The History of MasterCard by Todd Holliday

The world would not be the same without the MasterCard. MasterCard has become a trusted household name since 1966. People use MasterCard on a daily basis. MasterCard created a product that consumers use to pay for goods and services. People use there branded debit and credit cards to make purchases and keep business running. The history of MasterCard is one of our countries most important milestones.

MasterCard is an international corporation based in Purchase, New York. MasterCard’s prime business is to process transactions world wide. MasterCard was originally formed in 1966. The company was formed by United California Bank. It was later called Interbank Card Association (ICA) before merging with well know Wells Fargo. Since then MasterCard has went through several other mergers.

In 1968 MasterCard began its journey in building an empire with networks outside of the United States. That was the start of a global MasterCard network. In 1969 ICA received the trademark for MasterCard. What would a credit card be without the magistrip on the back? This is the strip on the back of credit cards that allows information to be recognized by different credit card readers. This was added in 1974.

Hologram security devices were introduced to the MasterCard in 1983. MasterCard was the first company to invent this. In 1991 Europay and MasterCard created the first online point-of-sale debit network. This has revolutionized the word of online shopping.

MasterCard’s renound advertising slogan Priceless was launches. It is virtually impossible to turn on a TV and not see a commercial with this saying in it. This slogan has become a popular term in the world of MasterCard. This slogan was introduces in 1997.

In 2001 MasterCard launches its professional advisory service. This organization offers consulting, research, and informational products and services. This was part of MasterCard’s process to develop a winning team for outstanding research.

In 2002 MasterCard International in created. Matercard and Europay International merged. MasterCard hoped to provide for continuous growth from this international merger.

MasterCard Paypass was also launched in 2002. Paypass is a system like none other in the credit card industry. The Paypass system allows for an easy touchless way to checkout. Instead of swiping cards at the checkout, you simply tap the card on the Paypass machine at checkout. The Paypass can be easily access with a key fob, card, or even from a mobile phone. If you do not see a Paypass machine the MasterCard can still be swiped like a traditional MasterCard.

The year of 2006 was a busy year for the history of MasterCard. MasterCard changed to a different ownership structure. They began trading on the New York stock exchange. MasterCard managed to raise the largest United States stock sale in two years. They also launched MasterCard worldwide.

In 2008 MasterCard saw double digit revenue growth. This was one of the best years in MasterCard history. There companies’ revenue is expected to double again over the upcoming years.

MasterCard has also implemented on all of their credit and debit cards a CVC number. This is a card verification code. The code is to ensure the security and privacy of the MasterCard user. This card is unique to each credit and debit card and is required when doing any online or phone purchases.

It is hard to imagine daily life without MasterCard being part of society. This company has brought about a new and innovative way to pay for goods and services. MasterCard credit and debit cards can be easily obtained for daily use. Not only are consumers using there products, but they are part of daily transactions for business. MasterCard has drastically changed the way we purchase item and our business economy.