Since its inception in 1966, MasterCard has become recognized as a top innovator in the financial services arena. What started as a small credit card company trying to compete with major department stores that were offering charge cards to its clients, MasterCard has blossomed into one of the largest financial services providers in the entire. T&C's apply to all bonus offers on this site. Click for a list of all banking methods.
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Much of the brand’s focus is put towards issuing credit, debt and prepaid cards through its own organization or as a brand connected to merchant card providers. Either way, customers can use their MasterCard products to access cash through ATMs or process payments for the purchase of goods and services online or in brick and mortar stores almost anywhere in the world where the MasterCard insignia is accepted.
How it works
Long before debit cards and prepaid credit cards ever existed, MasterCard's entire product line consisted of various credit card options that allowed customers to make purchases and cash advances with their promise to make low monthly payments towards paying for interest and debt principle. The company has always used an application process to determine which individuals are entitled to borrow money from the MasterCard organization and to determine the terms and condition that each customer must abide by.
When banks decided to implement banking machines to help customers handle their banking needs with minimal effort and inconvenience, MasterCard was one of the first two or three companies to start partnering with major banks for the purpose of issuing branded debit cards. Debit cards are typically tied to a customer's bank account, which limits each customer's purchasing power to the amount of money they have on hand.
With the advent of the Internet, it became necessary for anyone who wanted to purchase goods and services online to have access to some type of payment instrument regardless of whether or not they had cash on hand. To meet this growing need, the company began issuing prepaid credit cards that could be used as regular credit cards up to the extent of how much purchasing power customers wanted to create by loading their prepaid credit cards with cash. Since customers are not borrowing money, the need for an application and approval process has been mitigated.
MasterCard and the iGaming Industry
Along with VISA, MasterCard is one of the few banking options being offered by almost every online casino or sportsbook currently operating throughout the world. Their products can generally be used to deposit funds into a player's wagering account within moments. In most cases, withdrawals can also be processed through a MasterCard account, though many times with certain restrictions. In some cases, customer will incur a processing fee for said activities, though some online casinos will reimburse those fees on deposits that meet minimum requirements.
Established in 1966, MasterCard is one of the leading companies in the financial services arena. One of its main areas of service is the credit, debit and prepaid cards industry, issued through its own organization or as a brand connected to merchant card providers.
Click here to visit MasterCard website.
Posted by CCJ Team