MasterCard CEO brings "war on cash" to BRICs

10/18/2010 | New York Times (tiered subscription model), The

The world's developing economies are the key to MasterCard's future growth, says new CEO Ajay Banga. With 85% of the world's transactions still paid for in cash, the burgeoning middle classes in places such as India and Brazil are potentially a huge growth market for MasterCard's credit cards, prepaid debit cards and mobile-payment system. "Whether it's 200 million or 400 million, it's a lot of millions," Mr. Banga said of the potential market for his company's services.

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New York Times (tiered subscription model), The

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