# Who are Mastercard Inc's customers? Who does Mastercard Inc earn revenue from?
Canonical: https://valuechain.wiki/mastercard · Facet: customers · Updated: 2026-09-24T11:00:18.419171+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Mastercard Inc's confirmed revenue counterparties include Global Payments Inc., Bank of America, Fiserv plus 3 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 6 revenue edges, backed by 7 dated sources, 3 of them primary filings (as of 2026-09-24).

### 은행·가맹점 (결제 수수료) (high)
- metric: Amount $10.6T · FY2025 · Gross dollar volume (GDV); net revenue $32.8B
- note: Payment-network fees from issuing banks and merchants are the main revenue, so revenue tracks consumer spending as a proxy. Fiscal 2025 net revenue was $32.8B on GDV of $10.6T.
- [confirms] StockTitan (EN, news, published 2026-02-01) https://www.stocktitan.net/sec-filings/MA/10-k-mastercard-inc-files-annual-report-d03f261036fa.html: "Mastercard's 10-K confirms 2025 net revenue of $32.8B, net income $15.0B, GDV $10.6T and 175.5B switched transactions."
- [confirms] Mastercard (SEC 10-K) (EN, filing, published 2026-02-01) https://www.sec.gov/Archives/edgar/data/0001141391/000114139126000013/ma-20251231.htm: "Fiscal 2025 net revenue was $32.8B, GDV $10.6T (+15%), cross-border volume up 9% and switched transactions 175.5B."

### 글로벌 페이먼츠 (high)  → /global-payments.md
- note: Mastercard requires Global Payments to maintain direct membership or registered merchant-processor status to process Mastercard transactions and charges network fees to processors, while Mastercard-specific payments were not disclosed.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-20) https://www.sec.gov/Archives/edgar/data/1123360/000112336026000008/gpn-20251231.htm: "From time to time, the card networks, including Visa and Mastercard, increase the fees that they charge processors."

### 부가서비스·솔루션 고객 (사이버·데이터) (mid)
- note: Value-added services revenue from fraud prevention (cyber and intelligence), data analytics and consulting, a higher-margin pillar growing alongside the payment network.
- [confirms] Mastercard (SEC 10-K) (EN, filing, published 2026-02-01) https://www.sec.gov/Archives/edgar/data/0001141391/000114139126000013/ma-20251231.htm: "The 10-K describes revenue across two areas, Payment Network and Value-Added Services and Solutions, calling them interdependent."

### Bank of America (mid)  → /bank-of-america.md
- note: Bank of America is one of the top Mastercard-network issuing banks.
- [confirms] Nilson Report (EN, research, published 2025-05-01) https://nilsonreport.com/articles/top-50-us-visa-and-mastercard-credit-card-issuers-2024/: "BofA ranks among the top-5 US Visa/Mastercard credit card issuers."

### 파이서브 (mid)  → /fiserv.md
- note: Mastercard Inc provides payment acceptance and value-added services through Mastercard Merchant Cloud, which Fiserv is integrating into Commerce Hub, and its merchant services are an input to Fiserv's offering, although commercial terms were not disclosed.
- [confirms] Investing.com Korea (KO, news, published 2026-08-04) https://kr.investing.com/news/company-news/article-93CH-2043666: "The partnership integrates Mastercard Merchant Cloud into Fiserv Commerce Hub, creating one connection across online, mobile and in-store channels."
- [confirms] Fiserv (EN, ir, published 2026-08-04) https://investors.fiserv.com/news-releases/news-release-details/fiserv-and-mastercard-deepen-global-partnership-help-merchants: "The companies will integrate Mastercard Merchant Cloud into Fiserv Commerce Hub."

### JPMorgan Chase (low)  → /jpmorgan-chase.md
- note: JPMorgan is a secondary Mastercard issuing bank, expanding via the Apple Card.
- [confirms] SEC EDGAR (EN, filing, published 2026-01-13) https://www.sec.gov/Archives/edgar/data/19617/000162828026001902/a4q25erfexhibit991narrative.htm: "Looking ahead, we are excited to become the new issuer of the Apple Card."

Reverse side: https://valuechain.wiki/mastercard/suppliers.md · Ripple: https://valuechain.wiki/mastercard/ripple.md

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Full node: https://valuechain.wiki/mastercard.md · JSON: https://valuechain.wiki/mastercard.json