Mastercard began as a bank rebellion
In 1966, a group of U.S. banks formed the Interbank Card Association, birthing Mastercard as a rival to early credit card giants and reshaping global finance.
Mastercard didn't start as a corporate giant, but as a cooperative effort by 23 banks in 1966. Called the Interbank Card Association, their goal was to create a unified credit card network. This allowed them to compete with Bank of America's dominant BankAmericard, which had been charging high licensing fees.
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