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MasterCard - Best Payment Method

MasterCard started when five banks formed the Interbank Card Association (ICA). These banks are Crocker National Bank, United California Bank, Wells Fargo, Marine Midland Bank (now HSBC Bank USA) and the Bank of California. The ICA in 1966 created the "Master Charge: The Interbank Card". In 1969, the First National City Bank made a move to join the ICA and merged its proprietary "Everything Card" with Master Charge. This move gave the MasterCard a huge boost.


Over the years, MasterCard has seen a lot of branding modifications especially in its name, written form and also its logo. The final branding modification occurred in the year 2016 when the logo was finally modified to what it is now. MasterCard was created simply to make business transactions easier and to also be a bridge between different local financial institutions. Originally, the Visa card was playing this role, but they targeted the higher class. MasterCard, on the other hand, made the same service available to any class in the society.

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How it Works?

In making deposits and withdrawal or payment transactions with MasterCard, there are four major players that are involved in the activity: * A cardholder: is a person who obtains a card from a financial institution for purchasing purpose . It can be a credit or debit card. *A Merchant: In this context, this is a person or firm that sells goods or services and accepts a MasterCard payment as a form of payment. * An Issuer: This is the financial institution that issues the card. *An Acquirer: this is the bank that helps the merchant maintain their account (merchant account).


MasterCard process payment in these simple steps. Step 1: The cardholder uses a MasterCard to purchase a service or a product. Step 2: The merchant's payment device captures the cardholder's account details and transmits it to the acquirer. Step 3: The acquirer asks MasterCard to request an authorisation from the issuer. Step 4: The issuer authorises the transaction and sends the response to the merchant. Step 5: The issuer directs the payment to the acquirer, which is then deposited into the merchant’s account.

Benefits with this Method

  • Helps businesses to increase sale, as customers can spend more without cash restraint.
  • It protects against fraud since transactions can easily be monitored.
  • A lot of international services give extra discounts for MasterCard users.

Disadvantages with this Method

  • Users can easily overspend without them realising early on.
  • The verification process can be strenuous.
  • Users might have a hard time picking the right card for themselves since there are a lot of options.

Review and Summary

In a bid to make user details safe and secure, MasterCard uses Point-to-Point Encryption (P2PE) for security. It is integrated into payment channels in different forms such as tokenisation, sophisticated fraud management and hosted payment solutions. The service has no complication in usage, but the verification process can be quite strenuous. This has resulted in numerous complaints by users about not being able to get verified when issues arise because their details on MasterCard is not the same with the one provided when asked for.


This might be due to the fact that MasterCard does not directly issue cards but instead, it is issued through a local financial institution. To avoid this, be sure to submit the correct details when signing up for a MasterCard and be aware of all the security questions. The support team can be contacted by phone. MasterCard also offers support service via social media and email. Although there is no live chat section available, the email support is very prompt. All inquiries are responded to within 60 seconds.