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EspañolMASTERCARD
(Redirected from Mastercard)
'MasterCard Worldwide' () is a mutinational corporation based in Purchase, NY in the United States. Throughout the world, its principal business is to process payments between the banks of merchants and the banks of purchasers that use its "Mastercard" branded 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 BankAmericard issued by Bank of America. BankAmericard is now the VISA credit card, issued by Visa International.
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's Marine Midland Bank, now HSBC Bank USA, these banks joined with the Interbank Card Association (ICA) to create "Master Charge: The Interbank Card".
In 1979, "Master Charge: The Interbank Card" was renamed simply "'MasterCard'". In the early 1990s MasterCard bought the British Access card and the Access name was dropped. In 2002, MasterCard International absorbed Europay International SA, 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, remains unchanged). A new corporate tagline was introduced at the same time: "The Heart of Commerce".[1]
Most versions of the card include various features such as extended warranties on items bought with the card, Damage waiver on cars rented with the card, and accident insurance during travel bought with the card.
Based on an SEC filing in early 2005, MasterCard's largest current shareholders are:
#11.8% - JPMorgan Chase
# 6.2% - Citigroup
# 6.0% - Bank of America
# 5.2% - Euro Kartensysteme
# 5.0% - Europay France
The company, which had been organized as a cooperative 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.
Both MasterCard and Visa have paid approximately $3 billion in damages resulting from a class-action lawsuit filed by Hagens Berman in January 1996.[2] The litigation cites several retail giants as plaintiffs, including Wal-Mart, Sears Roebuck & Company, and Safeway.[3]
MasterCard's current advertising campaign is "There are some things money can't buy. For everything else, there's MasterCard."
The first of these ''Priceless'' ads was run during the World Series in 1997 and there are numerous different TV, radio and print ads.[4] It was created by McCann-Erickson. MasterCard actually registered ''Priceless'' as a trademark.[5] Actor Billy Crudup has been the voice of the ads in the USA since 1997. In other countries the voiceover artist changes to suit the local market; in the UK, for instance, actor Jack Davenport is the voice.
This campaign attempts to position MasterCard as the friendly credit card company with a sense of humor. They are designed to respond to the public's worry that everything is being commodified, and that people are becoming too materialistic.[6]
Many parodies have been made using this same pattern, especially on Comedy Central, though MasterCard has threatened legal action,[7]
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 emerged victorious (after a four-year battle) in the suit MasterCard brought against him after he produced his own "Priceless" political commercials.[8]
During Super Bowl XXXIX 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, Charlie the Tuna, the Pillsbury Doughboy, Count Chocula, the Vlasic pickle stork, the Morton Salt girl, the Jolly Green Giant, Mr. Peanut from Planters, the Gorton's fisherman, and Mr. Clean.
MasterCard currently sponsors the New Zealand All Blacks, the country's world famous rugby union team.[9]
MasterCard also sponsors the UEFA Champions League. For many years, it also sponsored FIFA World Cup but withdrew its contract after a court settlement and its rival Visa took up the contract in 2007 [1].
It is currently the sponsor of the Memorial Cup Tournament of the Canadian Hockey League.
MasterCard has just announced new sponsorship deal with Australian Cricket team.
In , MasterCard was the main sponsor of the aborted MasterCard Lola Formula One team.
Key executives include:[10]
★ Robert Selander: President and Chief Executive Officer
★ W. Roy Dunbar: President - Global Technology & Operations
★ Lawrence Flanagan: Chief Marketing Officer - Global Marketing
★ Gary Flood: Executive Vice President - Global Account Management
★ Noah Hanft: General Counsel and Corporate Secretary
★ Alan Heuer: Chief Operating Officer
★ Chris McWilton: Chief Financial Officer
★ Walt Macnee: President - The Americas
★ Michael Michl: Executive Vice President - Central Resources
★ Wendy Murdock: Chief Product Officer - Global Product Group
★ Javier Perez: President - Europe
★ André Sekulic: President - Asia/Pacific, Middle East & Africa
★ Keith Stock: President - MasterCard Advisors
★ Christopher Thom: Chief Risk Officer - Risk Management
As of December 2004, the following banks are represented on MasterCard's board of directors:
★ Europay España, S.A.
★ HSBC
★ Clarima Banca
★ Capital One
★ Banamex (Citigroup's Mexican division)
★ Citigroup
★ Royal Bank of Scotland
★ MBNA America (now Bank of America)
★ Westpac Banking Corporation
★ Southern Bank Berhad
★ Bank of Montreal
★ Banque Fédérative du Crédit Mutuel
★ Deutscher Sparkassen-und Giroverband
★ Orient Corporation
★ Bank AL Habib
★ Banco Mercantil
★ Banesco
In January 2005, Washington Mutual Bank, the third largest issuer of debit cards in the United States, announced that it was changing its debit-card branding from VISA to MasterCard. The change will make Washington Mutual MasterCard's largest bank customer.
'MasterMoney' is the branding of a MasterCard debit card distributed in North America. Like many debit cards, the brand has capabilities of being used as an ATM card as well as a credit card, providing sufficient funds are in one's bank account (usually a checking account) in order to complete a transaction.
MasterCard PayPass is a new "contactless" payment feature based on the ISO 14443 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, with JPMorgan Chase, Citibank, and MBNA. More than 16,000 cardholders and more than 60 retailer locations participated in the market trial. In addition, MasterCard worked with Nokia, AT&T Wireless, and JPMorgan Chase to incorporate MasterCard PayPass into mobile phones using Near Field Communication technology, in Dallas, Texas.
In 2005, MasterCard began to roll out PayPass in certain markets. As of July 2007, the following financial institutions have issued the MasterCard PayPass:
# Bank of America
# JPMorgan Chase (available through its "blink" contactless feature)
# Citibank (both MasterCard credit and debit cards)
# HSBC Bank USA (debit card only)
# Key Bank (debit card only)
# Citizens Bank and Charter One Bank (both MasterCard credit and debit cards)
# Commonwealth Bank (Australia)
# Garanti Bank (Turkey, available through its Bonus Trink Card)
# Banco de Oro Universal Bank (Philippines, available through its BDO International ATM Card)
# Bank of Montreal (Canada, available only if requested by consumer by phone)
# President's Choice Financial (Canada)
# Washington Mutual (available only in New York City and Seattle branches)
'MYplash' is a reloadable gift card, acceptable wherever MasterCard Debit is accepted.[11]
Many of the MYplashes were music themed, other participants including Good Charlotte, Avril Lavigne, and Breaking Benjamin.[12] The idea behind the MYplashes was that parents would like it because it would provide their teens with financial experience with no risk of overspending, as it was not an actual credit card, but rather a reloadable gift card.[13] Teens would like the band theme and that they were trusted with money that they could spend freely.[14]
The cards did not prove popular, likely owing to high charges attached to it, including overdraft fees and a 3% to 10% recharge fee, the lowest fee, 3%, only available when loading the card with more than $200.00.[15]
MasterCard operates Banknet, a global telecommunications network 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.
MasterCard Europe operates a Network known as EPSnet - this interfaces BankNet but is up for replacement in 2009. EPSnet is used to link Issuers and Acquirers for Online POS/ATM Transaction Processing.
★ Credit Card
★ Visa
★ American Express
★ Diners Club
★ Discover
★ Maestro
★ Octopus card
★ China UnionPay
★ JCB
★ Cirrus
★ Interchange fee
★ Damage waiver
1. MasterCard changing name, Jay Loomis, The Journal News, June 28, 2006
2. Visa/MasterCard Litigation, January 1st 1996
3. VISA CHECK/MASTERMONEY ANTITRUST LITIGATION WEBSITE
4. Priceless Film Festival
5. Priceless, Trademark Electronic Search System, Retreieved July 5th 2006
6. Priceless, Jim Farrell, New American Dream, Retreieved July 5th 2006
7. 'Threats of legal action:' Re: MasterCard/Infringement by NETFUNNY.COM web site MasterCard International
8. Decision of the US District Court in the case of MasterCard International Incorporated v. Ralph Nader George B. Daniels, District Judge
9. http://www.mastercard.com/nz/promotions/allblacks2006/
10. MasterCard Investor Relations, accessed 04 November 2006
11. MYplash ™ The MasterCard ® Card for Fans
12. get the card
13. parents
14. fans
15. Prepaid Debit Cardholder Agreement Under "Appendix 1: Schedule of Fees" in the "Amount Fee/Fee" table, you can calculate: .75/0.01~3% and .00/.00=10%
★ Official website
★ Corporate website
★ Merchant website
★ Business website
★ How MasterCard Works (interactive site)
'MasterCard Worldwide' () is a mutinational corporation based in Purchase, NY in the United States. Throughout the world, its principal business is to process payments between the banks of merchants and the banks of purchasers that use its "Mastercard" branded 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 BankAmericard issued by Bank of America. BankAmericard is now the VISA credit card, issued by Visa International.
| Contents |
| History |
| Features |
| Shareholders |
| IPO |
| Litigation |
| Advertising |
| Sports sponsorship |
| Management and Board of Directors |
| MasterMoney |
| PayPass |
| MYplash |
| Banknet |
| EPSnet |
| See also |
| References |
| External links |
History
1970s-era MasterCharge card Credit Card
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's Marine Midland Bank, now HSBC Bank USA, these banks joined with the Interbank Card Association (ICA) to create "Master Charge: The Interbank Card".
In 1979, "Master Charge: The Interbank Card" was renamed simply "'MasterCard'". In the early 1990s MasterCard bought the British Access card and the Access name was dropped. In 2002, MasterCard International absorbed Europay International SA, 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, remains unchanged). A new corporate tagline was introduced at the same time: "The Heart of Commerce".[1]
Features
Most versions of the card include various features such as extended warranties on items bought with the card, Damage waiver on cars rented with the card, and accident insurance during travel bought with the card.
Shareholders
Based on an SEC filing in early 2005, MasterCard's largest current shareholders are:
#11.8% - JPMorgan Chase
# 6.2% - Citigroup
# 6.0% - Bank of America
# 5.2% - Euro Kartensysteme
# 5.0% - Europay France
IPO
The company, which had been organized as a cooperative 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.[2] The litigation cites several retail giants as plaintiffs, including Wal-Mart, Sears Roebuck & Company, and Safeway.[3]
Advertising
The MasterCard logo represents the card and the company's consumer operations
The first of these ''Priceless'' ads was run during the World Series in 1997 and there are numerous different TV, radio and print ads.[4] It was created by McCann-Erickson. MasterCard actually registered ''Priceless'' as a trademark.[5] Actor Billy Crudup has been the voice of the ads in the USA since 1997. In other countries the voiceover artist changes to suit the local market; in the UK, for instance, actor Jack Davenport is the voice.
This campaign attempts to position MasterCard as the friendly credit card company with a sense of humor. They are designed to respond to the public's worry that everything is being commodified, and that people are becoming too materialistic.[6]
Many parodies have been made using this same pattern, especially on Comedy Central, though MasterCard has threatened legal action,[7]
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 emerged victorious (after a four-year battle) in the suit MasterCard brought against him after he produced his own "Priceless" political commercials.[8]
During Super Bowl XXXIX 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, Charlie the Tuna, the Pillsbury Doughboy, Count Chocula, the Vlasic pickle stork, the Morton Salt girl, the Jolly Green Giant, Mr. Peanut from Planters, the Gorton's fisherman, and Mr. Clean.
Sports sponsorship
MasterCard currently sponsors the New Zealand All Blacks, the country's world famous rugby union team.[9]
MasterCard also sponsors the UEFA Champions League. For many years, it also sponsored FIFA World Cup but withdrew its contract after a court settlement and its rival Visa took up the contract in 2007 [1].
It is currently the sponsor of the Memorial Cup Tournament of the Canadian Hockey League.
MasterCard has just announced new sponsorship deal with Australian Cricket team.
In , MasterCard was the main sponsor of the aborted MasterCard Lola Formula One team.
Management and Board of Directors
Key executives include:[10]
★ Robert Selander: President and Chief Executive Officer
★ W. Roy Dunbar: President - Global Technology & Operations
★ Lawrence Flanagan: Chief Marketing Officer - Global Marketing
★ Gary Flood: Executive Vice President - Global Account Management
★ Noah Hanft: General Counsel and Corporate Secretary
★ Alan Heuer: Chief Operating Officer
★ Chris McWilton: Chief Financial Officer
★ Walt Macnee: President - The Americas
★ Michael Michl: Executive Vice President - Central Resources
★ Wendy Murdock: Chief Product Officer - Global Product Group
★ Javier Perez: President - Europe
★ André Sekulic: President - Asia/Pacific, Middle East & Africa
★ Keith Stock: President - MasterCard Advisors
★ Christopher Thom: Chief Risk Officer - Risk Management
As of December 2004, the following banks are represented on MasterCard's board of directors:
★ Europay España, S.A.
★ HSBC
★ Clarima Banca
★ Capital One
★ Banamex (Citigroup's Mexican division)
★ Citigroup
★ Royal Bank of Scotland
★ MBNA America (now Bank of America)
★ Westpac Banking Corporation
★ Southern Bank Berhad
★ Bank of Montreal
★ Banque Fédérative du Crédit Mutuel
★ Deutscher Sparkassen-und Giroverband
★ Orient Corporation
★ Bank AL Habib
★ Banco Mercantil
★ Banesco
In January 2005, Washington Mutual Bank, the third largest issuer of debit cards in the United States, announced that it was changing its debit-card branding from VISA to MasterCard. The change will make Washington Mutual MasterCard's largest bank customer.
MasterMoney
'MasterMoney' is the branding of a MasterCard debit card distributed in North America. Like many debit cards, the brand has capabilities of being used as an ATM card as well as a credit card, providing sufficient funds are in one's bank account (usually a checking account) in order to complete a transaction.
PayPass
MasterCard PayPass is a new "contactless" payment feature based on the ISO 14443 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, with JPMorgan Chase, Citibank, and MBNA. More than 16,000 cardholders and more than 60 retailer locations participated in the market trial. In addition, MasterCard worked with Nokia, AT&T Wireless, and JPMorgan Chase to incorporate MasterCard PayPass into mobile phones using Near Field Communication technology, in Dallas, Texas.
In 2005, MasterCard began to roll out PayPass in certain markets. As of July 2007, the following financial institutions have issued the MasterCard PayPass:
# Bank of America
# JPMorgan Chase (available through its "blink" contactless feature)
# Citibank (both MasterCard credit and debit cards)
# HSBC Bank USA (debit card only)
# Key Bank (debit card only)
# Citizens Bank and Charter One Bank (both MasterCard credit and debit cards)
# Commonwealth Bank (Australia)
# Garanti Bank (Turkey, available through its Bonus Trink Card)
# Banco de Oro Universal Bank (Philippines, available through its BDO International ATM Card)
# Bank of Montreal (Canada, available only if requested by consumer by phone)
# President's Choice Financial (Canada)
# Washington Mutual (available only in New York City and Seattle branches)
MYplash
A MYplash card featuring the band Simple Plan
'MYplash' is a reloadable gift card, acceptable wherever MasterCard Debit is accepted.[11]
Many of the MYplashes were music themed, other participants including Good Charlotte, Avril Lavigne, and Breaking Benjamin.[12] The idea behind the MYplashes was that parents would like it because it would provide their teens with financial experience with no risk of overspending, as it was not an actual credit card, but rather a reloadable gift card.[13] Teens would like the band theme and that they were trusted with money that they could spend freely.[14]
The cards did not prove popular, likely owing to high charges attached to it, including overdraft fees and a 3% to 10% recharge fee, the lowest fee, 3%, only available when loading the card with more than $200.00.[15]
Banknet
MasterCard operates Banknet, a global telecommunications network 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.
EPSnet
MasterCard Europe operates a Network known as EPSnet - this interfaces BankNet but is up for replacement in 2009. EPSnet is used to link Issuers and Acquirers for Online POS/ATM Transaction Processing.
See also
★ Credit Card
★ Visa
★ American Express
★ Diners Club
★ Discover
★ Maestro
★ Octopus card
★ China UnionPay
★ JCB
★ Cirrus
★ Interchange fee
★ Damage waiver
References
1. MasterCard changing name, Jay Loomis, The Journal News, June 28, 2006
2. Visa/MasterCard Litigation, January 1st 1996
3. VISA CHECK/MASTERMONEY ANTITRUST LITIGATION WEBSITE
4. Priceless Film Festival
5. Priceless, Trademark Electronic Search System, Retreieved July 5th 2006
6. Priceless, Jim Farrell, New American Dream, Retreieved July 5th 2006
7. 'Threats of legal action:' Re: MasterCard/Infringement by NETFUNNY.COM web site MasterCard International
8. Decision of the US District Court in the case of MasterCard International Incorporated v. Ralph Nader George B. Daniels, District Judge
9. http://www.mastercard.com/nz/promotions/allblacks2006/
10. MasterCard Investor Relations, accessed 04 November 2006
11. MYplash ™ The MasterCard ® Card for Fans
12. get the card
13. parents
14. fans
15. Prepaid Debit Cardholder Agreement Under "Appendix 1: Schedule of Fees" in the "Amount Fee/Fee" table, you can calculate: .75/0.01~3% and .00/.00=10%
External links
★ Official website
★ Corporate website
★ Merchant website
★ Business website
★ How MasterCard Works (interactive site)
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psst.. try this: add to faves
