(as Interbank Card Association)
|US$6.622 billion (2017)|
|US$3.915 billion (2017)|
|US$21.329 billion (2017)|
|US$5.497 billion (2017)|
Number of employees
|~13,400 (December 2017)|
|Footnotes / references|
Mastercard Incorporated (stylized as MasterCard from 1979 to 2016 and mastercard from 2016 to 2019) is an American
Mastercard, originally known as "Interbank" from 1966 to 1969 and "Master Charge" from 1969 to 1979, was created by an alliance of several regional bankcard associations in response to the
Although BankAmericard's debut in 1958 had been a notorious disaster, it began to turn a profit by May 1961. Bank of America deliberately kept this information secret and allowed then-widespread negative impressions to linger in order to ward off competition. This strategy was successful until 1966, when BankAmericard's profitability had become far too big to hide. From 1960 to 1966, there were only 10 new credit cards introduced in the United States, but from 1966 to 1968, approximately 440 credit cards were introduced by banks large and small throughout the country. These newcomers promptly banded together into regional bankcard associations.
In 1966, several bankcard associations joined together to form the Interbank Card Association (ICA). The Interbank branding in 1966 initially consisted only of a small unobtrusive lowercase i inside a circle in the lower right hand corner of the front of each Interbank card; the rest of the card design was the prerogative of each issuing bank. This tiny logo proved to be entirely unsatisfactory for creating nationwide
In 1968, the ICA and
In 1979, "Master Charge: The Interbank Card" was renamed "MasterCard". In 1997, Mastercard took over the Access card; the Access brand was then retired.[
In 2002, MasterCard International merged with
In mid-2006, MasterCard International changed its name 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 a
In March 2012, MasterCard announced the expansion of its mobile contactless payments program, including markets across the Middle East.
In spring 2014, MasterCard acquired Australia's leading rewards program manager company Pinpoint for an undisclosed amount.
Mastercard teamed with
In July 2016, Mastercard introduced their new rebranding, along with a new corporate logo. In addition, they changed their service name from "MasterCard" to "mastercard".
In August 2017, Mastercard acquired
The company, which had been organized as a
Mastercard, along with
Both Mastercard and Visa have paid approximately $3 billion in damages resulting from a
In October 2010, Mastercard and Visa reached a settlement with the
On November 27, 2012, a federal judge entered an order granting preliminary approval to a proposed settlement to a class-action lawsuit filed in 2005 by merchants and trade associations against Mastercard, Visa, and many credit card issuers. The suit was filed due to price fixing and other anti-competitive trade practices employed by Mastercard and Visa. A majority of named class plaintiffs have objected and vowed to opt out of the settlement. Opponents object to provisions that would bar future lawsuits and even prevent merchants from opting out of significant portions of the proposed settlement. Stephen Neuwirth, a lawyer representing Home Depot, said, "It's so obvious Visa and Mastercard were prepared to make a large payment because of the scope of the releases being given. It's all one quid pro quo and merchants like the Home Depot are being denied the chance to opt out of that quid pro quo and say this is a bad deal."
Plaintiffs allege that Visa, Mastercard, and major credit card issuers engaged in a conspiracy to fix
The settlement provides for the cash equivalent of a 10 basis-point reduction (0.1 percent) of swipe fees charged to merchants for a period of eight months. This eight-month period would probably begin in the middle of 2013. The total value of the settlement will be about $7.25 billion.
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