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Mastercard Incorporated stylized as MasterCard from to and mastercard since is an American multinational financial services corporation headquartered in the Mastercard International Global Headquarters in Purchase, New YorkUnited States. 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 debitcredit and prepaid [ disambiguation needed ] to make purchases.
Mastercard Worldwide has been a publicly traded company since Prior to its initial public offeringMastercard Worldwide was a cooperative owned by the more than 25, financial institutions that issue its branded cards. From toMastercard was called "Interbank" and "Master Charge".
In"Master Charge: The Interbank Card" was renamed "MasterCard". InMastercard took over the Access card; the Access brand was then retired. InMasterCard International merged with Europay Internationalanother large credit-card issuer association, of which Eurocard had become a part in This was done in order to suggest a more global scale of operations.
In addition, the company introduced a new corporate logo bitgold mastercard credit a third circle to the two that had been used in the bitgold mastercard credit the familiar card logo, resembling a Venn diagramremained unchanged.
A new corporate tagline was introduced at the same time: In MarchMasterCard announced the expansion of its mobile contactless payments program, including markets across the Middle East. In springMasterCard acquired Australia's leading rewards program manager company Pinpoint for an undisclosed amount. Mastercard teamed with Apple in Septemberto incorporate a new mobile wallet feature into Apple's new iPhone models, enabling users to more readily use their Mastercard, and other credit cards.
In JulyMastercard introduced their new rebranding, along with a new corporate logo. In addition, they changed their service name from MasterCard to Mastercard. In AugustMastercard acquired Brighterion, a Delaware Corporation headquartered in San Francisco, California that provides a portfolio of artificial intelligence bitgold mastercard credit machine learning technologies.
The company, which had been organized as a cooperative of banks, had an initial public offering on May 25,selling Mastercard, along with Visahas been sued in a class action by ATM operators that claims the credit card networks' rules effectively fix Bitgold mastercard credit access fees.
The suit claims that this is a restraint on trade in bitgold mastercard credit of federal law. The lawsuit was filed by the National ATM Council and independent operators bitgold mastercard credit 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 bitgold mastercard credit 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. In OctoberMastercard and Visa reached a settlement with the U. Justice Department in another antitrust case.
The bitgold mastercard credit agreed to allow merchants displaying their logos bitgold mastercard credit decline certain types of cards because interchange fees differor to offer consumers discounts for using cheaper cards. On November 27,a federal judge entered an order granting preliminary approval to a proposed settlement to a class-action lawsuit filed in by merchants and trade associations against Mastercard, Visa, and many credit card issuers.
The suit was filed due to price fixing and other anti-competitive trade practices employed by Mastercard and Visa. A majority of named class plaintiffs have objected and vowed to opt out of the settlement. Opponents object to provisions that would bar future lawsuits and even prevent merchants from opting out of significant portions of the proposed settlement. Stephen Neuwirth, a lawyer representing Home Depot, said, "It's so obvious Visa and Mastercard were prepared to make a large payment because of the scope of the releases being given.
It's all one quid pro quo and merchants like the Home Depot are being denied the chance to opt out of that quid pro quo and say this is a bad deal. Plaintiffs allege that Visa, Mastercard, and major credit card issuers engaged in a conspiracy to fix interchange feesbitgold mastercard credit known as swipe fees, that are charged to merchants for the privilege of accepting payment cards at artificially high levels.
In their complaint, the plaintiffs also alleged that the defendants unfairly interfere with merchants from encouraging customers bitgold mastercard credit use less expensive forms of payment such as lower-cost cards, cash, and checks.
The settlement provides for the cash equivalent of a 10 basis-point reduction 0. This eight-month period would probably begin in the middle of Few companies have faced more antitrust lawsuits both in the US and abroad. Mastercard, along with Visa, engaged in systematic parallel exclusion against American Express during the s and s.
Mastercard used exclusivity clauses bitgold mastercard credit 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. 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 anti-trust award in history.
Inthe Department of Justice sued Mastercard over rules prohibiting their issuing bitgold mastercard credit from doing business with American Express or Discover. The Department of Bitgold mastercard credit won in and the verdict withstood appeal. American Express also filed suit . On August 23,Mastercard International Inc.
On November 15,Mastercard Inc. The European Union has repeatedly criticised 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 0. WikiLeaks published documents showing that American authorities lobbied Russia to defend the interests of Visa and Mastercard.
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 Bitgold mastercard credit and Mastercard in the European payment system. As ofMastercard is under investigation by the European Union for the high fees it charges tourists who use their cards in Europe, and other anti-competitive practices [ clarification needed ] 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 charges non-European tourists much more than customers using cards issued in Europe.
Mastercard was banned from charging fees on cross-border transactions conducted wholly within the EU via a ruling by the European Commission in For instance, a euro payment might cost 10 euro cents 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 anti-trust law. 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. On December 27,Visa Inc.
Inthe Reserve Bank of Australia required that interchange fees be dramatically reduced, from about 0. 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 bitgold mastercard credit the cardholder.
A surcharge would mitigate bitgold mastercard credit 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 bitgold mastercard credit, New Zealand was considering similar actions, following a Commerce Commission lawsuit alleging price-fixing by Visa and Mastercard. In New Zealand, merchants pay a 1. In DecemberMastercard blocked all payments to WikiLeaks due to claims that they engage in illegal activity.
According to several news sites, security of thousands of credit cards was compromised during that attack due to a phishing-site set up by the attackers. High Commissioner for Human RightsNavi 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".
The company bitgold mastercard credit enables WikiLeaks to accept credit and debit card donations [ who? On July 14, DataCell announced they had filed a complaint with the European Commission claiming the closure by Visa and Mastercard of Datcell's access to the payment card networks violated the competition rules of the European Community.
Inpursuant to an agreement between Mastercard and the Nigerian Governmentbitgold mastercard credit through the National Bitgold mastercard credit Management Commission, the new Nigerian ID cards will bear the Mastercard logo, contain personal database data and double bitgold mastercard credit payment cardsirrevocably linking such payments to the individuals,  sparking criticism by the Civil Rights Congress alleging that it "represents a stamped ownership of a Nigerian by an American company Mastercard, Comerica Bankand the U.
Treasury Department teamed up in bitgold mastercard credit create the Direct Express Debit Mastercard prepaid debit card. The federal government uses the Express Debit product to issue electronic payments to bitgold mastercard credit who do not have bank accounts, who are often referred to collectively as the " unbanked ".
Bitgold mastercard credit 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. When used, the card selects the local currency to ensure the best exchange rateand if the local currency is not already loaded onto the card, funds are used from other currencies. 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. They also use the Priceless description to promote products such as their "priceless travel" site which features deals and offers for Mastercard holders,  and "priceless cities", offers for people in specified locations.
The first of these Priceless ads was run during the World Series and there are numerous different TV, radio and print ads. The original idea and concept of the campaign stems from the advertising agency of McCann Erickson as it was named in The purpose of the campaign is to position Mastercard as a friendly credit card company with a sense of humor, as well as responding to the public's worry that bitgold mastercard credit is being commodified and that people are becoming too materialistic.
Many parodies have been made using this same pattern, especially on Comedy Central, though Mastercard has bitgold mastercard credit legal action,  contending that Mastercard views such parodies as a violation of its rights under the federal and state trademark and unfair competition laws, under the federal and state anti- dilution laws, and under the Copyright Act.
Despite these claims, however, noted US consumer advocate and presidential candidate Ralph Nader emerged victorious after a four-year battle in the suit Mastercard brought against him after he produced his own "Priceless" political commercials. Using the theme and some of the language behind the Mastercard "Priceless" campaign the election specified the dollar amounts contributed by corporate interests to both candidates and then summed it up with "finding out the truth Mastercard sued Nader's campaign committee and filed a temporary restraining order to stop the ads.
The TRO was not granted and Nader defended the ads by claiming they were protected under the fair use doctrine. In Argentinian born Edgardo Apestguia created in Paraguay an ad bitgold mastercard credit for Bancard's credit card. Its slogan was "There are things money can't buy, but, for everything else, there is Bancard". 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.
Mastercard sponsors major sporting events and teams bitgold mastercard credit the world.