Longtime Mastercard executive Tim Murphy has been appointed as the company’s vice chair.
In his new role, Murphy — Mastercard’s chief administrative officer since 2021 — will oversee a number of initiatives, including the company’s relationship with regulators, the payments giant said in a news release Wednesday (Feb. 26).
“Tim has played an instrumental role at Mastercard for more than two decades,” said Michael Miebach, Mastercard’s CEO. “He has guided and counseled so many of our teams as we evolved many parts of the business – from advancing our legal and regulatory affairs to shaping our inclusion strategy. In each role, Tim has been instrumental in embedding our values into every aspect of our business.”
Murphy joined Mastercard in 2000, serving as one of its lead attorneys when it went public. He also served as the company’s president for U.S. operations, chief product officer, general counsel and chief administrative officer.
As Murphy leaves that position, another former Mastercard executive is returning to take his place. Richard R. Verma, the company’s former chief legal officer and head of global public policy, will become chief administrative officer May 1, the same day Murphy starts as vice chair.
Verma most recently served as the deputy U.S. secretary of state for management and resources. In addition to his time at Mastercard, he was also the U.S ambassador to India and the national security advisor to Senate Majority Leader Harry Reid.
In other Mastercard news, PYMNTS spoke earlier this week with Bunita Sawhney, the company’s chief consumer about the shift in payments fueled by things like digital wallets, tap to pay and other technologically-driven options.
While those methods blossomed during the pandemic, they continue to find a receptive audience among younger consumers, who are demanding a wider range of payments and financial solutions from their primary banking relationships, that report noted.
Most consumers, Sawhney said, “have a high desire to have tools that help them become strong and confident money managers.” Critical to that goal is providing visibility and transparency into, and control over, cash flows.
Against that backdrop, Mastercard last week introduced its Mastercard One Credential, through which consumers choose between debit, installments, prepaid or credit options.
The company’s initial approach with the credential focuses on Gen Z as the “target” that helped drive the design, because they are digitally savvy, Sawhney told PYMNTS, though the desire for control and payment choice is universal.
