What Is a MasterCard? - Ocean Of Tech

What Is a MasterCard?

What Is a MasterCard?

MasterCard card is any electronic payment card that uses the MasterCard network for processing transaction communications.

MasterCard Explained:

MasterCard cards are typically issued as a branded card with the MasterCard logo.Electronic payment cards have cardholder numbers that begin with an issuer identification number (IIN) distinguishing MasterCard as the processor for electronic payments.

Benefits of Branded Card:

MasterCard partners with financial institutions which determine the benefits a cardholder can receive on their card. They also advertise their card partnerships. To attract different types of consumers, financial institutions offer numerous features on a MasterCard branded card. Some popular features may include no annual fee, rewards points, cashback, and 0% introductory rates.

Transaction Fees:

MasterCard charges network fees for each transaction. These fees are a factor for merchants opting to allow MasterCard payment cards. Merchants pay MasterCard a small percentage of each MasterCard transaction.

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