Overview of Mastercard
Mastercard Incorporated, better known simply as Mastercard, is an multinational company dedicated towards processing payments between banks of merchants and the card issuing banks or credit unions of the purchasers. The company plays an integral role in this chain process by ensuring the safe and quick transition of transaction information and funds.
History of Mastercard
As a proud legacy dating back to 1966, Mastercard has been at the forefront of financial technology and payment solutions. The Interbank Card Association (ICA), which morphed into what is known today as Mastercard, was created by a group of California banks to compete with BankAmericard (now Visa). The company made a mark on an international scale and the name Mastercard was fully adopted in 1976. Since then, the corporation has made inroads in digital payments, by introducing products for E-commerce and creating efficient electronic payment systems.
Typical data processed by Mastercard
MasterCard processes a wide variety of data, most of which revolves around financial transactions. The most commonly processed data includes cardholder information, merchant details, transaction amounts, date and time of transactions, and transaction locations. It also handles data surrounding disputes and fraud detection.
Where Mastercard Operates
MasterCard's extensive operations spread across the globe serving consumers, businesses, and merchants across 210 countries and territories.
Key Features of Mastercard
The key features of Mastercard include its expansive global payments network that allows transactions across multiple currencies. Mastercard's payment gateway also boasts of advanced security measures including encryption and tokenization to protect sensitive customer information. Their range of products includes credit, debit, and prepaid cards as well as business programs and solid loyalty solutions. Mastercard's technology also includes fraud prevention systems and the ability to facilitate contactless payments.
In an era where data compliance takes precedence due to a myriad of data privacy regulations globally, closely monitoring and comparing vendors like Mastercard becomes crucial. Ensuring the data is managed and processed in accordance with the existing regulations can help mitigate potential business risks and avoid heavy penalties. Mastercard, being a global player in financial transactions, handles an enormous volume of critical and sensitive data which makes it pivotal from a data compliance perspective. Understanding where and how this data is processed, provides insight into vendor compliance with data laws and can greatly influence vendor selection.