Mastercard (MA) will raise its quarterly dividend by 21.2 percent to $0.40 per share in the first quarter of 2020.

This will mark the 7th consecutive year of dividend increases by the payments company.

The next cash dividend will be paid on February 7, 2020 to holders of record of its Class A common stock and Class B common stock as of January 9, 2020. The new annualized dividend of $1.60 per share yields 0.6% at a stock price of $293 for MA.

Mastercard Incorporated is a technology company in the global payments industry that connects consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide, enabling them to use electronic forms of payment instead of cash and checks. The company provides a wide variety of integrated products and services that support payment products that customers can offer to their account holders. The company's brands include MasterCard, Maestro and Cirrus. Mastercard has paid a dividend every year since 2006.