Mastercard

Mastercard Incorporated

Company type	Public
Traded as	NYSE: [ MA]
Industry	Financial services
Founded	1966
Key people	Michael Miebach (CEO)
Products	Payment systems
Revenue	$18.88 billion (2020)
Operating income	$10.77 billion (2020)
Net income	$6.41 billion (2020)
Total assets	$33.57 billion (2020)
Total equity	$6.52 billion (2020)
Number of employees	21,000 (2020)
Website	mastercard.com

Mastercard Incorporated is an American multinational financial services corporation headquartered in Purchase, New York. The company is known for its global payment processing network, which facilitates electronic funds transfers throughout the world, primarily through Mastercard-branded credit, debit, and prepaid cards.

History

Mastercard was originally created by a group of California banks as the Interbank Card Association (ICA) in 1966. The ICA was formed to compete with Bank of America's BankAmericard, which later became Visa. In 1979, the ICA was renamed Mastercard.

In the 1980s and 1990s, Mastercard expanded its operations globally, acquiring several regional payment networks and forming strategic alliances with banks and financial institutions worldwide. In 2006, Mastercard became a publicly traded company on the New York Stock Exchange.

Products and Services

Mastercard offers a wide range of payment solutions, including:

• Credit Cards: Mastercard credit cards are issued by banks and financial institutions, allowing cardholders to borrow funds for purchases.
• Debit Cards: These cards are linked directly to a cardholder's bank account, enabling direct withdrawals for transactions.
• Prepaid Cards: Prepaid cards are loaded with a specific amount of money and can be used like a debit card.
• Contactless Payments: Mastercard supports contactless payment technology, allowing users to make payments by tapping their card or device on a terminal.
• Digital Wallets: Mastercard partners with digital wallet providers to enable secure online and mobile payments.

Technology and Innovation

Mastercard invests heavily in technology to enhance security and improve the payment experience. The company has developed several innovations, including:

• EMV Chip Technology: A global standard for cards equipped with computer chips and the technology used to authenticate chip-card transactions.
• Mastercard SecureCode: An additional layer of security for online transactions.
• Masterpass: A digital wallet service that simplifies online shopping by storing payment information securely.

Corporate Social Responsibility

Mastercard is committed to corporate social responsibility, focusing on financial inclusion, sustainability, and ethical business practices. The company has launched initiatives to provide financial services to underserved communities and reduce its environmental impact.

Also see

• Visa Inc.
• American Express
• Discover Financial
• Credit card
• Payment gateway