MasterCard Canada takes another step forward
TORONTO, August 16, 2011 – MasterCard Canada welcomes the announcement Monday that the TD Bank Group is acquiring the MBNA Canada credit card portfolio, which has been owned by Bank of America since 2006. When the transaction is complete, it will position TD as one of the largest issuers of MasterCard cards in Canada.
“As the only credit card network to have added three new issuers in less than two years, we are thrilled to welcome another to the MasterCard family,” said Betty K. DeVita, President of MasterCard Canada. “MasterCard brings innovative payment technologies to consumers, merchants and businesses; we look forward to continuing our relationship with current MBNA cardholders and future TD cardholders.”
During the transition period cardholders will continue to receive existing MasterCard® benefits such as zero liability and access to technology such as PayPass™.
About MasterCard Worldwide
As a leading global payments company, MasterCard Worldwide prides itself on being at the heart of commerce, helping to make life easier and more efficient for everyone, everywhere. MasterCard serves as a franchisor, processor and advisor to the payments industry, and makes commerce happen by providing a critical economic link among financial institutions, governments, businesses, merchants, and cardholders worldwide. In 2010, $2.7 trillion in gross dollar volume was generated on its products by consumers around the world. Powered by the MasterCard Worldwide Network – the fastest payment processing network in the world – MasterCard processes over 23 billion transactions each year and has the capacity to handle 160 million transactions per hour, with an average network response time of 130 milliseconds and with 99.99 percent reliability. MasterCard advances global commerce through its family of brands, including MasterCard®, Maestro®, and Cirrus®; its suite of core products such as credit, debit, and prepaid; and its innovative platforms and functionalities, such as MasterCard PayPass™ and MasterCard inControl™. MasterCard serves consumers, governments, and businesses in more than 210 countries and territories. For more information, please visit us at www.mastercard.com. Follow us on Twitter: @mastercardnews.
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