MasterCard is a technology firm in the global electronic payment industry responsible for processing electronic payments through its full range of payment programs and services. In this article, we discuss the top MasterCard Competitors and Alternatives.
MasterCard is one of the world’s leading payment technology companies, providing a wide range of payment solutions to consumers, businesses, and merchants across the globe.
The company is headquartered in New York and operates in over 200 countries and territories, offering payment cards, payment processing services, and other digital payment technologies to facilitate secure, fast, and convenient transactions.
MasterCard’s history dates back to the mid-1960s when several California banks formed a consortium to create an alternative to cash and checks. Since then, the company has grown through strategic acquisitions and partnerships with financial institutions, expanding its offerings to include prepaid cards, mobile payments, digital wallets, and other innovative solutions. Today, MasterCard is known for its cutting-edge technology, commitment to security, and focus on improving the customer experience in an increasingly digital world.
- Product Type: Credit, charge, debit or prepaid card branded by MasterCard Incorporated
- Industry: Technology and global payments
- Founded Date: 1966
- Founders: United California Bank (later First Interstate Bank) and Wells Fargo Bank
- Headquarters: Purchase, New York, United States
- Area Served: Worldwide
- Current CEO: Michael Miebach
Table of Contents
The top MasterCard competitors are
1. Visa
- Product Type: Payment card
- Industry: Financial services
- Founded Date: 1958
- Founders: Dee Hock
- Headquarters: Foster City, California, United States
- Area Served: Worldwide
- Current CEO: Alfred F. Kelly Jr.
Visa is a key competitor of MasterCard, an American multinational financial services corporation. Primarily known for facilitating electronic fund transfers worldwide, Visa operates one of the world’s largest payment systems. Ranging from credit to debit and prepaid cards, the company offers a versatile array of products. It’s recognized for its broad market reach and is renowned as a dependable and accessible payment solution.
2. American Express
- Product Type: Payment card
- Industry: Financial services
- Founded Date: 1850
- Founders: Henry Wells, William Fargo, John Warren Butterfield
- Headquarters: New York City, New York, United States
- Area Served: Worldwide
- Current CEO: Stephen J. Squeri
American Express is a global services company providing customers access to products, insights, and experiences for businesses and individuals. Known for its credit card, charge card, and traveler’s cheque services, American Express distinguishes itself through high-quality customer service, strong customer loyalty, and superior rewards programs.
3. Discover
- Product Type: Payment card
- Industry: Financial services
- Founded Date: 1985
- Founders: Sears
- Headquarters: Riverwoods, Illinois, United States
- Area Served: United States
- Current CEO: Roger C. Hochschild
Discover is a direct banking and payment services company. One of the most recognized brands in U.S. financial services, Discover offers a range of credit cards and other financial products like loan services, savings accounts, and certificates of deposit. Known for pioneering cash-back rewards, the Discover financial services name stands out for its innovative offerings and customer-centric approach.
4. UnionPay
- Product Type: Payment card
- Industry: Financial services
- Founded Date: 2002
- Founders: Central Bank of China
- Headquarters: Shanghai, China
- Area Served: Worldwide
- Current CEO: Cai Jianbo
UnionPay is a Chinese financial services corporation facilitating bank card services. With global acceptance in around 170 countries, UnionPay runs an interbank network facilitating transactions and connecting all ATMs in Mainland China. The brand boasts phenomenal revenue growth in the international market and is known for offering secure and convenient payment services to its global cardholders.
5. JCB (Japan Credit Bureau)
- Product Type: Payment card
- Industry: Financial services
- Founded Date: 1961
- Founders: Credit Bureau of Japan
- Headquarters: Tokyo, Japan
- Area Served: Worldwide
- Current CEO: Ichiro Hamakawa
JCB is a credit card company based in Tokyo, Japan. It primarily offers credit card payment services to its customers in Japan and other Asian markets, but it’s also accepted by many businesses worldwide. Unique card benefits and partnerships make JCB notable in its market segment.
6. RuPay
- Product Type: Payment card
- Industry: Financial services
- Founded Date: 2012
- Founders: National Payments Corporation of India
- Headquarters: Mumbai, India
- Area Served: India
- Current CEO: Dilip Abse
RuPay is an Indian card system conceived and launched by the National Payments Corporation of India. Providing a domestic, open-loop, multilateral system, RuPay offers high-end technology for transaction processing at a lower cost to Indian customers. It stands out due to its contribution towards India’s financial inclusion objective.
7. PayPal
- Product Type: Online payment system
- Industry: Financial services
- Founded Date: 1998
- Founders: Max Levchin, Peter Thiel, Luke Nosek
- Headquarters: San Jose, California, United States
- Area Served: Worldwide
- Current CEO: Dan Schulman
PayPal is an American company operating a worldwide online payment system. A frontrunner in digital payments, PayPal supports online money transfers and is an alternative to traditional paper methods. Known for its secure, simple, and quick payment solutions, PayPal has extended its services to various eCommerce and personal payment spaces.
8. Stripe
- Product Type: Online payment system
- Industry: Financial services
- Founded Date: 2010
- Founders: Patrick Collison, John Collison
- Headquarters: San Francisco, California, United States
- Area Served: Worldwide
- Current CEO: Patrick Collison
Stripe is an American financial services and software as a service (SaaS) company. It offers payment processing software and application programming interfaces (APIs) for e-commerce websites and mobile applications. Valued for its developer-friendly platform, Stripe empowers businesses with tools for starting, running, and scaling their operations.
9. Square
- Product Type: Payment processing and point-of-sale hardware and software.
- Industry: Financial technology.
- Founded Date: February 2009.
- Founders: Jack Dorsey and Jim McKelvey.
- Headquarters: San Francisco, California, United States.
- Area Served: Worldwide.
- Current CEO: Jack Dorsey.
Square is an American financial services and digital payments company. Offering a wide variety of hardware and software products, Square helps businesses of all sizes to accept and process payments. Known for its innovative solutions like the Square Reader, it’s a brand often associated with simplicity, accessibility, and ease of use.
10. Alipay
- Product Type: Mobile and online payments platform.
- Industry: Financial technology.
- Founded Date: December 2004.
- Founders: Jack Ma and Peng Lei.
- Headquarters: Hangzhou, Zhejiang, China.
- Area Served: Worldwide.
- Current CEO: Simon Hu.
Alipay is a Chinese mobile and online payment platform. As part of the Alibaba Group, it allows users to transact for various services, from purchasing goods to paying bills. Alipay is particularly respected for its user-friendly interface, secure transactions, and comprehensive range of services.
11. WeChat Pay
- Product Type: Mobile payments platform.
- Industry: Financial technology.
- Founded Date: August 2013.
- Founders: Tencent Holdings Limited.
- Headquarters: Shenzhen, Guangdong, China.
- Area Served: Worldwide.
- Current CEO: Grace Yin.
WeChat Pay is a payment feature integrated into the app, a popular social media platform in China. It offers a seamless and quick payment solution for its users within the app, including for transactions like money transfers, payment services, and utility bill payments. It stands at the forefront of China’s transition towards a cashless society.
12. Amazon Pay
- Product Type: Online payments platform.
- Industry: Financial technology and e-commerce.
- Founded Date: October 2007.
- Founders: Amazon.com, Inc.
- Headquarters: Seattle, Washington, United States.
- Area Served: Worldwide.
- Current CEO: Patrick Gauthier (V.P. of Amazon Pay).
Amazon Pay is an online payment processing service owned by Amazon. Integrated within the Amazon ecosystem, it provides customers and employees with convenient and secure payment. Notably, it enables users to check out using their Amazon account details across various websites, confirming its recognition and reputation as a trusted brand name.
13. Apple Pay
- Product Type: Mobile payments platform and digital wallet service.
- Industry: Financial technology and consumer electronics.
- Founded Date: October 2014.
- Founders: Apple Inc.
- Headquarters: Cupertino, California, United States.
- Area Served: Worldwide.
- Current CEO: Tim Cook (CEO of Apple Inc.).
Apple Pay is a digital wallet and mobile payment service developed by Apple. It allows users to make secure, contactless payments with their Apple devices, both online and in person. The brand is known for its simplicity, convenience, and robust security features, making transactions fast and safe.
14. Google Pay
- Product Type: Mobile payments platform and digital wallet service
- Industry: Financial technology and Internet services
- Founded Date: September 2015 -Founders: Google LLC
- Headquarters: Mountain View, California, United States
- Area Served: Worldwide
- Current CEO: Caesar Sengupta
Google Pay is a digital wallet and online payment system created by Google. It’s designed for making in-app, online, and in-store payments using Android devices. The service is widely recognized for its ease of use, enhanced security features, and quick peer-to-peer (P2P) money transfers.
15. Samsung Pay
- Product Type: Mobile payments platform.
- Industry: Financial technology.
- Founded Date: August 20, 2015.
- Founders: Samsung Electronics.
- Headquarters: Seoul, South Korea.
- Area Served: Worldwide.
Samsung Pay is a mobile payment and digital wallet service offered by Samsung. It enables users to make secure and contactless payments using their Samsung devices. Notably, the brand sets itself apart through its compatibility with NFC-enabled and traditional magnetic stripe terminals, thus offering a more excellent range of acceptance points.
16. Capital One
- Product Type: Financial services.
- Industry: Banking and financial services.
- Founded Date: July 27, 1994.
- Founders: Richard Fairbank and Nigel Morris.
- Headquarters: McLean, Virginia, United States.
- Area Served: United States and Canada.
- Current CEO: Richard Fairbank.
Capital One is an American bank and financial services company offering credit cards, banking, and lending products. The brand stands out for its innovative digital services, robust credit card offerings, and customer-focused banking experience.
17. Adyen
- Product Type: Payment processing platform and point-of-sale hardware and software.
- Industry: Financial technology.
- Founded Date: 2006.
- Founders: Pieter van der Does and Arnout Schuijff.
- Headquarters: Amsterdam, Netherlands.
- Area Served: Worldwide.
- Current CEO: Pieter van der Does.
Adyen is a Dutch payment company providing businesses a single platform to accept payments worldwide. Its services streamline payment processes and offer businesses and customers a seamless, secure experience. The brand is known for furnishing wide-ranging payment options and top-notch fraud detection measures.
18. Worldpay
- Product Type: Payment processing platform and point-of-sale hardware and software.
- Industry: Financial technology.
- Founded Date: December 1, 1989.
- Founders: Nick Ogden and David J. Brown.
- Headquarters: London, United Kingdom.
- Area Served: Worldwide.
- Current CEO: Philip Jansen (Executive Chairman).
Worldpay is a global payment processing company. It offers merchants payment solutions for both online and in-person transactions. The brand is reputed for its extensive range of services, including currency management, risk mitigation, and data analytics, catering to businesses of all sizes globally.
19. PayU
- Product Type: Payment processing platform.
- Industry: Financial technology.
- Founded Date: April 26, 2006.
- Founders: Nitin Gupta.
- Headquarters: Hoofddorp, Netherlands.
- Area Served: Worldwide.
- Current CEO: Laurent le Moal.
PayU is a global online payment service provider. It operates in multiple emerging markets, mainly focusing on high-growth regions. The brand is known for its secure, versatile, and localized payment solutions that cater to the specific needs of businesses and users in each region.
20. Venmo
- Product Type: Digital wallet and payment service
- Industry: Financial technology
- Founded Date: 2009
- Founders: Andrew Kortina, Iqram Magdon-Ismail
- Headquarters: New York City, United States
- Area Served: United States
- Current CEO: Darrell Esch
Venmo is an American digital wallet and peer-to-peer (P2P) payment app. It allows users to send money quickly, make payments, and share expenses with friends and family. Venmo stands out for its social aspect, as users can add notes and emojis to their transactions, creating a more engaging and interactive experience.
21. Zelle
- Product Type: Digital payments network
- Industry: Financial technology
- Founded Date: 2017
- Founders: Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank, and Wells Fargo
- Headquarters: New York City, United States
- Area Served: United States
- Current CEO: Lou Anne Alexander
Zelle is a digital payments network that enables bank customers to send money directly to others’ bank accounts within the United States. As a partnership between many significant banks, Zelle is known for its rapid, secure transfers and widespread availability, making it a popular option for P2P payments.
22. Afterpay
- Product Type: Buy now, pay later service
- Industry: Financial technology
- Founded Date: 2014
- Founders: Nick Molnar, Anthony Eisen
- Headquarters: Sydney, Australia
- Area Served: Australia, New Zealand, United States, Canada, United Kingdom, Europe
- Current CEO: Anthony Eisen
Afterpay is an Australian financial technology company offering online “buy now, pay later” services. By providing customers with interest-free installment plans, Afterpay enables them to purchase products without paying the total amount upfront. The brand is recognized for its flexible payment plans and ease of use, particularly within the retail industry.
23. Klarna
- Product Type: Buy now, pay later service
- Industry: Financial technology
- Founded Date: 2005
- Founders: Sebastian Siemiatkowski, Niklas Adalberth, Victor Jacobsson
- Headquarters: Stockholm, Sweden
- Area Served: Global
- Current CEO: Sebastian Siemiatkowski
Klarna is a Swedish fintech company providing online payment solutions, including “buy now, pay later” options. It allows customers to defer payments or split them into installments, simplifying online shopping. The brand is renowned for its easy-to-use interface and transparent, customer-centric approach to pricing.
24. Affirm
- Product Type: Buy now, pay later service
- Industry: Financial technology
- Founded Date: 2012
- Founders: Max Levchin, Nathan Gettings, Jeffrey Kaditz
- Headquarters: San Francisco, United States
- Area Served: United States, Canada
- Current CEO: Max Levchin
Affirm is an American financial services company that offers short-term installment loans for online purchases. Users benefit from flexible payment options, fee transparency, and the ability to purchase without a credit card. Affirm has gained recognition for integrating with major e-commerce platforms, providing a seamless user experience.
25. NETELLER
- Product Type: Digital wallet and payment service
- Industry: Financial technology
- Founded Date: 1999
- Founders: Optimal Payments PLC
- Headquarters: Douglas, Isle of Man
- Area Served: Global
- Current CEO: Lorenzo Pellegrino
NETELLER is an online money transfer and digital wallet service. It allows users to move money, make payments, and efficiently manage their finances. The brand is valued for its secure, user-friendly platform, which caters to individuals and businesses.
26. Skrill
- Product Type: Digital wallet and payment service
- Industry: Financial technology
- Founded Date: 2001
- Founders: Daniel Klein, Benjamin Kullmann
- Headquarters: London, United Kingdom
- Area Served: Global
- Current CEO: Lorenzo Pellegrino
Skrill is an online e-wallet and money transfer service facilitating payments and transactions across the globe. It supports multiple currencies and aims to offer a simple, secure, and seamless user experience. Skrill is known for its instant P2P money transfers and payment solutions for online gaming and cryptocurrency transactions.
These were all the main competitors of MasterCard. If you know any other competitors, please write in the comments below.
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