MasterCard Worldwide is a multinational corporation offering a system of international payments. Its structure includes 22 000 financial institutions around the world.
The story of MasterCard
The company was founded by the father and son Robert and Marten Leavell. In 1966, they founded Interbank/Master Charge, which competed with Bank of America, which later started issuing Visa cards. The company was formed by United California Bank and Wells Fargo.
The emission of Master Charge – the Interbank Card began in the same year. In 1968, first international agreements were signed with several Mexican financial institutions and with the European network Eurocard. Thus, the road to the European market was open.
In 1969, the company changed its name to MasterCard. Further development and scaling required to change the name once again in 2006, this time to MasterCard Worldwide; the company also acquired a new logo. Since May 25, 2006, the company's shares have begun circulation on the market.
In 2014, the company bought an Australian enterprise called Pinpoint (the price kept in secret). Since 2014, MasterCard has been working together with Apple to develop new smartphone apps that would streamline using plastic cards.
MasterCard - operations and features
The company focuses on making payments easy, secure, and straightforward, implementing the latest technology and best practices of other companies. MasterCard’s share in the global payment card market is circa 20%.
The company’s mission statement includes the creation of a world without cash. MasterCard is at the front of technological progress, constantly introducing innovative financial solutions and improving payment security. Payments (including online transfers) are carried out 24/7.
MasterCard’s operations revolve around providing financial services to individuals and businesses and controlling the emission of MasterCard, Cirrus, and Maestro banking cards.
Cirrus and Maestro are characterized by their affordability, simplicity of emission, and low service fees. An older-generation automation system is used to carry out payments with these cards, but it also guarantees that the money stored in the account is secure. MasterCard Standard cards are particularly widespread: they allow holders to make online purchases, buy plane tickets, rent and lease various items, book hotel rooms, and make payments and withdrawals abroad.
The company officially entered the Russian market on December 29, 2012.
Here are a few features of MasterCard cards:
- A system of bonuses and benefits;
- Special annual service terms;
- Medical insurance for trips abroad with a coverage of up to 60 thousand euro;
- Credit privileges;
- Special service offers from the company’s partners;
- EUR/USD conversion in the US;
- No limit on cash withdrawals;
- Constant addition of new services;
- Expansive customer acquisition strategy;
- Large-scale and in-depth improvements of existing products.
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