World Beyond Cash

Press Releases Mastercard Reinforces Commitment to Creating a “World Beyond Cash” Ajay Banga gets recognized by Fortune & Harvard Business Review New Delhi, 6 December 2017 – A Padma Shri awardee, Ajay Banga, Chief Executive Officer, Mastercard has been ranked as the 6th most influential Business Person of the year by Fortune and stands at the 40th position on the Harvard Business Review’s best performing CEOs in the world 2017. Born in Pune, an alumnus of St Stephens College and IIM Ahmedabad, Ajay Banga is the only leader of Indian origin recognized by two of the most coveted business magazines globally. These global recognitions acknowledge Mr. Banga’s inspiring leadership in transforming Mastercard into a leading payment technology company and steering the company to achieve its vision of a “World beyond Cash.” Mastercard sees enormous opportunity in bringing the benefits and security of digital payments to the unbanked around the world. In 2015, Mastercard made a commitment to financial inclusion – to reach 500 million people previously excluded from financial services by 2020. Since the last two years, the company has already helped make the financial system more accessible to 350 million people who were previously excluded. Helping drive this progress are public-private partnerships through 500 programs in more than 50 countries. These efforts are reinforced by the Mastercard Center for Inclusive Growth that works to apply the company’s experience, assets, data, and philanthropic resources in new ways to deliver on the promise of greater economic inclusion. The promise of the digital world rests on the integrity of the payments ecosystem. Mastercard is partnering with local governments, banks, merchants and regulatory bodies to provide seamless, ubiquitous and secure payments anytime, anywhere and on any device. Mastercard has invested over a billion dollars in the past three years to make the global payments industry safer. Tools like tokenization solution help prevent fraud and protect businesses. Recent acquisitions of Nudata and Brighterion will help use to detect fraud on mobile phones. Mastercard introduced Identity Check Mobile this year which allows for the use of biometric technology not just for payments but across all the banking interactions by the issuers. Mastercard was recently recognized by Fortune as the one of world’s most forward-looking, innovative companies that are best set up for the future. Mastercard is constantly investing in innovation and technology infrastructure to build digital and physical convergence of payments. Mastercard has rolled out a slew of innovations from biometric cards to products such as Bharat QR, which gives small businesses a low-cost way to accept digital payments to selfie pay which uses facial recognition to make payments. The company’s tech is embedded in cars, gas pumps, vending machines, SoftBank robots, and just about every conceivable online device. Under the leadership of Mr Banga, India has grown to be one of the most significant markets for Mastercard with its evolving payments landscape and thrust for a cashless agenda. India plays an important role in Mastercard’s new scheme of things—both as a center for innovation, as well as a potential market. Mastercard in India has the second largest employee base outside of the US. Two tech bubs in Pune and Vadodara are developing solutions for global markets. In India, Mastercard has invested over $500 MM to drive cutting edge solutions for the world from India – from mobile solutions to data analytics. Mastercard has recently set up an innovation lab in India to build consumer apps on its technology platform. The company is looking to invest an additional $750 MM in the country over the next three years. About Mastercard Mastercard (NYSE: MA), www.Mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter@MastercardAP and @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau. Mastercard communications contact: Latika Taneja, latika.taneja@mastercard.com Avian Media: Linett Loyall – +91 9999360343, linett@avian-media.com Mayuri Dahiya +918585925739, mayuri@avian-media.com Print Page | Tags: Cashless Society, Financial Inclusion, technology innovation