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Date Published : Tuesday, February 26, 2008
MasterCard is now a household brand. Whether through using MasterCard credit cards or through striking television commercials, just about every Australian has heard of this truly global company.
For the last 60 years, MasterCard has been at the forefront of new technologies in the banking sector and has grown to have a healthy rivalry with competitors Visa and American Express.
While the company was founded in 1966, MasterCard began in the late 1940s when several US banks started giving their customers specially-issued paper that could be used like cash in local stores. In 1951, The Franklin National Bank in New York formalised the practice by introducing the first real credit card in 1951.
Several companies vied for a slice of the action until, through mergers and acquitions, MasterCard was formed.
From its headquarters in New York State, MasterCard has grown to operate the majority of the world's nations, with 30 regional offices. It now enjoys links with some of Australia's major banks, including the National Australia Bank, Westpac and BankWest.
Several of the world's largest banks are represented on MasterCard's board of directors, including Capital One, HSBC and Australia's own Westpac.
In 2000, it opened a new office in Sydney, which is MasterCard Australia's headquarters. Since then, it has branched out to offering a number of services with many banks and, in 2005, it partnered with BankWest for the first MasterCard debit card in Australia.
Chris Whitehead, retail chief executive at BankWest, said at the time: "Our companies are well-matched as we both have a common goal of stimulating competition in the Australian banking industry by offering simple products that give consumers greater choice and a better banking deal."
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