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For most of its fifty-year history, Mastercard has been, in essence, a message-passing network. A transaction happens; Mastercard’s rails carry the authorisation signal between issuer and acquirer in milliseconds; settlement follows on a separate, slower track. The system is extraordinarily reliable and extraordinarily profitable. It is also, increasingly, a system designed for a world that […]
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<p>Every time a Mastercard gets tapped, the network has less than a tenth of a second to judge how likely the purchase is to be fraudulent. It made that call across 175 billion transactions last [...]