It’s Mastercard’s way of referring to common “card not present” transactions, meaning online and keyed payments. It applies to several possible card types (including credit, debit, and prepaid) and both rewards and non-rewards cards. It does not apply to “card present” transactions where you swipe a card through a terminal. This article gets into finer […]
Merit 1 (or Merit I) is a set of Mastercard interchange categories that dictate the rates for certain Mastercard payments.