Mastercard Inc is an American multinational financial services corporation headquartered in MasterCard International Global Headquarters in Purchase, New York. Global Operations Headquarters O’Fallon, Missouri, St. Charles County, is located in a municipality of Missouri.
Worldwide, its principal business is processing payments between merchants’ banks and card-issuing banks or buyers’ credit unions who use “MasterCard” brand debit, credit, and prepaid cards to make purchases. Mastercard Worldwide has been a publicly-traded company since 2006. Prior to its initial public offering, MasterCard Worldwide was a cooperative owned by over 25,000 financial institutions that issued its branded cards.
The company, which was organized as a co-operative of banks, made an initial public offering on May 25, 2006, selling 95.5 million shares for $39 each. The stock is traded on the NYSE under the symbol MA, which has a market capitalization of $367.1 billion as of May 2021.
Overview of MasterCard Debit Cards
The Interbank Card Association (ICA) was formed in 1966 when the United California Bank, Wells Fargo Bank, and Union Bank of California were founded. They joined HSBC Bank USA (formerly Marine Midland Bank) to form “MasterCharge: The Interbank Card”. In later years, other banks followed suit and merged their bank cards with MasterCharge. The card became really popular and was later renamed “MasterCard” in 1979. Over the years, MasterCard has become a globally accepted debit and credit payment system. A debit card that uses MasterCard as its payment system is called a MasterCard debit card.
Mastercard Worldwide is an American multinational financial services corporation. The primary business of this company is the co-ordination and processing of payments between the retailer’s banks and the MasterCard issuing banks. MasterCard is one of the biggest names in the international payment system that can be linked to both credit and debit cards.
Mastercard debit cards are also known for their extremely fast service. There are many attractive benefits in the form of reward points for each transaction. MasterCard debit cards have many features and benefits that make them one of the best payment systems in the world.
Prepaid debit cards
In 2008 MasterCard, Comerica Bank, and the U.S. The Treasury Department combined 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, often collectively referred to as “bankless”. Comerica Bank is the debit card issuing bank.
Direct Express cards offer multiple consumer protections to the recipients.
In June 2013, MasterCard announced a partnership with British Airways to offer members the Executive Club Multi-Currency Cash Passport, which will allow members to earn additional points and make multi-currency payments. Passport card users can get up to ten currencies (Euro, Pound, US Dollar, Turkish Lira, Swiss Franc, Australian Dollar, Canadian Dollar, New Zealand Dollar, UAE Dirham, and South African Rand) at a lock-in rate that allows loading.
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 from other currencies are used.
Features and Benefits
- Mastercard debit cards are accepted worldwide
- The MasterCard payment network is an extensive network. Debit cards are accepted for payment at almost all retail stores that accept card payments in the world. You have access to over 900,000 ATMs globally. All MasterCard Debit Cardholders who have a Maestro or Cirrus Debit Card can use these ATMs to make cash withdrawals.
- Mastercard Debit Cardholders can enjoy uninterrupted banking services 24 hours a day
- You get to enjoy the convenience of cash access worldwide. It also gives you the benefit of secure access to your funds anytime, anywhere.
- If you are a MasterCard Debit Cardholder, you can contact their 24×7 helpline. If you lose your card, or it is stolen, you can call the toll-free number on the other side of your card or find it easily on the Internet. It helps you a lot when you are traveling abroad and losing your card.
- With the MasterCard Debit Card, you can enjoy the dual convenience of withdrawing cash from ATMs and making purchases at merchant outlets or online.
How to Get a MasterCard Debit card
You can apply for a MasterCard Debit Card in your bank where you have a savings or current account. To apply, contact the nearest branch of the bank. You can also apply for the card online by visiting the bank’s website.
Since you already have a savings or current account, there is minimum documentation required for the issuance of this card. These documents are essential for KYC compliance. Here is a list of documents commonly requested by banks:
- Proof of identity
- Proof of residence- PAN card.- Form 16 (only if PAN card is not available)
- 2 latest passport-size photographs and more
- How to Get Free PlayStation credit card 2021 | Best PlayStation
- How To Manage Your Debts With Debt Consolidation Loans
- Credit card: Register, Technical specifications, payment, funding
World Beyond Cash
In 2017, CEO Ajay Banga reinforced the company’s goal of expanding financial services to those outside the existing system by bringing a digital payment system to unbanked people around the world.
The company invested $500 million in India with offices in Pune and Vadodara to help Mastercard bring cashless transactions to the world’s second-largest population. The company is about to invest an additional $750M in cashless apps and technology, particularly focused on India, between 2017 and 2020.