After purchasing 50 percent interest in Cardservice International Inc. in 1997, First Data Corp. completed the acquisition in 2002 by purchasing the remaining 50 percent interest. Cardservice retained its name and continued providing processing and risk management services through its nationwide network of sales agents.
MasterCard International (now MasterCard Worldwide) launched an educational campaign to broaden consumer awareness of electronic bill presentment and payment (EBPP). By promoting the benefits of EBPP, the company hoped to drive the long-awaited adoption and aggressive growth the company envisioned for EBPP.
Federal Reserve data presented in A Snapshot of the Retail Payments System showed that 50 billion checks were written in 2000 valued at $47.4 trillion, while an estimated 30 billion payments were initiated electronically at a total value of $7.2 trillion. The Fed was then under a mandate from Congress to promote electronic alternatives to checks.
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