What does Mastercard do?

Mastercard Inc. is a global payments technology company based in Purchase, New York. Founded in 1966, it began as the Interbank Card Association to compete with Bank of America's BankAmericard. Mastercard operates a payment network that facilitates electronic transactions through branded credit, debit, and prepaid cards, accepted at over 37 million businesses across more than 210 countries and territories. The company has a rich history of innovation and expansion. It rebranded to Mastercard in 1979 and has since launched various services, including the Maestro debit network and e-commerce solutions. Mastercard does not issue cards directly but processes transactions between card-issuing banks, consumers, and merchants. With a workforce of approximately 33,400 employees and a revenue of $14.43 billion in 2023, Mastercard is recognized as the second-largest card network globally, following Visa.