All the companies that owned the corporation issued MasterCard cards. Prior to its IPO, MasterCard Worldwide was owned by over 25,000 financial institutions as a membership organization. It was created as a competitor to the Bank of America’s BankAmeriCard. The corporation was initially created in 1966 by United California Bank, Wells Fargo Bank, Crocker National Bank and the Bank of California. To this end, the purchaser uses a MasterCard brand credit or debit card. The essential function of this corporation is to process payments between the banks of the merchant and the banks of the purchaser. It is organized as a co-operative of banks, and is listed in the NYSE under the symbol MA.
MasterCard Worldwide is a multinational corporation.
