Mastercard is a global electronic payment-card network founded in 1966 as Interbank Card Association, a cooperative of California banks formed to compete with the BankAmericard program that became Visa, later renamed Master Charge and then Mastercard. Like Visa, it operates the network connecting card-issuing and merchant-acquiring banks rather than issuing cards itself, and it is the second of the two dominant global payment-card networks by transaction volume.
Facts
Classification
Sector (GICS) Offering Kind MakerInterbank Card Association 1 Connections
Associated With
Mastercard is a global payment-card network central to consumer and commercial finance practice in electronic payments.
Sources
1. Mastercard (Wikipedia)
WikipediaHistory, founding
In 1966, Karl H. Hinke, an executive vice president at Marine Midland Bank, asked representatives of several other banks to meet him in Buffalo, New York.
History, Buffalo meeting outcome
The result of the Buffalo meeting was that several banks and regional bankcard associations agreed to join forces as Interbankard, Inc., which then became the Interbank Card Association (ICA).
Introduction, GICS sector classification
Mastercard Inc.
Introduction, offering kind classification
Mastercard Inc.
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