises the following question: Should growth investors buy the stock? Let's dive into Mastercard's fundamentals and valuation to find out. 

Consumers around the world are increasingly incorporating the aspect of convenience into their everyday lives. With each passing year, more people own smartphones and are conducting purchases online. This shift in consumer preferences is giving rise to an unstoppable upward trend in the global digital payments industry. That is precisely why the global digital payments market alone is expected to grow from a transaction value of $9.5 trillion in 2023 to $14.8 trillion by 2027.

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Source Fool.com