Mastercard marked its beginning in the 1940s when US banks began issuing paper to be used instead of cash. Many businesses started accepting cards as an alternative to currency. Thus, in 1996 Interbank Card Association (ICA) was formed, which later became Mastercard International. In 1968, ICA expanded networks globally by collaborating with Banco Nacional in Mexico.
ICA changed its name to MasterCard International in the late 1970s. It bought the Cirrus ATM network and launched Maestro in 1985 simultaneously. Its first initial public offering (IPO) took place in 2006. Later, the company acquired businesses to grow better as an enterprise. The organization is internationally renowned and is working for a world beyond cash.