Question
Here is the question : INTERBANK WAS THE ORIGINAL NAME OF WHAT CREDIT CARD COMPANY?
Option
Here is the option for the question :
- Visa
- American Express
- Mastercard
- Discover
The Answer:
And, the answer for the the question is :
Explanation:
In 1966, what would later be known as Mastercard was established as the Interbank Card Association. Mastercard International was once known as ICA until the late 1970s, when the company decided to rebrand itself as Mastercard in an effort to emphasize its dedication to international growth. In 2019, the firm decided to remove the wordmark “Mastercard” from its branding, leaving only the logo consisting of overlapping red and yellow circles. Despite the fact that it is still recognized as Mastercard today.
The credit card company formerly known as Interbank is Mastercard. Mastercard started life in 1966 as an association of banking institutions looking to create an interbank network for customers to use credit cards when traveling abroad. Mastercard’s original name was Master Charge. It aimed to provide a system that allowed banks to reconcile transactions, share processing costs, and develop universal card acceptance.
In the early days, Mastercard focused on partnerships between banks to facilitate inter-member transactions for shopping and travel. It wasn’t until the late 1960s and 1970s that Mastercard launched the first master credit cards under its brand. These were general purpose cards that could be used internationally at a time when most credit cards were restricted to domestic use. The Mastercard vision was interchangeable currency that knew no borders.
In 1979, Mastercard became a publicly traded company and officially changed its name to Mastercard International. In the following decades, Mastercard expanded rapidly through acquisitions and partnerships, notably purchasing Eurocard in the 1980s to gain a strong presence in Europe. Today, Mastercard is one of the largest card networks in the world, along with Visa.
Mastercard continues innovating with new products ranging from contactless payments, mobile wallets, business cards, travel cards, prepaid cards, remittances, security enhancements and more. However, its core mission remains enabling interoperability and acceptance of payment cards universally across geographies. Mastercard aims to provide industry-leading products, data analytics and pricing flexibility to support new payment technologies, businesses and consumer experiences.
Though originally founded by banks to facilitate inter-member transactions, Mastercard has evolved into a global payment network powering commerce across borders. Its brand is now synonymous with convenience, acceptance, security and innovation in digital payments worldwide. Mastercard has come a long way from its Interbank roots as an instrument for interbank clearing into a leading global technology company in the payment industry.