MasterCard Worldwide, or MasterCard incorporated, is an international payment system and transnational financial corporation that unifies 22,000 financial organizations in 210 countries around the world. The company was founded in 1966 with the merger of several Californian banks to compete with Bank of America, which currently works with Visa — MasterCard’s main opponent. The company is currently headquartered in New York and MasterCard’s CEO is Ajaypal Singh Banga. The main activity of MasterCard is the processing of payments between the acquired banks, which serve as the place of trades, and other credit corporations that use MasterCard’s debit and credit cards. The MasterCard association is aimed at managing the business, promoting the brand, and developing and implementing new technologies, such as a contactless way of making payment called PayPass.