MasterCard Incorporated contends with extensive competition
MasterCard Incorporated experiences significant competition. In that regard, it competes with other companies within all payment categories, including card-based payments such as ATM and prepaid products, debit, charge and credit, contactless, e-commerce and mobile payments, cash and checks and cryptocurrency. Therefore, the company contends with competition from Visa, American Express, JCB, China UnionPay and Discover, in addition to other worldwide payment networks. Some of these competitors represent a larger market share than MasterCard Incorporated, while some also offer competitive advantages in their pricing strategy or business models.
CompetitionIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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