Top Mastercard Competitors & Similar Companies
Mastercard is a financial services corporation founded in 1966 as Interbank Card Association (ICA). Later in 1969 after acquisition of Master charge, it got the name Mastercard in 1979. Mastercard was the first company to introduce a laser hologram on cards.
In any business, there are several companies & brands which compete with each other by offering similar products & services.
For any company to thrive, it is not only important for them to improve their own products, but to also look at what their competitor is offering.
Below we look at the top 6 competitors of Mastercard.
1. VISA:
VISA is a US based multinational financial corporation found in 1958. It facilitates electronic fund transfer throughout the world most preferably through VISA branded credit and debit cards. It was found that Visa’s global network known as VisaNet processed over 100 billion transactions with a total volume of more than US$6 trillion in a single year.
2. American Express:
American Express is a public sector company which has made a huge impact in the financial service industry especially in credit cards, travellers cheques etc. American Express was founded in 1850 in Buffalo and the company has grown leaps and bounds since then. They have diversified their business from finance and insurance to travel also.
Read more about Mastercard
3. PayPal:
In December 1998, PayPal Holdings Inc was founded in United States of America as Confinity by Max Levchin, Peter Thiel, Luke Nosek, Ken Howery and Elon Musk. It is an online payment system used worldwide by individuals as well as enterprises. Online vendors, commercial users and auction sites use PayPal by paying a fee.
4. Amazon:
Having started its journey as online book seller, Amazon.com now can be called as global giant in online retail business. The founder of Amazon.com, Jeff Bezos attracted towards growth of internet reach in early 1990s and started this business in Seattle in 1995. Amazon is now a fortune five hundred company offering ecommerce, Prime Video, Amazon Music, AWS, Amazon Pay etc.
5. Apple:
Apple Inc, multinational technological company with its headquartered in Cupertino, California. The company is involved in developing and designing hardware products such as iPhones, iPads, Mac along with software development and online services. Its software includes IOS operating system and one of the famous web browsers – Safari.
6. Paytm:
Paytm is an Indian mobile app and online service which is used to make payments using ewallet and e-money. Paytm was formed in 2010 and its parent company is One97. Paytm has received several rounds of funding from well known investors like Alibaba Group, Ratan Tata, Mountain Capital etc.
To conclude, the above article highlights the various competitors which compete with Mastercard. This understanding helps to evaluate the various external business factors for any company.
This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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