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Marketplace From American Public MediaArchived July 27, , at the Wayback Machine. knensi.us Retrieved July 13,
  • ^"Class Settlement Preliminary Approval Order pg"(PDF). U.S. District Court. November 27, Retrieved July 9,
  • ^ abLongstreth, Andrew (December 13, ). "Judge approves credit card swipe fee settlement". NBC News. Retrieved July 9,
  • ^"Visa, Mastercard $B settlement gets preliminary okay from court". Seeking Alpha. February 22, Retrieved July 9,
  • ^"Mastercard Financial Statements

    Mastercard

    American multinational financial services corporation

    Mastercard Inc. (stylized as MasterCard from to and mastercard since ) is an American multinationalfinancial services corporation headquartered in the Mastercard International Global Headquarters in Purchase, New York.[3] The Global Operations Headquarters is located in O'Fallon, Missouri, a municipality of St. Charles County, Missouri. Throughout the world, its principal business is to process payments between the banks of merchants and the card-issuing banks or credit unions of the purchasers who use the "Mastercard" brand debit, credit and prepaid cards to make purchases. Mastercard Worldwide has been a publicly traded company since Prior to its initial public offering, Mastercard Worldwide was a cooperative owned by the more than 25, financial institutions that issue its branded cards.

    Mastercard, originally known as Interbank from to and Master Charge from to ,[4] was created by an alliance of several regional bankcard associations in response to the BankAmericard issued by Bank of America, which later became the Visa credit card issued by Visa Inc.

    History[edit]

    Master Charge logo used from to , featuring the original Interbank logo of

    Master Charge logo used from to , featuring the original Interbank logo of

    First MasterCard logo, used from to

    First MasterCard logo, used from to

    MasterCard logo used from to

    MasterCard logo used from to

    MasterCard logo used for corporate branding from to , and on the cards until July 14,

    MasterCard logo used for corporate branding and on the cards from to , and on the cards only until July 14,

    MasterCard corporate logo used from to July 14,

    MasterCard corporate logo used from to July 14,

    Mastercard logo used from July 14, to February 7,

    Mastercard logo used from July 14, to January 7,

    Maestro logo, the debit card subsidiary

    Mondex logo, the stored-value card subsidiary

    Cirrus logo, the interbank network subsidiary

    Although BankAmericard's debut in September was a notorious disaster, it began to turn a profit by May [5] Bank of America deliberately kept this information secret and allowed then-widespread negative impressions to linger in order to ward off competition.[6] This strategy was successful until , when BankAmericard's profitability had become far too big to hide.[6] From to , there were only 10 new credit cards introduced in the United States, but from to , approximately credit cards were introduced by banks large and small throughout the country.[6] These newcomers promptly banded together into regional bankcard associations.[7]

    One reason for why most banks chose to join forces was that at the time, 16 states limited the ability of banks to operate through branch locations, while 15 states entirely prohibited branch banking and required unit banking.[8] A unit bank can legally operate only at a single site and is thereby forced to remain very small.[8] By joining a regional bankcard association, a unit bank could quickly add a credit card to its lineup of financial products, and achieve economies of scale by outsourcing tedious back office tasks like card servicing to the association.[7] Such associations also enabled unit banks to aggregate their customer bases and merchant networks in order to make a credit card useful for both customers and merchants; early credit cards had failed because they could only be used within a small radius around their respective issuing banks.[8]

    In , Karl H. Hinke, an executive vice president at Marine Midland Bank, asked representatives of several other banks to meet him in Buffalo, New York.[9][10] Marine Midland had just launched its own regional bankcard in the Upstate New York market after Bank of America declined its request for a BankAmericard regional license on the basis that Marine Midland was too big.[11] The result of the Buffalo meeting was that several banks and regional bankcard associations soon agreed to join forces as Interbankard, Inc.,[9][10] which then became the Interbank Card Association (ICA).[7] By the end of , ICA had members and Hinke became ICA's chairman.[11] Bank of America eventually joined MasterCard as well.[11] (Ironically, in the 21st century, Bank of America would revive the BankAmericard brand name as a Mastercard credit card, which it remains today.)

    The Interbank branding in initially consisted only of a small unobtrusive lowercase i inside a circle in the lower right-hand corner of the front of each Interbank card; the rest of the card design was the prerogative of each issuing bank.[12] This tiny logo proved to be entirely unsatisfactory for creating nationwide brand awareness in order to compete against the established leader, BankAmericard.[12] In , Interbank developed a new national brand, "Master Charge: The Interbank Card" by combining the two overlapping yellow and orange circles of the Western States Bankcard Association with the "Master Charge" name coined by the First National Bank of Louisville, Kentucky.[12]

    That same year, First National City Bank joined Interbank and merged its proprietary Everything Card with Master Charge.

    In , the ICA and Eurocard started a strategic alliance, which effectively allowed the ICA access to the European market, and for Eurocard to be accepted on the ICA network. The Access card system from the United Kingdom joined the ICA/Eurocard alliance in [13]

    In , "Master Charge: The Interbank Card" was renamed "MasterCard".[13] In , MasterCard took over the Access card; the Access brand was then retired.[citation needed]

    In , MasterCard International Inc. became the first bank to use holograms as part of their card security.[14]

    In , MasterCard International merged with Europay International, another large credit-card issuer association, of which Eurocard had become a part in [15]

    In mid, MasterCard International changed its name to MasterCard Worldwide. This was to suggest a more global scale. 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, remained unchanged). A new corporate tagline was introduced at the same time: "The Heart of Commerce".[16]

    In August , MasterCard expanded its e-commerce offering with the acquisition of DataCash, a UK-based payment processing and fraud/risk management provider.[17][18]

    In March , MasterCard announced the expansion of its mobile contactless payments program, including markets across the Middle East.[19]

    In spring , MasterCard acquired Australia's leading rewards program manager company Pinpoint for an undisclosed amount.[20]

    Mastercard teamed with Apple in September , to incorporate a new mobile wallet feature into Apple's new iPhone and Apple Watch models known as Apple Pay, enabling users to more readily use their Mastercard, and other credit cards.[21]

    In July , Mastercard introduced their new rebranding, along with a new corporate logo. In addition, they changed their service name from "MasterCard" to "mastercard".[22]

    In August , Mastercard acquired Brighterion, a Delaware Corporation headquartered in San Francisco, California that provides a portfolio of artificial intelligence and machine learning technologies.[23] Brighterion holds several patents.[24]

    In January , Mastercard removed its name from its logo, leaving just the overlapping discs.[25]

    In April , Mastercard created a calculator that gathers information and measures the carbon footprints of the customers in order to help them know how much they are contributing in carbon emissions and global warming.[26] Also in , Mastercard was ranked number 13 on Morning Consult's list of most trusted brands.[27]

    IPO[edit]

    The company, which had been organized as a cooperative of banks, had an initial public offering on May 25, , selling million shares at $39 each.[28] The stock is traded on the NYSE under the symbol MA, with a market capitalization of $ billion as of May [29]

    Litigation[edit]

    Antitrust lawsuit by ATM operators[edit]

    Mastercard, along with Visa, has been sued in a class action by ATM operators that claim the credit card networks' rules effectively fix ATM access fees. The suit claims that this is a restraint of trade in violation of federal law. The lawsuit was filed by the National ATM Council and independent operators of automated teller machines. More specifically, it is alleged that Mastercard's and Visa's network rules prohibit ATM operators from offering lower prices for transactions over PIN-debit networks that are not affiliated with Visa or Mastercard. The suit says that this price-fixing artificially raises the price that consumers pay using ATMs, limits the revenue that ATM operators earn, and violates the Sherman Act's prohibition against unreasonable restraints of trade. Johnathan Rubin, an attorney for the plaintiffs said, "Visa and Mastercard are the ringleaders, organizers, and enforcers of a conspiracy among U.S. banks to fix the price of ATM access fees in order to keep the competition at bay."[30]

    Debit card swipe fee price fixing[edit]

    Both Mastercard and Visa have paid approximately $3 billion in damages resulting from a class-action lawsuit filed in January [31] The litigation cites several retail giants as plaintiffs, including Wal-Mart, Sears, Roebuck & Co., and Safeway.[32]

    Antitrust settlement with U.S. Justice Department[edit]

    In October , Mastercard and Visa reached a settlement with the U.S. Justice Department in another antitrust case. The companies agreed to allow merchants displaying their logos to decline certain types of cards (because interchange fees differ), or to offer consumers discounts for using cheaper cards.[33]

    Payment card interchange fee and merchant discount antitrust litigation[edit]

    Main article: Payment card interchange fee and merchant discount antitrust litigation

    On November 27, , a federal judge entered an order granting preliminary approval to a proposed settlement to a class-action lawsuit[34] filed in by merchants and trade associations against Mastercard and Visa. The suit was filed due to alleged price-fixing practices employed by Mastercard and Visa. About one-fourth of the named class plaintiffs have decided to opt-out of the settlement. Opponents object to provisions that would bar future lawsuits and prevent merchants from opting out of significant portions of the proposed settlement.[35]

    Plaintiffs allege that Visa Inc. and Mastercard fixed interchange fees, also known as swipe fees, that are charged to merchants for the privilege of accepting payment cards. In their complaint, the plaintiffs also alleged that the defendants unfairly interfere with merchants from encouraging customers to use less expensive forms of payment such as lower-cost cards, cash, and checks.[35]

    A settlement of $ billion has been reached and a court is scheduled to approve or deny the agreement on November 7, [36]

    Finances[edit]

    Year Revenue
    in mil. US-$
    Operational Income
    in mil. US-$
    Price per Share
    in US-$
    Employees
    2,
    3,
    4, 1,
    4,
    5, 2,
    5, 2,
    6, 2,
    7, 3,
    8, 4, 8,
    9, 5, 10,
    9, 5, 11,
    10, 5, 11,
    12, 6, 13,
    14, 7, 14,
    16, 9, 18,
    15, 8, 21,

    As of , Mastercard ranked on the Fortune list of the largest United States corporations by revenue.[38]

    Selling of credit card data[edit]

    In , Bloomberg News reported that Google had paid millions of dollars to Mastercard for its users' credit card data for advertising purposes. The deal had not been publicly announced.[39][40]

    Cryptocurrency[edit]

    On February 10, , Mastercard announced their support of cryptocurrencies saying that later in , Mastercard will start supporting select cryptocurrencies directly on their network. One of the main focus areas that Mastercard wants to support is using digital assets for payments, and that crypto assets will need to offer the stability people need in a vehicle for spending, not investment.[41][42] In October , Mastercard announced that through its partnership with Bakkt, any bank or merchant on its network would soon be able to offer crypto services.[43]

    Criticism[edit]

    Antitrust issues in the United States[edit]

    Few companies have faced more antitrust lawsuits both in the US and abroad.[44]

    Mastercard, along with Visa, engaged in systematic parallel exclusion against American Express during the s and s. Mastercard used exclusivity clauses in its contracts and blacklists to prevent banks from doing business with American Express. Such exclusionary clauses and other written evidence were used by the United States Department of Justice in regulatory actions against Mastercard and Visa.[45]Discover has sued Mastercard for similar issues.[44]

    In about 4 million merchants sued Mastercard in federal court for making them accept debit cards if they wanted to accept credit cards and dramatically increasing credit card swipe fees. This case was settled with a multibillion-dollar payment in This was the largest antitrust award in history.[44]

    In , the Department of Justice sued Mastercard over rules prohibiting their issuing banks from doing business with American Express or Discover. The Department of Justice won in and the verdict withstood appeal. American Express also filed suit.[44]

    On August 23, , Mastercard International Inc. was sued for violating the Florida Deceptive and Unfair Trade Practices Act.[46]

    On November 15, , Mastercard Inc. paid damages to American Express, due to anticompetitive practices that prevented American Express from issuing cards through U.S. banks,[47] and paid $ billion for settlement.[48]

    Antitrust investigations in Europe[edit]

    The European Union has repeatedly criticized Mastercard for monopolistic trade practices. In April , Mastercard reached a settlement with the European Union in an antitrust case, promising to reduce debit card swipe fees to percent of purchases.[49] In December , a senior official from the European Central Bank called for a break-up of the Visa/Mastercard duopoly by the creation of a new European debit card for use in the Single Euro Payments Area (SEPA).[50]

    WikiLeaks published documents showing that American authorities lobbied Russia to defend the interests of Visa and Mastercard.[51] In response Mastercard blocked payments to WikiLeaks. Members of the European Parliament expressed concern that payments from European citizens to a European corporation could apparently be blocked by the United States, and called for a further reduction in the dominance of Visa and Mastercard in the European payment system.[52]

    In , Mastercard was under investigation by the European Union for the high fees it charged merchants to accept cards issued outside the EU, compared to cards issued in the EU, as well as other anti-competitive practices that could hinder electronic commerce and international trade, and high fees associated with premium credit cards. The EU's competition regulator said that these fees were of special concern because of the growing role of non-cash payments. Mastercard was banned from charging fees on cross-border transactions conducted wholly within the EU via a ruling by the European Commission in [53] The European Commission said that their investigation also included large differences in fees across national borders. For instance, a €50 payment might cost € in the Netherlands but eight times that amount in Poland. The Commission argues that Mastercard rules that prohibit merchants from enjoying better terms offered in other EU countries may be against antitrust law.

    The European Consumer Organisation (BEUC) praised the action against Mastercard. BEUC said interbank fees push up prices and hurt consumers. BEUC Director General Monique Goyens said, "So in the end, all consumers are hit by a scheme which ultimately rewards the card company and issuing bank."[53]

    In January , the European Commission imposed an antitrust fine of €,, to Mastercard for "obstructing merchants' access to cross-border card payment services", due to Mastercard's rules obliging acquiring banks to apply the interchange fees of the country where a retailer was located. The Commission concluded that Mastercard's rules prevented retailers from benefitting from lower fees and restricted competition between banks cross border, in breach of EU antitrust rules. The infringement of antitrust rules ended when Mastercard amended its rules due to the entering into force of the Interchange Fee Regulation in , which introduced caps on interchange fees. The Commission did grant Mastercard a 10% reduction of the fine however, in return for Mastercard acknowledging the facts and cooperating with the antitrust investigation.[54]

    In February , following an investigation by the UK Payment Systems Regulator, Mastercard admitted liability for breaching competition rules in relation to pre-paid cards.[55]

    Regulatory action in Australia and New Zealand[edit]

    In , the Reserve Bank of Australia required that interchange fees be dramatically reduced, from about % of the transaction to approximately %.[citation needed] One notable result has been the reduced use of reward cards and increased use of debit cards. Australia also prohibited the "no surcharge" rule, a policy established by credit card networks like Visa and Mastercard to prevent merchants from charging a credit card usage fee to the cardholder. A surcharge would mitigate or even exceed the merchant discount paid by a merchant, but would also make the cardholder more reluctant to use the card as the method of payment. Australia has also made changes to the interchange rates on debit cards and has considered abolishing interchange fees altogether.

    As of November , New Zealand was considering similar actions, following a Commerce Commission lawsuit alleging price-fixing by Visa and Mastercard. In New Zealand, merchants pay a % fee on every credit card transaction.[citation needed]

    Blocking payments to WikiLeaks[edit]

    In December , Mastercard blocked all payments to WikiLeaks due to claims that they engage in illegal activity.[56] In response, a group of online activists calling themselves "Anonymous" organized a denial-of-service attack; as a result, the Mastercard website experienced downtime on December 8–9, [57] On December 9, the servers of Mastercard underwent a massive attack[58] as part of an Operation Avenge Assange for closing down payments of whistleblowing platform WikiLeaks. According to several news sites, the security of thousands of credit cards was compromised during that attack due to a phishing-site set up by the attackers.[59] However, Mastercard denied this, stating that "cardholder account data has not been placed at risk".[60] WikiLeaks spokesman said: "We neither condemn nor applaud these attacks."[61]knensi.us Commissioner for Human Rights, Navi Pillay said that closing down credit lines for donations to WikiLeaks "could be interpreted as an attempt to censor the publication of information, thus potentially violating WikiLeaks' right to freedom of expression".[62]

    DataCell, the company that enables WikiLeaks to accept credit and debit card donations, said it would take legal action against Visa Europe and Mastercard.[63]Iceland-based IT firm DataCell said it would move immediately to try to force the two companies to resume allowing payments to the website.[citation needed] DataCell had earlier[when?] said that suspension of payments towards WikiLeaks is a violation of the agreements with their customers. On July 14, DataCell announced they had filed a complaint with the European Commission claiming the closure by Visa and Mastercard of Datacell's access to the payment card networks violated the competition rules of the European Community.[64]

    On July 12, a Reykjavík court ruled that Valitor, Visa and Mastercard's partner in Iceland, had to start processing donations within fourteen days[65] or pay daily fines to the amount of ISK , (some $) for each day after that time, to open the payment gateway. Valitor also had to pay DataCell's litigation costs of ISK 1,,[66][67]

    Corporate branding of all Nigerian ID Cards[edit]

    In , pursuant to an agreement between Mastercard and the Nigerian Government, acting through the National Identity Management Commission, the new Nigerian ID cards will bear the Mastercard logo, contain personal database data and double as payment cards, irrevocably linking such payments to the individuals,[68] sparking criticism by the Civil Rights Congress alleging that it "represents a stamped ownership of a Nigerian by an American company reminiscent of the logo pasted on the bodies of African slaves transported across the Atlantic."[69]

    Prepaid debit cards[edit]

    Mastercard, Comerica Bank, and the U.S. Treasury Department teamed up in to create the Direct Express Debit Mastercard prepaid debit card. The federal government uses the Express Debit product to issue electronic payments to people who do not have bank accounts, who are often referred to collectively as the "unbanked". Comerica Bank is the issuing bank for the debit card.

    The Direct Express cards give recipients a number of consumer protections.

    In June , Mastercard announced a partnership with British Airways to offer members the Executive Club Multi-currency Cash Passport, which will allow members to earn extra points and make multi-currency payments. The Passport card allows users to load up to ten currencies (euro, pound, U.S. dollar, Turkish Lira, Swiss franc, Australian dollar, Canadian dollar, New Zealand dollar, U.A.E. dirham, and South African rand) at a locked-in rate. When used, the card selects the local currency to ensure the best exchange rate, and if the local currency is not already loaded onto the card, funds are used from other currencies.[citation needed]

    Advertising[edit]

    Mastercard's current advertising campaign tagline is Priceless. The slogan associated with the campaign is "There are some things money can't buy. For everything else, there's Mastercard." The Priceless campaign in more recent iterations has been applicable to both Mastercard's credit card and debit card products. They also use the Priceless description to promote products such as their "priceless travel" site which features deals and offers for Mastercard holders,[70] and "priceless cities", offers for people in specified locations.[71]

    Mastercard MarketPlace[edit]

    Through a partnership with an Internet company that specializes in personalized shopping, Mastercard introduced a Web shopping mall on April 16, , that it said can pinpoint with considerable accuracy what its cardholders are likely to purchase.[72]

    Mastercard Track Business Payment Service[edit]

    In May , Mastercard announced that it's launching the Mastercard Track Business Payment Service. The service will provide business-to-business (B2B) payments between buyers and suppliers. According to James Anderson, the Mastercard EVP of global commercial products, "The service creates a directory of suppliers, enabling suppliers to publish their payment rules so they can better control how they receive payments while making it easier for buyers to find suppliers and understand their requirements."[73]

    [edit]

    Mastercard sponsors major sporting events and teams throughout the world. These include rugby's New Zealand, the MLB, the UEFA Champions League and the PGA Tour's Arnold Palmer Invitational. Previously, it also sponsored the FIFA World Cup but withdrew its contract after a court settlement and its rival, Visa, took up the contract in [74] In , Mastercard was the main sponsor of the Mastercard LolaFormula One team,[75] which withdrew from the Formula One season after its first race due to financial problems.[citation needed] It also partners the Brazil national football team[76] and the Copa Libertadores.[77]

    Mastercard was also the title sponsor for the Alamo Bowl game from until

    In late , Mastercard became the first major sponsor for League of Legendsesports. The company sponsors the League of Legends World Championship, Mid-Season Invitational, and the All-stars event for League of Legends.[78]

    Untill , Mastercard was the sponsor of the Memorial Cup, the CHL's annual championship between its 3 leagues.

    Corporate affairs[edit]

    Headquarters[edit]

    Main article: MasterCard International Global Headquarters

    Mastercard has its headquarters in the Mastercard International Global Headquarters in Purchase, New York.[79]

    The Global Operations Center is located in O'Fallon, Missouri, a suburb of St. Louis.

    Management and board of directors[edit]

    Key executives include:[80]

    • Michael Miebach: president and chief executive officer
    • Walt Macnee: vice chairman
    • Robert Reeg: president – global technology & operations
    • Raja Rajamannar: chief marketing officer – global marketing
    • Gary Flood: president – products & services
    • Noah Hanft: general counsel, chief franchise officer and corporate president
    • Michael Fraccaro: chief human resources officer
    • Chris McWilton: president – North American markets
    • Ann Cairns: president – international markets
    • Javier Perez: president – Europe
    • Kevin Stanton: Chief Transformation Officer
    • Vicky Bindra: president – Asia-Pacific
    • Betty Devita: president - Canada
    • Gilberto Caldart: president - Latin America & Caribbean

    Prior to its IPO in , Mastercard was an association that had a board of directors composed of banks. The current board of directors includes the following individuals:[81]

    • Ajay Banga, Executive Chair
    • Silvio Barzi, former senior advisor, and executive officer, UniCredit Group
    • David R. Carlucci, former chairman and chief executive officer, IMS Health Incorporated
    • Steven J. Freiberg, senior advisor, The Boston Consulting Group
    • Nancy J. Karch, director emeritus, McKinsey & Company
    • Marc Olivie, president, and chief executive officer, W.C. Bradley Co.
    • Rima Qureshi, senior vice president strategic projects, Ericsson
    • Jose Octavio Reyes Lagunes, vice chairman, Coca-Cola Export Corporation, The Coca-Cola Company
    • Mark Schwartz, vice chairman, The Goldman Sachs Group, Inc., chairman, Goldman Sachs Asia Pacific
    • Edward Suning Tian, chairman, China Broadband Capital Partners, L.P.
    • Jackson P. Tai, former vice-chairman, and chief executive officer, DBS Group and DBS Bank Ltd.

    In June , Mastercard announced the promotion of Gilberto Caldart to head of Latin America and Caribbean divisions. Caldart joined Mastercard from Citi Brazil in , where he served as country business manager and oversaw the retail bank, consumer finance, and card business. He holds a bachelor's degree in business administration and accounting, as well as a master's degree from Duke University.[citation needed]

    Company culture[edit]

    Mastercard was listed as one of the best companies to work for in by Forbes.[82]

    In , Mastercard UK became one of companies who signed the HM Treasury's Women in Finance Charter, a pledge for balanced gender representation in the company.[83]

    Mastercard Contactless[edit]

    The "contactless" card symbol
    PayPass RFIDchip from a Mastercard

    Mastercard Contactless (formerly branded PayPass[84]) is an EMV-compatible, contactless payment feature similar to American Express' ExpressPay, and Visa Contactless. All three use the same symbol as shown on the right. It is based on the ISO/IEC 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. Contactless can currently be used on transactions up to and including 45 GBP, 50 EUR, 40 CHF, 50 USD, CAD, SEK, NOK, PLN, DKK, 80 NZD, AUD, RUB, UAH, TRY or INR.

    In , Mastercard concluded a nine-month PayPass market trial in Orlando, Florida with JPMorgan Chase, Citibank, and MBNA. More than 16, cardholders and more than 60 retailer locations participated in the market trial.[needs update] In addition, Mastercard worked with Nokia and the Nokia ,[85]AT&T Wireless, and JPMorgan Chase to incorporate Mastercard PayPass into mobile phones using near-field communication technology, in Dallas, Texas. In , Google and Mastercard launched Google Wallet, an Android application which allows a mobile device to send credit/debit card information directly to a Paypass-enabled payment terminal, bypassing the need for a physical card, up until the creation of Android Pay.

    During late , Citicards in the USA stopped issuing Paypass-enabled plastic, but the keyfob was still available upon request. Effective July 16, , Citicards stopped supporting Paypass completely. While existing plastic and keyfobs continued to work until their expiration date, no new Paypass-enabled hardware was issued to US customers after that date.

    World Beyond Cash[edit]

    In , CEO Ajay Banga reinforced the company's goal of extending financial services to those outside the current system by bringing digital payment systems to the unbanked around the world. The company invested $M in India with offices in Pune and Vadodara to help Mastercard bring cashless transactions to the 2nd largest population in the world. The company also is scheduled to invest an additional $M in cashless apps and technology, especially focused on India between and [86]

    QkR[edit]

    QkR is a mobile payment app developed by Mastercard, for the purpose of ordering products and services through a smartphone with payments charged to the associated credit card. It is being deployed for use in large-scale events, such as sport events, concerts, or movie theaters. Unlike other Mastercard mobile payment apps such as Pay Pass, QkR does not use NFC from the phone, but rather an Internet connection.

    Users can open the app, scan a QR code located on the back of the seat in front of them, and place orders for refreshments of their choice.[87][88] The order is dispatched to a nearby concession stand, from where a runner delivers the items to the patrons' seats. It is already deployed in Australian movie theaters and is being tested in Yankee Stadium.

    QkR is being marketed to vendors as a replacement for other mobile payment apps and a mobile ordering app, either distributed by the vendor (such as Starbucks's app, McDonald's' app, or Chipotle's mobile ordering app) or by a third party, such as Square, headed by Twitter cofounder Jack Dorsey.

    Banknet[edit]

    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. Banknet uses the ISO protocol.

    Mastercard's network differs significantly 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.[89]

    COVID assistance[edit]

    Mastercard approached TrustStamp in and invited them to join the Mastercard Start Path Program. The goal of the partnership is integrating TrustStamp's biometric and facial recognition technology into the Mastercard Well Pass platform. This partnership would enable biometric tracking of vaccinations, especially for children.[90] The program is based on the TrustStamp Evergreen Hash, which is a personal digital token that is tied to a fingerprint, palm or face. The AI software creates a 3D 'mask' and then the original data is destroyed. The token would then adapt as the individual does, creating a lifelong identification system.[91]

    This system is now being implemented in West Africa through partnership with GAVI, The Bill and Melinda Gates Foundation and NuData. The Mastercard wellness program was adapted in response to the COVID crisis[92] and now Mastercard is working with TrustStamp and GAVI to bring integrated vaccine verification and payment systems to Developing countries throughout the world.[93]

    Publications[edit]

    Mastercard provides a lot of documents publicly:

    See also[edit]

    References[edit]

    1. ^ abcdef"Mastercard Incorporated Annual Report (Form K)"(PDF). knensi.us. U.S. Securities and Exchange Commission. February
    2. ^"Mastercard Drops Its Name From Company Logo". Fortune. Retrieved January 10,
    3. ^"MasterCard Incorporated Reports Fourth-Quarter and Full-Year Financial Results". MasterCard.
    4. ^"MasterCard Corporate Milestones". Archived from the original on May 14, Retrieved November 13, CS1 maint: unfit URL (link)
    5. ^Stearns, David L. (). Electronic Value Exchange: Origins of the Visa Electronic Payment System. London: Springer. p.&#; ISBN&#;. Available through SpringerLink.
    6. ^ abcStearns, David L. (). Electronic Value Exchange: Origins of the Visa Electronic Payment System. London: Springer. p.&#; ISBN&#;. Available through SpringerLink.
    7. ^ abcStearns, David L. (). Electronic Value Exchange: Origins of the Visa Electronic Payment System. London: Springer. p.&#; ISBN&#;. Available through SpringerLink.
    8. ^ abcStearns, David L. (). Electronic Value Exchange: Origins of the Visa Electronic Payment System. London: Springer. p.&#; ISBN&#;. Available through SpringerLink.
    9. ^ abJennings, Robert (September 8, ). "Credit Card Industry to Salute Three Pioneers". American Banker. p.&#; Available through ProQuest.
    10. ^ abLoomis, Jay (November 28, ). "MasterCard Turns 40". The Journal News. p.&#;C7. Available through ProQuest.
    11. ^ abc"Karl H. Hinke, Pioneer Of The MasterCard". Associated Press. December 24, Retrieved November 28,
    12. ^ abcStearns, David L. (). Electronic Value Exchange: Origins of the Visa Electronic Payment System. London: Springer. p.&#; ISBN&#;. Available through SpringerLink.
    13. ^ ab"History of MasterCard International Inc". Funding Universe. Retrieved June 13,
    14. ^Harper, Gavin (July 12, ). Holography Projects for the Evil Genius. McGraw-Hill. p.&#;4. ISBN&#;.
    15. ^"MasterCard And Europay Merge To Form a Global Payments Company". BankTech. July 16, Retrieved June 13,
    16. ^Loomis, Jay (June 28, ). "MasterCard changing name". The Journal News. White Plains, NY. Retrieved July 5,
    17. ^Spillane, Chris (August 19, ). "MasterCard to Acquire DataCash for Million Pounds". knensi.us. Bloomberg. Retrieved March 7,
    18. ^Farrell, Sean (August 19, ). "MasterCard pays £m for British online payments firm DataCash". The Independent. London. Archived from the original on November 30, Retrieved March 7,
    19. ^Rima Ali Al Mashni (March 7, ). "QNB Group, Qtel, Oberthur and MasterCard introduce first mobile Near Field Communication payments program in Qatar". knensi.us Archived from the original on March 9, Retrieved March 7,
    20. ^"Mastercard to acquire Business Reward Services Provider Pinpoint". knensi.us April 17, Retrieved April 17,
    21. ^"Apple teams with payment networks to turn iPhone into wallet". knensi.us September 1, Retrieved September 1,
    22. ^Olenski, Steve. "The Story Behind Mastercard's New Logo". Forbes. Retrieved May 7,
    23. ^"Mastercard Enhances Artificial Intelligence Capability with the Acquisition of Brighterion, Inc. - Global Hub". knensi.us. Retrieved September 23,
    24. ^"Patents by Assignee Brighterion, Inc". Justia Patents Search. August 7, Retrieved September 23,
    25. ^Diaz, Ann-Christine (January 21, ). "From 'Priceless' to Wordless: In dropping the moniker from its brandmark, Mastercard highlights the pitfalls and positives of going name-free". Advertising Age. 90 (2). p.&#;
    26. ^Alexis Benveniste. "Mastercard launches carbon calculator in its latest attempt to go green". CNN. Retrieved April 12,
    27. ^"Morning Consult's Most Trusted Brands ". Morning Consult. Retrieved May 31,
    28. ^"MasterCard IPO rises 40% from discounted price". MarketWatch. May 25, Retrieved June 3,
    29. ^"Yahoo Finance". knensi.us Retrieved May 25,
    30. ^"ATM Operators File Antitrust Lawsuit Against Visa and MasterCard" (Press release). PR Newswire. October 12,
    31. ^Visa/MasterCard LitigationArchived April 26, , at the Wayback Machine, January 1,
    32. ^knensi.ushived August 9, , at the Wayback Machine. Retrieved July 13,
    33. ^Vanek, Stacey. (October 4, ) Visa, Mastercard settlement means more flexibility for merchants Expatica Switzerland. knensi.us Retrieved July 13,
    34. ^News – DataCell – Coolest Datacenter on the Planet. DataCell (March 24, ). Retrieved July 13,
    35. ^"DataCell files a complaint with the European Commission", knensi.us, July 14, Retrieved 5 Augusti
    36. ^"Tvingas öppna för WikileaksdonationerArchived July 15, , at the Wayback Machine" (in Swedish)Sveriges Television, July 12, Retrieved July 30,
    37. ^"Judgement Reykjavík District Court, 12 July in case number E/ Datacell ehf.", English translation of judgment. Retrieved November 9,
    38. ^WikiLeaks Wins Icelandic Court Battle Against Visa for Blocking Donations

      Screenshots

      Description

      Bank conveniently and securely with the Bank of America® Mobile Banking app for U.S.-based accounts.

      Manage Accounts
      • Review activity in checking, savings and credit card accounts
      • View mortgage, auto loan and other account balances
      • Activate or replace credit/debit cards
      • Order checks
      • Set alerts for important account info

      Transfer Money
      • Securely send and receive money with Zelle® using a U.S. mobile number or email address¹
      • Transfer funds between your Bank of America accounts

      Bill Pay (available for eligible accounts)
      • Pay bills
      • Schedule, edit and cancel payments
      • Add and edit payees

      Check Deposit
      • Take photos of checks to deposit them
      • Immediately see the processing deposit in your account²

      Erica, Your Virtual Financial Assistant³
      • Ask Erica to find transactions, pay bills and more
      • Get valuable alerts, helpful insights and financial guidance

      Contact Us
      • Reach a representative for help
      • Schedule an appointment to meet with a specialist
      • Find ATMs and financial centers

      Special Offers & Deals
      • Get cash back with BankAmeriDeals® when you use your eligible Bank of America credit/debit cards
      • Receive credit card offers

      Security
      • Set up Touch ID® / Face ID®
      • If fraudulent activity is suspected on your card, we'll notify you
      • With our Mobile Banking Security Guarantee, you’re not liable for fraudulent transactions when reported promptly⁴

      See the Online Banking Service Agreement at knensi.us for more information. Mobile carrier message and data rates may apply.

      ¹ Transfers require enrollment and must be made from a Bank of America consumer checking or savings account to a domestic bank account or debit card. Recipients have 14 days to register to receive money or the transfer will be canceled. Dollar and frequency limits apply.
      ² Deposits are subject to verification and not available for immediate withdrawal. Other restrictions apply.
      ³ Erica only listens or speaks when you tap the microphone and retains interactions to optimize your experience. Erica speaks aloud and hears and responds to all voices. Erica is only available in English.
      ⁴ You’re not liable for fraudulent Mobile Banking transactions when you notify the bank within 60 days of the transaction first appearing on your statement and comply with security responsibilities.

      Investing involves risk. There is always the potential of losing money when you invest in securities.

      Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as “MLPF&S” or “Merrill”) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (“BofA Corp.”). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

      Investment, insurance and annuity products:
      • Are Not FDIC Insured
      • Are Not Bank Guaranteed
      • May Lose Value

      All features may not be available in iPad.

      Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.


      iPhone, iPad, Touch ID and Face ID are registered trademarks of Apple Inc.

      Bank of America and related trademarks are trademarks of Bank of America Corporation
      Bank of America, N.A. Member FDIC

      Version

      New in this release:

      · Send or request money faster by adding the new BofA Zelle® widget to your device
      · Minor enhancements and bug fixes

      Ratings and Reviews

      out of 5

      M Ratings

      The Beginning by, Me.

      When I finally received my I-Phone, it was time to try banking on line. I downloaded this app & began a totally new adventure. As time provides, I’ve been slowly delving into what I thought would be an amazing experience where banking and bill pay would become easily completed with minimal effort. Wrong, not entirely true. At this point I am frustrated. To simply pay my bills every month, without fumbles, less stress and time, I find out from ALL options, I’m not able to do online banking to pay aforementioned bills because I don’t have the necessary accounts available to do so. I have checking, savings and a fairly healthy CDI wonder, why can’t I bank online? Why does it say I’m unable to use this app for online banking because I haven’t the accounts to do so? Huh? What? I’m so confused! I can’t locate the forms I need eitherI want to be sure when I pass, my daughter receives all my monies from these “Appropriately Established” accounts! I’ve called 3 times to have the forms mailed to meto no avail and I’m unable to pay my bills online. I’m disabled, hooked up to oxygen, unable to go into the bank as I mentioned when I called. I was told to open online banking that that would help me handle everything from home. If I figure it out one day, you’ll receive the 5th star. Take care my friend.

      BofA Scam

      Ok I don’t know if I’m talking about the bank of the Benk’s employees. I walked into the bank branch the other day to make a deposit and the teller convinced me to talk to a small business representative and so I did. The business representative explained to how easy and worth was for me to open a line of credit and before I could think they had me filling an application. On the conversation I explained all my life to the financing agent and said that I did not want a hard inquiry in my credit for no reason. She told me the for her experience and my record with the bank it would not be a problem to get the line of credit. I trusted her and went for it.
      After 7 days an other agent called me for an interview over the phone and she denied me based on my records; recored that they had access all along. So my review here is for you to be aware of shifting employees in branch who want to make a little extra with total disregard with people’s life. They don’t care if your credit will be damaged or your time wasted all they care is that they make they percentual extra money. Or it could be the bofa system too that operates on forcing them to screw clients with the complete disregard with damaging their personal life.
      So it could be the bank, the employees or both.

      Hello ghridb, We regret to hear that you are dissatisfied with the service experience at BofA. Within this app review section, we are here to assist with your mobile app related needs and functionality. We strive to provide you with a 5 star app experience. Thanks for the review! -Ashlyn

      Auto payment

      Your auto payment feature is unacceptable. For some accounts you do not allow payment of statement balance or minimum payment amount which makes it impossible to automatically pay each month to avoid a late payment. You actually require a dollar amount and that can result in an overpayment which we then have to request to be refunded. That did happen to me. So I shut it off and as a result I was charged a late payment for being a few days late paying because I could not access my account to pay an unexpected charge that went through the account. Which leads to my next complaint about the website.

      I could not remember my password and therefore could not get a reset as I did not have my credit card available. Instead of allowing reset like other credit card companies by answering chosen questions, you make us enter the account number which I did not have because I could not access my statements which are delivered online. Since I did not have my card with me, I had to call in having to try to call back multiple times as your lines are very busy. By the time I was able to get a person on the phone, I was 3 or 4 days late paying and you had charged me a late payment. I always pay on time. You have years of history with me paying on time, yet your customer service refused to refund the charge even though I have years of history paying on time and only was late because I could not get into the account.

      Your online experience it terrible.

      Hello skier, thanks for the detailed review. We'll pass this feedback along to our design team. We strive to improve our app based on user feedback. Please keep an eye out for future app updates to enhance your mobile banking experience. -Ashlyn

      The developer, Bank of America, indicated that the app’s privacy practices may include handling of data as described below. For more information, see the developer’s privacy policy.

      Data Linked to You

      The following data may be collected and linked to your identity:

      • Location
      • User Content
      • Identifiers
      • Usage Data
      • Diagnostics

      Data Not Linked to You

      The following data may be collected but it is not linked to your identity:

      • User Content
      • Search History

      Privacy practices may vary, for example, based on the features you use or your age. Learn More

      Information

      Seller
      Bank of America

      Size
      MB

      Category
      Finance

      Compatibility
      iPhone
      Requires iOS or later.
      iPad
      Requires iPadOS or later.
      iPod touch
      Requires iOS or later.
      Languages

      English, Spanish

      Age Rating
      4+

      Copyright
      © Bank of America Corporation

      Price
      Free

      Supports

      • Wallet

        Get all of your passes, tickets, cards, and more in one place.

      • Family Sharing

        With Family Sharing set up, up to six family members can use this app.

      • Siri

        Get things done within this app using just your voice.

      More By This Developer

      You Might Also Like

      Источник: knensi.us

      STRONG ROOTS

      FOR A STRONG FUTURE

      Sound guidance. Financial products and services tailored to your needs. PlainsCapital will help you go places, even if you never leave home.

      AND SWITCH TO E-STATEMENTS

      Switch to convenient online bank statements that keep your account information secure. The environment will thank you!

      TO GROW YOUR BUSINESS

      As an SBA Preferred Lender, PlainsCapital Bank can help you grow, expand, or launch your business with an SBA loan.

      How Can We Help You?

      PersonalBusiness

      We Take Your Banking Personally

      No matter how big we grow, we’re a hometown bank at heart. We look after our customers the way we look after our neighbors. Because at the end of the day, we’re not in the money business — we’re in the people business.

      PERSONAL

      A Partner You Can Trust

      PlainsCapital is more than just a bank. We’ll be your trusted partner through every phase of building and growing your business. With PlainsCapital, you get face-to-face, personalized service tailored to your needs. Along with our comprehensive suite of financial products and services, you’ll get guidance on every aspect of growing and running your business, from someone who knows and cares about you.

      BUSINESS

      Keeping Your Money Safe: COVID Coronavirus Scams

      Cyber criminals will stop at nothing to acquire your personal and confidential information, even using the latest news or current events as a way to mislead you. Recently, the threat posed by coronavirus has ignited an international health emergency. That’s when scammers will attempt to make your fear and concern work to their benefit with coronavirus scams.

      4 Ways to Improve the SEO Efforts of Your Business

      While there are many aspects to Search Engine Optimization (SEO), you don’t have to be overwhelmed. Following are four simple and effective ways to improve the SEO efforts of your business and keep ahead of the competition.

      4 Best Apps for Managing Your Personal Finances

      With today’s ever-advancing technology, finding apps for managing your personal finances has never been easier. But not every mobile money management tool out there is actually worth downloading and learning to use. Whether you need a program that pays your bills or simply lets you know when your bank account is running low, the solution is likely on this list.

      Staying Ahead

      See the latest news and insights happening at PlainsCapital Bank.

      5 Ways to Increase Sales on Your Website

      With Black Friday and Cyber Monday behind us, the holiday shopping season is officially in full swing. And if you’re a business owner, that means it’s likely one of the busiest times of the year. If you’re looking to grab new customers online, or keep your current ones coming back, we have a few tips […]

      Do&#;s and Don&#;ts When Adding Authorized Users to a Card

      Adding authorized users to your credit card is a thoughtful gesture. It’s become a common way to help, typically, a child, spouse, or other family member build credit. But while this can be helpful for the authorized user, it can also be risky for you as the account holder. To help you avoid any credit […]

      How to Avoid Payment Processing Issues When Running a Multi-Location Franchise

      Running a multi-location franchise comes with a variety of responsibilities and challenges. One of these is knowing how to avoid payment processing issues, because a steady revenue stream is a lifeline for your business’ survival. Below are some strategies to help you manage payment processing to keep your locations running smoothly and efficiently. Protect Yourself […]

      Copyright © PlainsCapital Bank

      Equal Housing Lender
      Источник: knensi.us
      Threat Level. knensi.us
    39. ^"SCANDALOUS: Outrage in Nigeria as government brands National ID Card with MasterCard's logo". Premium Times. August 29,
    40. ^"SCANDALOUS: Outrage in Nigeria as government brands National ID Card with MasterCard's logo". Premium Times. August 29,
    41. ^"Priceless Travel". MasterCard UK. Archived from the original on September 5, Retrieved July 13,
    42. ^MasterCard Priceless CitiesArchived April 21,at knensi.us knensi.us (August 30, ).
    43. ^Martin, Andrew (April pueblo bank and trust hours, ). "MasterCard Set to Open an Online Shopping Mall". The New York Times.
    44. ^Keyes, Daniel. "Mastercard launches its B2B payments service". Business Insider. Retrieved May 13,
    45. ^Visa signs $m deal with Fifa. BBC News (June 28, ). Retrieved July 13,
    46. ^Collins, S. S. (). Unraced Formula One's Lost Cars. Veloce Publishing Ltd. ISBN&#.
    47. ^"Portal CBF". Confederação Brasileira de Futebol (in Portuguese). Retrieved June 15,
    48. ^"Copa Libertadores - Noticias, marcadores en vivo, resultados y park national bank newark ohio main office
      Get it on the App Store
      Download the Bank of America App

      Before you leave our site, we want you to know your app store has its own privacy practices and level of security which may be different from ours, so please review their policies.

      Or we can text a download link directly to your phone

      By providing your mobile number you are consenting to receive a text message. Text message fees may apply from your carrier. Text messages may be transmitted automatically.

      Apple, the Apple logo, iPhone, iPad, Apple Watch and Touch ID are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

      Get it on the App Store
      Download the Bank of America App

      Before you leave our site, we want you to know your app store has its own privacy practices and level of security which may be different from ours, so please review their policies.

      Or we can send you a link by email

      Apple, the Apple logo, iPhone, iPad, Comerica bank online banking phone number Watch and Touch ID are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc.

      Get it on Google Play
      Download the Bank of America App

      Before you leave our site, we want you to know your app store has its own privacy practices and level of security which may be different from ours, so please review their policies.

      Or we can text a download link directly to your phone

      By providing your mobile number you are consenting to receive a text message. Text message fees may apply from your carrier. Text messages may be transmitted automatically.

      Android is a trademark of Google Inc. Samsung is a registered trademark of Samsung Electronics Co., Ltd.

      Get the mobile banking app

      Before you leave our site, we want you to know your app store has its own privacy practices and level of security which may be different from ours, so please review their polices.

      Continue

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      Источник: knensi.us

      TERMS OF USE FOR YOUR DIRECT EXPRESS® DEBIT MASTERCARD® CARD

      You have requested to receive certain federal government benefits by a Direct Express® Debit Mastercard® Card (“Card”) issued by Comerica Bank (“us, we”), rather than receiving a check or direct deposit to your checking or savings account. You do not have to accept this benefits card. If you do not agree to accept the Card under these Terms, do not activate your Card. Instead, dispose of it by cutting it in half, notify Customer Service at the number below, and contact the agency paying your benefits to make other arrangements for receiving future benefit payments.

      Keep these Terms of Use ("Terms") and the other information you received about the Card in a safe place with your other important documents, but do not keep your PIN with your Card. These Terms describe your rights and our rights regarding your Card, the use of your Card, and your Card Account.

      BY ACCEPTING THIS CARD YOU AGREE TO THESE TERMS:

      1. Definitions:

        Agency. The Federal Government Agency that pays your Benefits.

        ATM. Automatic Teller Machine displaying the Mastercard® logo or Mastercard® ATM Alliance Logo.

        Benefits. The Federal Government payments you receive electronically from the Agency.

        Business Day. Monday through Friday, excluding federal holidays.

        Card. The Direct Express® Debit Mastercard® Card or its card number issued by Comerica Bank that is used to access funds in your Card Account. Access in some cases requires the use of your PIN.

        Card Account. The account held at Comerica Bank to which your Benefits are electronically transmitted by the Agency and which you access by using your Card. You are the owner of the funds in the Card Account. The funds are FDIC insured to the maximum amount permitted by law.

        PIN. The Personal Identification Number that you select.

        Transaction. A purchase, cash withdrawal, cash back, cash advance, merchant credit, Benefit deposit or other transaction made with your Card.

      2. Getting Started

        1. A. Activating Your Card & Selecting a PIN

          1. By accepting this Card, you agree to call Customer Service at the number below to select your PIN and activate your Card. See the enclosed Direct Express® Debit Mastercard® Card brochure for more information.
          2. Keep your PIN in a safe place. Do not write it on your Card or keep it near your Card.
        2. B. When Your Funds are Available

          1. Once you have activated your Card and selected your PIN and we have received and credited funds from the Agency to the Card Account, you can begin using your Card. These funds are usually available the same Business Day we receive them.
          2. If the Card Account is credited with an amount you are not entitled to receive, the amount may be deducted from the Card Account without prior notice to you. If the incorrect amount is from the Agency and you used those funds, the Agency can reclaim those funds. If we incur a loss as a result of either of these situations, we may recover those funds from you or your estate. (See Section XI, "Adjustments to Your Card Account")
          3. You may not deposit funds to your Card Account. Except for credits from merchants (for returns or adjustments), only the Agency may add funds to the Card Account.
      3. Using your Card

        1. A. General Use of your Card

          1. You can use your Card to pay for merchandise or services from any merchant that accepts Mastercard® debit cards. You can also use your Card at ATMs that display a Mastercard® logo. There are no Card fees for many of these Transactions. (See Section X, "Fees")
          2. To use your Card at ATMs or to get cash back when using your Card to make purchases, you must use your PIN. For other transactions, you should select "credit" and you may be asked to sign the sales receipt. Selecting "credit" does not mean that we or the Agency are lending you money.
          3. The amount of each Transaction will be deducted from your available Card Account balance along with any applicable fees (See Section X, "Fees") You should ensure that you have enough available funds in the Card Account to cover the Transaction and prior Transactions. You may not overdraw your Card Account.

            Funds that are subject to a Transaction Hold (see Paragraph B.1 of this Section III "Transaction Holds") or security freeze (see Paragraph 3 of Section V) are not available for other Transactions.

          4. If you make a purchase through a Point of Sale ("POS") terminal, a cash refund or adjustment will not be given to you if you return the merchandise. Instead, the merchant will process a credit transaction, and we will apply the credit to your Card Account balance.
          5. You can instruct us through our automated telephone Funds Transfer service, Mobile App, or Website to transfer funds from your card account to your personal United States bank account. If we cannot authenticate or verify your personal bank account information, we may limit your initial transfer to $ or not allow the transfer to proceed. There is a fee for each transfer (See Section X, “Fees”). Transfers generally take three (3) Business Days.
          6. Instructions to make a telephone transfer or bill payment that are received after our cutoff hour or on a non-Business Day will be considered received as of the next Business Day. Once a transfer or payment instruction has been confirmed by us, you cannot cancel the Transaction.
        2. B. Transaction Holds, Preauthorized Payments, and Preauthorized Credits

          1. Transaction Holds. For some Card purchases, such as car rentals and hotel accommodations, the merchant may request authorization in advance for an estimated amount. If the authorization is approved, we place a temporary hold ("Transaction Hold") on your funds for the estimated amount of the purchase so that we can ensure that sufficient funds are available when the purchase is completed. Until the Transaction finally settles, or we determine that it is unlikely to be processed, the held funds will not be available for other Transactions. Once the preauthorized Transaction finally settles, we will charge your Card for the correct amount of the final transaction and will release any excess amount. If we determine that it is not likely the preauthorized Transaction will be processed, we will release the hold and those funds will be available for your use.
          2. Preauthorized Payments. You may use your Card to make regular, pre-authorized payments to merchants by giving your Card Account information to the merchant. If these payments may vary in amount, the person comerica bank online banking phone number are going to pay will tell you 10 days before each payment, when it will be made and how much it will be. You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you knensi.us have the right to stop a pre-authorized payment from your Card Account if you call us at the Customer Service number below, or write to us at Direct Express®, Payment Processing Services, PO BoxOmaha, NE We must receive your request at least three (3) Business Days before the payment is scheduled to be made. (Note: If we do not receive your request at least three (3) Business Days before the scheduled payment, we may attempt, at our sole discretion, to stop the payment. However, we assume no responsibility for our failure or refusal to do so, even if we accept your stop payment request). If you call, we may require you to put your request in writing to us and to provide us with a copy of your notice to the payee, revoking the payee’s authority to originate debits to your Card Account, within 14 days after you call. If we do not receive the written confirmation within 14 days, we may honor subsequent debits to your Card Account. For individual payments, your request should specify the exact amount (dollars and cents) of the transfer you want to stop, the date of the transfer, and the identity of the payee. Unless you tell us that all future transfers to a specific recipient are to be stopped, we may treat your stop payment order as a request concerning the one transfer only. If you order us to stop one of these payments at least three (3) Business Days before the transfer is scheduled and we do not do so, we will be liable for your losses or damages.
          3. Preauthorized Credits. If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at to find out whether or not the deposit has been made. Only federal benefit payments can be applied to your Card Account.
      4. Transactions We May Refuse to Process

        A Transaction may not be processed if: (a) the amount of the Transaction exceeds your available balance, (b) the Card has been reported lost or stolen, (c) we are uncertain whether you have authorized the Transaction, or (d) there is a dispute involving your available balance. If you believe you were entitled to receive Benefits in an amount different than what was credited to your Card Account, you should contact the Agency.

      5. Problems Using Your Card

        1. If you experience a problem using your Card at the self-service pump of a gas station, you may have to go inside to pay.
        2. If you have problems using your Card and you believe you have sufficient available funds for the Transaction, call us at the Customer Service number below.
        3. If we notice Transactions that are unusual or suspicious, we may place a temporary security "freeze" on your Card while we attempt to contact you.
      6. Record of Your Transactions, Card Account Balance & Know Your Balance

        You should check your Card Account balance and Transaction history on a regular basis. The information is available to you free of charge through our Customer Service number and at our web site, knensi.us For a fee, you can also receive written statements each month.

        1. Keep track of your Transactions, including Transaction Holds, so you know your Card Account balance.
        2. When you withdraw cash or make a purchase, you can get a receipt for the Transaction. In some cases, the receipt will indicate your Card Account balance. You also can get information about your Card Account balance and a record of your Transactions by calling the Customer Service number below or by visiting knensi.us
          [Note: Balance information may not include Transactions or fees that are still in process and have not yet settled. The balance also may include payments subject to a hold (See Section III, Paragraph B "Transaction Holds") or a security freeze (See Section V, Paragraph 3)]
        3. From the website, you can select and print transaction history for atm cash deposit machine near me to 12 months for tracking the transactions posted to your Card account. The amount of your available funds is also available on the receipt you get when you make a withdrawal or balance inquiry at certain ATMs. You also have the right to obtain at least 24 months of written history of Card Account transactions by calling us at the number on the back of your card or writing us at Direct Express®, Payment Processing Services, PO BoxOmaha, NE You will not be charged a fee for this information unless you request it more than once a month.
      7. Card and PIN Security&#;REPORT LOST OR STOLEN CARD

        You agree not to give or otherwise make your Card or PIN available to others. If you do, you will be responsible for any Transactions they conduct, even if they exceed your authorization. For security reasons you agree not to write your PIN on your Card or keep it in the same place as your Card.

        If you believe your Card or PIN has been lost or stolen or that someone has or may transfer or take money from your Card Account without your permission, report it by calling the Customer Service number below as soon as possible. You can also write to us at Direct Express®, Payment Processing Services, PO BoxOmaha, NE or visit our website at knensi.us Calling us is the fastest way to report this loss. Once your Card or PIN is reported to us as lost, stolen or destroyed, your Card will be cancelled, and you will have no liability for further Transactions involving the use of the canceled Card.

      8. Your Liability for Unauthorized Transactions

        1. Tell us AT ONCE if you believe your Card or PIN has been lost or stolen. Telephoning us at the Customer Service number is the best way of keeping your possible losses down. You could lose all the money in your Card Account. If you tell us within two (2) Business Days, you can lose no more than $50 if someone used your Card or PIN without your permission. If you do NOT tell us within two (2) Business Days after you learn of the loss or theft of your Card or PIN, and we can prove that we could have stopped someone from using your Card or PIN without your permission if you had told us, you could lose as much as $

          If you can’t telephone us, you can write to us at Direct Express®, Payment Processing Services, PO BoxOmaha, NE If you are a California resident, you will not be liable for the $ amount described above in any event. If you are a New York resident, your liability for the unauthorized use of the Card will not exceed $

          Also, if the written Transaction history or other Card Transaction information provided to you shows transfers that you did not make, tell us at once. If you do not tell us within days after the transfer allegedly in error was credited or debited to your Card Account, you may not get back any money you lost after the days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip, a hospital stay, or the illness of a family member) kept you from notifying us, we will extend the time periods.

        2. Once your Card or PIN is reported lost, stolen or destroyed, the Card will be canceled, and you will have no liability for further Transactions conducted with the Card.
      9. In Case of Errors or Questions about Your Card Transactions

        1. Call the Customer Service number below or write to us at the address below as soon as you can if you think an error has occurred in your Card Account. We must hear from you within days after the transfer allegedly in error was credited or debited to your Card Account. You will need to tell us:
          1. Your name and Card number.
          2. Why you believe there is an error, and the dollar amount involved.
          3. The approximate date when the error took place.

            Please provide us with your street address, email address and telephone number, as well, so that we can communicate with you.
        2. If the error cannot be resolved over the phone, you must provide us written notice of the error within 10 Business Days at Direct Express®, Payment Processing Services, PO BoxOmaha, NE
        3. We will determine whether an error occurred within 10 Business Days (20 Business Days for new Card Accounts opened less than 30 days) after we hear from you, and we will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or comerica bank online banking phone number. If we decide to do this, we will credit your Card Account within 10 Business Days (20 Business Days for new Card Accounts opened less than 30 days) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 Business Days, we may not credit your Card Account. For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question.
        4. We will tell you the results of our investigation within three (3) Business Days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents we used in our investigation to make our determination.
        5. If you need more information about the error resolution procedures, call us at the Customer Service number below.
      10. Fees

        We will charge you and you agree to pay the fees and charges described on the List of All Fees included with your Card. See the brochure accompanying your Card for ways to avoid fees. If you believe a fee was charged when it should not have been, call Customer Service at the number below.

      11. Adjustments to Your Card Account

        There are occasions when adjustments will be made to your Card Account balance to: reflect a merchant adjustment; resolve a dispute regarding a Transaction posted to your Card; correct deposits or Transactions posted in error; or because the Agency required the return of the Benefits received after you died or were declared incompetent ("Reclamation"). These adjustments could cause your Card Account to have a negative balance.

        If you do not have sufficient funds in your account to cover a Transaction or fee, the amount owed may be deducted from future credits to your Card Account and/or we may seek reimbursement from you, your estate or beneficiaries.

        Remember, you always have the right to dispute adjustments posted to your Card Account.

      12. Our Liability to You

        If we do not complete an electronic fund transfer (Transaction) to or from your Card Account on time or in the correct amount according to these Terms, we will be liable for your losses or damages. There are some exceptions, however. We will not be liable, for instance, if:

        1. Through no fault of ours, you do not have enough available funds in your Card Account to complete the Transaction;
        2. We believe you may not have authorized the Transaction;
        3. Circumstances beyond our control (such as fire, flood, water damage, power failure, strike, labor dispute, computer breakdown, telephone line disruption, or natural disaster) prevents or delays the transfer, despite reasonable precautions taken by us;
        4. The debit card system being used, including but not limited to the ATM or POS terminal was not working properly and you knew about the problem when you started the Transaction;
        5. The Agency did not transmit Benefits for us to credit to your Card Account;
        6. Funds in your Card Account were held as a result of legal process, a Transaction hold or security freeze described in these Comerica bank online banking phone number or
        7. The Transaction could not be completed because your Card was damaged.
      13. Suspending or Canceling your Card.

        1. We may temporarily suspend or permanently terminate your use of the Card, including electronic access to your Card Account:
          1. immediately if: you breach any of the provisions of these Terms; we are notified to do so by the Agency; we believe that there has been or may be unauthorized use of your funds, Card or PIN; there are conflicting claims to your funds; you have made more than one claim of unauthorized Transactions; we believe your Card is being used for any unlawful purpose; or we believe you are named as a specially designated national by the Office of Foreign Asset Control or presidential order; or
          2. within 30 days after giving you notice of our intent to suspend or terminate your Card.
        2. You may cancel your Card by giving us prior written notice or telephoning us at the Customer Service number below.
        3. Termination of your Card does not relieve you of your responsibility to reimburse us for any amounts owed to us under these Terms even if you cancel the Card.
        4. You should notify the Agency when your Card is permanently canceled to make other arrangements for receiving your Benefits.
      14. LEGAL & GENERAL TERMS

        1. Governing Law. The funds in your Card Account are deemed held in the State of Michigan. Unless a federal law or regulation applies to a specific section of these Terms or use of the Card, these Terms will be governed by and interpreted in accordance with the laws of the State of Michigan. Depending on where you live, you may have additional rights under certain state laws that apply to us and your Card. We will comply with applicable federal and state law.
        2. Limitation on Time to Sue. Unless prohibited by law, an action or proceeding by you to enforce an obligation, duty or right arising under these Terms or applicable law with respect to your Card or Card Account must be commenced within 12 months after the cause of action accrues.
        3. Dispute Resolution, Venue, and Waiver of Right to Jury Trial/Judicial Reference. If you have a problem with or related to your Card or Card Account, please call Customer Service at the number below immediately. In most cases, a telephone call will quickly resolve the problem in a friendly, informal manner. If, however, a dispute cannot be resolved informally, you or we may file a court action in the state where you have told us you reside with a court having subject matter jurisdiction.

          Unless the law provides otherwise or the claim is brought before a court in the State of California, you and we both agree to give up the right to a trial by jury to resolve each dispute, claim, demand, court action, and controversy ("claim") between you and us arising out of or relating to your Card and/or Card Account. This includes, without limitation, claims brought by you as a class representative on behalf of others and claims by a class representative on your behalf as a class member.

          For claims brought in a court in the State of California, you and we agree that such claims shall be resolved by a reference proceeding in accordance with the provisions of Sections et. seq. of the California Code of Civil Procedure ("CCP"), or their successor sections, which both of us agree constitutes the exclusive remedy for the resolution of any dispute, including whether the dispute is subject to the reference proceeding. The referee in the reference proceeding (i) shall hear and determine all issues, including but not limited to discovery disputes, (ii) is empowered to enter equitable and legal relief, rule on any motion otherwise permissible under the CCP, and (iii) may issue a decision disposing of all claims which shall be entered by the court as a final, binding and conclusive judgment, subject to appeal. A judicial reference proceeding is a trial decided by a court-appointed referee and not by a jury.

          You understand that without this jury trial waiver or agreement to submit claims for resolution by a reference proceeding, you may have a right to a jury trial on such matters, but you nevertheless agree voluntarily to waive that right. You acknowledge that you have had the opportunity to discuss this provision with your legal counsel.

        4. Privacy. We and our agents, acting on our behalf, collect nonpublic personal information about you (e.g., your name, address, telephone number, social security number, and date of birth) from the following sources: information we receive from you on applications/enrollments forms for the Card; and information about your Transactions with us or with others, including but not limited to the Agency. We do not release personal nonpublic financial information obtained in connection with this Card program about current or former Cardholders to anyone, except to process and/or enforce Transactions with us and with others; to facilitate your Card enrollment and Agency payments/adjustments; to provide educational materials and other Card program features; as permitted or required by law, regulation, legal process or court order; to report to local, state and federal authorities if we believe a crime may have been committed involving a Card; or as otherwise requested by you. We restrict access to nonpublic personal information about you to our agents and employees who have a need to know that information in order to process your Card and Transactions. We maintain physical electronic and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.
        5. Assignment. You may not assign your rights or obligations in connection with these Terms or your Card to others.
        6. Legal process. We may comply with any subpoena, levy or other legal process which we believe in good faith is valid. Unless the law prohibits us, we may notify you of such process by telephone, electronically or in writing. If we are not fully reimbursed for our record search, photocopying and handling costs by the party that served the process, we may charge those costs to your Card Account. We may honor legal process that is served in any manner at any of our offices, including locations other than where the funds or records sought are held, even if the law requires personal delivery at a different location.

          Note: Certain benefit payments are protected from garnishment by federal and/or state law, which may impose requirements and limitations on legal process. A fee of up to $ may be assessed for the review and processing of estate claims including the distribution of any remaining funds to a deceased cardholder's estate.

        7. Change in terms. We may add to, delete or change these Terms at any time by providing you with prior notice as required by law.
        8. Severability/Waiver. If any provision of these Terms is deemed unlawful, void or unenforceable, it will be deemed severed from these Terms and shall not affect the validity and enforceability of the remaining provisions. We may delay enforcing our rights under this Agreement without losing them. Any waiver by you or us will not be deemed a waiver of other rights or the same rights at another time.
        9. Unclaimed Property. Under certain circumstances, we are required by state law to relinquish the balance in accounts in which there has been no activity for a specified amount of time, such as deposits, withdrawals, balance inquiry or any other Customer-initiated contact. The time period for relinquishment, also called escheatment, varies by state. You agree that we are not liable for any loss you may incur due to our what does cc and bb cream mean faith compliance with these laws.
        10. Direct Express® Cash Access: This feature will allow you to obtain cash from your Direct Express® card at Walmart Money Services or Walmart Customer Service with no purchase necessary. All you need is your Direct Express® card, a valid photo ID, and PIN. There are restrictions on cash limits that can be received through this option. This optional service is available in the U.S. and Puerto Rico. No additional Walmart fees apply. Additional authorized retailers may be offered in the future.

        The Direct Express® Debit Mastercard® card is issued by Comerica Bank, pursuant to a license by Mastercard International Incorporated. Mastercard® is a registered trademark of Mastercard International Incorporated.

        Customer Service:

      Источник: knensi.us

      Mastercard

      American multinational financial services corporation

      Mastercard Inc. (stylized as MasterCard from to and mastercard since ) is an American multinationalfinancial services corporation headquartered in the Mastercard International Global Headquarters in Purchase, New York.[3] The Global Operations Headquarters is located in O'Fallon, Missouri, a municipality of St. Charles County, Missouri. Throughout the world, its principal business is to process payments between the banks of merchants and the card-issuing banks or credit unions of the purchasers who use the "Mastercard" brand debit, credit and prepaid cards to make purchases. Mastercard Worldwide has been a publicly traded company since Prior to its initial public offering, Mastercard Worldwide was a cooperative owned by the more than 25, financial institutions that issue its branded cards.

      Mastercard, originally known as Interbank from to and Master Charge from to ,[4] was created by an alliance of several regional bankcard associations in comerica bank online banking phone number to the BankAmericard issued by Bank of America, which later became the Visa credit card issued by Visa Inc.

      History[edit]

      Master Charge logo used from tofeaturing the original Interbank logo of

      Master Charge logo used from tofeaturing the original Interbank logo of

      First MasterCard logo, used from to

      First MasterCard logo, used from to

      MasterCard logo used from to

      MasterCard logo used from to

      MasterCard logo used for corporate branding from toand on the cards until July 14,

      MasterCard logo used for corporate branding and on the cards from toand on the cards only until July 14,

      MasterCard corporate logo used from to July 14,

      MasterCard corporate logo used from to July 14,

      Mastercard logo used from July 14, to February 7,

      Mastercard logo used from July 14, to January 7,

      Maestro logo, the debit card subsidiary

      Mondex logo, the stored-value card subsidiary

      Cirrus logo, the interbank network subsidiary

      Although BankAmericard's debut in September was a notorious disaster, it began to turn a profit by May [5] Bank of America deliberately kept this information secret and allowed then-widespread negative impressions to linger in order to ward off competition.[6] This strategy was successful untilwhen BankAmericard's profitability had become far too big to hide.[6] From tothere were only 10 new credit cards introduced in the United States, but from toapproximately credit cards were introduced by banks large and small throughout the country.[6] These newcomers promptly banded together into regional bankcard associations.[7]

      One reason for why most banks chose to join forces was that at the time, 16 states limited the ability of banks to operate through branch locations, while 15 states entirely prohibited branch banking and comerica bank online banking phone number unit banking.[8] A unit bank can legally operate only at a single site and is thereby forced to remain very small.[8] By joining a regional bankcard association, a unit bank could quickly add a credit card to its lineup comerica bank online banking phone number financial products, and achieve economies of scale by outsourcing tedious back office tasks like card servicing to the association.[7] Such associations also enabled unit banks to aggregate their customer bases and merchant networks in order to make a credit card useful for both customers and merchants; early credit cards had failed because they could only be used within a small radius around their respective issuing banks.[8]

      InKarl H. Hinke, an executive vice president at Marine Midland Bank, asked representatives of several other banks to meet him in Buffalo, New York.[9][10] Marine Midland had just launched its own regional bankcard in the Upstate New York market after Bank of America declined its request for a BankAmericard regional license on the basis that Marine Midland was too big.[11] The result of the Buffalo meeting was that several banks and regional bankcard associations soon agreed to join forces as Interbankard, Inc.,[9][10] which then became the Interbank Card Association (ICA).[7] By the end ofICA had members and Hinke became ICA's chairman.[11] Bank of America eventually joined MasterCard as well.[11] (Ironically, in the 21st century, Bank of America would revive the BankAmericard brand name as a Mastercard credit card, which it remains today.)

      The Interbank branding in initially consisted only of a small unobtrusive lowercase i inside a circle in the lower right-hand corner of the front of each Interbank card; the rest of the card design was the prerogative of each issuing bank.[12] This tiny logo proved to be entirely unsatisfactory for creating nationwide brand awareness in order to compete against the established leader, BankAmericard.[12] InInterbank developed a new national brand, "Master Charge: The Interbank Card" by combining the two overlapping yellow and orange circles of the Western States Bankcard Association with the "Master Charge" name coined by the First National Bank of Louisville, Kentucky.[12]

      That same year, First National City Bank joined Interbank and merged its proprietary Everything Card with Master Charge.

      Inthe ICA and Eurocard started a strategic alliance, which effectively allowed the ICA access to the European market, and for Eurocard to be accepted on the ICA network. The Access card system from the United Kingdom joined the ICA/Eurocard alliance in [13]

      In"Master Charge: The Interbank Card" was renamed "MasterCard".[13] InMasterCard took over the Access card; the Access brand was then retired.[citation needed]

      InMasterCard International Inc. became the first bank to use holograms as part of their card security.[14]

      InMasterCard International merged with Europay International, another large credit-card issuer association, of which Eurocard had become a part in [15]

      In mid, MasterCard International changed its name to MasterCard Worldwide. This was to suggest a more global scale. 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, remained unchanged). A new corporate tagline was introduced at the same time: "The Heart of Commerce".[16]

      In AugustMasterCard expanded its e-commerce offering with the acquisition of DataCash, a UK-based payment processing and fraud/risk management provider.[17][18]

      In MarchMasterCard announced the expansion of its mobile contactless payments program, including markets across the Middle East.[19]

      In springMasterCard acquired Australia's leading rewards program manager company Pinpoint for an undisclosed amount.[20]

      Mastercard teamed with Apple in Septemberto incorporate a new mobile wallet feature into Apple's new iPhone and Apple Watch models known as Apple Pay, enabling users to more readily use their Mastercard, and other credit cards.[21]

      In JulyMastercard introduced their new rebranding, along with a new corporate logo. In addition, they changed their service name from "MasterCard" to "mastercard".[22]

      In AugustMastercard acquired Brighterion, a Delaware Corporation headquartered in San Francisco, California that provides a portfolio of artificial intelligence and machine learning technologies.[23] Brighterion holds several patents.[24]

      In JanuaryMastercard removed its name from its logo, leaving just the overlapping discs.[25]

      In AprilMastercard created a calculator that gathers information and measures the carbon footprints of the customers in order to help them know how much they are contributing in carbon emissions and global warming.[26] Also inMastercard was ranked number 13 on Morning Consult's list of most trusted brands.[27]

      IPO[edit]

      The company, which had been organized as a cooperative of banks, had an initial public offering on May 25,selling million shares at $39 each.[28] The stock is traded on the NYSE under the symbol MA, with a market capitalization of $ billion as of May [29]

      Litigation[edit]

      Antitrust lawsuit by ATM operators[edit]

      Mastercard, along with Visa, has been sued in a class action by ATM operators that claim the credit card networks' rules effectively fix ATM access fees. The suit claims that this is a restraint of trade in violation of federal law. The lawsuit was filed by the National ATM Council and independent operators of automated teller machines. More specifically, it is alleged that Mastercard's and Visa's network rules prohibit ATM operators from offering lower prices for transactions over PIN-debit networks that are not affiliated with Visa or Mastercard. The suit says that this price-fixing artificially raises the price that consumers pay using ATMs, limits the revenue that ATM operators earn, and violates the Sherman Act's prohibition against unreasonable restraints of trade. Johnathan Rubin, an attorney for the plaintiffs said, "Visa and Mastercard are the ringleaders, organizers, and enforcers of a conspiracy among U.S. banks to fix the price of ATM access comerica bank online banking phone number in order to keep the competition at bay."[30]

      Debit card swipe fee price fixing[edit]

      Both Mastercard and Visa have paid approximately $3 billion in damages resulting from a class-action lawsuit filed in January [31] The litigation cites several retail giants as plaintiffs, including Wal-Mart, Sears, Roebuck & Co., and Safeway.[32]

      Antitrust settlement with U.S. Justice Department[edit]

      In OctoberMastercard and Visa reached a settlement with the U.S. Justice Department in another antitrust case. The companies agreed to allow merchants displaying their logos to decline certain types of cards (because interchange fees differ), or to offer consumers discounts for using cheaper cards.[33]

      Payment card interchange fee and merchant discount antitrust litigation[edit]

      Main article: Payment card interchange fee and merchant discount antitrust litigation

      On November 27,a federal judge entered an order granting preliminary approval to a proposed settlement to a class-action lawsuit[34] filed in by merchants and trade associations against Mastercard and Visa. The suit was filed due to alleged price-fixing practices employed by Mastercard and Visa. About one-fourth of the named class plaintiffs have decided to opt-out of the settlement. Opponents object to provisions that would bar future lawsuits and prevent merchants from opting out of significant portions of the proposed settlement.[35]

      Plaintiffs allege that Visa Inc. and Mastercard fixed interchange fees, also known as swipe fees, that are charged to merchants for the privilege of accepting payment cards. In their complaint, the plaintiffs also alleged that the defendants unfairly interfere with merchants from encouraging customers to use less expensive forms of payment such as lower-cost cards, cash, and checks.[35]

      A settlement of $ billion has been reached and a court is scheduled to approve or deny the agreement on November 7, [36]

      Finances[edit]

      Year Revenue
      in mil. US-$
      Operational Income
      in mil. US-$
      Price per Share
      in US-$
      Employees
      2,
      3,
      4, 1,
      4,
      5, 2,
      5, 2,
      6, 2,
      7, 3,
      8, 4, 8,
      zales comenity credit card, 5, 10,
      9, 5, 11,
      10, 5, 11,
      12, 6, 13,
      14, 7, 14,
      16, 9, 18,
      15, 8, 21, comerica bank online banking phone number ofMastercard ranked on the Fortune list of the largest United States corporations by revenue.[38]

      Selling of credit card data[edit]

      InBloomberg News reported that Google had paid millions of dollars to Mastercard for its users' credit card data for advertising purposes. The deal had not been publicly announced.[39][40]

      Cryptocurrency[edit]

      On February 10,Mastercard announced their support of cryptocurrencies saying that later inMastercard will start supporting select cryptocurrencies directly on their network. One of the main focus areas that Mastercard wants to support is using digital assets for payments, and that crypto assets will need to offer the stability people need in a vehicle for spending, not investment.[41][42] In OctoberMastercard announced that through its partnership with Bakkt, any bank or merchant on its network would soon be able to offer crypto services.[43]

      Criticism[edit]

      Antitrust issues in the United States[edit]

      Few companies have faced more antitrust lawsuits both in the US and abroad.[44]

      Mastercard, along with Visa, engaged in systematic parallel exclusion against American Express during the s and s. Mastercard used exclusivity clauses in its contracts and blacklists to prevent banks from doing business with American Express. Such exclusionary clauses and other written evidence were used by the United States Department of Justice in regulatory actions against Mastercard and Visa.[45]Discover has sued Mastercard for similar issues.[44]

      In about 4 million merchants sued Mastercard in federal court for making them accept debit cards if they wanted to accept credit cards and dramatically increasing credit card swipe fees. This case was settled with a multibillion-dollar payment in This was the largest antitrust award in history.[44]

      Inthe Department of Justice sued Mastercard over rules prohibiting their issuing banks from doing business with American Express or Discover. The Department of Justice won in and the verdict withstood appeal. American Express also filed suit.[44]

      On August 23,Mastercard International Inc. was sued for violating the Florida Deceptive and Unfair Trade Practices Act.[46]

      On November 15,Mastercard Inc. paid damages to American Express, due to anticompetitive practices that prevented American Express from issuing cards through U.S. banks,[47] and paid $ billion for settlement.[48]

      Antitrust investigations in Europe[edit]

      The European Union has repeatedly criticized Mastercard for monopolistic trade practices. In AprilMastercard reached a settlement with the European Union in an antitrust case, promising to reduce debit card swipe fees to percent of purchases.[49] In Decembera senior official from the European Central Bank called for a break-up of the Visa/Mastercard duopoly by the creation of a new European debit card for use in the Single Euro Payments Area (SEPA).[50]

      WikiLeaks published documents showing that American authorities lobbied Russia to defend the interests of Visa and Mastercard.[51] In response Mastercard blocked payments to WikiLeaks. Members of the European Parliament expressed concern that payments from European citizens to a European corporation could apparently be blocked by the United States, and called for a further reduction in the dominance of Visa and Mastercard in the European payment system.[52]

      InMastercard was under investigation by the European Union for the high fees it charged merchants to accept cards issued outside the EU, compared to cards issued in the EU, as well as other anti-competitive practices that could hinder electronic commerce and international trade, and high fees associated with premium credit cards. The EU's competition regulator said that these fees were of special concern because of the growing role of non-cash payments. Mastercard was banned from charging fees on cross-border transactions conducted wholly within the EU via a ruling by the European Commission in [53] The European Commission said that their investigation also included large differences in fees across national borders. For instance, a €50 payment might cost € in the Netherlands but eight times that amount in Poland. The Commission argues that Mastercard rules that prohibit merchants from enjoying better terms offered in other EU countries may be against antitrust law.

      The European Consumer Organisation (BEUC) praised the action against Mastercard. BEUC said interbank fees push up prices and hurt consumers. BEUC Director General Monique Goyens said, "So in the end, all consumers are hit by a scheme which ultimately rewards the card company and issuing bank."[53]

      In Januarythe European Commission imposed an antitrust fine of €, to Mastercard for "obstructing merchants' access to cross-border card payment services", due to Mastercard's rules obliging acquiring banks to apply the interchange fees of the country where a retailer was located. The Commission concluded that Mastercard's rules prevented retailers from benefitting from lower fees and restricted competition between banks cross border, in breach of EU antitrust rules. The infringement of antitrust rules ended when Mastercard amended its rules due to the entering into force of the Interchange Fee Regulation inwhich introduced caps on interchange fees. The Commission did grant Mastercard a 10% reduction of the fine however, in return for Mastercard acknowledging the facts and cooperating with the antitrust investigation.[54]

      In Februaryfollowing an investigation by the UK Payment Systems Regulator, Mastercard admitted liability for breaching competition rules in relation to pre-paid cards.[55]

      Regulatory action in Australia and New Zealand[edit]

      Inthe Reserve Bank of Australia required that interchange fees be dramatically reduced, from about % of the transaction to approximately %.[citation needed] One notable result has been the reduced use of reward cards and increased use of debit cards. Australia also prohibited the "no surcharge" rule, a policy established by credit card networks like Visa and Mastercard to prevent merchants from charging a credit card usage fee to the cardholder. A surcharge would mitigate or even exceed the merchant discount paid by a merchant, but would also make the cardholder more reluctant to use the card as the method of payment. Australia has also made changes to the interchange rates on debit cards and has considered abolishing interchange fees altogether.

      As of NovemberNew Zealand was considering similar actions, following a Commerce Commission lawsuit alleging price-fixing by Visa and Mastercard. In New Zealand, merchants pay a % fee on every credit card transaction.[citation needed]

      Blocking payments to WikiLeaks[edit]

      In DecemberMastercard blocked all payments to WikiLeaks due to claims that they engage in illegal activity.[56] In response, a group of online activists calling themselves "Anonymous" organized a denial-of-service attack; as a result, the Mastercard website experienced downtime on December 8–9, [57] On December 9, the servers of Mastercard underwent a massive attack[58] as part of an Operation Avenge Assange for closing down payments of whistleblowing platform WikiLeaks. According to several news sites, the security of thousands of credit cards was compromised during that attack due to a phishing-site set up by the attackers.[59] However, Mastercard denied this, stating that "cardholder account data has not been placed at risk".[60] WikiLeaks spokesman said: "We neither condemn nor applaud these attacks."[61]knensi.us Commissioner for Human Rights, Navi Pillay said that closing down credit lines for donations to WikiLeaks "could be interpreted as an attempt to censor the publication of information, thus potentially violating WikiLeaks' right to freedom of expression".[62]

      DataCell, the company that enables WikiLeaks to accept credit and debit card donations, said it would take legal action against Visa Europe and Mastercard.[63]Iceland-based IT firm DataCell said it would move immediately to try to force the two companies to resume allowing payments to the website.[citation needed] DataCell had earlier[when?] said that suspension of payments towards WikiLeaks is a violation of the agreements with their customers. On July 14, DataCell announced they had filed a complaint with the European Commission claiming the closure by Visa and Mastercard of Datacell's access to the payment card networks violated the competition rules of the European Community.[64]

      On July 12, a Reykjavík court ruled that Valitor, Visa and Mastercard's partner in Iceland, had to start processing donations within fourteen days[65] or pay daily fines to the amount of ISK(some $) for each day after that time, to open the payment gateway. Valitor also had to pay DataCell's litigation costs of ISK 1,[66][67]

      Corporate branding of all Nigerian ID Cards[edit]

      Inpursuant to an agreement between Mastercard and the Nigerian Government, acting through the National Identity Management Commission, the new Nigerian ID cards will bear the Mastercard logo, contain personal database data and double as payment cards, irrevocably linking such payments to the individuals,[68] sparking criticism comerica bank online banking phone number the Civil Rights Congress alleging that it "represents a stamped ownership of a Nigerian by an American company reminiscent of the logo pasted on the bodies of African slaves transported across the Atlantic."[69]

      Prepaid debit cards[edit]

      Mastercard, Comerica Bank, and the U.S. Treasury Department teamed up in to create the Direct Express Debit Mastercard prepaid debit card. The federal government uses the Express Debit product to issue electronic payments to people who do not have bank accounts, who are often referred to collectively as the "unbanked". Comerica Bank is the issuing bank for the debit card.

      The Direct Express cards give recipients a number of consumer protections.

      In JuneMastercard announced a partnership with British Airways to offer members the Executive Club Multi-currency Cash Passport, which will allow members to earn extra points and make multi-currency payments. The Passport card allows users to load up to ten currencies (euro, pound, U.S. dollar, Turkish Lira, Swiss franc, Australian dollar, Canadian dollar, New Zealand dollar, U.A.E. dirham, and South African rand) at a locked-in rate. When used, the card selects the local currency to ensure the best exchange rate, and if the local currency is not already loaded onto the card, funds are used from other currencies.[citation needed]

      Advertising[edit]

      Mastercard's current advertising campaign tagline is Priceless. The slogan associated with the campaign is "There are some things money can't buy. For everything else, there's Mastercard." The Priceless campaign in more recent iterations has been applicable to both Mastercard's credit card and debit card products. They also use the Priceless description to promote products such as their "priceless travel" site which features deals and offers for Mastercard holders,[70] and "priceless cities", offers for people in specified locations.[71]

      Mastercard MarketPlace[edit]

      Through a partnership with an Internet company that specializes in personalized shopping, Mastercard introduced a Web shopping mall on April 16,that it said can pinpoint with considerable accuracy what its cardholders are likely to purchase.[72]

      Mastercard Track Business Payment Service[edit]

      In MayMastercard announced that it's launching the Mastercard Track Business Payment Service. The service will provide business-to-business (B2B) payments between buyers and suppliers. According to James Anderson, the Mastercard EVP of global commercial products, "The service creates a directory of suppliers, enabling suppliers to publish their payment rules so they can better control how they receive payments while making it easier for buyers to find suppliers and understand their requirements."[73]

      [edit]

      Mastercard sponsors major sporting events and teams throughout the world. These include rugby's New Zealand, the MLB, the UEFA Champions League and the PGA Tour's Arnold Palmer Invitational. Previously, it also sponsored the FIFA World Cup but withdrew its contract after a court settlement and its rival, Visa, took up the contract in [74] InMastercard was the main sponsor of the Mastercard LolaFormula One team,[75] which withdrew from the Formula One season after its first race due to financial problems.[citation needed] It also partners the Brazil national football team[76] and the Copa Libertadores.[77]

      Mastercard was also the title sponsor for the Alamo Bowl game from until

      In lateMastercard became the first major sponsor for League of Legendsesports. The company sponsors the League of Legends World Championship, Mid-Season Invitational, and the All-stars event for League of Legends.[78]

      UntillMastercard was the sponsor of the Memorial Cup, the CHL's annual championship between its 3 leagues.

      Corporate affairs[edit]

      Headquarters[edit]

      Main article: MasterCard International Global Headquarters

      Mastercard has its headquarters in the Mastercard International Global Headquarters in Purchase, New York.[79]

      The Global Operations Center is located in O'Fallon, Missouri, a suburb of St. Louis.

      Management and board of directors[edit]

      Key executives include:[80]

      • Michael Miebach: president and chief executive officer
      • Walt Macnee: vice chairman
      • Robert Reeg: president – global technology & operations
      • Raja Rajamannar: chief marketing officer – global marketing
      • Gary Flood: president – products & services
      • Noah Hanft: general counsel, chief franchise officer and corporate president
      • Michael Fraccaro: chief human resources officer
      • Chris McWilton: president – North American markets
      • Ann Cairns: president – international markets
      • Javier Perez: president – Europe
      • Kevin Stanton: Chief Transformation Officer
      • Vicky Bindra: president – Asia-Pacific
      • Betty Devita: president - Canada
      • Gilberto Caldart: president - Latin America & Caribbean

      Prior to its IPO inMastercard was an association that had a board of directors composed of banks. The current board of directors includes the following individuals:[81]

      • Ajay Banga, Executive Chair
      • Silvio Barzi, former senior advisor, and executive officer, UniCredit Group
      • David R. Carlucci, former chairman and chief executive officer, IMS Health Incorporated
      • Steven J. Freiberg, senior advisor, The Boston Consulting Group
      • Nancy J. Karch, director emeritus, McKinsey & Company
      • Marc Olivie, president, and chief executive officer, W.C. Bradley Co.
      • Rima Qureshi, senior vice president strategic projects, Ericsson
      • Jose Octavio Reyes Lagunes, vice chairman, Coca-Cola Export Corporation, The Coca-Cola Company
      • Mark Schwartz, vice chairman, The Goldman Sachs Group, Inc., chairman, Goldman Sachs Asia Pacific
      • Edward Suning Tian, chairman, China Broadband Capital Partners, L.P.
      • Jackson P. Tai, former vice-chairman, and chief executive officer, DBS Group and DBS Bank Ltd.

      In JuneMastercard announced the promotion of Gilberto Caldart to head of Latin America and Caribbean divisions. Caldart joined Mastercard from Citi Brazil inwhere he served as country business manager and oversaw the retail bank, consumer finance, and card business. He holds a bachelor's degree in business administration and accounting, as well as a master's degree from Duke University.[citation needed]

      Company culture[edit]

      Mastercard was listed as one of the best companies to work for in by Forbes.[82]

      InMastercard UK became one of companies who signed the HM Treasury's Women in Finance Charter, a pledge for balanced gender representation in the company.[83]

      Mastercard Contactless[edit]

      The "contactless" card symbol
      PayPass RFIDchip from a Mastercard

      Mastercard Contactless (formerly branded PayPass[84]) is an EMV-compatible, contactless payment feature similar to American Express' ExpressPay, and Visa Contactless. All three use the same symbol as shown on the right. It is based on the ISO/IEC 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. Contactless can currently be used on transactions up to and including 45 GBP, 50 EUR, 40 CHF, 50 USD, CAD, SEK, NOK, PLN, DKK, 80 NZD, AUD, RUB, UAH, TRY or INR.

      InMastercard concluded a nine-month PayPass market trial in Orlando, Florida with JPMorgan Chase, Citibank, and MBNA. More than 16, cardholders and more than 60 retailer locations participated in the market trial.[needs update] In addition, Mastercard worked with Nokia and the Nokia ,[85]AT&T Wireless, and JPMorgan Chase to incorporate Mastercard PayPass into mobile phones using near-field communication technology, in Dallas, Texas. InGoogle and Mastercard launched Google Wallet, an Android application which allows a mobile device to send credit/debit card information directly to a Paypass-enabled payment terminal, bypassing the need for a physical card, up until the creation of Android Pay.

      During lateCiticards in the USA stopped issuing Paypass-enabled plastic, but the keyfob was still available upon request. Effective July 16,Citicards stopped supporting Paypass completely. While existing plastic and keyfobs continued to work until their expiration date, no new Paypass-enabled hardware was issued to US customers after that date.

      World Beyond Cash[edit]

      InCEO Ajay Banga reinforced the company's goal of extending financial services to those outside the current system by bringing digital payment systems to the unbanked around the world. The company invested $M in India with offices in Pune and Vadodara to help Mastercard bring cashless transactions to the 2nd largest population in the world. The company also is scheduled to invest an additional $M in cashless apps and technology, especially focused on India between and [86]

      QkR[edit]

      QkR is a mobile payment app developed by Mastercard, for the purpose of ordering products and services through a smartphone with payments charged to the associated credit card. It is being deployed for use in large-scale events, such as sport events, concerts, or movie theaters. Unlike other Mastercard mobile payment apps such as Pay Pass, QkR does not use NFC from the phone, but rather an Internet connection.

      Users can open the app, scan a QR code located on the back of the seat in front of them, and place orders for refreshments of their choice.[87][88] The order is dispatched to a nearby concession stand, from where a runner delivers the items to the patrons' seats. It is already deployed in Australian movie theaters and is being tested in Yankee Stadium.

      QkR is being marketed to vendors as a replacement for other mobile payment apps and a mobile ordering app, either distributed by the vendor (such as Starbucks's app, McDonald's' app, or Chipotle's mobile ordering app) or by a third party, such as Square, headed by Twitter cofounder Jack Dorsey.

      Banknet[edit]

      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. Banknet uses the ISO protocol.

      Mastercard's network differs significantly 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.[89]

      COVID assistance[edit]

      Mastercard approached TrustStamp in and invited them to join the Mastercard Start Path Program. The goal of the partnership is integrating TrustStamp's biometric and facial recognition technology into the Mastercard Well Pass platform. This partnership would enable biometric tracking of vaccinations, especially for children.[90] The program is based on the TrustStamp Evergreen Hash, which is a personal digital token that is tied to a fingerprint, palm or face. The AI software creates a 3D 'mask' and then the original data is destroyed. The token would then adapt as the individual does, creating a lifelong identification system.[91]

      This system is now being implemented in West Africa through partnership with GAVI, The Bill and Melinda Gates Foundation and NuData. The Mastercard wellness program was adapted in response to the COVID crisis[92] and now Mastercard is working with TrustStamp and GAVI to bring integrated vaccine verification and payment systems to Developing countries throughout the world.[93]

      Publications[edit]

      Mastercard provides a lot of documents publicly:

      See also[edit]

      References[edit]

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