Ajay Banga Reveals MasterCard's Biggest Priority

Personal consumption expenditures around the world tend to have a secular growth rate between of 5 or 6 percentage points a year, said MasterCard CEO Ajay Banga. While he feels this scenario presents an “enormous opportunity” for MasterCard, he elaborated on another trend he felt troubled by:

“Eighty-five percent of transactions are conducted in cash or checks,” he said. “Only 15 percent today are in electronic forms of commerce, and it’s those electronic forms of commerce that we’re focused on trying to grow.”

Banga went on to stress that MasterCard’s goal is not just to gain market share within the 15 percent that exists today but to get a bigger piece of the total transaction pie. Watch below for more of Banga’s remarks on how he feels this might be accomplished:

NEXT: "Taking the Paper Out of Payments" - Reflections from Gary Flood, President of Global Products and Solutions →