MasterCard Worldwide is a membership organization (such cooperatives with member companies) owned by more than 25,000 financial institutions that issued the card. MasterCard is a brand of credit cards issued by the company.
The company was first established by United California Bank, Wells Fargo, Crocker National Bank, and Bank of California, with the aim to compete with BankAmerica issued by Bank of America. BankAmerica is now the VISA credit card issued by Visa International.
In 1966, the banking business in California formed a group called the Interbank Card Association (ICA). Its members are United California Bank, Wells Fargo, Crocker National Bank, and Bank of California.
With the aid of the Marine Midland Bank (now HSBC Banks of New York City, and aim to compete with credit cards owned by Bank of America, banks in cooperation with the ICA, to issue credit cards “Master Charge: The Interbank Card”.
When the First National City Bank of New York combines a credit card of The Everything card to Master Charge in 1969, this credit card is given a significant boost.