Tuesday, December 13, 2016

MASTERCARD

Industry : Financial services
Founded :
1966 (as Interbank Card Association)
1979 (as Mastercard)
Headquarters :
MasterCard International Global Headquarters Purchase, New York,United States
Area served : Worldwide
Key people :
Richard Haythornthwaite(Chairman)
Ajaypal Singh Banga(President & CEO)
Products : Credit cards,payment systems
Revenue : US$ 9.66 billion (2015)
Operating income : US$ 5.07 billion (2015)
Net income : US$ 3.80 billion (2015)
Total assets : US$ 16.26 billion (2015)
Total equity : US$ 6.02 billion (2015)
Number of employees : 10,300 (2015)
Website : www.mastercard.com

Mastercard Incorporated(NYSE: MA) orMastercard Worldwide(stylized asmastercard) is an American multinational financial services corporation headquartered in the MasterCard International Global Headquarters,Purchase,New York, United States,in West chester County. The Global Operations Headquarters is located in O'Fallon, Missouri, United States, a suburb ofSt. Louis, Missouri. Throughout the world, its principal business is to process payments between the banks of merchants and the card issuing banks or credit unions of the purchasers who use the "Mastercard" branddebitandcreditcards to make purchases. Mastercard Worldwide has been apublicly traded companysince 2006. Prior to itsinitial public offering, MasterCard Worldwide was acooperativeowned by the more than 25,000 financial institutionsthat issue its branded cards.Mastercard, originally known as Interbank/Master Charge,was created by several California banks as a competitor to theBank Americardissued by Bank of America, which later became the Visa credit card issued byVisa Inc.From 1966 to 1979, Mastercard was called "Interbank" and "Master Charge".
The original banks behind MasterCard wereUnited California Bank(laterFirst Interstate Bankand subsequently merged intoWells Fargo Bank),Wells Fargo,Crocker National Bank(also subsequently merged into Wells Fargo), and theBank of California(subsequently merged into theUnion Bank of California).
In 1966, the aforementioned group of California banks formed the Interbank Card Association (ICA). With the help of New York'sMarine Midland Bank, nowHSBC Bank USA, these banksjoined with the ICA to create "Master Charge: The Interbank Card". The card was given a significant boost.
 in 1969, whenFirst National City Bankjoined, merging its proprietaryEverything Cardwith Master Charge.
In 1968, the ICA andEurocardstarted a strategic alliance, which effectively allowed the ICA access to the European market, and for Eurocard to be accepted on the ICA network. TheAccesscard system from the United Kingdom joined the ICA/Eurocard alliance in 1972.
In 1979, "Master Charge: The Interbank Card" wasrenamed simply "MasterCard". In the early 1990s MasterCard then bought the BritishAccess cardand the Access name was dropped.
In 2002, MasterCard International merged withEuropay International SA, another large credit-card issuer association, which for many years issued cards under the nameEurocard (payment card).
In 2006, MasterCard International underwent another name change to MasterCard Worldwide. This was done in order to suggest a more global scale of operations. In addition, the company introduced a new corporate logo adding a third circle to the two that had been used in the past (the familiar card logo, resembling aVenn diagram, remains unchanged). A new corporate tagline was introduced at the same time: "The Heart of Commerce".
In 2010, MasterCard expanded its e-commerce offering with the acquisition ofDataCash, a UK-based payment processing and fraud/risk management provider.
In 2012, MasterCard announced the expansion ofits mobile contactless payments program, including markets across the Middle East.
In 2014, MasterCard acquired Australian leading rewards program manager company Pinpoint for an undisclosed amount.
MasterCard teamed withApplein September 2014, to incorporate a new mobile wallet feature into Apple's new iPhone models, enabling users to more readily use their MasterCard, and other credit cards.

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