Mastercard Incorporated is a global digital payments company based in the United States. The company provides digital payments facility and solutions for consumers, business clients, banks, governments, etc.
The company provides payment services under different brands, including Maestro, MasterCard and Cirrus.
MasterCard products include debit cards, credit cards, gift cards etc. In addition, it provides prepaid and commercial services, value-added products and other services like loyalty, reward programs, cyber and intelligence products, and information and analytics services.
The global payments company facilitates online transactions through its digital and data-driven network and connects cardholders, issuers, business entities, etc.
The company has its presence in over 200 locations, including Asia Pacific, Latin America, Europe, Middle East, Canada, the United States and Africa.
MasterCard claims to provide small and medium businesses with a secure and real-time payment network, where they can manage expenses, disburse payments and build connections.
The digital payment provider offers technology-enabled business solutions to large enterprises, banks and credit unions, and the public sector.
A group of bankers formed ‘Interbank Card Association’ in 1966, which later became known as MasterCard International in 1979.
In the 1990s, MasterCard and Europay International launched Maestro, an online and PIN-based debit card brand.
MasterCard expanded its operations with a series of international acquisitions over 50 years of its existence.
In 2002, it merged with Europay International and transitioned to a private share corporation from earlier membership association.
The company acquired Orbiscom Ltd in 2009, which later became MasterCard Labs.
To expand its e-commerce payment solutions in the European markets, MasterCard acquired DataCash in 2010, a UK-based payment services company.
In January 2019, the company dropped ‘MasterCard’ name from the official logo. The logo presently features two interlocking circles in red and yellow.
Mastercard Accelerate, a fintech platform, reportedly assists and supports start-ups and emerging brands in their growth and transformation.
The platform comprises of four core programs:
• Start Path
• Fintech Express