Mastercard (MA) 10-K 2004 FY Annual report

EXHIBIT 21

LIST OF SUBSIDIARIES

Name	Jurisdiction
Cirrus System, LLC	Delaware
MasterCard Europe sprl	Belgium
European Payment Systems Services sprl	Belgium
euro travellers cheque International S.A.	Belgium
EUROCARD U.S.A., Inc.	New Jersey
Eurocard Limited	England
MasterCard International Incorporated	Delaware
MasterCard Advisors, LLC	Delaware
MasterCard A/P Payment Services, Inc.	Delaware
MasterCard Asia/Pacific Pte Ltd.	Singapore
MasterCard Asia/Pacific (Australia) Pty. Ltd.	Australia
MasterCard Asia/Pacific (Hong Kong) Limited	Hong Kong
MasterCard Australia Ltd.	Delaware
MasterCard Brasil S/C Ltda.	Brazil
MasterCard Brasil Soluções de Pagamento Ltda.	Brazil
MasterCard Canada, Inc.	Delaware
MasterCard Cardholder Solutions, Inc.	Delaware
MasterCard Chip Standards Holdings, Inc.	Delaware
MasterCard Colombia, Inc.	Delaware
MasterCard EMEA, Inc.	Delaware
MasterCard/Europay U.K. Limited	England
MasterCard Financing Solutions, LLC	Delaware
MasterCard Foreign Sales Corporation	Barbados

Name	Jurisdiction
MasterCard Global Holding LLC	Delaware
MasterCard Global Promotions & Sponsorships Annex, Inc.	Delaware
MasterCard Holding Incorporated	Delaware
MasterCard Hong Kong Ltd.	Delaware
MasterCard (India) Private Limited	India
MasterCard International Far East Ltd.	Delaware
MasterCard International Global Maatschap	Belgium
MasterCard International Holding LLC	Delaware
MasterCard International Japan Inc.	Delaware
MasterCard International Korea Ltd.	Korea
MasterCard International Philippines, Inc.	Delaware
MasterCard International, LLC	Delaware
MasterCard International Services, Inc.	Delaware
MasterCard Korea Ltd.	Delaware
MasterCard Mercosur, Inc.	Delaware
MasterCard Middle East, Inc.	Delaware
MasterCard Netherlands B.V.	The Netherlands
MasterCard Originator SPC, Inc.	Delaware
MasterCard Peru, Inc.	Delaware
MasterCard Services SPC, Inc.	Delaware
MasterCard Singapore Ltd.	Delaware
MasterCard Southern Africa, Inc.	Delaware
MasterCard Taiwan Ltd.	Delaware
MasterCard Travelers Cheque, Inc.	Delaware
MasterCard UK, Inc.	Delaware

Name	Jurisdiction
MasterCard Uruguay Limitada	Uruguay
MasterCard Venezuela, Inc.	Delaware
MC Indonesia, Inc.	Delaware
Maestro International Incorporated	Delaware
Maestro Asia/Pacific Ltd.	Delaware
Maestro Canada, Inc.	Delaware
Maestro Latin America, Inc.	Delaware
Maestro Middle East/Africa, Inc.	Delaware
Maestro U.S.A., Inc.	Delaware
Mondex International Limited	England
MAOSCO Limited	England
Mondex International Americas, Inc.	New Jersey
Mondex Asia Pte. Ltd.	Singapore
Mondex China Pte. Ltd.	Singapore
Mondex India Pte. Ltd.	Singapore
Mondex International (Australia) Pty. Ltd.	Australia
MasterCard Global Key Centre Limited	England
MXI Management Limited	England
MasterCard UK Inc Pension Trustees Limited	England
MasterCard UK Management Services Limited	England
Bright Skies LLC	Delaware
Clear Skies LLC	Delaware
CSI Holdings Inc.	Missouri
EMVCo, LLC	Delaware
GVP Holding Incorporated	New York

Name	Jurisdiction
GVP Risk Management Insurance Incorporated	New York
JNS Corporation Yugen Kaisha	Japan
MasterCard GTS Holdings Private Ltd.	Mauritius
MasterCard GTS Software Private Limited	India
Mastermanager LLC	Delaware
MasterCard Beneficiary Trust	Delaware
MTS Holdings, Inc.	Delaware
Purchase Street Research, LLC	Delaware
MCA Customer Experience Group, Inc.	Delaware
The Tower Group, Inc.	Massachusetts
Towergroup Europe Limited	England
SET Secure Electronic Transaction LLC	Delaware