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{{short description|American multinational financial services corporation}}{{Use mdy dates|date=April 2019}}{{Use American English|date=July 2022}}

factoids

(Class A)>S&P 100 component|S&P 500 component}}| industry = Financial servicesMastercard International Global Headquarters>2000 Purchase StreetPurchase, New York>Purchase, New York| location_country = U.S.| area_served = Worldwide| key_people =

• Cirrus
• Maestro
• Mondex
• MasterPass

{edih}| services = 25.10 billion}} (2023)14.01 billion}} (2023)11.19 billion}} (2023)42.45 billion}} (2023)6.93 billion}} (2023)| num_employees = 33,400 (2023)mastercard.com/}}DATE=FEBRUARY 13, 2024 U.S. SECURITIES AND EXCHANGE COMMISSION >WEBSITE=SEC.GOV, HTTP://FORTUNE.COM/2019/01/07/MASTERCARD-DROPS-ITS-NAME-FROM-COMPANY-LOGO-POST-TEXT-FUTURE-TARGET-NIKE-APPLE/>TITLE=MASTERCARD DROPS ITS NAME FROM COMPANY LOGOLANGUAGE=EN, January 10, 2019, }}Mastercard Inc. (stylized as MasterCard from 1979 to 2016, mastercard from 2016 to 2019) is an American multinational payment card services corporation headquartered in Purchase, New York.WEB,newsroom.mastercard.com/press-releases/mastercard-incorporated-reports-fourth-quarter-and-full-year-2016-financial-results/, MasterCard Incorporated Reports Fourth-Quarter and Full-Year 2016 Financial Results, MasterCard, December 2, 2017, October 24, 2020,web.archive.org/web/20201024153234/https://newsroom.mastercard.com/press-releases/mastercard-incorporated-reports-fourth-quarter-and-full-year-2016-financial-results/, dead, It offers a range of payment transaction processing and other related-payment services (such as travel-related payments and bookings). 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-brand debit, credit and prepaid cards to make purchases. Mastercard has been publicly traded since 2006.Mastercard (originally Interbank, then Master Charge)WEB, MasterCard Corporate Milestones,www.mastercard.com/us/company/en/ourcompany/company_milestones.html, 2019-11-13,mastercard.com/us/company/en/ourcompany/company_milestones.html," title="web.archive.org/web/20130514105529mastercard.com/us/company/en/ourcompany/company_milestones.html,">web.archive.org/web/20130514105529mastercard.com/us/company/en/ourcompany/company_milestones.html, 2013-05-14, unfit, was created by an alliance of several banks and regional bankcard associations in response to the BankAmericard issued by Bank of America, which later became Visa and is still its biggest competitor. Prior to its initial public offering, Mastercard Worldwide was a cooperative owned by the more than 25,000 financial institutions that issue its branded cards.

History

(File:Old Bankamericard sign.jpg|left|thumb|Old “Your BankAmericard Welcome Here” sign)Although BankAmericard’s debut in September 1958 was a disaster,BOOK, Nocera, Joseph, A Piece of the Action: How the Middle Class Joined the Money Class, 1994, Simon & Schuster, New York, 9781476744896, 31, 2013 paperback,books.google.com/books?id=mZ5FAQAAQBAJ&pg=PA31, it began to turn a profit by May 1961.BOOK, Stearns, David L., Electronic Value Exchange: Origins of the Visa Electronic Payment System, 2011, Springer, London, 978-1-84996-138-7, 24,books.google.com/books?id=k2tTTBOImXMC&pg=PA24, Available through SpringerLink. Bank of America deliberately kept this information secret and allowed then-widespread negative impressions to linger in order to ward off competition.BOOK, Stearns, David L., Electronic Value Exchange: Origins of the Visa Electronic Payment System, 2011, Springer, London, 978-1-84996-138-7, 25,books.google.com/books?id=k2tTTBOImXMC&pg=PA25, Available through SpringerLink. 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.BOOK, Stearns, David L., Electronic Value Exchange: Origins of the Visa Electronic Payment System, 2011, Springer, London, 978-1-84996-138-7, 27,books.google.com/books?id=k2tTTBOImXMC&pg=PA27, Available through SpringerLink.One reason why most banks chose to join forces was that at the time, 16 states limited the ability of banks to operate through branch locations, while 15 states entirely prohibited branch banking and required unit banking.BOOK, Stearns, David L., Electronic Value Exchange: Origins of the Visa Electronic Payment System, 2011, Springer, London, 978-1-84996-138-7, 19,books.google.com/books?id=k2tTTBOImXMC&pg=PA19, Available through SpringerLink. A unit bank can legally operate only at a single site and is thereby forced to remain very small. By joining a regional bankcard association, a unit bank could quickly add a credit card to its lineup of financial products, and achieve economies of scale by outsourcing tedious back office tasks like card servicing to the association. Such associations also enabled unit banks to aggregate their customer bases and merchant networks in order to make a credit card useful for both customers and merchants; early credit cards had failed because they could only be used within a small radius around their respective issuing banks.In 1966, Karl H. Hinke, an executive vice president at Marine Midland Bank, asked representatives of several other banks to meet him in Buffalo, New York.NEWS, Jennings, Robert, Credit Card Industry to Salute Three Pioneers, American Banker, September 8, 1995, 12, Available through ProQuest.NEWS, Loomis, Jay, MasterCard Turns 40, The Journal News, November 28, 2006, C7, Available through ProQuest. Marine Midland had just launched its own regional bankcard in the Upstate New York market after Bank of America declined its request for a BankAmericard regional license on the basis that Marine Midland was too big.NEWS, Karl H. Hinke, Pioneer Of The MasterCard,apnews.com/article/9b87e44211b3e52adf1462dc777859cf, 28 November 2021, Associated Press, AP, December 24, 1990, The result of the Buffalo meeting was that several banks and regional bankcard associations soon agreed to join forces as Interbankard, Inc., which then became the Interbank Card Association (ICA). By the end of 1967, ICA had 150 members and Hinke became ICA’s chairman. Bank of America eventually joined MasterCard as well. (In the 21st century, Bank of America would revive the BankAmericard brand name as a Mastercard credit card, which it remains today).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.BOOK, Stearns, David L., Electronic Value Exchange: Origins of the Visa Electronic Payment System, 2011, Springer, London, 978-1-84996-138-7, 28,books.google.com/books?id=k2tTTBOImXMC&pg=PA28, Available through SpringerLink. This tiny logo proved to be entirely unsatisfactory for creating nationwide brand awareness in order to compete against the established leader, BankAmericard. In 1969, Interbank developed a new national brand, “Master Charge: The Interbank Card” by combining the two overlapping yellow and orange circles of the Western States Bankcard Association with the “Master Charge” name coined by the First National Bank of Louisville, Kentucky.That same year, First National City Bank joined Interbank and merged its proprietary Everything Card with Master Charge.In 1968, the ICA and Eurocard started a strategic alliance, which effectively allowed the ICA access to the European market, and for Eurocard to be accepted on the ICA network. The Access card system from the United Kingdom joined the ICA/Eurocard alliance in 1972.File:Master Charge decal in window of record shop.jpg|thumb|left|Master Charge decal still in a store window in 2024 in Pasadena, CaliforniaPasadena, CaliforniaIn 1979, Master Charge: The Interbank Card was renamed MasterCard.WEB,www.fundinguniverse.com/company-histories/mastercard-international-inc-history/, History of MasterCard International Inc, Funding Universe, June 13, 2020, In 1983, MasterCard International Inc. became the first bank to use holograms as part of their card security.BOOK, Harper, Gavin, Holography Projects for the Evil Genius, July 12, 2010, McGraw-Hill, 978-0-07-162400-8, 4, They acquired the Cirrus network of automated tellers in 1985.WEB, Brand History,brand.mastercard.com/brandcenter/more-about-our-brands/brand-history.html, 2022-10-14, Mastercard Brand Center, In 1997, MasterCard took over the Access card; the Access brand was then retired.{{Citation needed|date=April 2018}} In 2002, MasterCard International merged with Europay International, another large credit-card issuer association, of which Eurocard had become a part in 1992.WEB,www.banktech.com/payments/mastercard-and-europay-merge-to-form-a-global-payments-company/d/d-id/1288945.html, MasterCard And Europay Merge To Form a Global Payments Company, BankTech, July 16, 2002, June 13, 2020, MasterCard became a Delaware corporation in connection with the merger, as well as in anticipation of an IPO.JOURNAL, Fleischer, Victor, 2006-03-08, The Mastercard IPO: Protecting the priceless brand,deliverypdf.ssrn.com/delivery.php?ID=684088071004066000097102111084003109026012051033042091108127096074073025068072109121101122062000122051045116004109024075077043057061084085004026089123113018096040089005080121079007004010009112123065095108119064120002125075081093110080127083121085&EXT=pdf&INDEX=TRUE, Harvard Negotiation Law Review, SSRN, The company, which had been organized as a cooperative of banks, had an initial public offering on May 25, 2006, selling 95.5 million shares at $39 each.WEB, May 25, 2006, MasterCard IPO rises 40% from discounted price,www.marketwatch.com/story/mastercard-rallies-18-from-discounted-price, June 3, 2017, MarketWatch, The stock is traded on the NYSE under the symbol MA, with a market capitalization of $434 billion as of April 2024.WEB, Yahoo Finance,ca.finance.yahoo.com/quote/MA?p=MA&.tsrc=fin-srch, April 11, 2024, Yahoo.com, The deal was designed to maintain the value of the brand and minimise regulatory costs.In August 2010, MasterCard Worldwide, as it had been rebranded, expanded its e-commerce offering with the acquisition of DataCash, a UK-based payment processing and fraud/risk management provider.NEWS, Spillane, Chris, August 19, 2010, MasterCard to Acquire DataCash for 333 Million Pounds, Bloomberg.com,www.bloomberg.com/news/2010-08-19/mastercard-buys-datacash-for-517-million-after-court-accord-shares-jump.html, Bloomberg L.P., Bloomberg, March 7, 2012, NEWS, Farrell, Sean, August 19, 2010, MasterCard pays £333m for British online payments firm DataCash,www.independent.co.uk/news/business/news/mastercard-pays-163333m-for-british-online-payments-firm-datacash-2057346.html, The Independent, London, March 7, 2012, November 30, 2018,web.archive.org/web/20181130052414/https://www.independent.co.uk/news/business/news/mastercard-pays-163333m-for-british-online-payments-firm-datacash-2057346.html, dead, In March 2012, MasterCard announced the expansion of its mobile contactless payments program, including markets across the Middle East.WEB, Rima Ali Al Mashni, March 7, 2012, QNB Group, Qtel, Oberthur and MasterCard introduce first mobile Near Field Communication payments program in Qatar,www.ameinfo.com/292567.html, AMEinfo.com, March 7, 2012,www.ameinfo.com/292567.html," title="web.archive.org/web/20120309224815www.ameinfo.com/292567.html,">web.archive.org/web/20120309224815www.ameinfo.com/292567.html, March 9, 2012, dead, In spring 2014, MasterCard acquired Australia’s leading rewards program manager company Pinpoint for an undisclosed amount.WEB,news.biharprabha.com/2014/04/mastercard-to-acquire-business-reward-services-provider-pinpoint/, Mastercard to acquire Business Reward Services Provider Pinpoint, Biharprabha.com, April 17, 2014, April 17, 2014, In August 2017, Mastercard acquired Brighterion, a company with a portfolio of intellectual property in the areas of artificial intelligence and machine learning.WEB,newsroom.mastercard.com/press-releases/mastercard-enhances-artificial-intelligence-capability-with-the-acquisition-of-brighterion-inc-2/, Mastercard Enhances Artificial Intelligence Capability with the Acquisition of Brighterion, Inc. – Global Hub, newsroom.mastercard.com, September 23, 2017, November 29, 2020,web.archive.org/web/20201129134531/https://newsroom.mastercard.com/press-releases/mastercard-enhances-artificial-intelligence-capability-with-the-acquisition-of-brighterion-inc-2/, dead, Brighterion holds several patents.WEB, Patents by Assignee Brighterion, Inc., Justia Patents Search, August 7, 2017,patents.justia.com/assignee/brighterion-inc, September 23, 2017, In April 2021, Mastercard created a calculator that gathers information and measures the carbon footprints of the customers in order to help them know how much they are contributing in carbon emissions and global warming.NEWS, Alexis Benveniste, Mastercard launches carbon calculator in its latest attempt to go green,www.cnn.com/2021/04/12/business/mastercard-carbon-calculator/index.html, 2021-04-12, CNN, Following the 2022 Russian invasion of Ukraine, Mastercard complied with United States sanctions and banned cards from being issued or used in Russia, including foreign cards from other countries.WEB, Ponnezhath, Maria, 1 March 2022, Visa, Mastercard block Russian financial institutions after sanctions,www.reuters.com/business/mastercard-blocks-multiple-russian-financial-institutions-network-2022-03-01/, 6 March 2022, Reuters, en, Mastercard suspended all business operations in Russia, which had accounted for 4% of their revenue.NEWS, Paybarah, Azi, March 5, 2022, Mastercard and Visa suspend operations in Russia, The New York Times,www.nytimes.com/2022/03/05/world/europe/mastercard-visa-suspend-operations-russia.html, March 6, 2022, However, bank cards themselves continue to work in Russia due to the transfer of internal transactions to the Russian National Card Payment System.

Finances {| class“wikitable float-left” style@text-align: right;”

|2005|2,938|393|||2006|3,326|229|6.20||2007|4,068|1,108|13.65||2008|4,992|−534|20.33||2009|5,099|2,260|17.99|5,100|2010|5,539|2,752|22.01|5,600|2011|6,714|2,713|28.73|6,700|2012|7,391|3,937|41.58|7,500|2013|8,312|4,503|59.34|8,200|2014|9,441|5,106|75.33|10,300|2015|9,667|5,078|90.62|11,300|2016|10,776|5,761|94.50|11,900|2017|12,497|6,622|126.54|13,400|2018|14,950|7,282|186.16|14,800|2019|16,883|9,664|300.74|18,600|2020|15,301|8,081|370.00|21,000|2021|18,884|10,082|354.83|24,000|2022|22,237|12,264|347.73|29,900|2023|25,098|14,008||33,400As of 2020, Mastercard ranked 191 on the Fortune 500 list of the largest United States corporations by revenue.WEB, Fortune 500,fortune.com/fortune500/2020/search/?name=mastercard, May 21, 2021, Fortune, en-US,

Market power

Operating a payment processing network entails risk of engaging in anticompetitive practices due to the many parties involved (that is, the customer and their bank and the merchant and their bank).Few companies have faced more antitrust lawsuits both in the US and abroad.

United States

Mastercard, along with Visa, engaged in systematic parallel exclusion against American Express during the 1980s and 1990s. Mastercard used exclusivity clauses in its contracts and blacklists to prevent banks from doing business with American Express. Such exclusionary clauses and other written evidence were used by the United States Department of Justice in regulatory actions against Mastercard and Visa.T-Mobile, Wireless Carriers, and the Way to Fight Oligopolies. The New Yorker. Retrieved on October 30, 2013. Discover has sued Mastercard for similar issues.NEWS, Credit Card Market Is Unfair, Noncompetitive, Mallory, Duncan, Roll Call, July 10, 2012, Both Mastercard and Visa have paid approximately $3 billion in damages resulting from a class-action lawsuit filed in January 1996 for debit card swipe fee price fixing.Visa/MasterCard Litigation {{webarchive|url=https://web.archive.org/web/20090426082748www.hagens-berman.com/visa_mastercard_lawsuit|date=April 26, 2009}}, January 1, 1996. The litigation cites several retail giants as plaintiffs, including Wal-Mart, Sears, Roebuck & Co., and Safeway.www.inrevisacheckmastermoneyantitrustlitigation.com {{webarchive|url=https://web.archive.org/web/20130809212213inrevisacheckmastermoneyantitrustlitigation.com/|date=August 9, 2013}}. Retrieved July 13, 2011.In 1996, four million merchants sued Mastercard in federal court for making them accept debit cards if they wanted to accept credit cards and dramatically increasing credit card swipe fees. This case was settled with a multibillion-dollar payment in 2003. This was the largest antitrust award in history.In 1998, the Department of Justice sued Mastercard over rules prohibiting their issuing banks from doing business with American Express or Discover. The Department of Justice won in 2001 and the verdict withstood appeal. American Express also filed suit.On August 23, 2001, Mastercard International Inc. was sued for violating the Florida Deceptive and Unfair Trade Practices Act.WEB,www.weil.com/industries/TransactionDetail.aspx?experience=14902&service=1913/, Joshua Rubin and Joseph Phillips et al. v. MasterCard International, LLC, August 8, 2021, July 10, 2018,web.archive.org/web/20180710102131/https://www.weil.com/404?item=%2Findustries%2Ftransactiondetail&user=extranet%5CAnonymous&site=WeilUS, dead, On November 15, 2004, Mastercard Inc. paid damages to American Express, due to anticompetitive practices that prevented American Express from issuing cards through U.S. banks,WEB,www.nbcnews.com/id/6494456/ns/business-us_business/t/american-express-sues-visa-mastercard/, American Express sues Visa, MasterCard, NBC News, November 15, 2004, and paid $1.8 billion for settlement.NEWS, Dash, Eric, MasterCard Will Pay $1.8 Billion to American Express, The New York Times,www.nytimes.com/2008/06/26/business/26credit.html?_r=0, February 10, 2015, June 26, 2008,

Swipe fee fixing and merchant discount bans

On November 27, 2012, a federal judge entered an order granting preliminary approval to a proposed settlement to a class-action lawsuitWEB, November 27, 2012, Class Settlement Preliminary Approval Order pg.11,www.paymentcardsettlement.com/Content/Documents/signed%20prelim%20approval%20order.pdf, July 9, 2019, United States District Court for the Eastern District of New York, U.S. District Court,web.archive.org/web/20200803181431/https://www.paymentcardsettlement.com/Content/Documents/signed%20prelim%20approval%20order.pdf, August 3, 2020, live, filed in 2005 by merchants and trade associations against Mastercard and Visa. The suit was filed due to alleged price-fixing practices employed by Mastercard and Visa. About one-fourth of the named class plaintiffs have decided to opt-out of the settlement. Opponents object to provisions that would bar future lawsuits and prevent merchants from opting out of significant portions of the proposed settlement.WEB, Longstreth, Andrew, December 13, 2013, Judge approves credit card swipe fee settlement,www.nbcnews.com/businessmain/judge-approves-credit-card-swipe-fee-settlement-2D11741836, July 9, 2019, NBC News, Plaintiffs allege that Visa Inc. and Mastercard fixed interchange fees, also known as swipe fees, that are charged to merchants for the privilege of accepting payment cards. In their complaint, the plaintiffs also alleged that the defendants unfairly interfere with merchants from encouraging customers to use less expensive forms of payment such as lower-cost cards, cash, and checks.A settlement of $6.24 billion got preliminary approval in November, 2019.WEB, February 22, 2019, Visa, Mastercard $6.24B settlement gets preliminary okay from court,seekingalpha.com/news/3436264-visa-mastercard-6_24b-settlement-gets-preliminary-okay-court, July 9, 2019, Seeking Alpha, A settlement of $5.54B was approved in 2019. Certain merchants appealed the settlement and were heard. The case is ongoing {{As of|2022|10|lc=y}}.WEB, Payment Card Interchange Fee Settlement,www.paymentcardsettlement.com/en, 2022-10-14, paymentcardsettlement.com,

Antitrust settlement with U.S. Justice Department

In October 2010, Mastercard and Visa reached a settlement with the U.S. Justice Department in another antitrust case. The companies agreed to allow merchants displaying their logos to decline certain types of cards (because interchange fees differ), or to offer consumers discounts for using cheaper cards.Vanek, Stacey. (October 4, 2010) Visa, Mastercard settlement means more flexibility for merchants | Marketplace From American Public Media {{webarchive|url=https://web.archive.org/web/20110727192417marketplace.publicradio.org/display/web/2010/10/04/pm-visa-mastercard-settlement-means-more-flexibility-for-retailers/|date=July 27, 2011}}. marketplace.publicradio.org. Retrieved July 13, 2011.

ATM operators

Mastercard, along with Visa, has been sued in a class action by ATM operators that claim the credit card networks’ rules effectively fix ATM access fees. The suit claims that this is a restraint of trade in violation of federal law. The lawsuit was filed by the National ATM Council and independent operators of automated teller machines. More specifically, it is alleged that Mastercard’s and Visa’s network rules prohibit ATM operators from offering lower prices for transactions over PIN-debit networks that are not affiliated with Visa or Mastercard. The suit says that this price-fixing artificially raises the price that consumers pay using ATMs, limits the revenue that ATM operators earn, and violates the Sherman Act’s prohibition against unreasonable restraints of trade. Johnathan Rubin, an attorney for the plaintiffs said, “Visa and Mastercard are the ringleaders, organizers, and enforcers of a conspiracy among U.S. banks to fix the price of ATM access fees in order to keep the competition at bay.“PRESS RELEASE, ATM Operators File Antitrust Lawsuit Against Visa and MasterCard, October 12, 2011, PR Newswire,www.prnewswire.com/news-releases/atm-operators-file-antitrust-lawsuit-against-visa-and-mastercard-131605078.html,

Oceania

In 2003, the Reserve Bank of Australia required that interchange fees be dramatically reduced, from about 0.95% of the transaction to approximately 0.5%.{{Citation needed|date=February 2011}} One notable result has been the reduced use of reward cards and increased use of debit cards. Australia also prohibited the no surcharge rule, a policy established by credit card networks like Visa and Mastercard to prevent merchants from charging a credit card usage fee to the cardholder. A surcharge would mitigate or even exceed the merchant discount paid by a merchant, but would also make the cardholder more reluctant to use the card as the method of payment. Australia has also made changes to the interchange rates on debit cards and has considered abolishing interchange fees altogether.As of November 2006, New Zealand was considering similar actions, following a Commerce Commission lawsuit alleging price-fixing by Visa and Mastercard. In New Zealand, merchants pay a 1.8% fee on every credit card transaction.{{Citation needed|date=February 2020}}

Europe

The European Union has repeatedly criticized Mastercard for monopolistic trade practices. In April 2009, Mastercard reached a settlement with the European Union in an antitrust case, promising to reduce debit card swipe fees to 0.2 percent of purchases.PRESS RELEASE, Antitrust: Commissioner Kroes takes note of MasterCard’s decision to cut cross-border Multilateral Interchange Fees (MIFs) and to repeal recent scheme fee increases,ec.europa.eu/commission/presscorner/detail/en/IP_09_515, European Commission, September 27, 2020, April 1, 2009, In December 2010, a senior official from the European Central Bank called for a break-up of the Visa/Mastercard duopoly by the creation of a new European debit card for use in the Single Euro Payments Area (SEPA).WEB,www.forexhound.com/article/Central_Banks/ECB_Publications/ECB_SEPA_a_busy_year_is_coming_to_its_end_and_another_exciting_year_lies_ahead/258060/, Forexhound.com, December 12, 2010, October 7, 2020,www.forexhound.com/," title="web.archive.org/web/20201007223505www.forexhound.com/,">web.archive.org/web/20201007223505www.forexhound.com/, dead, WikiLeaks published documents showing that American authorities lobbied Russia to defend the interests of Visa and Mastercard.WEB,www.lepoint.fr/monde/wikileaks-en-russie-visa-et-mastercard-au-coeur-de-troublantes-revelations-08-12-2010-1272689_24.php, WIKILEAKS – En Russie, Visa et Mastercard au coeur de troublantes révélations, Pauline de Saint, Remy, December 8, 2010, Le Point, WEB, 2010-12-08, WikiLeaks cables: US “lobbied Russia on behalf of Visa and MasterCard”,www.theguardian.com/world/2010/dec/08/wikileaks-us-russia-visa-mastercard, 2022-11-13, the Guardian, en, In response, Mastercard blocked payments to WikiLeaks. Members of the European Parliament expressed concern that payments from European citizens to a European corporation could apparently be blocked by the United States and called for a further reduction in the dominance of Visa and Mastercard in the European payment system.NEWS, Dekker, Vincent, Zorgen over dominantie Visa en Mastercard in Europa, Concerns about Visa and Mastercard dominance in Europe,www.trouw.nl/nieuws/media-technologie/article3332240.ece/Zorgen_over_dominantie_Visa_en_Mastercard_in_Europa.html/, April 14, 2022, Trouw, December 9, 2010,www.trouw.nl/tr/nl/4324/Nieuws/article/detail/1800653/2010/12/09/Zorgen-over-dominantie-Visa-en-Mastercard-in-Europa.dhtml," title="web.archive.org/web/20110817022607www.trouw.nl/tr/nl/4324/Nieuws/article/detail/1800653/2010/12/09/Zorgen-over-dominantie-Visa-en-Mastercard-in-Europa.dhtml,">web.archive.org/web/20110817022607www.trouw.nl/tr/nl/4324/Nieuws/article/detail/1800653/2010/12/09/Zorgen-over-dominantie-Visa-en-Mastercard-in-Europa.dhtml, August 17, 2011, nl, In 2013, Mastercard was under investigation by the European Union for the high fees it charged merchants to accept cards issued outside the EU, compared to cards issued in the EU, as well as other anti-competitive practices that could hinder electronic commerce and international trade, and high fees associated with premium credit cards. The EU’s competition regulator said that these fees were of special concern because of the growing role of non-cash payments. Mastercard was banned from charging fees on cross-border transactions conducted wholly within the EU via a ruling by the European Commission in 2007.NEWS, Chee, Foo Yun, MasterCard under EU fire over payment card fees,www.foxbusiness.com/news/2013/04/09/mastercard-under-eu-fire-over-payment-card-fees/, September 27, 2020, Fox Business, Reuters, April 9, 2013,www.foxbusiness.com/news/2013/04/09/mastercard-under-eu-fire-over-payment-card-fees/," title="archive.today/20130629074634www.foxbusiness.com/news/2013/04/09/mastercard-under-eu-fire-over-payment-card-fees/,">archive.today/20130629074634www.foxbusiness.com/news/2013/04/09/mastercard-under-eu-fire-over-payment-card-fees/, June 29, 2013, dead, {{cbignore|bot=InternetArchiveBot}} The European Commission said that their investigation also included large differences in fees across national borders. For instance, a €50 payment might cost €0.10 in the Netherlands but eight times that amount in Poland. The Commission argues that Mastercard rules that prohibit merchants from enjoying better terms offered in other EU countries may be against antitrust law.The European Consumer Organisation (BEUC) praised the action against Mastercard. BEUC said interbank fees push up prices and hurt consumers. BEUC Director General Monique Goyens said, “So in the end, all consumers are hit by a scheme which ultimately rewards the card company and issuing bank.“In January 2019, the European Commission imposed an antitrust fine of €570,566,000 on Mastercard for “obstructing merchants’ access to cross-border card payment services”, due to Mastercard’s rules obliging acquiring banks to apply the interchange fees of the country where a retailer was located. The Commission concluded that Mastercard’s rules prevented retailers from benefitting from lower fees and restricted competition between banks cross border, in breach of EU antitrust rules. The infringement of antitrust rules ended when Mastercard amended its rules due to the entering into force of the Interchange Fee Regulation in 2015, which introduced caps on interchange fees. The Commission did grant Mastercard a 10% reduction of the fine however, in return for Mastercard acknowledging the facts and cooperating with the antitrust investigation.WEB,europa.eu/rapid/press-release_IP-19-582_en.htm, Antitrust: Commission fines Mastercard €570 million for obstructing merchants’ access to cross-border card payment services, January 22, 2019, europa.eu, European Commission, Brussels, January 23, 2019, In February 2021, following an investigation by the British Payment Systems Regulator, Mastercard admitted liability for breaching competition rules in relation to pre-paid cards.WEB, The PSR provisionally finds five companies broke the law by engaging in cartel behaviour in the pre-paid cards market,www.psr.org.uk/news-updates/latest-news/news/the-psr-provisionally-finds-five-companies-broke-the-law-by-engaging-in-cartel-behaviour-in-the-pre-paid-cards-market/, Payment Systems Regulator, UK Payment Systems Regulator, March 31, 2021,

Other issues

United States internet gambling transactions

Mastercard, Visa, and other credit cards have been used to fund accounts since online gambling began in the mid-1990s.WEB, Internet Gambling: An Overview of the Issues,www.govinfo.gov/content/pkg/GAOREPORTS-GAO-03-89/html/GAOREPORTS-GAO-03-89.htm, 2022-05-18, govinfo.gov, en-US, On March 20, 2000, the United States District Court for the Eastern District of Louisiana, reviewed motions in Re: MasterCard International Inc. regarding multi-district litigation alleging Mastercard illegally interacted with a number of internet casinos. The plaintiffs alleged, among other claims, that Mastercard had violated the Federal Wire Act. They sought financial relief for losses suffered at online gambling sites outside the United States.WEB, US District Court for the Eastern District of Louisiana - 132 F. Supp. 2d 468 (E.D. La. 2001) February 23, 2001,law.justia.com/cases/federal/district-courts/FSupp2/132/468/2457243/, 2022-05-18, law.justia.com, en-US, The District Court’s ruling on February 23, 2001, later upheld by the United States Court of Appeals for the Fifth Circuit, sided with Mastercard. The Fifth Circuit also clarified the application of the Wire Act to illegal online gambling. The Court determined that the wire act only applied to gambling activities related to a “sporting event or contest”. Therefore, the court could not conclude that Mastercard had violated the Wire Act.WEB, Off the Board: NCAA v. Christie Challenges Congress to “Move the Line” on the Professional and Amateur Sports Protection Act,www.pennstatelawreview.org/118/2/4%20-%20Malagrino%20(final).pdf, 2022-05-18, pennstatelawreview.org, en-US,web.archive.org/web/20181123150022/https://www.pennstatelawreview.org/118/2/4%20-%20Malagrino%20%28final%29.pdf, November 23, 2018, live, When PASPA was overturned May 14, 2018, Mastercard had to provide new guidance to its member banks. It clarified that state location restrictions apply to the individual placing the wager, not the member bank processing the transaction. According to various state gaming laws, sports betting providers must use Internet geolocation to determine a customer’s physical location prior to accepting a wager.WEB, Mastercard Sports Betting Sites,www.sportsbetting3.com/sportsbooks/sports-betting-sites-that-accept-mastercard#history, 2022-05-18, sportsbetting3.com, en-US, The Independent Community Bankers of America specifically requested information about a new online gambling merchant category code.WEB, Mastercard FAQ – Sports Gambling,www.icba.org/docs/default-source/bancard-(public)/mastercard-faq_sports-gambling.pdf?sfvrsn=8494b17_2, 2022-05-18, icba.org, en-US,web.archive.org/web/20221025143301/https://www.icba.org/docs/default-source/bancard-(public)/mastercard-faq_sports-gambling.pdf?sfvrsn=8494b17_2, 2022-10-25, live, Mastercard has dedicated MCC 7801 to online gambling. This code is distinct from 7800 for government owned lotteries and 7802 for government licensed horse and dog tracks.WEB, Mastercard Quick Reference Booklet - Merchant,www.mastercard.us/content/dam/mccom/global/documents/quick-reference-booklet-merchant.pdf, 2022-05-18, mastercard.us, en-US, May 31, 2022,web.archive.org/web/20220531042619/https://www.mastercard.us/content/dam/mccom/global/documents/quick-reference-booklet-merchant.pdf, dead,

Blocking payments to WikiLeaks

In December 2010, Mastercard blocked all payments to whistleblowing platform WikiLeaks due to claims that they engage in illegal activity.McCullagh, Declan. (December 9, 2010) MasterCard pulls plug on WikiLeaks payments | Privacy Inc. – CNET News {{Webarchive|url=https://web.archive.org/web/20131229214628news.cnet.com/8301-31921_3-20024776-281.html |date=December 29, 2013 }}. news.cnet.com. Retrieved July 13, 2011. In response, a group of online activists Anonymous organized a denial-of-service attack; as a result, the Mastercard website experienced downtime on December 8–9, 2010.NEWS, Addley, Esther, MasterCard site partially frozen by hackers in WikiLeaks “revenge”; “Operation: Payback” hacks into MasterCard site over payment network’s decision to cease taking donations to WikiLeaks,www.theguardian.com/media/2010/dec/08/mastercard-hackers-wikileaks-revenge, April 14, 2022, The Guardian, December 8, 2010,web.archive.org/web/20130920212815/https://www.theguardian.com/media/2010/dec/08/mastercard-hackers-wikileaks-revenge, September 20, 2013, live, On December 9, 2010, the servers of Mastercard underwent a massive attackNEWS,www.theregister.co.uk/2010/12/08/mastercard_downed_by_hackers/, Mastercard downed by Anon-Assange-fans, The Register, 8 December 2010, as part of an Operation Avenge Assange for closing down payments to WikiLeaks. The security of thousands of credit cards was compromised during that attack due to a phishing-site set up by the attackers.NEWS,www.huffingtonpost.com/2010/12/08/mastercard-deemed-unsafe-_n_794164.html, MasterCard Deemed Unsafe? “Anonymous” WikiLeaks Supporters Claim Privacy Breach, Huffington Post, December 8, 2010, July 13, 2011, However, Mastercard denied this, stating that account data had “not been placed at risk”.NEWS,www.bbc.co.uk/news/mobile/technology-11935539, BBC News, Wikileaks “data war” gathers pace, December 7, 2010, WikiLeaks’ spokesman said, “We neither condemn nor applaud these attacks.“WEB,wikileaks.ch/articles/2010/Statement-on-DDOS-attacks.html, Statement on DDOS attacks, wikileaks.ch,wikileaks.ch/articles/2010/Statement-on-DDOS-attacks.html," title="web.archive.org/web/20101210081025wikileaks.ch/articles/2010/Statement-on-DDOS-attacks.html,">web.archive.org/web/20101210081025wikileaks.ch/articles/2010/Statement-on-DDOS-attacks.html, December 10, 2010, U.N. High Commissioner for Human Rights Navi Pillay said that closing down credit lines for donations to WikiLeaks “could be interpreted as an attempt to censor the publication of information, thus potentially violating WikiLeaks’ right to freedom of expression”.WEB, UN rights chief concerned about pressure on WikiLeaks,www.expatica.com/ch/news/swiss-news/un-rights-chief-concerned-about-pressure-on-wikileaks_116334.html, Expatica, Expatica Switzerland, April 14, 2022,www.expatica.com/ch/news/swiss-news/un-rights-chief-concerned-about-pressure-on-wikileaks_116334.html," title="web.archive.org/web/20140104103235www.expatica.com/ch/news/swiss-news/un-rights-chief-concerned-about-pressure-on-wikileaks_116334.html,">web.archive.org/web/20140104103235www.expatica.com/ch/news/swiss-news/un-rights-chief-concerned-about-pressure-on-wikileaks_116334.html, January 4, 2014, December 9, 2010, Agence France-Presse, AFP, unfit, In July 2011, Iceland-based IT firm DataCell, the company that enabled WikiLeaks to accept credit and debit card donations, said it would take legal action against Visa Europe and Mastercard,WEB, Legal action by DataCell and WikiLeaks against Visa and MasterCard,www.datacell.com/news/2011-07-02/legal_action_by_datacell_and_wikileaks_against_visa_and_mastercard, 2011-03-24, 2011-07-13, DataCell, en-US,www.datacell.com/news/2011-07-02/legal_action_by_datacell_and_wikileaks_against_visa_and_mastercard/," title="web.archive.org/web/20120724154451www.datacell.com/news/2011-07-02/legal_action_by_datacell_and_wikileaks_against_visa_and_mastercard/,">web.archive.org/web/20120724154451www.datacell.com/news/2011-07-02/legal_action_by_datacell_and_wikileaks_against_visa_and_mastercard/, 2012-07-24, and that it would move immediately to try to force the two companies to resume allowing payments to the website.WEB, Visa and MasterCard again suspending donations to WikiLeaks {{!, RSF |url=https://rsf.org/en/visa-and-mastercard-again-suspending-donations-wikileaks |access-date=2022-11-15 |website=rsf.org |date=July 8, 2011 |language=en}} Earlier on December 8, 2010, DataCell’s CEO Andreas Fink had stated that “suspension of payments towards WikiLeaks is a violation of the agreements with their customers.“WEB, A. O. L. Staff, MasterCard and Visa May Face Legal Battle Over WikiLeaks,www.aol.com/2010/12/09/mastercard-and-visa-may-face-legal-battle-over-wikileaks/, 2022-11-15, www.aol.com, August 5, 2020, en-US, NEWS, Sayer, Peter, 2011-07-08, Visa blocks WikiLeaks donations via DataCell once again,www.networkworld.com/article/2179052/visa-blocks-wikileaks-donations-via-datacell-once-again.html, 2022-11-15, Network World, en, On July 14, 2011, DataCell announced they had filed a complaint with the European Commission claiming the closure by Visa and Mastercard of Datacell’s access to the payment card networks violated the competition rules of the European Community.“DataCell files a complaint with the European Commission {{Webarchive|url=https://web.archive.org/web/20160106053317www.datacell.com/news/2011-07-14/datacell_files_a_complaint_with_the_european_commission/ |date=January 6, 2016 }}”, datacell.com, July 14, 2011. Retrieved 5 Augusti 2012.On July 12, 2012, a Reykjavík court ruled that Valitor, Visa and Mastercard’s partner in Iceland, had to start processing donations within fourteen days“Tvingas öppna för Wikileaksdonationer {{webarchive|url=https://web.archive.org/web/20120715073152www.svt.se/nyheter/varlden/tvingas-oppna-for-wikileaksdonationer |date=July 15, 2012 }}” {{in lang|sv}} Sveriges Television, July 12, 2012. Retrieved July 30, 2012. or pay daily fines to the amount of ISK 800,000 (some $6000) for each day after that time, to open the payment gateway. Valitor also had to pay DataCell’s litigation costs of ISK 1,500,000.“Judgement Reykjavík District Court, 12 July 2012 in case number E-561/2012: Datacell ehf.”, English translation of judgment. {{webarchive |url=https://web.archive.org/web/20140210061023www.fink.org/FILES/translated-judgment-valitor.pdf |date=February 10, 2014 }}. Retrieved November 9, 2012.WikiLeaks Wins Icelandic Court Battle Against Visa for Blocking Donations | Threat Level. Wired.com.

Corporate branding of all Nigerian identity cards

In 2014, pursuant to an agreement between Mastercard and the Nigerian Government, acting through the National Identity Management Commission, the new Nigerian ID cards bear the Mastercard logo, contain personal database data and double as payment cards, irrevocably linking such payments to the individuals,NEWS, SCANDALOUS: Outrage in Nigeria as government brands National ID Card with MasterCard’s logo,www.premiumtimesng.com/featured-news/167479-scandalous-outrage-in-nigeria-as-government-brands-national-id-card-with-mastercards-logo.html, Premium Times, August 29, 2014, President Jonathan, who flagged off the rollout, praised the outcome of a partnership between NIMC, MasterCard and Access Bank. “The card is not only a means of certifying your identity but also a personal database repository and payment card, all in your pocket,” Mr. Jonathan said., sparking criticism by the Civil Rights Congress alleging that it “represents a stamped ownership of a Nigerian by an American company ... reminiscent of the logo pasted on the bodies of African slaves transported across the Atlantic.“NEWS, SCANDALOUS: Outrage in Nigeria as government brands National ID Card with MasterCard’s logo,www.premiumtimesng.com/featured-news/167479-scandalous-outrage-in-nigeria-as-government-brands-national-id-card-with-mastercards-logo.html, Premium Times, August 29, 2014, “The new ID card with a MasterCard logo does not represent an identity of a Nigerian. It simply represents a stamped ownership of a Nigerian by an American company,” said Shehu Sani of the Civil Rights Congress of Nigeria. “It is reminiscent of the logo pasted on the bodies of African {{Sic, salves, transported across the Atlantic.“}}

Selling of credit card data

In 2018, Bloomberg News reported that Google had paid millions of dollars to Mastercard for its users’ credit card data for advertising purposes. The deal had not been publicly announced.WEB, Liao, Shannon, 30 August 2018, Google reportedly bought Mastercard data to link online ads with offline purchases,www.theverge.com/2018/8/30/17801880/google-mastercard-data-online-ads-offline-purchase-history-privacy, The Verge, en, NEWS, 30 August 2018, Google and Mastercard Cut a Secret Ad Deal to Track Retail Sales, en, Bloomberg.com,www.bloomberg.com/news/articles/2018-08-30/google-and-mastercard-cut-a-secret-ad-deal-to-track-retail-sales,

Regulatory ban In India

On July 14, 2021, the Reserve Bank of India (RBI) indefinitely barred Mastercard from issuing new debit or credit cards to domestic Indian customers starting July 22, 2021, for violating data localization and storage rules as set by RBI on April 6, 2018, under Payment and Settlement Systems Act, 2007 (PSS Act). This ban does not affect cards already issued and working in India. Mastercard is the third major payment systems provider to be restricted in India after American Express and Diners Club International.WEB, Jul 14, 2021, Mastercard India news: RBI restricts Mastercard from onboarding new customers in India {{!, India Business News – Times of India |url=https://timesofindia.indiatimes.com/business/india-business/rbi-restricts-mastercard-asia-from-onboarding-new-customers/articleshow/84409085.cms |access-date=2022-03-06 |website=The Times of India |language=en}} On June 16, 2022, the business restrictions imposed were lifted by RBI with immediate effect.WEB, Reserve Bank of India - Press Releases,www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53877, 2022-06-16, www.rbi.org.in, WEB, RBI lifts business restrictions imposed on Mastercard,www.moneycontrol.com/news/business/rbi-lifts-business-restrictions-imposed-on-mastercard-8696741.html, 2022-06-16, Moneycontrol, June 16, 2022, en,

Regulatory ban In Vietnam

In 2018, the State Bank of Vietnam (SBV) requested that banks temporarily halt the issuance of new Mastercard cards due to violations of international payment regulations. Specifically, Mastercard did not comply with the regulation of conducting payments through the National Payment Corporation of Vietnam (NAPAS). In 2020, the ban was lifted after Mastercard committed to complying with Vietnamese regulations.WEB, Hàng, Thời Báo Ngân, 2020-10-13, Mastercard và NAPAS hợp tác triển khai kết nối chuyển mạch thẻ,thoibaonganhang.vn/mastercard-va-napas-hop-tac-trien-khai-ket-noi-chuyen-mach-the-107431.html, 2024-02-06, Thời Báo Ngân Hàng, vi, WEB, tphcm.chinhphu.vn, 2020-10-13, Mastercard và NAPAS hợp tác triển khai kết nối chuyển mạch thẻ,tphcm.chinhphu.vn/mastercard-va-napas-hop-tac-trien-khai-ket-noi-chuyen-mach-the-10120737.htm, 2024-02-06, tphcm.chinhphu.vn, vi, WEB, VnExpress, Napas và Mastercard hợp tác triển khai kết nối chuyển mạch thẻ,vnexpress.net/napas-va-mastercard-hop-tac-trien-khai-ket-noi-chuyen-mach-the-4175950.html, 2024-02-06, vnexpress.net, vi, Despite its widespread acceptance, using Mastercard in Vietnam still comes with certain limitations: Some Vietnamese websites and applications do not accept Mastercard as a payment method.WEB, Hùng, Ngọc, 2023-07-22, AliPay và WeChat Pay chấp nhận thanh toán các thẻ tín dụng quốc tế tại Trung Quốc,thesaigontimes.vn/alipay-va-wechat-pay-chap-nhan-thanh-toan-cac-the-tin-dung-quoc-te-tai-trung-quoc/, 2024-02-06, Tạp chí Kinh tế Sài Gòn, vi, WEB, Quoc, Bao, 2021-11-02, Master card gift card,mastercardgiftcard.io/, 2024-02-06, laodong.vn, vi, WEB, VCCorp.vn, 2022-03-11, Tá»· lệ người có nhu cầu và cân nhắc sá»­ dụng thẻ tín dụng trong tÆ°Æ¡ng lai rất cao,cafef.vn/ty-le-nguoi-co-nhu-cau-va-can-nhac-su-dung-the-tin-dung-trong-tuong-lai-rat-cao-20220311133935675.chn, 2024-02-06, cafef, vi, Not all ATMs in Vietnam allow cash withdrawals using Mastercard.WEB, HÆ°ng -, Đào, 2022-03-23, Thẻ tín dụng ná»™i địa Ä‘ang chiếm dần thị trường Việt,vneconomy.vn/the-tin-dung-noi-dia-dang-chiem-dan-thi-truong-viet.htm, 2024-02-06, Nhịp sống kinh tế Việt Nam & Thế giá»›i, vi, Some Mastercard users in Vietnam have reported experiencing inadequate customer service.WEB, VnExpress, Cách tránh ‘bá»—ng dÆ°ng mất tiền’ vá»›i thẻ thanh toán online,vnexpress.net/cach-tranh-bong-dung-mat-tien-voi-the-thanh-toan-online-4378727.html, 2024-02-06, vnexpress.net, vi, WEB, ONLINE, TUOI TRE, 2022-08-12, Mastercard tổ chức Há»™i nghị Khách hàng châu Á - Thái Bình DÆ°Æ¡ng sau đại dịch,tuoitre.vn/mastercard-to-chuc-hoi-nghi-khach-hang-chau-a-thai-binh-duong-sau-dai-dich-2022081114164054.htm, 2024-02-06, TUOI TRE ONLINE, vi,

Adult content restrictions

In December 2020, Mastercard barred the use of its credit cards on Pornhub, an online pornography site.NEWS, Friedman, Gillian, 2020-12-10, Mastercard and Visa stop allowing their cards to be used on Pornhub., en-US, The New York Times,www.nytimes.com/2020/12/10/business/visa-mastercard-block-pornhub.html, 2023-10-12, 0362-4331, WEB, Klar, Rebecca, 2020-12-10, MasterCard, Visa to stop allowing their cards to be used on Pornhub,thehill.com/policy/technology/529730-mastercard-visa-to-stop-allowing-their-cards-to-be-used-on-pornhub/, 2023-10-12, The Hill, en-US, In April 2023, The Hill (newspaper) reported on an update to Mastercard’s policy for adult content that would require sellers to have age and identity verifications and content review prior to posting in place.WEB, Rodrigo, Chris Mills, 2021-04-14, Mastercard updates policy for adult content sellers,thehill.com/policy/technology/548279-mastercard-updates-policy-for-adult-content-sellers/, 2023-10-12, The Hill, en-US, WEB, Holston-Zannell, LaLa B., 2021-10-15, How Mastercard’s New Policy Violates Sex Workers’ Rights {{!, ACLU |url=https://www.aclu.org/news/lgbtq-rights/how-mastercards-new-policy-violates-sex-workers-rights |access-date=2023-10-12 |website=American Civil Liberties Union |language=en-US}} The new policies took effect in October 2021. On August 30, 2023, the American Civil Liberties Union, in combination with a coalition of other organizations, filed a complaint with the Federal Trade Commission requesting an investigation into the policy as an unfair business practice under Section 5 of the FTC Act.WEB, Sex Workers and Legal Advocates File Federal Trade Commission Complaint Against Mastercard,www.aclu.org/press-releases/sex-workers-and-legal-advocates-file-federal-trade-commission-complaint-against-mastercard, 2023-10-12, American Civil Liberties Union, en-US,www.aclu.org/wp-content/uploads/2023/08/Mastercard-Complaint-Final.pdf

Products

Depending on the geographical location, Mastercard issuers can issue cards in tiers, from the lowest to the highest, Traditional/Classic/Standard, Gold/Titanium, Platinum, World and World Elite.WEB,www.forbes.com/advisor/credit-cards/the-three-levels-of-mastercard-standard-world-and-world-elite/, Three Types of Mastercard: Standard, World & World Elite – Forbes Advisor, www.forbes.com, Through a partnership with an Internet company that specializes in personalized shopping, Mastercard introduced a Web shopping mall on April 16, 2010, that it said can pinpoint with considerable accuracy what its cardholders are likely to purchase.NEWS, Martin, Andrew, April 8, 2010, MasterCard Set to Open an Online Shopping Mall, The New York Times,www.nytimes.com/2010/04/09/business/09credit.html, In September 2014 Mastercard worked with Apple to incorporate a new mobile wallet feature into Apple’s new iPhone and Apple Watch models known as Apple Pay, enabling users to more readily use their Mastercard, and other credit cards.NEWS, September 1, 2014, Apple teams with payment networks to turn iPhone into wallet, SanDiegoNews.net,www.sandiegonews.net/index.php/sid/225274025, September 1, 2014, In May 2020, Mastercard announced the Mastercard Track Business Payment Service. The service will provide business-to-business payments between buyers and suppliers. According to the head of global commercial products, it “creates a directory of suppliers, enabling suppliers to publish their payment rules so they can better control how they receive payments while making it easier for buyers to find suppliers and understand their requirements”.WEB, Keyes, Daniel, Mastercard launches its B2B payments service,www.businessinsider.com/mastercard-track-business-payment-service-will-help-b2b-payments-2020-5, May 13, 2020, Business Insider, On February 10, 2021, Mastercard announced their support of cryptocurrencies saying that later in 2021, Mastercard will start supporting select cryptocurrencies directly on their network. One of the main focus areas that Mastercard wants to support is using digital assets for payments, and that crypto assets will need to offer the stability people need in a vehicle for spending, not investment.NEWS, 2021-02-11, Bitcoin’s big moment: Mastercard jumps on the bandwagon, CNN,www.cnn.com/2021/02/11/investing/mastercard-bitcoin-bny-mellon/index.html, 2021-02-11, NEWS, 2021-02-10, Why Mastercard is bringing crypto onto its network, MasterCard,www.mastercard.com/news/perspectives/2021/why-mastercard-is-bringing-crypto-onto-our-network/, 2021-02-11, In October 2021, Mastercard announced that through its partnership with Bakkt, any bank or merchant on its network would soon be able to offer crypto services.WEB, Son, Hugh, 2021-10-25, Mastercard says any bank or merchant on its vast network can soon offer crypto services,www.cnbc.com/2021/10/25/mastercard-says-any-bank-or-merchant-on-its-vast-network-can-soon-offer-crypto-services.html, 2021-11-28, CNBC, en, In June 2022, Mastercard announced that it would now be allowing cardholders to purchase NFTs via various NFT scaling platforms.WEB, Mastercard Now Allowing Cardholders to Buy NFTs on Several Marketplaces,finance.yahoo.com/news/mastercard-now-allowing-cardholders-buy-203115184.html, 2022-06-10, finance.yahoo.com, June 10, 2022, en-US,

Prepaid debit cards

Mastercard, Comerica Bank, and the U.S. Treasury Department teamed up in 2008 to create the Direct Express Debit Mastercard. The federal government uses the Express Debit product to issue electronic payments to people who do not have bank accounts. Comerica Bank is the issuing bank for the debit card.The Direct Express cards give recipients a number of consumer protections.In June 2013, Mastercard announced a partnership with British Airways to offer members the Executive Club Multi-currency Cash Passport, which will allow members to earn extra points and make multi-currency payments. The Passport card allows users to load up to ten currencies (euro, pound, U.S. dollar, Turkish lira, Swiss franc, Australian dollar, Canadian dollar, New Zealand dollar, U.A.E. dirham, and South African rand) at a locked-in rate. When used, the card selects the local currency to ensure the best exchange rate, and if the local currency is not already loaded onto the card, funds are used from other currencies.{{citation needed|date=February 2014}}

QkR

QkR is a mobile payment app developed by Mastercard operating in the US and Australia for the purpose of ordering products and services through a smartphone with payments charged to the associated credit card. It is being deployed for use in large-scale events, such as sport events, concerts, movie theaters or schools. Unlike other Mastercard mobile payment apps such as Pay Pass, QkR does not use NFC from the phone, but rather an Internet connection.Users can open the app, scan a QR code located on the back of the seat in front of them, and place orders for refreshments of their choice.WEB, January 27, 2012, MasterCard’s QkR mobile payment system enters trial in Australia,www.engadget.com/2012/01/27/mastercards-qkr-mobile-payment-system-enters-trial-in-australia/, January 26, 2014, WEB, January 26, 2012, MasterCard starts piloting QkR mobile payment app,gigaom.com/2012/01/26/mastercard-starts-piloting-qkr-mobile-payment-app/, January 26, 2014, May 23, 2020,web.archive.org/web/20200523010535/https://gigaom.com/2012/01/26/mastercard-starts-piloting-qkr-mobile-payment-app/, dead, The order is dispatched to a nearby concession stand.QkR is being marketed to vendors as a replacement for other mobile payment apps and a mobile ordering app, either distributed by the vendor (such as Starbucks’s app, McDonald’s’ app, or Chipotle’s mobile ordering app) or by a third party, such as Square, headed by Twitter cofounder Jack Dorsey.

Mastercard Contactless

(File:EMVCoContactlessIndicator.svg|50px|right)Mastercard Contactless (formerly branded PayPassWEB, March 8, 2015, ALERT: Due to licensing changes and rebranding efforts, the Mastercard Contactless (formerly known as PayPass) documentation has been moved,www.paypass.com/documentation.html/, dead,web.archive.org/web/20150508030741/https://www.paypass.com/documentation.html, May 8, 2015, Mastercard, ) is an EMV-compatible, contactless payment feature similar to American Express’ ExpressPay, and Visa payWave. All three use the same symbol as shown on the right. It is based on the ISO/IEC 14443 standard that provides cardholders with a simpler way to pay by tapping a payment card or other payment device, such as a phone or key fob, on a point-of-sale terminal reader rather than swiping or inserting a card. Contactless can currently be used on transactions up to and including 100 GBP, 50 EUR, 60 BAM, 80 CHF, 50 USD, 100 CAD, 200 SEK, 500 NOK, 100 PLN, 350 DKK, 80 NZD, 100 AUD, 1000 RUB, 500 UAH, 500 TRY depending on the card’s currency rather than the transaction currencyWEB, Temassız Åžifre Limiti Yenilendi;Temassız kartlarda ÅŸifresiz iÅŸlem limiti 500 TL’ye yükseltildi, Contactless Password Limit Renewed; Unencrypted transaction limit for contactless cards increased to 500 Turkish lira,bkm.com.tr/temassiz-sifre-limiti-yenilendi/, 2022-03-19, (:tr:Bankalararası Kart Merkezi), tr, or 5000 INR.File:Paypass chip front.png|thumb|100px|left|PayPass RFID chip]]File:Puce miniature Mastercard paiement sans contact.jpg|thumb|Holder with a miniature prepaid contactless payment card of the French neobank anytime ]]In 2003, Mastercard concluded a nine-month PayPass market trial in Orlando, Florida, with JPMorgan Chase, Citibank, and MBNA. More than 16,000 cardholders and more than 60 retailer locations participated in the market trial.{{update inline|date=March 2016}} In addition, Mastercard worked with Nokia and the Nokia 6131,WEB, November 22, 2007, Nokia 6131 NFC – touch to pay credit card mobile phones start trickling onto the market,www.redferret.net/?p=9628, AT&T Wireless, and JPMorgan Chase to incorporate Mastercard PayPass into mobile phones using near-field communication technology, in Dallas, Texas. In 2011, Google and Mastercard launched Google Wallet, an Android application which allows a mobile device to send credit/debit card information directly to a PayPass-enabled payment terminal, bypassing the need for a physical card, up until the creation of Google Pay. In 2014, the Apple released Apple Pay for iOS devices.During late 2015, Citicards in the US stopped issuing PayPass-enabled plastic, but the keyfob was still available upon request. Effective July 16, 2016, Citicards stopped supporting PayPass completely. While existing plastic and keyfobs continued to work until their expiration date, no new PayPass-enabled hardware was issued to US customers after that date.

Crypto

In April 2023, Mastercard announced its intention to expand its partnerships with cryptocurrency firms. At the time of the announcement, the firm had already partnered with other financial companies to offer cards linked to crypto in some nations. This was despite an increasingly intense regulatory environment, and it followed rival company Visa stopping its agreement with FTX in November 2022. The company said its Mastercard Crypto Credential service would allow for transactions between countries that met requirements like so-called “travel rule” by the Financial Action Task Force (FATF), using technology from CipherTrace. It also worked with wallet providers Bit2Me, Lirium, Mercado Bitcoin, and Uphold. Its head of crypto and blockchain, Raj Dhamodharan, said uses for NFT transactions would come later on.NEWS, Howcroft, Elizabeth, 2023-04-28, Mastercard seeks to expand crypto card tie-ups, en, Reuters,www.reuters.com/technology/mastercard-seeks-expand-crypto-card-tie-ups-2023-04-28/, 2023-04-28, WEB, 2023-05-01, Mastercard aims to boost trust for blockchain transactions,www.finextra.com/newsarticle/42236/mastercard-aims-to-boost-trust-for-blockchain-transactions, 2023-05-01, Finextra Research, en,

Brand

{{multiple image| direction = vertical| align = right| width = 150| image1 = Master Charge logo.svg| alt1 = Overlapping discs, overlaid with words, master charge, the interbank card. In the bottom right, small Interbank I logo.| caption1 = 1969–1979, featuring the original Interbank logo of 1966| image2 = MasterCard 1979 logo.svg| alt2 = Same discs, overlaid with MasterCard in bold| caption2 = 1979–1990| image3 = MasterCard early 1990s logo.svg| alt3 = Discs are not overlapped but intersecting, with thin horizontal lines from each side interlaced| caption3 = 1990–1996| image4 = MasterCard Logo.svg| alt4 = Discs are interlaced, but with fewer but thicker horizontal prongs. Typeface has drop-shadow.| caption4 = 1996–2016| image5 = Mastercard-logo.svg| alt5 = Overlapping discs, in flat, simple colours| caption5 = 2016–2019}}Mastercard is associated with security and is believed to be reliable in emergencies. Antitrust litigation over the years has damaged the brand.File:Table Mountain, Cape Town (MP) 2018 241.jpg|left|thumb|Table Mountain cablecar, 2018]]Mastercard’s current advertising campaign tagline is Priceless. It started in 1997. The slogan associated with the campaign is There are some things money can’t buy. For everything else, there’s Mastercard. The Priceless campaign in more recent iterations has been applicable to both Mastercard’s credit card and debit card products. They also use the Priceless description to promote products such as their priceless travel site, which features deals and offers for Mastercard holders,WEB,www.mastercard.co.uk/travel/, Priceless Travel, MasterCard UK, July 13, 2011,www.mastercard.co.uk/travel/home.html," title="archive.today/20120905121829www.mastercard.co.uk/travel/home.html,">archive.today/20120905121829www.mastercard.co.uk/travel/home.html, September 5, 2012, dead, and priceless cities, offers for people in specified locations.MasterCard Priceless Cities {{webarchive|url=https://archive.today/20130421042017www.mastercard.co.uk/priceless-cities/london/ |date=April 21, 2013 }}. Mastercard.co.uk (August 30, 2012).In mid-2006, MasterCard International changed its name to MasterCard Worldwide. This was to suggest a more global scale. 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 Venn diagram, remained unchanged). A new corporate tagline was introduced at the same time—The Heart of Commerce.NEWS, Loomis, Jay, June 28, 2006, MasterCard changing name, The Journal News, White Plains, NY,www.lohud.com/apps/pbcs.dll/article?AID=/20060628/BUSINESS01/606280347&SearchID=73249164236337, July 5, 2006, October 16, 2007,lohud.com/apps/pbcs.dll/article?AID=/20060628/BUSINESS01/606280347&SearchID=73249164236337," title="web.archive.org/web/20071016130047lohud.com/apps/pbcs.dll/article?AID=/20060628/BUSINESS01/606280347&SearchID=73249164236337,">web.archive.org/web/20071016130047lohud.com/apps/pbcs.dll/article?AID=/20060628/BUSINESS01/606280347&SearchID=73249164236337, dead, 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”.NEWS, Olenski, Steve, The Story Behind Mastercard’s New Logo, en, Forbes,www.forbes.com/sites/steveolenski/2016/07/14/the-story-behind-mastercards-new-logo/#d215b827198c, May 7, 2018, In January 2019, Mastercard removed its name from its logo, leaving just the overlapping discs.NEWS, Diaz, Ann-Christine, January 21, 2019, From “Priceless” to Wordless: In dropping the moniker from its brandmark, Mastercard highlights the pitfalls and positives of going name-free, 90, 20, Advertising Age, 2, In 2021, Mastercard was ranked number 13 on Morning Consult’s list of most trusted brands.WEB, Morning Consult’s Most Trusted Brands 2021,morningconsult.com/most-trusted-brands-2021/, 2021-05-31, Morning Consult, en-US,

Sports sponsorships

Mastercard sponsors major sporting events and teams throughout the world. These include rugby’s New Zealand, the MLB, the UEFA Champions League and the PGA Tour’s Arnold Palmer Invitational. Previously, it also sponsored the FIFA World Cup but withdrew its contract after a court settlement and its rival, Visa, took up the contract in 2007.Visa signs $170m deal with Fifa. BBC News (June 28, 2007). Retrieved July 13, 2011. In 1997, Mastercard was the main sponsor of the Mastercard Lola Formula One team,BOOK, Collins, S. S.,books.google.com/books?id=gjnG3j5hOEwC&q=Master+card+the+main+sponsor+of+Mastercard+lola+Formula+one+1997&pg=PA40, Unraced...: Formula One’s Lost Cars, 2007, Veloce Publishing Ltd, 9781845840846, en, which withdrew from the 1997 Formula One season after having failed to qualify its first race due to financial problems.WEB, Bring Back V10s Podcast: Lola’s disastrous 1997 F1 team,the-race.com/formula-1/bring-back-v10s-podcast-lolas-disastrous-1997-f1-team/, The Race, February 11, 2021, The Race Media, 11 February 2021, It also partners the Brazil national football teamWEB, Portal CBF,www.cbf.com.br/, 2019-06-15, Confederação Brasileira de Futebol, pt-BR, and the Copa Libertadores.WEB, Copa Libertadores – Noticias, marcadores en vivo, resultados y partidos {{!, Copa Libertadores |url=https://www.copalibertadores.com/es |url-status=dead |archive-url=https://web.archive.org/web/20201230215225www.copalibertadores.com/es |archive-date=December 30, 2020 |access-date=2019-06-15 |website=www.copalibertadores.com |language=es}}Mastercard was also the title sponsor for the Alamo Bowl game from 2002 until 2005.In late 2018, Mastercard became the first major sponsor for League of Legends esports. The company sponsors the League of Legends World Championship, Mid-Season Invitational, and the All-stars event for League of Legends.WEB, Mastercard signs with League of Legends as first global partner of the world’s largest esport,newsroom.mastercard.com/eu/press-releases/mastercard-signs-with-league-of-legends-as-first-global-partner-of-the-worlds-largest-esport/, September 19, 2018, Mastercard Newsroom, January 8, 2021,web.archive.org/web/20210108095835/https://newsroom.mastercard.com/eu/press-releases/mastercard-signs-with-league-of-legends-as-first-global-partner-of-the-worlds-largest-esport/, dead, Until 2018, Mastercard was the sponsor of the Memorial Cup, the CHL’s annual championship between its three leagues.In September 2022, Mastercard acquired the title sponsorship rights for all international and domestic home matches organized by the Board of Cricket Control in India.WEB, Mastercard acquires title sponsorship rights for all BCCI international and domestic home matches,www.bcci.tv/articles/2022/news/55555921/mastercard-acquires-title-sponsorship-rights-for-all-bcci-international-and-domestic-home-matches, 2022-09-05, www.bcci.tv, en, NEWS, Mastercard Acquires Title Sponsorship Rights For All BCCI International, Domestic Home Matches {{!, Cricket News |url=https://sports.ndtv.com/cricket/mastercard-acquires-title-sponsorship-rights-for-all-bcci-international-domestic-home-matches-3317028 |access-date=2022-09-05 |website=NDTVSports.com |language=en}}

Corporate affairs

Mastercard has its headquarters in the Mastercard International Global Headquarters in Purchase, New York.“Contact Us.” MasterCard. Retrieved February 2, 2011. “MasterCard Advisors 2000 Purchase Street Purchase, NY 10577.” The Global Operations Center is located in O’Fallon, a suburb of St. Louis, Missouri.Mastercard was listed as one of the best companies to work for in 2013 by Forbes.WEB, Smith, Jacquelyn, December 12, 2012, The Best Companies To Work For In 2013,www.forbes.com/sites/jacquelynsmith/2012/12/12/the-best-companies-to-work-for-in-2013/#36aa1224119a, November 10, 2017, Forbes, In 2016, Mastercard UK became one of 144 companies who signed the HM Treasury’s Women in Finance Charter, a pledge for balanced gender representation in the company.WEB, Chinwala, Yasmine, Spaarwater, Esther, Asimakopoulos, Panagiotis, December 2016, HM Treasury Women in Finance Charter: Leading the Way,assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/577074/new_financial_analysis_women_in_finance_harter_leading_the_way__12_Dec_2016_.pdf, dead,web.archive.org/web/20180711091611/https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/577074/new_financial_analysis_women_in_finance_harter_leading_the_way__12_Dec_2016_.pdf, July 11, 2018, July 10, 2018, gov.uk,

Management and board of directors

Key executives include:WEB, Executive Management,investorrelations.mastercardintl.com/phoenix.zhtml?c=148835&p=irol-govmanage, Mastercard Worldwide Investor Relations, 2020-03-25,investorrelations.mastercardintl.com/phoenix.zhtml?c=148835&p=irol-govmanage," title="archive.today/20120629153035investorrelations.mastercardintl.com/phoenix.zhtml?c=148835&p=irol-govmanage,">archive.today/20120629153035investorrelations.mastercardintl.com/phoenix.zhtml?c=148835&p=irol-govmanage, 2012-06-29, unfit, {{cbignore|bot=InternetArchiveBot}}{{div col|colwidth=35em}}

• Michael Miebach: president and chief executive officer
• Walt Macnee: vice chairman
• Robert Reeg: president – global technology & operations
• Raja Rajamannar: chief marketing officer – global marketing
• Gary Flood: president – products & services
• Noah Hanft: general counsel, chief franchise officer and corporate president
• Michael Fraccaro: chief human resources officer
• Chris McWilton: president – North American markets
• Ann Cairns: president – international markets
• Javier Perez: president – Europe
• Kevin Stanton: Chief Transformation Officer
• Ari Sarker: president – Asia-Pacific
• Betty Devita: president – Canada
• Gilberto Caldart: president – Latin America & Caribbean

{{div col end}}Prior to its IPO in 2006, Mastercard was an association that had a board of directors composed of banks. The current board of directors includes the following individuals:WEB, Board of Directors,investor.mastercard.com/corporate-governance/board-of-directors/default.aspx, MasterCard Worldwide Investor Relations, 2023-05-24, {{cbignore|bot=InternetArchiveBot}}

• Merit Janow, Non-Executive Chair, and Dean Emerita, School of International and Public Affairs, Columbia UniversityNEWS, Nishant, Niket, Mastercard chairman Banga to retire at year-end, Janow to head Board,wtvbam.com/2021/09/21/mastercard-chairman-banga-to-retire-at-year-end-janow-to-head-board/, WTVB, Reuters, September 21, 2021, en,
• Candido Botelho Bracher, Former CEO, Itaú Unibanco Group, Independent Director
• Richard K. Davis Former Executive Chairman and CEO, U.S. Bancorp, Independent Director
• Julius Genachowski Managing Director, The Carlyle Group, Independent Director
• Choon Phong Goh, CEO, Singapore Airlines Limited, Independent Director
• Oki Matsumoto, Founder, chairman and CEO, Monex Group, Inc., Independent Director
• Michael Miebach, President and CEO, Mastercard
• Youngme Moon, Donald K. David Professor of Business Administration, Harvard Business School, Independent Director
• Rima Qureshi, Executive Vice President and Chief Strategy Officer, Verizon Communications Inc., Independent Director
• Gabrielle Sulzberger Strategic Advisor, Two Sigma Impact, Independent Director
• Jackson Tai, Former Vice Chairman and CEO, DBS Group and DBS Bank Ltd., Independent Director
• Harit Talwar, Former Partner and chairman, Consumer Business (Marcus), Goldman Sachs, Independent Director
• Lance Uggla CEO, BeyondNetZero, Independent Director

World Beyond Cash

In 2017, CEO Ajay Banga reinforced the company’s goal of extending financial services to those outside the current system by bringing digital payment systems to the unbanked around the world. The company invested $500M in India with offices in Pune and Vadodara to help Mastercard bring cashless transactions to the largest population in the world. The company also is scheduled to invest an additional $750M in cashless apps and technology, especially focused on India between 2017 and 2020.WEB,newsroom.mastercard.com/asia-pacific/press-releases/mastercard-reinforces-commitment-to-creating-a-world-beyond-cash/, Mastercard Reinforces Commitment to Creating a “World Beyond Cash”, July 29, 2020, October 28, 2020,web.archive.org/web/20201028084258/https://newsroom.mastercard.com/asia-pacific/press-releases/mastercard-reinforces-commitment-to-creating-a-world-beyond-cash/, dead,

Banknet

Mastercard operates Banknet, a global telecommunications network linking all Mastercard card issuers, acquirers, and data processing centers into a single financial network. The operations hub is located in St. Louis, Missouri. Banknet uses the ISO 8583 protocol.Mastercard’s network differs significantly from Visa’s. Visa’s is a star-based system where all endpoints terminate at one of several main data centers, where all transactions are processed centrally. Mastercard’s network is an edge-based, peer-to-peer network where transactions travel a meshed network directly to other endpoints, without the need to travel to a single point. This allows Mastercard’s network to be much more resilient, in that a single failure cannot isolate a large number of endpoints.WEB,www.mastercard.com/us/company/en/docs/virtual_private_network.pdf, Peer-to-Peer Network Architecture of Banknet,www.mastercard.com/us/company/en/docs/virtual_private_network.pdf," title="web.archive.org/web/20070326060638www.mastercard.com/us/company/en/docs/virtual_private_network.pdf,">web.archive.org/web/20070326060638www.mastercard.com/us/company/en/docs/virtual_private_network.pdf, March 26, 2007, dead, Fact Sheet from MasterCard website. Retrieved April 4, 2013.

See also

{{div col|colwidth=22em}}

• Access
• Cirrus
• Damage waiver
• Entrust Bankcard
• Maestro
• 3-D Secure
• Mondex
• Octopus card
• Payoneer
• Redecard

{{div col end}}

References

{{Reflist|30em}}

External links

{{Commons category|Mastercard}}

• {{Official website}}
• Corporate website

{{Finance links| name = Mastercard| symbol = MA| sec_cik = MA| yahoo = MA| google = MA| stockrow = MA}}{{Payment service providers}}{{Credit cards}}{{authority control}}