Who Mastercard buys from and sells to
Second-largest card network plus fraud, data and value-added services; banks issue the cards.
Buys from 0
None recorded
Where the chain could break
- Five largest customers ~21% of net revenue (FY2025 10-K)
- US interchange regulation and the merchant swipe-fee litigation
- Real-time account-to-account payments (Pix, UPI) bypass cards in big markets
Competes with
- VisaVthe larger card network
- American ExpressAXPclosed-loop network for premium spend
- Capital One (Discover)COFa third network that owns its own issuer
Mapped by hand from filings and company reporting, as of October 2026. It shows the relationships that matter most, not every contract: most are never disclosed, and agreements change.