BANKING AFFAIRS

Detailed explanation-1: -Visa and Mastercard are the only network payment processors involved in all three areas of the payments market. Working exclusively as network processors, these two companies have a unique edge, but they operate differently. Visa and Mastercard are both publicly traded.

Detailed explanation-2: -Mastercard Inc (Mastercard) is a payment and technology company, which deals with clearing, authorization, and settlement of payment transactions.

Detailed explanation-3: -The Mastercard Foundation owns Mastercard. Initially, it was created by a group of several regional bankcard associations to be a competitor against Bank of America’s card, which later became known as Visa. Mastercard became a publicly traded company in 2006.

Detailed explanation-4: -Visa and Mastercard are payment networks that allow for the electronic transfer of funds between banks or other financial institutions and companies. They provide branded payment processing services for credit cards, debit cards, and prepaid cards that banks or financial institutions can then offer their customers.