Mastercard is one of the top American financial companies having its headquarters in New York, USA. The company was previously known as Interbank and Master Charge, and was later renamed Mastercard.
Its journey is an exciting one where the organization faced upheavals and fame in almost equal share.
In the present scenario, it is moving forward with the adoption of the latest technologies and partnerships.
Vision:
A world beyond cash
Mission:
Every day, everywhere, we use our technology and expertise to make payments safe, simple and smart.
Values:
- Trust: We act with integrity and respect; we encourage openness.
- Agility: We act with a sense of urgency and deliver value through our innovation and execution
- Partnership: We work as one team to the benefit of all- consumers, merchants, business partners, governments and the communities we serve
- Initiative: We are empowered to take bold and thoughtful action, and we hold ourselves accountable for delivering results.
The Initial Story:
- It was created as an alliance of regional bankcard associations in 1966
- In 1969, Interbank developed a new national brand, ”Master Charge.”
- In 1969, First National City Bank, joined the Interbank and merging the proprietary with Master Charge
- In the year 1979, Master Charge was renamed as Mastercard.
Growth To Success:
- It became the first bank to use holograms in the year 1983 as a part of the security process
- It merged with Europay International in the year 2002
- It had the initial public offering on May 25, 2006.
- In the year 2010, the company expanded its e-commerce by acquiring DataCash
- In 2012, the company announced its expansion of the mobile contactless payment program.
- In 2014, Mastercard acquired the rewards program manager company Pinpoint in Australia
- In 2014, the company collaborated with Apple for incorporating a new mobile wallet feature in iPhone
- In 2016, the company rebranded itself with a fresh corporate logo
- In 2017, the company acquired Brighterion; it is the Delaware Corporation with its headquarters in San Francisco.
- In 2021, the company was ranked 13th as one of the trusted brands on Morning Consult.
Upheavals In The Road To Success:
- In 1996, Visa and Mastercard paid around 3 billion USD to Safeway, Wal-Mart and Sears Roebuck.
- In the same year, the company was sued by almost 4 million merchants.
- It was filed by Hagens Berman.
- It even faced many anti-trust issues in the late 90s in USA.
Where Mastercard Stands Today?
- Its stock is now traded on the New York Stock Exchange with a market capitalization of $367.1 billion as of May 2021.
- “Card not present” purchases grew to about 45% of the transactions in 2020. MasterCard is now working on the cryptocurrencies and the digital process.
- In April 2021, the company created a calculator that helps in collecting the information and tracks the customer for analyzing the carbon footprint. This helps understand the amount they are contributing to the global warming.
- On May 24, 2021, the company welcomes NEC payments to be a global partner of the Fintech Express.
- Mastercard’s Fintech express provides the right resources and tools for enabling the payment innovators and scaling the business with the help of powerful partnerships.
