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MasterCard Worldwide is a multinational corporation based in Purchase
Purchase, New York

Purchase, New York is a hamlet of the town of Harrison, New York, in Westchester County, New York. Its ZIP code is 10577.Purchase is home to Purchase College, which is part of the State University of New York system, Manhattanville College, a private liberal arts college, and the headquarters of PepsiCo, Inc, MasterCard Worldwide and Atlas...
, New York
New York

The State of New York is a U.S. state in the Mid-Atlantic States and Northeastern United States regions of the United States and is the nation's List of U.S....
, United States
United States

The United States of America is a Federal government constitutional republic comprising U.S. state and a federal district. The country is situated mostly in central North America, where its Contiguous United States and Washington, D.C., the Capital districts and territories, lie between the Pacific Ocean and Atlantic Oceans, Borders of the U...
. Throughout the world, its principal business is to process payments between the banks of merchants and the banks of purchasers that use its "MasterCard" brand debit
Debit card

A debit card is a plastic card which provides an alternative payment method to cash when making purchases. Functionally, it can be called an electronic check, as the funds are withdrawn directly from either the bank account , or from the remaining balance on the card....
 and credit card
Credit card

A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holders promise to pay for these goods and services....
s to make purchases. MasterCard Worldwide has been a publicly traded company since 2006. Prior to its initial public offering
Initial public offering

Initial public offering , also referred to simply as a "public offering" or "flotation," is when a company issues common stock or Share to the public for the first time....
, MasterCard Worldwide was a membership organization
Cooperative

A cooperative is defined by the International Co-operative Alliance Statement on the Co-operative Identity as an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled business....
 owned by the 25,000+ financial institution
Financial institution

In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries....
s that issue its card.

It was originally created in 1966 by United California Bank (later First Interstate Bank
First Interstate BancSystem

First Interstate BancSystem, Inc., a financial holding company, and its primary banking subsidiary First Interstate Bank are based in Billings, Montana, United States....
 and subsequently merged into Wells Fargo Bank
Wells Fargo

Wells Fargo & Co. is a diversified financial services company with operations around the world. Wells Fargo is the 4th largest bank in the US by assets and the second largest bank by market cap....
), Wells Fargo
Wells Fargo

Wells Fargo & Co. is a diversified financial services company with operations around the world. Wells Fargo is the 4th largest bank in the US by assets and the second largest bank by market cap....
, Crocker National Bank
Crocker National Bank

Crocker National Bank was a United States bank headquartered in San Francisco, California. It was acquired by and merged into Wells Fargo Bank in 1986....
 (also subsequently merged into Wells Fargo), and the Bank of California
Bank of California

The Bank of California was opened in San Francisco, California on July 4, 1864, by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West....
 (subsequently merged into the Union Bank of California
Union Bank of California

Union Bank is among the 25 largest banks in the United States, based on assets. The bank has 331 branch offices in California,Washington and Oregon, and two international offices....
) as a competitor to the BankAmericard issued by Bank of America
Bank of America

Bank of America Corporation , based in Charlotte, North Carolina, is the largest financial services company in the world, largest bank by assets, second largest commercial bank by deposits, and third largest by market capitalization in the United States....
, which is now the VISA credit card and issued by Visa Inc.

966 a number of banks formed the Interbank Card Association.






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MasterCard Worldwide is a multinational corporation based in Purchase
Purchase, New York

Purchase, New York is a hamlet of the town of Harrison, New York, in Westchester County, New York. Its ZIP code is 10577.Purchase is home to Purchase College, which is part of the State University of New York system, Manhattanville College, a private liberal arts college, and the headquarters of PepsiCo, Inc, MasterCard Worldwide and Atlas...
, New York
New York

The State of New York is a U.S. state in the Mid-Atlantic States and Northeastern United States regions of the United States and is the nation's List of U.S....
, United States
United States

The United States of America is a Federal government constitutional republic comprising U.S. state and a federal district. The country is situated mostly in central North America, where its Contiguous United States and Washington, D.C., the Capital districts and territories, lie between the Pacific Ocean and Atlantic Oceans, Borders of the U...
. Throughout the world, its principal business is to process payments between the banks of merchants and the banks of purchasers that use its "MasterCard" brand debit
Debit card

A debit card is a plastic card which provides an alternative payment method to cash when making purchases. Functionally, it can be called an electronic check, as the funds are withdrawn directly from either the bank account , or from the remaining balance on the card....
 and credit card
Credit card

A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holders promise to pay for these goods and services....
s to make purchases. MasterCard Worldwide has been a publicly traded company since 2006. Prior to its initial public offering
Initial public offering

Initial public offering , also referred to simply as a "public offering" or "flotation," is when a company issues common stock or Share to the public for the first time....
, MasterCard Worldwide was a membership organization
Cooperative

A cooperative is defined by the International Co-operative Alliance Statement on the Co-operative Identity as an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled business....
 owned by the 25,000+ financial institution
Financial institution

In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries....
s that issue its card.

It was originally created in 1966 by United California Bank (later First Interstate Bank
First Interstate BancSystem

First Interstate BancSystem, Inc., a financial holding company, and its primary banking subsidiary First Interstate Bank are based in Billings, Montana, United States....
 and subsequently merged into Wells Fargo Bank
Wells Fargo

Wells Fargo & Co. is a diversified financial services company with operations around the world. Wells Fargo is the 4th largest bank in the US by assets and the second largest bank by market cap....
), Wells Fargo
Wells Fargo

Wells Fargo & Co. is a diversified financial services company with operations around the world. Wells Fargo is the 4th largest bank in the US by assets and the second largest bank by market cap....
, Crocker National Bank
Crocker National Bank

Crocker National Bank was a United States bank headquartered in San Francisco, California. It was acquired by and merged into Wells Fargo Bank in 1986....
 (also subsequently merged into Wells Fargo), and the Bank of California
Bank of California

The Bank of California was opened in San Francisco, California on July 4, 1864, by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West....
 (subsequently merged into the Union Bank of California
Union Bank of California

Union Bank is among the 25 largest banks in the United States, based on assets. The bank has 331 branch offices in California,Washington and Oregon, and two international offices....
) as a competitor to the BankAmericard issued by Bank of America
Bank of America

Bank of America Corporation , based in Charlotte, North Carolina, is the largest financial services company in the world, largest bank by assets, second largest commercial bank by deposits, and third largest by market capitalization in the United States....
, which is now the VISA credit card and issued by Visa Inc.

History

In 1966 a number of banks formed the Interbank Card Association. The name Master Charge was licensed by the above mentioned California banks from the First National Bank of Louisville, Kentucky in 1967. With the help of New York
New York

The State of New York is a U.S. state in the Mid-Atlantic States and Northeastern United States regions of the United States and is the nation's List of U.S....
's Marine Midland Bank
Marine Midland Bank

Marine Midland Bank was a bank formerly headquartered in Buffalo, New York with several hundred branches throughout the state of New York. Marine Midland began in 1850 in Buffalo as the Marine Trust Company with the objective of financing the new shipping trade on the Great Lakes....
, now HSBC Bank USA
HSBC Bank USA

HSBC Bank USA, N.A., the United States subsidiary of UK based HSBC, is a bank with its head office in New York City. HSBC Bank USA NA is a nationally chartered bank, regulated by the Office of the Comptroller of the Currency , Department of the Treasury....
, these banks joined with the Interbank Card Association (ICA) to create "Master Charge: The Interbank Card". The card was given a significant boost in 1969, when National City Bank
Citibank

Citibank is a major international bank, founded in 1812 as the City Bank of New York, later First National City Bank of New York. Citibank is now the consumer banking arm of financial services giant Citigroup, one of the largest companies in the world....
 joined, merging its proprietary Everything Card
The Everything Card

The First National City Charge Service, marketed as The Everything Card, was an early credit card introduced by Citibank in the eastern United States in 1967....
 with Master Charge.

In 1979, "Master Charge: The Interbank Card" was renamed simply "MasterCard". In the early 1990s MasterCard bought the British Access card
Access (credit card)

Access is a former credit card introduced in Great Britain in 1972 by a consortium of National Westminster Bank, Midland Bank , Lloyds Bank , and The Royal Bank of Scotland, as a rival to the established Barclaycard ....
 and the Access name was dropped. In 2002, MasterCard International merged with Europay International SA
Europay International

Europay International was the name of the entity created by the merger of EUROCARD , and Eurocheque. The merged entity was headquartered in Waterloo, Belgium, on the same premises as EPSS and MasterCard EMEA ....
, another large credit-card issuer association, which for many years issued cards under the name Eurocard.

In 2006, MasterCard International underwent another name change to MasterCard Worldwide. This was done in order to suggest a more global scale of operations. In addition, the company introduced a new corporate logo adding a third circle to the two that had been used in the past (the familiar card logo, resembling a Venn diagram
Venn diagram

Venn diagrams or set diagrams are diagrams that show all hypothetically possible logical relations between a finite collection of Set . Venn diagrams were invented around 1880 by John Venn....
, remains unchanged). A new corporate tagline was introduced at the same time: "The Heart of Commerce".

Features

Many issuing institutions include various features with credit card
Credit card

A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holders promise to pay for these goods and services....
 accounts, such as extended warranties on items bought with the card, damage waiver
Damage waiver

Damage Waiver, or as it is normally referred to, collision damage waiver is an optional collision coverage available while car rental.CDW can be expensive, increasing the basic rental cost by up to 20%....
 on cars rented with the card, and accident insurance during travel bought with the card.

Shareholders

Based on an SEC
United States Securities and Exchange Commission

The U.S. Securities and Exchange Commission is an Independent agencies of the United States government which holds primary responsibility for enforcing the federal securities laws and regulating the security industry, the nation's stock and options exchanges, and other electronic securities markets....
 filing (DEF 14A) on April 24, 2008, MasterCard's largest current shareholders are:

(Class A Stock)
  1. 15.6% - The Mastercard Foundation
  2. 13.6% - Marsico Capital Management, LLC
  3. 8.9% - Atticus Capital, LP
  4. 5.1% - FMR Corp.


(Class M Stock)
  1. 9.5% - Citigroup, Inc.
  2. 8.5% - JP Morgan Chase & Co.
  3. 5.1% - HSBC Holdings, LLC
    HSBC

    HSBC Holdings plc is a public limited company incorporated in England and Wales, headquartered in London. As of 2008, it is both the world's largest banking group and the world's largest company according to a composite measure by Forbes magazine....
  4. 5.1% - Bank of America Corp.


IPO

The company
Company

Generally, a company is a form of business organization. The precise definition varies.In the United States, a company is a corporation—or, less commonly, an association, partnership, or union—that carries on an industrial enterprise." Generally, a company may be a "corporation, partnership, association, joint-stock company, Inv...
, which had been organized as a cooperative
Cooperative

A cooperative is defined by the International Co-operative Alliance Statement on the Co-operative Identity as an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled business....
 of banks, had an initial public offering on May 25, 2006 at $39.00 USD. The stock is traded on the NYSE under the symbol MA.

Litigation

Both MasterCard and Visa have paid approximately $3 billion in damages resulting from a class-action lawsuit filed by Hagens Berman in January 1996. The litigation cites several retail giants as plaintiffs, including Wal-Mart
Wal-Mart

Wal-Mart Stores, Inc. is an American Public company that runs a chain of large, discount department stores. It is the world's largest public corporation by revenue, according to the 2008 Fortune Global 500....
, Sears Roebuck & Company
Sears Holdings Corporation

Sears Holdings Corporation is the sixth largest retailer in the United States, trailing behind Wal-Mart, The Home Depot, Costco, Target Corporation and Kroger....
, and Safeway
Safeway Inc.

Safeway Inc. , a Fortune 500 company, is North America's third largest supermarket chain, with, as of December 29, 2007, 1743 stores located throughout the western and central United States and western Canada....
.

Advertising

MasterCard's current advertising campaign tagline is "Priceless". 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
Credit card

A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holders promise to pay for these goods and services....
 and debit card
Debit card

A debit card is a plastic card which provides an alternative payment method to cash when making purchases. Functionally, it can be called an electronic check, as the funds are withdrawn directly from either the bank account , or from the remaining balance on the card....
 products.

The first of these Priceless ads was run during the World Series in 1997 and there are numerous different TV, radio and print ads. It was created by McCann-Erickson. MasterCard actually registered Priceless as a trademark. Actor Billy Crudup
Billy Crudup

William Gaither "Billy" Crudup is an United States Tony Award-winning actor of film and theatre. He is well known for his roles as guitarist Russell Hammond in Almost Famous, Will Bloom in Big Fish, and Ashitaka in Princess Mononoke....
 has been the voice in the US market; in the UK, actor Jack Davenport
Jack Davenport

Jack Davenport is a British film and television actor who became known in the mid 1990s for his role in the TV series This Life. He has since become best known for his roles in the Coupling television series and the Pirates of the Caribbean series of films....
 is the voice.

The purpose of the campaign is to position MasterCard as a friendly credit card company with a sense of humor, as well as respond to the public's worry that everything is being commodified and that people are becoming too materialistic.

Many parodies have been made using this same pattern, especially on Comedy Central, though MasterCard has threatened legal action, contending that MasterCard views such parodies as a violation of its rights under the federal and state trademark and unfair competition laws, under the federal and state anti-dilution laws, and under the Copyright Act. Despite these claims, however, noted US consumer advocate and presidential candidate Ralph Nader
Ralph Nader

Ralph Nader is an American attorney at law, author, lecturer, political activism, and perennial candidate for presidency as an independent candidate for President of the United States in United States presidential election, 2004 and United States presidential election, 2008, and a Green Party candidate in 1996 and 2000....
 emerged victorious (after a four-year battle) in the suit MasterCard brought against him after he produced his own "Priceless" political commercials.

During Super Bowl XXXIX
Super Bowl XXXIX

Super Bowl XXXIX was an American football game played on February 6, 2005, at Jacksonville Municipal Stadium in Jacksonville, Florida, to decide the National Football League champion following the 2004 NFL season....
 on February 6, 2005, a MasterCard commercial was introduced featuring 10 legendary advertising characters from various foods and household products. The characters included Chef Boyardee
Chef Boyardee

Chef Boyardee is a brand of canned pasta products sold internationally....
, Charlie the Tuna
Charlie the Tuna

Charlie the Tuna, the cartoon mascot tuna for StarKist Tuna, was created by Tom Rogers of the Leo Burnett Agency after StarKist hired Leo Burnett in 1961....
, the Pillsbury Doughboy
Pillsbury Doughboy

"The Pillsbury Doughboy", known as Poppin' Fresh, is an advertising icon and mascot of The Pillsbury Company, appearing in many of their commercials....
, Count Chocula, the Vlasic pickle stork, the Morton Salt
Morton Salt

Morton Salt is a United States company producing salt for food, water conditioning, industrial, agricultural, and road/highway use.The company began in Chicago, Illinois in 1848 as a small sales agency....
 girl, the Jolly Green Giant
Jolly Green Giant

The Jolly Green Giant is a symbol of the Green Giant food company of the United States, appearing as a smiling green-skinned giant wearing a tunic, wreath and boots made of leaves....
, Mr. Peanut
Mr. Peanut

File:Mr peanut.pngMr. Peanut is the advertising logo and mascot of Planters, an Economy of the United States snack-food company and division of Kraft Foods....
 from Planters
Planters

Planters is an United States snack food company, a division of Kraft Foods, best known for its processed Nut s and for the Mr. Peanut icon that symbolizes them....
, the Gorton's fisherman, and Mr. Clean
Mr. Clean

Mr. Clean is a brand name fully owned by Procter & Gamble and created in Costa Rica. Mr. Clean also makes a melamine foam cleaner under the name-brand of Magic Eraser....
.

Sports sponsorships


MasterCard currently sponsors the New Zealand All Blacks
All Blacks

The New Zealand national rugby union team, often referred to by their nickname the All Blacks, is the representative side of New Zealand in rugby union....
, the country's rugby union team. MasterCard also sponsors the UEFA Champions League
UEFA Champions League

The UEFA Champions League, which evolved from the European Champion Clubs' Cup, is a seasonal club Association football competition organised by UEFA since 1992 for the most successful football clubs in Europe....
. For many years, it also sponsored FIFA World Cup
FIFA World Cup

The FIFA World Cup, occasionally called the Football World Cup, but usually referred to simply as the World Cup, is an international association football competition contested by the List of men's national association football teams of the members of F?d?ration Internationale de Football Association , the sport's global govern...
 but withdrew its contract after a court settlement and its rival Visa took up the contract in 2007. It is currently the sponsor of the Memorial Cup
Memorial Cup

The Memorial Cup is a junior ice hockey ice hockey club championship trophy awarded annually to the Canadian Hockey League champion. Each year the champions from three CHL member leagues; the Western Hockey League , Ontario Hockey League , and Quebec Major Junior Hockey League , along with a host team, compete in the MasterCard Memorial Cup...
 Tournament of the Canadian Hockey League
Canadian Hockey League

The Canadian Hockey League is an umbrella organization that represents the three Canada-based Junior ice hockey ice hockey leagues for players 16 to 20 years of age....
. MasterCard has just announced new sponsorship deal with Australian Cricket team and is also the founding sponsor of IPL
Indian Premier League

The Indian Premier League , is a Twenty20 cricket competition created by the Board of Control for Cricket in India and chaired by the Chairman & Commissioner IPL, BCCI Vice President Lalit Modi....
 cricket team Mumbai Indians
Mumbai Indians

Mumbai Indians is a cricket team in the Indian Premier League. The team is led by Sachin Tendulkar, who is also the Icon Player for the team....
. It was the official credit card of UEFA Euro 2008.

In , MasterCard was the main sponsor of the aborted MasterCard Lola
MasterCard Lola

MasterCard Lola Racing Cars is a former Formula One team that contested one race in the 1997 Formula One season.Team principal Eric Broadley didn't cover himself in glory with the effort, which sometimes is not even recognized on that season's entry list....
 Formula One
Formula One

Formula One, abbreviated to F1, and currently officially referred as the FIA Formula One World Championship is the highest class of auto racing sanctioned by the F?d?ration Internationale de l'Automobile ....
 team.

On October 12, 2007 MasterCard offered $160,000 to the municipal government of Toronto
Toronto

Toronto is the List of the 100 largest municipalities in Canada by population in Canada and the Provinces and territories of Canada Provincial and territorial capitals of Canada of Ontario....
 so that the city could keep its ice rink
Ice rink

An ice rink is a frozen body of water where people can ice skate or play winter sports. Some of its uses include playing ice hockey, figure skating exhibitions and contests, and ice shows....
s open, as the city is facing a budget shortfall.

Management and Board of Directors

Key executives include:

  • Robert Selander
    Robert Selander

    Robert W. Selander is the President and Chief Executive Officer of MasterCard. He has held these positions since April 1997. Before that he spent 20 years with Citibank, where he developed their global branch network and managed Citibank Diners Club credit card business throughout the United States, Canada and Europe....
    : President and Chief Executive Officer
    Chief executive officer

    A chief executive officer or chief executive is typically the highest-ranking Corporate title or Administration in charge of total management of a corporation, company, non-profit organization, or government agency, reporting to the board of directors....
  • Robert Reeg: President - Global Technology & Operations
  • Lawrence Flanagan: Chief Marketing Officer
    Chief marketing officer

    Chief Marketing Officer is a corporate title referring to an Senior management responsible for various marketing in an organization. Most often the position reports to the chief executive officer....
     - Global Marketing
  • Gary Flood: President - Products & Services
  • Noah Hanft: General Counsel
    General Counsel

    A general counsel is the chief lawyer of a legal department, usually in a corporation or government department. The term is most used in the United States....
    , Chief Franchise Officer and Corporate Secretary
  • Martina Hund-Mejean: Chief Financial Officer
    Chief financial officer

    The chief financial officer of a Types of companies or public agency is the corporate officer primarily responsible for managing the Finance risks of the business or agency....
  • Walt Macnee: President - International Markets
  • Chris McWilton: President - US Markets
  • Michael Michl: Chief Administration Officer
  • Wendy Murdock: Chief Franchise Officer
  • Javier Perez: President - Region Head MasterCard Europe
  • André Sekulic: President - Region Head Asia/Pacific, Middle East & Africa
  • Christopher Thom: Chief Risk Officer
    Chief risk officer

    The chief risk officer or chief risk management officer of a corporation is the executive accountable for enabling the efficient and effective governance of significant risks, and related opportunities, to a business and it's various segments....
     - Risk Management
    Risk management

    Risk management is activity directed towards the assessing, mitigating and monitoring of risks. In some cases the acceptable risk may be near zero....
  • Stephanie Voquer: Chief Human Resources Officer


As of December 2004, the following banks are represented on MasterCard's board of directors
Board of directors

A board of directors is a body of elected or appointed persons who jointly oversee the activities of a company or organization. The body sometimes has a different name, such as board of trustees, board of governors, board of managers, or executive board....
:

  • Europay España, S.A.
    Europay International

    Europay International was the name of the entity created by the merger of EUROCARD , and Eurocheque. The merged entity was headquartered in Waterloo, Belgium, on the same premises as EPSS and MasterCard EMEA ....
  • HSBC
  • Clarima Banca
  • Capital One
    Capital One

    COF, or Capital One Financial Corp. is a McLean, Virginia-based U.S. bank holding company specializing in credit cards, mortgage, auto loans, banking, and Savings account products....
  • Banamex (Citigroup
    Citigroup

    Citigroup Inc., doing business as Citi, is a major United States financial services company based in New York City. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group on April 7, 1998....
    's Mexican division)
  • Citigroup
    Citigroup

    Citigroup Inc., doing business as Citi, is a major United States financial services company based in New York City. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate Travelers Group on April 7, 1998....
  • Royal Bank of Scotland
    Royal Bank of Scotland

    The Royal Bank of Scotland Group is a majority part-nationalised British people banking and insurance holding company in which HM Treasury holds an 74% controlling shareholding, through the UK Financial Investments Limited....
  • MBNA America
    MBNA

    MBNA Corporation was a bank holding company and parent company of wholly owned subsidiary MBNA America Bank, N.A., headquartered in Wilmington, Delaware, prior to being acquired by Bank of America in 2005....
     (now Bank of America
    Bank of America

    Bank of America Corporation , based in Charlotte, North Carolina, is the largest financial services company in the world, largest bank by assets, second largest commercial bank by deposits, and third largest by market capitalization in the United States....
    )
  • Westpac Banking Corporation
  • Southern Bank Berhad
  • Bank of Montreal
    Bank of Montreal

    The Bank of Montreal is the fifth Big Five banks bank in Canada by deposits. However, Wikipedia also cites the Canadian Imperial Bank of Commerce to also be the fourth largest by deposits....
  • Banque Fédérative du Crédit Mutuel
  • Deutscher Sparkassen-und Giroverband
  • Orient Corporation
  • Bank AL Habib
    Bank AL Habib

    For the original bank with a similar name, see: Habib BankThe Bank AL Habib Limited run by the Dawood Habib family group of companies is one of the growing banks in Pakistan....
  • Banco Mercantil
  • Banesco


MasterMoney

MasterMoney is the branding of a MasterCard debit card
Debit card

A debit card is a plastic card which provides an alternative payment method to cash when making purchases. Functionally, it can be called an electronic check, as the funds are withdrawn directly from either the bank account , or from the remaining balance on the card....
 distributed in North America
North America

North America is the northern continent of the Americas, situated in the Earth's northern hemisphere and almost totally in the western hemisphere....
. Like many debit cards, the brand has capabilities of being used as an ATM card
ATM card

An ATM card is an ISO 7810 card issued by a bank, credit union or building society.It can be used:* at an automated teller machine for deposits, withdrawals, account information, and other types of transactions, often through interbank networks...
 as well as a credit card
Credit card

A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holders promise to pay for these goods and services....
, providing sufficient funds are in one's bank account
Bank account

A bank account is a financial account with a banking institution, recording the financial transactions between the customer and the bank and the resulting financial position of the customer with the bank....
 (usually a checking account) in order to complete a transaction.

PayPass


MasterCard PayPass is an EMV
EMV

EMV is a standard for interoperation of IC cards and IC capable point of sale terminals and Automated Teller Machine's, for authenticating credit card and debit card payments....
 compatible, "contactless" payment feature based on the ISO 14443
ISO 14443

ISO/IEC 14443 defines a proximity card used for identification that usually uses the standard credit card form factor defined by ISO 7810 ID-1. Other form factors also are possible....
 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.

In 2003, MasterCard concluded a nine-month PayPass market trial in Orlando, Florida
Orlando, Florida

Orlando is a major city in Central Florida, United States and is the county seat of Orange County, Florida, Florida. It is also the principal city of Orlando-Kissimmee, Florida, Metropolitan Statistical Area....
, with JPMorgan Chase, Citibank
Citibank

Citibank is a major international bank, founded in 1812 as the City Bank of New York, later First National City Bank of New York. Citibank is now the consumer banking arm of financial services giant Citigroup, one of the largest companies in the world....
, and MBNA
MBNA

MBNA Corporation was a bank holding company and parent company of wholly owned subsidiary MBNA America Bank, N.A., headquartered in Wilmington, Delaware, prior to being acquired by Bank of America in 2005....
. More than 16,000 cardholders and more than 60 retailer locations participated in the market trial. In addition, MasterCard worked with Nokia
Nokia

Nokia Corporation is a Finland Multinational corporation communications corporation, headquartered in Keilaniemi, Espoo, a city neighbouring Finland's capital Helsinki....
, AT&T Wireless
AT&T Wireless

AT&T Wireless Services, Inc., formerly part of American Telephone & Telegraph Company, was a wireless telephone carrier in the United States, based in Redmond, Washington, and later traded on the New York Stock Exchange under the stock symbol "AWE", as a separate entity from its former parent....
, and JPMorgan Chase to incorporate MasterCard PayPass into mobile phones using Near Field Communication
Near Field Communication

Near Field Communication or NFC, is a short-range high frequency wireless communication technology which enables the exchange of data between devices over about a 10 centimetre distance....
 technology, in Dallas, Texas
Dallas, Texas

Dallas is the third largest city in the state of Texas and the List of United States cities by population in the United States.The city, with a population of over 1.3 million, is the main economic center of the 12-county Dallas/Fort Worth Metroplex which contains 6.1 million people, and is the fourth-largest United States metropolitan area...
.

In 2005, MasterCard began to roll out PayPass in certain markets. As of September 2008, the following financial institutions have issued the MasterCard PayPass:

  1. Bank of America
    Bank of America

    Bank of America Corporation , based in Charlotte, North Carolina, is the largest financial services company in the world, largest bank by assets, second largest commercial bank by deposits, and third largest by market capitalization in the United States....
  2. JPMorgan Chase (available through its "blink" contactless feature in the United States)
  3. Citibank
    Citibank

    Citibank is a major international bank, founded in 1812 as the City Bank of New York, later First National City Bank of New York. Citibank is now the consumer banking arm of financial services giant Citigroup, one of the largest companies in the world....
     (both MasterCard credit and debit cards)
  4. HSBC Bank USA
    HSBC Bank USA

    HSBC Bank USA, N.A., the United States subsidiary of UK based HSBC, is a bank with its head office in New York City. HSBC Bank USA NA is a nationally chartered bank, regulated by the Office of the Comptroller of the Currency , Department of the Treasury....
     (debit card only)
  5. Washington Mutual
    Washington Mutual

    Washington Mutual, Inc. is a Bank holding company and the former owner of JPMorgan Chase#Washington Mutual, which was the United States' largest savings and loan association....
     (WaMu Debit MasterCard with PayPass) "Gold & Platinum Debit Cards"
  6. Key Bank
    Key Bank

    KeyBank is a bank headquartered in the Key Tower in Cleveland, Ohio, Ohio. , it is the 16th largest bank in the United States based on total deposits.....
     (debit card only)
  7. Citizens Bank and Charter One Bank
    Citizens Financial Group

    Citizens Financial Group, Inc. is an United States bank headquartered in Providence, Rhode Island, Rhode Island, which operates in the U.S. states of Connecticut, Delaware, Indiana, Illinois, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Vermont....
     (both MasterCard credit and debit cards)
  8. Commonwealth Bank (Australia)
  9. Garanti Bank
    Garanti Bank

    Garanti Bank is the third largest-private bank in Turkey with USD$36 billion in assets as of December 31, 2006. Garanti provides retail, commercial, corporate and private banking services to over five million customers....
     (Turkey, available through its Bonus Trink Card)
  10. Banco de Oro Universal Bank
    Banco de Oro Universal Bank

    Banco de Oro Universal Bank , commonly known as Banco de Oro, BDO, or sometimes BDO Unibank, is the largest bank in the Philippines....
     (Philippines, available through its BDO International ATM Card)
  11. Bank of Montreal
    Bank of Montreal

    The Bank of Montreal is the fifth Big Five banks bank in Canada by deposits. However, Wikipedia also cites the Canadian Imperial Bank of Commerce to also be the fourth largest by deposits....
     (Canada, available on most Mosaik cards issued after November 1, 2007)
  12. President's Choice Financial
    President's Choice Financial

    President?s Choice Financial is a financial institution that offers banking services through a joint venture between Loblaw Companies and Canadian Imperial Bank of Commerce ....
     (Canada)
  13. CIMB
    CIMB

    CIMB Group is Malaysia?s second largest financial services provider which is listed on Bursa Malaysia through Bumiputra-Commerce Holdings Berhad ....
     Bank (Malaysia)
  14. Bank Zachodni WBK SA
    Bank Zachodni WBK SA

    Bank Zachodni WBK SA is a Poland bank.Between 1995 and 1996 Allied Irish Banks began to invest into Poland's emerging economy by purchasing 60.1% of Wielkopolski Bank Kredytowy, one of the country's most successful commercial banks....
     (Poland)
  15. Deutsche Kreditbank AG (Germany, issuer of Lufthansa
    Lufthansa

    Deutsche Lufthansa Aktiengesellschaft is one of the List of largest airlines in Europe airlines in Europe in terms of overall passengers carried, and the flag carrier of Germany....
     Miles & More
    Miles & More

    Miles & More is the largest frequent flyer program in Europe with more than 15 million members as of May 2008. The program was launched by Lufthansa in 1993 and is currently used by 13 European airlines....
     credit cards)
  16. Natwest (United Kingdom
    United Kingdom

    The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom , the UK or Britain,is a sovereign state located off the northwestern coast of continental Europe....
    ), on Maestro
    Maestro (debit card)

    Maestro is a multi-national debit card service owned by MasterCard. Maestro cards are obtained from associate banks and can be linked to the cardholder's current account, or they can be Prepaid cards....
     cards; limited use in the London Docklands and City of London
    City of London

    The City of London is a geographically small city status in the United Kingdom within Greater London, England. It is the historic core of London around which, along with Westminster, the modern conurbation grew....
    )
  17. HSBC (United Kingdom)
    HSBC Bank (Europe)

    HSBC Bank plc is one of the major clearing banks in the United Kingdom having more assets than any other Banks of the United Kingdom. The business ranges from the traditional High Street roles of personal finance and commercial banking, to private banking, consumer finance as well as corporate and investment banking....
    , on credit cards; limited use in selected areas of London
    London

    London is the capital of both England and the United Kingdom, and the most populous municipality in the European Union. An important settlement for two millennia, History of London goes back to its founding by the Roman Empire....
  18. Canadian Tire Options Mastercard
    Canadian Tire Financial Services

    Canadian Tire Financial Services is the Financial Services arm of Canadian Tire....
     (Canada)
  19. Capital One
    Capital One

    COF, or Capital One Financial Corp. is a McLean, Virginia-based U.S. bank holding company specializing in credit cards, mortgage, auto loans, banking, and Savings account products....
     (Canada)
  20. Barclaycard
    Barclaycard

    File:Barclaycard logo.gifBarclaycard is a global Credit provider owned by Barclays plc in the United Kingdom. The Barclaycard was the first credit card introduced in the UK, coming into service in 1966....
     (UK)
  21. Shinhan Bank
    Shinhan Bank

    Shinhan Bank , is a bank, headquartered in Seoul, Korea. Historically it was the first bank in Korea, established under the name Hanseong Bank in 1897....
     (South Korea)


A U.S. issued HSBC Debit MasterCard with PayPass can be used in the U.K.

Banknet


MasterCard operates Banknet, a global telecommunications network
Telecommunications network

A telecommunications network is a wiktionary:Network of telecommunications links and nodes arranged so that messages may be passed from one part of the network to another over multiple links and through various nodes....
 linking all MasterCard card issuers, acquirers and data processing centers into a single financial network. The operations hub is located in St. Louis, Missouri.

MasterCard's network is significantly different 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.

EPS-Net


MasterCard Europe operates a Network known as EPS-Net - this interfaces Banknet but is up for replacement in 2009. EPS-Net is used to link Issuers and Acquirers for Online POS/ATM Transaction Processing.

See also

  • Access credit card
  • American Express
    American Express

    American Express Company , sometimes known as "AmEx" or "Amex", is a Diversification global financial services company that is headquartered in New York City, New York....
  • China UnionPay
    China UnionPay

    China UnionPay , also known as UnionPay or by its abbreviation, CUP, is the only domestic credit card organization in the People's Republic of China ....
  • Cirrus
    Cirrus (interbank network)

    Cirrus is a worldwide interbank network operated by Mastercard. It links MasterCard, Maestro , Diners Club credit, debit and prepaid cards to a network of over 1,000,000 Automatic teller machines in 93 countries....
  • Credit Card
    Credit card

    A credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holders promise to pay for these goods and services....
  • Damage waiver
    Damage waiver

    Damage Waiver, or as it is normally referred to, collision damage waiver is an optional collision coverage available while car rental.CDW can be expensive, increasing the basic rental cost by up to 20%....
  • Diners Club
    Diners Club

    Diners Club International, originally founded as Diners Club, is a charge card company formed in 1949 by Frank X. McNamara, Ralph Schneider, and Matty Simmons....
  • Discover
    Discover Card

    The Discover Card is a major credit card, issued primarily in the United States. It was originally introduced by Sears, Roebuck and Company in 1985, and was part of Dean Witter Reynolds, and then Morgan Stanley, until 2007, when Discover Financial became an independent company....
  • Interchange fee
    Interchange fee

    Interchange fee is a term used in the payment card industry to describe a fee that a merchant?s bank pays a customer?s bank when merchants accept cards using card networks such as Visa and MasterCard for purchases....
  • JCB
    Japan Credit Bureau

    Japan Credit Bureau, usually abbreviated as JCB, is a credit card company based in Tokyo, Japan. Its English name is . The abbreviation is sometimes thought to stand for Japan Commerce Bank, but this is incorrect....
  • Maestro
    Maestro (debit card)

    Maestro is a multi-national debit card service owned by MasterCard. Maestro cards are obtained from associate banks and can be linked to the cardholder's current account, or they can be Prepaid cards....
  • Mondex
    Mondex

    Mondex is a smart card electronic cash system which was originally developed by National Westminster Bank in the United Kingdom and subsequently sold to MasterCard International....
  • Octopus card
    Octopus card

    The Octopus card is a rechargeable Contactless payment stored value smart card used to transfer electronic moneys in online or offline systems in Hong Kong....
  • Visa


External links

  • (interactive site)