 Logo used since 2019, with the current symbol since 2016 without the "Mastercard" wordmark. | |
| Company type | Public |
|---|---|
| ISIN | US57636Q1040  |
| Industry | Financial services |
| Founded | 1966; 59 years ago (1966) |
| Headquarters | 2000 Purchase Street, Purchase, New York ,U.S. |
Area served | Worldwide |
Key people |
|
| Brands | |
| Services | |
| Revenue |  US$28.2 billion (2024) |
| US$15.6 billion (2024) | |
| US$12.9 billion (2024) | |
| Total assets | US$48.1 billion (2024) |
| Total equity |  US$6.49 billion (2024) |
Number of employees | 35,300 (2024)[1] |
| Website | mastercard |
| Footnotes / references [2][3] | |
Mastercard Inc. (stylized asMasterCard from 1979 to 2016 and asmastercard from 2016 to 2019) is an Americanmultinationalpayment card services corporation headquartered inPurchase, New York.[4] 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-branddebit,credit andprepaid cards to make purchases. Mastercard has beenpublicly traded since 2006.
Mastercard (originallyInterbank, thenMaster Charge)[5] was created by an alliance of several banks and regional bankcard associations in response to the BankAmericard issued byBank of America, which later becameVisa and is still its biggest competitor. Along with Visa, Mastercard has faced numerous antitrust lawsuits. Prior to itsinitial public offering, Mastercard Worldwide was acooperative owned by the more than 25,000financial institutions that issue its branded cards.
Although BankAmericard's debut in September 1958 was a disaster,[6] it began to turn a profit by May 1961.[7] Bank of America deliberately kept this information secret and allowed then-widespread negative impressions to linger in order to ward offcompetition.[8] This strategy was successful until 1966, when BankAmericard's profitability had become far too big to hide.[8] 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.[8] These newcomers promptly banded together into regional bankcard associations.[9]
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.[10] A unit bank can legally operate only at a single site and is thereby forced to remain very small.[10] By joining a regional bankcard association, a unit bank could quickly add a credit card to its lineup of financial products, and achieveeconomies of scale by outsourcing tediousback office tasks like card servicing to the association.[9] 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.[10]
In 1966, Karl H. Hinke, an executive vice president atMarine Midland Bank, asked representatives of several other banks to meet him inBuffalo, New York.[11][12] Marine Midland had just launched its own regional bankcard in theUpstate New York market after Bank of America declined its request for a BankAmericard regional license because Marine Midland was too big.[13] The result of the Buffalo meeting was that several banks and regional bankcard associations soon agreed to join forces as Interbankard, Inc.,[11][12] which then became the Interbank Card Association (ICA).[9] By the end of 1967, ICA had 150 members and Hinke became ICA's chairman.[13] Bank of America eventually joined Mastercard as well.[13] (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 lowercasei 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.[14] This tiny logo proved to be entirely unsatisfactory for creating nationwidebrand awareness in order to compete against the established leader, BankAmericard.[14] 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.[14]
That same year,First National City Bank joined Interbank and merged its proprietaryEverything Card program with Master Charge.
In 1968, the ICA andEurocard started a strategic alliance, which effectively allowed the ICA access to the European market, and for Eurocard to be accepted on the ICA network. TheAccess card system from the United Kingdom joined the ICA/Eurocard alliance in 1972.[15]
In 1979,Master Charge: The Interbank Card was renamedMasterCard.[15] Beginning in 1980 the company rolled out new cards with a refreshed logo. Cards retained the overlapping red and yellow circles first adopted in 1969; subsequent card designs have continued to use this motif.[16]
In 1983, Mastercard International Inc. became the first bank to use holograms as part of their card security.[17] They acquired the Cirrus network ofautomated tellers in 1985.[18]
In 1997, Mastercard took over the Access card; the Access brand was then retired.[citation needed] In 2002, MasterCard International merged withEuropay International, another large credit-card issuer association, of which Eurocard had become a part in 1992.[19] Mastercard became aDelaware corporation in connection with the merger, as well as in anticipation of an IPO.[20]
The company, which had been organized as acooperative of banks, had aninitial public offering on May 25, 2006, selling 95.5 million shares at $39 each.[21] The stock is traded on theNYSE under the symbol MA, with a market capitalization of $434 billion as of April 2024.[22] The deal was designed to maintain the value of the brand and minimise regulatory costs.[20]
In August 2010, Mastercard Worldwide, as it had been rebranded, expanded its e-commerce offering with the acquisition ofDataCash, a UK-based payment processing and fraud/risk management provider.[23][24] In March 2012, Mastercard announced the expansion of its mobile contactless payments program, including markets across the Middle East.[25]
In spring 2014, Mastercard acquired Australia's leading rewards program manager company Pinpoint for an undisclosed amount.[26] In July 2016, Mastercard acquired 92.4% of VocaLink, a British company, for $920 million.[27] In August 2017, Mastercard acquired Brighterion, a company with a portfolio of intellectual property in the areas of artificial intelligence and machine learning.[28] Brighterion holds severalpatents.[29]
In August 2019, Mastercard launched an offer to acquire part of the operations of Nets, a Scandinavian company, for €2.85 billion.[30]
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.[31] The same month, Mastercard announced the acquisition of Ekata, a company specializing in identity verification, for $850 million.[32]
In March 2022, following theRussian invasion of Ukraine, Mastercard announced that it would suspend all business operations inRussia.[33]
On November 17, 2023, the Chinese government approved the local bank cardclearing license for the joint venture established by Mastercard in China.[34] As of May 9, 2024, the joint venture can issue Mastercard bank cards that use theChinese yuan for payment.[35]
In September 2024, Mastercard acquired cybersecurity companyRecorded Future for $2.65 billion.[36]
In mid-2025, Mastercard formalized the rollout of biometric-enabled metal credit cards built on the IDEX Pay platform. In February 2025, South Korean manufacturer KONA I received a Letter of Approval from Mastercard to produce bothbiometric plastic (PVC) and metal cards.[37] These cards embed afingerprint sensor within the card’s secure chip, enabling cardholder authentication directly on the card for in‑store EMV PIN‑free transactions, while ensuring biometric data never leaves the card.[38]
In July 2025, Eastern Bank PLC (EBL) in Bangladesh, in partnership with Mastercard, unveiled the world’s first commercially issued biometric metal credit card under the “World Elite” tier. The launch took place on 5 July 2025 in Dhaka, co-sponsored by IDEX Biometrics, KONA I, and Infineon Technologies.[39][40] The card allows fingerprint authentication for EMV transactions, supports contact and contactless payments, and is issued as part of Mastercard’s Priceless Specials programme.[41][42]
Mastercard’s global FAQ indicates biometric payment cards have been issued in over 70 markets, integrate with standardEMV terminals andATMs, require no new infrastructure, and support user self‑enrollment kits.[43]
| Region | Sales in billion $ | share |
|---|---|---|
| Asia Pacific,Europe, the Middle East and Africa | 15.8 | 56.1% |
| Americas | 12,4 | 43.9% |
| Year | Revenue (US$ M) | Operating income (US$ M) | Share price (US$) | Employees[47] |
|---|---|---|---|---|
| 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 | 422.17 | 33,400 |
| 2024 | 28,167 | 15,582 | 524.23 | 35,300 |
As of 2024, Mastercard ranked 164 on theFortune 500 list of the largest United States corporations by revenue.[48]
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).[20]
Few companies have faced more antitrust lawsuits both in the US and abroad.[49]
Mastercard, along with Visa, engaged in systematic parallel exclusion againstAmerican 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.[50]Discover has sued Mastercard for similar issues.[49]
Both Mastercard and Visa have paid approximately $3 billion in damages resulting from aclass-action lawsuit filed in January 1996 for debit card swipe fee price fixing.[51] The litigation cites several retail giants as plaintiffs, includingWal-Mart,Sears, Roebuck & Co., andSafeway.[52]
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.[49]
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.[49]
On August 23, 2001, Mastercard International Inc. was sued for violating the Florida Deceptive and Unfair Trade Practices Act.[53]
On November 15, 2004, Mastercard Inc. paid damages toAmerican Express, due to anticompetitive practices that prevented American Express from issuing cards through U.S. banks,[54] and paid $1.8 billion for settlement.[55]
On November 27, 2012, a federal judge entered an order granting preliminary approval to a proposed settlement to a class-action lawsuit[56] 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.[57]
Plaintiffs allege thatVisa Inc. and Mastercard fixedinterchange 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.[57]
A settlement of $6.24 billion got preliminary approval in November 2019.[58] A settlement of $5.54B was approved in 2019. Certain merchants appealed the settlement and were heard. The case is ongoing as of October 2022[update].[59]
In October 2010, Mastercard and Visa reached a settlement with theU.S. Justice Department in another antitrust case. The companies agreed to allow merchants displaying their logos to decline certain types of cards (becauseinterchange fees differ), or to offer consumers discounts for using cheaper cards.[60]
Mastercard, along withVisa, 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 arestraint 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 theSherman 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."[61]
In 2003, theReserve Bank of Australia required that interchange fees be dramatically reduced, from about 0.95% of the transaction to approximately 0.5%.[citation needed] One notable result has been the reduced use ofreward 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 aCommerce 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]
TheEuropean 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.[62] In December 2010, a senior official from the European Central Bank called for a break-up of the Visa/Mastercardduopoly by the creation of a new European debit card for use in theSingle Euro Payments Area (SEPA).[63]
WikiLeaks published documents showing that American authorities lobbiedRussia to defend the interests of Visa and Mastercard.[64][65] In response, Mastercard blocked payments to WikiLeaks. Members of theEuropean 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.[66]
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.[67] 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.
TheEuropean 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."[67]
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 theinterchange 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 ofEU 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.[68]
In February 2021, following an investigation by the BritishPayment Systems Regulator, Mastercard admitted liability for breaching competition rules in relation to pre-paid cards.[69]
In November 2024, the European Commission launched a further investigation into whether the scheme fees imposed by Visa and Mastercard impact negatively on retailers. Some retailers had in recent years complained about the fees, citing a lack of transparency.[70] The Commission took its investigation further in June 2025, asking for a retailer view and for comments from the card operators about whether "a standardized summary of fees" would help to promote transparency.[71]
Mastercard, Visa, and other credit cards have been used to fund accounts sinceonline gambling began in the mid-1990s.[72]
On March 20, 2000, theUnited States District Court for the Eastern District of Louisiana, reviewed motions inRe: 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 theFederal Wire Act. They sought financial relief for losses suffered at online gambling sites outside the United States.[73]
The District Court's ruling on February 23, 2001, later upheld by theUnited 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.[74]
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 useInternet geolocation to determine a customer's physical location prior to accepting a wager.[75] TheIndependent Community Bankers of America specifically requested information about a new online gamblingmerchant category code.[76] 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.[77]
In December 2010, Mastercard blocked all payments to whistleblowing platformWikiLeaks due to claims that they engage in illegal activity.[78] In response, a group of online activistsAnonymous organized adenial-of-service attack; as a result, the Mastercard website experienceddowntime on December 8–9, 2010.[79] On December 9, 2010, the servers of Mastercard underwent a massive attack[80] as part of anOperation 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.[81] However, Mastercard denied this, stating that account data had "not been placed at risk".[82] WikiLeaks' spokesman said, "We neither condemn nor applaud these attacks."[83] U.N.High Commissioner for Human RightsNavi 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".[84]
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,[85] and that it would move immediately to try to force the two companies to resume allowing payments to the website.[86] 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."[87][88] On July 14, 2011, DataCell announced they had filed a complaint with theEuropean 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.[89]
On July 12, 2012, aReykjavík court ruled thatValitor, Visa and Mastercard's partner in Iceland, had to start processing donations within fourteen days[90] 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.[91][92]
In 2014, pursuant to an agreement between Mastercard and theNigerian Government, acting through the National Identity Management Commission, the new NigerianID cards bear the Mastercard logo, contain personal database data and double aspayment cards, irrevocably linking such payments to the individuals,[93] 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."[94]
In 2018,Bloomberg News reported thatGoogle had paid millions of dollars to Mastercard for its users' credit card data for advertising purposes. The deal had not been publicly announced.[95][96]
On July 14, 2021, theReserve Bank of India (RBI) indefinitely barred Mastercard from issuing new debit or credit cards to domestic Indian customers starting July 22, 2021, for violatingdata localization and storage rules as set by RBI on April 6, 2018, underPayment and Settlement Systems Act, 2007 (PSS Act). This ban does not affect cards already issued and working in India. Mastercard is the third majorpayment systems provider to be restricted in India afterAmerican Express andDiners Club International.[97] On June 16, 2022, the business restrictions imposed were lifted by RBI with immediate effect.[98][99]
In 2018, theState 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.[100][101][102] 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.[103][104][105] Not all ATMs in Vietnam allow cash withdrawals using Mastercard.[106] Some Mastercard users in Vietnam have reported experiencing inadequate customer service.[107][108]
In December 2020, Mastercard barred the use of its credit cards onPornhub, an online pornography site.[109][110] In April 2023,The Hill 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.[111][112] The new policies took effect in October 2021.[112] On August 30, 2023, theAmerican Civil Liberties Union, in combination with a coalition of other organizations, filed a complaint with theFederal Trade Commission requesting an investigation into the policy as an unfair business practice under Section 5 of theFTC Act.[113][114] Mastercard faced further backlash in 2025 for pressuring video game digital distribution sites such asSteam andItch.io into cracking down on adult content following pressure from activist groupCollective Shout.[115] Mastercard initially denied that it was doing so, butValve, the developer of Steam, said that the company "specifically cited" Mastercard rule 5.12.7, which prohibits "any Transaction that is illegal,or in the sole discretion of the Corporation, may damage the goodwill of the Corporation or reflect negatively on the Marks," including that which is "patently offensive and lacks serious artistic value... or any other material that the Corporation deems unacceptable to sell in connection with a Mark".[116]
Depending on the geographical location, Mastercard issuers can issue cards in tiers, from the lowest to the highest:[117]
Credit cards:
Debit cards:
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.[118]
In September 2014 Mastercard worked withApple to incorporate a new mobile wallet feature into Apple's new iPhone and Apple Watch models known asApple Pay, enabling users to more readily use their Mastercard, and other credit cards.[119]
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".[120]
On February 10, 2021, Mastercard announced their support ofcryptocurrencies 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.[121][122] In October 2021, Mastercard announced that through its partnership withBakkt, any bank or merchant on its network would soon be able to offer crypto services.[123] In June 2022, Mastercard announced that it would now be allowing cardholders to purchase NFTs via various NFT scaling platforms.[124]
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 topeople who do not have bank accounts. Comerica Bank is the issuing bank for the debit card.
The Direct Express cards give recipients a number ofconsumer protections.
In June 2013, Mastercard announced a partnership withBritish 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 bestexchange rate, and if the local currency is not already loaded onto the card, funds are used from other currencies.[citation needed]
QkR is a mobile payment app developed by Mastercard operating in the US and Australia for the purpose of ordering products and services through asmartphone with payments charged to the associatedcredit 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 useNFC from the phone, but rather an Internet connection.
Users can open the app, scan aQR code located on the back of the seat in front of them, and place orders for refreshments of their choice.[125][126] 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 asStarbucks's app,McDonald's' app, orChipotle's mobile ordering app) or by a third party, such asSquare, headed byTwitter cofounderJack Dorsey.
Mastercard Contactless (formerly PayPass[127]) is anEMV-compatible,contactless payment feature similar to American Express'ExpressPay, and VisapayWave. All three use the same symbol as shown on the right. It is based on theISO/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 100GBP, 50EUR, 60BAM, 80CHF, 50USD, 100CAD, 200SEK, 500NOK, 100PLN, 350DKK, 80NZD, 100AUD, 1000RUB, 500UAH, 500TRY depending on the card's currency rather than the transaction currency[128] or 5000INR.
In 2003, Mastercard concluded a nine-month PayPass market trial inOrlando, Florida, withJPMorgan Chase,Citibank, andMBNA. More than 16,000 cardholders and more than 60 retailer locations participated in the market trial.[needs update] In addition, Mastercard worked withNokia and theNokia 6131,[129]AT&T Wireless, and JPMorgan Chase to incorporate Mastercard PayPass into mobile phones usingnear-field communication technology, inDallas,Texas. In 2011,Google and Mastercard launchedGoogle Wallet, anAndroid 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 ofGoogle Pay. In 2014, theApple releasedApple Pay foriOS 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.
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 companyVisa stopping its agreement withFTX 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 theFinancial 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.[130][131]
Antitrust litigation over the years has damaged the brand.[20]
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Mastercard's current advertising campaign tagline isPriceless. It started in 1997. The slogan associated with the campaign isThere 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 anddebit card products. They also use thePriceless description to promote products such as theirpriceless travel site, which features deals and offers for Mastercard holders,[132] andpriceless cities, offers for people in specified locations.[133]
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 aVenn diagram, remained unchanged). A new corporate tagline was introduced at the same time—The Heart of Commerce.[134]
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".[135]
In January 2019, Mastercard removed its name from its logo, leaving just the overlapping discs.[136]
In 2021, Mastercard was ranked number 13 onMorning Consult's list of most trusted brands.[137]
Mastercard sponsors major sporting events and teams throughout the world. These include rugby'sNew Zealand, theMLB, theUEFA Champions League and thePGA Tour'sArnold Palmer Invitational. Previously, it also sponsored theFIFA World Cup but withdrew its contract after a court settlement and its rival, Visa, took up the contract in 2007.[138] It also partners theBrazil national football team[139] and theCopa Libertadores.[140]
In 1997, Mastercard was the main sponsor of theMastercard LolaFormula One team,[141] which withdrew from the1997 Formula One season due to financial problemshaving failed to qualify its first race .[142] The team also sponsoredJordan Grand Prix from the 1998 season through to end of the 2001 Formula One season. In July 2024, Mastercard returned to Formula One after signing a multi-year sponsorship deal withMcLaren Racing.[143] In August 2025, McLaren Racing announced Mastercard as the team's official naming partner. The team will enter the 2026 season onwards as the McLaren Mastercard Formula 1 Team.[144]
Mastercard was also the title sponsor for theAlamo Bowl game from 2002 until 2005.
In late 2018, Mastercard became the first major sponsor forLeague of Legends esports. The company sponsors theLeague of Legends World Championship,Mid-Season Invitational, and the All-stars event forLeague of Legends.[145]
Until 2018, Mastercard was the sponsor of theMemorial Cup, theCHL'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 theBoard of Cricket Control in India.[146][147]
Mastercard has its headquarters in theMastercard International Global Headquarters inPurchase, New York.[148] The Global Operations Center is located inO'Fallon, a suburb ofSt. Louis, Missouri.
Mastercard was listed as one of the best companies to work for in 2013 byForbes.[149] In 2016, Mastercard UK became one of 144 companies who signed theHM Treasury's Women in Finance Charter, a pledge for balanced gender representation in the company.[150]
Key executives include:[151]
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:[152]
In 2017, CEOAjay 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 inIndia with offices inPune andVadodara 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.[154]
Mastercard operates Banknet, a globaltelecommunications 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 theISO 8583 protocol.
Mastercard's network differs significantly fromVisa'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.[155]
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.
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," saidShehu Sani of the Civil Rights Congress of Nigeria. "It is reminiscent of the logo pasted on the bodies of African salves [sic] transported across the Atlantic.
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