And in regard to their "timing' on this and why it took so long for them to come out (i.e. they said they've been working on this since 2007 I think)
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Only to obtain the license from Master Card international it takes almost 1 year and to provide the needed documentation and guarantees along with auditing several other months of work by lawyers. All that without counting writing the software and audit for that software by MC to be compliant that is as complicated as an online banking system that your local bank uses.
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