On the Record · Mastercard
Mastercard competitors, on the record
The companies Mastercard names as competitors in its annual reports, 2023 to 2025, and the companies that name Mastercard, each with the sentence and the filing.
Who Mastercard names
| Company | Named in |
|---|---|
| American Express | 2025 |
| China UnionPay | 2025 |
| Discover | 2025 |
| JCB | 2025 |
| Visa | 2025 |
In its own words
American Express, China UnionPay, Discover, JCB, Visa
Word for word“We compete worldwide with payments networks such as Visa, American Express, JCB, China UnionPay and Discover, among others.” 10-K for 2025
Who names Mastercard
Companies whose own annual reports name Mastercard as a competitor.
Word for word“Examples include American Express, Diners Club/Discover (now owned by Capital One), JCB, Mastercard and UnionPay.” 10-K for 2025
Word for word“We are the fourth largest general-purpose card network globally based on purchase volume, behind Visa, China UnionPay and Mastercard.” 10-K for 2025
Word for word“As a form of payment, our customers have numerous consumer credit and other payment options available to them, and our products compete with cash, checks, electronic bank transfers, debit cards, general purpose credit cards (including those on the Visa, MasterCard, American Express and Discover Card networks), various forms of consumer installment loans and split-pay products, other private label credit card brands, prepaid cards, digital wallets and mobile payment solutions, and other tools that simplify and personalize shopping experiences for consumers and merchants.” 10-K for 2025
Word for word“In addition, increased competition with certain network operators, such as Visa and Mastercard, could affect our existing partnerships and business relationships with these networks, which have historically played a significant role in facilitating our card-issuing and transaction processing services.” 10-K for 2025
Word for word“The Discover and Diners Club networks’ primary competitors are Visa, MasterCard and American Express.” 10-K for 2024
Word for word“Additionally, payment networks such as Visa and MasterCard are increasingly offering products and services that compete with our suite of solutions.” 10-K for 2018
Word for word“Our competitors include other large companies in the information technology industry, as well as, independent ATM companies and financial institutions, such as Fidelity National Information Services Inc., Fiserv, Inc., Visa Inc., Mastercard Inc., Infosys Ltd., Diebold Nixdorf, Inc., Hyosung TNS Inc., and ACI Worldwide, Inc., many of which have more financial and technical resources, or more widespread distribution and market penetration for their platforms and service offerings, than we do.” 10-K for 2025
Word for word“We also compete with payment networks, such as Visa and Mastercard, and legacy foreign exchange businesses.” 20-F for 2026
Read from Mastercard’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-11. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.