In 1976 and 1979 respectively, the two companies as we know them today, MasterCard and Visa, formally came into existence. They have gone on to become two of the most iconic, recognisable, and well-known brands there’s ever been.
Their utter dominance in the payments industry is underscored by the fact that most people who have ever had a bank account, in most countries around the world, have used a bank card with one of their names on it. Here’s a look at how these two behemoths of global payments have shaped the industry and continue to do so — even in the digital age.
Pioneering Payment Solutions in Diverse Online Industries
iGaming: Facilitating Global Bets
Across the now diverse and globally popular iGaming industry, Visa and MasterCard continue to play a critical role in providing some of the most trusted payment gateways in the sector. Their names have become so synonymous with trust and reliability that merely seeing the words MasterCard or Visa Online Casino is enough to inspire trust in a player that a platform is a legitimate one.
With the proliferation of various types of online casinos available throughout the world and across a myriad of offshore platforms, it’s not always easy anymore to discern safe platforms from ones that can’t be trusted. However, given the globally respected reputation of both Visa and MasterCard, it’s generally accepted that any gambling platform they choose to partner with has been vetted and can be trusted.
As a payment solution, they help facilitate seamless transacting on such platforms, and basically any other type of online platform that links to a bank account. Whether through a debit or credit card, Visa and MasterCard are both among the most used payment types in online gambling around the world.
E-commerce: Visa and Mastercard Simplifying Online Shopping
Just as they do with iGaming, Visa and MasterCard’s contribution to the eCommerce industry is just as massive. Virtually every major online retailer, brand, store, or eCommerce platform out there including giants like Amazon and Shopify can all be used seamlessly with a Visa or MasterCard linked account.
Long before e-wallets became so widespread and popular, Visa and MasterCard were already major players in the industry. In fact, for a time, they completely dominated online payment spaces, with most consumers using their cards to pay for anything that could be bought online, which in today’s world, is basically anything you want.
While the 21st century has brought with it a lot more competition in the form of e-wallets and mobile payment apps, many of these still indirectly link to Visa and MasterCard since their cards are often used to top up accounts before other services can be used. Visa and MasterCard remain active and dominant players in the e-Commerce industry despite all the competition as they are still thought of as the safest and most reliable choices to facilitate instant and secure online transactions.
Digital Services and Subscriptions
Even if not used for online shopping, online services such as music or movie and series streaming services are rapidly replacing pay-per-view models. On the other hand, if you own a business or work for one that utilises things like cloud services, or other types of software or digital services, these can be paid for on a recurring basis using a Visa and MasterCard too. Countless businesses and individuals around the world already do this, making Visa and MasterCard some of the most widely used payment options for such services — just another way these giants of the payments industry keep the business world moving every day.
Visa and Mastercard: Innovation and Security Measures
Innovations in Payment Technologies
Apart from their widespread use in basically every kind of business environment, online service, or shopping destination, whether at the local corner shop, major malls, online, or just at the store down the road, Visa and MasterCard have also always been at the forefront of business development via payment technology innovations.
These include the modern trend of contactless payments, mobile wallets, and any industry that uses secure chip technology. Many of these advancements have revolutionised payment systems, with Visa or MasterCard often being the driving force behind the innovation that makes them possible.
Enhancing Security Measures
Between hackers, scammers, and all manner of criminals looking to exploit vulnerabilities in digital payments, there are a myriad of security threats that now exist out there. Online transactions can be particularly prone to attempts at password interception, spyware, and phishing attacks.
However, given how much of Visa and MasterCard’s business operations rely on safe and secure online transacting, both often invest a ton of resources into R&D programs that help to enhance digital payment security for everyone through cutting-edge technologies like tokenisation, real-time fraud detection algorithms, and 3D Secure.
Visa and Mastercard: Impact on Global Economic Integration
Facilitating International Trade and Financial Inclusion
Visa and MasterCard are both also pivotal in promoting international trade. They contribute to global commerce by helping to simplify currency conversions and cross-border transactions. However, what truly makes them the kings of facilitating world trade is their global networks that enable businesses and individuals to expand internationally or simply use their cards in any country they may visit.
Their wide range of card products is also tailored to an expansive market, making Visa and MasterCard crucial players in helping to drive financial inclusion. Unbanked and underbanked individuals around the world in some of the world’s poorest and most remote regions are able to operate bank accounts because of these two companies and the inclusive payment systems they have built over time.
Conclusion
In the world of global payment systems, Visa and MasterCard are two names that have become icons for all they have contributed to it. Whether trying out a crypto gambling site, doing some online shopping, or visiting a foreign country, Visa and MasterCard have helped make transacting seamless and worry-free all over the world for billions of people.
Featured image via Pexels
