INFOCLUTCH | AUGUST 05, 2021
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.
A world beyond cash
Every day, everywhere, we use our technology and expertise to make payments safe, simple and smart.
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.
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.
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.
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.
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.