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What is MasterCard? |
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MasterCard International is a global payments company with
one of the most recognized and respected brands in the world. We manage
a full range of payment programs and services, including
MasterCard® credit cards, MasterCard® debit cards, Maestro®
online debit cards, Cirrus® ATM cash access, and related programs. |
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What are MasterCard primary
responsibilities? |
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Our role is to facilitate transactions among those who use
our payment cards, those who accept them, and the member financial
institutions that manage these relationships. Together with our member
institutions, we provide the infrastructure to ensure that these
payments transactions are completed with a virtually 100 percent
success rate. We establish standards and procedures for the acceptance
and settlement of member transactions on a global basis. We provide a
global communications network for interchange - the electronic transfer
of information and funds among our members. We develop marketing
programs that build even greater awareness for the brand, thereby
increasing business for our members; and we enhance and support the
marketing activities and operational functions of our members in
connection with MasterCard programs and services. |
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Who are MasterCard members? |
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There are more than 23,000 customer
financial institutions around the world, serving consumers in 210
countries and territories. |
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Who is MasterCard President & CEO? |
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Robert W. Selander was appointed president & CEO of
MasterCard International in April 1997. |
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How many people does the company employ
and where are they located? |
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MasterCard has approximately 4,000 employees working in more
than 37 MasterCard offices around the world. Corporate headquarters is
in Purchase, N.Y. with technology operations located outside of St.
Louis, Missouri. Regional headquarters include Waterloo, Singapore,
Miami, and Dubai. |
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How are MasterCard offices organized? |
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MasterCard is organized geographically into the following
regions: Asia/Pacific; Europe; Latin America and Caribbean; North
America (U.S. and Canada); and South Asia, Middle East and Africa. |
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When was MasterCard founded? |
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1966 as the Interbank Card Association. |
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When did Master Charge officially become
MasterCard? |
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"Master Charge" was purchased by the California Bank
Association in 1969, and was renamed MasterCard in 1979. |
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What was the conversion that MasterCard
recently went through in June 2002? |
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The conversion refers to the process by which MasterCard
International converted from a membership association to a private
share corporation, in connection with its merger with Europay
International. Upon completion of the conversion, MasterCard principal
members received shares in MasterCard Incorporated, a new holding
company, and a membership interest in MasterCard International,
MasterCard Incorporated's principal operating subsidiary. |
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What was the integration of Europay and
MasterCard in July 2002? |
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The integration refers to the process by which MasterCard
Incorporated acquired Europay International to form a unified,
shareholder-owned, global payments company, which will deliver
significant benefits to customers across the globe. The integration
provides an opportunity to create substantial benefits for customers in
terms of improved economies of scale, elimination of duplication, and
faster decision-making. Many of these benefits are already being
realized. |
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How many transactions are handled each
day? |
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We processes as many as 32 million authorizations of
financial transactions a day, enabling consumers to make purchases
instantly, anytime, almost anywhere, in both the virtual and real
worlds. |
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What is the role of each issuing, or
acquiring banks vis-à-vis MasterCard? |
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Issuing banks have responsibility for issuing cards, setting
annual fees on cards, and determining annual percentage rates and other
features such as rewards programs. Acquiring banks have responsibility
for soliciting merchants to accept cards and setting their discount
rate. |
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