Financial Glossary: Master Card


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Master Card

Master Card

An international payment services and card scheme.

MasterCard Worldwide (NYSE: MA) is a multinational Corporation based in Purchase, New York, USA. 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 and credit cards to make purchases.

MasterCard Worldwide has been a publicly traded company since 2006. Prior to its initial public offering, MasterCard Worldwide was a membership organization owned by the 25,000+ financial institutions that issue its card.

It was originally created by United California Bank (later First Interstate Bank, subsequently merged into Wells Fargo Bank), Wells Fargo, Crocker National Bank (also subsequently merged into Wells Fargo), and the Bank of California (subsequently merged into the Union Bank of California) as a competitor to the Bank America issued by Bank of America. Bank America is NOW the VISA credit card, issued by Visa International.

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