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:
"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.”
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
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"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.