MasterCard CEO, Top Execs Review Strategy & Preview Latest Innovations

What's Next In Payments®
12:02 PM EDT September 16th, 2011

MasterCard may describe itself as “the heart of commerce,” but a visit with CEO Ajay Banga and other top execs last week at MasterCard’s Media Day 2011 in New York made it clear that the company is also at the heart of payments innovation. PYMNTS.com was treated to an intimate and interactive preview of the company’s initiatives in key arenas, including mobile, open platforms and prepaid cards. 

Everyone invited to the Media Day received a Samsung Nexus S mobile phone to use while at the event. The device was preloaded with apps including MasterCard PayPass for contactless payments, Priceless Cities for exclusive, real-time rewards and inControl for personalized budgeting. As a result, we were able to witness firsthand the pivotal role that MasterCard plays when it comes to Google Wallet, enabling a transaction on a cashless Coca-Cola vending machine and even QR codes that interact with TV programming.

MasterCard is on a mission to convert the (still) 85 percent of global transactions that today are made with cash and checks to electronic. Working with the latest technologies and data, as well as with best-in-class innovators, MasterCard is producing products and participating in partnerships that will enhance the way commerce is conducted around the world. For the whole scoop and nothing but the scoop, check out the details directly from the MasterCard team below:

Ajay Banga Reveals MasterCard’s Biggest Priority
MasterCard’s focus is to gain more share of the non-electronics payments market worldwide, and CEO Ajay Banga says innovation is the name of the game.

“Taking the Paper Out of Payments” – Gary Flood, President of Global Products
Gary Flood explains how MasterCard’s global partnerships can help foster “a world beyond cash, taking the paper out of payments.”

Google Wallet in Action (UNCENSORED!)
PYMNTS.com got to experience the Google Wallet up close and personal and saw how it integrates with other MasterCard features, such as budgeting tool inControl.

Interview with MasterCard’s Chief Emerging Payments Officer Ed McLaughlin
MasterCard’s role in the Google Wallet may be its most well-known mobile collaboration, but the company is involved around the world in developing secure mPayment solutions.

Prepaid Innovation – One-on-One with Tim Murphy, Chief Product Officer
Call him the Card Guru. Chief Product Officer Tim Murphy oversees MasterCard’s consumer credit, debit, prepaid and commercial businesses around the world.

“Cash is…” – Execs Finish the Sentence Sentence (the Must-Listen Responses!)
PYMNTS asked MasterCard’s Chief Product Officer Tim Murphy and Chief Emerging Payments Officer Ed McLaughlin to finish the sentence, “Cash is…”

The Cashless Vending Machine and Interactive TV Ad You Have to See to Believe
MasterCard has been able to incorporate an unprecedented amount of both engagement and education at the point of sale, thanks in part to MasterCard Labs.

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