Mastercard is one of the most recognizable brands in the world MasterCard. In 1966 a group of banks formed the International Card Association which became MasterCharge in 1969. 10 years later the name was changed to MasterCard and the brand name became a dominant force in the market.
In the 1990s they launched the world’s first global online debit program. And their effective priceless campaign was introduced in 1997. MasterCard says that despite popular opinion they don’t issue cards. But are actually a technology company that enables secure transactions between merchants banks and cardholders. In more recent years MasterCard has been evolving in order to meet the modern demands of its users and to compete with digital payment services like PayPal.
For example, the company spent 170 million dollars on advertising in the first quarter of 2017 to support the rollout of their new digital wallet service master pass. They also acquired artificial intelligence company Bright Tirion in August 2017. Despite all their efforts, they have not been able to come close to overtaking their biggest rival Visa. Which claims over 50% of the market share in the global payments market.
We are inspired by master Card’s incredible successful ability to adapt, forward-thinking nature, and commitment to improving the world. So let’s take a closer look at this well-known company with the 15 things you didn’t know about Master Card.
Over 65,000 transactions are processed every minute
Each transaction is processed in just 130 milliseconds. Which is twice as fast as the blink of an eye. An average of 65,068 transactions is processed every minute. And the network handles 24.5 billion instructions every second.
They changed their LOGO for the first time in 20 years, in 2016
In an effort to modernize the brand and optimize it for more digital purchases. MasterCard decided to change the logo that the company has had for the past 20 years in 2016. The new logo does not veer drastically from the old one since MasterCard wanted to maintain its strong brand identity. So they kept some of the recognizable features that have been a part of their logo since 1968 the same. The interlocking circles the red and yellow colors and the MasterCard name. The brand name has moved below the circles with all lowercase letters. Because MasterCard wanted to de-emphasize the card part of their name to symbolize the evolution of digital payment. This is the fourth time MasterCard has made changes to its logo.
The magnetic strip holds 3 tracks of information
The magnetic stripe on the back of all master cards holds three different tracks of information. The first track contains your name, expiration date, card type, and other personal data like your pin or credit limit. The second track holds your account number and start date. And the third track holds information for ATM use.
There are 787 million Mastercards worldwide
As of the second quarter of 2017, there are a total of 787 million Mastercards in circulation worldwide. 204 million of these are in circulation in the United States alone. More than one point nine billion master cards have been issued in the history of the company. Which is more than the populations of Russia, India, Japan, and Mexico combined.
MasterCard was listed at #7n on Fortune’s “Changed the World” list
Fortune creates an annual list of 50 companies that are making an impact worldwide in social or environmental areas. In 2016 MasterCard was ranked #7 for the second year in a row receiving recognition for its efforts to transform the delivery of humanitarian aid. In 2015 the company launched the MasterCard aid network which is a digital voucher that uses chip-enabled cards to easily distribute aid in disaster areas. The cards allow those in need to receive food or other basic necessities. In about two years’ time, the aid network has helped tens of thousands of people around the world. The top company on Fortune’s list was JP Morgan Chase.
The CEO has worked for Nestle, Pepsi, and Citigroup
Ajay Paul Singh Banga has been MasterCard CEO since 2010. The Indian American businessman began his career with Nestle in 1981. And later helped Pepsi launch its international fast-food franchises in India. Also from 2005 to 2009, he spearheaded Citigroup’s strategy in the microfinance sector across the world. He was also appointed to an advisory committee by US President Barack Obama in 2015. And the Government of India awarded him the civilian honor of the Padma Shri in 2016.
MasterCard is working with the World Food Programme to provide 100 million meals
In 2017 MasterCard and the World Food Programme announced their joint initiative to provide 100 million meals to school children in need around the world. Research has shown that every dollar invested in school meals brings an average economic return of $6 U.S. In the form of improved health and education for schoolchildren.
Mastercard’s priceless cities give cardholders unique opportunities
MasterCard created the priceless cities program that is available in more than 45 destinations that are accessible from 82 countries. The program offers exclusive opportunities like exploring places in Saint Petersburg Russia. Going on an Haute Couture shopping trip with a personal shopper in Paris. And enjoying behind the scenes VIP access to the Australian Open in Melbourne.
MasterCard was the 1st company to use Holograms to combat counterfeiting
The Holograms used on credit cards are made up of multiple layers of images that are taken from different angles and stacked on top of each other. This prevents counterfeiting because multiple images cannot be scanned by an optical computer scanner or copied by a photocopier. The technology is now used on multiple items like passports, expensive electronics, banknotes, and more. But MasterCard was the first to introduce the technology back in 1983.
$3.6 trillion was spent on master cards in 2016
MasterCard is accepted at more than 35.9 million locations worldwide, in 150 different currencies, in about 210 countries. In 2016 alone $3.6 trillion was spent on master cards worldwide. This sounds like a lot but it’s nothing compared to the $6.8 trillion that was spent on Visa cards in the same year. If you want to find out some more about master cards main competitor click on the link below
Read More: 15 things you didn’t know about visa
They have thousands of miles of data stored in their warehouse
The data stored in their warehouse would fill 54 thousand four hundred and seventy miles of bookshelves. And their network has enough fiber-optic cable to link London to Paris a total of about 300 miles. The world data center for the climate is reportedly the largest database on earth. But Mastercards global data warehouse is twice the size and generates enough power to light Vatican city.
Mastercard is the 52nd most valuable brand in the world
Mastercards total revenue in 2016 was $10.8 billion with total assets adding up to $18.68 billion. This turns the company to the 52nd spot on Forbes most valuable brands list. One spot above JPMorgan. MasterCard is also 52nd on the list of the most innovative companies. 54s and market value and 59th in profit.
They save Walmart 150 tons of paper every year
Walmart the world’s biggest employer with 2.3 million employees, uses master cards payroll cards instead of issuing regular paychecks. This saves Walmart an incredible three hundred thousand pounds of paper every year. Which equals 150 tons.
They sponsor some of the best art and culture venues in the world
MasterCard has a wide variety of sponsorships that span a number of industries including sports, fashion, entertainment food and drink, and more. In the area of arts and culture, MasterCard has sponsored some of the finest venues in the world, including New York City’s Carnegie Hall and the New York City Ballet. Singapore is a report or a theatre would you buy Opera House and the Sydney Opera House. They also sponsor the Grammys the Brit Awards, various wine and food festivals the Dallas Cowboys and Green Bay Packers, NFL teams the Brazilian national football team, the PGA Tour, and more.
The bank of Dubai first Royale MasterCard is trimmed in Gold
One of the most exclusive Mastercards in the world is the first Royale MasterCard issued by the Bank of Dubai. This prestigious card is issued only to Millionaires and Billionaires. Not only is it trimmed in gold but it also has a diamond set in the center of the card. If You’re one of the very few lucky people approved for this card, you’ll have no preset spending limit. And the bank promises to cater to any request the cardholder makes around the clock no matter how outrageous it may be.
About 7 of 10 Americans have at least one credit card and the average number of credit cards per US consumer is 4. On top of that, the credit card debt of Americans exceeded one trillion dollars for the very first time at the beginning of 2017.
Now that you’ve learned more about MasterCard. We’d like to know do you think they’ll ever overtake a Visa as the number one payment transaction company. Let us know what you think in the comments.