The global card network that began as Interbank in 1966 and adopted its current name in 1979 is Mastercard.
Mastercard’s history began when several U.S. banks formed the Interbank Card Association in 1966. The association created a bank-card network that could be used across participating institutions. It later used the Master Charge name, accompanied by the interlocking-circle logo, before changing its corporate and brand name to Mastercard in 1979.
The company operates a payment network rather than lending directly to every cardholder. Banks and other financial institutions issue Mastercard-branded cards, set account terms, and handle customer relationships. Mastercard provides network infrastructure and rules that connect issuers, merchants, acquirers, and payment processors.
Mastercard is not the same organization as Visa, which developed from BankAmericard. Both are major card networks, but their historical origins and corporate structures differ from those of card-issuing banks. The familiar brand name therefore emerged several years after the underlying interbank association began.