The world would not be the same without the MasterCard. MasterCard has become a trusted household name since 1966. People use MasterCard on a daily basis. MasterCard created a product that consumers use to pay for goods and services. People use their branded debit and credit cards to make purchases and keep business running. By marketing itself to ordinary men and women, in contrast to Visa's efforts to capture an upper-income clientele, MasterCard is slowly chipping away at Visa's market share in both the United States and other areas around the globe.
The MasterCard Vision
To advance commerce globally.
The MasterCard Mission
MasterCard Worldwide is at the heart of commerce. Our understanding of how and why commerce is conducted allows us to create more advanced methods of payment that fuel economic connections and drive real business value.
The History of MasterCard
MasterCard is an international corporation based in Purchase, New York. MasterCard’s prime business is to process transactions world wide. It was originally created by Raymond Tanenhaus and Stanley Benovitz, two entrepreneurs in Louisville, Kentucky, and later sold in 1966 to United California Bank Later in 1966 a number of banks formed the Interbank Card Association (ICA). The name Master Charge was licensed by United California Bank in 1967. Marine Midland Bank and HSBC Bank USA banks joined with the ICA to create "Master Charge: The Interbank Card". In 1968 the company extended its presence to Mexico, Japan and Europe, marking the start of its commitment to becoming the leading global payments network. The card was given a significant boost in 1969, when National City Bank joined, merging its proprietary Everything Card with Master Charge. [pic]
In 1974, ICA made the magnetic strip an international standard on all its cards in order to speed up authorization and reduce fraud. In 1975, a system called INET was introduced to provide an...