Operates a global payments technology network that connects consumers, businesses, financial institutions, and governments.
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Growing
What Mastercard does
Mastercard operates a global payments technology network that enables electronic payments and transaction processing.
Founded
1966
Purchase, New York
CEO
Michael Miebach
Since 2021
Market cap
$481.81B
#27 in the world
Revenue (FY25)
$32.79B
+16.4% YoY
30-Second Summary
A plain-English explanation of Mastercard's business model
If you only remember one thing
Mastercard makes money by operating a global payments network that connects financial institutions, merchants, businesses, governments, and consumers. Mastercard earns revenue from payment network activity and from value-added services such as cybersecurity, fraud prevention, data analytics, digital authentication, and other payment solutions.
Business Segments
Where Mastercard's $32.79B Fiscal year 2025 (ended December 31, 2025) comes from
$32.79B
Fiscal year 2025
43% of revenue ·+13% YoY
57% of revenue ·+19% YoY
Mastercard operates as a single global payments business. For Scope's visualization, revenue is shown by the geographic regions disclosed by Mastercard: Americas and Asia Pacific, Europe, Middle East and Africa.
Fiscal year 2025 ended December 31, 2025. Americas and Asia Pacific, Europe, Middle East and Africa are geographic revenue categories, not separate operating segments.
Business Model
How Mastercard makes money — the ecosystem flywheel
Connect Payment Participants
Process Transactions
Strengths & Risks
What makes Mastercard strong — and what could go wrong
Global Payment Network
Mastercard operates a global payments network connecting consumers, merchants, financial institutions, businesses, governments, and digital partners
Large Transaction Network
Mastercard processed more than 175 billion transactions during 2025
Payment Infrastructure
Mastercard provides authorization, clearing, and settlement through its proprietary global payments network
Security & Data Services
Mastercard provides cybersecurity, fraud prevention, digital authentication, data analytics, and related services
Multiple Revenue Streams
Mastercard generates revenue from payment network activity as well as value-added services and solutions
Financial Overview
Fiscal year 2025 (ended December 31, 2025)
$32.79B
+16.4% YoY
FY25
$14.97B
+16.3% YoY
FY25
$17.16B
+19.9% YoY
FY25
Mastercard generated $32.8B of net revenue in fiscal 2025. GAAP net income was $15.0B and free cash flow was $17.2B.
Financial History
5-year trend, fiscal years 2021–2025
$32.79B
+74% since FY21
Business Ecosystem
Who Mastercard depends on — and who depends on Mastercard
Financial Institutions
Banks and other financial institutions issue Mastercard products and connect to the Mastercard payment network
Merchants
Merchants accept Mastercard-enabled payments through acquiring institutions and payment acceptance infrastructure
Consumers
Consumers use Mastercard-enabled payment products to make purchases and other electronic payments
Mastercard
The global payment network
Competitors
Companies that compete with Mastercard across payment networks, digital payments, and transaction processing. Market caps use an October 1, 2026 snapshot.
Visa
$660.54B
Direct payment-network competitor — Visa operates a global payments technology network connecting consumers, merchants, and financial institutions
American Express
$204B
Payments competitor — American Express operates a global payments network and financial services business
PayPal
$45.39B
Digital payments competitor — PayPal provides digital payment and money movement services to consumers and businesses
Visa Inc.
Operates a global payments technology network connecting consumers, businesses, financial institutions, and governments.
PayPal Holdings, Inc.
Operates a global digital payments platform that connects consumers and businesses for payments, money movement, and commerce.
JPMorgan Chase & Co.
