MasterCard Inc (NYSE-MA) is an American multinational corporation that was originally known as Interbank/Master Charge, and was created by several California banks, as is Bank Americard from Bank of America, for example. MasterCard Inc is headquartered in the Purchase neighborhood of New York City, New York, USA. The company connects consumers, financial institutions, merchants, governments, and businesses around the world and enables them to use electronic forms of payment. The company operates through the Payment Solutions segment and enables users to make payments by creating a range of payment solutions and services using its brands, which include MasterCard, Maestro, and Cirrus. The Company provides a range of products and solutions that support payment products that customers can offer to their cardholders in more than 210 countries.
MasterCard Inc (NYSE-MA) has entered into a business partnership with Egyptian banking company Alexbank. From this partnership, the two companies hope to expand and, most importantly, increase payment benefits and efficiency for their clients by introducing a new program that will offer virtual card payments. Mastercard’s Country Manager and Vice President for Egypt, Inji Borai, said through a press release, , “The alliance between the two financial organisations will create digital solutions and payment technologies that are in line with the country’s financial development strategy,” according to the country’s central bank. In the past few months, Mastercard has announced several similar pbpartnerships, such as its partnership with Japanese technology company NEC Corporation to expand its biometric teller program in the Asia-Pacific region in the Democratic Republic of Congo (DRC).
MasterCard Inc (NYSE-MA) is also gearing up to launch a new digital program, Open Banking for Account Opening, which will provide a suite of open banking products that will be a major benefit to Mastercard consumers and debit card issuers for small business and personal subscribers in the U.S. This new program will be available in the first half of 2024. The program is designed to improve the digital account opening process, reducing payment response time for better account balance control. The move comes at a time when mobile banking is becoming the norm for existing users.
MasterCard Inc (NYSE-MA) generated total sales of $25.10 billion for fiscal year 2023. After deducting all expenses, net income was $11.19 billion. The company’s total assets are $42.45 billion with equity of $6.93 billion. The company employs 33,400 tribal employees. MasterCard Inc (NYSE-MA) also pays regular quarterly dividends to its shareholders on a regular basis, now in its sixth year, where the current dividend yield is 0.56% per annum. The actual dividend amount has been approved by the company’s annual general meeting of shareholders at $0.66 per share. MasterCard Inc (NYSE-MA) has also currently disclosed the Ex-Dividend Date (the last trading day eligible for dividend payment), which will be on April 8, 2024 and the Pay Date, which has been set for April 25 this year. This title has become very appealing to private entrepreneurs and multinational corporations, where brokerage analysts and financial strategists at investment banks believe that MasterCard Inc (NYSE-MA)’s share price will rise in the short to medium term investment horizon. The average target price for the stock has been set at $513.82 per share.
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