Headquarters: 2000 Purchase St.
Purchase, NY 10577
CEO: Ajay Banga
Stock Symbol: MA
MasterCard Incorporated is a leading global payments company that provides credit card and debit card payment to businesses and customers allowing them to boost sales and make purchases without using cash. It is the second-largest payment network behind Visa with over 23 billion transactions processed per year.
MasterCard Inc. manages a family of well-known, payment cards brands including MasterCard, Maestro and Cirrus and serves financial institutions, consumers and businesses in over 210 countries and territories. Cards can be used at 25 million locations worldwide, including a network of over 1 million ATMs and locations where cash can be obtained.
MasterCard does not issue cards or determine annual fees and interest rates. Member banks, which number 24,000 worldwide, have responsibility for issuing cards, setting annual fees on cards, and determining annual percentage rates and other features such as rewards programs.
At the end of 2014, the company's customers had issued 2.1 billion MasterCard and Maestro-branded cards.
The company reported 2014 revenues of $9.5 billion, a 14% increase from the previous year. Net income was $3.6 billion.
The gross dollar volume of purchases and cash transactions made on MasterCard-branded cards in 2014 increased 9.5% percent to $4.5 trillion. Processed transactions grew 12%.
"Despite a mixed global economy, we delivered solid results for the quarter and for the full year in 2014," said Ajay Banga, president and CEO, MasterCard. "This year is off to a good start with several new wins, as well as renewals of some important customer agreements, with more in the pipeline. Looking ahead, we will continue to be at the forefront of our industry by driving payment innovation with solutions such as MasterPass, and by increasing electronic payments usage globally as demonstrated by our significant expanded acceptance footprint across Africa."
MasterCard began in the late 1940s when several U.S. banks started giving their customers specially-issued paper that could be used like cash in local stores. In 1951, The Franklin National Bank in New York formalized the practice by introducing the first real credit card.
Over the next decade, several franchises evolved where a single bank in each major city would accept cards as payment with certain merchants they'd chosen to work with. On August 16, 1966, one of these groups formed the Interbank Card Association (ICA).
The "Master Charge" business as it was known then was purchased by the California Bank Association in 1969. The service was renamed MasterCard in 1979 to reflect a commitment to international growth. In 1988, it acquired the Cirrus ATM Network.
MasterCard unveiled the "Priceless" advertising campaign in 1997 which has been very popular and continues today. In 2002, MasterCard merged with Europay International and converted from a membership association to a private share corporation.
The company is headquartered in Purchase, NY with 37 offices around the world. Technology headquarters are in St. Louis with regional headquarters in Waterloo, Singapore, Miami and Dubai.
The company went public in May of 2006.
In 2012, the company aquired Truaxis, a Silicon Valley, California-based provider of credit and debit card-linked offers made to consumers through merchants and financial institutions.
- Medical Insurance - HMO, POS, PPO
- Dental Insurance - PPO, DMO
- Vision Care
- Life Insurance
- Accidental death and dismemberment insurance
- Flexible spending accounts
- Disability Programs (STD/LTD)
- Shared profit and savings plan
- Business travel accident insurance
- Pension plan and Retiree Health Plus program
- Tuition reimbursement up to $7,500 per year
- Bonus programs
- Flexible work schedules