In 1997, MasterCard took over the Access card the Access brand was then retired. They acquired the Cirrus network of automated tellers in 1985. became the first bank to use holograms as part of their card security. In 1979, Master Charge: The Interbank Card was renamed MasterCard. The Access card system from the United Kingdom joined the ICA/Eurocard alliance in 1972. In 1968, 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. That same year, First National City Bank joined Interbank and merged its proprietary Everything Card with Master Charge. In 1969, 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. This tiny logo proved to be entirely unsatisfactory for creating nationwide brand awareness in order to compete against the established leader, BankAmericard. The Interbank branding in 1966 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. (In the 21st century, Bank of America would revive the BankAmericard brand name as a Mastercard credit card, which it remains today). Bank of America eventually joined MasterCard as well. By the end of 1967, ICA had 150 members and Hinke became ICA's chairman. The result of the Buffalo meeting was that several banks and regional bankcard associations soon agreed to join forces as Interbankard, Inc., which then became the Interbank Card Association (ICA).
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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. Hinke, an executive vice president at Marine Midland Bank, asked representatives of several other banks to meet him in Buffalo, New York. 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. 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. A unit bank can legally operate only at a single site and is thereby forced to remain very small. One reason 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. These newcomers promptly banded together into regional bankcard associations.
From 1960 to 1966, there were only 10 new credit cards introduced in the United States, but from 1966 to 1968, approximately 440 credit cards were introduced by banks large and small throughout the country. This strategy was successful until 1966, when BankAmericard's profitability had become far too big to hide. Bank of America deliberately kept this information secret and allowed then-widespread negative impressions to linger in order to ward off competition. Prior to its initial public offering, Mastercard Worldwide was a cooperative owned by the more than 25,000 financial institutions that issue its branded cards.Īlthough BankAmericard's debut in September 1958 was a notorious disaster, it began to turn a profit by May 1961. Mastercard (originally Interbank then Master Charge) was created by an alliance of several banks and regional bankcard associations in response to the BankAmericard issued by Bank of America, which later became Visa, still its biggest competitor. Mastercard has been publicly traded since 2006. 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. Its headquarters are in Purchase, New York.
(stylized as MasterCard from 1979 to 2016, mastercard from 2016 to 2019) is the second-largest payment-processing corporation worldwide.
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