Top 100 Best Tech Companies In The World – P.42 - MasterCard (United States): The forefront company in processing international electronic payment services

05-02-2021

(WorldKings.org) MasterCard is a technology firm in the global electronic payment industry responsible for processing electronic payments, through its full range of payment programs and services.The Company offers payment processing services for credit and debit cards, electronic cash, automated teller machines, and traveler's checks.

Mastercard serves customers worldwide. It partners with various institutions worldwide to connect different participants in various types of transactions, including businesses, financial institutions, merchants, and consumers using its branded electronic payment cards.

Payment cards issued by MasterCard usually come with the MasterCard logo, and they are called closed-loop cards. Such cards are accepted anywhere, and the logo helps to indicate their eligibility for use.

Four major companies facilitate electronic card payments in the United States. The companies are responsible for handling most of the world’s card payments – American Express, MasterCard, Discover, and Visa. Each company offers its services through some form of co-branded relationship by partnering with various institutions.

All electronic payment cards are assigned a Bank Identification Number (BIN) or issuer identification number (IIN). It is a unique eight-digit number that distinguishes the network processor for electronic transactions. The issuer identification number is used during the verification steps of a transaction to verify the account’s funds before authorizing the cardholder to make a transaction.

According to bloomberg.com, corporatefinanceinstitute.com


Mihan (Collect and edit) (World Records Union - WorldKings.org)

 

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