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Mastercard

Global payment-technology corporation.

Mastercard Inc., formerly known as MasterCard, is a leading payment-technology company headquartered in Purchase, New York. It facilitates transactions between merchants' banks and card-issuing banks worldwide. Established as a cooperative, it went public in 2006. Mastercard was created to rival BankAmericard, now Visa.

Related

American Express Barclays Citigroup Credit Suisse PayPal Visa Inc.Morgan Stanley Stripe, Inc.HSBC Bank of America

Timeline

Diners Club Card First Internationally Accepted Charge Card

In 1953, Diners Club claimed that their card was the first internationally accepted charge card, with businesses in the United Kingdom, Cuba, Canada, and Mexico starting to accept payments from Diners Club cardholders.

Mastercard Foundation

Mastercard was established in 1966 as the Interbank Card Association (ICA), later rebranded as Mastercard International Incorporated, to provide a global payment network.

Creation of Mastercard

Mastercard was created in 1966 as an association of several banks to compete with Bank of America's BankAmericard (now Visa), providing a global payment network.

Mastercard Brand Establishment

In 1967, Mastercard was established, marking the beginning of its journey to become one of the most renowned brands globally.

Formation of Global Network by ICA

In 1968, ICA started building a global network by partnering with Banco Nacional in Mexico and forming an alliance with Eurocard in Europe. This marked the beginning of ICA's expansion into different regions.

Introduction of Master Charge: The Interbank Card

In 1969, Interbank developed a new national brand, 'Master Charge: The Interbank Card' to create nationwide brand awareness and compete against BankAmericard.

Establishment of centralized computer network for credit card authorization

In 1973, Interbank revolutionized its authorization process by establishing a centralized computer network connecting merchants to banks for credit card transactions.

First magnetic stripe on credit cards introduced

In 1974, the first magnetic stripe was added to the back of credit cards, enhancing authorization efficiency and aiding in the reduction of fraud.

INET system launched for Master Charge members

In 1975, the INET system was introduced, enabling electronic exchange among Master Charge members and automating the authorization process, reducing the reliance on mailing credit card slips.

Mastercard becomes one of the world's most recognizable brands

Mastercard, alongside Visa, establishes itself as one of the most well-known brands globally, leveraging strong network effects and dominating the payment processing sector.

Launch of MasterCard Travelers Cheques

In 1981, Mastercard introduced MasterCard Travelers Cheques and launched the Gold MasterCard card, marking its first attempt at market segmentation within the credit card industry.

Introduction of Holograms in MasterCard for Card Security

In 1983, MasterCard International Inc. became the first bank to use holograms as part of their card security.

MasterCard Issued in China

In 1987, MasterCard made history by becoming the first payment card to be issued in the People's Republic of China. This milestone expanded MasterCard's presence into a key market in Asia.

First MasterCard Issued in Soviet Union

In 1988, the first MasterCard card was issued in the Soviet Union, marking another significant step in MasterCard's global expansion. This move opened up new opportunities in the Eastern European market.

Launch of Maestro

MasterCard launched Maestro in 1991, which was the world's first online point-of-sale debit network, revolutionizing payment systems.

Number of MasterCards in Circulation

In 1994, there were 238.9 million MasterCards in circulation globally, with 135.6 million held by Americans.

Trademark of Mastercard

In 1995, 'Mastercard' was officially registered as a trademark by Mastercard International, Inc.

Class-action lawsuit for debit card swipe fee price fixing

In January 1996, Mastercard and Visa faced a class-action lawsuit for debit card swipe fee price fixing, resulting in approximately $3 billion in damages paid by both companies. Retail giants like Wal-Mart and Sears were plaintiffs in the litigation.

Acquisition of the Access Card by MasterCard

In 1997, MasterCard took over the Access card; the Access brand was then retired.

Department of Justice lawsuit against Mastercard over rules prohibiting business with American Express

In 1998, the Department of Justice sued Mastercard over rules that prevented their issuing banks from doing business with American Express. The lawsuit was won by the Department of Justice in 2001.

Mastercard Lawsuit Regarding Online Gambling

In March 2000, the United States District Court for the Eastern District of Louisiana reviewed a lawsuit involving Mastercard and internet casinos. The plaintiffs accused Mastercard of violating the Federal Wire Act by interacting with online gambling sites outside the US.

Court Ruling in Favor of Mastercard

On February 23, 2001, the United States Court of Appeals for the Fifth Circuit upheld the District Court's ruling in favor of Mastercard. The court clarified that the Wire Act only applied to gambling activities related to a 'sporting event or contest'.

Lawsuit against Mastercard for violating Florida Deceptive and Unfair Trade Practices Act

On August 23, 2001, Mastercard International Inc. was sued for violating the Florida Deceptive and Unfair Trade Practices Act.

Merger with Europay International

In 2002, MasterCard merged with Europay International and transitioned from a membership association to a private share corporation, setting the stage for its future growth.

Damages paid by Mastercard to American Express for anticompetitive practices

On November 15, 2004, Mastercard Inc. paid damages to American Express for anticompetitive practices that prevented American Express from issuing cards through U.S. banks, amounting to $1.8 billion for settlement.

Initial Public Offering of MasterCard

On May 25, 2006, MasterCard had an initial public offering, selling 95.5 million shares at $39 each.

Mastercard Settlement with European Union

In April 2009, Mastercard reached a settlement with the European Union in an antitrust case, agreeing to reduce debit card swipe fees to 0.2 percent of purchases.

Mastercard blocks payments to WikiLeaks

In December 2010, Mastercard blocked all payments to whistleblowing platform WikiLeaks due to claims of illegal activity.

Class-action lawsuit settlement for alleged price-fixing practices

In November 27, 2012, a federal judge granted preliminary approval to a proposed settlement in a class-action lawsuit filed by merchants against Mastercard and Visa for alleged price-fixing practices. The settlement amount was $6.24 billion.

Mastercard partnership with British Airways for Multi-currency Cash Passport

In June 2013, Mastercard partnered with British Airways to introduce the Executive Club Multi-currency Cash Passport, enabling members to earn extra points and conduct multi-currency transactions.

Mastercard collaborates with Apple for mobile wallet feature

In September 2014, Mastercard partnered with Apple to integrate a mobile wallet feature into Apple's devices, facilitating the use of Mastercard and other credit cards.

Acquisition of Brighterion by Mastercard

In August 2017, Mastercard acquired Brighterion, a company with a portfolio of intellectual property in the areas of artificial intelligence and machine learning.

Mastercard Guidance After PASPA Overturn

After the overturn of PASPA on May 14, 2018, Mastercard provided new guidance to member banks regarding state location restrictions for online sports betting. They clarified that the restrictions apply to the individual placing the wager, not the bank processing the transaction.

Settlement Approval for Class-Action Lawsuit

A settlement of $6.24 billion was reached, and a court was scheduled to approve or deny the agreement on November 7, 2019, marking a crucial legal development for Mastercard.

Mastercard announces Mastercard Track Business Payment Service

In May 2020, Mastercard unveiled the Mastercard Track Business Payment Service, enabling business-to-business payments with improved payment control and supplier visibility.

Mastercard bans credit card use on Pornhub

In December 2020, Mastercard prohibited the use of its credit cards on the adult website Pornhub.

Mastercard announces support for cryptocurrencies

On February 10, 2021, Mastercard declared its backing for cryptocurrencies and planned to enable direct support for select cryptocurrencies on its network later that year.

Mastercard enables NFT purchases for cardholders

In June 2022, Mastercard announced that cardholders could now buy NFTs through various NFT scaling platforms.

Mastercard acquires title sponsorship rights for cricket matches in India

In September 2022, Mastercard acquired the title sponsorship rights for all international and domestic home matches organized by the Board of Cricket Control in India.

Update on Mastercard

An update on Mastercard was provided on October 27, 2023. The company continues to be a key player in the card processing industry, enabling various payment methods for consumers and merchants.

Mastercard History and Making Money

An overview of the history and revenue generation process of Mastercard, one of the major card processing network giants along with Visa.

End of the Timeline
Mastercard

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