What does Mastercard do? How it makes money, with receipts

In one line

“They’re basically the plumbing that moves money when you swipe a card.”

Mastercard runs the network that handles payment card transactions globally. When you use a Mastercard, Visa, or other card to buy something, Mastercard's system checks that you have money and moves it from your bank to the store. Think of it like the electrical grid—it doesn't generate electricity or own the power lines, but it makes sure everything connects and works reliably.

How they make money

revenue, fiscal year ended Dec 2025

Total revenue$33B

Main wayFees from banks and processors

Banks and payment processors pay Mastercard transaction fees based on the volume of payments flowing through their network. In 2025, Mastercard processed $10.6 trillion in gross dollar volume across 175.5 billion transactions.

Also makes money from

Services and data productsMastercard sells security solutions, fraud prevention, customer insights, and authentication services to banks and merchants who want extra protections or business intelligence.
Account-based payment processingBeyond cards, Mastercard processes ACH transactions and real-time account-based payments, earning fees from these alternative payment methods.

Follow the incentives

Best guess

Who pays

Banks, payment processors, and merchants pay Mastercard transaction fees whenever someone uses a Mastercard or related payment method.

Who uses it

Consumers use Mastercard-branded debit, credit, and prepaid cards at merchants worldwide. As of 2025, there were 3.4 billion Mastercard-branded cards in circulation.

So they want

Getting paid more when transaction volumes grow pushes them to expand card usage, add new payment methods, and increase acceptance at merchants everywhere.