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Eurocard was a credit card, introduced in 1964 by Marcus Wallenberg Jr. of the Wallenberg family as an alternative to American Express. [1] In 1968, it signed a deal with the Interbank Card Association (today's MasterCard) so that their cards were accepted by each other's networks; this eventually led to a joint venture known as Maestro International in 1992, and merger in 2002.
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In 2000, Europay International was an official sponsor of the Euro 2000 football competition, meaning that credit cards issued by participating banks could optionally carry the logo of the tournament. [8] After announcing the plan in June 2001, [9] [10] in 2002, Europay International merged with MasterCard International to form MasterCard, Inc ...
The European Payments initiative was first suggested as a response to threats to the independence of international financial service infrastructure which could force the American companies MasterCard and VISA to cut off access to their networks in Europe.
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Also unlike Mastercard Maestro, which is issued and accepted globally, V Pay is designed as a specifically European product, and is not issued or accepted outside European countries except for some of their overseas territories. [1] However, some cards are co-branded with the Visa Electron system, which allows using them outside Europe. [6]
Debit Mastercard or Visa Debit: Bank of China used Maestro as its "international" debit card system in some areas before, but stopped issuing it from September 2016. [8] In April 2017, they launched "Cross-Border" EMV Debit Card with Visa and Mastercard. [9] [10] Most ATMs owned by nationwide commercial banks still accept Maestro card. Also ...
Card schemes are payment networks linked to payment cards, such as debit or credit cards, of which a bank or any other eligible financial institution can become a member. By becoming a member of gets the possibility to issue cards or acquire merchants operating on the network of that card scheme.