A recent Fortune Magazine article provides a glimpse of MasterCard’s transformation from a payments processor to a global tech company.
In just four years, MasterCard, led by CEO Ajay Banga, has evolved into a technology-focused innovator. Banga is a strong advocate for going cashless and he is not just talking about plastic. MasterCard is going virtual, digital, and biometric.
The article details how MasterCard is well positioned to lead in a post-cash world. MasterCard Labs, run by Garry Lyons, is an imperative operation for MasterCard to continue to lead the way in tech.
Numerous payment technologies were highlighted in the article including innovations recently rolled out in Asia such as: MasterPass (Australia, China, New Zealand and Singapore), ShopThis!, inControl (India, Japan, Korea, Philippines, Taiwan, Vietnam) and biometric prepaid cards (Nigeria and South Africa).
With its focus trained firmly on technology, MasterCard looks set to make the transition into the digital payments era a seamless one.