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MasterCard Worldwide is an international firm, which is organized as interbank cooperation and is listed by the NYSE. The essential function of this firm is to make payments between the seller’s banks and those of the buyer. It is for this purpose that the buyer uses a MasterCard credit card.
The firm was initially established in 1966 by United California bank, Wells Fargo Bank, and Croker National Bank.
Prior to its IPO MasterCard Worldwide was owned by more than 25,000 financial institutions, and all of the firm’s joint owners issued MasterCard. Currently, Worldwide MasterCard is based in Purchase, New York, and MasterCard cards are regarded as a reliable and secure means of payment around the world.
MasterCard credit cards are issued when an account has been approved by the bank. Once the account is approved, the cardholder can use it to make purchases or make transfers on websites that accept a MasterCard. The principle of operation of this card is quite simple.
The purchase is essentially an agreement by the credit card holder to agree to pay MasterCard the amount of the purchase. In the case of online transactions, the cardholder authorizes the purchase by entering a personal code.
Some MasterCard casinos also accept verbal confirmation over the phone. In this case, the seller uses an electronic verification system to ensure the validity as well as the solvency of the card used. This verification system accepts additional information from the customer including the security code, the cardholder’s date of birth, etc.
At the end of each month, MasterCard issues a statement showing purchases, unpaid fees, and the account balance. The cardholder is then obliged to pay the minimum amount which is defined before the eligible date.
MasterCard Worldwide also offers a debit card called MasterMoney. This card can be used to make online purchases or to deposit money into a MasterCard casino account. When used online the MasterMonay card requires electronic authorization for all transactions, the amounts debited are immediately passed on to the user’s account.
In addition, these transactions are secured by authentication of the personal code. There are also different types of MasterCard such as MasterCard Gold.