1998 Banner
Year for MasterCard
In 1998,
cardholders used MasterCard branded products to generate $650.2
billion in gross dollar volume (thatís $1,237,062 a minute)
which is up from $604.4 billion in 1997. Some other astounding
MasterCard facts:
- Over the past
decade, MasterCardís gross dollar volume has grown 400
percent
- MasterCard
cards, excluding Maestro, were used for more than 7.4 billion
transactions (up 14%) in 1998.
- In 1998 the
MasterCard/Cirrus ATM network handled 19 transactions per second,
which works out to 609 million transactions for the
year.
- There are more
than 242 million Maestro cards (MasterCardís debit product)
in use worldwide.
- At the end of
1998, nearly 700 million MasterCard, Maestro, and Cirrus cards
were in the hands of consumers worldwide.
- In its first
year, MasterCardís virtual private network (VPN) reduced
cumulative payment processing time. Over 365 days, processing time
was reduced by the equivalent of 47 years.
"Our success in
the marketplace is a result of our continued commitment to focusing
on what really matters: making the payments business more successful
for members and merchants, and making life simpler for consumers,"
said Robert W. Selander, President and Chief Executive Officer of
MasterCard International.
MasterCard can be
found at its World Wide Web site at www.mastercard.com.
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